Huhtamäki (HUH1V) AGM 2025 summary

Opening remarks and agenda

• AGM held in Helsinki on April 24, 2025; the 2024 annual accounts and proposals from the Board and Shareholders’ Nomination Board were presented for approval.

• Chair Pekka Vauramo opened the meeting; safety instructions and formal voting procedures were conducted.

Financial performance review

• 2024 adjusted EBIT rose to EUR 416.9 million while net sales were flat; EBIT margin reached a record 10.1%.

• EUR 76 million in cost savings supported profitability; Fiber Packaging grew 6%, North America declined 5%, and three of four segments improved profits.

• Return on investment was just over 12%, against a target of 13%-15%.

• Net debt/adjusted EBITDA leverage decreased to 2.0x, supported by strong cash flow.

• Q1 2025 performance was stable amid volatility, with a 9.8% adjusted EBIT margin.

Board and executive committee updates

• Ralf K. Wunderlich became CEO on January 15, 2025.

• Essimari Kairisto and Johann Christoph Michalski were elected to a nine-member Board; seven members were re-elected. Pekka Vauramo was re-elected Chair and Kerttu Tuomas Vice-Chair.

• Executive team appointments and future leadership changes were announced; a new President for Flexible Packaging is to join by January 2026, with interim leadership in place.

• Additional leadership changes included Fiber Packaging and procurement roles.