Espoo, Finland – February 12, 2026

Huhtamäki Oyj delivered a solid performance in 2025 despite adverse currency impacts and continued market volatility. The company strengthened profitability, improved free cash flow significantly, reduced net debt, and proposed an increased dividend, marking the 17th consecutive year of dividend growth.

Full Year 2025 Highlights (January–December 2025)

• Net sales: EUR 3,960.2 million (2024: EUR 4,126.3 million), -4%

• Comparable net sales growth: -1%

• Adjusted EBIT: EUR 405.1 million (2024: EUR 416.9 million)

• Adjusted EBIT margin: 10.2% (2024: 10.1%)

• Reported EBIT: EUR 320.5 million (2024: EUR 372.3 million)

• Adjusted EPS: EUR 2.48 (2024: EUR 2.48)

• Free cash flow: EUR 311.2 million (2024: EUR 215.8 million)

• Capital expenditure: EUR 171.9 million (2024: EUR 247.9 million)

• Net debt to adjusted EBITDA: 1.9 (2024: 2.0)

Foreign exchange movements negatively impacted net sales by EUR 125.1 million and EBIT by EUR 9.0 million during the year.

Q4 2025 Highlights

• Net sales: EUR 980.5 million (-7%)

• Comparable net sales growth: -2%

• Adjusted EBIT: EUR 103.2 million

• Adjusted EBIT margin: 10.5% (improved from 10.4%)

• Adjusted EPS: EUR 0.65

Margin improvement was driven by cost-saving actions, improved pricing, and operational efficiency initiatives.

Segment Performance Overview

Foodservice Packaging

• Net sales declined 5% in 2025

• Adjusted EBIT: EUR 86.7 million

• Margin improved to 9.3%

• Lower volumes in Europe and UK; profitability supported by efficiency actions

North America

• Net sales decreased 4%

• Adjusted EBIT: EUR 163.1 million (-20%)

• Demand varied by category

• Growth in egg carton capacity (Hammond, Indiana)

• Acquisition of Zellwin Farms strengthened molded fiber business

Flexible Packaging

• Net sales declined 6%

• Adjusted EBIT increased 22% to EUR 115.1 million

• Margin improved significantly to 9.2%

• Strong cost control and profitability initiatives

Fiber Packaging

• Net sales increased 5%

• Comparable growth: 8%

• Adjusted EBIT rose 16% to EUR 50.4 million

• Strong demand for egg and fruit packaging

• Capacity expansion supported growth

Capital Allocation & Investments

Capital expenditure decreased to EUR 171.9 million as the company emphasized disciplined capital allocation.

Major investments were directed toward:

• Expanding Fiber Packaging capacity

• Prior investments utilization rather than new greenfield expansion

Free cash flow improved significantly due to lower capex and operational discipline.

Restructuring & Efficiency Program

Huhtamaki completed its three-year efficiency program launched in November 2023:

• Total cost savings achieved: EUR 100 million

• Total program cost: EUR 73 million (below initial estimate of ~EUR 80 million)

• Included restructuring in Foodservice Packaging and production consolidation

• Q2 2025 net impairment related to restructuring: EUR 39 million

Acquisition Update

Acquisition of Zellwin Farms (USA)

• Acquired April 24, 2025

• Enterprise value transaction

• Annual net sales approximately USD 20 million

• Strengthens molded fiber egg carton business in North America

No additional major acquisitions or mergers were announced during the period.

Financing & Debt Update

During 2025, Huhtamaki strengthened its financial position:

• Signed EUR 150 million Schuldschein loan (5–7 year maturities)

• Issued EUR 300 million 6-year senior unsecured notes (3.50% interest)

• Extended EUR 450 million sustainability-linked revolving credit facility to November 2030

• S&P upgraded credit rating to BBB- (Investment Grade)

Net debt reduced to EUR 1,176.5 million.

Dividend Proposal

The Board proposes a dividend of:

EUR 1.14 per share (2024: EUR 1.10)

If approved, this marks the 17th consecutive year of dividend growth.

Sustainability Update

Huhtamaki refined its sustainability strategy in 2025:

• Aligned climate targets with 1.5°C trajectory

• Targets validated by Science Based Targets initiative (SBTi)

• Focus areas:

  • Climate action

  • Combating deforestation

  • Water reduction

  • Chemical management

  • Waste reduction

Management & Organizational Changes

• Ralf K. Wunderlich appointed President & CEO (January 2025)

• Fiber Foodservice business separated into two segments:

  • Fiber Packaging

  • Foodservice Packaging

• Multiple executive leadership changes during the year