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Mayr-Melnhof Karton (MMK) investor relations material

Mayr-Melnhof Karton Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Significant earnings growth in the first three quarters of 2025, driven by the Fit for Future program, despite persistent soft demand and market overcapacity.

  • The group-wide rollout and intensification of Fit for Future exceeded expectations, targeting over EUR 150 million in sustainable profit improvements by 2027.

  • One-off gain of approximately EUR 127 million from the TANN Group divestment in Q2, enabling renewed focus on core consumer packaging.

  • Ongoing challenging market conditions with soft demand and overcapacity, especially in Board & Paper.

  • Market leader in fiber-based consumer packaging, focusing on efficiency, innovation, and sustainability.

Financial highlights

  • Q1-3 2025 sales declined 2.9% to EUR 2,979.5 million; adjusted EBITDA up 8.3% to EUR 320.3 million; margin improved to 10.7%.

  • Adjusted operating profit rose 20.3% year-over-year to EUR 151.9 million, and 32% excluding TANN.

  • Net profit surged 218.5% to EUR 166.5 million, with earnings per share up 231.2% to EUR 8.41.

  • Free cash flow turned negative at EUR -177.5 million, impacted by working capital and investments.

  • The TANN divestment provided a significant one-time profit boost.

Outlook and guidance

  • The Fit for Future program is expected to deliver over EUR 150 million in improvements by 2027 compared to 2024.

  • No further restructurings planned for 2025; actions for 2026 will focus on long-term profitability, with decisions pending.

  • Market environment expected to remain challenging due to overcapacity and slow industry adjustment.

  • Annual maintenance standstills in Board & Paper to impact Q4 results, with EUR 40 million in expenses.

  • Effects of Fit for Future to be reported with 2025 annual results in March 2026.

FFF program: specific Q1-3 earnings drivers?
What caused the trade liabilities reduction?
When do you expect market overcapacity to ease?
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Frequently asked questions

Mayr-Melnhof Karton AG (MM Group) is a manufacturer and supplier in the paper and packaging industry. The company specializes in both recycled fiber-based and virgin fiber-based carton boards. Its product range includes solid board, multipack, microflute, flexible packaging products, instruction leaflet and paper products, blister cards, displays, trays, and promotion materials. These products cater to a wide array of sectors, including consumer staples, household items, fast-moving consumer goods (FMCG), food, detergents, luxury products, personal care, cigarettes, pharmaceuticals, and hygiene items. The company is headquartered in Vienna, Austria, and its shares are listed on the Vienna Stock Exchange.

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