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MM Group MM Group – April (incl. Q1 Results)
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MM Group 1
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3 Market leader in resilient fiber-based consumer packaging Drive efficiency and innovation to increase market share in sustainable folding cartons and papers Combine organic growth and acquisitions Adhere to a solid financial policy Long-term orientated core shareholder and management Diversified market and product portfolio Investment Story 3 Market leader in resilient fiber-based consumer packaging Drive efficiency and innovation to increase market share in sustainable folding cartons and papers Combine organic growth and acquisitions Diversified market and product portfolio MM Group Investor presentation April 2025 (incl. Q1 Results)
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4 EUR 4.1 BILLION SALES MM Group in facts and figures MM Group Investor presentation April 2025 (incl. Q1 Results) We are a leading global producer of folding cartons and cartonboard with an attractive offer in kraft and uncoated fine papers, operating in three divisions (1) Food, Home Care, Personal Care, Beauty, Cigarettes, Luxury, E-commerce and Electronics Pharma & Healthcare Packaging 15% Board & Paper 25% 443 adj EBITDA (in millions of EUR) 6.2 ROCE (in %)Food & Premium Packaging (1) 41% Board & Paper 44% 3.1 million tonnes cartonboard, paper and pulp produced 4.0 billion volume of packaging produced in m2 14,526 employees worldwide 69 locations 58 % of shares core shareholder families (syndicate) % ADJ. EBITDA% SALES Pharma & Healthcare Packaging 15% Food & Premium Packaging(1) 60% Values LTM CDP Leadership Ratings for Climate. Forests and Water Security SD0 SD1 SD2
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Folie 4 SD0 LTM Divalic-Mehanovic Sanita; 2025-04-27T20:29:07.421 SD1 LTM Divalic-Mehanovic Sanita; 2025-04-27T20:29:12.613 SD2 LTM (ohnehin Durchschnitt der letzten 12 Monate) Divalic-Mehanovic Sanita; 2025-04-27T20:29:57.080
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5 buy 0.7 million tonnes of cartonboard, thereof more than one third internally (1) Operating as independent divisions MM Group Investor presentation April 2025 (incl. Q1 Results) (1) excl paper, tipping paper, leaflet, liner Values 2024 MM Board & Paper MM Food & Premium Packaging and MM Pharma & Healhcare Packagingproduces 1.8 million tonnes of cartonboard 15% 39% sold to MM Food & Premium Packaging & MM Pharma Packaging (at arm’s length) MM Board & Paper sells 85 % of cartonboard to external customers
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6 International footprint close to our customers MM Group Investor presentation April 2025 (incl. Q1 Results) 6cartonboard and paper mills 1 mechanical pulp (CTMP/BCTMP) plant 37 food & premium packaging plants 25 pharma & healthcare packaging plants ~ 4.000 customers in more than 130 countries Sales by regions Europe 78 % MM Food & Premium Packaging MM Board & PaperMM Pharma & Healthcare Packaging Rest of World 12 % Americas 10 %
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Business Structure 2
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8 Business Structure MM Group Investor presentation April 2025 (incl. Q1 Results) 1) Food & Specialities, Beauty & Personal Care, Cigarette, Values 2024 ~ 1,763,000 tonnes 265,000 tonnes Board & Paper ~ 885,000 tonnes ~ 1,091,000 tonnes Food & Premium Packaging (1) 400,000 tonnes 3,103 million m2 918 million m2 Recycled fibres ~ 985,000 tonnes Virgin fibres Cartonboard production ~ 497,000 tonnes Paper production Internal cartonboard sales to MM Food & Premium Packaging + MM Pharma & Healthcare Packaging Volume of packaging produced Volume of packaging produced External purchase of virgin and recycled fibre-based cartonboard Pulp production Pharma & Healthcare Packaging
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9 Long-term partnerships MM Group Investor presentation April 2025 (incl. Q1 Results) with industry leading companies as well as numerous other consumer good companies
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Fit for the Future 3
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11 MM - Fit for the Future Most important goals and challenges 2025 and beyond Focus on cash generation - enhancing earnings Targeted price increases, securing and expanding volumes (quality, service, sustainability) Continuation of profit & cash protection program; previous measures particularly evident in 2025 - further cost reduction and productivity enhancement measures throughout the Group Investment in increasing the share of sustainable, renewable energy Focus on market leadership in core competences (folding cartons and cartonboard) Cost, technology & innovation leader driven by a strong asset and employee base Continuous structural optimisation Special growth focus on Pharma & Healthcare division (organic / medium-term acquisitive) Strengthening MM as an attractive employer junior staff, talent management and succession planning ! We expect headwinds also in 2025 MM Group Investor presentation April 2025 (incl. Q1 Results)
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Development Q1/2025 4
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13 Q1/2025 MM Group Highlights • Significant earnings increase compared with previous year’s 1st quarter • Demand remains soft • MM focuses on cost, technology and innovation leadership MM Group Investor presentation April 2025 (incl. Q1 Results)
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14 MM Group Q1/2025 Results MM Group Investor presentation April 2025 (incl. Q1 Results) +/-Q1/2024Q1/2025(consolidated in mEUR, IFRS) + 1.7 %1,025.01,042.6Sales + 26.2 %94.5119.3Adjusted EBITDA + 222 bp9.2 %11.4 %Adjusted EBITDA margin(%) + 53.7 %39.661.0Adjusted operating profit + 198 bp3.9 %5.8 %Adjusted operating margin (%) + 39.9 %39.655.5Operating profit + 79 bp5.4 %6.2 %Return on capital employed1) (%) + 76.4 %18.031.8Profit before tax (7.1)(10.7)Income tax expense + 94.1 %10.921.1Profit for the year 1.1 %2.0 %Net profit margin (%) + 99.8 %0.521.04Earnings per share (in EUR) - 344.1 %52.5(128.2)Cash flow from operating activities n.m.(38.5)(183.5)Free cash flow 14,71014,526Employees - 40.0 %92.855.7Capital expenditures + 6.3 %54.958.3Depreciation and amortisation2) 1) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group 2) incl impairment on property, plant and equipment and intangible assets
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15 1.025 1.019 1.025 1.011 1.043 0 250 500 750 1.000 1.250 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Sales 40 51 36 64 61 0% 2% 4% 6% 8% 10% 12% 14% 0 10 20 30 40 50 60 70 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Adj. operating profit Adj. op. profit Adj. op. margin Adj. EBITDA margin MM Group Quarterly Overview 53 148 -33 349 -128-93 -53 -46 -30 -56 -200 -100 0 100 200 300 400 500 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Cash flow Cash flow from op. activities CAPEX Free cash flow in mEUR in mEUR in mEUR • Q1 Adj. operating profit above previous year due to MM Board & Paper and MM Food & Premium Packaging • Q1 Cash flow from operating activities and free cash flow down due to working capital MM Group Investor presentation April 2025 (incl. Q1 Results) • Q1 sales increased slightly
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16 MM Consolidated Balance Sheet MM Group Investor presentation April 2025 (incl. Q1 Results) Dec. 31, 2024March 31, 2025(consolidated in mEUR, IFRS) 3,013.23,037.2Non-current assets 1,849.91,705.5Current assets 4,863.14,742.7Total assets 2,128.72,135.2Equity 2,734.42,607.5Liabilities 4,863.14,742.7Total equity and liabilities 552.41)284.01)Total funds available to the Group 43.8 %45.0 %Equity ratio (in %) 1,078.71,359.8Net debt2) 2.6 3.1Net debt2)/Adjusted EBITDA3) 51.0 %64.0 %Net debt2)/Equity (in %) 3,376.93,407.8Capital employed4) 1) Balance sheet value of EUR 265.1 million (December 31, 2024: EU R 520.9 million) after reclassification of the TANN Group's cash to “assets held for sale” 2) incl. cash and financial liabilities of TANN Group 3) The calculation is based on the adjusted EBITDA of the last twelve months. 4) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group
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17 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 500 1.000 1.500 2.000 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Net debt Net debt Net debt/Equity 30% 35% 40% 45% 50% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Equity ratio Equity ratio Solid Group balance sheet MM Group Investor presentation April 2025 (incl. Q1 Results)
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18 MM Group Corporate Carbon Footprint • Scope 1 and 2 emissions reduced by 35 % from 1.47 mn t CO2e in 2023 to 0.96 mn t CO2e in 2024 • 54 % reduction vs. SBTi base year 2019 • Key measures include: • Switch to renewable/low carbon electricity • Energy efficiency and modernization • Replacement of fossil fuels by renewable energy sources (e.g. biogas) 0,85 0,88 0,62 0,08 2023 2024 Scope 1 Scope 2 (market-based) -35 % In mn t CO2e MM Group Investor presentation April 2025 (incl. Q1 Results) Values 2024
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19 MM Group environmental targets Climate Change • Reduce absolute scope 1 and 2 greenhouse gas (GHG) emissions by 50.4 % by 2031* and 100% by 2050 vs. 2019 • Reduce scope 3 GHG emissions by 58.1 % per € value added by 2031* and 90 % by 2050 vs. 2019 • Increase annual sourcing of renewable and/or low carbon electricity to 100 % by 2031 • Committed to Net Zero by 2050 • Engage with 80 % of key suppliers with the aim of reducing Scope 3 emissions by 2026 Resource use • Purchase all wood from certified or controlled responsible sources** • Purchase all wood-based materials from verified responsible suppliers by 2030 • Reduce waste to landfill to <10kt by 2030 and zero waste to landfill by 2050 Water** • Improve water efficiency by 35 % by 2030 vs. 2019 • Acquire third-party certification for water management at all Board & Paper mills by 2030 *Targets approved by the “Science Based Target initiative” **Targets apply exclusively to the division MM Board & Paper MM Group Investor presentation April 2025 (incl. Q1 Results) Values 2024
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MM Food & Premium Packaging1) Leading in Consumer Packaging 1) Food & Specialities, Beauty & Personal Care, Cigarettes
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21 Leading global producer of folding cartons MM Group Investor presentation April 2025 (incl. Q1 Results) We continuously work towards enhancing and innovating our range of fibre-based products, aiming to surpass our customers' expectations by providing sustainable packaging solutions for their products. #1 37 Producer of folding cartons in Europe production sites worldwide 3.1 billion 6,823 of packaging produced in m² employees worldwide 42 % of Group sales as of Mar. 31, 2025
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22 MM Food & Premium Packaging Q1/2025 Results MM Group Investor presentation April 2025 (incl. Q1 Results) +/-Q1/2024Q1/2025(consolidated in mEUR, IFRS) -1 . 7 %428.9421.5Sales1) + 9.3 %60.165.9Adjusted EBITDA + 13.0 %40.846.3Adjusted operating profit + 144 bp9.5 %11.0 %Adjusted operating margin (%) + 13.0 %40.846.3Operating profit -7 . 7 %1,243.01,147.5Capital employed2) -9 8 b p17.1 %16.1 %Return on capital employed 2) (%) n.m.47.3(31.2)Cash flow from operating activities n.m.25.8(48.4)Free cash flow -1 . 4 %787775Produced volume (in millions of m2) 6,8763)6,823Employees 23.117.4Capital expenditures 19.319.5Depreciation and amortisation 1) incl. interdivisional sales 2) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group 3) as of December 31, 2024
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23 MM Food & Premium Packaging Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) 429 407 432 435 422 0 200 400 600 800 0 100 200 300 400 500 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Sales/Produced volume Sales Produced volume 41 42 48 49 46 0% 5% 10% 15% 20% 0 20 40 60 80 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Adj. operating profit Adj. op. Profit Adj. op. Margin Adj. EBITDA margin in mEUR in millions of m 2 in mEUR • Solid performance despite strong competition • Good adj. operating margin of roughly 11 % in Q1 • A large number of projects implemented to optimise cost efficiency and increase productivity
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MM Pharma & Healthcare Packaging Leading in Consumer Packaging
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25 Leading producer of secondary pharma packaging MM Group Investor presentation April 2025 (incl. Q1 Results) MM Pharma & Healthcare Packaging is a market leader in Europe and US with strong position in GLP-1 analoga Our offering from a global production network includes folding cartons, leaflets and labels. #1 25 producer of secondary pharma packaging in Europe and the US production sites worldwide 0.9 billion 3,530 of packaging produced in m² employees worldwide 15 % of Group sales as of Mar. 31, 2025
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26 MM Pharma & Healthcare Packaging Q1/2025 Results MM Group Investor presentation April 2025 (incl. Q1 Results) +/-Q1/2024Q1/2025(consolidated in mEUR, IFRS) -0 . 9 %164.8163.4Sales1) -6 . 7 %21.019.6Adjusted EBITDA - 27.1 %12.18.8Adjusted operating profit -1 9 3 b p7.3 %5.4 %Adjusted operating margin (%) -7 2 . 7 %12.13.3Operating profit + 6.4 %408.9435.1Capital employed2) - 339 bp9.5 %6.1 %Return on capital employed 2) (%) n.m.19.8(7.8)Cash flow from operating activities + 301.0 %(5.0)(20.1)Free cash flow -4 . 8 %245234Produced volume (in millions of m2) 3.5493)3,530Employees 24.912.4Capital expenditures 9.010.8Depreciation and amortisation 1) incl. interdivisional sales 2) The calculation is based on the last twelve months. 3) as of December 31, 2025
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27 MM Pharma & Healthcare Packaging Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) 165 157 149 146 163 0 100 200 300 0 50 100 150 200 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Sales/Produced volume Sales Produced volume 12 7 8 3 9 0% 5% 10% 15% 20% 0 5 10 15 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Adj. operating profit Adj. op. profit Adj. op. margin Adj. EBITDA margin in mEUR in millions of m2 in mEUR • Demand at previous year‘s level • Demand-related decline counteracted by strong price discipline and productivity gains
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MM Board & Paper Leading in Consumer Packaging
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29 Europe's largest cartonboard producer MM Group Investor presentation April 2025 (incl. Q1 Results) We produce virgin fibre cartonboard, recycled cartonboard, packaging papers, saturating kraft, liner, barrier cartonboard, uncoated fine paper and pulp. 6 1 10 cartonboard mills in 5 countries mechanical pulp mill board & paper machines 3.1 million ≈110 4,174 tonnes cartonboard, paper and pulp produced export countries employees as of Mar. 31, 2025
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30 MM Board & Paper Q1/2025 Results MM Group Investor presentation April 2025 (incl. Q1 Results) +/-Q1/2024Q1/2025(consolidated in mEUR, IFRS) + 5.5 %483.5510.0Sales1) + 153.2 %13.433.8Adjusted EBITDA n.m.(13.3)5.9Adjusted operating profit + 389 bp-2.7 %1.1 %Adjusted operating margin (%) n.m.(13.3)5.9Operating profit -2 . 0 %1,863.11,825.2Capital employed2) + 326 bp-3.3 %0.0 %Return on capital employed 2) (%) + 510.3 %(14.6)(89.2)Cash Flow aus der Geschäftstätigkeit + 94.2 %(59.3)(115.0)Free cash flow + 2.2 %795813Tonnage produced (in thous of tonnes) + 1.6 %450457Cartonboard3) + 3.4 %126130Paper + 2.8 %219226Pulp4) + 22.3 %3240Market pulp -0 . 6 %187186Internal pulp 4.2855)4,174Employees 44.825.9Capital expenditures 26.628.0Depreciation and amortisation 1) incl. interdivisional sales 2) The calculation is based on the last twelve months. 3) incl. Coated liner 4) Chemical pulp and CTMP 5) as of December 31, 2025
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31 MM Board & Paper Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) 484 503 491 477 510 0 200 400 600 800 0 100 200 300 400 500 600 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Sales/Tonnage produced Sales Tonnage produced -13 2 -20 12 6 -10% -5% 0% 5% 10% -30 -20 -10 0 10 20 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Adj. operating profit Adj. op. Profit Adj. op. Margin Adj. EBITDA margin in mEUR in thous of tonnes in mEUR • Stable or slightly better market demand • Average sales prices rose slightly • Sustainable cost savings at all locations are being implemented
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Outlook 5
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33 Outlook • Market conditions to remain difficult due to weak demand situation and high uncertainty • Top priority is to consistently strengthen the MM Group's competitiveness by pursuing cost, technology and innovation leadership • Comprehensive efficiency improvement programs and optimisation measures are well on track and provide MM with stability and support even in a challenging environment • Sale of TANN Group still expected to be completed in the 1st half of 2025 MM Group Investor presentation April 2025 (incl. Q1 Results)
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Appendix 6
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35 MM Group Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) Q1/2025Q4/2024Q3/2024Q2/2024Q1/2024(consolidated in mEUR, IFRS) 1,042.61,010.81,024.91,018.91,025.0Sales 119.3122.894.0107.294.5Adjusted EBITDA 11.4 %12.2 %9.2 %10.5 %9.2 %Adjusted EBITDA margin (%) 61.063.735.751.039.6Adjusted operating profit 5.8 %6.3 %3.5 %5.0 %3.9 %Adjusted operating margin (%) 55.563.735.751.039.6Operating profit 3,407.83,376.93,410.63,455.23,515.0Capital Employed1) 6.2 %5.6 %4.8 %5.6 %5.4 %Return on capital employed 1) (%) 31.843.419.733.218.0Profit before tax (10.7)14.8(4.8)(6.7)(7.1)Income tax expense 21.158.214.926.510.9Profit for the period 2.0 %5.8 %1.5 %2.6 %1.1 %Net profit margin (%) 1.042.870.721.300.52Earnings per share (in EUR) (128.2)348.7(33.0)148.152.5Cash flow from operating activities (183.5)321.0(78.2)97.9(38.5)Free cash flow 55.729.645.852.792.8Capital expenditures 1) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group
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36 MM Food & Premium Packaging Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) Q1/2025Q4/2024Q3/2024Q2/2024Q1/2024(consolidated in mEUR, IFRS) 421.5434.9431.6407.0428.9Sales1) 65.968.768.261.360.1Adjusted EBITDA 46.348.848.241.640.8Adjusted operating profit 11.0 %11.2 %11.2 %10.2 %9.5 %Adjusted operating margin (%) 46.348.848.241.640.8Operating profit 1,147.51,152.21,180.51,210.11,243.0Capital employed2) 16.1 %15.6 %15.7 %16.9 %17.1 %Return on capital employed 2) (%) (31.2)173.428.671.947.3 Cash flow from operating activities (48.4)164.016.258.925.8Free cash flow 17.410.810.613.823.1Capital expenditures 775762813741787Produced volume (in millions of m2) 1) incl interdivisional sales 2) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group
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37 MM Pharma & Healthcare Packaging Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) Q1/2025Q4/2024Q3/2024Q2/2024Q1/2024(consolidated in mEUR, IFRS) 163.4145.5148.6156.8164.8Sales1) 19.614.018.316.621.0Adjusted EBITDA 8.83.07.57.212.1Adjusted operating profit 5.4 %2.2%5.0 %4.6 %7.3 %Adjusted operating margin (%) 3.33.07.57.212.1Operating profit 435.1423.4414.3409.3408.9Capital employed2) 6.1 %7.0 %8.5 %9.2 %9.5 %Return on capital employed 2) (%) (7.8)39.1(2.0)15.019.8Cash flow from operating activities (20.1)31.9(13.4)6.2(5.0)Free cash flow 12.48.812.110.024.9Capital expenditures 234208232233245Produced volume (in millions of m2) 1) incl interdivisional sales 2) The calculation is based on the last twelve months.
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38 MM Board & Paper Quarterly Overview MM Group Investor presentation April 2025 (incl. Q1 Results) Q1/2025Q4/2024Q3/2024Q2/2024Q1/2024(consolidated in mEUR, IFRS) 510.0477.0491.1502.7483.5Sales1) 33.840.17.529.313.4Adjusted EBITDA 5.911.9(20.0)2.2(13.3)Adjusted operating profit 1.1 %2.5 %-4.1 %0.4 %-2.7 %Adjusted operating margin (%) 5.911.9(20.0)2.2(13.3)Operating profit 1,825.21,801.31,815.81,835.81,863.1Capital employed2) 0.0 %-1.1 %-3.0 %-2.7 %-3.3 %Return on capital employed 2) (%) (89.2)136.2(59.6)61.2(14.6)Cash flow from operating activities (115.0)125.1(81.0)32.8(59.3)Free cash flow 25.910.023.128.944.8Capital expenditures 813791747812795Tonnage produced (in thous of tonnes) 457417431465450Cartonboard3) 130134118119126Paper 226240198228219Pulp4) 4035193332Market pulp 186205179195187Internal pulp 1) incl. interdivisional sales 2) The calculation is based on the last twelve months. 3) incl. Coated liner 4) Chemical pupl and CTMP
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39 Contact MM Group Brahmsplatz 6 1040 Wien / Austria Tel: +43 (0)1 501 36 – 0 investor.relations@mm.group www.mm.group
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40 Disclaimer Mayr-Melnhof Karton Aktiengesellschaft and its Group companies (hereinafter collectively or individually “MM”) expressly disclaim any warranty or liability as to accuracy or completeness of the information provided in this presentation. This presentation contains forward-looking statements, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MM or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Subject to any obligations under applicable law or pursuant to any regulatory body, MM disclaims any obligation or undertaking to update or revise any of the forward looking statements in this presentation, whether as a result of new information, a change in MM´s expectations, or any events or circumstances that arise after the date of making any forward-looking statements. MM Group Investor presentation April 2025 (incl. Q1 Results)