Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Non-Deal Roadshow (August 2026)
79 slides from Huhtamaki Oyj's roadshow presentation, August 2026
Slide 1: Becoming the first choice in sustainable packaging solutions
Becoming the first choice in sustainable packaging solutions Roadshow presentation August-September 2026
Slide 2: Contents
Contents Overview Strategy Segments Financials Sustainability Other Results H1/2026
Slide 3: Overview
1 Overview 3 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 4: This is Huhtamaki
THIS IS NET SALES EUR million 4,800 3,600 Global market and innovation leader in packaging 2,400 for food-on-the-go, food-on-the shelf and 1,200 everyday necessities. 0 Driving profitable growth through scaling core 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 5: A strong local presence, delivering for our customers, globally
Sales split A strong local presence, 10% 24% delivering for our 31% customers, globally 35% Personnel split 9% 1% 23% 42% 25% Manufacturing unit Sales unit Foodservice Packaging Distribution center North America Minority shareholdings* Flexible Packaging Fiber Packaging Head office Corporate *Shareh
Slide 6: Net debt, adjusted ROI and ROE, adjusted EPS and dividend
Net debt and Net debt/ Adjusted Adjusted return on Adjusted earnings and dividend per EBITDA investment and equity share EUR million % EUR 3.1 47% 45% 45% 44% 46% 15.1 14.9 14.8 40% 2.5 2.2 13.6 2.0 1.9 13.4 1.8 13.2 12.1 11.7 11.8 11.3 11.2 11.0 867 1,520 1,471 1,288 1,216 1,177 1.95 0.92 2.07 0.94
Slide 7: Providing packaging for food and everyday necessities
Providing packaging for food and everyday necessities Food service FMCG Retail Healthcare Customers Food packaging Packaging for everyday necessities Products Paperboard Fiber Flexibles Packaging technology Non-integrated Global Leader Global Leader Global Category Leader 7 August-September 2026 OVE
Slide 8: Packaging everyday life.
Packaging everyday life. Beverage-to-go Food-to-go Eggs and fruit Petfood Realiably and responsibly. Retail tableware Coffee packaging Packaged food Personal care 8 August-September 2026
Slide 9: Our operations are divided into four segments
Our operations are divided into four segments 24% 35% 31% 10% FOODSERVICE NORTH FLEXIBLE FIBER PACKAGING AMERICA PACKAGING PACKAGING mainly paperboard paperboard and fiber flexible packaging with rough molded fiber monomaterial solutions Main products Main products Main products Food packaging (FMCG
Slide 10: Foodservice Packaging, North America, Flexible Packaging, Fiber Packaging
Foodservice Packaging North America Flexible Packaging Fiber Packaging Net sales EUR 936 million EUR 1,405 million EUR 1,250 million EUR 380 million and split Europe Western Europe & UK Retail Europe Central & Eastern Europe Foodservice Asia Rest of world Rest of world Consumer goods Middle East and
Slide 11: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop sustainable Operational core businesses innovation in excellence partnership with our customers Value drivers: 1 • Profitable growth supported by all levers Organic growth 2• Disciplined capital allocation Capex moderated while allowing
Slide 12: Our long-term financial ambitions
Our long-term financial ambitions Group Segments Comparable Adj. EBIT Absolute EPS growth Adj. RONA growth margin Foodservice 4-5% 10-12% 13-15% Packaging 5-6% 10-12% 13-15% 2-3x Net debt / North America 5-6% 11-12% 15-17% Comparable Adjusted EBIT Adjusted Adjusted growth margin ROI EBITDA Flexible
Slide 13: Clear steps to drive value creation
Clear steps to drive value creation Profitable growth; ambition of 5-6% annual Solid cash flow growth and 10-12% adj. EBIT margin • Capex for organic growth • Profitable growth • Bolt-on acquisitions for inorganic growth • Improved working capital • Disciplined capital allocation Return capital to s
Slide 14: Huhtamaki's sustainability ambition
Huhtamaki’s 100% 1.5°C aligned 2030 target Zero sustainability ambition of virgin fiber traced back to origin for Scopes 1&2 and Serious accidents Becoming the first choice in sustainable absolute reduction packaging solutions for Scope 3 Deforestation- Minimizing Human water rights free and convers
Slide 15: Strategy
2 Strategy 15 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 16: Protecting what matters: Packaging is essential for food and daily necessities
Protecting what matters: A shift in consumers’ packaging needs and Packaging is essential for demands creates profitable growth opportunities for Huhtamaki food and daily necessities Sustainability is driving industry • Packaging supports food from farm to fork, transformation, creating opportunitie
Slide 17: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop sustainable Operational core businesses innovation in excellence partnership with our customers Value drivers: 1 • Profitable growth supported by all levers Organic growth 2• Disciplined capital allocation Capex moderated while allowing
Slide 18: Update on our value drivers
GROUP SEGMENTS Update on Group oversees and if Profitable growth Organic growth • Focused approach to enable our customers to grow our value needed, takes action supported by all levers • • Strengthen customer relationships Accountability to segments, focused investments to drivers 1. Business as us
Slide 19: Towards a more moderated capex still above depreciation
Towards a more moderated capex still above depreciation, Going forward, we want to be more allowing for growth disciplined with the capex allocation Capex increased significantly over time 318 318 ⅓ Maintenance Disciplined 259 248 capital allocation ⅓ 215 224 Return-focused 199 197 204 172 Efficienc
Slide 20: Value creation model: inputs, activities, outputs
Inputs Materials + Paperboard * Plastic resins + Recycled and virgin fiber + Approximately 68% of materials that we use are renewable or recycled Energy + Energy consumption 2,288 Gwh ‘+ Share of renewable electricity 60.9% Personnel + Competence and know-how of 17,390 employees Financial resources
Slide 21: Segments
3 Segments 21 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 22: Foodservice Packaging
Foodservice Packaging From paper cups for beverages and containers for food-on-the-go ProDairy to customized solutions for food packaging made from paperboard recyclable single coated paper cups for and molded fiber yogurt & dairy with less than 10% Financial ambitions plastic content across its ful
Slide 23: North America
North America Consumer goods packaging, foodservice products, and the Chinet® CHINET® line of premium single-use tableware Retailers and consumers alike have made our Chinet® brand plates, bowls, Financial ambitions cups and napkins America's number one premium single-use tableware 5-6% 11-12% 15-17
Slide 24: Flexible Packaging
Flexible Packaging State-of-the-art solutions for food, beverage, petfood, blueloop PE health care, personal care, and industrial market segments best-in-class mono-material purity with a wide range of options in both barrier Financial ambitions properties and aesthetics. Designed to support the cir
Slide 25: Leading the change for recyclable flexible packaging
Leading the change for recyclable flexible packaging From To mono-material solutions complex and non-recyclable designed to be recycled Complex Simple Multi-layer Mono-material Non-recyclable Weight reduction e.g., PET /Alu/PE PET/PET Met/PE CO2 reduction Paper/PET Met/PE PET/PE PET/EVOH PE All solu
Slide 26: Fiber Packaging
Fiber Packaging High-quality molded fiber packaging solutions for eggs, fruit and Egg packaging wine globally designed with sustainability, quality, and functionality in mind. Our egg packaging is Financial ambitions made from 100% recovered paper. We have a wide selection of egg cartons with hinged
Slide 27: Financials
4 Financials 27 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 28: Group financials 2016-2025
Group financials 2016-2025 2016 2017 20181 2019 2020 2021 2022 2023 2024 2025 Net sales MEUR 2,865 2,989 3,104 3,399 3,302 3,575 4,479 4,169 4,126 3,960 Comparable growth2 4% 3% 5% 6% -2% 7% 15% -2% -0% -1% Adjusted EBITDA3 MEUR 382 390 399 456 473 488 597 590 622 613 Margin3 13.3% 13.0% 12.8% 13.4%
Slide 29: Segment key figures (1/2)
Segment key figures (1/2) Foodservice Packaging Key figures (MEUR) 20181 2019 2020 2021 2022 2023 2024 2025 Long-term ambition Net sales 881.7 956.7 829.1 941.8 1,110.7 1,037.2 959.6 936.2 Comparable growth 4% 4% -10% 11% 18% 2% -5% -4 % 4-5% Adjusted EBIT 77.1 85.7 60.9 77.8 105.7 98.0 91.0 86.7 Ma
Slide 30: Segment key figures (2/2)
Segment key figures (2/2) Flexible Packaging Key figures (MEUR) 20181 2019 2020 2021 2022 2023 2024 2025 Long-term ambition Net sales 952.3 1,016.4 1,050.8 1,166.6 1,558.2 1,341.0 1,322.5 1,249.5 Comparable growth 7% 3% 1% 7% 14% -9% 1% -2 % 6-7% Adjusted EBIT 67.8 82.6 80.7 79.8 98.1 88.0 94.2 115.
Slide 31: Comparable net sales growth by business segment
Comparable net sales growth by business segment Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Quarterly 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 26 26 Foodservice 18% 18% 22% 15% 11% 5% -3% -5% -5% -6% -6% -6% -4% -4% 0% -7% -8% -1% Packaging North America 24% 14% 10% 10% 2% 1% 1% 4%
Slide 32: Our investments have enabled us to build capabilities and technologies for the future
Our investments have enabled us to build capabilities and technologies for the future UAE, Malaysia Ireland Short-run Huhtamaki flexible blueloop packaging, Eastern Europe Paper straws, Technology Europe expansion through Elif Folding carton, Distribution, Smooth- Europe Australia molded fiber lids
Slide 33: We will continue our efficient use of capital to create shareholder value
We will continue our efficient use of capital to create shareholder value Sources Uses Profit improvement Capex for organic growth Cash flow Working capital Investments Acquisitions to gain scale and efficiency capabilities Predictable and growing Leverage Net debt / adj. EBITDA Payout dividends - a
Slide 34: We will continue to drive long-term profitable growth
We will continue to drive Long-term long-term profitable growth ambition 10-12% Adj. EBIT margin Key drivers for profitability improvement Adj. EBIT margin 12% Commercial excellence Value add of innovative 11% Upgrading commercial technologies 10.2 % 10.1 % practices and digitalization Margin accret
Slide 35: Free cash flow and change in working capital
Free cash flow and change in working capital MEUR 2020 2021 2022 2023 2024 2025 2026 200 174 150 128 122 104 100 85 71 71 68 74 57 54 56 50 43 38 29 28 24 7 6 10 0 -7 -25 -20 -22 -50 -46 -54 -100 -150 -200 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 202
Slide 36: Net debt to adjusted EBITDA at 2.0
Net debt to adjusted EBITDA at 2.0 • Net debt/adj. EBITDA at 2.0 Net debt, net debt/adj. EBITDA and gearing • At the end of Q2 2026: Covenant level 3.75 • Cash and cash equivalents 1,298 EUR 381 million 1,252 1,219 1,179 1,211 • Unused committed credit 1,177 Ambition facilities available EUR 420 2.1
Slide 37: Loan maturities
Loan maturities Debt maturity structure June 30, 2026 (EUR million) 800 • Average maturity 4.1 years at the end 700 of Q2 2026 (2.9 at the end of Q2 2025) 600 • Refinancing in 2026: 500 • EUR 300 million in notes under the 400 EMTN issued in May – 6-year notes 300 with an interest rate of 3.875% 200
Slide 38: 17 years of continuous dividend growth
17 years of continuous dividend growth Dividend per share, EUR • 17 consecutive years with increasing dividend • With proposed EUR 1.14 dividend per share, payout 1.14 1.00 1.05 1.10 ratio would be 46% 0.89 0.92 0.94 0.80 0.84 0.73 0.60 0.66 0.56 0.57 0.44 0.46 0.34 0.38 2008 2009 2010 2011 2012 201
Slide 39: Sustainability and role of packaging
Sustainability 5 and role of packaging 39 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 40: Sustainability: Good progress in advancing our ambition
Sustainability: Good progress in advancing our ambition Certified or recycled fiber [%] Renewable electricity [%] Non-hazardous waste recycled [%] 100 100 90 99.1 61.3 83.7 0 100 0 100 0 100 YTD Performance in previous year YTD Performance in previous year YTD Performance in previous year 98.9 58.1
Slide 41: Huhtamaki - First choice in sustainable packaging solutions
Huhtamaki - First choice in sustainable packaging solutions We develop products that are ready to recycle, ready to compost or ready to reuse We are committed to set targets to achieve net-zero greenhouse gas emissions by 2050, in alignment with science-based targets for a 1.5°C pathway.** Our perfo
Slide 42: Decarbonization target aligned with the Paris agreement
Decarbonization target aligned with the Paris agreement By 2030 • Cut scope 1 & 2 GHG emissions by over 50% Huhtamaki Huhtamaki Scope 1 & 2 emissions (tCO2e) (2022 baseline) commits to halving Scope 1 & 2 • Cut scope 3 GHG emissions* 700,000 emissions by 25% (2022 baseline) 600,000 Emission reductio
Slide 43: Huhtamaki's sustainability ambition
Huhtamaki’s 100% 1.5°C aligned 2030 target Zero sustainability ambition of virgin fiber traced back to origin for Scopes 1&2 and Serious accidents First choice in sustainable packaging solutions absolute reduction for Scope 3 Deforestation- Minimizing Human water rights free and conversion-free cons
Slide 44: Our approach to sustainable innovation
Our approach to sustainable innovation Sustainable ✓ Developing products that are ready to recycle, compost or reuse ✓ Efficient material use and simplified structures ✓ Less or no plastic content when applicable ✓ Responsibly sourced virgin fiber or recycled fiber Competitive ✓ Global scale & local
Slide 45: Our journey is recognized by the ESG ratings agencies
Our journey is recognized by the ESG ratings agencies CDP Ecovadis MSCI Sustainalytics 2025 Climate, Forest and Water 79/100 A Low risk B 2024 Climate A-, Forest B, Water 75 / 100 A Low risk B Performance N/A 97th percentile #7-9 / 14 #19 / 38 vs. industry Our strengths • Climate targets • Environme
Slide 46: Other
6 Other 46 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 47: Largest shareholders and split of shareholding
Largest shareholders and split of shareholding Top 10 shareholders – Finnish only Split of shareholding Shareholder Number of shares % of total shares Change Change % 1. Finnish Cultural Foundation 8,319,263 7.72 % 0 0.00 % 2. Varma Mutual Pension Insurance Company 4,405,567 4.09 % 0 0.00 % 3. Ilmar
Slide 48: Foreign shareholding
Foreign shareholding 90,000 52% 80,000 50% 70,000 48% 60,000 46% 50,000 44% 40,000 42% 30,000 40% 20,000 10,000 38% 0 36% 01/2018 10/2018 04/2019 01/2020 07/2020 10/2021 04/2022 01/2023 07/2023 04/2024 10/2024 01/2026 07/2026 04/2018 07/2018 01/2019 07/2019 10/2019 04/2020 10/2020 01/2021 04/2021 07
Slide 49: Our Global Executive Team
Our Global Executive Team Ralf K. Wunderlich Fredrik Davidsson Sara Engber Thomas Geust President and CEO President, Foodservice President, North America CFO Packaging Interim president, Fiber Packaging Axel Glade Katariina Kravi Thomas Morin* Riikka Tieaho Changsheng Wu President, Flexible EVP, HR,
Slide 50: Board of Directors
Board of Directors Pekka Vauramo Kerttu Tuomas Mercedes Alonso Robert K. Essimari Kairisto Chairman of the Vice-Chairman Beckler Board IC HR HR AC IC HR AC Born 1957, Finnish citizen Born 1957, Finnish citizen Born 1966, Spanish and Swiss citizen Born 1961, U.S. citizen Born 1966, Finnish and German
Slide 51: CEO variable remuneration earning opportunity and performance measures
CEO variable remuneration earning opportunity and performance measures Short-term incentive plan 2026 (max. 150% of annual base salary) Criteria weighting In 2026, Huhtamaki introduced updates to the sustainability (ESG) metrics both in the short-term incentive (STI) and long-term incentive (LTI) pl
Slide 52: H1/2026 results presentation
H1/2026 results 7 presentation 52 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 53: Delivering comparable net sales growth and strong profitability
Delivering comparable net sales growth and strong profitability Half-yearly Report 2026 Ralf K. Wunderlich President and CEO Thomas Geust CFO 53 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 54: Delivering comparable net sales growth and strong profitability
Delivering comparable net sales growth and strong profitability • Successfully managed the consequences of the Middle East crisis: safety of our coworkers, secured raw materials and customer deliveries • Comparable sales +2% in Q2: • passed on raw material cost increases • volume growth in Flexible
Slide 55: Macroeconomic and geopolitical uncertainty from the war in the Middle East
Macroeconomic and geopolitical uncertainty from the war in the Middle East Situation: Actions: • Operations in the region • Safety and security of our coworkers highest priority • Two factories in Dubai (Flexibles) • Our sites in the region are all operating • One in Saudi Arabia (Foodservice) • Thr
Slide 56: Thomas Morin appointed as President, Fiber Packaging
Thomas Morin appointed as President, Fiber Packaging • Born 1970, male, French citizen • Education: Master’s degree in Finance • Starting September 1, 2026 • Based in Espoo, Finland Previous Experience • 2023-2026 TC Transcontinental, President & CEO • 2019-2023 TC Transcontinental, President Packag
Slide 57: Update on our value drivers
GROUP SEGMENTS Update on Group oversees and if Profitable growth Organic growth • Focused approach to enable our customers to grow our value needed, takes action supported by all levers • • Strengthen customer relationships Accountability to segments, focused investments to drivers 1. Business as us
Slide 58: Our value creation model defines capital allocation priorities
Our value creation model defines capital allocation priorities Profitable growth; ambition of 5-6% annual Solid cash flow growth and 10-12% adj. EBIT margin • Capex for organic growth • Profitable growth • Bolt-on acquisitions for inorganic growth • Improved working capital • Disciplined capital all
Slide 59: Sustainability: Good progress in advancing our ambition
Sustainability: Good progress in advancing our ambition Certified or recycled fiber [%] Renewable electricity [%] Non-hazardous waste recycled [%] 100 100 90 99.1 61.3 83.7 0 100 0 100 0 100 YTD Performance in previous year YTD Performance in previous year YTD Performance in previous year 98.9 58.1
Slide 60: Business performance
01 Business performance 60 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 61: Comparable net sales increased in both Q2 and H1 2026
Comparable net sales increased in both Q2 and H1 2026 Development of net sales in Q2 2026 Development of net sales in H1 2026 (EUR million) (EUR million) 19 6 No impact 2 No impact -78 15 -15 2,009 1,007 1,009 1,956 Q2 2025 Organic Acquisitions Divestments Currency Q2 2026 H1 2025 Organic Acquisitio
Slide 62: Q2 comparable net sales +2%, adj. EBIT +1%
Q2 comparable net sales +2%, adj. EBIT +1% MEUR Q2 26 Q2 25 Change H1 26 H1 25 Change Net sales 1,009.0 1,007.5 0% 1,955.8 2,009.1 -3% Comp. growth 2% 0% 1% -1% 1 Adjusted EBIT 103.7 103.1 1% 198.2 201.5 -2% Margin 10.3% 10.2% 10.1% 10.0% Adjusted EPS, EUR2 0.64 0.63 2% 1.20 1.21 -1% Capital expendi
Slide 63: Foodservice Packaging: Solid margin and cash flow despite lower sales volumes
Foodservice Packaging: Solid margin and cash flow despite lower sales volumes Key figures, EUR million Q2 26 Q2 25 Change Net sales (EUR million) Net sales 235.9 239.0 -1% Comparable growth -1% -4% 234 239 236 240 210 223 2025 Adjusted EBIT1 20.2 22.9 -12% 2026 Margin 8.6% 9.6% Capital expenditure 3
Slide 64: North America: Operational challenges impacted profitability
North America: Operational challenges impacted profitability Key figures, EUR million Q2 26 Q2 25 Change Net sales (EUR million) Net sales 330.0 366.4 -10% 346 366 362 Comparable growth -8% 3% 341 330 331 2025 Adjusted EBIT1 33.3 44.7 -26% 2026 Margin 10.1% 12.2% Capital expenditure 11.8 12.8 -8% Op
Slide 65: Flexible Packaging: Volume growth and progress in turnaround units drove margin improvement
Flexible Packaging: Volume growth and progress in turnaround units drove margin improvement Key figures, EUR million Q2 26 Q2 25 Change Net sales (EUR million) Net sales 344.8 310.7 11% 329 345 Comparable growth 14% -2% 302 311 310 300 2025 Adjusted EBIT1 37.4 26.2 43% 2026 Margin 10.8% 8.4% Capital
Slide 66: Fiber Packaging: Strong demand and benefits from investments supporting performance
Fiber Packaging: Strong demand and benefits from investments supporting performance Key figures, EUR million Q2 26 Q2 25 Change Net sales (EUR million) Net sales 100.6 94.3 7% Comparable growth 7% 10% 96 97 94 101 97 92 2025 Adjusted EBIT1 15.4 11.1 38% 2026 Margin 15.3% 11.8% Capital expenditure 7.
Slide 67: Financial review
02 Financial review 67 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 68: Currency impact still negative due to weak USD
Currency impact still negative due to weak USD Average Average Change in Change in Closing rates rate rate average closing H1 25 H1 26 rate Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 rate (YoY) Foreign currency USD 1.09 1.17 -7% 1.17 1.17 1.18 1.15 1.14 (YoY) 3% translation impact INR 94.00 108.62 -16% 100.08 10
Slide 69: Adjusted EBIT and EPS improved
Adjusted EBIT and EPS improved EUR million Q2 26 Q2 25 Change H1 26 H1 25 Change • Adjusted and reported EBIT Net sales 1,009.0 1,007.5 0% 1,955.8 2,009.1 -3 % increased in Q2 Adjusted EBITDA1 151.7 154.6 -2 % 295.6 306.6 -4 % • Good margin development in 1 Margin 15.0% 15.3% 15.1% 15.3% Q2 and H1 2
Slide 70: Cash flow impacted by operational challenges and cost inflation in plastics
Cash flow impacted by operational challenges and cost inflation in plastics Free cash flow decreased in H1 Free cash flow bridge H1 2026 2026: (EUR million) • Lower reported EBITDA • Lower negative impact from 326 275 working capital despite raw material cost inflation • Capex decreased further 63 3
Slide 71: Net debt to adjusted EBITDA at 2.0
Net debt to adjusted EBITDA at 2.0 • Net debt/adj. EBITDA at 2.0 Net debt, net debt/adj. EBITDA and gearing • At the end of Q2 2026: Covenant level 3.75 • Cash and cash equivalents 1,298 EUR 381 million 1,252 1,219 1,179 1,211 • Unused committed credit 1,177 Ambition facilities available EUR 420 2.1
Slide 72: Loan maturities
Loan maturities Debt maturity structure June 30, 2026 (EUR million) 800 • Average maturity 4.1 years at the end 700 of Q2 2026 (2.9 at the end of Q2 2025) 600 • Refinancing in 2026: 500 • EUR 300 million in notes under the 400 EMTN issued in May – 6-year notes 300 with an interest rate of 3.875% 200
Slide 73: Stable financial position
Stable financial position EUR million Jun 2026 Jun 2025 • Working capital impacted by higher Total assets 4,810 4,787 input costs Working capital 664 649 • Net debt decreased despite weaker cash flow Net debt 1,211 1,298 • Adjusted ROI trending upwards Equity & non-controlling interest 1,964 1,839 G
Slide 74: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2020 2021 2022 2023 2024 2025 H1 26 ambition Comparable net sales growth -2 % 7% 15 % -2 % 0% -1 % 1% 5-6% Adjusted EBIT margin 9.1% 8.8% 8.8% 9.4% 10.1% 10.2% 10.1% 10-12% Adj. ROI 11.7% 11.3% 11.0% 11.2% 12.1% 11.8% 12.1% 13-15% Net debt/Adj
Slide 75: Looking forward
03 Looking forward 75 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 76: Outlook for 2026 and short-term risks and uncertainties
Outlook for 2026 and short-term risks and uncertainties Outlook for 2026 (unchanged) Short-term risks and uncertainties The Group’s trading conditions are expected to Decline in consumer demand, inflation in key remain relatively stable during 2026. The good cost items (including raw materials, labo
Slide 77: Upcoming events
Upcoming October 29, 2026 events Interim Report Q3 77 August-September 2026 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026
Slide 78: Disclaimer
Disclaimer Information presented herein contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or Huhtamäki Oyj’s or its affiliates’ (“Huhtamaki”) future financial performance, including, but not limited to, strategic plans, potential growth, expe
Slide 79: Thank you.
Thank you. Contact us at ir@huhtamaki.com OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | H1/2026