HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 29.10.2026 AT 8:30 EET
Q3 2026 in brief
· Net sales increased by 5% and were EUR 1,017.8 million (EUR 970.6 million)
· Comparable net sales growth at Group level was 4%
· Reported EBIT was EUR 97.8 million (EUR 91.6 million); adjusted EBIT was EUR 110.5 million (EUR 100.3 million)
· Reported EPS was EUR 0.57 (EUR 0.56); adjusted EPS was EUR 0.68 (EUR 0.62)
· The impact of currency movements on the Group's net sales was EUR 10.7 million and EUR 1.6 million on EBIT
Q1-Q3 2026 in brief
· Net sales remained at the previous year's level at EUR 2,973.6 million (EUR 2,979.6 million)
· Comparable net sales growth at Group level was 2%
· Reported EBIT was EUR 255.2 million (EUR 231.5 million); adjusted EBIT was EUR 308.7 million (EUR 301.8 million)
· Reported EPS was EUR 1.46 (EUR 1.30); adjusted EPS was EUR 1.88 (EUR 1.83)
· The impact of currency movements on the Group's net sales was EUR -67.2 million and EUR -4.7 million on EBIT
· Capital expenditure was EUR 89.6 million (EUR 109.7 million)
· Free cash flow was EUR 79.0 million (EUR 136.9 million)
Key figures
| EUR million | Q3 2026 | Q3 2025 | Change | Q1-Q3 2026 | Q1-Q3 2025 | Change | 2025 |
| Net sales | 1,017.8 | 970.6 | 5% | 2,973.6 | 2,979.6 | 0% | 3,960.2 |
| Comparable net sales growth | 4% | -1% |
| 2% | -1% |
| -1% |
| Adjusted EBITDA1 | 158.0 | 151.7 | 4% | 453.7 | 458.2 | -1% | 613.0 |
| Margin1 | 15.5% | 15.6% |
| 15.3% | 15.4% |
| 15.5% |
| EBITDA | 159.2 | 145.1 | 10% | 434.2 | 471.0 | -8% | 613.3 |
| Margin | 15.6% | 15.0% |
| 14.6% | 15.8% |
| 15.5% |
| Adjusted EBIT2 | 110.5 | 100.3 | 10% | 308.7 | 301.8 | 2% | 405.1 |
| Margin2 | 10.9% | 10.3% |
| 10.4% | 10.1% |
| 10.2% |
| EBIT | 97.8 | 91.6 | 7% | 255.2 | 231.5 | 10% | 320.5 |
| Margin | 9.6% | 9.4% |
| 8.6% | 7.8% |
| 8.1% |
| Adjusted EPS, EUR3 | 0.68 | 0.62 | 10% | 1.88 | 1.83 | 3% | 2.48 |
| EPS, EUR | 0.57 | 0.56 | 2% | 1.46 | 1.30 | 13% | 1.83 |
| Adjusted ROI2 |
|
|
| 12.3% | 11.9% |
| 11.8% |
| Adjusted ROE3 |
|
|
| 13.8% | 13.5% |
| 13.6% |
| ROI |
|
|
| 10.3% | 9.6% |
| 9.5% |
| ROE |
|
|
| 11.0% | 10.3% |
| 10.1% |
| Net debt to equity (gearing) |
|
|
| 0.58 | 0.65 |
| 0.61 |
| Capital expenditure | 36.2 | 36.5 | -1% | 89.6 | 109.7 | -18% | 171.9 |
| Free Cash Flow | 45.1 | 73.8 | -39% | 79.0 | 136.9 | -42% | 311.2 |
| 1 Excluding IAC of | 1.2 | -6.6 |
| -19.4 | 12.8 |
| 0.4 |
| 2 Excluding IAC of | -12.7 | -8.7 |
| -53.4 | -70.3 |
| -84.5 |
| 3 Excluding IAC of | -11.6 | -6.3 |
| -43.4 | -55.3 |
| -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
In the third quarter of 2026 we continued to deliver comparable net sales growth at strong margins despite facing uneven demand across our businesses. This demonstrates our ability to generate profitable growth where demand exists. At the same time, we recognize that parts of our business require continued focus to improve performance.
During the quarter, Group net sales totaled EUR 1,017.8 million and adjusted EBIT EUR 110.5 million, corresponding to an adjusted EBIT margin of 10.9%. Strong performance in Flexible Packaging and solid growth in Fiber Packaging were offset particularly by weak demand, operational challenges and inflation-driven cost increases in North America.
In a volatile cost environment, our Flexible Packaging segment delivered strong performance, supported by underlying volume growth, strong operational execution and a continued focus on efficiency. Adjusted EBIT for the segment increased significantly. Similarly, our Fiber Packaging segment maintained its solid performance, supported by good net sales and execution. Together, the segments contributed to another quarter of comparable net sales growth for the company.
Foodservice Packaging operated in a challenging demand environment, and the efforts to manage costs continued. In the quarter, the segment recognized an impact of a contract concluded in the European smooth molded fiber operation which benefited net sales and adjusted EBIT by EUR 23 million.
North America's net sales and profitability were significantly impacted by weak demand across most end markets. In addition, inflationary pressures on operating costs such as transportation and energy, and operational challenges at a few sites had a negative impact on segment profitability.
Our Flexible Packaging and Fiber Packaging continued to perform well, and we are proud of our achievements. To drive profitable growth, and to secure delivery of our long-term ambition of 10-12% adjusted EBIT margin, we are taking recovery actions to address challenges particularly in North America and Foodservice Packaging segments. We are focused on improving performance through accelerated execution on three key areas: commercial excellence, procurement and cost out initiatives. Cost out initiatives span actions to improve productivity, reduce input costs at an accelerated pace and to potentially restructure operations to a more optimal footprint.
I am confident in our team's ability to continue delivering strong results through focused growth and performance improvement actions in the coming quarters.
Financial review Q3 2026
Net sales by business segment
| EUR million | Q3 2026 | Q3 2025 | Change |
| Foodservice Packaging | 252.6 | 240.0 | 5% |
| North America | 307.5 | 331.2 | -7% |
| Flexible Packaging | 363.1 | 309.8 | 17% |
| Fiber Packaging | 97.1 | 92.4 | 5% |
| Elimination of internal sales | -2.4 | -2.8 |
|
| Group | 1,017.8 | 970.6 | 5% |
Comparable net sales growth by business segment
| EUR million | Q3 2026 | Q3 2025 |
| Foodservice Packaging | 4% | 0% |
| North America | -9% | -3% |
| Flexible Packaging | 18% | -3% |
| Fiber Packaging | 3% | 9% |
| Group | 4% | -1% |
The Group's reported net sales increased to EUR 1,017.8 million (EUR 970.6 million) during the quarter. Comparable net sales growth was 4%, as sales prices and mix improved. Comparable net sales increased in all segments except for North America. In the quarter, Huhtamaki recognized an impact of a contract concluded in Foodservice Packaging European smooth molded fiber operation, of which EUR 23 million contributed to revenue and profitability. Foreign currency translation impact on the Group's net sales was EUR 10.7 million (EUR -43.6 million) compared to Q3 2025 exchange rates.
Adjusted EBIT by business segment
|
|
|
|
| Items affecting comparability | |
| EUR million | Q3 2026 | Q3 2025 | Change | Q3 2026 | Q3 2025 |
| Foodservice Packaging | 41.1 | 22.1 | 86% | -12.1 | -1.7 |
| North America | 13.3 | 34.2 | -61% | -2.7 | -0.3 |
| Flexible Packaging | 38.4 | 31.0 | 24% | -2.7 | -3.2 |
| Fiber Packaging | 14.1 | 11.6 | 22% | -0.4 | -2.2 |
| Other activities | 3.5 | 1.4 |
| 5.3 | -1.3 |
| Group | 110.5 | 100.3 | 10% | -12.7 | -8.7 |
Adjusted EBIT margin by business segment
|
| Q3 2026 | Q3 2025 |
| Foodservice Packaging | 16.3% | 9.2% |
| North America | 4.3% | 10.3% |
| Flexible Packaging | 10.6% | 10.0% |
| Fiber Packaging | 14.5% | 12.6% |
| Group | 10.9% | 10.3% |
The Group's adjusted EBIT increased to EUR 110.5 million (EUR 100.3 million) and reported EBIT was EUR 97.8 million (EUR 91.6 million) in the quarter. Increased net sales in Flexible Packaging and Fiber Packaging supported adjusted EBIT increase along with continued cost savings actions. Additionally, adjusted EBIT was supported by Foodservice Packaging recognizing an impact of EUR 23 million from a contract concluded in its European smooth molded fiber operation. Related to the contract, EUR 16 million is presented as Other Income, offsetting associated EUR 16 million in business termination costs both booked under IAC. Headwinds to adjusted EBIT stemmed mainly from lower net sales, increased transportation and energy costs and operational challenges in North America, as well as from muted underlying demand in Foodservice Packaging. The Group's adjusted EBIT margin increased and was 10.9% (10.3%). Foreign currency translation impact on the Group's earnings was EUR 1.6 million (EUR -3.8 million).
Adjusted EBIT excludes EUR -12.7 million (EUR -8.7 million) of items affecting comparability (IAC).
Adjusted EBIT and IAC
| EUR million | Q3 2026 | Q3 2025 |
| Adjusted EBIT | 110.5 | 100.3 |
| Acquisition related costs | -0.4 | -0.2 |
| Restructuring gains and losses, including writedowns of related assets | -4.4 | -1.8 |
| PPA amortization | -1.1 | -2.0 |
| Settlement and legal fees of disputes | -0.3 | -0.5 |
| Property damage incidents | -0.1 | -2.1 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -6.4 | -2.0 |
| EBIT | 97.8 | 91.6 |
Net financial expenses were EUR 17.1 million (EUR 12.8 million) in the quarter. Tax expense was EUR 18.7 million (EUR 18.4 million). Profit for the quarter was EUR 62.0 million (EUR 60.4 million). Adjusted earnings per share (EPS) was EUR 0.68 (EUR 0.62) and reported EPS EUR 0.57 (EUR 0.56). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -11.6 million (EUR -6.3 million) of IAC.
Adjusted profit and IAC
| EUR million | Q3 2026 | Q3 2025 |
| Adjusted profit for the period attributable to equity holders of the parent company | 71.5 | 64.7 |
| IAC in EBIT | -12.7 | -8.7 |
| IAC in Financial items | - | 0.4 |
| IAC Tax | 1.1 | 1.5 |
| IAC attributable to non-controlling interest | 0.0 | 0.5 |
| Profit for the period attributable to equity holders of the parent company | 59.9 | 58.4 |
Financial review Q1-Q3 2026
Net sales by business segment
| EUR million | Q1-Q3 2026 | Q1-Q3 2025 | Change |
| Foodservice Packaging | 698.1 | 713.3 | -2% |
| North America | 978.1 | 1,043.2 | -6% |
| Flexible Packaging | 1,009.5 | 949.2 | 6% |
| Fiber Packaging | 294.6 | 282.5 | 4% |
| Elimination of internal sales | -6.7 | -8.5 |
|
| Group | 2,973.6 | 2,979.6 | 0% |
Comparable net sales growth by business segment
| EUR million | Q1-Q3 2026 | Q1-Q3 2025 |
| Foodservice Packaging | -2% | -3% |
| North America | -3% | -1% |
| Flexible Packaging | 9% | -2% |
| Fiber Packaging | 5% | 10% |
| Group | 2% | -1% |
The Group's net sales remained at the previous year's level at EUR 2,973.6 million (EUR 2,979.6 million) during the reporting period. Sales prices and mix improved while sales volumes decreased slightly. Comparable net sales growth was 2%. Comparable net sales increased in Flexible Packaging and Fiber Packaging but decreased in Foodservice Packaging and North America. In Q3, Huhtamaki recognized an impact of a contract concluded in Foodservice Packaging European smooth molded fiber operation, of which EUR 23 million contributed to revenue and profitability. Foreign currency translation impact on the Group's net sales was EUR -67.2 million (EUR -66.4 million) compared to Q1-Q3 2025 exchange rates.
Adjusted EBIT by business segment
|
|
|
|
| Items affecting comparability | |
| EUR million | Q1-Q3 2026 | Q1-Q3 2025 | Change | Q1-Q3 2026 | Q1-Q3 2025 |
| Foodservice Packaging | 78.0 | 64.8 | 20% | -29.2 | -46.9 |
| North America | 80.6 | 119.4 | -32% | -10.8 | -7.4 |
| Flexible Packaging | 104.4 | 83.8 | 25% | -5.4 | -12.3 |
| Fiber Packaging | 44.2 | 35.0 | 26% | -2.9 | -0.6 |
| Other activities | 1.4 | -1.2 |
| -5.2 | -3.2 |
| Group | 308.7 | 301.8 | 2% | -53.4 | -70.3 |
Adjusted EBIT margin by business segment
|
| Q1-Q3 2026 | Q1-Q3 2025 |
| Foodservice Packaging | 11.2% | 9.1% |
| North America | 8.2% | 11.4% |
| Flexible Packaging | 10.3% | 8.8% |
| Fiber Packaging | 15.0% | 12.4% |
| Group | 10.4% | 10.1% |
The Group's adjusted EBIT increased to EUR 308.7 million (EUR 301.8 million) and reported EBIT was EUR 255.2 million (EUR 231.5 million). Adjusted EBIT increased by 2% supported by net sales increases in Flexible Packaging and Fiber Packaging and a continued focus on cost savings actions. In Q3, adjusted EBIT was further supported by Foodservice Packaging recognizing a EUR 23 million impact from a contract concluded in its European smooth molded fiber operation. Related to the contract, EUR 16 million is presented as Other Income, offsetting associated EUR 16 million in business termination costs both booked under IAC. At the same time, lower sales volumes in North America and Foodservice Packaging caused profitability headwinds, along with increased transportation costs. The Group's adjusted EBIT margin increased and was 10.4% (10.1%). Foreign currency translation impact on the Group's earnings was EUR -4.7 million (EUR -5.4 million).
Adjusted EBIT excludes EUR -53.4 million (EUR -70.3 million) of items affecting comparability (IAC).
Adjusted EBIT and IAC
| EUR million | Q1-Q3 2026 | Q1-Q3 2025 |
| Adjusted EBIT | 308.7 | 301.8 |
| Acquisition related costs | -0.4 | -0.5 |
| Restructuring gains and losses, including writedowns of related assets | -27.3 | -55.9 |
| PPA amortization | -3.2 | -6.4 |
| Settlement and legal fees of disputes | -0.7 | -0.5 |
| Property damage incidents | 0.8 | -0.2 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -22.7 | -6.7 |
| EBIT | 255.2 | 231.5 |
Net financial expenses were EUR 45.1 million (EUR 42.2 million). Tax expense was EUR 49.1 million (EUR 47.1 million). The effective tax rate was 23% (25%). Profit for the period was EUR 161.0 million (EUR 142.2 million). Adjusted earnings per share (EPS) were EUR 1.88 (EUR 1.83) and reported EPS EUR 1.46 (EUR 1.30). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -43.4 million (EUR -55.3 million) of IAC.
Adjusted profit and IAC
| EUR million | Q1-Q3 2026 | Q1-Q3 2025 |
| Adjusted profit for the period attributable to equity holders of the parent company | 197.1 | 191.7 |
| IAC in EBIT | -53.4 | -70.3 |
| IAC in Financial items | - | 0.7 |
| IAC Tax | 10.3 | 13.4 |
| IAC attributable to non-controlling interest | -0.2 | 0.8 |
| Profit for the period attributable to equity holders of the parent company | 153.7 | 136.4 |
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 on the same day at 9:30 EET. 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/q3-2026
A link to the teleconference is available at: https://events.inderes.com/huhtamaki/q3-2026/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:
Ilja Orre VP, Investor Relations, tel. +358 10 686 7058
Attached file: View report (PDF)
Bolaget skriver såhär i rapporten:
Adjusted EBIT was supported by Foodservice Packaging recognizing an impact of EUR 23 million from a contract concluded in its European smooth molded fiber operation.
Related to the contract, EUR 16 million is presented as Other Income, offsetting associated EUR 16 million in business termination costs both booked under IAC.
Justerad EBIT ökar med 19 MEUR för segmentet (från 22,1 till 41,1). Jag tycker detta verkar snårigt. Ska vi tolka det som en engångspost +23 MEUR som inte är justerad i det justerade måttet? Dvs. för att få "uthållig" EBIT ska vi dra bort 23 MEUR?
Nja, det ser ju bra ut om man bara läser första raderna, men gräver man lite mer så blir jag mer tveksam.
Det här borde vara ett stabilt bolag som tuggar på med någon procents tillväxt varje år med stabila marginaler. Det är tuff marknad bla bla bla har vi hört nu några kvartal och siffrorna är väl sådär om man rensar för valuta och annat mer tillfälligt.
Det är något som skaver här för egen del, jag får ingen riktig conviction att ledningen får ordning på skutan.
Äger aktier sedan ett bra tag tillbaks men det är en mindre position och den ligger väldigt nära att åka ur portföljen.
Från Inderes analytiker;
Var ju inte så muntert.
Huhtamäkis Q3-rapport överträffade estimaten, men en avvecklingsreglering för ett kontrakt inom Foodservice påverkade resultatet positivt, medan North America presterade svagt.
Omsättningen ökade med 5 % till 1 018 MEUR, med en jämförbar tillväxt på 4 %, där Flexible Packaging visade stark tillväxt medan North America minskade med 9 %.
Det justerade rörelseresultatet ökade till 110 MEUR, men utan engångsposter skulle resultatet ha sjunkit och understigit förväntningarna.
Huhtamäki upprepade sina generella utsikter för året, men osäkerhet kvarstår kring konsumentefterfrågan och geopolitik, vilket kan påverka framtida resultat negativt
Perkele.
Kollat raden på bolaget och det verkar som de skall packa in hela ledningsgruppen i en egentillverkat papplåda och adressera den till något lämpligt ställe i långbortland.
Stabil Q3:a med lite valutadoping.
Men som Crimpen skrev här har ju förväntningarna kommit ner rejält. Så kanske kan bli "relief rally" oavsett.
Mmm, allt övrigt såg riktigt bra ut. Fina marginaler i en stabil bransch som normalt är väldigt konkurrens utsatt.🤔
Stabilt.
Märkligt att aktien totalslaktades efter misstänkt analytikermassage inför rapport, tappade från 32 ned till 26 EUR på nån dag. Verkar inte ha funnits fog för det när siffrorna kommer på bordet. Var Mr Wunderlich lite svettig? Blek? Såg nervös ut? Eller vad kan ha gjort att den kraschade så? Nu känner man sig ju dum som inte ökade på den rörelsen....
Hehe ja eller inte….märkligt ändå hur kursen hoppar ned ytterligare efter förmodade massagen. Man tänker ju att mycket var inprisat. Förtroendet för kommunikationen har i alla fall fått sig en törn.
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