Interim report
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STRONGER • Significant earnings increase compared with previous year’s 1st quarter • Demand remains soft • MM focuses on cost, technology and innovation leadership Report for the 1st quarter of 2025 Mayr-Melnhof Karton AG Q1 25
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MM Group 2 Mayr-Melnhof Karton AG, Q1/2025 Group Key Indicators 1st Quarter (consolidated, in millions of EUR) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 +/- Consolidated sales 1,042.6 1,025.0 + 1.7 % Adjusted EBITDA 119.3 94.5 + 26.2 % Adjusted EBITDA margin (%) 11.4 % 9.2 % + 222 bp Adjusted operating profit 61.0 39.6 + 53.7 % Adjusted operating margin (%) 5.8 % 3.9 % + 198 bp Operating profit 55.5 39.6 + 39.9 % Return on capital employed1) (%) 6.2 % 5.4 % + 79 bp Profit before tax 31.8 18.0 + 76.4 % Income tax expense (10.7) (7.1) Profit for the period 21.1 10.9 + 94.1 % Net profit margin (%) 2.0 % 1.1 % Earnings per share (in EUR) 1.04 0.52 + 99.8 % Cash flow from operating activities (128.2) 52.5 n.m. Free cash flow (183.5) (38.5) n.m. Capital expenditures 55.7 92.8 - 40.0 % Depreciation and amortisation2) 58.3 54.9 + 6.3 % 1) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group 2) incl. impairment of property, plant and equipment and intangible assets Balance sheet date Mar. 31, 2025 Dec. 31, 2024 Total equity (in millions of EUR) 2,135.2 2,128.7 Total assets (in millions of EUR) 4,742.7 4,863.1 Equity ratio (%) 45.0 % 43.8 % Net debt1) (in millions of EUR) 1,359.8 1,078.7 Net debt1)/adjusted EBITDA2) 3.1 2.6 Net debt1)/equity (%) 64 % 51 % Capital employed3) (in millions of EUR) 3,407.8 3,376.9 Employees4) 14,526 14,710 1) incl. cash and financial liabilities of TANN Group 2) The calculation is based on the adjusted EBITDA of the last twelve months. 3) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN G roup 4) excl. temporary workers
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MM Group Mayr-Melnhof Karton AG, Q1/2025 3 Group Report Dear Shareholders, Your Company recorded a significant increase in earnings in the 1 st quarter of 2025 compared with the 1st quarter of the previous year. The market situation and volume development were selectively slightly better than in the 4th quarter, but without any noticeable upturn and with persistent margin pressure. MM Food & Premium Packaging achieved a consistently strong performance due to productivity increases and cost reductions. MM Pharma & Healthcare Packaging recorded market demand at the previous year's level during the 1st quarter, though earnings came in lower. MM Board & Paper improved its earnings significantly compared with the weak prior-year figure. While capacity utilisation remained steady, the price level presented a heterogeneous picture. In view of the continuing weak overall economic situation, we will further strengthen our competitiveness by reducing costs while increasing quality, sustainability and innovative strength. Income Statement At EUR 1,042.6 million, the Group’s consolidated sales were slightly above the previous year's figure (Q1 2024: EUR 1,025.0 million). Adjusted operating profit rose by EUR 21.4 million fr om EUR 39.6 million to EUR 61.0 million. This increase resulted from the divisions MM Board & Paper and MM Food & Premium Packaging. The Group’s adjusted operating margin was 5.8 % (Q1 2024: 3.9 %). Financial income amounted to EUR 3.4 million (Q1 2024: EUR 6.6 million). The decline in financial expenses from EUR -21.4 million to EUR -15.9 million resulted in particular from a lower interest level for variable-inter- est financing. “Other financial result - net” changed from EUR -6.8 million to EUR -11.2 million, mainly owing to currency translations. Profit before tax reached EUR 31.8 million after EUR 18.0 million in the previous year. Income tax expense amounted to EUR 10.7 million (Q1 2024: EUR 7.1 million), resulting in an effective Group tax rate of 33.6 % (Q1 2024: 39.6 %). Profit for the period increased accordingly from EUR 10.9 million to EUR 21.1 million and earnings per share from EUR 0.52 to EUR 1.04.
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MM Group 4 Mayr-Melnhof Karton AG, Q1/2025 Assets, Capital, and Liquid Funds The Group’s total assets amounted to EUR 4,742.7 million as of March 31, 2025, which is EUR 120.4 million lower than the comparable value as of December 31, 2024 (EUR 4,863.1 million). The Group’s total equity rose from EUR 2,128.7 million to EUR 2,135.2 million, with the mainly profit-related increase being offset by the repurchase of treasury shares. At 45.0 % (December 31, 2024: 43.8 %), the equity ratio remained almost unchanged. Financial liabilities, primarily of a long-term character, increased slightly to EUR 1,643.8 million 1) after EUR 1,631.1 million1) at the end of the previous year. With total cash of EUR 284.0 million2) (December 31, 2024: EUR 552.4 million2)), net debt of the Group was up at EUR 1,359.8 million (December 31, 2024: EUR 1,078.7 million). This is mainly due to an increase in working capital, higher lease liabilities and the share repurchase. Non-current assets changed mostly investment-related from EUR 3,013.2 million to EUR 3,037.2 million. Cur- rent assets of EUR 1,705.5 million were below the value at the end of 2024 (EUR 1,849.9 million), in particular due to lower total cash. Cash Flow Development Cash flow from operating activities changed from EUR 52.5 million to EUR -128.2 million in the 1st quarter. This decline was mainly due to an increase in working capital. Cash flow from investing activities shifted from EUR -8 5.1 million to EUR -47.2 million, mainly as a result of lower payments for the acquisition of property, plant and equipment and intangible assets. Capital ex- penditures focused in particular on technological upgrades in all divisions. Free cash flow was at EUR -183.5 million, compared with EUR -38.5 million in the previous year's period. Cash flow from financing activities changed from EUR -89.2 million to EUR -81.1 million. This development primarily results from lower redemptions and interest payments, which were contrasted by payments for the repurchase of treasury shares. Share repurchase program As of March 31, 2025, the MM Group has repurchased 350,391 of its own shares at a value of EUR 24,528,621.20. The transactions are published on our website at www.mm.group/investors/share/. . 1) Balance sheet value of EUR 1,642.4 million (December 31, 2024: EUR 1,628.7 million) after reclassification of the TANN Group's financial liabil- ities to liabilities from “assets held for sale” 2) Balance sheet value of EUR 265.1 million (December 31, 2024: EU R 520.9 million) after reclassification of the TANN Group's cas h to “assets held for sale”
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MM Group Mayr-Melnhof Karton AG, Q1/2025 5 Outlook Against the backdrop of the weak demand situation and high uncertainty, we expect market conditions to remain difficult in the near term. Our top priority is therefore to consistently strengthen the MM Group's competitiveness by pursuing cost, technology and innovation leadership. Our comprehensive efficiency improvement programs and optimisation measures are well on track and provide MM with stability and support even in a challenging environment. We still expect the sale of TANN Group to be completed in the 1st half of 2025.
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Divisions 6 Mayr-Melnhof Karton AG, Q1/2025 Divisions MM Food & Premium Packaging Market demand for folding cartons has continued to show no signs of recovery in the first months of 2025. Due to the weak capacity utilisation of many competitors and cost pressure from customers, we are facing ongoing considerable margin pressure. In order to secure and improve the division's profitability in this challenging situation, we implemented a large number of projects to optimise cost efficiency and increase productivity. We are consistently pursuing organic growth in the market through the systematic acquisition of new busi- ness, particularly in the area of plastic substitution, as well as through strict cost management. Sales at EUR 421.5 million were slightly below the previous year's figure (Q1 2024: EUR 428.9 million). Adjusted operating profit increased from EUR 40.8 million to EUR 46.3 million, resulting in a good adjusted operating margin of 11.0 % (Q1 2024: 9.5 %). Cash flow from operating activities changed to EUR -31.2 million (Q1 2024: EUR 47.3 million), mainly due to an increase in working capital. At 775 million m2 volume produced came in 1.4 % below the previous year’s figure (Q1 2024: 787 million m2). A major fire in Poland impacted volume development. Divisional indicators MM Food & Premium Packaging (in millions of EUR) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 +/- Sales1) 421.5 428.9 - 1.7 % Adjusted EBITDA 65.9 60.1 + 9.3 % Adjusted operating profit 46.3 40.8 + 13.0 % Adjusted operating margin (%) 11.0 % 9.5 % + 144 bp Operating profit 46.3 40.8 + 13.0 % Capital employed2) 1,147.5 1,243.0 - 7.7 % Return on capital employed2) (%) 16.1 % 17.1 % - 98 bp Cash flow from operating activities (31.2) 47.3 n.m. Free cash flow (48.4) 25.8 n.m. Capital expenditures 17.4 23.1 - 24.7 % Produced volume (in millions of m2) 775 787 - 1.4 % 1) including interdivisional sales 2) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Gr oup
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Divisions Mayr-Melnhof Karton AG, Q1/2025 7 MM Pharma & Healthcare Packaging Market demand remains at the previous year's level. Overall, the division was able to counteract the lack of volume growth with strong price discipline and productivity gains. Consistent efforts are being made to grow on the basis of operational excellence, first-class services and forward-looking, sustainable solutions, and to strengthen profitability in a targeted manner. The division's sales of EUR 163.4 million in the first months of 2025 were close to the previous year's level of EUR 164.8 million. The volume produced developed correspondingly at 234 million m2 (Q1 2024: 245 million m2). Adjusted operating profit amounted to EUR 8.8 million (Q1 2024: EUR 12.1 million) and the adjusted operating margin was 5.4 % (Q1 2024: 7.3 %). Cash flow from operating activities totalled EUR -7.8 million (Q1 2024: EUR 19.8 million). Divisional indicators MM Pharma & Healthcare Packaging (in millions of EUR) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 +/- Sales1) 163.4 164.8 - 0.9 % Adjusted EBITDA 19.6 21.0 - 6.7 % Adjusted operating profit 8.8 12.1 - 27.1 % Adjusted operating margin (%) 5.4 % 7.3 % - 193 bp Operating profit 3.3 12.1 - 72.7 % Capital employed2) 435.1 408.9 + 6.4 % Return on capital employed2) (%) 6.1 % 9.5 % - 339 bp Cash flow from operating activities (7.8) 19.8 n.m. Free cash flow (20.1) (5.0) n.m. Capital expenditures 12.4 24.9 - 50.5 % Produced volume (in millions of m2) 234 245 - 4.8 % 1) including interdivisional sales 2) The calculation is based on the last twelve months.
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Divisions 8 Mayr-Melnhof Karton AG, Q1/2025 MM Board & Paper Market demand in several Board & Paper product areas has been stable or slightly better since the begin- ning of the year, but without any noticeable upturn. The average order backlog of MM Board & Paper re- mained at the previous year's level of 182,000 tonne s. Production volume increased by 2.2 % to 813,000 tonnes (Q1 2024: 795,000 tonnes), allowing for slightly higher capacity utilisation. After rising sharply until last summer, recovered paper and pulp prices have fallen slightly but remain well above the previous year's level. Average sales prices showed a mixed picture in the individual product areas, but rose slightly overall. The implementation of sustainable cost savings is being pursued consistently at all locations. Sales of EUR 510.0 million came in somewhat above the previous year’s figure (Q1 2024: EUR 483.5 million). Adjusted operating profit totalled EUR 5.9 million, compared with EUR -13.3 million in the previous year. The adjusted operating margin amounted to 1.1 % (Q1 2024: -2.7 %). Cash flow from operating activities changed to EUR -89.2 million (Q1 2024: EUR -14.6 million), mainly due to working capital. Divisional indicators MM Board & Paper (in millions of EUR) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 +/- Sales1) 510.0 483.5 + 5.5 % Adjusted EBITDA 33.8 13.4 + 153.2 % Adjusted operating profit 5.9 (13.3) n.m. Adjusted operating margin (%) 1.1 % -2.7 % + 389 bp Operating profit 5.9 (13.3) n.m. Capital employed2) 1,825.2 1,863.1 - 2.0 % Return on capital employed2) (%) 0.0 % -3.3 % + 326 bp Cash flow from operating activities (89.2) (14.6) n.m. Free cash flow (115.0) (59.3) n.m. Capital expenditures 25.9 44.8 - 42.1 % Tonnage produced (in thousands of tonnes) 813 795 + 2.2 % Cartonboard3) 457 450 + 1.6 % Paper 130 126 + 3.4 % Pulp4) 226 219 + 2.8 % Market pulp 40 32 + 22.3 % Internal pulp 186 187 - 0.6 % 1) including interdivisional sales 2) The calculation is based on the last twelve months. 3) including coated liner 4) Chemical pulp and CTMP
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Quarterly Report Mayr-Melnhof Karton AG, Q1/2025 9 Consolidated Balance Sheets End of 1st Quarter Year-end (all amounts in thousands of EUR) Mar. 31, 2025 Dec. 31, 2024 ASSETS Property, plant and equipment 2,045,585 2,024,691 Intangible assets including goodwill 911,504 906,294 Investments accounted for using the equity method, securities and other financial assets 8,408 8,251 Deferred tax assets 71,705 73,921 Non-current assets 3,037,202 3,013,157 Inventories 554,350 556,312 Trade receivables 352,929 282,663 Income tax receivables 7,361 8,502 Prepaid expenses and other current assets 230,740 187,359 Cash and cash equivalents 265,138 520,875 Assets held for sale 294,940 294,206 Current assets 1,705,458 1,849,917 TOTAL ASSETS 4,742,660 4,863,074 EQUITY AND LIABILITIES Share capital 80,000 80,000 Additional paid-in capital 172,658 172,658 Treasury shares (24,529) 0 Retained earnings 2,063,926 2,043,445 Other reserves (163,905) (173,967) Equity attributable to shareholders of the Company 2,128,150 2,122,136 Non-controlling (minority) interests 7,001 6,529 Total equity 2,135,151 2,128,665 Non-current financial liabilities 1,539,036 1,505,194 Provisions for non-current liabilities and charges 95,883 98,818 Deferred tax liabilities 50,948 56,734 Non-current liabilities 1,685,867 1,660,746 Current financial liabilities 103,407 123,530 Current tax liabilities 21,578 19,691 Trade liabilities 470,160 588,130 Deferred income and other current liabilities 235,844 237,839 Provisions for current liabilities and charges 31,869 38,496 Liabilities related to assets held for sale 58,784 65,977 Current liabilities 921,642 1,073,663 Total liabilities 2,607,509 2,734,409 TOTAL EQUITY AND LIABILITIES 4,742,660 4,863,074
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Quarterly Report 10 Mayr-Melnhof Karton AG, Q1/2025 Consolidated Income Statements 1st Quarter (all amounts in thousands of EUR, except per share data) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 Sales 1,042,602 1,025,028 Change in goods (7,361) (2,817) Cost of materials and purchased services (555,561) (559,964) Personnel expenses (225,923) (212,284) Other operating income 29,525 9,457 Other operating expenses (169,495) (164,883) EBITDA 113,787 94,537 Depreciation, amortisation and impairments (58,336) (54,888) Operating profit 55,451 39,649 Financial income 3,424 6,586 Financial expenses (15,888) (21,410) Other financial result – net (11,194) (6,800) Profit before tax 31,793 18,025 Income tax expense (10,668) (7,143) Profit for the period 21,125 10,882 Attributable to: Shareholders of the Company 20,481 10,392 Non-controlling (minority) interests 644 490 Profit for the period 21,125 10,882 Earnings per share for profit for the period attributable to the shareholders of the Company: Earnings per share 1.04 0.52
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Quarterly Report Mayr-Melnhof Karton AG, Q1/2025 11 Consolidated Comprehensive Income Statements 1st Quarter (all amounts in thousands of EUR) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 Profit for the period 21,125 10,882 Other comprehensive income: Actuarial valuation of defined benefit pension and severance obligations 1,868 1,693 Effect of income taxes (512) (186) Total of items that will not be reclassified subsequently to the income statement 1,356 1,507 Foreign currency translations1) 9,680 9,586 Cash flow hedge - Changes in fair value (2,049) (3,807) Cash flow hedge - Recycling 617 5,427 Effect of income taxes 286 (325) Total of items that will be reclassified subsequently to the income statement 8,534 10,881 Other comprehensive income (net) 9,890 12,388 Total comprehensive income 31,015 23,270 Attributable to: Shareholders of the Company 30,543 22,670 Non-controlling (minority) interests 472 600 Total comprehensive income 31,015 23,270 1) An amount of thous. EUR -182 (Q1 2024: thous. EUR 0) was reclassified from other comprehensive in come to profit for the period Consolidated Statements of Changes in Equity Equity attributable to shareholders of the Company Other comprehensive income (all amounts in thousands of EUR) Share capital Additional paid-in capital Treasury shares Retained earnings Currency translations Actuarial gains and losses Cash flow hedge Other reserves Total Non- controlling (minority) interests Total equity Balance at January 1, 2025 80,000 172,658 0 2,043,445 (130,334) (43,329) (304) (173,967) 2,122,136 6,529 2,128,665 Profit for the period 0 0 0 20,481 0 0 0 0 20,481 644 21,125 Other comprehensive income 0 0 0 0 9,857 1,352 (1,147) 10,062 10,062 (172) 9,890 Total comprehensive income 0 0 0 20,481 9,857 1,352 (1,147) 10,062 30,543 472 31,015 Transactions with shareholders: Purchase of treasury shares 0 0 (24,529) 0 0 0 0 0 (24,529) 0 (24,529) Balance at March 31, 2025 80,000 172,658 (24,529) 2,063,926 (120,477) (41,977) (1,451) (163,905) 2,128,150 7,001 2,135,151 Balance at January 1, 2024 80,000 172,658 0 1,965,210 (150,058) (44,225) (16,714) (210,997) 2,006,871 5,523 2,012,394 Profit for the period 0 0 0 10,392 0 0 0 0 10,392 490 10,882 Other comprehensive income 0 0 0 0 9,477 1,506 1,295 12,278 12,278 110 12,388 Total comprehensive income 0 0 0 10,392 9,477 1,506 1,295 12,278 22,670 600 23,270 Transactions with shareholders: Change in majority interests 0 0 0 0 0 0 0 0 0 0 Balance at March 31, 2024 80,000 172,658 0 1,975,602 (140,581) (42,719) (15,419) (198,719) 2,029,541 6,123 2,035,664
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Quarterly Report 12 Mayr-Melnhof Karton AG, Q1/2025 Consolidated Cash Flow Statements 1st Quarter (all amounts in thousands of EUR) Jan. 1 - Mar. 31, 2025 Jan. 1 - Mar. 31, 2024 Profit for the period 21,125 10,882 Adjustments to reconcile profit for the period to net cash from operating activities excluding interest and taxes paid 87,192 76,597 Net cash from profit 108,317 87,479 Changes in working capital (225,665) (31,139) Cash flow from operating activities excluding interest and taxes paid (117,348) 56,340 Income taxes paid (10,866) (3,809) CASH FLOW FROM OPERATING ACTIVITIES (128,214) 52,531 Proceeds from disposals of property, plant and equipment, and intangible assets 378 1,757 Payments for property, plant and equipment, and intangible assets (incl. payments on account) (55,699) (92,756) Proceeds from disposal of companies or other business entities, net of cash and cash equivalents transferred (Q1 2025: thous EUR 1.685; Q1 2024: thous EUR 0) 4,0961) 0 Interest received 3,847 5,840 Other items 148 29 CASH FLOW FROM INVESTING ACTIVITIES (47,230) (85,130) Issuance/Repayments of financial liabilities (28,686) (56,836) Interest paid (27,817) (32,406) Repurchase of treasury shares (24,529) 0 Other items (66) 26 CASH FLOW FROM FINANCING ACTIVITIES (81,098) (89,216) Effect of exchange rate changes on cash and cash equivalents (11,108) (459) Change in cash and cash equivalents (267,650) (122,274) Cash and cash equivalents at the beginning of the period (in the consolidated balance sheet) 520,875 757,515 Cash and cash equivalents at the end of the period 253,225 635,241 including change in cash and cash equivalents according to IFRS 5 11,913 0 Cash and cash equivalents at the end of the period (in the consolidated balance sheet) 265,138 635,241 Free cash flow (183,535) (38,468) 1) Purchase price payment less cash transferred related to the sale of MM Bangor Ltd.
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Quarters Mayr-Melnhof Karton AG, Q1/2025 13 Quarterly Overview MM Group (consolidated, in millions of EUR) 1st Quarter 2024 2nd Quarter 2024 3rd Quarter 2024 4th Quarter 2024 1st Quarter 2025 Sales 1,025.0 1,018.9 1,024.9 1,010.8 1,042.6 Adjusted EBITDA 94.5 107.2 94.0 122.8 119.3 Adjusted EBITDA margin (%) 9.2 % 10.5 % 9.2 % 12.2 % 11.4 % Adjusted operating profit 39.6 51.0 35.7 63.7 61.0 Adjusted operating margin (%) 3.9 % 5.0 % 3.5 % 6.3 % 5.8 % Operating profit 39.6 51.0 35.7 63.7 55.5 Capital Employed1) 3,515.0 3,455.2 3,410.6 3,376.9 3,407.8 Return on capital employed1) (%) 5.4 % 5.6 % 4.8 % 5.6 % 6.2 % Profit before tax 18.0 33.2 19.7 43.4 31.8 Income tax expense (7.1) (6.7) (4.8) 14.8 (10.7) Profit for the period 10.9 26.5 14.9 58.2 21.1 Net profit margin (%) 1.1 % 2.6 % 1.5 % 5.8 % 2.0 % Earnings per share (in EUR) 0.52 1.30 0.72 2.87 1.04 Cash flow from operating activities 52.5 148.1 (33.0) 348.7 (128.2) Free cash flow (38.5) 97.9 (78.2) 321.0 (183.5) Capital expenditures 92.8 52.7 45.8 29.6 55.7 1) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Group Divisions MM Food & Premium Packaging (in millions of EUR) 1st Quarter 2024 2nd Quarter 2024 3rd Quarter 2024 4th Quarter 2024 1st Quarter 2025 Sales1) 428.9 407.0 431.6 434.9 421.5 Adjusted EBITDA 60.1 61.3 68.2 68.7 65.9 Adjusted operating profit 40.8 41.6 48.2 48.8 46.3 Adjusted operating margin (%) 9.5 % 10.2 % 11.2 % 11.2 % 11.0 % Operating profit 40.8 41.6 48.2 48.8 46.3 Capital Employed2) 1,243.0 1,210.1 1,180.5 1,152.2 1,147.5 Return on Capital Employed2) (%) 17.1 % 16.9 % 15.7 % 15.6 % 16.1 % Cash flow from operating activities 47.3 71.9 28.6 173.4 (31.2) Free cash flow 25.8 58.9 16.2 164.0 (48.4) Capital expenditures 23.1 13.8 10.6 10.8 17.4 Produced volume (in millions of m2) 787 741 813 762 775 1) including interdivisional sales 2) The calculation is based on the last twelve months; incl. cash and financial liabilities of TANN Gr oup
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Quarters 14 Mayr-Melnhof Karton AG, Q1/2025 MM Pharma & Healthcare Packaging (in millions of EUR) 1st Quarter 2024 2nd Quarter 2024 3rd Quarter 2024 4th Quarter 2024 1st Quarter 2025 Sales1) 164.8 156.8 148.6 145.5 163.4 Adjusted EBITDA 21.0 16.6 18.3 14.0 19.6 Adjusted operating profit 12.1 7.2 7.5 3.0 8.8 Adjusted operating margin (%) 7.3 % 4.6 % 5.0 % 2.2 % 5.4 % Operating profit 12.1 7.2 7.5 3.0 3.3 Capital employed2) 408.9 409.3 414.3 423.4 435.1 Return on capital employed2) (%) 9.5 % 9.2 % 8.5 % 7.0 % 6.1 % Cash flow from operating activities 19.8 15.0 (2.0) 39.1 (7.8) Free cash flow (5.0) 6.2 (13.4) 31.9 (20.1) Capital expenditures 24.9 10.0 12.1 8.8 12.4 Produced volume (in millions of m2) 245 233 232 208 234 1) including interdivisional sales 2) The calculation is based on the last twelve months. MM Board & Paper (in millions of EUR) 1st Quarter 2024 2nd Quarter 2024 3rd Quarter 2024 4th Quarter 2024 1st Quarter 2025 Sales1) 483.5 502.7 491.1 477.0 510.0 Adjusted EBITDA 13.4 29.3 7.5 40.1 33.8 Adjusted operating profit (13.3) 2.2 (20.0) 11.9 5.9 Adjusted operating margin (%) -2.7 % 0.4 % -4.1 % 2.5 % 1.1 % Operating profit (13.3) 2.2 (20.0) 11.9 5.9 Capital employed2) 1,863.1 1,835.8 1,815.8 1,801.3 1,825.2 Return on capital employed2) (%) -3.3 % -2.7 % -3.0 % -1.1 % 0.0 % Cash flow from operating activities (14.6) 61.2 (59.6) 136.2 (89.2) Free cash flow (59.3) 32.8 (81.0) 125.1 (115.0) Capital expenditures 44.8 28.9 23.1 10.0 25.9 Tonnage produced (in thousands of tonnes) 795 812 747 791 813 Cartonboard3) 450 465 431 417 457 Paper 126 119 118 134 130 Pulp4) 219 228 198 240 226 Market pulp 32 33 19 35 40 Internal pulp 187 195 179 205 186 1) including interdivisional sales 2) The calculation is based on the last twelve months. 3) including coated liner 4) Chemical pulp and CTMP The Management Board of Mayr-Melnhof Karton AG
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MM Shares Mayr-Melnhof Karton AG, Q1/2025 15 MM Shares Share price (closing price) as of April 25, 2025 80.10 2025 High 85.40 2025 Low 70.20 Stock performance (Year-end 2024 until April 25, 2025) + 0.63 % Number of shares issued 20 million Market capitalisation as of March 31, 2025 (in millions of EUR) 1,548 Trading volume (average per day Q1 2025 in millions of EUR) 1.28 We have prepared this report and reviewed the figures with th e greatest possible care. Nevertheless, rounding, typographical an d printing errors cannot be excluded. The aggregation of rounded amounts and percentages may result in rounding differences due to the use of automated computational aids. This report also contains forward-lookin g estimates and statements based on the information curre ntly available to us. Please note that a wide variety of factors could cause actual circum stances – and hence actual results – to de viate from the expectations contained in this report. The determination of key indicators, which cannot be reconciled directly from the interim financial report, can be found on our website under section “Investors/IR News & Reports”. Statements referring to people are valid for both men and women. This report is also available in German. In case of doubt, the German version takes precedence. Relative performance of MM shares 2024/2025 (December 29, 2023 = 100) 50 60 70 80 90 100 110 120 130 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. ATX PrimeMM
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Imprint Published and edited by: Mayr-Melnhof Karton AG Brahmsplatz 6 A-1040 Vienna For further information, please contact: Stephan Sweerts-Sporck Investor Relations Phone: +43 1 50136-91180 e-mail: investor.relations@mm.group Website: www.mm.group