EQS-News: Mayr-Melnhof Karton AG / Key word(s): Half Year Results
Mayr-Melnhof Karton AG: MM reports half-year results for 2025
21.08.2025 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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• Significant profit increase and launch of Group-wide profit
improvement programme
• Adjusted operating profit up by 29 % driven by Board & Paper
division
• ”Fit-For-Future” programme to deliver more than EUR 150 million
structural sustainable profit improvements by 2027
• Markets stay soft and overcapacities remain
• 2^nd half-year impacted by annual maintenance standstills in Board &
Paper division
Group Key indicators - IFRS
Consolidated, in millions of EUR 1^st 1^st +/- 2^nd +/-
HY/2025 HY/2024 HY/2024
Sales 2,030.0 2,043.9 -0.7 % 2,035.7 -0.3 %
Adjusted EBITDA 230.5 201.7 +14.3 % 216.8 +6.3 %
Adjusted operating profit 116.7 90.6 +28.8 % 99.4 +17.4 %
Adjusted operating margin (in %) 5.8 % 4.4 % +132 bp 4.9 % +87 bp
Profit before tax 194.8 51.2 +280.3 % 63.1 +208.8 %
Profit for the period 164.3 37.4 +339.9 % 73.1 +124.7 %
Earnings per share (in EUR) 8.29 1.82 +356.0 % 3.59 +130.7 %
Cash flow from operating (103.3) 200.6 n.m. 315.7 n.m.
activities
Free cash flow (205.4) 59.4 n.m. 242.8 n.m.
Peter Oswald, MM CEO, comments: “The MM Group achieved a significant
earnings increase in the 1^st half-year of 2025 as compared to the 1^st
half-year of the previous year. However, the market situation remained
highly challenging with persistently weak consumer demand and sustained
underutilisation of capacities in Europe.
While both Packaging divisions reported stable or slightly lower adjusted
operating profit, Board & Paper achieved a noticeable earnings improvement
compared to the previous year, primarily driven by cost savings, even
though the current profit level remains unsatisfactory.
Due to the sale of TANN Group and MM’s strategic focus on its core
business of consumer packaging, a one-off income of around EUR 127 million
(preliminary) was recognised in the Food & Premium Packaging division in
the 2^nd quarter. This led to a significant increase in the Group's profit
for the period.
Sequentially, adjusted operating profit in the 2^nd quarter was below the
1^st quarter, mainly due to a lower contribution from the Food & Premium
Packaging division. In contrast, Pharma & Healthcare Packaging and Board &
Paper demonstrated an improvement over the previous quarter.
As already indicated, the 2^nd half-year will be particularly impacted by
expenses from the annual maintenance standstills at Board & Paper.“
“In view of the ongoing uncertainty about a return to more favourable
market conditions and the need for a lasting improvement in earnings
quality, MM has launched the Group-wide “Fit-For-Future” programme.
Management is confident to achieve more than EUR 150 million structural
sustainable profit improvements by 2027 compared to 2024 (excl. TANN)
excluding market fluctuations.“, underlines Oswald.
INCOME STATEMENT
At EUR 2,030.0 million, the Group’s consolidated sales came in close to
the previous year's figure (1^st half of 2024: EUR 2,043.9 million).
Adjusted operating profit rose by EUR 26.1 million from EUR 90.6 million
to EUR 116.7 million. This increase was mainly driven by the Board & Paper
division. The Group’s adjusted operating margin improved to 5.8 % (1^st
half of 2024: 4.4 %). 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 7.1 million (1^st half of 2024: EUR 13.3
million). The decline in financial expenses from EUR -42.7 million to EUR
-29.3 million resulted in particular from a lower interest level for
variable-interest financing. “Other financial result - net” changed from
EUR -10.0 million to EUR -17.0 million, primarily due to currency
translations.
Profit before tax reached EUR 194.8 million after EUR 51.2 million in the
previous year. This increase is mainly attributable to the sale of the
TANN Group. Income tax expense amounted to EUR 30.5 million (1^st half of
2024: EUR 13.8 million), resulting in an effective Group tax rate of 15.7
% (1^st half of 2024: 27.1 %).
Profit for the period increased accordingly from EUR 37.4 million to EUR
164.3 million.
DEVELOPMENT IN THE 2^ND QUARTER
The MM Group slightly improved its adjusted results in the 2^nd quarter
compared to the previous year's period.
The Food & Premium Packaging division recorded continuity at a good level,
albeit slightly below the previous year's margin, while MM Pharma &
Healthcare Packaging gained slightly. The Board & Paper division managed
to continue with a positive adjusted operating profit, mainly through cost
savings.
Consolidated sales of EUR 987.4 million were slightly below the previous
year’s level (Q2 2024: EUR 1,018.9 million) as well as the 1^st quarter of
2025 (EUR 1,042.6 million).
The Group’s adjusted operating profit amounted to EUR 55.7 million,
exceeding the previous year's figure but down from the previous quarter
(Q1 2025: EUR 61.0 million; Q2 2024: EUR 51.0 million). The adjusted
operating margin was 5.6 % (Q1 2025: 5.8 %; Q2 2024: 5.0 %). Adjusted
EBITDA reached EUR 111.2 million (Q1 2025: EUR 119.3 million; Q2 2024: EUR
107.2 million). Profit for the period amounted to EUR 143.2 million due to
the sale of TANN Group (Q1 2025: EUR 21.1 million; Q2 2024: EUR 26.5
million).
MM Food & Premium Packaging achieved an adjusted operating margin of 9.4 %
(Q1 2025: 11.0 %; Q2 2024: 10.2 %).
The adjusted operating margin of MM Pharma & Healthcare Packaging improved
to 6.4 % (Q1 2025: 5.4 %; Q2 2024: 4.6 %).
The adjusted operating margin of the MM Board & Paper division increased
to 1.8 % (Q1 2025: 1.1 %; Q2 2024: 0.4 %), mainly due to cost savings.
SUSTAINABILITY DEVELOPMENT
The carbon footprint (Scope 1 and Scope 2 market-based) of the MM Group
was reduced by 5 % in the 1^st half-year (1^st half of 2025: 480,893
tCO(2)e; 1^st half of 2024: 505,765 tCO(2)e).
OUTLOOK
Against the backdrop of persistently soft demand and overcapacities, we
expect a continuation of the challenging market environment. Our primary
objective is therefore to consistently enhance the competitiveness of the
MM Group. In view of the uncertainty about a return to more favourable
market conditions and the need for a lasting improvement in earnings
quality, MM has launched the Group-wide “Fit-For-Future” programme.
Management is confident to achieve more than EUR 150 million structural
sustainable profit improvements by 2027 compared to 2024 (excl. TANN)
excluding market fluctuations.
As already indicated, the annual maintenance standstills at Board & Paper
will result in expenses of around EUR 40 million (2024: EUR 26 million).
These mainly relate to the pulp mills in Poland and Finland and will be
incurred this year for around two-thirds in the 3^rd quarter and around
one-third in the 4^th quarter. In addition, the deconsolidation of the
TANN Group will be reflected in the Food & Premium Packaging division for
the first time on a full quarterly basis.
Measures to reduce working capital and increase cash flow will continue.
In this context, it is anticipated that capital expenditure for 2025 will
be below EUR 250 million, which is less than originally assumed.
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Please find the detailed Press Release and the Half-Year Financial Report
2025 as well as the CEO video statement and the details for today’s CEO
Conference Call on our website: www.mm.group.
Forthcoming results:
November 4, 2025 Results for the first three quarters of 2025
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
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21.08.2025 CET/CEST This Corporate News was distributed by EQS Group.
www.eqs.com
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Language: English
Company: Mayr-Melnhof Karton AG
Brahmsplatz 6
1040 Wien
Austria
Phone: 0043 1 501 36 91180
Fax: 0043 1 501 36 91391
E-mail: investor.relations@mm.group
Internet: www.mm.group
ISIN: AT0000938204
WKN: 93820
Indices: ATX
Listed: Regulated Unofficial Market in Berlin, Frankfurt (Basic
Board), Munich, Stuttgart, Tradegate Exchange; Vienna Stock
Exchange (Official Market)
EQS News ID: 2186570
End of News EQS News Service
2186570 21.08.2025 CET/CEST
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