Huhtamäki Oyj’s Results January 1–December 31, 2025: Solid performance despite adverse currency impacts
HUHTAMÄKI OYJ FINANCIAL STATEMENT RELEASE 13.2.2026 AT 8:30 EET
Huhtamäki Oyj’s Results January 1–December 31, 2025: Solid performance despite adverse currency impacts
Q4 2025 in brief
- Net sales decreased 7% to EUR 980.5 million (EUR 1,058.7 million)
- Comparable net sales growth at Group level was -2%
- Reported EBIT was EUR 89.0 million (EUR 95.0 million); adjusted EBIT was EUR 103.2 million (EUR 110.3 million) including an adverse currency impact of EUR 4.3 million
- Reported EPS was EUR 0.53 (EUR 0.61); adjusted EPS was EUR 0.65 (EUR 0.68)
- The impact of currency movements on the Group’s net sales was EUR -58.9 million and EUR -4.3 million on EBIT
Q1-Q4 2025 in brief
- Net sales decreased 4% to EUR 3,960.2 million (EUR 4,126.3 million)
- Comparable net sales growth at Group level was -1%
- Reported EBIT was EUR 320.5 million (EUR 372.3 million); adjusted EBIT was EUR 405.1 million (EUR 416.9 million) including an adverse currency impact of EUR 9.0 million
- Reported EPS was EUR 1.83 (EUR 2.14); adjusted EPS was EUR 2.48 (EUR 2.48)
- The impact of currency movements on the Group’s net sales was EUR -125.1 million and EUR -9.0 million on EBIT
- Capital expenditure was EUR 171.9 million (EUR 247.9 million)
- Free cash flow was EUR 311.2 million (EUR 215.8 million)
- The Board of Directors proposes a dividend of EUR 1.14 (1.10) per share
Key figures
| EUR million | Q4 2025 | Q4 2024 | Change | 2025 | 2024 | Change |
| Net sales | 980.5 | 1,058.7 | -7% | 3,960.2 | 4,126.3 | -4% |
| Comparable net sales growth | -2% | 3% | -1% | 0% | ||
| Adjusted EBITDA1 | 154.7 | 163.7 | -5% | 613.0 | 622.2 | -1% |
| Margin1 | 15.8% | 15.5% | 15.5% | 15.1% | ||
| EBITDA | 142.3 | 151.4 | -6% | 613.3 | 595.6 | 3% |
| Adjusted EBIT2 | 103.2 | 110.3 | -6% | 405.1 | 416.9 | -3% |
| Margin2 | 10.5% | 10.4% | 10.2% | 10.1% | ||
| EBIT | 89.0 | 95.0 | -6% | 320.5 | 372.3 | -14% |
| Adjusted EPS, EUR3 | 0.65 | 0.68 | -4% | 2.48 | 2.48 | 0% |
| EPS, EUR | 0.53 | 0.61 | -13% | 1.83 | 2.14 | -15% |
| Adjusted ROI2 | 11.8% | 12.1% | ||||
| Adjusted ROE3 | 13.6% | 13.4% | ||||
| ROI | 9.5% | 10.8% | ||||
| ROE | 10.1% | 11.6% | ||||
| Capital expenditure | 62.2 | 113.8 | -45% | 171.9 | 247.9 | -31% |
| Free Cash Flow | 174.4 | 55.6 | >100% | 311.2 | 215.8 | 44% |
| 1 Excluding IAC of | -12.4 | -12.2 | 0.4 | -26.5 | ||
| 2 Excluding IAC of | -14.2 | -15.3 | -84.5 | -44.7 | ||
| 3 Excluding IAC of | -12.6 | -7.1 | -68.0 | -35.1 |
Unless otherwise stated, all comparisons in this report are compared to the corresponding period in 2024. Figures of return on investment (ROI), return on equity (ROE) and return on net assets (RONA) as well as net debt to EBITDA presented in this report are calculated on a 12-month rolling basis.
IAC includes, but is not limited to, material restructuring costs and acquisition related costs (gains and losses on business combinations, professional and legal fees, material purchase price accounting adjustments for inventory, material purchase price amortization of intangible assets and changes in contingent considerations) as well as material impairment losses and reversals, gains and losses relating to sale of intangible and tangible assets, implementation costs concerning large projects with SaaS cloud computing technology, fines and penalties imposed by authorities and extraordinary taxes.
The figures in the tables are exact figures and consequently the sum of individual figures may deviate from the sum presented. Key figures have been calculated using exact figures.
President and CEO’s review
As I reflect on my first year as CEO, I continue to be impressed by the strength, dedication, and commitment of our teams. Together, we have taken meaningful steps to improve our safety and financial performance. In 2025, we defined and successfully implemented our new value drivers and new operating model.
Our new value drivers, Growth through all levers, Disciplined capital allocation and Accountability and speed of execution, have already supported our performance in 2025. To reach our financial ambitions, we accelerate growth using all these levers. We are strengthening our relationships with regional and local customers, where we are seeing encouraging growth opportunities and maintaining our strong relationships with the global players. In driving growth, we achieved volume growth in two of our segments, and reinstated the M&A track by acquiring Zellwin Farms in the North America segment.
Capital is prioritized and allocated in a disciplined way to the highest yielding and fastest growing segments. During the year, we utilized the investments made during the prior years, resulting in lower capital expenditure.
We implemented a new operating model during the year to remove complexity, increase speed of execution and provide clear accountability. The segments now have full responsibility for delivering their financial results. The organization has responded positively, and I am encouraged with the progress we are making on all fronts.
In Q4, despite comparable net sales decreasing by 2%, sales volumes increased in two of our segments, North America and Fiber Packaging. This combined with our ongoing cost saving actions, resulted in an adjusted EBIT margin increase to 10.5%.
Throughout the year, demand continued to be impacted by consumers’ cautiousness, geopolitical tensions and the US tariffs situation, although with significant variations between markets and businesses. Demand in the Foodservice Packaging and Flexible Packaging segments remained muted. In North America, demand varied by product category but improved overall. For Fiber Packaging, demand continued to improve, driven by the increased demand for egg and fruit packaging.
In 2025, comparable net sales decreased by 1%, while adjusted EBIT margin improved to 10.2%. The EBIT margin improvement was driven by efficiency initiatives, as we shifted towards a culture of continuous improvement and strengthened our competitive position. Adjusted EBIT was negatively impacted by EUR 9 million from unfavorable currency movements.
Our focus on capital discipline drove strong cash flow delivery, strengthening our balance sheet further. Net debt to adjusted EBITDA decreased to 1.9 and our strong balance sheet gives us optionality in creating value for our shareholders. We delivered stable adjusted EPS, and the Board of Directors proposes a dividend of 1.14 per share. If approved, this would mark the 17th consecutive year of dividend growth, highlighting the long-term success of our business.
I want to sincerely thank our employees for their tireless effort and enthusiasm, and our customers and suppliers for their trust and partnership. Together, I am sure we can improve our performance further and to deliver value to all our stakeholders.
Ralf K. Wunderlich
President and CEO
Financial review Q4 2025
Net sales by business segment
| EUR million | Q4 2025 | Q4 2024 | Change |
| Foodservice Packaging | 223.0 | 249.2 | -11% |
| North America | 362.1 | 386.5 | -6% |
| Flexible Packaging | 300.3 | 327.5 | -8% |
| Fiber Packaging | 97.2 | 98.5 | -1% |
| Elimination of internal sales | -2.0 | -3.0 | |
| Group | 980.5 | 1,058.7 | -7% |
Comparable net sales growth by business segment
| Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | |
| Foodservice Packaging | -7% | 0% | -4% | -4% | -1% |
| North America | 0% | -3% | 3% | -3% | 2% |
| Flexible Packaging | -3% | -3% | -2% | -2% | 5% |
| Fiber Packaging | 4% | 9% | 10% | 10% | 12% |
| Group | -2% | -1% | 0% | -2% | 3% |
Due to a 6% negative currency impact, the Group’s reported net sales decreased by 7% to EUR 980.5 million (EUR 1,058.7 million) during the quarter. Comparable net sales growth was -2%, as sales volumes decreased while sales prices increased. Comparable net sales increased in Fiber Packaging, remained at the previous year’s level in North America but decreased in Foodservice Packaging and Flexible Packaging. Foreign currency translation impact on the Group’s net sales was EUR -58.9 million (EUR -1.9 million) compared to 2024 exchange rates.
Adjusted EBIT by business segment
| Items affecting comparability | |||||
| EUR million | Q4 2025 | Q4 2024 | Change | Q4 2025 | Q4 2024 |
| Foodservice Packaging | 21.9 | 24.7 | -11% | -1.7 | -2.9 |
| North America | 43.7 | 52.9 | -17% | -6.9 | -1.6 |
| Flexible Packaging | 31.3 | 27.4 | 14% | -1.3 | -7.4 |
| Fiber Packaging | 15.4 | 15.0 | 3% | 0.2 | -0.5 |
| Other activities | -9.0 | -9.7 | -4.5 | -2.8 | |
| Group | 103.2 | 110.3 | -6% | -14.2 | -15.3 |
Adjusted EBIT margin by business segment
| Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | |
| Foodservice Packaging | 9.8% | 9.2% | 9.6% | 8.5% | 9.9% |
| North America | 12.1% | 10.3% | 12.2% | 11.7% | 13.7% |
| Flexible Packaging | 10.4% | 10.0% | 8.4% | 8.1% | 8.4% |
| Fiber Packaging | 15.9% | 12.6% | 11.8% | 12.8% | 15.2% |
| Group | 10.5% | 10.3% | 10.2% | 9.8% | 10.4% |
The Group’s adjusted EBIT decreased to EUR 103.2 million (EUR 110.3 million) and reported EBIT was EUR 89.0 million (EUR 95.0 million) in the quarter. Adjusted EBIT decreased, weighed on by the EUR 4.3 million negative impact from currency movements, lower sales volumes as well as increased IT investments. On the other hand, the increase in sales prices had a positive impact. Adjusted EBIT increased in Flexible Packaging and Fiber Packaging, but decreased in North America and Foodservice Packaging. The Group’s adjusted EBIT margin increased and was 10.5% (10.4%). Foreign currency translation impact on the Group’s earnings was EUR -4.3 million (EUR -0.5 million).
Adjusted EBIT excludes EUR -14.2 million (EUR -15.3 million) of items affecting comparability (IAC).
Adjusted EBIT and IAC
| EUR million | Q4 2025 | Q4 2024 |
| Adjusted EBIT | 103.2 | 110.3 |
| Acquisition related costs | -0.0 | -0.0 |
| Restructuring gains and losses, including writedowns of related assets | -3.0 | -9.6 |
| PPA amortization | -1.0 | -2.2 |
| Settlement and legal fees of disputes | -1.2 | -1.4 |
| Property damage incidents | 0.3 | -0.5 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -9.2 | -1.6 |
| EBIT | 89.0 | 95.0 |
Net financial expenses were EUR 17.3 million (EUR 19.2 million) in the quarter. Tax expense was EUR 15.1 million (EUR 11.1 million), mainly due to a country-level change in profit mix. Profit for the quarter was EUR 56.6 million (EUR 64.6 million). Adjusted earnings per share (EPS) was EUR 0.65 (EUR 0.68) and reported EPS EUR 0.53 (EUR 0.61). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -12.6 million (EUR -7.1 million) of IAC.
Adjusted profit and IAC
| EUR million | Q4 2025 | Q4 2024 |
| Adjusted profit for the period attributable to equity holders of the parent company | 68.1 | 70.8 |
| IAC in EBIT | -14.2 | -15.3 |
| IAC in Financial items | 0.0 | -0.1 |
| IAC Tax | 1.5 | 8.2 |
| IAC attributable to non-controlling interest | 0.1 | 0.0 |
| Profit for the period attributable to equity holders of the parent company | 55.4 | 63.7 |
Financial review 2025
Net sales by business segment
| EUR million | 2025 | 2024 | Change |
| Foodservice Packaging | 936.2 | 989.6 | -5% |
| North America | 1,405.3 | 1,460.1 | -4% |
| Flexible Packaging | 1,249.5 | 1,322.5 | -6% |
| Fiber Packaging | 379.7 | 363.2 | 5% |
| Elimination of internal sales | -10.5 | -9.1 | |
| Group | 3,960.2 | 4,126.3 | -4% |
Comparable net sales growth by business segment
| 2025 | 2024 | 2023 | |
| Foodservice Packaging | -4% | -5% | 2% |
| North America | 0% | 0% | 2% |
| Flexible Packaging | -2% | 1% | -9% |
| Fiber Packaging | 8% | 6% | 7% |
| Group | -1% | 0% | -2% |
Due to a 3% negative currency impact, the Group’s net sales decreased by 4% to EUR 3,960.2 million (EUR 4,126.3 million) during the reporting period. Comparable net sales growth was -1%. Despite higher sales prices, net sales were weighed on by currency movements and lower sales volumes. Comparable net sales increased in the Fiber Packaging segment, remained stable in North America, and decreased in Foodservice Packaging and Flexible Packaging. Foreign currency translation impact on the Group’s net sales was EUR -125.1 million (EUR -37.3 million) compared to 2024 exchange rates.
Adjusted EBIT by business segment
| Items affecting comparability | |||||
| EUR million | 2025 | 2024 | Change | 2025 | 2024 |
| Foodservice Packaging | 86.7 | 91.0 | -5% | -48.6 | -15.1 |
| North America | 163.1 | 203.4 | -20% | -14.3 | -7.6 |
| Flexible Packaging | 115.1 | 94.2 | 22% | -13.6 | -16.6 |
| Fiber Packaging | 50.4 | 43.5 | 16% | -0.3 | -2.2 |
| Other activities | -10.2 | -15.2 | -7.7 | -3.2 | |
| Group | 405.1 | 416.9 | -3% | -84.5 | -44.7 |
Adjusted EBIT margin by business segment
| 2025 | 2024 | 2023 | |
| Foodservice Packaging | 9.3% | 9.2% | 9.4% |
| North America | 11.6% | 13.9% | 12.9% |
| Flexible Packaging | 9.2% | 7.1% | 6.6% |
| Fiber Packaging | 13.3% | 12.0% | 11.6% |
| Group Total | 10.2% | 10.1% | 9.4% |
The Group’s adjusted EBIT decreased to EUR 405.1 million (EUR 416.9 million) and reported EBIT was EUR 320.5 million (EUR 372.3 million). Adjusted EBIT decreased by 3%, due to the negative impact from currency movements, lower sales volumes, increased labor costs and IT investments. At the same time, the company’s actions to improve profitability had a positive impact. The Group’s adjusted EBIT margin increased and was 10.2% (10.1%). Foreign currency translation impact on the Group’s earnings was EUR -9.0 million (EUR -4.1 million).
Adjusted EBIT excludes EUR -84.5 million (EUR -44.7 million) of items affecting comparability (IAC), including costs of implementing operational efficiency measures. The main item was a net impairment of EUR 39 million in Q2, inclusive of contractual compensations. This was related to a restructuring in the Foodservice Packaging segment, consolidating production.
Financial review Q4 2025
Net sales by business segment
| EUR million | Q4 2025 | Q4 2024 | Change |
| Foodservice Packaging | 223.0 | 249.2 | -11% |
| North America | 362.1 | 386.5 | -6% |
| Flexible Packaging | 300.3 | 327.5 | -8% |
| Fiber Packaging | 97.2 | 98.5 | -1% |
| Elimination of internal sales | -2.0 | -3.0 | |
| Group | 980.5 | 1,058.7 | -7% |
Adjusted EBIT and IAC
| EUR million | 2025 | 2024 |
| Adjusted EBIT | 405.1 | 416.9 |
| Acquisition related costs | -0.6 | -1.1 |
| Restructuring gains and losses, including writedowns of related assets | -58.9 | -25.1 |
| PPA amortization | -7.5 | -8.8 |
| Settlement and legal fees of disputes | -1.8 | -2.0 |
| Property damage incidents | 0.1 | -1.5 |
| Implementation costs concerning large projects with SaaS cloud computing technology | -16.0 | -6.1 |
| EBIT | 320.5 | 372.3 |
Net financial expenses were EUR 59.5 million (EUR 71.8 million), mainly due to lower interest rates. Tax expense was EUR 62.2 million (EUR 68.7 million). The effective tax rate was 24% (23%). Profit for the period was EUR 198.8 million (EUR 231.8 million). Adjusted earnings per share (EPS) were EUR 2.48 (EUR 2.48) and reported EPS EUR 1.83 (EUR 2.14). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -68.0 million (EUR -35.1 million) of IAC.
Adjusted profit and IAC
| EUR million | 2025 | 2024 |
| Adjusted profit for the period attributable to equity holders of the parent company | 259.8 | 259.2 |
| IAC in EBIT | -84.5 | -44.7 |
| IAC in Financial items | 0.8 | -0.4 |
| IAC Tax | 14.9 | 10.5 |
| IAC attributable to non-controlling interest | 0.9 | -0.5 |
| Profit for the period attributable to equity holders of the parent company | 191.8 | 224.1 |
Outlook for 2026
The Group’s trading conditions are expected to remain relatively stable during 2026. The good financial position will enable the Group to address profitable growth opportunities.
Dividend proposal
On December 31, 2025, Huhtamäki Oyj’s distributable funds were EUR 1,523 million (EUR 1,496 million). The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 1.14 (EUR 1.10) per share be paid.
Annual General Meeting 2026
Huhtamäki Oyj’s Annual General Meeting (AGM) will be held on Wednesday, April 29, 2026, at 11:00 (EEST) at Scandic Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland. The Board of Directors will summon the AGM at a later date.
Teleconference
Huhtamaki will arrange a combined audiocast and teleconference today at 9:30 EET. Huhtamaki’s CEO & President Ralf K. Wunderlich and CFO Thomas Geust will present the results. The event will be followed by a Q&A session. The event will be held in English, and it can be followed in real-time.
A link to the audiocast is available at: https://huhtamaki.events.inderes.com/q4-2025
A link to the teleconference is available at: https://events.inderes.com/huhtamaki/q4-2025/dial-in.
Registration is required for the teleconference. After the registration you will be provided with phone numbers and a conference ID to access the conference.
An on-demand replay of the audiocast will be available shortly after the end of the call at https://www.huhtamaki.com/en/investors.
Financial reporting in 2026
In 2026, Huhtamaki will publish financial information as follows:
Interim Report, January 1-March 31, 2026 April 29
Half-yearly Report, January 1-June 30, 2026 July 23
Interim Report, January 1-September 30, 2026 October 29
The Annual Report 2025 will be published on the week commencing March 2, 2026.
This is a summary of Huhtamäki Oyj’s Results January 1–December 31, 2025. The complete report is attached to this release and is also available at the company website at www.huhtamaki.com.
For further information, please contact:
Kristian Tammela, Vice President, Investor Relations, tel. +358 10 686 7058
HUHTAMÄKI OYJ
Corporate Communications
About Huhtamaki
Huhtamaki is a leading global provider of sustainable packaging solutions for consumers around the world. Our innovative products protect on-the-go and on-the-shelf food and beverages, and personal care products, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do.
Huhtamaki has over 100 years of history and a strong Nordic heritage. Our around 17 400 professionals are operating in 35 countries and 106 locations around the world. Our values are Care, Dare, Deliver. In 2025 Huhtamaki’s net sales totaled EUR 4.0 billion. Huhtamäki Oyj is listed on the Nasdaq Helsinki and the head office is in Espoo, Finland. Find out more at www.huhtamaki.com.
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