Mayr-Melnhof Karton (MMK) Investor presentation summary

Business overview and strategic positioning

• Operates a diversified global packaging platform with three divisions: Board & Paper, Food & Premium Packaging, and Pharma & Healthcare Packaging, producing 3.1m tonnes of cartonboard, paper, and pulp annually and 3.1bn m² of packaging.

• Maintains a well-invested, vertically integrated global footprint with 60 production facilities in 15 countries, serving over 3,500 customers in 130+ countries.

• Holds leading market positions in Europe for folding cartons, premium packaging, and secondary pharma packaging, with 71% of sales from Food & Premium and 29% from Pharma & Healthcare.

• Strong ESG credentials, including CDP AAA ratings and high renewable electricity sourcing, with circularity and sustainability embedded in the business model.

• Strategic focus on plastic substitution, organic growth, operational excellence, and selective M&A to drive future value creation.

Financial performance and segment results

• Achieved €3.8bn in sales and €421m like-for-like transactional EBITDA in 2025, with an 11% EBITDA margin.

• Food & Premium Packaging generated €1,450m in revenues and €205m adjusted EBITDA (14% margin) in 2025, with strong regional and customer diversification.

• Pharma & Healthcare Packaging delivered €618m in revenues and €78m adjusted EBITDA (13% margin) in 2025, with a comprehensive product offering and low customer concentration.

• Board & Paper segment reported €1,930m in revenues and €115m adjusted EBITDA (6% margin) in 2025, with 3.1m tonnes produced and a focus on operational excellence.

• Half-year 2026 results show sequential EBITDA improvement, with Pharma & Healthcare up 14%, Food & Premium up 1%, and Board & Paper down 19%; Fit-For-Future program raised its expected P&L contribution to over €330m by 2027.

Operational excellence and cost leadership

• Maintains an advantageous cost position in Europe, with 80% of capacity in the lowest two quartiles of the cost curve, supported by asset optimization and vertical integration.

• Capacity utilization improved to 87% in H1 2026, with regained operational excellence after major machine rebuilds and investments.

• Deep vertical integration across the value chain, processing 2.1m tonnes of recycled and virgin fiber, and 86% internal pulp supply.

• Supplier-of-choice status with a globally diverse blue-chip customer base, high supply security, and no major client dependencies.