Huhtamäki (HUH1V) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 5% to EUR 1,017.8m; comparable growth was 4%, adjusted EBIT rose 10% to EUR 110.5m and adjusted EBIT margin reached 10.9%.

• Q1–Q3 comparable net sales grew 2%; adjusted EBIT rose 2% to EUR 308.7m, with a 10.4% margin.

• Flexible and Fiber Packaging growth was offset by weak North American demand and operational and cost pressures; recovery actions target North America and Foodservice Packaging.

Financial highlights

• Q3 adjusted EPS increased 10% to EUR 0.68; Q1–Q3 adjusted EPS rose 3% to EUR 1.88.

• Q3 adjusted EBITDA was EUR 158.0m, up 4%, with a 15.5% margin; Q1–Q3 adjusted EBITDA was EUR 453.7m, down 1%, with a 15.3% margin.

• Q1–Q3 free cash flow was EUR 79.0m versus EUR 136.9m; higher raw material prices and working-capital timing weighed on cash generation.

• Q1–Q3 capital expenditure was EUR 89.6m, down 18% year over year.

Outlook and guidance

• 2026 outlook unchanged: trading conditions expected to remain relatively stable; the strong financial position supports profitable growth opportunities.

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

• Recovery actions focus on commercial execution, procurement costs and cost reduction, including productivity and potential footprint restructuring.