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Ahlstrom Holding 3 Oy (AM1S) investor relations material

Ahlstrom Holding 3 Oy Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Strong financial performance in Q2 2025, with robust comparable EBITDA, high margins, and solid operating cash flow despite market volatility and currency headwinds.

  • Enhanced business portfolio through the formation of the Performance Materials cluster and the acquisition of Stevens Point, increasing focus on specialty markets and US smart packaging.

  • Integration of Stevens Point is progressing well, strengthening US market presence and expected to deliver significant cost and revenue synergies.

  • Several product innovations and new launches advanced the sustainability agenda and supported customer transitions.

  • Received binding offer for the Abrasives business, expected to close by year-end, further optimizing the portfolio.

Financial highlights

  • Q2 2025 net sales were EUR 744.8m, down 4% year-over-year on a comparable basis; comparable EBITDA increased to EUR 123m (16.5% margin, up from 14.7%).

  • Pro forma Adjusted EBITDA (LTM) reached EUR 593.3m, including full-year Stevens Point contribution and synergies.

  • Operating cash flow was EUR 27m, or EUR 53m excluding one-time acquisition costs; free cash flow in H1 2025 was EUR 197m.

  • CapEx remained at a sustainable level, with full-year guidance of EUR 150–160m.

  • Adjusted net indebtedness increased to EUR 2,260m (from EUR 1,868.7m at end-2024), mainly due to the Stevens Point acquisition.

Outlook and guidance

  • No significant volume recovery expected in Q3, with US markets remaining soft and Europe stable; management remains focused on innovation, operational efficiency, and sustainability-driven product innovation.

  • Integration of Stevens Point expected to deliver significant synergies with limited integration risk.

  • Pricing discipline remains strong, with about 50% of business indexed; some deflationary pricing expected due to contract lags.

  • Deleveraging is a key focus following the Stevens Point acquisition.

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Frequently asked questions

Ahlstrom-Munksjö Oyj is a global leader in fiber-based materials, supplying innovative and sustainable solutions to customers worldwide. Their offerings include filter media solutions for air, liquid and process filtration and materials for use in diagnostic test strips, wound dressings and surgical gowns. Ahlstrom-Munksjö Oyj also produces a range of innovative solutions for food packaging and food service applications, wallcoverings, label and book paper, glass fiber materials and solutions for solar power generation industries.

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