EQS-News: Mayr-Melnhof Karton AG / Key word(s): Quarter Results
Mayr-Melnhof Karton AG: MM reports results for the first three quarters of
2025
04.11.2025 / 07:50 CET/CEST
The issuer is solely responsible for the content of this announcement.
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• Successful ramp-up of the Group-wide “Fit-For-Future” (FFF) programme
towards sustainable earnings improvement
• Adjusted operating profit up by 20 % (pro forma excl. TANN up by 32 %)
• Ongoing difficult conditions due to soft consumer demand and market
overcapacity
Group Key indicators – IFRS
Consolidated, in millions of EUR Q1-3/2025 Q1-3/2024 +/-
Sales 2,979.5 3,068.8 -2.9 %
Adjusted EBITDA 320.3 295.7 +8.3 %
Adjusted operating profit 151.9 126.3 +20.3 %
Adjusted operating margin (in %) 5.1 % 4.1 % +99 bp
Profit before tax 202.9 70.9 +186.2 %
Profit for the period 166.5 52.3 +218.5 %
Earnings per share (in EUR) 8.41 2.54 +231.2 %
Cash flow from operating activities (20.7) 167.6 n.m.
Free cash flow (177.5) (18.8) n.m.
Peter Oswald, MM CEO, comments: “The MM Group recorded a significant
earnings increase in the first three quarters compared to the previous
year. However, ongoing soft consumer demand and overcapacity in the
European industry still mark the challenging market environment.
In the packaging sector, the Food & Premium Packaging and Pharma &
Healthcare Packaging divisions maintained a good or slightly improved
adjusted operating margin. In contrast, the Board & Paper division
achieved a significant earnings improvement, primarily driven by cost
savings, even though the profit level remains unsatisfactory.
As already indicated, the 3^rd quarter in the Food & Premium Packaging
division was particularly affected by the discontinuation of the earnings
contribution from the TANN Group, which was sold at the beginning of June,
and the planned maintenance standstills at Board & Paper. On the other
hand, Pharma & Healthcare Packaging grew slightly.
The Group’s profit for the first three quarters rose significantly as a
result of the one-off gain from the TANN divestment amounting to around
EUR 127 million (preliminary).“
“In light of the continued absence of any improvement in market conditions
and the imperative for a sustainable earnings enhancement, MM is focusing
on the Group-wide “Fit-For-Future” (FFF) programme aimed at delivering
structural and lasting improvements in profitability. The programme has
been successfully ramped up – progress and earning effects will be
reported alongside the 2025 annual results in mid-March 2026. “,
underlines Oswald.
INCOME STATEMENT
The Group’s consolidated sales totalled EUR 2,979.5 million, slightly
below the comparable figure for the previous year (Q1-3 2024: EUR 3,068.8
million).
Adjusted operating profit was up by 20.3 % or EUR 25.6 million, from EUR
126.3 million to EUR 151.9 million (pro forma excl. TANN up by 32.4 %).
This increase was mainly attributable to the Board & Paper division. The
Group’s adjusted operating margin rose to 5.1 % (Q1-3 2024: 4.1 %).
One-off effects of EUR 122.8 million (incl. transaction costs) from the
sale of the TANN Group related to the Food & Premium Packaging division.
In the Pharma & Healthcare Packaging division, one-off expenses of EUR
16.9 million were recorded in connection with the restructuring measures
in the South-West Europe region.
Financial income decreased to EUR 11.8 million (Q1-3 2024: EUR 20.7
million), mainly due to lower total cash. The decline in financial
expenses from EUR -63.3 million to EUR -41.7 million resulted in
particular from a lower interest level for variable-interest financing and
higher repayments. “Other financial result – net” changed from EUR -12.8
million to EUR -25.0 million, primarily due to currency translations.
Profit before tax rose to EUR 202.9 million after EUR 70.9 million in the
previous year, with this increase primarily reflecting the TANN
divestment. Income tax expense amounted to EUR 36.4 million (Q1-3 2024:
EUR 18.6 million), resulting in an effective Group tax rate of 17.9 %
(Q1-3 2024: 26.3 %).
The profit for the period increased accordingly from EUR 52.3 million to
EUR 166.5 million.
DEVELOPMENT IN THE 3^RD QUARTER
Consolidated sales declined to EUR 949.5 million, primarily driven by the
sale of the TANN Group (Q3 2024: EUR 1,024.9 million; Q2 2025: EUR 987.4
million).
The Food & Premium Packaging division recorded a noticeable decline in
earnings related to this divestment, while Pharma & Healthcare Packaging
improved significantly year-on-year. As in the previous year, profits at
Board & Paper were impacted by the planned annual maintenance standstills,
which particularly affected the virgin fibre mills in Poland and Finland.
The Group’s adjusted operating profit totalled EUR 35.2 million after EUR
35.7 million in the previous year (Q2 2025: EUR 55.7 million), the
adjusted operating margin stood at 3.7 % (Q3 2024: 3.5 %; Q2 2025: 5.6 %).
Adjusted EBITDA amounted to EUR 89.8 million (Q3 2024: EUR 94.0 million;
Q2 2025: EUR 111.2 million), profit for the period to EUR 2.2 million (Q3
2024: EUR 14.9 million; Q2 2025: EUR 143.2 million).
MM Food & Premium Packaging achieved an adjusted operating margin of 9.6 %
(Q3 2024: 11.2 %; Q2 2025: 9.4 %).
The adjusted operating margin of MM Pharma & Healthcare Packaging improved
to 6.9 % (Q3 2024: 5.0 %; Q2 2025: 6.4 %).
As in the prior year, MM Board & Paper recorded a negative adjusted
operating margin of -2.3 % (Q3 2024: -4.1 %; Q2 2025: 1.8 %), mainly
attributable to maintenance.
OUTLOOK
As there are currently no indications of an easing in market conditions
due to persistently soft demand and ongoing overcapacity, we are focused
on enhancing MM’s competitiveness and implementing measures to achieve a
sustainable improvement in earnings performance. Central to this is the
Group-wide “Fit-For-Future” programme, which has been successfully ramped
up. Progress and the earnings effect will be reported alongside the 2025
annual results in mid-March 2026.
The annual maintenance standstills at Board & Paper, with expenses of
around EUR 40 million (2024: EUR 26 million), will account for around
one-third in the current 4^th quarter, after approximately two-thirds were
already recorded in the 3^rd quarter.
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Please find the detailed Press Release and the Report for the first three
quarters of 2025 as well as the CEO Audio-Q&A-Podcast on our website:
www.mm.group.
Forthcoming results:
March 17, 2026 Financial Results for 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: [email protected], Website: www.mm.group
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04.11.2025 CET/CEST This Corporate News was distributed by EQS Group.
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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: [email protected]
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: 2222914
End of News EQS News Service
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