Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Q2 2026 Earnings Presentation
27 slides from Huhtamaki Oyj's earnings presentation, Jul 23, 2026
Slide 1: 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
Slide 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: Business performance
01 Business performance 8 July 23, 2026 Half-Yearly Report 2026
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: Financial review
02 Financial review 15 July 23, 2026 Half-Yearly Report 2026
Slide 16: 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 17: 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 A
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: Looking forward
03 Looking forward 23 July 23, 2026 Half-Yearly Report 2026
Slide 24: 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 25: Upcoming events
Upcoming October 29, 2026 events Interim Report Q3 25 July 23, 2026 Half-Yearly Report 2026
Slide 26: 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 27: Thank you.
Thank you. Contact us at ir@huhtamaki.com