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Mayr-Melnhof Karton (MMK) investor relations material
Mayr-Melnhof Karton H1 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Significant profit increase in H1 2025, mainly due to the sale of TANN Group and improved Board & Paper division performance, supported by the 'Fit for Future' program targeting over €150 million in sustainable profit improvements by 2027.
Achieved year-over-year growth in both the third past year and second quarter, with ongoing structural improvements and a conservative outlook amid persistent market weakness and overcapacity.
Sale of TANN Group in Q2 2025 generated a one-off gain of approximately €127 million, enhancing financial flexibility and focusing on core business.
Market conditions remain challenging with soft demand and overcapacity, especially in Europe.
Financial highlights
Consolidated sales for H1 2025 were €2,030.0 million, nearly flat year-over-year, while adjusted EBITDA rose 14.3% to €230.5 million and adjusted operating profit increased 28.8% to €116.7 million.
Net profit surged to €164.3 million, up 339.9% year-over-year, driven by the TANN sale; EPS rose to €8.29.
Free cash flow turned negative at €-205.4 million, mainly due to working capital effects.
Achieved approximately €20 million in cost savings in the first half of 2024, with further incremental benefits expected.
CapEx for the year is expected to remain below €250 million.
Outlook and guidance
Market conditions are expected to remain challenging with persistent overcapacity and no significant improvement anticipated until at least mid-2026.
The "Fit for Future" program targets over €150 million in sustainable profit improvements by 2027, with effects phased in gradually.
Annual maintenance in Board & Paper will result in €40 million expenses in H2 2025.
Continued focus on working capital reduction and cash flow improvement.
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