Ahlstrom Holding 3 Oy (AM1S) investor relations material

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.