Continued comparable net sales growth despite muted demand environment
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
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. Our goal is to develop sustainable packaging solutions designed for recyclability, compostability, or reuse, working closely with our customers to meet their specific packaging needs. We are also working to reduce greenhouse gas emissions across our value chain, guided by our science-based targets for 2030.
Huhtamaki has over 100 years of history and a strong Nordic heritage. Our around 17 400 professionals operate in over 100 locations across 35 countries around the world. Our values are Care Dare Deliver. In 2025 Huhtamaki's net sales totaled EUR 4.0 billion. Huhtamäki Oyj is listed on the Nasdaq Helsinki and the head office is in Espoo, Finland. Find out more at www.huhtamaki.com.
