Huhtamaki Oyj · OMXHEX:HUH1V
Huhtamaki Oyj — Q3 2026 Earnings Presentation
22 slides from Huhtamaki Oyj's earnings presentation, Oct 29, 2026
Slide 1: Continued comparable net sales growth despite muted demand environment
Continued comparable net sales growth despite muted demand environment Interim Report Q3 2026 Ralf K. Wunderlich President and CEO Thomas Geust CFO 1 October 29, 2026 Interim Report Q3 2026
Slide 2: Continued comparable net sales growth despite muted demand environment
Continued comparable net sales growth despite muted demand environment • Another quarter of comparable net sales growth +4% • Adjusted EBIT of 10.9% supported by solid performance in Flexible Packaging and Fiber Packaging • Quarter positively impacted by EUR 23 million revenue recognition from a com
Slide 3: We continue to focus on growth and performance improvement actions in three key areas
We continue to focus on growth and performance improvement actions in three key areas Scope and Context Three Key Areas for Improving Growth and Performance • Muted market environment calls for action • Disciplined deployment of to improve growth and performance Commercial commercial excellence acti
Slide 4: Business performance
01 Business performance 4 October 29, 2026 Interim Report Q3 2026
Slide 5: Comparable net sales increased in both Q3 and year-to-date
Comparable net sales increased in both Q3 and year-to-date Development of net sales in Q3 2026 Development of net sales in Q1-Q3 2026 (EUR million) (EUR million) 11 62 55 -67 37 1,018 971 2,980 2,974 Q3 2025 Organic Acquisitions Divestments Currency Q3 2026 Q1-Q3 2025 Organic Acquisitions Divestment
Slide 6: Strong EBIT margin delivery in Q3 and year-to-date
Strong EBIT margin delivery in Q3 and year-to-date MEUR Q3 2026 Q3 2025 Change Q1-Q3 2026 Q1-Q3 2025 Change Net sales 1,017.8 970.6 5% 2,973.6 2,979.6 0% Comp. Growth 4% -1 % 2% -1 % Adjusted EBIT1 110.5 100.3 10% 308.7 301.8 2% Margin1 10.9% 10.3% 10.4% 10.1% Adjusted EPS, EUR2 0.68 0.62 10% 1.88 1
Slide 7: Foodservice Packaging: Defending margin in a muted market
Foodservice Packaging: Defending margin in a muted market MEUR Q3 2026 Q3 2025 Change Net sales (EUR million) Net sales 252.6 240.0 5% Comp. Growth 4% 0% 253 234 239 236 240 210 223 Adjusted EBIT1 41.1 22.1 86% 2025 Margin1 16.3% 9.2% 2026 Capital expenditure 4.4 3.4 30% Operating cashflow1 22.4 43.
Slide 8: North America: Persisting operational challenges impacted result
North America: Persisting operational challenges impacted result MEUR Q3 2026 Q3 2025 Change Net sales (EUR million) Net sales 307.5 331.2 -7% 366 362 Comp. Growth -9% -3% 346 341 330 331 307 Adjusted EBIT1 13.3 34.2 -61% 2025 Margin1 4.3% 10.3% 2026 Capital expenditure 9.3 12.0 -22% Operating cashf
Slide 9: Flexible Packaging: Sustained good momentum
Flexible Packaging: Sustained good momentum MEUR Q3 2026 Q3 2025 Change Net sales (EUR million) Net sales 363.1 309.8 17% Comp. Growth 18% -3% 345 363 329 311 310 302 300 Adjusted EBIT1 38.4 31.0 24% 2025 Margin1 10.6% 10.0% 2026 Capital expenditure 6.9 6.3 8% Operating cashflow1 6.0 33.6 -82% Q1 Q2
Slide 10: Fiber Packaging: Steady growth with good profitability
Fiber Packaging: Steady growth with good profitability MEUR Q3 2026 Q3 2025 Change Net sales (EUR million) Net sales 97.1 92.4 5% Comp. Growth 3% 9% 96 97 101 97 97 94 92 Adjusted EBIT1 14.1 11.6 22% 2025 Margin1 14.5% 12.6% 2026 Capital expenditure 15.7 14.6 7% Operating cashflow1 4.2 1.6 >100% Q1
Slide 11: Financial review
02 Financial review 11 October 29, 2026 Interim Report Q3 2026
Slide 12: Currency headwinds moderated
Currency headwinds moderated Average Average Change in Change in Closing rates rate rate average closing Foreign currency Q1-Q3 25 Q1-Q3 26 rate Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 rate (YoY) USD 1.12 1.16 -4% 1.17 1.18 1.15 1.14 1.14 3% translation impact INR 96.65 109.07 -13% 104.04 105.58 108.77 107.84
Slide 13: Adjusted EBIT and EPS continued to improve
Adjusted EBIT and EPS continued to improve EUR million Q3 26 Q3 25 Change Q1-Q3 26 Q1-Q3 25 Change Net sales 1,017.8 970.6 5% 2,973.6 2,979.6 0% • Good margin development Adjusted EBITDA1 158.0 151.7 4% 453.7 458.2 -1 % continued in Q3 and Q1-Q3 2026 Margin1 15.5% 15.6% 15.3% 15.4% • Adj. EPS increa
Slide 14: Cash flow impacted by raw material prices remaining at a higher level
Cash flow impacted by raw material prices remaining at a higher level Free cash flow decreased in Q1-Q3 2026: Free cash flow bridge Q1-Q3 2026 • Reported EBITDA decreased from (EUR million) last year • Negative impact from increased raw 471 434 material prices • Capex decreased further, reflecting t
Slide 15: Net debt to adjusted EBITDA decreased to 1.9
Net debt to adjusted EBITDA decreased to 1.9 • Net debt/adj. EBITDA at 1.9 Net debt, net debt/adj. EBITDA and gearing • At the end of Q3 2026: Covenant level 3.75 • Cash and cash equivalents 1,298 EUR 364 million 1,252 1,219 1,177 1,179 1,211 1,184 • Unused committed credit facilities Ambition avail
Slide 16: Loan maturities
Loan maturities • Average maturity 3.9 years at the end Debt maturity structure September 30, 2026 of Q3 2026 (3.6 at the end of Q3 2025) (EUR million) • Refinancing in 2026: 800 • EUR 300 million in notes under the 700 EMTN issued in May – 6-year notes 600 with an interest rate of 3.875% 500 • Volu
Slide 17: Continued stable financial position
Continued stable financial position EUR million Sep 2026 Sep 2025 • Working capital impacted by raw Total assets 4,804 4,629 material prices, particularly resin remaining at a higher level Working capital 708 656 • Net debt decreased further Net debt 1,184 1,219 • Adjusted ROI continues trending Equ
Slide 18: Progress towards long-term financial ambitions
Progress towards long-term financial ambitions 2023 2024 2025 Q1-Q3 2026 Ambition Comparable net sales growth -2 % 0% -1 % 2% 5-6% Adjusted EBIT margin 9.4% 10.1% 10.2% 10.4% 10-12% Adjusted ROI 11.2% 12.1% 11.8% 12.3% 13-15% Net debt/Adjusted EBITDA 2.2 2.0 1.9 1.9 2-3 Dividend payout ratio 45 % 44
Slide 19: Looking forward
03 Looking forward 19 October 29, 2026 Interim Report Q3 2026
Slide 20: 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 21: 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 22: Thank you.
Thank you. Contact us at [email protected]