HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 23.10.2025 at 8:30 EEST
Huhtamäki Oyj's Interim Report January 1-September 30, 2025: Underlying profit improvements offset by adverse currency impact
Q3 2025 in brief
- Net sales decreased 5% to EUR 970.6 million (EUR 1,026.2 million)
- Comparable net sales growth at Group level was -1%
- Reported EBIT was EUR 91.6 million (EUR 95.1 million); adjusted EBIT was EUR 100.3 million including an adverse currency impact of EUR 4 million (EUR 102.4 million)
- Reported EPS was EUR 0.56 (EUR 0.57); adjusted EPS was EUR 0.62 (EUR 0.63)
- The impact of currency movements on the Group's net sales was EUR -44 million and EUR -4 million on EBIT
Q1-Q3 2025 in brief
- Net sales decreased 3% to EUR 2,979.6 million (EUR 3,067.6 million)
- Comparable net sales growth at Group level was -1%
- Reported EBIT was EUR 231.5 million (EUR 277.3 million); adjusted EBIT was EUR 301.8 million including an adverse currency impact of EUR 5 million (EUR 306.7 million)
- Reported EPS was EUR 1.30 (EUR 1.53); adjusted EPS was EUR 1.83 (EUR 1.80)
- The impact of currency movements on the Group's net sales was EUR -66 million and EUR -5 million on EBIT
- Capital expenditure was EUR 109.7 million (EUR 134.1 million)
- Free cash flow was EUR 136.9 million (EUR 160.2 million)
Key figures
| EUR million | Q3 2025 | Q3 2024 | Change | Q1-Q3 2025 | Q1-Q3 2024 | Change | 2024 |
| Net sales | 970.6 | 1,026.2 | -5% | 2,979.6 | 3,067.6 | -3% | 4,126.3 |
| Comparable net sales growth | -1% | 0% | -1% | -1% | 0% | ||
| Adjusted EBITDA1 | 151.7 | 153.1 | -1% | 458.2 | 458.5 | 0% | 622.2 |
| Margin1 | 15.6% | 14.9% | 15.4% | 14.9% | 15.1% | ||
| EBITDA | 145.1 | 148.4 | -2% | 471.0 | 444.2 | 6% | 595.6 |
| Adjusted EBIT2 | 100.3 | 102.4 | -2% | 301.8 | 306.7 | -2% | 416.9 |
| Margin2 | 10.3% | 10.0% | 10.1% | 10.0% | 10.1% | ||
| EBIT | 91.6 | 95.1 | -4% | 231.5 | 277.3 | -16% | 372.3 |
| Adjusted EPS, EUR3 | 0.62 | 0.63 | -2% | 1.83 | 1.80 | 2% | 2.48 |
| EPS, EUR | 0.56 | 0.57 | -2% | 1.30 | 1.53 | -15% | 2.14 |
| Adjusted ROI2 | 11.9% | 12.0% | 12.1% | ||||
| Adjusted ROE3 | 13.5% | 13.7% | 13.4% | ||||
| ROI | 9.6% | 12.3% | 10.8% | ||||
| ROE | 10.3% | 13.6% | 11.6% | ||||
| Capital expenditure | 36.5 | 49.4 | -26% | 109.7 | 134.1 | -18% | 247.9 |
| Free Cash Flow | 73.8 | 68.4 | 8% | 136.9 | 160.2 | -15% | 215.8 |
| 1 Excluding IAC of | -6.6 | -4.8 | 12.8 | -14.3 | -26.5 | ||
| 2 Excluding IAC of | -8.7 | -7.3 | -70.3 | -29.4 | -44.7 | ||
| 3 Excluding IAC of | -6.3 | -6.4 | -55.3 | -28.0 | -35.1 |
Unless otherwise stated, all comparisons in this report are compared to the corresponding period in 2024. 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
Market conditions in the third quarter remained similar to what we saw during the first half of the year. Demand continued to be impacted by consumers' cautiousness, geopolitical tensions and the US tariffs situation, with variations between markets and businesses. In addition, significant currency movements, particularly the weakened US dollar, had an adverse translational impact on our financial performance.
Third quarter net sales decreased mainly due to the negative impact from currency movements, and comparable net sales decreased by 1%. Sales prices and improved mix had a positive effect. While sales volumes decreased, we saw positive volume development in two of our segments. Our adjusted EBIT margin improved to 10.3% from 10.0% in the comparison period. Despite improving our underlying EBIT delivery, due to a 4% negative impact from currency movements, adjusted EBIT decreased by 2%.
During the third quarter three out of our four segments improved their performance. The strong performance in Flexible Packaging was supported by our continued turnaround activities of underperforming units and strong delivery of cost-out initiatives. The segment continued to improve its profitability. In Foodservice Packaging, our cost savings actions contributed to a higher adjusted EBIT, while comparable net sales remained at the previous year's level. In North America, we continued to deliver volume growth, while unfavorable sales prices and mix, increased operational costs and a weaker dollar had a negative impact. The strong performance in Fiber Packaging continued supported by strong demand, and both net sales and adjusted EBIT increased.
While market conditions remained challenging, we continue to drive our strategic focus areas. During the quarter, our cash flow increased, supported by our strong focus on capital discipline. Our new organizational structure increases accountability and speed of execution. This, in combination with our clear growth strategy and disciplined capital allocation, positions us well to deliver value to our stakeholders.
Financial review Q3 2025
Net sales by business segment
| EUR million | Q3 2025 | Q3 2024 | Change | |
| Foodservice Packaging | 240.0 | 246.9 | -3% | |
| North America | 331.2 | 359.3 | -8% | |
| Flexible Packaging | 309.8 | 333.9 | -7% | |
| Fiber Packaging | 92.4 | 87.9 | 5% | |
| Elimination of internal sales | -2.8 | -1.9 | ||
| Group | 970.6 | 1,026.2 | -5% |
Comparable net sales growth by business segment
| Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | ||
| Foodservice Packaging | 0% | -4% | -4% | -1% | -7% | |
| North America | -3% | 3% | -3% | 2% | 3% | |
| Flexible Packaging | -3% | -2% | -2% | 5% | 0% | |
| Fiber Packaging | 9% | 10% | 10% | 12% | 8% | |
| Group | -1% | 0% | -2% | 3% | 0% |
Due to a negative currency impact, the Group's reported net sales decreased by 5% to EUR 970.6 million (EUR 1,026.2 million) during the quarter. Comparable net sales growth was -1%, as sales volumes decreased while sales prices increased. Comparable net sales increased in Fiber Packaging, remained at the previous year's level in Foodservice Packaging but decreased in North America and Flexible Packaging. Foreign currency translation impact on the Group's net sales was EUR -44 million (EUR -13 million) compared to 2024 exchange rates.
Adjusted EBIT by business segment
| Items affecting comparability | |||||
| EUR million | Q3 2025 | Q3 2024 | Change | Q3 2025 | Q3 2024 |
| Foodservice Packaging | 22.1 | 21.1 | 5% | -1.7 | -0.8 |
| North America | 34.2 | 49.7 | -31% | -0.3 | -2.5 |
| Flexible Packaging | 31.0 | 24.3 | 28% | -3.2 | -3.8 |
| Fiber Packaging | 11.6 | 8.1 | 43% | -2.2 | -0.2 |
| Other activities | 1.4 | -0.8 | -1.3 | -0.0 | |
| Group | 100.3 | 102.4 | -2% | -8.7 | -7.3 |
Adjusted EBIT margin by business segment
| Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | |
| Foodservice Packaging | 9.2% | 9.6% | 8.5% | 9.9% | 8.5% |
| North America | 10.3% | 12.2% | 11.7% | 13.7% | 13.8% |
| Flexible Packaging | 10.0% | 8.4% | 8.1% | 8.4% | 7.3% |
| Fiber Packaging | 12.6% | 11.8% | 12.8% | 15.2% | 9.2% |
| Group | 10.3% | 10.2% | 9.8% | 10.4% | 10.0% |
The Group's adjusted EBIT decreased to EUR 100.3 million (EUR 102.4 million) and reported EBIT was EUR 91.6 million (EUR 95.1 million) in the quarter. Adjusted EBIT decreased, weighed on by the EUR 4 million negative impact from currency movements as well as increased energy costs and IT investments. On the other hand, the increase in sales prices had a positive impact. Adjusted EBIT increased in all segments except North America. The Group's adjusted EBIT margin increased and was 10.3% (10.0%). Foreign currency translation impact on the Group's earnings was EUR -4 million (EUR -1 million).
Adjusted EBIT excludes EUR -8.7 million (EUR -7.3 million) of items affecting comparability (IAC).
Adjusted EBIT and IAC
| EUR million | Q3 2025 | Q3 2024 | |
| Adjusted EBIT | 100.3 | 102.4 | |
| Acquisition related costs | -0.2 | 0.0 | |
| Restructuring gains and losses, including writedowns of related assets | -1.8 | -2.5 | |
| PPA amortization | -2.0 | -2.2 | |
| Settlement and legal fees of disputes | -0.5 | -0.6 | |
| Property damage incidents | -2.1 | -0.2 | |
| Implementation costs concerning large projects with SaaS cloud computing technology | -2.0 | -1.8 | |
| EBIT | 91.6 | 95.1 |
Net financial expenses were EUR 12.8 million (EUR 15.1 million) in the quarter. Tax expense was EUR 18.4 million (EUR 19.0 million). Profit for the quarter was EUR 60.4 million (EUR 60.9 million). Adjusted earnings per share (EPS) was EUR 0.62 (EUR 0.63) and reported EPS EUR 0.56 (EUR 0.57). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -6.3 million (EUR -6.4 million) of IAC.
Adjusted profit and IAC
| EUR million | Q3 2025 | Q3 2024 | |
| Adjusted profit for the period attributable to equity holders of the parent company | 64.7 | 65.6 | |
| IAC in EBIT | -8.7 | -7.3 | |
| IAC in Financial items | 0.4 | -0.2 | |
| IAC Tax | 1.5 | 0.9 | |
| IAC attributable to non-controlling interest | 0.5 | 0.2 | |
| Profit for the period attributable to equity holders of the parent company | 58.4 | 59.2 |
Financial review Q1-Q3 2025
Net sales by business segment
| EUR million | Q1-Q3 2025 | Q1-Q3 2024 | Change |
| Foodservice Packaging | 713.3 | 740.4 | -4% |
| North America | 1,043.2 | 1,073.6 | -3% |
| Flexible Packaging | 949.2 | 995.0 | -5% |
| Fiber Packaging | 282.5 | 264.7 | 7% |
| Elimination of internal sales | -8.5 | -6.1 | |
| Group | 2,979.6 | 3,067.6 | -3% |
Comparable net sales growth by business segment
| Q1-Q3 2025 | Q1-Q3 2024 | Q1-Q3 2023 | |
| Foodservice Packaging | -3% | -6% | 4% |
| North America | -1% | 0% | 1% |
| Flexible Packaging | -2% | 0% | -9% |
| Fiber Packaging | 10% | 4% | 9% |
| Group | -1% | -1% | -1% |
The Group's net sales decreased by 3% to EUR 2,979.6 million (EUR 3,067.6 million) during the reporting period, and comparable net sales growth was -1%. Despite somewhat higher sales prices, net sales were weighed on by changes in currencies and lower sales volumes. Comparable net sales increased in the Fiber Packaging segment, remained close to the previous year's level in North America, and decreased in Foodservice Packaging and Flexible Packaging. Foreign currency translation impact on the Group's net sales was EUR -66 million (EUR -35 million) compared to 2024 exchange rates.
Adjusted EBIT by business segment
| Items affecting comparability | |||||
| EUR million | Q1-Q3 2025 | Q1-Q3 2024 | Change | Q1-Q3 2025 | Q1-Q3 2024 |
| Foodservice Packaging | 64.8 | 66.4 | -2% | -46.9 | -12.2 |
| North America | 119.4 | 150.5 | -21% | -7.4 | -6.0 |
| Flexible Packaging | 83.8 | 66.8 | 25% | -12.3 | -9.1 |
| Fiber Packaging | 35.0 | 28.5 | 23% | -0.6 | -1.7 |
| Other activities | -1.2 | -5.6 | -3.2 | -0.4 | |
| Group | 301.8 | 306.7 | -2% | -70.3 | -29.4 |
Adjusted EBIT margin by business segment
| Q1-Q3 2025 | Q1-Q3 2024 | Q1-Q3 2023 | |
| Foodservice Packaging | 9.1% | 9.0% | 9.3% |
| North America | 11.4% | 14.0% | 12.4% |
| Flexible Packaging | 8.8% | 6.7% | 6.1% |
| Fiber Packaging | 12.4% | 10.8% | 11.8% |
| Group Total | 10.1% | 10.0% | 9.1% |
The Group's adjusted EBIT decreased to EUR 301.8 million (EUR 306.7 million) and reported EBIT was EUR 231.5 million (EUR 277.3 million). Adjusted EBIT decreased by 2%, due to the negative impact from unfavorable currency movements, lower sales volumes, increased labor costs and IT investments. At the same time, the company's actions to improve profitability had a positive impact. The Group's adjusted EBIT margin increased and was 10.1% (10.0%). Foreign currency translation impact on the Group's earnings was EUR -5 million (EUR -4 million).
Adjusted EBIT excludes EUR -70.3 million (EUR -29.4 million) of items affecting comparability (IAC), including costs of implementing operational efficiency measures. The main item was a net impairment of EUR 39 million in Q2, inclusive of contractual compensations. This was related to a restructuring in the Foodservice Packaging segment, consolidating production.
Adjusted EBIT and IAC
| EUR million | Q1-Q3 2025 | Q1-Q3 2024 |
| Adjusted EBIT | 301.8 | 306.7 |
| Acquisition related costs | -0.5 | -1.1 |
| Restructuring gains and losses, including writedowns of related assets | -55.9 | -15.5 |
| PPA amortization | -6.4 | -6.6 |
| Settlement and legal fees of disputes | -0.5 | -0.7 |
| Property damage incidents | -0.2 | -1.0 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -6.7 | -4.5 |
| EBIT | 231.5 | 277.3 |
Net financial expenses were EUR 42.2 million (EUR 52.5 million). Tax expense was EUR 47.1 million (EUR 57.5 million), due to a decrease in reported profit. The effective tax rate was 25% (26%). Profit for the period was EUR 142.2 million (EUR 167.2 million). Adjusted earnings per share (EPS) were EUR 1.83 (EUR 1.80) and reported EPS EUR 1.30 (EUR 1.53). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -55.3 million (EUR -28.0 million) of IAC.
Adjusted profit and IAC
| EUR million | Q1-Q3 2025 | Q1-Q3 2024 | |
| Adjusted profit for the period attributable to equity holders of the parent company | 191.7 | 188.4 | |
| IAC in EBIT | -70.3 | -29.4 | |
| IAC in Financial items | 0.7 | -0.3 | |
| IAC Tax | 13.4 | 2.3 | |
| IAC attributable to non-controlling interest | 0.8 | -0.5 | |
| Profit for the period attributable to equity holders of the parent company | 136.4 | 160.4 |
Outlook for 2025 (unchanged)
The Group's trading conditions are expected to remain relatively stable during 2025. The good financial position will enable the Group to address profitable growth opportunities.
Teleconference
Huhtamaki will arrange a combined audiocast and teleconference today at 9:30 EEST. Huhtamaki's President & CEO 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/q3-2025.
A link to the teleconference is available at: https://events.inderes.com/huhtamaki/q3-2025/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.
Huhtamaki's financial reporting in 2026
In 2026, Huhtamaki will publish financial information as follows:
| Results 2025 | February 13 |
| Annual report 2025 | Week commencing March 2 |
| Interim Report, January 1-March 31, 2026 | April 29 |
| Half-yearly Report, January 1-June 30, 2026 | July 23 |
| Interim Report, January 1-September 30, 2026 | October 29 |
Huhtamäki Oyj's Annual General Meeting (AGM) is planned to be held on Wednesday, April 29, 2026. The Board of Directors will summon the AGM at a later date.
For further information, please contact:
Kristian Tammela, VP, Investor Relations, tel. +358 10 686 7058
About Huhtamaki
Huhtamaki is a leading global provider of sustainable packaging solutions for consumers around the world. Our innovative products protect on-the-go and on-the-shelf food and beverages, and personal care products, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do.
Huhtamaki has over 100 years of history and a strong Nordic heritage. Our around 18?000 professionals are operating in 36 countries and 101 locations around the world. Our values are Care Dare Deliver. In 2024 Huhtamaki's net sales totaled EUR 4.1 billion. Huhtamäki Oyj is listed on the Nasdaq Helsinki and the head office is in Espoo, Finland. Find out more at?www.huhtamaki.com.? ?