Mayr-Melnhof Karton Ag (MNHFF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome everyone and thank you for joining this announcement of our annual results. In 25, our adjusted operating profit increased by 3%, but practically more relevant on a performer basis like for like excluding the divest fund group by 15%, which is quite a strong performance in such a challenging market environment. Our food and premium packaging division managed to keep the adjusted operating margin at a very solid level, while pharma and healthcare packaging delivered an encouraging 25% increase in adjusted operating profit. And board and paper also showed a clear improvement compared to last year, although profitability is still not on a satisfactory level. And the key driver behind this progress has been our group-wide Fit for Future program, which we have successfully accelerated throughout the year across all divisions. And working with our dedicated MM teams and supported by external expertise, we pursue a comprehensive set of initiatives targeting growth, procurement optimization, operational efficiency, and structural improvements in sales and administration. So nothing is left undone. Given the strong performance and the good progress of Fit4Future, our confidence has strengthened that by 27 we will achieve an earnings uplift of more than €250 million compared with 24, excluding TAN and market effects. And this is well above our initial expectations of more than €150 million as program launch, which I shared with you in the half-year results. And already in 2025, Fit4Future contributed about €70 million to our adjusted operating result, with board and paper benefiting the most. And alongside these operational achievements, which are extremely important, we also have taken important strategic decisions. As I mentioned in the half-year results, we executed...