Mayr-Melnhof Karton AG / AT0000938204

Successful ramp-up of the Group-wide “Fit-For-Future” (FFF) programme towards sustainable earnings improvement Adjusted operating profit up by 20 % (pro forma excl. TANN up by 32 %) Ongoing difficult conditions due to soft consumer demand and market overcapacity Group Key indicators - IFRS

Consolidated, in millions of EUR	Q1-3/2025	Q1-3/2024	+/-
Sales	2,979.5	3,068.8	-2.9 %
Adjusted EBITDA	320.3	295.7	+8.3 %
Adjusted operating profit	151.9	126.3	+20.3 %
Adjusted operating margin (in %)	5.1 %	4.1 %	+99 bp
Profit before tax	202.9	70.9	+186.2 %
Profit for the period	166.5	52.3	+218.5 %
Earnings per share (in EUR)	8.41	2.54	+231.2 %
Cash flow from operating activities	(20.7)	167.6	n.m.
Free cash flow	(177.5)	(18.8)	n.m.

Peter Oswald, MM CEO, comments: “The MM Group recorded a significant earnings increase in the first three quarters compared to the previous year. However, ongoing soft consumer demand and overcapacity in the European industry still mark the challenging market environment. In the packaging sector, the Food & Premium Packaging and Pharma & Healthcare Packaging divisions maintained a good or slightly improved adjusted operating margin. In contrast, the Board & Paper division achieved a significant earnings improvement, primarily driven by cost savings, even though the profit level remains unsatisfactory. As already indicated, the 3rd quarter in the Food & Premium Packaging division was particularly affected by the discontinuation of the earnings contribution from the TANN Group, which was sold at the beginning of June, and the planned maintenance standstills at Board & Paper. On the other hand, Pharma & Healthcare Packaging grew slightly. The Group’s profit for the first three quarters rose significantly as a result of the one-off gain from the TANN divestment amounting to around EUR 127 million (preliminary).“ “In light of the continued absence of any improvement in market conditions and the imperative for a sustainable earnings enhancement, MM is focusing on the Group-wide “Fit-For-Future” (FFF) programme aimed at delivering structural and lasting improvements in profitability. The programme has been successfully ramped up – progress and earning effects will be reported alongside the 2025 annual results in mid-March 2026. “, underlines Oswald. INCOME STATEMENT
The Group's consolidated sales totalled EUR 2,979.5 million, slightly below the comparable figure for the previous year (Q1-3 2024: EUR 3,068.8 million). Adjusted operating profit was up by 20.3 % or EUR 25.6 million, from EUR 126.3 million to EUR 151.9 million (pro forma excl. TANN up by 32.4 %). This increase was mainly attributable to the Board & Paper division. The Group's adjusted operating margin rose to 5.1 % (Q1-3 2024: 4.1 %). One-off effects of EUR 122.8 million (incl. transaction costs) from the sale of the TANN Group related to the Food & Premium Packaging division. In the Pharma & Healthcare Packaging division, one-off expenses of EUR 16.9 million were recorded in connection with the restructuring measures in the South-West Europe region. Financial income decreased to EUR 11.8 million (Q1-3 2024: EUR 20.7 million), mainly due to lower total cash. The decline in financial expenses from EUR -63.3 million to EUR -41.7 million resulted in particular from a lower interest level for variable-interest financing and higher repayments. “Other financial result - net” changed from EUR -12.8 million to EUR -25.0 million, primarily due to currency translations. Profit before tax rose to EUR 202.9 million after EUR 70.9 million in the previous year, with this increase primarily reflecting the TANN divestment. Income tax expense amounted to EUR 36.4 million (Q1-3 2024: EUR 18.6 million), resulting in an effective Group tax rate of 17.9 % (Q1-3 2024: 26.3 %). The profit for the period increased accordingly from EUR 52.3 million to EUR 166.5 million. DEVELOPMENT IN THE 3RD QUARTER
Consolidated sales declined to EUR 949.5 million, primarily driven by the sale of the TANN Group (Q3 2024: EUR 1,024.9 million; Q2 2025: EUR 987.4 million). The Food & Premium Packaging division recorded a noticeable decline in earnings related to this divestment, while Pharma & Healthcare Packaging improved significantly year-on-year. As in the previous year, profits at Board & Paper were impacted by the planned annual maintenance standstills, which particularly affected the virgin fibre mills in Poland and Finland. The Group's adjusted operating profit totalled EUR 35.2 million after EUR 35.7 million in the previous year (Q2 2025: EUR 55.7 million), the adjusted operating margin stood at 3.7 % (Q3 2024: 3.5 %; Q2 2025: 5.6 %). Adjusted EBITDA amounted to EUR 89.8 million (Q3 2024: EUR 94.0 million; Q2 2025: EUR 111.2 million), profit for the period to EUR 2.2 million (Q3 2024: EUR 14.9 million; Q2 2025: EUR 143.2 million). MM Food & Premium Packaging achieved an adjusted operating margin of 9.6 % (Q3 2024: 11.2 %; Q2 2025: 9.4 %). The adjusted operating margin of MM Pharma & Healthcare Packaging improved to 6.9 % (Q3 2024: 5.0 %; Q2 2025: 6.4 %). As in the prior year, MM Board & Paper recorded a negative adjusted operating margin of -2.3 % (Q3 2024: -4.1 %; Q2 2025: 1.8 %), mainly attributable to maintenance. OUTLOOK
As there are currently no indications of an easing in market conditions due to persistently soft demand and ongoing overcapacity, we are focused on enhancing MM's competitiveness and implementing measures to achieve a sustainable improvement in earnings performance. Central to this is the Group-wide “Fit-For-Future” programme, which has been successfully ramped up. Progress and the earnings effect will be reported alongside the 2025 annual results in mid-March 2026. The annual maintenance standstills at Board & Paper, with expenses of around EUR 40 million (2024: EUR 26 million), will account for around one-third in the current 4th quarter, after approximately two-thirds were already recorded in the 3rd quarter. ----------------------------- Please find the detailed Press Release and the Report for the first three quarters of 2025 as well as the CEO Audio-Q&A-Podcast on our website: www.mm.group. Forthcoming results:
March 17, 2026   Financial Results for 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