Mayr-Melnhof Karton AG Mayr-Melnhof Karton AG: MM reports half-year results for 2026

• Adj. EBITDA matches almost prior-year level (like-for-like, excl. TANN) with clear sequential improvement over HY2/2025
  • EUR 105 million Fit-For-Future programme contribution in HY1/2026 mitigated mainly for lower prices in Board & Paper
  • Adj. EBITDA Pharma & Healthcare Packaging + 14 %
  • Adj. EBITDA Food & Premium Packaging (like-for-like, excl. TANN) + 1 %
  • Adj. EBITDA Board & Paper – 19 %
• Fit-For-Future programme exceeds expectations
  • Expected total P&L contribution by 2027 raised to above EUR 330 million from > EUR 250 million before (compared with 2024 excl. TANN)
• Major capex projects in cost and energy efficiency and transformation on track
• Attractive synergy potential through planned acquisition of Arnsberg cartonboard mill 

Pro forma Group Key indicators excl. TANN Group

Consolidated, in millions of EUR	1st HY/2026	1st HY/2025	+/-	2nd HY/2025	+/-
Sales	1,849.3	1,941.3	-4.7 %	1,855.3	-0.3 %
Adjusted EBITDA	200.2	207.4	-3.5 %	188.0	+6.5 %
Adjusted operating profit	89.8	93.7	-4.1 %	78.8	+13.9 %
Adjusted EBITDA margin (in %)	10.8 %	10.7 %	+14 bp	10.1 %	+70 bp
Adjusted operating margin (in %)	4.9 %	4.8 %	+3 bp	4.2 %	+61 bp
Cash flow from operating activities	145.1	(95.6)	n.m.	334.5	-56.6 %
Free cash flow	37.0	(194.1)	n.m.	216.6	-82.9 %

Group Key indicators – IFRS

Consolidated, in millions of EUR	1st HY/2026	1st HY/2025	+/-	2nd HY/2025	+/-
Sales	1,849.3	2,030.0	-8.9 %	1,855.3	-0.3 %
Adjusted EBITDA	200.2	230.5	-13.1 %	187.7	+6.6 %
Adjusted operating profit	89.8	116.7	-23.1 %	78.7	+14.2 %
Adjusted EBITDA margin (in %)	10.8 %	11.4 %	-53 bp	10.1 %	+71 bp
Adjusted operating margin (in %)	4.9 %	5.8 %	-89 bp	4.2 %	+62 bp
Profit before tax	45.8	194.8	-76.5 %	(49.1)	n.m.
Profit for the period	31.2	164.3	-81.0 %	(87.3)	n.m.
Earnings per share (in EUR)	1.60	8.29	-80.7 %	-4.43	n.m.
Cash flow from operating activities	145.1	(103.3)	n.m.	334.4	-56.6 %
Free cash flow	37.0	(205.4)	n.m.	216.5	-82.9 %

Peter Oswald, MM CEO, comments: “The MM Group demonstrated resilient earnings development in the 1^st half-year of 2026, maintaining adjusted EBITDA almost at the prior-year level on a like-for-like basis excl. TANN while achieving a marked improvement compared with the 2^nd half-year of 2025 despite persistently subdued market demand. A EUR 105 million contribution from the Fit-For-Future programme mitigated mainly for lower selling prices in Board & Paper. Performance was particularly strong in Pharma & Healthcare Packaging, where adjusted EBITDA increased by 14 %, while Food & Premium Packaging remained constant on a like-for-like basis excl. TANN. In Board & Paper, adjusted EBITDA was below the previous year’s level, but improved sequentially.

Driven by substantial contributions from all divisions, the Fit-For-Future programme and other initiatives further enhanced cost competitiveness and operational excellence across the Group. Reflecting the programme’s success, the targeted aggregated P&L benefit by 2027 has been increased to more than EUR 330 million versus 2024, significantly exceeding the expectations communicated with the FY 2025 results of > EUR 250 million. Following EUR 105 million delivered in the 1^st half of 2026, a further Fit-For-Future contribution of above EUR 100 million is expected in the 2^nd half.

Looking into the 2^nd half of 2026 we expect market conditions to remain affected by subdued consumer demand, higher transport, energy, chemical, wood and paper for recycling costs as well as scheduled annual maintenance standstills at MM Kwidzyn and MM Kotkamills weighing on performance. At the same time the continued execution of the Fit-For-Future programme is expected to partly mitigate ongoing cost and market headwinds as well as the impact of the annual maintenance standstills in the 3^rd quarter. “

INCOME STATEMENT
(The comparison with the reported 1^st half-year of 2025, incl. TANN, is limited meaningful.)

Pro forma (excl. TANN), the Group’s adjusted EBITDA of EUR 200.2 million was marginally down to the previous year’s level (1^st half of 2025: EUR 207.4 million), with a stable adjusted EBITDA margin of 10.8 % (1^st half of 2025: 10.7 %). Adjusted operating profit decreased slightly from EUR 93.7 million to EUR 89.8 million resulting mainly due to the Board & Paper division. The Group’s adjusted operating margin was flat at 4.9 % (1^st half of 2025: 4.8 %). One-off effects, attributable to expenses in connection with the Fit-For-Future programme, totaled EUR 22.9 million and impacted all divisions.

Consolidated sales of EUR 1,849.3 million were 4.7 % below the previous year’s figure (1^st half of 2025: EUR 1,941.3 million), primarily due to a lower pricing environment in Board & Paper and reduced volumes in the Food & Premium Packaging division.

Year-on-year (incl. TANN), the Group’s adjusted EBITDA amounted to EUR 200.2 million (1^st half of 2025: EUR 230.5 million), with an adjusted EBITDA margin of 10.8 % (1^st half of 2025: 11.4 %). Adjusted operating profit decreased by EUR 26.9 million from EUR 116.7 million to EUR 89.8 million mainly following the deconsolidation of TANN Group at the beginning of June last year and the price development at the Board & Paper division. The Group’s adjusted operating margin was 4.9 % (1^st half of 2025: 5.8 %). One-off effects, attributable to Fit-For-Future expenses, totaled EUR 22.9 million and impacted all divisions. In the previous year, one-off effects amounted to EUR 122.8 million in the Food & Premium Packaging division from the sale of TANN Group and EUR 5.5 million in the Pharma & Healthcare Packaging division from the first part of the restructuring in South-West Europe.

Financial income amounted to EUR 3.8 million (1^st half of 2025: EUR 7.1 million). The decline in financial expenses from EUR -29.3 million to EUR -20.7 million resulted in particular from additional loan repayments. “Other financial result – net” changed from EUR -17.0 million to EUR -4.2 million, primarily due to currency translations.

Profit before tax came in at EUR 45.8 million after EUR 194.8 million in the previous year. This decrease is mainly attributable to the sale of the TANN Group in the 1^st half of 2025. Income tax expense amounted to EUR 14.6 million (1^st half of 2025: EUR 30.5 million), resulting in an effective Group tax rate of 32.0 % (1^st half of 2025: 15.7 %).

Profit for the period decreased accordingly from EUR 164.3 million to EUR 31.2 million.

At EUR 1,849.3 million consolidated sales were below last year (1^st half of 2025: EUR 2,030.0 million), mainly due to the divestment of TANN Group.

SUSTAINABILITY DEVELOPMENT
With 0.47 million tCO₂e (preliminary) the MM Group’s carbon footprint (Scope 1 and Scope 2 market-based) in the 1^st half of 2026 was in line with the level recorded in the 1^st half of 2025 (0.47 million tCO₂e).

COMPARISON TO THE 2^ND HALF-YEAR OF 2025
Adjusted EBITDA of EUR 200.2 million outperformed the comparative value in the 2^nd half of 2025 (EUR 187.7 million). At EUR 89.8 million the Group’s adjusted EBITDA also showed a clear sequential improvement exceeding well the previous year’s 2^nd half (EUR 78.7 million). The adjusted operating margin stood at 4.9 % (2^nd half of 2025: 4.2 %). Consolidated sales of EUR 1,849.3 million came in on the previous year’s level (2^nd half of 2025: EUR 1,855.3 million).

The Food & Premium Packaging division recorded decreasing volumes and a slight decline in adjusted EBITDA margin from 14.9 % in the 2^nd half of 2025 to 14.3 % in the 1^st half of 2026. Pharma & Healthcare Packaging gained volumes and sales and was able to increase its adjusted EBITDA margin from 12.7 % to 14.3 %. The Board & Paper division recorded an adjusted EBITDA margin of 6.0 % compared with 4.8 % in the 2^nd half of 2025, which was impacted by the annual maintenance standstills.

OUTLOOK
Overall, we expect the operating environment to remain unfavourable in the 2^nd half of 2026, with subdued consumer demand, higher transport, energy, chemical, wood and paper for recycling costs, as well as annual maintenance standstills at MM Kwidzyn and MM Kotkamills which are expected to impact Q3 operating profit by approximately EUR 35 million. However, slightly improving price levels across selected Board & Paper grades, continued growth in selected pharma and consumer packaging applications and a further contribution of more than EUR 100 million from the Fit-For-Future Programme are expected to partly offset cost and market headwinds as well as the impact of the annual maintenance standstills.

The Fit-For-Future programme remains a key contributor and continues to outperform initial expectations. Reflecting the strong execution across the Group, the target for aggregated P&L benefits by 2027, compared with the 2024 baseline (excl. TANN), has been raised to more than EUR 330 million.

Capital expenditures remain focused on strengthening competitiveness, energy efficiency and growth. Our key investments at MM Kwidzyn in energy efficiency and cost reduction along with the packaging expansion in Romania and the US are well on track and within budget and are expected to contribute increasingly to earnings from 2027 onwards. Subject to regulatory approvals, the planned acquisition of the Arnsberg cartonboard mill is expected to provide attractive synergy opportunities.

Overall, MM remains concentrated on sustainable value creation through strengthened competitiveness with continued focus on our core packaging business.

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Please find the detailed Press Release and the Half-Year Report 2026 as well as the CEO video statement and the details for today’s CEO Webcast incl. Q&A on our website: www.mm.group.

Forthcoming results:
November 5, 2026   Trading Statement for the first three quarters of 2026
 

For further information, please contact:
Stephan Sweerts-Sporck, Investor Relations, Mayr-Melnhof Karton AG,
Brahmsplatz 6, A-1040 Vienna
Tel.: +43 1 501 36-91180,
E-Mail: investor.relations@mm.group, Website: www.mm.group