Huhtamäki Oyj’s Half-yearly Report January 1–June 30, 2026: Delivering comparable net sales growth and strong profitability
HUHTAMÄKI OYJ HALF-YEARLY REPORT 23.7.2026 AT 8:30 AM EEST
Q2 2026 in brief
- Net sales remained at the previous year’s level at EUR 1,009.0 million (EUR 1,007.5 million)
- Comparable net sales growth at Group level was 2%
- Reported EBIT was EUR 74.2 million (EUR 46.2 million); adjusted EBIT was EUR 103.7 million (EUR 103.1 million) including an adverse currency impact of EUR 1.6 million
- Reported EPS was EUR 0.43 (EUR 0.20); adjusted EPS was EUR 0.64 (EUR 0.63)
- The impact of currency movements on the Group’s net sales was EUR -15.1 million and EUR -1.6 million on EBIT
H1 2026 in brief
- Net sales decreased 3% to EUR 1,955.8 million (EUR 2,009.1 million)
- Comparable net sales growth at Group level was 1%
- Reported EBIT was EUR 157.4 million (EUR 139.9 million); adjusted EBIT was EUR 198.2 million (EUR 201.5 million) including an adverse currency impact of EUR 6.4 million
- Reported EPS was EUR 0.89 (EUR 0.74); adjusted EPS was EUR 1.20 (EUR 1.21)
- The impact of currency movements on the Group’s net sales was EUR -77.8 million and EUR -6.4 million on EBIT
- Capital expenditure was EUR 53.4 million (EUR 73.2 million)
- Free cash flow was EUR 33.9 million (EUR 63.1 million)
| EUR million | Q2 2026 | Q2 2025 | Change | H1 2026 | H1 2025 | Change | 2025 |
| Net sales | 1,009.0 | 1,007.5 | 0% | 1,955.8 | 2,009.1 | -3% | 3,960.2 |
| Comparable net sales growth | 2% | 0% | 1% | -1% | -1% | ||
| Adjusted EBITDA1 | 151.7 | 154.6 | -2% | 295.6 | 306.6 | -4% | 613.0 |
| Margin1 | 15.0% | 15.3% | 15.1% | 15.3% | 15.5% | ||
| EBITDA | 141.1 | 176.1 | -20% | 275.0 | 325.9 | -16% | 613.3 |
| Adjusted EBIT2 | 103.7 | 103.1 | 1% | 198.2 | 201.5 | -2% | 405.1 |
| Margin2 | 10.3% | 10.2% | 10.1% | 10.0% | 10.2% | ||
| EBIT | 74.2 | 46.2 | 61% | 157.4 | 139.9 | 13% | 320.5 |
| Adjusted EPS, EUR3 | 0.64 | 0.63 | 2% | 1.20 | 1.21 | -1% | 2.48 |
| EPS, EUR | 0.43 | 0.20 | >100% | 0.89 | 0.74 | 20% | 1.83 |
| Adjusted ROI2 | 12.1% | 11.9% | 11.8% | ||||
| Adjusted ROE3 | 13.7% | 13.4% | 13.6% | ||||
| ROI | 10.3% | 9.6% | 9.5% | ||||
| ROE | 11.1% | 10.3% | 10.1% | ||||
| Capital expenditure | 26.4 | 43.1 | -39% | 53.4 | 73.2 | -27% | 171.9 |
| Free Cash Flow | 23.9 | 85.5 | -72% | 33.9 | 63.1 | -46% | 311.2 |
| 1 Excluding IAC of | -10.5 | 21.5 | -20.7 | 19.3 | 0.4 | ||
| 2 Excluding IAC of | -29.5 | -56.9 | -40.8 | -61.6 | -84.5 | ||
| 3 Excluding IAC of | -22.0 | -44.5 | -31.8 | -49.0 | -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.
Ralf K. Wunderlich, President and CEO
During the first half of the year, we delivered comparable net sales growth and improved our adjusted EBIT margin. This is encouraging, particularly as we delivered it in a worsened geopolitical environment, where the Middle East crisis caused supply challenges and significant cost escalations. The priority for us was to support our coworkers in the region and to ensure continued supply to our customers.
In Q2, comparable net sales increased. We made further progress on our work to improve efficiency, which supported the increase of the adjusted EBIT and margin. Performance was supported by the strong developments in Flexible Packaging and Fiber Packaging, while lower sales and operational challenges in North America had a negative impact.
In Flexible Packaging, volume growth supported net sales, while passing on raw material cost increases. Driven by strong cost savings and volume growth, adjusted EBIT increased significantly, resulting in an adjusted EBIT margin of 10.8%. The segment continued to make progress on the turnarounds of underperforming units, improved its operations and managed the impact of the crisis in the Middle East.
In North America, lower net sales and operational challenges at a few plants had a negative impact on adjusted EBIT and cash flow. Net sales were impacted by the timing of Easter and only partly offset by deliveries related to the World Cup and the U.S. 250th anniversary celebrations in July. For the first half of the year, comparable net sales were at the previous year’s level. To improve efficiency and address specific operational issues, self-help actions have been initiated.
In Foodservice Packaging, net sales remained close to the previous year’s level, improving sequentially from the first quarter. The market situation remained challenging, particularly with regional and local customers, and the crisis in the Middle East created additional challenges. With cost saving projects and continued capital discipline, the segment was able to achieve an adjusted EBIT margin of 8.6% and delivered strong cash flow.
In Fiber Packaging, the positive development continued with growth in net sales and adjusted EBIT. The segment is delivering on recent investments and continues to invest in capturing opportunities in the egg and fruit packaging markets.
The execution on our three value drivers; growth through all levers, disciplined capital allocation, as well as accountability with speed of execution, is enabling us to be resilient in a continued volatile market. Notably, we have achieved comparable sales growth and I’m confident in our team’s ability to deliver on our value drivers.
Financial review Q2 2026
Net sales by business segment
| EUR million | Q2 2026 | Q2 2025 | Change |
| Foodservice Packaging | 235.9 | 239.0 | -1% |
| North America | 330.0 | 366.4 | -10% |
| Flexible Packaging | 344.8 | 310.7 | 11% |
| Fiber Packaging | 100.6 | 94.3 | 7% |
| Elimination of internal sales | -2.3 | -3.0 | |
| Group | 1,009.0 | 1,007.5 | 0% |
Comparable net sales growth by business segment
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |
| Foodservice Packaging | -1% | -8% | -7% | 0% | -4% |
| North America | -8% | 8% | 0% | -3% | 3% |
| Flexible Packaging | 14% | -3% | -3% | -3% | -2% |
| Fiber Packaging | 7% | 5% | 4% | 9% | 10% |
| Group | 2% | 1% | -2% | -1% | 0% |
The Group’s reported net sales remained at the previous year’s level at EUR 1,009.0 million (EUR 1,007.5 million) during the quarter, despite a negative impact from changes in currencies. Comparable net sales growth was 2%. Sales volumes decreased while sales prices increased. Comparable net sales increased in Flexible Packaging and Fiber Packaging, remained close to the previous year’s level in Foodservice Packaging but decreased in North America. Foreign currency translation impact on the Group’s net sales was EUR -15.1 million (EUR -34.0 million) compared to 2025 exchange rates.
Adjusted EBIT by business segment
| Items affecting comparability | |||||
| EUR million | Q2 2026 | Q2 2025 | Change | Q2 2026 | Q2 2025 |
| Foodservice Packaging | 20.2 | 22.9 | -12% | -16.6 | -44.8 |
| North America | 33.3 | 44.7 | -26% | -2.2 | -5.2 |
| Flexible Packaging | 37.4 | 26.2 | 43% | -1.1 | -6.3 |
| Fiber Packaging | 15.4 | 11.1 | 38% | -3.5 | 1.1 |
| Other activities | -2.6 | -1.9 | -6.0 | -1.7 | |
| Group | 103.7 | 103.1 | 1% | -29.5 | -56.9 |
Adjusted EBIT margin by business segment
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |
| Foodservice Packaging | 8.6% | 8.0% | 9.8% | 9.2% | 9.6% |
| North America | 10.1% | 10.0% | 12.1% | 10.3% | 12.2% |
| Flexible Packaging | 10.8% | 9.5% | 10.4% | 10.0% | 8.4% |
| Fiber Packaging | 15.3% | 15.2% | 15.9% | 12.6% | 11.8% |
| Group | 10.3% | 10.0% | 10.5% | 10.3% | 10.2% |
The Group’s adjusted EBIT increased to EUR 103.7 million (EUR 103.1 million) and reported EBIT was EUR 74.2 million (EUR 46.2 million) in the quarter. Cost saving actions and increased net sales supported the positive development in adjusted EBIT, despite a EUR 1.6 million negative impact from currency movements as well as higher transportation and energy costs. Adjusted EBIT increased in Flexible Packaging and Fiber Packaging, but decreased in North America and Foodservice Packaging. The Group’s adjusted EBIT margin increased and was 10.3% (10.2%). Foreign currency translation impact on the Group’s earnings was EUR -1.6 million (EUR -2.9 million).
Adjusted EBIT excludes EUR -29.5 million (EUR -56.9 million) of items affecting comparability (IAC). The main item was an EUR 16 million impairment in the Foodservice Packaging segment, related to production footprint optimization.
Adjusted EBIT and IAC
| EUR million | Q2 2026 | Q2 2025 |
| Adjusted EBIT | 103.7 | 103.1 |
| Acquisition related costs | -0.0 | -0.3 |
| Restructuring gains and losses, including writedowns of related assets | -19.9 | -52.9 |
| PPA amortization | -1.1 | -2.1 |
| Settlement and legal fees of disputes | -0.1 | -0.0 |
| Property damage incidents | -0.1 | 1.3 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -8.3 | -2.9 |
| EBIT | 74.2 | 46.2 |
Net financial expenses were EUR 13.2 million (EUR 15.2 million) in the quarter, mainly due to lower interest rates. Tax expense was EUR 13.3 million (EUR 8.1 million), mainly due to a country-level change in profit mix. Profit for the quarter was EUR 47.6 million (EUR 22.8 million). Adjusted earnings per share (EPS) was EUR 0.64 (EUR 0.63) and reported EPS EUR 0.43 (EUR 0.20). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -22.0 million (EUR -44.5 million) of IAC.
Adjusted profit and IAC
| EUR million | Q2 2026 | Q2 2025 |
| Adjusted profit for the period attributable to equity holders of the parent company | 66.8 | 65.6 |
| IAC in EBIT | -29.5 | -56.9 |
| IAC in Financial items | - | 0.2 |
| IAC Tax | 7.5 | 12.1 |
| IAC attributable to non-controlling interest | 0.0 | 0.2 |
| Profit for the period attributable to equity holders of the parent company | 44.8 | 21.1 |
Financial review H1 2026
Net sales by business segment
| EUR million | H1 2026 | H1 2025 | Change |
| Foodservice Packaging | 445.5 | 473.2 | -6% |
| North America | 670.6 | 712.0 | -6% |
| Flexible Packaging | 646.5 | 639.4 | 1% |
| Fiber Packaging | 197.4 | 190.1 | 4% |
| Elimination of internal sales | -4.3 | -5.7 | |
| Group | 1,955.8 | 2,009.1 | -3% |
Comparable net sales growth by business segment
| H1 2026 | H1 2025 | H1 2024 | |
| Foodservice Packaging | -4% | -4% | -6% |
| North America | 0% | 0% | -2% |
| Flexible Packaging | 5% | -2% | 1% |
| Fiber Packaging | 6% | 10% | 2% |
| Group | 1% | -1% | -2% |
Due to a 4% negative currency impact, the Group’s net sales decreased by 3% to EUR 1,955.8 million (EUR 2,009.1 million) during the reporting period. Sales prices increased and sales volumes remained at the previous year’s level. Comparable net sales growth was 1%. Comparable net sales increased in the Fiber Packaging and Flexible Packaging segments, remained stable in North America, and decreased in Foodservice Packaging. Foreign currency translation impact on the Group’s net sales was EUR -77.8 million (EUR -22.8 million) compared to 2025 exchange rates.
Adjusted EBIT by business segment
| Items affecting comparability | |||||
| EUR million | H1 2026 | H1 2025 | Change | H1 2026 | H1 2025 |
| Foodservice Packaging | 36.9 | 42.7 | -14% | -17.0 | -45.2 |
| North America | 67.3 | 85.2 | -21% | -8.0 | -7.1 |
| Flexible Packaging | 66.0 | 52.8 | 25% | -2.7 | -9.1 |
| Fiber Packaging | 30.1 | 23.4 | 28% | -2.5 | 1.6 |
| Other activities | -2.1 | -2.6 | -10.5 | -1.9 | |
| Group | 198.2 | 201.5 | -2% | -40.8 | -61.6 |
Adjusted EBIT margin by business segment
| H1 2026 | H1 2025 | H1 2024 | |
| Foodservice Packaging | 8.3% | 9.0% | 9.2% |
| North America | 10.0% | 12.0% | 14.1% |
| Flexible Packaging | 10.2% | 8.3% | 6.4% |
| Fiber Packaging | 15.2% | 12.3% | 11.6% |
| Group Total | 10.1% | 10.0% | 10.0% |
The Group’s adjusted EBIT decreased to EUR 198.2 million (EUR 201.5 million) and reported EBIT was EUR 157.4 million (EUR 139.9 million). Adjusted EBIT decreased by 2%, due to the negative impact from currency movements, lower sales volumes as well as higher transportation and energy costs. At the same time, the company’s actions to improve profitability had a positive impact. The Group’s adjusted EBIT margin increased and was 10.1% (10.0%). Foreign currency translation impact on the Group’s earnings was EUR -6.4 million (EUR -1.7 million).
Adjusted EBIT excludes EUR -40.8 million (EUR -61.6 million) of items affecting comparability (IAC). The main item was an EUR 16 million impairment in the Foodservice Packaging segment, related to production footprint optimization.
Adjusted EBIT and IAC
| EUR million | H1 2026 | H1 2025 |
| Adjusted EBIT | 198.2 | 201.5 |
| Acquisition related costs | -0.0 | -0.3 |
| Restructuring gains and losses, including writedowns of related assets | -22.9 | -54.2 |
| PPA amortization | -2.1 | -4.4 |
| Settlement and legal fees of disputes | -0.4 | -0.0 |
| Property damage incidents | 1.0 | 2.0 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -16.3 | -4.7 |
| EBIT | 157.4 | 139.9 |
Net financial expenses were EUR 28.0 million (EUR 29.4 million), mainly due to lower interest rates. Tax expense was EUR 30.4 million (EUR 28.7 million). The effective tax rate was 23% (26%). Profit for the period was EUR 99.0 million (EUR 81.8 million). Adjusted earnings per share (EPS) were EUR 1.20 (EUR 1.21) and reported EPS EUR 0.89 (EUR 0.74). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -31.8 million (EUR -49.0 million) of IAC.
Adjusted profit and IAC
| EUR million | H1 2026 | H1 2025 |
| Adjusted profit for the period attributable to equity holders of the parent company | 125.6 | 127.0 |
| IAC in EBIT | -40.8 | -61.6 |
| IAC in Financial items | - | 0.4 |
| IAC Tax | 9.2 | 12.0 |
| IAC attributable to non-controlling interest | -0.2 | 0.3 |
| Profit for the period attributable to equity holders of the parent company | 93.9 | 78.0 |
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.
Teleconference
Huhtamaki will arrange a combined audiocast and teleconference today at 9:30 EEST. Huhtamaki’s CEO & President Ralf K. Wunderlich and CFO Thomas Geust will present the results, 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/q2-2026
A link to the teleconference is available at: https://events.inderes.com/huhtamaki/q2-2026/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.
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 are operating in 35 countries and 105 locations around the world. Our values are Care Dare Deliver. In 2025 Huhtamaki’s net sales totaled EUR 4 billion. Huhtamäki Oyj is listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
Find out more at www.huhtamaki.com.
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