Huhtamäki (HUH1V) Investor presentation summary

H1 2026 performance

• Q2 comparable net sales rose 2% to €1,009.0m; adjusted EBIT increased 1% to €103.7m, with margin at 10.3% vs. 10.2% YoY.

• H1 net sales fell 3% to €1,955.8m; comparable growth was -1%. Adjusted EBIT decreased 2% to €198.2m, while margin improved to 10.1% from 10.0%.

• H1 adjusted EPS was €1.20 vs. €1.21; capital expenditure fell 27% to €53.4m and free cash flow declined 46% to €33.9m.

• Q2 adjusted EBIT growth and margin improvement reflected cost savings and higher net sales; cash flow was affected by North American operational challenges and higher input costs.

Segment performance

• Flexible Packaging Q2 comparable sales grew 14%, adjusted EBIT rose 43% to €37.4m and margin increased to 10.8% from 8.4%; H1 adjusted EBIT rose 25% to €66.0m.

• Fiber Packaging Q2 comparable sales grew 7%, adjusted EBIT increased 38% to €15.4m and margin reached 15.3%; H1 adjusted EBIT rose 28% to €30.1m.

• North America Q2 sales fell 10% and adjusted EBIT fell 26% to €33.3m; lower sales, site challenges, weaker USD and higher distribution and energy costs weighed on results and cash flow.

• Foodservice Packaging H1 sales fell 6% and adjusted EBIT fell 14% to €36.9m; lower volumes and higher transportation costs pressured profitability, while cash flow improved with lower capex.

Strategy and capital allocation

• Long-term group ambitions include 5–6% comparable growth, 10–12% adjusted EBIT margin, 13–15% adjusted ROI and net debt/adjusted EBITDA of 2–3x.

• Priorities include scaling profitable core businesses, customer-led sustainable innovation, operational excellence, moderated growth capex and disciplined bolt-on acquisitions.

• Q2 net debt was €1,211m, down from €1,298m YoY; net debt/adjusted EBITDA was 2.0x, with €381m cash and €420m of unused committed facilities.

• H1 adjusted ROI was 12.1% vs. 11.9% YoY; adjusted ROE was 13.7% vs. 13.4%, while working capital rose to €664m from €649m.