Huhtamaki Oyj

Latest Results (17.09.2026):

Huhtamaki Oyj — Interim Report Q1 2026: Net sales fell 5% to EUR 946.8 million, while comparable net sales grew 1%. Adjusted EBIT was EUR 94.5 million (‑4% year‑on‑year) with an improved adjusted EBIT margin of 10.0%. Reported EBIT was EUR 83.2 million and adjusted EPS EUR 0.56 (reported EPS EUR 0.47). Free cash flow turned positive to EUR 10.0 million. Results were negatively affected by foreign‑exchange movements and severe winter weather in North America, while Fiber and North America showed underlying volume growth.

Top‑line

Group net sales Q1 2026: EUR 946.8m (‑5% vs Q1 2025). Comparable net sales growth +1% overall; currency translation reduced reported sales by EUR ‑62.6m.

Profitability

Adjusted EBIT EUR 94.5m (Q1 2025: EUR 98.5m, ‑4%). Adjusted EBIT margin improved to 10.0% (9.8%). Reported EBIT EUR 83.2m after EUR ‑11.2m of items affecting comparability (IAC).

Earnings per share

Adjusted EPS Q1 2026: EUR 0.56 (Q1 2025: EUR 0.59). Reported EPS: EUR 0.47 (Q1 2025: EUR 0.54).

Cash flow and balance sheet

Free cash flow EUR 10.0m (Q1 2025: EUR ‑22.5m). Net debt at end‑March EUR 1,178.6m (gearing 0.59). Cash and cash equivalents EUR 283.2m and unused committed facilities EUR 450.0m. Capex EUR 27.0m.

Segment performance

North America: comparable net sales +8%, adjusted EBIT EUR 34.0m but hit by severe weather and currency headwinds. Fiber Packaging: comparable net sales +5%, adjusted EBIT EUR 14.7m (margin 15.2%) with strong volume and margin improvement. Foodservice: comparable net sales ‑8%, adjusted EBIT EUR 16.7m. Flexible Packaging: comparable net sales ‑3% but adjusted EBIT up to EUR 28.6m driven by price and margin actions.

Key headwinds and adjustments

Foreign‑exchange impacted earnings by EUR ‑4.8m and sales by EUR ‑62.6m. Significant operational disruptions from extreme winter weather in North America and geopolitical effects (including polymer price pressure from the war in the Middle East). IAC in Q1 2026 included implementation costs for large SaaS projects and restructuring items.

Sustainability, people and governance

Progress on sustainability metrics (material sourcing, waste and water); high share of certified/recycled fiber and rising renewable electricity usage. Headcount down ~3% to 17,343. Management changes: Riikka Tieaho appointed EVP, Sustainability, Corporate Affairs & Legal; Sara Engber named President, North America.

Outlook

Huhtamaki Oyj reiterates unchanged 2026 outlook: trading conditions expected to remain relatively stable and the Group is positioned to pursue profitable growth supported by a strong financial position.