Huhtamäki Oyj’s Interim Report January 1–March 31, 2026: Comparable net sales growth in a challenging market

HUHTAMÄKI OYJ INTERIM REPORT 29.4.2026 AT 8:30 EEST

Huhtamäki Oyj’s Interim Report January 1–March 31, 2026: Comparable net sales growth in a challenging market

Q1 2026 in brief

• Net sales decreased 5% at EUR 946.8 million (EUR 1,001.6 million), including a currency impact of EUR -62.6 million (EUR 11.2 million)
• Comparable net sales growth was 1% at Group level
• Reported EBIT was EUR 83.2 million (EUR 93.7 million)
• Adjusted EBIT was EUR 94.5 million (EUR 98.5 million), including a currency impact of EUR -4.8 million (EUR 1.2 million). Adjusted EBIT margin increased to 10.0% (9.8%)
• Reported EPS was EUR 0.47 (EUR 0.54); adjusted EPS was EUR 0.56 (EUR 0.59)
  
  

Key figures

EUR million	Q1 2026	Q1 2025	Change	2025
Net sales	946.8	1,001.6	-5%	3,960.2
Comparable net sales growth	1%	-2%		-1%
Adjusted EBITDA1	144.0	152.0	-5%	613.0
Margin1	15.2%	15.2%		15.5%
EBITDA	133.8	149.8	-11%	613.3
Adjusted EBIT2	94.5	98.5	-4%	405.1
Margin2	10.0%	9.8%		10.2%
EBIT	83.2	93.7	-11%	320.5
Adjusted EPS, EUR3	0.56	0.59	-5%	2.48
EPS, EUR	0.47	0.54	-14%	1.83
Adjusted ROI2	11.9%	12.0%		11.8%
Adjusted ROE3	13.8%	13.3%		13.6%
ROI	9.3%	11.2%		9.5%
ROE	10.0%	12.4%		10.1%
Capital expenditure	27.0	30.1	-10%	171.9
Free Cash Flow	10.0	-22.5	>100%	311.2
1 Excluding IAC of	-10.2	-2.1		0.4
2 Excluding IAC of	-11.2	-4.7		-84.5
3 Excluding IAC of	-9.8	-4.6		-68.0

Unless otherwise stated, all comparisons in this report are compared to the corresponding period in 2025. Figures of return on investment (ROI), return on equity (ROE) and return on net assets (RONA) as well as net debt to EBITDA presented in this report are calculated on a 12-month rolling basis.

IAC includes, but is not limited to, material restructuring costs and acquisition related costs (gains and losses on business combinations, professional and legal fees, material purchase price accounting adjustments for inventory, material purchase price amortization of intangible assets and changes in contingent considerations) as well as material impairment losses and reversals, gains and losses relating to sale of intangible and tangible assets, implementation costs concerning large projects with SaaS cloud computing technology, fines and penalties imposed by authorities and extraordinary taxes.

The figures in the tables are exact figures and consequently the sum of individual figures may deviate from the sum presented. Key figures have been calculated using exact figures.

President and CEO’s review
In the first quarter of 2026, we delivered comparable net sales growth supported by positive volume development and achieved an adjusted EBIT margin level within our ambition range. We also continued to make good progress on our value drivers.

The quarter was impacted by geopolitical challenges, temporary weather-related disruptions in North America and continued unfavorable currency movements. This aside, our comparable net sales increased by 1%, supported by growth in North America and Fiber Packaging. Adjusted EBIT decreased by 4% to EUR 94.5 million, but excluding the currency impact, adjusted EBIT increased by 1%. With our continued focus on capital discipline, cash flow improved significantly from the previous year’s level, and all segments delivering positive cash flow.

In the Flexible Packaging segment, sustained actions to improve margins supported profitability during the quarter. Sales growth remains in focus going forward, and we responded swiftly to operational challenges caused by the war in the Middle East by taking necessary actions to mitigate the sharp increase in polymer prices.

For the Foodservice Packaging segment, market demand remained soft and was further amplified by geopolitical developments in the Middle East. Lower net sales impacted negatively on profitability in the segment.

In North America, comparable net sales increased for the quarter with a double-digit adjusted EBIT margin. The quarter was negatively impacted by unusually severe winter conditions. Extreme cold weather and snowstorms in January and February led to temporary shutdowns at several manufacturing units and warehouses, negatively impacting the segment’s financial performance. Additionally, we are starting to see progress on resolving operational challenges in the segment. Performance improved towards the end of the quarter, supported by early Easter.

In the Fiber segment, previous investments to capture attractive growth in the egg and fruit packaging markets delivered sales growth. Supported by growth and good cost management, adjusted EBIT increased significantly and the margin improved.

As market headwinds remain and geopolitical uncertainty is elevated, we are actively managing these risks. We remain firmly focused on our three value drivers; growth through all levers, disciplined capital allocation, as well as accountability with speed of execution. I am confident in our team’s ability to build on this and drive sustainable, profitable growth.

Ralf K. Wunderlich
President and CEO

Financial review Q1 2026

Net sales by business segment

EUR million	Q1 2026	Q1 2025	Change
Foodservice Packaging	209.6	234.2	-11%
North America	340.6	345.6	-1%
Flexible Packaging	301.7	328.7	-8%
Fiber Packaging	96.8	95.8	1%
Elimination of internal sales	-2.0	-2.7
Group	946.8	1,001.6	-5%

Comparable net sales growth by business segment

	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025
Foodservice Packaging	-8%	-7%	-0%	-4%	-4%
North America	8%	0%	-3%	3%	-3%
Flexible Packaging	-3%	-3%	-3%	-2%	-2%
Fiber Packaging	5%	4%	9%	10%	10%
Group	1%	-2%	-1%	0%	-2%

The Group’s net sales decreased 5% at EUR 946.8 million (EUR 1,001.6 million) during the quarter, while sales volumes increased. Comparable net sales growth was 1%. Comparable net sales increased in the North America and Fiber Packaging segments, but decreased in Foodservice Packaging and Flexible Packaging. Foreign currency translation impact on the Group’s net sales was EUR -62.6 million (EUR 11.2 million) compared to 2025 exchange rates.

Adjusted EBIT by business segment

				Items affecting comparability
EUR million	Q1 2026	Q1 2025	Change	Q1 2026	Q1 2025
Foodservice Packaging	16.7	19.8	-16%	-0.4	-0.4
North America	34.0	40.5	-16%	-5.8	-1.9
Flexible Packaging	28.6	26.6	7%	-1.6	-2.8
Fiber Packaging	14.7	12.3	20%	1.0	0.5
Other activities	0.5	-0.7		-4.4	-0.2
Group	94.5	98.5	-4%	-11.2	-4.7

Adjusted EBIT margin by business segment

	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025
Foodservice Packaging	8.0%	9.8%	9.2%	9.6%	8.5%
North America	10.0%	12.1%	10.3%	12.2%	11.7%
Flexible Packaging	9.5%	10.4%	10.0%	8.4%	8.1%
Fiber Packaging	15.2%	15.9%	12.6%	11.8%	12.8%
Group	10.0%	10.5%	10.3%	10.2%	9.8%

The Group’s adjusted EBIT decreased to EUR 94.5 million (EUR 98.5 million) and reported EBIT was EUR 83.2 million (EUR 93.7 million). The currency impact and unfavorable weather conditions in North America had a negative impact. At the same time, the company’s actions to improve profitability and higher sales volumes had a positive impact on profitability. The Group’s adjusted EBIT margin increased and was 10.0% (9.8%). Foreign currency translation impact on the Group’s earnings was EUR -4.8 million (EUR 1.2 million).

Adjusted EBIT excludes EUR -11.2 million (EUR -4.7 million) of items affecting comparability (IAC).

Adjusted EBIT and IAC

EUR million	Q1 2026	Q1 2025
Adjusted EBIT	94.5	98.5
Acquisition related costs	-	-
Restructuring gains and losses, including writedowns of related assets	-3.0	-1.3
PPA amortization	-1.1	-2.3
Settlement and legal fees of disputes	-0.3	-
Property damage incidents	1.0	0.7
Implementation costs concerning large projects with SaaS cloud computing technology	-8.0	-1.9
EBIT	83.2	93.7

Net financial expenses were EUR 14.8 million (EUR 14.2 million). Tax expense was EUR 17.1 million (EUR 20.6 million). The decrease was due to lower reported EBIT. The corresponding tax rate was 25% (26%). Profit for the first quarter was EUR 51.3 million (EUR 59.0 million). Adjusted earnings per share (EPS) was EUR 0.56 (EUR 0.59) and reported EPS EUR 0.47 (EUR 0.54). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR -9.8 million (EUR -4.6 million) of IAC.

Adjusted profit and IAC

EUR million	Q1 2026	Q1 2025
Adjusted profit for the period attributable to equity holders of the parent company	58.8	61.5
IAC in EBIT	-11.2	-4.7
IAC in Financial items	-	0.2
IAC Tax	1.7	-0.1
IAC attributable to non-controlling interest	-0.2	0.1
Profit for the period attributable to equity holders of the parent company	49.0	56.9

Outlook for 2026 (unchanged)
The Group’s trading conditions are expected to remain relatively stable during 2026. The good financial position will enable the Group to address profitable growth opportunities.

Annual General Meeting 2026
Huhtamäki Oyj’s Annual General Meeting (AGM) will be held on Wednesday, April 29, 2026 at 11:00 (EEST) at Scandic Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland.

Teleconference
Huhtamaki will arrange a combined audiocast and teleconference today at 9:00 (please note the exceptional time). Huhtamaki’s President & CEO Ralf K. Wunderlich and CFO Thomas Geust will present the results. The event will be followed by a Q&A session. The event will be held in English, and it can be followed in real-time.

A link to the audiocast is available at: https://huhtamaki.events.inderes.com/q1-2026
A link to the teleconference is available at: https://events.inderes.com/huhtamaki/q1-2026/dial-in
Registration is required for the teleconference. After the registration you will be provided with phone numbers and a conference ID to access the conference.

An on-demand replay of the audiocast will be available shortly after the end of the call at www.huhtamaki.com/investors.

Financial reporting in 2026
In 2026, Huhtamaki will publish financial information as follows:
Half-yearly Report, January 1-June 30, 2026         July 23
Interim Report, January 1-September 30, 2026         October 29

This is a summary of Huhtamäki Oyj's Interim Report January 1–March 31, 2026. The complete report is attached to this release and is also available at the company website at www.huhtamaki.com.

For further information, please contact:
Kristian Tammela, Vice President, Investor Relations, tel. +358 10 686 7058

HUHTAMÄKI OYJ
Corporate Communications

About Huhtamaki
Huhtamaki is a leading global provider of sustainable packaging solutions for consumers around the world. Our innovative products protect on-the-go and on-the-shelf food and beverages, and personal care products, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do.

Huhtamaki has over 100 years of history and a strong Nordic heritage. Our around 17 400 professionals operate in 35 countries and 105 locations around the world. Our values are Care Dare Deliver. In 2025 Huhtamaki’s net sales totaled EUR 4.0 billion. Huhtamäki Oyj is listed on the Nasdaq Helsinki and the head office is in Espoo, Finland. Find out more at www.huhtamaki.com. 

Attachment

• Huhtamaki Interim Report Q1 2026