Mayr-Melnhof Karton AG: MM reports half-year results for 2026
Published on 08/20/2026 at 07:45 | dgap.de| Mayr-Melnhof Karton AG / Key word(s): Half Year Results 20.08.2026 / 07:45 CET/CEST The issuer is solely responsible for the content of this announcement. 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
Group Key indicators – IFRS
(The comparison with the reported 1st 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 (1st half of 2025: EUR 207.4 million), with a stable adjusted EBITDA margin of 10.8 % (1st 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 % (1st 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 (1st 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 (1st half of 2025: EUR 230.5 million), with an adjusted EBITDA margin of 10.8 % (1st 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 % (1st 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 (1st 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 1st half of 2025. Income tax expense amounted to EUR 14.6 million (1st half of 2025: EUR 30.5 million), resulting in an effective Group tax rate of 32.0 % (1st 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 (1st half of 2025: EUR 2,030.0 million), mainly due to the divestment of TANN Group. SUSTAINABILITY DEVELOPMENT With 0.47 million tCO?e (preliminary) the MM Group’s carbon footprint (Scope 1 and Scope 2 market-based) in the 1st half of 2026 was in line with the level recorded in the 1st half of 2025 (0.47 million tCO?e). COMPARISON TO THE 2ND HALF-YEAR OF 2025 Adjusted EBITDA of EUR 200.2 million outperformed the comparative value in the 2nd 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 2nd half (EUR 78.7 million). The adjusted operating margin stood at 4.9 % (2nd half of 2025: 4.2 %). Consolidated sales of EUR 1,849.3 million came in on the previous year’s level (2nd 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 2nd half of 2025 to 14.3 % in the 1st 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 2nd half of 2025, which was impacted by the annual maintenance standstills. OUTLOOK Overall, we expect the operating environment to remain unfavourable in the 2nd 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. ----------------------------- 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: investor.relations@mm.group, Website: www.mm.group 20.08.2026 CET/CEST This Corporate News was distributed by EQS Group View original content: EQS News |
| 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: | investor.relations@mm.group |
| 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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en | AT0000938204 | MAYR-MELNHOF KARTON AG | boerse | 69974057 |
