Mayr-Melnhof Karton AG / AT0000938204

Significant profit increase and launch of Group-wide profit improvement programme Adjusted operating profit up by 29 % driven by Board & Paper division ”Fit-For-Future” programme to deliver more than EUR 150 million structural sustainable profit improvements by 2027 Markets stay soft and overcapacities remain 2nd half-year impacted by annual maintenance standstills in Board & Paper division Group Key indicators - IFRS

Consolidated, in millions of EUR	1st HY/2025	1st HY/2024	+/-	2nd HY/2024	+/-
Sales	2,030.0	2,043.9	-0.7 %	2,035.7	-0.3 %
Adjusted EBITDA	230.5	201.7	+14.3 %	216.8	+6.3 %
Adjusted operating profit	116.7	90.6	+28.8 %	99.4	+17.4 %
Adjusted operating margin (in %)	5.8 %	4.4 %	+132 bp	4.9 %	+87 bp
Profit before tax	194.8	51.2	+280.3 %	63.1	+208.8 %
Profit for the period	164.3	37.4	+339.9 %	73.1	+124.7 %
Earnings per share (in EUR)	8.29	1.82	+356.0 %	3.59	+130.7 %
Cash flow from operating activities	(103.3)	200.6	n.m.	315.7	n.m.
Free cash flow	(205.4)	59.4	n.m.	242.8	n.m.

Peter Oswald, MM CEO, comments: “The MM Group achieved a significant earnings increase in the 1st half-year of 2025 as compared to the 1st half-year of the previous year. However, the market situation remained highly challenging with persistently weak consumer demand and sustained underutilisation of capacities in Europe. While both Packaging divisions reported stable or slightly lower adjusted operating profit, Board & Paper achieved a noticeable earnings improvement compared to the previous year, primarily driven by cost savings, even though the current profit level remains unsatisfactory. Due to the sale of TANN Group and MM’s strategic focus on its core business of consumer packaging, a one-off income of around EUR 127 million (preliminary) was recognised in the Food & Premium Packaging division in the 2nd quarter. This led to a significant increase in the Group's profit for the period. Sequentially, adjusted operating profit in the 2nd quarter was below the 1st quarter, mainly due to a lower contribution from the Food & Premium Packaging division. In contrast, Pharma & Healthcare Packaging and Board & Paper demonstrated an improvement over the previous quarter. As already indicated, the 2nd half-year will be particularly impacted by expenses from the annual maintenance standstills at Board & Paper.“ “In view of the ongoing uncertainty about a return to more favourable market conditions and the need for a lasting improvement in earnings quality, MM has launched the Group-wide “Fit-For-Future” programme. Management is confident to achieve more than EUR 150 million structural sustainable profit improvements by 2027 compared to 2024 (excl. TANN) excluding market fluctuations.“, underlines Oswald. INCOME STATEMENT
At EUR 2,030.0 million, the Group’s consolidated sales came in close to the previous year's figure (1st half of 2024: EUR 2,043.9 million). Adjusted operating profit rose by EUR 26.1 million from EUR 90.6 million to EUR 116.7 million. This increase was mainly driven by the Board & Paper division. The Group’s adjusted operating margin improved to 5.8 % (1st half of 2024: 4.4 %). 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 7.1 million (1st half of 2024: EUR 13.3 million). The decline in financial expenses from EUR -42.7 million to EUR -29.3 million resulted in particular from a lower interest level for variable-interest financing. “Other financial result - net” changed from EUR -10.0 million to EUR -17.0 million, primarily due to currency translations. Profit before tax reached EUR 194.8 million after EUR 51.2 million in the previous year. This increase is mainly attributable to the sale of the TANN Group. Income tax expense amounted to EUR 30.5 million (1st half of 2024: EUR 13.8 million), resulting in an effective Group tax rate of 15.7 % (1st half of 2024: 27.1 %). Profit for the period increased accordingly from EUR 37.4 million to EUR 164.3 million. DEVELOPMENT IN THE 2ND QUARTER
The MM Group slightly improved its adjusted results in the 2nd quarter compared to the previous year's period. The Food & Premium Packaging division recorded continuity at a good level, albeit slightly below the previous year's margin, while MM Pharma & Healthcare Packaging gained slightly. The Board & Paper division managed to continue with a positive adjusted operating profit, mainly through cost savings. Consolidated sales of EUR 987.4 million were slightly below the previous year’s level (Q2 2024: EUR 1,018.9 million) as well as the 1st quarter of 2025 (EUR 1,042.6 million). The Group’s adjusted operating profit amounted to EUR 55.7 million, exceeding the previous year's figure but down from the previous quarter (Q1 2025: EUR 61.0 million; Q2 2024: EUR 51.0 million). The adjusted operating margin was 5.6 % (Q1 2025: 5.8 %; Q2 2024: 5.0 %). Adjusted EBITDA reached EUR 111.2 million (Q1 2025: EUR 119.3 million; Q2 2024: EUR 107.2 million). Profit for the period amounted to EUR 143.2 million due to the sale of TANN Group (Q1 2025: EUR 21.1 million; Q2 2024: EUR 26.5 million). MM Food & Premium Packaging achieved an adjusted operating margin of 9.4 % (Q1 2025: 11.0 %; Q2 2024: 10.2 %). The adjusted operating margin of MM Pharma & Healthcare Packaging improved to 6.4 % (Q1 2025: 5.4 %; Q2 2024: 4.6 %). The adjusted operating margin of the MM Board & Paper division increased to 1.8 % (Q1 2025: 1.1 %; Q2 2024: 0.4 %), mainly due to cost savings. SUSTAINABILITY DEVELOPMENT
The carbon footprint (Scope 1 and Scope 2 market-based) of the MM Group was reduced by 5 % in the 1st half-year (1st half of 2025: 480,893 tCO2e; 1st half of 2024: 505,765 tCO2e). OUTLOOK
Against the backdrop of persistently soft demand and overcapacities, we expect a continuation of the challenging market environment. Our primary objective is therefore to consistently enhance the competitiveness of the MM Group. In view of the uncertainty about a return to more favourable market conditions and the need for a lasting improvement in earnings quality, MM has launched the Group-wide “Fit-For-Future” programme. Management is confident to achieve more than EUR 150 million structural sustainable profit improvements by 2027 compared to 2024 (excl. TANN) excluding market fluctuations. As already indicated, the annual maintenance standstills at Board & Paper will result in expenses of around EUR 40 million (2024: EUR 26 million). These mainly relate to the pulp mills in Poland and Finland and will be incurred this year for around two-thirds in the 3rd quarter and around one-third in the 4th quarter. In addition, the deconsolidation of the TANN Group will be reflected in the Food & Premium Packaging division for the first time on a full quarterly basis. Measures to reduce working capital and increase cash flow will continue. In this context, it is anticipated that capital expenditure for 2025 will be below EUR 250 million, which is less than originally assumed. ----------------------------- Please find the detailed Press Release and the Half-Year Financial Report 2025 as well as the CEO video statement and the details for today’s CEO Conference Call on our website: www.mm.group. Forthcoming results:
November 4, 2025   Results for the first three quarters of 2025

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