Mayr-Melnhof Karton (MMK) H1 2026 (Q&A) earnings summary

Executive summary

• Adjusted EBITDA for H1 2026 nearly matched prior-year levels (like-for-like, excluding TANN), with sequential improvement over H2 2025, supported by strong Pharma & Healthcare Packaging growth, stable Food & Premium Packaging, and improved but still lower Board & Paper performance.

• The Fit-For-Future (FFF) programme contributed EUR 105 million in H1 2026, exceeding expectations and mitigating lower prices, with a total P&L benefit target raised to over EUR 330 million by 2027.

• Major capex projects in cost and energy efficiency are progressing as planned, including the acquisition of the Arnsberg mill, which is expected to generate synergies.

Financial highlights

• Group sales for H1 2026 were EUR 1,849.3 million, down 8.9% year-over-year (incl. TANN), mainly due to lower prices and the TANN Group divestment, but stable sequentially.

• Adjusted EBITDA was EUR 200.2 million, down 13.1% year-over-year (incl. TANN), but up 6.5% sequentially, with a margin of 10.8%.

• Adjusted operating profit was EUR 89.8 million, down 23.1% year-over-year, but up 13.9% sequentially.

• Free cash flow improved to EUR 37 million from negative EUR 205.4 million in H1 2025.

• Operating cash flow was EUR 145 million, significantly better than the prior year.

Outlook and guidance

• Maintenance shutdowns in H2 will have a EUR 35 million negative impact, mainly in Q3.

• Higher costs for transport, energy, chemicals, wood, and recycled paper are expected due to geopolitical tensions, with subdued consumer demand persisting.

• FFF programme is expected to contribute over EUR 100 million in H2 2026.

• Capex benefits from Kwidzyn and other projects will mainly flow through in 2027, with annual Capex expected to normalize to EUR 180–200 million.

• Slight price improvements in selected Board & Paper grades and continued growth in pharma and consumer packaging anticipated.