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Ahlstrom Holding 3 Oy (AM1S) investor relations material
Ahlstrom Holding 3 Oy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved solid performance in 2025, with net sales of €2,930.3 million and 1.4% growth at constant currency, driven by acquisitions (Stevens Point, EBF) and strong core division performance, despite challenging market conditions.
Record comparable EBITDA margin of 16.1%, up from 15.2%, supported by portfolio repositioning, disciplined pricing, procurement savings, and the Stevens Point acquisition.
Created Performance Materials cluster to focus on Filtration & Life Sciences, Food & Consumer Packaging, and Protective Materials; divested Abrasives business.
Q4 2025 was impacted by softer demand, operational issues, and FX headwinds, but operations stabilized in Q1 2026.
Sustainability leadership reinforced with record employee engagement, safety metrics, EcoVadis Platinum, and CDP A- ratings.
Financial highlights
Group net sales reached €2,930.3 million in 2025, up 1.4% at constant currency; comparable EBITDA margin hit a record 16.1% (up from 15.2%).
Comparable EBITDA grew 4.8% year-over-year to €473.0 million; reported EBITDA increased by €70 million, aided by €50 million lower IACs.
Core divisions delivered 9.4% net sales growth at constant currency, with 18.8% comparable EBITDA margin.
Operating cash flow was €140.8 million, impacted by one-off acquisition, refinancing costs, and minority squeeze-out payment.
Net indebtedness rose to €2,607.5 million, with net debt to adjusted EBITDA ratio at 4.3, mainly due to acquisition financing.
Outlook and guidance
Entering 2026 well-positioned, with management expecting continued strong performance, but market environment remains volatile and uncertain.
No formal outlook provided; order books for Filtration & Life Sciences and Release Liners are solid, while Protective Materials faces subdued demand.
Cost-saving and operational efficiency initiatives expected to deliver up to €100 million in benefits by 2027.
Full run-rate synergies from Stevens Point acquisition expected to reach $50 million in 2026.
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