Mayr-Melnhof Karton (MMK) Q3 2026 earnings summary

Executive summary

• Q1–3 2026 sales were €2,774.7m and adjusted EBITDA was €259.1m; weaker Board & Paper results outweighed like-for-like earnings gains in Packaging.

• Fit-for-Future savings partly offset cost and market pressure across divisions.

Financial highlights

• Sales fell 6.9% YoY reported and 4.0% pro forma excluding TANN, from €2,890.8m.

• Adjusted EBITDA fell 19.1% reported and 12.9% pro forma excluding TANN, from €297.4m.

• Adjusted operating profit was €93.0m, down 38.8% reported and 28.0% pro forma; pro forma adjusted EBITDA and operating margins were 9.3% and 3.4%, down 95 bps and 112 bps.

Segment performance

• Food & Premium: sales declined 4.8% pro forma; adjusted EBITDA rose 1.5% to €152.2m and margin improved 90 bps to 14.5%.

• Pharma & Healthcare: sales rose 1.4% to €475.7m; adjusted EBITDA increased 12.7% to €68.2m and margin improved 145 bps to 14.3%.

• Board & Paper: sales fell 5.9% to €1,392.4m; adjusted EBITDA declined to €38.7m from €86.9m, with a 2.8% margin, and adjusted operating profit was a €43.6m loss.

• Pharma growth continued with key GLP-1 customers; lower-margin sales declined as portfolio optimisation continued.