Slides
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MM Group MM Group – November (incl. Q1-3 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 November 2025 (incl. Q1-3 Results)
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4 EUR 4.0 BILLION SALES MM Group in facts and figures MM Group Investor presentation November 2025 (incl. Q1-3 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 17% Board & Paper 29% 443 adj EBITDA (in millions of EUR) 6.3 adj ROCE (in %)Food & Premium Packaging (1) 41% Board & Paper 44% 3.2 million tonnes cartonboard, paper and pulp produced 3.7 billion volume of packaging produced in m2 13,593 employees worldwide 61 locations 58 % of shares core shareholder families (syndicate) % ADJ. EBITDA% SALES Pharma & Healthcare Packaging 15% Food & Premium Packaging(1) 54% Values LTM CDP Leadership Ratings for Climate. Forests and Water Security as of Sep. 30, 2025
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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 November 2025 (incl. Q1-3 Results) (1) excl paper, tipping paper, leaflet, liner Values 2024 MM Board & Paper MM Food & Premium Packaging and MM Pharma & Healthcare 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 MM Food & Premium Packaging MM Board & PaperMM Pharma & Healthcare Packaging International footprint close to our customers MM Group Investor presentation November 2025 (incl. Q1-3 Results) 6cartonboard and paper mills 1 mechanical pulp (CTMP/BCTMP) plant 30 food & premium packaging plants 24 pharma & healthcare packaging plants ~ 4.000 customers in more than 130 countries Sales by regions Europe 78 % Rest of World 11 % Americas 11 % Values LTM
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7 Goals and challenges 2025 and beyond MM - Cost, Market, technology & innovation leader driven by a strong asset and employee base (folding cartons and cartonboard) Focus on cash generation - enhancing earnings Group-wide Fit-For-Future Programme - to generate more than EUR 150 million structural sustainable profit improvements by 2027 Investment in increasing the share of sustainable, renewable energy Continuous structural optimisation Special growth focus on Pharma & Healthcare division (organic / medium-term acquisitive) Strengthening MM as an attractive employer MM Group Investor presentation November 2025 (incl. Q1-3 Results)
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Business Structure 2
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9 Business Structure MM Group Investor presentation November 2025 (incl. Q1-3 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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Development Q1-3/2025 3
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11 Q1-3/2025 MM Group Highlights • 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 • Persistently soft demand and ongoing overcapacity • 4th quarter impacted by annual maintenance standstills in Board & Paper division MM Group Investor presentation November 2025 (incl. Q1-3 Results)
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12 MM Group Q1-3/2025 Results MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales 2,979.5 3,068.8 - 2.9 % Adjusted EBITDA1) 320.3 295.7 + 8.3 % Adjusted EBITDA margin (%) 10.7 % 9.6 % + 111 bp Adjusted operating profit1) 151.9 126.3 + 20.3 % Adjusted operating margin (%) 5.1 % 4.1 % + 99 bp Adjusted return on capital employed2) (LTM) (%) 6.3 % 4.8 % + 151 bp Operating profit 257.8 126.3 + 104.2 % Profit before tax 202.9 70.9 + 186.2 % Income tax expense (36.4) (18.6) Profit for the period 166.5 52.3 + 218.5 % Net profit margin (%) 5.6 % 1.7 % 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 3) (177.5) (18.8) n.m. Capital expenditures 163.7 191.3 - 14.4 % Depreciation and amortisation4) 169.9 169.4 + 0.3 % Employees5) 13,593 14,710 1) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 2) The calculation is based on the last twelve months. 3) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account) 4) incl. impairment on property, plant and equipment and intangible assets 5) excl. temporary workers; previous year’s value as of December 31, 2024
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13 MM Group Q1-3/2025 Results (excl. TANN) MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales 2,890.8 2,909.8 - 0.7 % Adjusted EBITDA1) 297.4 257.6 + 15.5 % Adjusted EBITDA margin (%) 10.3 % 8.9 % + 144 bp Adjusted operating profit1) 129.1 97.5 + 32.4 % Adjusted operating margin (%) 4.5 % 3.4 % + 111 bp Adjusted return on capital employed2) (LTM) (%) 5.6 % 4.0 % + 160 bp Operating profit 112.2 97.5 + 15.0 % Cash flow from operating activities (13.0) 140.4 n.m. Free cash flow 3) (166.1) (41.7) n.m. Capital expenditures 160.0 187.1 - 14.5 % Depreciation and amortisation4) 169.9 160.1 + 6.1 % 1) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 2) The calculation is based on the last twelve months. 3) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account) 4) incl. impairment on property, plant and equipment and intangible assets
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14 1.025 1.011 1.043 987 950 0 250 500 750 1.000 1.250 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales 36 64 61 56 35 0% 2% 4% 6% 8% 10% 12% 14% 0 10 20 30 40 50 60 70 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Adj. operating profit Adj. op. profit Adj. op. margin Adj. EBITDA margin MM Group Quarterly Overview -33 349 -128 25 83 -46 -30 -56 -50 -58 -300 -200 -100 0 100 200 300 400 500 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Cash flow Cash flow from op. activities CAPEX Free cash flow in mEUR in mEUR in mEUR • Q3 Adj. operating profit at previous year‘s level, but significantly up like- for-like excl. TANN • Q3 Cash flow from operating activities and free cash flow up in particular due to working capital MM Group Investor presentation November 2025 (incl. Q1-3 Results) • Q3 sales decrease due to TANN- divestment
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15 MM Consolidated Balance Sheet MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Sep. 30, 2025 Dec. 31, 2024 Non-current assets 2,997.6 3,013.2 Current assets 1,476.7 1,849.9 Total assets 4,474.3 4,863.1 Equity 2,187.7 2,128.7 Liabilities 2,286.6 2,734.4 Total equity and liabilities 4,474.3 4,863.1 Total funds available to the Group 330.0 552.41) Equity ratio (in %) 48.9 % 43.8 % Net debt 1,092.6 1,078.7 Net debt/adjusted EBITDA2) 2.5 2.6 Net debt/equity (in %) 50.0 % 51.0 % Capital employed3) (LTM) 3,398.7 3,376.9 1) Balance sheet value of EUR 520.9 million after reclassification of the TANN Group's cash to “assets held for sale” 2) The calculation is based on the adjusted EBITDA of the last twelve months incl. TANN Group. 3) The calculation is based on the last twelve months.
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16 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 500 1.000 1.500 2.000 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Net debt Net debt Net debt/Equity 30% 35% 40% 45% 50% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Equity ratio Equity ratio Solid Group balance sheet MM Group Investor presentation November 2025 (incl. Q1-3 Results)
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17 MM Group Corporate Carbon Footprint • Continuous emission reduction in line with MM’s SBTi* targets • Scope 1 and 2 (market-based) emissions reduced by 5% from 0.51 mn t CO2e in H1/24 to 0.48 mn t CO2e in H1/25 • Key measures include: • Switch to renewable/low carbon electricity • Energy efficiency and modernization (e.g. Fit-For-Future projects in Kwizdyn and Kotka) 0,47 0,41 0.04 0,07 H1/24 H1/25 Scope 1 Scope 2 (market-based) -5% In mn t CO2e *Science-based Targets initiative MM Group Investor presentation November 2025 (incl. Q1-3 Results)
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18 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 November 2025 (incl. Q1-3 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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20 Leading global producer of folding cartons MM Group Investor presentation November 2025 (incl. Q1-3 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 30 Producer of folding cartons in Europe production sites worldwide 2.8 billion 5,898 of packaging produced in m² employees worldwide 41 % of Group sales as of Sep. 30, 2025LTM, incl. TANN as of Sep. 30, 2025
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21 MM Food & Premium Packaging Q1-3/2025 Results MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 1,187.6 1,267.5 - 6.3 % Adjusted EBITDA2) 172.9 189.6 - 8.8 % Adjusted operating profit2) 118.9 130.6 - 9.1 % Adjusted operating margin (%) 10.0 % 10.3 % - 30 bp Adjusted return on capital employed 3) (LTM) (%) 15.6 % 15.7 % - 7 bp Operating profit 241.7 130.6 + 84.9 % Cash flow from operating activities 15.7 147.8 - 89.4 % Free cash flow4) (28.9) 100.9 n.m. Capital expenditures 50.3 47.5 Depreciation and amortisation 54.0 58.8 Capital employed3) (LTM) 1,072.5 1,180.5 - 9.1 % Produced volume (in millions of m2) 2,027 2,341 - 13.4 % Employees5) 5,898 6,876 1) including interdivisional sales 2) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 3) The calculation is based on the last twelve months. 4) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account) 5) excl. temporary workers; previous year’s value as of December 31, 2024
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22 MM Food & Premium Packaging Q1-3/2025 Results (excl. TANN Group) MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 1,098.9 1,108.6 - 0.9 % Adjusted EBITDA 150.0 151.4 - 0.9 % Adjusted operating profit 96.0 101.8 - 5.7 % Adjusted operating margin (%) 8.7 % 9.2 % - 45 bp Adjusted return on capital employed 2) (LTM) (%) 14.3 % 15.1 % - 88 bp Operating profit 96.0 101.8 - 5.7 % Cash flow from operating activities 23.4 120.6 - 80.6 % Free cash flow 3) (17.6) 77.9 n.m. Capital expenditures 46.6 43.2 Depreciation and amortisation 54.0 49.6 Capital employed2) (LTM) 936.8 972.9 - 3.7 % Produced volume (in millions of m2) 1,658 1,690 - 1.9 % 1) including interdivisional sales 2) The calculation is based on the last twelve months. 3) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account)
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23 MM Food & Premium Packaging Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) 432 435 422 392 374 0 200 400 600 800 0 100 200 300 400 500 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales/Produced volume Sales Produced volume 48 49 46 37 36 0% 5% 10% 15% 20% 0 20 40 60 80 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Adj. operating profit Adj. op. Profit Adj. op. Margin Adj. EBITDA margin in mEUR in millions of m2 in mEUR • Solid performance despite deteriorating demand situation • Sale of TANN Group in Q2 to focus on core business • Good adj. operating margin of 10 % in Q3 • A comprehensive set of actions to maintain profitability and safeguarding and expanding market position
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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 November 2025 (incl. Q1-3 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 24 producer of secondary pharma packaging in Europe and the US production sites worldwide 0.9 billion 3,528 of packaging produced in m² employees worldwide 15 % of Group sales as of Sep. 30, 2025LTM
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26 MM Pharma & Healthcare Packaging Q1-3/2025 Results MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 469.3 470.2 - 0.2 % Adjusted EBITDA2) 60.5 55.9 + 8.3 % Adjusted operating profit2) 29.2 26.8 + 9.4 % Adjusted operating margin (%) 6.2 % 5.7 % + 55 bp Adjusted return on capital employed 3) (LTM) (%) 7.2 % 8.5 % - 128 bp Operating profit 12.3 26.8 - 54.0 % Cash flow from operating activities 16.6 32.8 - 49.3 % Free cash flow 4) (12.5) (12.2) n.m. Capital expenditures 29.8 47.0 Depreciation and amortisation 32.9 29.2 Capital employed3) (LTM) 450.0 414.3 + 8.6 % Produced volume (in millions of m2) 690 710 - 2.8 % Employees5) 3,528 3,549 1) including interdivisional sales 2) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 3) The calculation is based on the last twelve months. 4) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account) 5) excl. temporary workers; previous year’s value as of December 31, 2024
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27 MM Pharma & Healthcare Packaging Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) 149 146 163 157 149 0 100 200 300 0 50 100 150 200 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales/Produced volume Sales Produced volume 8 3 9 10 10 0% 5% 10% 15% 20% 0 5 10 15 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Adj. operating profit Adj. op. profit Adj. op. margin Adj. EBITDA margin in mEUR in millions of m2 in mEUR • Heterogeneous development of • (US up, individual markets in WE and CEE weaker) • Lack of volume growth offset by targeted productivity increases and efficiency gains • Continuous profitability improvement through operational excellence, sustainable innovative solutions and first-class service
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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 November 2025 (incl. Q1-3 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 3.2 million ≈110 4,167 tonnes cartonboard, paper and pulp produced export countries employees as of Sep. 30, 2025 LTM
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30 MM Board & Paper Q1-3/2025 Results (consolidated in mEUR, IFRS) Q1-3/2025 Q1-3/2024 +/- Sales1) 1,479.6 1,477.3 + 0.2 % Adjusted EBITDA 86.9 50.2 + 73.0 % Adjusted operating profit 3.8 (31.1) n.m. Adjusted operating margin (%) 0.3 % -2.1 % + 236 bp Adjusted return on capital employed 2) (LTM) (%) 0.8 % -3.0 % + 389 bp Operating profit 3.8 (31.1) n.m. Cash flow from operating activities (53.0) (13.0) n.m. Free cash flow 3) (136.1) (107.5) n.m. Capital expenditures 83.6 96.8 Depreciation and amortisation 83.0 81.4 Capital employed2) (LTM) 1,876.2 1,815.8 +3.3 % Tonnage produced (in thous. of tonnes) 2,370 2,354 + 0.7 % Cartonboard4) 1,337 1,346 - 0.6 % Paper 372 363 + 2.6 % Pulp5) 661 645 + 2.4 % Market pulp 99 84 + 17.0 % Internal pulp 562 561 + 0.2 % Employees6) 4,167 4,285 1) including interdivisional sales 2) The calculation is based on the last twelve months. 3) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account) 4) including Coated liner 5) Chemical pulp and CTMP 6) excl. temporary workers; previous year’s value as of December 31, 2024 MM Group Investor presentation November 2025 (incl. Q1-3 Results)
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31 MM Board & Paper Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) 491 477 510 490 480 0 200 400 600 800 0 100 200 300 400 500 600 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Sales/Tonnage produced Sales Tonnage produced -20 12 6 9 -11 -10% -5% 0% 5% 10% -30 -20 -10 0 10 20 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Adj. operating profit Adj. op. Profit Adj. op. Margin Adj. EBITDA margin in mEUR in thous of tonnes in mEUR • Cartonboard market developed mainly sideways until Q2 with more pressure in Q3 • Decling uncoated fine paper market since Q1 • MM Board & Paper was able to maintain a stable production volume • Q3 impacted by annual maintenance standstills • Earnings improvement driven by cost savings
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Outlook 5
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33 Outlook • Currently no indications of an easing in market conditions due to persistently soft demand and ongoing overcapacity • Focus on enhancing competitiveness and implementing measures to achieve a sustainable improvement in earnings performance • Successfull ramp-up of the Group-wide “ Fit-For-Future“ programme – effects will be reported alongside 2025 annual results in mid-March 2026 • Annual maintenance standstills at Board & Paper with expenses of around EUR 40 million will account for around 1/3 in Q4 (after around 2/3 in Q3) MM Group Investor presentation November 2025 (incl. Q1-3 Results)
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Appendix 6
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35 MM Group Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales 1,025.0 1,018.9 1,024.9 1,010.8 1,042.6 987.4 949.5 Adjusted EBITDA1) 94.5 107.2 94.0 122.8 119.3 111.2 89.8 Adjusted EBITDA margin (%) 9.2 % 10.5 % 9.2 % 12.2 % 11.4 % 11.3% 9.5 % Adjusted operating profit1) 39.6 51.0 35.7 63.7 61.0 55.7 35.2 Adjusted operating margin (%) 3.9 % 5.0 % 3.5 % 6.3 % 5.8 % 5.6 % 3.7 % Adjusted return on capital employed 2) (LTM) (%) 5.4 % 5.6 % 4.8 % 5.6 % 6.2 % 6.3 % 6.3 % Operating profit 39.6 51.0 35.7 63.7 55.5 178.5 23.8 Profit before tax 18.0 33.2 19.7 43.4 31.8 163.0 8.1 Income tax expense (7.1) (6.7) (4.8) 14.8 (10.7) (19.8) (5.9) Profit for the period 10.9 26.5 14.9 58.2 21.1 143.2 2.2 Net profit margin (%) 1.1 % 2.6 % 1.5 % 5.8 % 2.0 % 14.5 % 0.2 % Earnings per share (in EUR) 0.52 1.30 0.72 2.87 1.04 7.25 0.12 Cash flow from operating activities 52.5 148.1 (33.0) 348.7 (128.2) 24.9 82.6 Free cash flow 3) (38.5) 97.9 (78.2) 321.0 (183.5) (21.9) 27.9 Capital expenditures 92.8 52.7 45.8 29.6 55.7 49.6 58.4 Capital Employed2) (LTM) 3,515.0 3,455.2 3,410.6 3,376.9 3,407.8 3,429.3 3,398.7 1) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 2) The calculation is based on the last twelve months. 3) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account)
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36 MM Food & Premium Packaging Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales1) 428.9 407.0 431.6 434.9 421.5 391.8 374.3 Adjusted EBITDA2) 60.1 61.3 68.2 68.7 65.9 54.2 52.8 Adjusted operating profit2) 40.8 41.6 48.2 48.8 46.3 36.7 35.9 Adjusted operating margin (%) 9.5 % 10.2 % 11.2 % 11.2 % 11.0 % 9.4 % 9.6 % Adjusted return on capital employed 3) (LTM) (%) 17.1 % 16.9 % 15.7 % 15.6 % 16.1 % 16.0 % 15.6 % Operating profit 40.8 41.6 48.2 48.8 46.3 159.5 35.9 Cash flow from operating activities 47.3 71.9 28.6 173.4 (31.2) (2.9) 49.8 Free cash flow 4) 25.8 58.9 16.2 164.0 (48.4) (17.9) 37.4 Capital expenditures 23.1 13.8 10.6 10.8 17.4 17.4 15.5 Capital employed3) (LTM) 1,243.0 1,210.1 1,180.5 1,152.2 1,147.5 1,127.9 1,072.5 Produced volume (in millions of m2) 787 741 813 762 775 691 561 1) including interdivisional sales 2) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 3) The calculation is based on the last twelve months. 4) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account)
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37 MM Pharma & Healthcare Packaging Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales1) 164.8 156.8 148.6 145.5 163.4 157.4 148.5 Adjusted EBITDA2) 21.0 16.6 18.3 14.0 19.6 20.5 20.4 Adjusted operating profit2) 12.1 7.2 7.5 3.0 8.8 10.1 10.3 Adjusted operating margin (%) 7.3 % 4.6 % 5.0 % 2.2 % 5.4 % 6.4 % 6.9 % Adjusted return on capital employed 3) (LTM) (%) 9.5 % 9.2 % 8.5 % 7.0 % 6.1 % 6.6 % 7.2 % Operating profit 12.1 7.2 7.5 3.0 3.3 10.1 (1.1) Cash flow from operating activities 19.8 15.0 (2.0) 39.1 (7.8) 11.0 13.4 Free cash flow 4) (5.0) 6.2 (13.4) 31.9 (20.1) 2.9 4.7 Capital expenditures 24.9 10.0 12.1 8.8 12.4 8.4 9.0 Capital employed3) (LTM) 408.9 409.3 414.3 423.4 435.1 445.3 450.0 Produced volume (in millions of m2) 245 233 232 208 234 231 225 1) including interdivisional sales 2) adjusted for material one-off effects. To enhance significance of the earnings figures in the divisions, management now defines “material” as impact of more than EUR 5 million on operating profit (previously more than EUR 10 million). 3) The calculation is based on the last twelve months. 4) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account)
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38 MM Board & Paper Quarterly Overview MM Group Investor presentation November 2025 (incl. Q1-3 Results) (consolidated in mEUR, IFRS) Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Sales1) 483.5 502.7 491.1 477.0 510.0 490.1 479.5 Adjusted EBITDA 13.4 29.3 7.5 40.1 33.8 36.5 16.6 Adjusted operating profit (13.3) 2.2 (20.0) 11.9 5.9 8.9 (11.0) Adjusted operating margin (%) -2.7 % 0.4 % -4.1 % 2.5 % 1.1 % 1.8 % -2.3 % Adjusted return on capital employed 2) (LTM) (%) -3.3 % -2.7 % -3.0 % -1.1 % 0.0 % 0.4 % 0.8 % Operating profit (13.3) 2.2 (20.0) 11.9 5.9 8.9 (11.0) Cash flow from operating activities (14.6) 61.2 (59.6) 136.2 (89.2) 16.8 19.4 Free cash flow 3) (59.3) 32.8 (81.0) 125.1 (115.0) (6.9) (14.2) Capital expenditures 44.8 28.9 23.1 10.0 25.9 23.8 33.9 Capital employed3) (LTM) 1,863.1 1,835.8 1,815.8 1,801.3 1,825.2 1,856.2 1,876.2 Tonnage produced (in thous. of tonnes) 795 812 747 791 813 819 738 Cartonboard4) 450 465 431 417 457 451 429 Paper 126 119 118 134 130 131 111 Pulp5) 219 228 198 240 226 237 198 Market pulp 32 33 19 35 40 27 32 Internal pulp 187 195 179 205 186 210 166 1) including interdivisional sales 2) The calculation is based on the last twelve months. 3) Cash flow from operating activities plus proceeds from disposals of property, plant and equipment and intangible assets as we ll as government grants less payments for acquisition of property, plant and equipment and intangible assets (incl. payments on account) 4) including Coated liner 5) Chemical pulp 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 November 2025 (incl. Q1-3 Results)