Ahlstrom Holding 3 Oy (AM1S) Q1 2025 earnings summary

Executive summary

• Achieved record first quarter with 5% like-for-like revenue growth and record comparable EBITDA, driven by strong pricing, cost management, and increased customer activity across most businesses.

• Announced the acquisition of Stevens Point, a high-end US-based food packaging and label solutions provider with USD 332 million net sales in 2024, to enhance North American presence and specialty materials exposure.

• Created a new Performance Materials cluster, effective May 1, 2025, to sharpen resource allocation, accelerate operational excellence, and focus on high-growth specialty materials.

• Launched innovative products in food packaging, battery separators, medical devices, and sustainability-focused solutions.

• Recognized for climate action with a Leadership score of A- in the 2024 CDP Climate disclosure.

Financial highlights

• Net sales reached EUR 739.4 million in Q1 2025, up from EUR 735.4 million in Q1 2024; adjusted for the Aspa divestment, net sales increased by 5%.

• Comparable EBITDA rose to EUR 107.6 million (14.6% margin), up from EUR 98.1 million (13.3%) year-over-year.

• MOVC per tonne reached EUR 1,127, a record high, reflecting disciplined pricing and cost improvements.

• Free cash flow was EUR 90.2 million, with cash conversion improving to 83.8%.

• Net cash from operating activities was EUR 41 million, with CapEx at a normalized run rate.

Outlook and guidance

• No formal outlook provided, but management remains confident in continued growth and supporting the sustainability transition of served industries.

• Pro forma net leverage for the Stevens Point acquisition is estimated at 4.1x based on FY 2024 combined financials.

• Significant value initiatives identified, with full run-rate impact expected by end of 2026.