Huhtamäki (HUH1V) investor relations material

Executive summary

• Achieved 2% comparable net sales growth in Q2 and 1% for H1 2026, maintaining strong profitability despite volatile markets and geopolitical crises in the Middle East and Europe.

• Disciplined capital allocation, cost-saving initiatives, and focus on profitable growth supported margins and cash flow.

• Maintained operations and supply chain continuity, prioritizing coworker safety and customer delivery during crises.

• Sustainability progress: over 99% certified recycled fiber, increased renewable electricity, and reduced GHG emissions.

Financial highlights

• Q2 2026 net sales: EUR 1,009 million (flat year-over-year); H1 2026 net sales: EUR 1,955.8 million (-3% year-over-year).

• Adjusted EBIT up 1% in Q2 to EUR 103.7 million (margin 10.3%); H1 adjusted EBIT EUR 198.2 million (-2%).

• Adjusted EPS for Q2: EUR 0.64 (+2%); H1 adjusted EPS: EUR 1.20 (-1%).

• Free cash flow for H1: EUR 33.9 million (-46% year-over-year); CapEx for H1: EUR 53.4 million (-27% year-over-year).

• Net debt reduced to EUR 1,210.8 million; net debt/EBITDA at 2.0, gearing at 0.62.

Outlook and guidance

• Trading conditions expected to remain stable for 2026, with continued focus on cost management and customer proximity.

• No specific guidance on volume or pricing for H2; internal initiatives and customer promotions expected to support growth.

• Strong financial position enables pursuit of profitable growth opportunities.

• Geopolitical risks and consumer confidence remain key uncertainties.