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EQS-News: Mayr-Melnhof Karton AG: MM reports half-year results for 2026
EQS-News: Mayr-Melnhof Karton AG / Key word(s): Half Year Results
Mayr-Melnhof Karton AG: MM reports half-year results for 2026
20.08.2026 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
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• Adj. EBITDA matches almost prior-year level (like-for-like, excl.
TANN) with clear sequential improvement over HY2/2025
• EUR 105 million Fit-For-Future programme contribution in HY1/2026
mitigated mainly for lower prices in Board & Paper
• Adj. EBITDA Pharma & Healthcare Packaging + 14 %
• Adj. EBITDA Food & Premium Packaging (like-for-like, excl. TANN)
+ 1 %
• Adj. EBITDA Board & Paper - 19 %
• Fit-For-Future programme exceeds expectations
• Expected total P&L contribution by 2027 raised to above EUR 330
million from > EUR 250 million before (compared with 2024 excl.
TANN)
• Major capex projects in cost and energy efficiency and transformation
on track
• Attractive synergy potential through planned acquisition of Arnsberg
cartonboard mill
Pro forma Group Key indicators excl. TANN Group
Consolidated, in millions 1^st HY/2026 1^st HY/2025 +/- 2^nd +/-
of EUR HY/2025
Sales 1,849.3 1,941.3 -4.7 % 1,855.3 -0.3 %
Adjusted EBITDA 200.2 207.4 -3.5 % 188.0 +6.5 %
Adjusted operating profit 89.8 93.7 -4.1 % 78.8 +13.9 %
Adjusted EBITDA margin 10.8 % 10.7 % +14 bp 10.1 % +70 bp
(in %)
Adjusted operating margin 4.9 % 4.8 % +3 bp 4.2 % +61 bp
(in %)
Cash flow from operating 145.1 (95.6) n.m. 334.5 -56.6 %
activities
Free cash flow 37.0 (194.1) n.m. 216.6 -82.9 %
Group Key indicators – IFRS
Consolidated, in millions of EUR 1^st 1^st +/- 2^nd +/-
HY/2026 HY/2025 HY/2025
Sales 1,849.3 2,030.0 -8.9 % 1,855.3 -0.3 %
Adjusted EBITDA 200.2 230.5 -13.1 % 187.7 +6.6 %
Adjusted operating profit 89.8 116.7 -23.1 % 78.7 +14.2 %
Adjusted EBITDA margin (in %) 10.8 % 11.4 % -53 bp 10.1 % +71 bp
Adjusted operating margin (in %) 4.9 % 5.8 % -89 bp 4.2 % +62 bp
Profit before tax 45.8 194.8 -76.5 % (49.1) n.m.
Profit for the period 31.2 164.3 -81.0 % (87.3) n.m.
Earnings per share (in EUR) 1.60 8.29 -80.7 % -4.43 n.m.
Cash flow from operating 145.1 (103.3) n.m. 334.4 -56.6 %
activities
Free cash flow 37.0 (205.4) n.m. 216.5 -82.9 %
Peter Oswald, MM CEO, comments: “The MM Group demonstrated resilient
earnings development in the 1^st half-year of 2026, maintaining adjusted
EBITDA almost at the prior-year level on a like-for-like basis excl. TANN
while achieving a marked improvement compared with the 2^nd half-year of
2025 despite persistently subdued market demand. A EUR 105 million
contribution from the Fit-For-Future programme mitigated mainly for lower
selling prices in Board & Paper. Performance was particularly strong in
Pharma & Healthcare Packaging, where adjusted EBITDA increased by 14 %,
while Food & Premium Packaging remained constant on a like-for-like basis
excl. TANN. In Board & Paper, adjusted EBITDA was below the previous
year’s level, but improved sequentially.
Driven by substantial contributions from all divisions, the Fit-For-Future
programme and other initiatives further enhanced cost competitiveness and
operational excellence across the Group. Reflecting the programme’s
success, the targeted aggregated P&L benefit by 2027 has been increased to
more than EUR 330 million versus 2024, significantly exceeding the
expectations communicated with the FY 2025 results of > EUR 250 million.
Following EUR 105 million delivered in the 1^st half of 2026, a further
Fit-For-Future contribution of above EUR 100 million is expected in the
2^nd half.
Looking into the 2^nd half of 2026 we expect market conditions to remain
affected by subdued consumer demand, higher transport, energy, chemical,
wood and paper for recycling costs as well as scheduled annual maintenance
standstills at MM Kwidzyn and MM Kotkamills weighing on performance. At
the same time the continued execution of the Fit-For-Future programme is
expected to partly mitigate ongoing cost and market headwinds as well as
the impact of the annual maintenance standstills in the 3^rd quarter. “
INCOME STATEMENT
(The comparison with the reported 1^st half-year of 2025, incl. TANN, is
limited meaningful.)
Pro forma (excl. TANN), the Group’s adjusted EBITDA of EUR 200.2 million
was marginally down to the previous year’s level (1^st half of 2025: EUR
207.4 million), with a stable adjusted EBITDA margin of 10.8 % (1^st half
of 2025: 10.7 %). Adjusted operating profit decreased slightly from EUR
93.7 million to EUR 89.8 million resulting mainly due to the Board & Paper
division. The Group’s adjusted operating margin was flat at 4.9 % (1^st
half of 2025: 4.8 %). One-off effects, attributable to expenses in
connection with the Fit-For-Future programme, totaled EUR 22.9 million and
impacted all divisions.
Consolidated sales of EUR 1,849.3 million were 4.7 % below the previous
year's figure (1^st half of 2025: EUR 1,941.3 million), primarily due to a
lower pricing environment in Board & Paper and reduced volumes in the Food
& Premium Packaging division.
Year-on-year (incl. TANN), the Group’s adjusted EBITDA amounted to EUR
200.2 million (1^st half of 2025: EUR 230.5 million), with an adjusted
EBITDA margin of 10.8 % (1^st half of 2025: 11.4 %). Adjusted operating
profit decreased by EUR 26.9 million from EUR 116.7 million to EUR 89.8
million mainly following the deconsolidation of TANN Group at the
beginning of June last year and the price development at the Board & Paper
division. The Group’s adjusted operating margin was 4.9 % (1^st half of
2025: 5.8 %). One-off effects, attributable to Fit-For-Future expenses,
totaled EUR 22.9 million and impacted all divisions. In the previous year,
one-off effects amounted to EUR 122.8 million in the Food & Premium
Packaging division from the sale of TANN Group and EUR 5.5 million in the
Pharma & Healthcare Packaging division from the first part of the
restructuring in South-West Europe.
Financial income amounted to EUR 3.8 million (1^st half of 2025: EUR 7.1
million). The decline in financial expenses from EUR -29.3 million to EUR
-20.7 million resulted in particular from additional loan repayments.
“Other financial result - net” changed from EUR -17.0 million to EUR -4.2
million, primarily due to currency translations.
Profit before tax came in at EUR 45.8 million after EUR 194.8 million in
the previous year. This decrease is mainly attributable to the sale of the
TANN Group in the 1^st half of 2025. Income tax expense amounted to EUR
14.6 million (1^st half of 2025: EUR 30.5 million), resulting in an
effective Group tax rate of 32.0 % (1^st half of 2025: 15.7 %).
Profit for the period decreased accordingly from EUR 164.3 million to EUR
31.2 million.
At EUR 1,849.3 million consolidated sales were below last year (1^st half
of 2025: EUR 2,030.0 million), mainly due to the divestment of TANN Group.
SUSTAINABILITY DEVELOPMENT
With 0.47 million tCO₂e (preliminary) the MM Group’s carbon footprint
(Scope 1 and Scope 2 market-based) in the 1^st half of 2026 was in line
with the level recorded in the 1^st half of 2025 (0.47 million tCO₂e).
COMPARISON TO THE 2^ND HALF-YEAR OF 2025
Adjusted EBITDA of EUR 200.2 million outperformed the comparative value in
the 2^nd half of 2025 (EUR 187.7 million). At EUR 89.8 million the Group’s
adjusted EBITDA also showed a clear sequential improvement exceeding well
the previous year's 2^nd half (EUR 78.7 million). The adjusted operating
margin stood at 4.9 % (2^nd half of 2025: 4.2 %). Consolidated sales of
EUR 1,849.3 million came in on the previous year’s level (2^nd half of
2025: EUR 1,855.3 million).
The Food & Premium Packaging division recorded decreasing volumes and a
slight decline in adjusted EBITDA margin from 14.9 % in the 2^nd half of
2025 to 14.3 % in the 1^st half of 2026. Pharma & Healthcare Packaging
gained volumes and sales and was able to increase its adjusted EBITDA
margin from 12.7 % to 14.3 %. The Board & Paper division recorded an
adjusted EBITDA margin of 6.0 % compared with 4.8 % in the 2^nd half of
2025, which was impacted by the annual maintenance standstills.
OUTLOOK
Overall, we expect the operating environment to remain unfavourable in the
2^nd half of 2026, with subdued consumer demand, higher transport, energy,
chemical, wood and paper for recycling costs, as well as annual
maintenance standstills at MM Kwidzyn and MM Kotkamills which are expected
to impact Q3 operating profit by approximately EUR 35 million. However,
slightly improving price levels across selected Board & Paper grades,
continued growth in selected pharma and consumer packaging applications
and a further contribution of more than EUR 100 million from the
Fit-For-Future Programme are expected to partly offset cost and market
headwinds as well as the impact of the annual maintenance standstills.
The Fit-For-Future programme remains a key contributor and continues to
outperform initial expectations. Reflecting the strong execution across
the Group, the target for aggregated P&L benefits by 2027, compared with
the 2024 baseline (excl. TANN), has been raised to more than EUR 330
million.
Capital expenditures remain focused on strengthening competitiveness,
energy efficiency and growth. Our key investments at MM Kwidzyn in energy
efficiency and cost reduction along with the packaging expansion in
Romania and the US are well on track and within budget and are expected to
contribute increasingly to earnings from 2027 onwards. Subject to
regulatory approvals, the planned acquisition of the Arnsberg cartonboard
mill is expected to provide attractive synergy opportunities.
Overall, MM remains concentrated on sustainable value creation through
strengthened competitiveness with continued focus on our core packaging
business.
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Please find the detailed Press Release and the Half-Year Report 2026 as
well as the CEO video statement and the details for today’s CEO Webcast
incl. Q&A on our website: www.mm.group.
Forthcoming results:
November 5, 2026 Trading Statement for the first three quarters of 2026
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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20.08.2026 CET/CEST This Corporate News was distributed by [1]EQS Group
View original content: [2]EQS News
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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 Frankfurt (Basic Board),
Munich, Stuttgart, Tradegate BSX; Vienna Stock Exchange
(Official Market)
LEI Code: 5299001AMHDLKUM80611
EQS News ID: 2385948
End of News EQS News Service
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