Huhtamaki Oyj

Latest Results (22.11.2025):

Huhtamäki Oyj — Q4 2024: solid quarter in a gradually improving market. Q4 net sales rose 2% to EUR 1,059 million (comparable net sales +3%), adjusted EBIT was EUR 110 million (margin 10.4%) while reported EBIT was EUR 95 million; adjusted EPS was EUR 0.68 (reported EPS EUR 0.61). For full-year 2024, net sales were EUR 4,126 million (-1%), adjusted EBIT EUR 417 million (+6%) and adjusted EPS EUR 2.48; free cash flow was EUR 216 million and the Board proposes a dividend of EUR 1.10 per share.

Top-line and volumes

Q4 comparable net sales grew 3% as volumes improved (promotional activity supported demand). Full-year comparable net sales were broadly flat versus 2023, with slightly higher volumes offset by lower sales prices (pass-through of lower raw material costs).

Profitability

Adjusted EBIT increased 3% in Q4 to EUR 110 million and full-year adjusted EBIT rose 6% to EUR 417 million, lifting adjusted margins (Q4 adjusted EBIT margin 10.4%; FY adjusted EBIT margin ~10.1%). Reported EBIT was lower due to items affecting comparability (Q4 reported EBIT EUR 95 million vs EUR 146 million in Q4 2023).

Cash flow and investment

Free cash flow for FY 2024 was EUR 216 million (down from EUR 321 million in 2023). Capital expenditure fell to EUR 248 million (‑22% year-on-year), reflecting lower investment while still supporting growth projects.

Capital structure and shareholder returns

Net debt to adjusted EBITDA ended the year at the lower end of the company’s 2–3x target range. The Board proposes a dividend of EUR 1.10 per share (up from EUR 1.05), marking another year of dividend growth if approved.

Segment performance

Q4 by segment: Fiber Packaging showed the strongest growth (net sales +11%, comparable +12%). North America grew modestly (net sales +2%, comparable +2%). Flexible Packaging delivered a 2% net sales increase and a 5% comparable uplift in Q4; Foodservice EAO was broadly flat.

Cost saving & sustainability initiatives

Management achieved approximately EUR 76 million of the targeted EUR 100 million cost savings program (on track to exceed target earlier than planned). Investments in sustainable packaging (reduced plastic coatings, recyclable flexible and paperboard solutions) and increased renewable energy use were highlighted as strategic priorities.