Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Non-Deal Roadshow (June 2025)
87 slides from Huhtamaki Oyj's roadshow presentation, June 2025
Slide 1: Becoming the first choice in sustainable packaging solutions
Becoming the first choice in sustainable packaging solutions Roadshow presentation May-June 2025 1 May-June, 2025
Slide 2: Contents
Contents I. Overview II. Strategy III. Segments IV. Financials V. Sustainability and role of packaging VI. Other VII. Latest quarterly report 2 May-June, 2025
Slide 3: Overview
1 Overview 3 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 4: This is Huhtamaki
THIS IS NET SALES 4,800 3,600 Global market and innovation leader in sustainable 2,400 packaging for food-on-the-go, food-on-the shelf 1,200 and 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
NET SALES A strong local presence, €4.1B delivering for our ADJUSTED EBIT customers, globally M€ 416.9 ADJUSTED EBIT MARGIN 10.1% OPERATING COUNTRIES 36 OPERATING LOCATIONS 102 EMPLOYEES 17,794 5 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 6: Huhtamaki in figures
Net debt and Net debt/ Adjusted EBITDA Adjusted return on Huhtamäki EUR million investment and equity in figures 3.1 2.5 % 14.8 15.1 14.9 2.2 2.0 13.2 13.4 1.8 12.1 11.7 11.3 11.2 11.0 Environment Social 867 1,520 1,471 1,288 1,216 99% 85% 2020 2021 2022 2023 2024 2020 2021 2022 2023 Adjusted return
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 May-June, 2025 OVERVIEW |
Slide 8: Segment overview, products, customers and competitors
Foodservice Packaging North America Flexible Packaging Fiber Packaging Net sales EUR 990 million EUR 1,460 million EUR 1,323 million EUR 363 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 9: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop blueloop Operational core businesses sustainable innovation excellence in partnership with our customers With a focus on: 1 • Profitable growth supported by all levers Organic growth 2• Disciplined capital allocation Reduced capex, stil
Slide 10: 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 11: 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 12: Huhtamaki as an investment
Huhtamaki as an investment Huhtamaki is a market and technology innovation leader for essential packaging, creating value through: • Attractive portfolio of sustainable core businesses to capture strong underlying market growth • Technology innovation to capture value- added sustainable innovation o
Slide 13: Our 2030 sustainability ambition
Our 2030 100% 100% Carbon neutral sustainability of products designed of fiber from recycled production ambition to be recyclable, compostable or or certified sources and science-based emission target reusable First choice in sustainable packaging solutions >80% 100% >90% renewable or renewable ener
Slide 14: Strategy
2 Strategy 14 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 15: 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 16: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop blueloop Operational core businesses sustainable innovation excellence in partnership with our customers With a focus on: 1 • Profitable growth supported by all levers Organic growth 2• Disciplined capital allocation Reduced capex, stil
Slide 17: Actions taken in our focus areas
Actions taken in our focus areas Profitable growth Disciplined capital Accountability and 1 supported by all levers 2 allocation 3 speed of execution Organic growth Capex moderated but still above Empower segments with clear accountability • Focused approach to enable our depreciation allowing for g
Slide 18: Leadership in three key packaging technologies
Our leadership in three key packaging technologies uniquely positions us to capture innovation opportunities Fiber Paperboard Flexibles Global Leader Non-integrated Leader Global Category Leader Fiber Flexibles Huhtamaki Proprietary high- Application and barrier Recyclable mono- net sales by precisi
Slide 19: Scalable innovations across paperboard, fiber and flexible packaging
We have launched scalable innovations across paperboard, fiber and, flexible packaging technologies ProDairy OmniLock Paper OmniLock Pro PE Folded carton EdgePrep Foodservice Packaging Flexible Packaging Flexible Packaging North America North America Fiber based egg cartons Fiber lids Icon packaging
Slide 20: Operating model
Operating model 20 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 21: Segments
3 Segments 21 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 22: Foodservice Packaging
Foodservice Packaging ProDairy Non-integrated global leader recyclable single coated paper cups for From paper cups for beverages, containers for food-on-the-go to yogurt & dairy with less than 10% customized solutions for food packaging plastic content across its full product range, it is fully rec
Slide 23: Foodservice Packaging - Long-term ambitions
Foodservice Packaging 4-5% - Long-term ambitions Comparable growth How we get there Core businesses Further improve productivity and operational 10-12% performance in legacy Paperboard operations Adjusted EBIT margin blueloopTM Invest in capacities in SMF and paperboard for FMCG Invest in further te
Slide 24: North America
North America Chinet® The proud makers of Chinet® one of the most recognized disposable tableware brands in America consumer goods packaging, foodservice products, and the CHINET® line of premium single-use tableware Net sales 1,460 MEUR Adj. EBIT margin 13.9% We are delivering strong financial perf
Slide 25: Significant expansion projects ongoing
Significant expansion projects ongoing Egg cartons / Hammond Foodservice / Paris, Texas • USD 100 million project announced in • Approximately USD 30 million investment June 2022, ramp-up ongoing for expansion of folding carton manufacturing capacity and • New capability – previously only consolidat
Slide 26: Acquisition of Zellwin Farms
Acquisition of Zellwin Farms • Privately-owned manufacturer of molded fiber egg flats and cartons • One factory in Florida, US • EV USD 18 million • Net sales (2024) USD ~20 million • Value and margin accretive transaction from year 1 • Provides the North America segment with increased capacity in a
Slide 27: Regulation and consumer preferences create additional growth opportunities
Regulation and Retail Tableware consumer preferences 17 states in the US have Significant investments in Smooth introduced varying levels Molded Fiber capacities for create additional growth of foam packaging bans Chinet® plate opportunities for us 2x higher preference for Investment in pressed pape
Slide 28: North America - Long-term ambitions
North America - Long-term 5-6% ambitions Comparable growth How we get there Partner with strategic customers to continue to introduce new products and systems and help them achieve sustainable solutions 11-12% Build on our continuous improvement culture Adjusted EBIT margin to achieve World-Class op
Slide 29: Flexible Packaging
Flexible Packaging blueloop PE best-in-class mono-material purity Global category leader with a wide range of options in both state-of-the-art solutions for food, beverage, petfood, health barrier properties and aesthetics. care, personal care, and industrial market segments Designed to support the
Slide 30: Flexibles blueloop innovation: protection, recyclability, affordability
Our Flexibles blueloop innovation uniquely combines the power of three: protection, recyclability, and affordability. RECYCLA B I LI T Y • Recycling of flexible packaging PROTECTION made possible, complex structures made simple – • Protection and shelf life – highest level of mono-material no compro
Slide 31: Flexible Packaging - Long-term ambitions
Flexible Packaging - Long-term 6-7% ambitions Comparable growth How we get there Operations Improve productivity, reduce waste, optimize network 9-11% Turn around Türkiye and India Adjusted EBIT margin Capabilities Improve commercial and operational capabilities blueloopTM Bringing transformative, r
Slide 32: Fiber Packaging
Fiber Packaging Egg packaging Global Fiber leader designed with sustainability, quality, and High-quality molded fiber packaging solutions for eggs, fruit and functionality in mind. Our egg packaging wine globally is made from 100% recovered paper. We have a wide selection of egg cartons with hinged
Slide 33: Fiber Packaging - Long-term ambitions
Fiber Packaging Fiber Packaging - Long-term ambitions 3-4% Comparable growth Rough Molded Fiber Unlock capacity and increase operational performance Invest in incremental innovation to improve technologies 11-12% Expand selectively in attractive regions and markets Adjusted EBIT margin Smooth Molded
Slide 34: Financials
4 Financials 34 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 35: Group financials 2015-2024
Group financials 2015-2024 2015 2016 2017 20182 2019 2020 2021 2022 2023 2024 Net sales MEUR 2,726 2,865 2,989 3,104 3,399 3,302 3,575 4,479 4,169 4,126 Comparable growth3 4% 4% 3% 5% 6% -2% 7% 15% -2% -0% Adjusted EBITDA4 MEUR 342 382 390 399 456 473 488 597 590 622 Margin4 12.5% 13.3% 13.0% 12.8%
Slide 36: Segment key figures (1/2)
Segment key figures (1/2) Foodservice Europe-Asia-Oceania Key figures (MEUR) 2017 20181 2019 2020 2021 2022 2023 2024 Long-term ambition Net sales 807.5 881.7 956.7 829.1 941.8 1,110.7 1,037.2 959.6 Comparable growth 4% 4% 4% -10% 11% 18% 2% -5% 4-5% Adjusted EBIT 70.1 77.1 85.7 60.9 77.8 105.7 98.0
Slide 37: Segment key figures (2/2)
Segment key figures (2/2) North America Key figures (MEUR) 2017 20181 2019 2020 2021 2022 2023 2024 Long-term ambition Net sales 1,000.4 1,002.7 1,152.7 1,138.9 1,160.3 1,468.3 1,457.9 1460.1 Comparable growth 2% 5% 9% 1% 6% 14% 2% 0% 5-6% Adjusted EBIT 104.1 73.0 111.4 136.6 139.1 171.6 187.9 203.4
Slide 38: Comparable net sales growth by business segment
Comparable net sales growth by business segment Quarterly Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Foodservice Packaging 18% 18% 22% 15% 11% 5% -3% -5% -5% -6% -6% -6% -4% North America 24% 14% 10% 10% 2% 1% 1% 4% -3% -2% -2% -2% -3% Flexible Packaging 18% 19% 20
Slide 39: Our investments have enabled us to build capabilities and technologies
Our investments have enabled us to build capabilities and technologies for the future Key expansion areas in the next years UAE, Malaysia Ireland Segment Area Foodservice SMF products Short-run Huhtamaki Packaging flexible blueloop North America Paris, Texas folded carton packaging, Eastern Europe P
Slide 40: Our organic investments will drive profitable growth
Our organic investments will drive our profitable growth and portfolio differentiation Investment profile changing (illustrative) Capex is focused on scaling our core, while investing in innovation (MEUR) Paperboard conversion Fiber 318 318 <2.0x >10% 259 248 215 224 X = 13-15% 199 197 204 147 <10%
Slide 41: 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 42: 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 10.10% practices and digitalization Margin accretion thr
Slide 43: Free cash flow and change in working capital
Free cash flow and change in working capital MEUR 2019 2020 2021 2022 2023 2024 2025 150 122 128 109 104 100 83 71 71 68 52 57 54 56 50 43 38 29 28 7 6 0 -7 -18 -20 -23 -25 -50 -46 -54 -100 -150 -200 Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2
Slide 44: Net debt to adjusted EBITDA stable at 2.0x
Net debt to adjusted EBITDA stable at 2.0x Net debt, net debt/adj. EBITDA and gearing Covenant level 3.75 • Net debt/Adj. EBITDA at 2.0 1,249 1,255 1,252 1,220 1,216 • At the end of Q4 2024: Ambition 2.1 • Cash and cash equivalents 2.0 2.0 2.0 2.0 2–3 EUR 317 million • Unused committed credit facili
Slide 45: Loan maturities
Loan maturities Debt maturity structure March 31, 2025 (EUR million) 600 500 • Average maturity 3.1 years 400 at the end of 2024 (2.9 at the end of 2023) 300 200 100 0 2025 2026 2027 2028 2029 Later Lease liabilities Available unused committed facilities Drawn committed credit facilities Commercial
Slide 46: 16 years of continuous dividend growth
16 years of continuous dividend growth • 1.2 BEUR paid in dividends (for the years 2008-2023) • 16 consecutive years with increasing dividend 1.05 1.10 0.94 1.00 0.92 0.80 0.84 0.89 • Dividend growth CAGR 8% 0.73 0.56 0.57 0.60 0.66 since 2008 0.44 0.46 0.34 0.38 • EPS growth to allow for continued
Slide 47: Sustainability and role of packaging
Sustainability 5 and role of packaging 47 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 48: Only a small share of CO2 emissions of a latte on-the-go
Only a small share of CO2 emissions of a latte on-the-go Energy to make the latte 4% come from the cup, Cup & lid 9% and these can be Coffee production 14% halved by increasing Milk production 73% recycling CO2 of a latte on The CO2 emissions of the go paper cups can be halved by recycling all cups
Slide 49: Changing consumer expectations
Changing consumer expectations – increased focus on making packaging sustainable, affordable and adaptable Sustainable Affordable Adaptable Consumers expect businesses to Consumers around the world are Consumers have adopted a more play bigger role protecting climate adjusting purchasing patterns to
Slide 50: Recyclable packaging and recycling infrastructure
In addition to recyclable packaging, Recyclable Collection, sorting Consumer Less waste in the consumer awareness packaging and recycling behaviour environment infrastructure and an efficient collection, sorting and recycling Recycling rates vary – significant potential to utilize valuable materials
Slide 51: Our approach to sustainability
Our approach to sustainability Environment Social Governance Approach • Design for circularity • Ensuring good working conditions for our • Ethics and compliance • Climate action employees and workers in the value chain • Global Code of Conduct • Biodiversity • Safe, engaging and inclusive work envi
Slide 52: Our journey is recognized by the ESG ratings agencies
Our journey is recognized by the ESG ratings agencies CDP Ecovadis MSCI Sustainalytics Score 2024 Management (B) (2023) 75 / 100 A (2024) Low risk (2023) Score 2023 Management (B) (2022) 71 / 100 A (2023) Low risk (2022) Performance N/A 97th percentile # 6-7 / 10 #19 / 38 vs. industry Our strengths
Slide 53: Sustainability Dashboard – Good progress towards our 2030 targets
Sustainability Dashboard – Good progress towards our 2030 targets 53 May-June, 2025
Slide 54: Food is a major contributor to climate change
Food is a major contributor to Food production climate change 80% approx. 25% Global GHG emissions of global GHG emissions come from food systems 15% Transport and distribution 1/3 of the 10% food produced is lost or of global GHG emissions wasted come from wasted or 5% Packaging lost food 54 May-Ju
Slide 55: We play to win by making packaging that is fit-for-purpose
We play to win by making packaging that is: Fit-for-purpose A sustainable solution Our packaging is engineered to provide the We offer the most sustainable available right functionality to protect each product alternative We choose the right material for each We want to be the partner of choice to o
Slide 56: Other
6 Other 56 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 57: Largest shareholders and split of shareholding
Largest shareholders and split of shareholding Top 10 shareholders – Finnish only Split of shareholding Sha rehol der Number of s ha res % of total s ha res Cha nge Cha nge % 1. Fi nni s h Cul tura l Founda tion 11,319,080 10.50 % 0 0.00 % 2. Va rma Mutua l Pens i on Ins ura nce Compa ny 4,975,720 4
Slide 58: Foreign shareholding
Foreign shareholding 60,000 52% 55,000 50% 50,000 48% 45,000 40,000 46% 35,000 44% 30,000 42% 25,000 20,000 40% 07/2019 01/2020 10/2020 04/2021 01/2022 10/2022 04/2023 01/2024 07/2024 04/2025 01/2019 04/2019 10/2019 04/2020 07/2020 01/2021 07/2021 10/2021 04/2022 07/2022 01/2023 07/2023 10/2023 04/2
Slide 59: Our Global Executive Team
Our Global Executive Team Ralf K. Wunderlich Fredrik Davidsson Sara Engber Thomas Geust Axel Glade President and CEO President, Foodservice President, Fiber Packaging CFO President, Flexible Packaging Packaging (starting 1.1.2026, at latest) Ann O’Hara Sami Pauni Johan Rabe Ingolf Thom Changsheng Wu
Slide 60: Board of Directors
Board of Directors Pekka Vauramo Kerttu Tuomas Mercedes Alonso Doug Baillie Robert K. Chairman of the Vice-Chairman Beckler Board IC HR HR AC HR IC Born 1957, Finnish citizen Born 1957, Finnish citizen Born 1966, Spanish and Swiss citizen Born 1955, U.K. citizen Born 1961, U.S. citizen Starting date
Slide 61: CEO variable remuneration earning opportunity and performance measures
CEO variable remuneration earning opportunity and performance measures Short-term incentive plan 2025 (max. 150% of annual base salary) Criteria weighting Adjusted EBIT 50% Criteria Free Cash Flow 20% Global Sustainability and Safety Index 10% Personal targetts 20% Long-term incentive plan Maximum e
Slide 62: Q1 2025 presentation
Q1 2025 7 presentation 62 May-June, 2025 OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025
Slide 63: Stable performance in a volatile environment
Stable performance in a volatile environment Interim Report Q1 2025 Ralf K. Wunderlich President and CEO Thomas Geust CFO
Slide 64: Stable performance in a volatile environment
Q1 2025 Stable performance in a volatile environment • Market trends - Uncertainty increased again during Q1 • Financial performance stable and at the previous year’s level • Program to improve efficiency proceeding well; total savings EUR 87m and costs EUR 25m by the end of Q1 • We have taken actio
Slide 65: Closely managing the tariff situation
Closely managing Overall, the situation is evolving and it’s early to the tariff situation draw conclusions. We are well positioned to manage the situation • Our business is mostly local for local, neutral direct impact expected • Actively monitoring and adapting according to the development in the
Slide 66: Our 2030 Profitable Growth Strategy
Our 2030 Profitable Growth Strategy Scale up profitable Develop blueloop Operational core businesses sustainable innovation excellence in partnership with our customers With a focus on: 1 • Profitable growth supported by all levers Organic growth 2 • Disciplined capital allocation Reduced capex, sti
Slide 67: Actions taken in our focus areas
Actions taken in our focus areas Profitable growth Disciplined capital Accountability and 1 supported by all levers 2 allocation 3 speed of execution Organic growth Capex moderated but still above Empower segments with clear accountability • Focused approach to enable our depreciation allowing for g
Slide 68: Acquisition of Zellwin Farms
Acquisition of Zellwin Farms • Privately-owned manufacturer of molded fiber egg flats and cartons • One factory in Florida, US • EV USD 18 million • Net sales (2024) USD ~20 million • Value and margin accretive transaction from year 1 • Provides the North America segment with increased capacity in a
Slide 69: Business performance
01 Business performance 69 April 24, 2025 Q1 2025
Slide 70: Adj. EPS increased despite flat adj. EBIT
Adj. EPS increased despite flat adj. EBIT MEUR Q1 25 Q1 24 Change • Net sales at the previous year’s level: • Comparable growth: -2% Net sales 1,001.6 1,003.9 0% • Support from changes in 1 98.5 98.8 0% currencies: 1% Adjusted EBIT • Adj. EBIT and margin at the previous Margin 9.8% 9.8% year’s level
Slide 71: Foodservice Packaging: Soft demand weighed on performance
Foodservice Packaging: Soft demand weighed on performance Key figures, MEUR Q1 25 Q1 24 Change Net sales (EUR million) Net sales 234.2 241.1 -3% Comparable growth -4% -5% 252 241 234 247 249 Adjusted EBIT1 19.8 22.0 -10% 2024 Margin 8.5% 9.1% 2025 Adjusted RONA 9.9% 10.8% Capital expenditure 4.7 5.4
Slide 72: North America: Timing of sales impacted performance
North America: Timing of sales impacted performance Key figures, MEUR Q1 25 Q1 24 Change Net sales (EUR million) Net sales 345.6 344.1 0% Comparable growth -3% -3% 370 386 Adjusted EBIT1 40.5 47.9 -15% 344 346 359 2024 Margin 11.7% 13.9% 2025 Adjusted RONA 18.5% 19.6% Capital expenditure 12.3 14.6 -
Slide 73: Flexible Packaging: Focus on margin improvement yielded results
Flexible Packaging: Focus on margin improvement yielded results Key figures, MEUR Q1 25 Q1 24 Change Net sales (EUR million) Net sales 328.7 335.2 -2% Comparable growth -2% -1% 335 329 326 334 327 Adjusted EBIT1 26.6 21.6 23% 2024 Margin 8.1% 6.4% 2025 Adjusted RONA 7.5% 6.6% Capital expenditure 5.7
Slide 74: Fiber Packaging: Strong performance continued
Fiber Packaging: Strong performance continued Key figures, MEUR Q1 25 Q1 24 Change Net sales (EUR million) Net sales 95.8 85.0 13% Comparable growth 10% 1% 96 99 92 88 Adjusted EBIT1 12.3 8.6 43% 85 2024 Margin 12.8% 10.1% 2025 Adjusted RONA 15.9% 14.6% Capital expenditure 7.4 3.5 >100% 1 Operating
Slide 75: Financial review
02 Financial review 75 April 24, 2025 Q1 2025
Slide 76: EPS driven by lower financing costs
EPS driven by lower financing costs MEUR Q1 25 Q1 24 Change Q1 commentary: Net sales 1,001.6 1,003.9 0% 1 • Net sales and adj. EBIT at the Adjusted EBITDA 152.0 149.0 2% previous year’s level 1 Margin 15.2% 14.8% • Financing costs decreased Adjusted EBIT2 98.5 98.8 0% Margin 2 9.8% 9.8% • High level
Slide 77: Currency impact turned positive
Currency impact turned positive Average Average Change in Change in Closing rates rate rate average closing Q1 24 Q1 25 rate Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 rate (YoY) (YoY) USD 1.09 1.05 3% 1.08 1.07 1.12 1.04 1.08 0% Foreign currency INR 90.18 91.12 -1 % 90.13 89.24 93.38 89.27 92.35 -2% translation
Slide 78: Net debt to adjusted EBITDA stable at 2.0
Net debt to adjusted EBITDA stable at 2.0 Net debt, net debt/adj. EBITDA and gearing Covenant level 3.75 • Net debt/Adj. EBITDA at 2.0 1,249 1,255 1,252 1,220 1,216 • At the end of Q1 2025: Ambition 2.1 • Cash and cash equivalents 2.0 2.0 2.0 2.0 2–3 EUR 277 million • Unused committed credit Net deb
Slide 79: Loan maturities
Loan maturities Debt maturity structure March 31, 2025 (EUR million) 600 • Average maturity 2.9 years at the 500 end of Q1 2025 (2.6 at the end of Q1 2024) 400 300 200 100 0 2025 2026 2027 2028 2029 Later Lease liabilities Available unused committed facilities Drawn committed credit facilities Comme
Slide 80: Cash flow decreased due to an increase in working capital
Cash flow decreased due to an increase in working capital Free cash flow bridge (EUR million) Change in working capital the main 150 negative factor, due to: 138 • Increase in inventory 38 • Decrease in payables 0 10 2 -4 -8 -2 -11 0 Support from: -30 -37 -22 -55 • Higher reported EBITDA • Lower cap
Slide 81: Financial position continued to improve
Financial position continued to improve MEUR Mar 2025 Mar 2024 Total assets 4,838 4,768 • Working capital increased Working capital 669 608 • Net debt flat, gearing Net debt 1,252 1,249 decreased somewhat Equity & non-controlling interest 2,110 2,000 • Adjusted ROI improved Gearing 0.59 0.62 Adjuste
Slide 82: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions Long-term 2018 2019 2020 2021 2022 2023 2024 Q1 25 ambition Comparable net sales growth 5% 6% -2% 7% 15% -2% 0% -2% 5-6% Adjusted EBIT margin 8.1% 8.6% 9.1% 8.8% 8.8% 9.4% 10.1% 9.8% 10-12% Adj. ROI 11.6% 12.3% 11.7% 11.3% 11.0% 11.2% 12.1% 12.0% 13-15%
Slide 83: Looking forward
03 Looking forward 83 April 24, 2025 Q1 2025
Slide 84: Outlook for 2025 and short-term risks and uncertainties
Outlook for 2025 and short-term risks and uncertainties Outlook for 2025 Short-term risks and uncertainties The Group’s trading conditions are expected to remain Decline in consumer demand, inflation in key cost items relatively stable during 2025. The good financial position (including raw material
Slide 85: Upcoming events
July 24, 2025 Half-yearly Report Upcoming events October 23, 2025 Q3 Interim Report 85 April 24, 2025 Q1 2025
Slide 86: 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 87: Thank You
Thank You ir@huhtamaki.com OVERVIEW | STRATEGY | SEGMENTS | FINANCIALS | SUSTAINABILITY | OTHER | Q1 2025