Interim report
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Interim Report January 1 – September 30, 2025 | 2 Huhtamäki Oyj’s Interim Report January 1–September 30, 2025 Underlying profit improvements offset by adverse currency impact Q3 2025 in brief • Net sales decreased 5% to EUR 970.6 million (EUR 1,026.2 million) • Comparable net sales growth at Group level was -1% • Reported EBIT was EUR 91.6 million (EUR 95.1 million); adjusted EBIT was EUR 100.3 million including an adverse currency impact of EUR 4 million (EUR 102.4 million) • Reported EPS was EUR 0.56 (EUR 0.57); adjusted EPS was EUR 0.62 (EUR 0.63) • The impact of currency movements on the Group’s net sales was EUR -44 million and EUR -4 million on EBIT Q1-Q3 2025 in brief • Net sales decreased 3% to EUR 2,979.6 million (EUR 3,067.6 million) • Comparable net sales growth at Group level was -1% • Reported EBIT was EUR 231.5 million (EUR 277.3 million); adjusted EBIT was EUR 301.8 million including an adverse currency impact of EUR 5 million (EUR 306.7 million) • Reported EPS was EUR 1.30 (EUR 1.53); adjusted EPS was EUR 1.83 (EUR 1.80) • The impact of currency movements on the Group’s net sales was EUR -66 million and EUR -5 million on EBIT • Capital expenditure was EUR 109.7 million (EUR 134.1 million) • Free cash flow was EUR 136.9 million (EUR 160.2 million) Key figures EUR million Q3 2025 Q3 2024 Change Q1-Q3 2025 Q1-Q3 2024 Change 2024 Net sales 970.6 1,026.2 -5% 2,979.6 3,067.6 -3% 4,126.3 Comparable net sales growth -1% 0% -1% -1% 0% Adjusted EBITDA1 151.7 153.1 -1% 458.2 458.5 0% 622.2 Margin1 15.6% 14.9% 15.4% 14.9% 15.1% EBITDA 145.1 148.4 -2% 471.0 444.2 6% 595.6 Adjusted EBIT2 100.3 102.4 -2% 301.8 306.7 -2% 416.9 Margin2 10.3% 10.0% 10.1% 10.0% 10.1% EBIT 91.6 95.1 -4% 231.5 277.3 -16% 372.3 Adjusted EPS, EUR3 0.62 0.63 -2% 1.83 1.80 2% 2.48 EPS, EUR 0.56 0.57 -2% 1.30 1.53 -15% 2.14 Adjusted ROI2 11.9% 12.0% 12.1% Adjusted ROE3 13.5% 13.7% 13.4% ROI 9.6% 12.3% 10.8% ROE 10.3% 13.6% 11.6% Capital expenditure 36.5 49.4 -26% 109.7 134.1 -18% 247.9 Free Cash Flow 73.8 68.4 8% 136.9 160.2 -15% 215.8 1 Excluding IAC of -6.6 -4.8 12.8 -14.3 -26.5 2 Excluding IAC of -8.7 -7.3 -70.3 -29.4 -44.7 3 Excluding IAC of -6.3 -6.4 -55.3 -28.0 -35.1
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Interim Report January 1 – September 30, 2025 | 3 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 calc ulated 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 Market conditions in the third quarter remained similar to what we saw during the first half of the year. Demand continued to be impacted by consumers’ cautiousness, geopolitical tensions and the US tariffs situation, with variations between markets and businesses. In addition, significant currency movements, particularly the weakened US dollar, had an adverse translational impact on our financial performance. Third quarter net sales decreased mainly due to the negative impact from currency movements, and comparable net sales decreased by 1%. Sales prices and improved mix had a positive effect . While sales volumes decreased , we saw positive volume development in two of our segments. Our adjusted EBIT margin improved to 10.3% from 10.0% in the comparison period. Despite improving our underlying EBIT delivery, due to a 4% negative impact from currency movements, adjusted EBIT decreased by 2%. During the third quarter three out of our four segments improved their performance. The strong performance in Flexible Packaging was supported by our continued turnaround activities of underperforming units and strong delivery of cost - out initiatives. The segment continued to improve its profitability. In Foodservice Packaging, our cost sa vings actions contributed to a higher adjusted EBIT, while comparable net sales remained at the previous year’s level. In North America, we continued to deliver volume gro wth, while unfavorable sales prices and mix, increased operational costs and a weaker dollar had a negative impact. The strong performance in Fiber Packaging continued supported by strong demand, and both net sales and adjusted EBIT increased. While market conditions remained challenging, we continue to drive our strategic focus areas. During the quarter, our cash flow increased, supported by our strong focus on capital discipline. Our new organizational structure increases accountability and sp eed of execution. This, in combination with our clear growth strategy and disciplined capital allocation, positions us well to deliver value to our stakeholders. Ralf K. Wunderlich President and CEO
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Interim Report January 1 – September 30, 2025 | 4 Financial review Q3 2025 Net sales by business segment EUR million Q3 2025 Q3 2024 Change Foodservice Packaging 240.0 246.9 -3% North America 331.2 359.3 -8% Flexible Packaging 309.8 333.9 -7% Fiber Packaging 92.4 87.9 5% Elimination of internal sales -2.8 -1.9 Group 970.6 1,026.2 -5% Net sales by segment, Q3 2025 Net sales by segment, Q3 2024 Comparable net sales growth by business segment Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Foodservice Packaging 0% -4% -4% -1% -7% North America -3% 3% -3% 2% 3% Flexible Packaging -3% -2% -2% 5% 0% Fiber Packaging 9% 10% 10% 12% 8% Group -1% 0% -2% 3% 0% Due to a negative currency impact , the Group’s reported net sales decreased by 5% to EUR 970.6 million (EUR 1,026.2 million) during the quarter. Comparable net sales growth was -1%, as sales volumes decreased while sales prices increased. Comparable net sales increased in Fiber Packaging, remained at the previous year’s level in Foodservice Packaging but decreased in North America and Flexible Packaging. Foreign currency translation impact on the Group’s net sales was EUR -44 million (EUR -13 million) compared to 2024 exchange rates. Adjusted EBIT by business segment Items affecting comparability EUR million Q3 2025 Q3 2024 Change Q3 2025 Q3 2024 Foodservice Packaging 22.1 21.1 5% -1.7 -0.8 North America 34.2 49.7 -31% -0.3 -2.5 Flexible Packaging 31.0 24.3 28% -3.2 -3.8 Fiber Packaging 11.6 8.1 43% -2.2 -0.2 Other activities 1.4 -0.8 -1.3 -0.0 Group 100.3 102.4 -2% -8.7 -7.3 Foodservice ackaging North merica Fle ible ackaging Fiber ackaging Foodservice ackaging North merica Fle ible ackaging Fiber ackaging
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Interim Report January 1 – September 30, 2025 | 5 Adjusted EBIT by segment, Q3 2025 Adjusted EBIT by segment, Q3 2024 Adjusted EBIT margin by business segment Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Foodservice Packaging 9.2% 9.6% 8.5% 9.9% 8.5% North America 10.3% 12.2% 11.7% 13.7% 13.8% Flexible Packaging 10.0% 8.4% 8.1% 8.4% 7.3% Fiber Packaging 12.6% 11.8% 12.8% 15.2% 9.2% Group 10.3% 10.2% 9.8% 10.4% 10.0% The Group’s adjusted EBIT decreased to EUR 100.3 million (EUR 102.4 million) and reported EBIT was EUR 91.6 million (EUR 95.1 million) in the quarter. Adjusted EBIT decreased, weighed on by the EUR 4 million negative impact from currency movements as well as increased energy costs and IT investments. On the other hand, the increase in sales prices had a positive impact. Adjusted EBIT increased in all segments except North America. The Group’s adjusted EBIT margin increased and was 10.3% (10.0%). Foreign currency translation impact on the Group’s earnings was EUR -4 million (EUR -1 million). Adjusted EBIT excludes EUR -8.7 million (EUR -7.3 million) of items affecting comparability (IAC). Adjusted EBIT and IAC EUR million Q3 2025 Q3 2024 Adjusted EBIT 100.3 102.4 Acquisition related costs -0.2 0.0 Restructuring gains and losses, including writedowns of related assets -1.8 -2.5 PPA amortization -2.0 -2.2 Settlement and legal fees of disputes -0.5 -0.6 Property damage incidents -2.1 -0.2 Implementation costs concerning large projects with SaaS cloud computing technology -2.0 -1.8 EBIT 91.6 95.1 Net financial expenses were EUR 12.8 million (EUR 15.1 million) in the quarter. Tax expense was EUR 18.4 million (EUR 19.0 million). Profit for the quarter was EUR 60.4 million (EUR 60.9 million). Adjusted earnings per share (EPS) was EUR 0.62 (EUR 0.63) and reported EPS EUR 0.56 (EUR 0.57). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -6.3 million (EUR -6.4 million) of IAC. Foodservice ackaging North merica Fle ible ackaging Fiber ackaging Foodservice ackaging North merica Fle ible ackaging Fiber ackaging
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Interim Report January 1 – September 30, 2025 | 6 Adjusted profit and IAC EUR million Q3 2025 Q3 2024 Adjusted profit for the period attributable to equity holders of the parent company 64.7 65.6 IAC in EBIT -8.7 -7.3 IAC in Financial items 0.4 -0.2 IAC Tax 1.5 0.9 IAC attributable to non-controlling interest 0.5 0.2 Profit for the period attributable to equity holders of the parent company 58.4 59.2 Financial review Q1-Q3 2025 Net sales by business segment EUR million Q1-Q3 2025 Q1-Q3 2024 Change Foodservice Packaging 713.3 740.4 -4% North America 1,043.2 1,073.6 -3% Flexible Packaging 949.2 995.0 -5% Fiber Packaging 282.5 264.7 7% Elimination of internal sales -8.5 -6.1 Group 2,979.6 3,067.6 -3% Net sales by segment, Q1-Q3 2025 Net sales by segment, Q1-Q3 2024 Comparable net sales growth by business segment Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2023 Foodservice Packaging -3% -6% 4% North America -1% 0% 1% Flexible Packaging -2% 0% -9% Fiber Packaging 10% 4% 9% Group -1% -1% -1% The Group’s net sales decreased by 3% to EUR 2,979.6 million (EUR 3,067.6 million) during the reporting period, and comparable net sales growth was -1%. Despite somewhat higher sales prices, net sales were weighed on by changes in currencies and lower sales volumes. Comparable net sales increased in the Fiber Packaging segment, remained close to the previous year’s level in North merica, and decreased i n Foodservice Packaging and Flexible Packaging. Foreign currency translation impact on the Group’s net sales was EUR -66 million (EUR -35 million) compared to 2024 exchange rates. Foodservice ackaging North merica Fle ible ackaging Fiber ackaging Foodservice ackaging North merica Fle ible ackaging Fiber ackaging
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Interim Report January 1 – September 30, 2025 | 7 Adjusted EBIT by business segment Items affecting comparability EUR million Q1-Q3 2025 Q1-Q3 2024 Change Q1-Q3 2025 Q1-Q3 2024 Foodservice Packaging 64.8 66.4 -2% -46.9 -12.2 North America 119.4 150.5 -21% -7.4 -6.0 Flexible Packaging 83.8 66.8 25% -12.3 -9.1 Fiber Packaging 35.0 28.5 23% -0.6 -1.7 Other activities -1.2 -5.6 -3.2 -0.4 Group 301.8 306.7 -2% -70.3 -29.4 Adjusted EBIT by segment, Q1-Q3 2025 Adjusted EBIT by segment, Q1-Q3 2024 Adjusted EBIT margin by business segment Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2023 Foodservice Packaging 9.1% 9.0% 9.3% North America 11.4% 14.0% 12.4% Flexible Packaging 8.8% 6.7% 6.1% Fiber Packaging 12.4% 10.8% 11.8% Group Total 10.1% 10.0% 9.1% The Group’s adjusted EBIT decreased to EUR 301.8 million (EUR 306.7 million) and reported EBIT was EUR 231.5 million (EUR 277.3 million). Adjusted EBIT decreased by 2%, due to the negative impact from unfavorable currency movements, lower sales volumes, increased labor costs and IT investments. t the same time, the company’s actions to improve profitability had a positive impact. The Group’s adjusted EBIT margin increased and was 10.1% (10.0%). Foreign currency translation impact on the Group’s earnings was EUR -5 million (EUR -4 million). Adjusted EBIT excludes EUR -70.3 million (EUR -29.4 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. Foodservice ackaging North merica Fle ible ackaging Fiber ackaging Foodservice ackaging North merica Fle ible ackaging Fiber ackaging
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Interim Report January 1 – September 30, 2025 | 8 Adjusted EBIT and IAC EUR million Q1-Q3 2025 Q1-Q3 2024 Adjusted EBIT 301.8 306.7 Acquisition related costs -0.5 -1.1 Restructuring gains and losses, including writedowns of related assets -55.9 -15.5 PPA amortization -6.4 -6.6 Settlement and legal fees of disputes -0.5 -0.7 Property damage incidents -0.2 -1.0 Implementation costs concerning large projects with SaaS cloud computing technology -6.7 -4.5 EBIT 231.5 277.3 Net financial expenses were EUR 42.2 million (EUR 52.5 million). Tax expense was EUR 47.1 million (EUR 57.5 million), due to a decrease in reported profit. The effective tax rate was 25% (26%). Profit for the period was EUR 142.2 million (EUR 167.2 million). Adjusted earnings per share (EPS) were EUR 1.83 (EUR 1.80) and reported EPS EUR 1.30 (EUR 1.53). Adjusted EPS is calculated based on adjusted profit for the period attributable to equity holders of parent company, which excludes EUR -55.3 million (EUR -28.0 million) of IAC. Adjusted profit and IAC EUR million Q1-Q3 2025 Q1-Q3 2024 Adjusted profit for the period attributable to equity holders of the parent company 191.7 188.4 IAC in EBIT -70.3 -29.4 IAC in Financial items 0.7 -0.3 IAC Tax 13.4 2.3 IAC attributable to non-controlling interest 0.8 -0.5 Profit for the period attributable to equity holders of the parent company 136.4 160.4 Statement of financial position and cash flow The Group’s net debt stayed at previous year’s level and was EUR 1,219 million (EUR 1,220 million) at the end of September. The level of net debt corresponds to a gearing ratio of 0.65 (0.62). Net debt to adjusted EBITDA ratio (excluding IAC) was 2.0 (2.0). Average maturity of external committed credit facilities and loans was 3.6 years (2.3 years). On June 18, 2025, Huhtamaki signed a EUR 150 million freely transferable loan agreement (Schuldschein). The loan was divided into two floating rate and two fixed rate tranches with maturities of 5 and 7 years. Huhtamaki will use the funds for refinancing and general corporate purposes of the Group. On August 28, 2025, the company issued EUR 300 million of 6 -year senior unsecured notes under the EMTN (Euro Medium Term Note) programme. The notes bear an interest at the rate of 3.50 per cent per annum. The notes were allocated to approximately 90 investors. The notes were listed on Euronext Dublin. Huhtamaki used the net proceeds from the issued notes for the partial repurchase s of its existing notes due 2026 and 2027, and for other general corporate purposes of the Group. Capital expenditure was EUR 109.7 million (EUR 134.1 million). The decrease was due to an increased focus on capital discipline and timing of projects. The largest investments for business expansion were directed to increase capacity in North merica and Fiber ackaging. The Group’s free cash flow was EUR 136.9 million (EUR 160.2 million). The main reason for the decrease in free cash flow was an increase in working capital , while lower capital expenditures had a positive impact.
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Interim Report January 1 – September 30, 2025 | 9 Cash and cash equivalents were EUR 328 million (EUR 408 million) at the end of September, and the Group had EUR 450 million (EUR 355 million) of unused committed credit facilities available. Total assets on the statement of financial position were EUR 4,629 million (EUR 4,824 million). Sustainability The share of renewable or recycled materials increased by 2%-points on the Group level. Several sites demonstrated strong process with the transformation during 2025. During Q3, the safety performance improved clearly with a 42% reduction in total recordable injuries compared to the previous year’s level. The results reflect the impact of stronger field engagement, targeted potential high -risk injuries, and proactive safety leadership. The GHG emissions for scope 1 increased slightly in the quarter compared to 2024 third quarter. However, scope 2 emissions decreased by 17% compared to Q3 2024, driven by the increased share of renewable electricity. Three-year program to accelerate strategy implementation and to bring MEUR 100 cost savings On November 30, 2023, Huhtamaki announced that the company is accelerating the strategy implementation by starting a program which was expected to materially support the profitability with efficiency improvements leading to savings of approximately EUR 100 million over three years. The company has completed the program. By the end of Q2 2025, the program generated total cost savings of approximately EUR 100 million, significantly compensating for the continued high cost inflation. The total costs of the program were EUR 73 million, below the originally expected approximately EUR 80 million. These costs were treated as items affecting comparability, including positive impacts from divestment of real estate and contractual compensations. During Q2 2025, Huhtamaki made a net impairment of EUR 39 million, inclusive of contractual compensations. This was related to a restructuring in the Foodservice Packaging segment, consolidating production. Other significant events during the reporting period Huhtamaki appointed Ralf K. Wunderlich as President and CEO On January 8, 2025, Huhtamaki announced the appointment Ralf K. Wunderlich as President and CEO effective on January , when the Company’s previous resident and CEO Charles Héaulmé stepped down. Subsequent to Ralf K. Wunderlich appointed as the President and CEO, he stepped down from the Board of Directors of Huhtamäki Oyj with immediate effect. Huhtamaki separated Fiber Foodservice business segment and appointed Sara Engber as President, Fiber Packaging On February 14, 2025, Huhtamaki announced the separation of the Fiber Foodservice Europe -Asia-Oceania business segment into two distinct business segments, Fiber Packaging and Foodservice Packaging, effective April 1, 2025. The aim of the change is to driv e profitable growth by giving accountability to the businesses and increasing speed of execution. Both segments have their own presidents, who are part of the Global Executive Team. Sara Engber was appointed President, Fiber Packaging and member of the Global Executive Team at Huhtamaki. Fredrik Davidsson continued as a member of Global Executive Team as President, Foodservice Packaging.
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Interim Report January 1 – September 30, 2025 | 10 Changes in the Huhtamaki Global Executive Team On March 18, 2025, Huhtamaki announced the appointment of Changsheng Wu as Executive Vice President, Procurement and member of the Global Executive Team, effective April 1, 2025. He reports to President and CEO Ralf K. Wunderlich and is based in Espoo, Finland. On April 1, 2025, Huhtamaki announced changes to empower business segments to accelerate execution of its 2030 profitable growth strategy. Effective immediately, changes were made to the organizational structure of the Sustainability and Communications as well as the Strategy and Business Development functions. As a result, the changes streamlined the Global Executive Team (GET). The Sustainability and Communications function was realigned. Sustainability responsibilities related to products and operations were realigned to the business segments to accelerate the implementation of the sustainability strategy. The Group-level sustainability responsibilities related to governance, public affairs and reporting are led by Sami Pauni, who was appointed Executive Vice President, Sustainability, Corporate Affairs and Legal. The Global Communications function reports directly to President and CEO Ralf K. Wunderlich. As a result of these changes, Salla Ahonen, Executive Vice President Sustainability and Communications, decided to leave Huhtamaki. The business segments will have full accountability over strategy execution and business development. Hence, the segment-focused Strategy and Business Development started reporting directly into the business segments. The Group- level strategy, governance, and coordination is led by Thomas Geust, Chief Financial Officer, who took on the responsibility of the Group’s strategy planning process. Wilhelm Wolff, previously E ecutive Vice resident Strategy and Business Development, stepped down from the GET. On June 18, 2025, Huhtamaki announced that Johan Rabe, Executive Vice President, Digitalization and Process Performance, and a member of the GET, decided to leave Huhtamaki to pursue other career opportunities. On July 3, 2025, Huhtamaki announced that Ingolf Thom, Executive Vice President, HR and Safety, and member of GET, decided to leave the company to pursue other career opportunities. Ingolf will continue with Huhtamaki until the end of 2025 to help ensure a smooth leadership transition. At the same time, Katariina Kravi was appointed Executive Vice President, Human Re sources, Safety and Communications, and member of the Global Executive Team, effective January 1, 2026. She will report to President and CEO Ralf K. Wunderlich and will be based in Espoo, Finland. On July 28, 2025, Huhtamaki announced that Sami Pauni, Executive Vice President, Sustainability, Corporate Affairs and Legal, and a member of the GET, decided to pursue career opportunities outside of Huhtamaki. Sami will continue with Huhtamaki until the end of 2025 to help ensure a smooth transition. His successor will be announced in due course. Huhtamaki acquired Zellwin Farms Company On April 24, 2025, Huhtamaki announced that it has acquired Zellwin Farms, a privately -owned business located in Zellwood, Florida in the United States. The USD million enterprise value transaction supports Huhtamaki’s growth within the molded fiber industry, specifically for egg cartons and egg flats. The annual net sales of the acquired business is approximately USD 20 million. The acquisition is part of the North America segment. S& Global Ratings upgraded Huhtamaki’s long-term rating to BBB- with a stable outlook On May 8, 2025, Huhtamaki announced that S& Global Ratings (“S& ”) has upgraded Huhtamäki Oyj’s long-term issuer credit rating to BBB- with a stable outlook. The previous rating was BB+ with a positive outlook. With the upgrade, Huhtamaki’s credit rating is now considered investment grade. Huhtamaki signed a EUR 150 million Schuldschein loan agreement On June 18, 2025, Huhtamaki signed a EUR 150 million freely transferable loan agreement (Schuldschein). The loan was targeted to institutional investors. It is divided into two floating rate and two fixed rate tranches with maturities of 5 and 7 years. Huhtamaki will use the funds for refinancing and general corporate purposes of the Group.
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Interim Report January 1 – September 30, 2025 | 11 Huhtamaki established an EMTN programme, issued EUR 300 million in notes and tender offers for outstanding notes On August 22, 2025, Huhtamaki announced that it has established a EUR billion Euro Medium Term Note (“EMTN”) programme and that the Central Bank of Ireland approved the base prospectus for the programme. On August 25, 2025, Huhtamaki announced its intention to issue new notes under its EMTN programme and announced a tender offer for its outstanding notes maturing in 2026 and 2027. The results for the tender offers were published on September 2, 2025. As a result of the offer, Huhtamaki purchased a total of EUR 160 million in aggregate nominal amount of the 2026 notes. For the 2027 notes, the company purchased a total of EUR 125 million in aggregate nominal amount. On August 28, 2025, the company issued EUR 300 million of 6 -year senior unsecured notes under the EMTN programme. The notes bear an interest at the rate of 3.50 per cent per annum. The notes were allocated to approximately 90 investors. The notes were list ed on Euronext Dublin. Huhtamaki used the net proceeds from the issued notes for the partial repurchases of its existing notes due 2026 and 2027, and for other general corporate purposes of the Group. Significant events after the reporting period There were no significant events after the reporting period.
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Interim Report January 1 – September 30, 2025 | 12 Business review by segment Foodservice Packaging Foodservice offers high -quality paperboard and molded fiber packaging for fresh food and drinks to foodservice operators, fast food restaurants, coffee shops and FMCG companies. The segment has production units in Europe, Africa, Middle East, Asia and Oceania. EUR million Q3 2025 Q3 2024 Change Q1-Q3 2025 Q1-Q3 2024 Change 2024 Net sales 240.0 246.9 -3% 713.3 740.4 -4% 989.6 Comparable net sales growth 0% -7% -3% -6% -5% Adjusted EBIT1 22.1 21.1 5% 64.8 66.4 -2% 91.0 Margin1 9.2% 8.5% 9.1% 9.0% 9.2% Adjusted RONA1 10.2% 10.4% 10.3% Capital expenditure 3.4 17.0 -80% 19.2 35.3 -46% 66.3 Operating cash flow1 43.5 19.8 >100% 85.0 77.1 10% 98.5 Items affecting comparability (IAC) -1.7 -0.8 -46.9 -12.2 -15.1 1 Excluding IAC. Q3 2025 Demand for foodservice packaging remained unchanged during the quarter . Prices of raw materials remained close to the level in Q3 2024. Net sales in the Foodservice Packaging segment decreased and comparable net sales growth was 0%. Sales prices increased and mix improved, but there was a negative impact from unfavorable currency movements and lower sales volumes. Net sales increased in Western Europe as well as in the Middle East and Africa, but decreased mainly in the UK. The impact of currency movements on the segment’s reported net sales was EUR -7 million. The segment’s adjusted EBIT increased driven by actions to improve profitability, and lower transportation and energy costs. Capital expenditure was decreased, reflecting focus on capital discipline. The impact of currency movements on the segment’s reported earnings was EUR 0 million. Q1-Q3 2025 Demand for foodservice packaging softened from the previous year’s level . Prices of raw materials remained close to the level during the first nine months of 2024. Net sales in the Foodservice Packaging segment decreased and comparable net sales growth was -3%. Sales prices increased, but there was a negative impact from lower sales volumes and unfavorable currency movements. Net sales increased in Western Europe, but decreased in the UK and Northern and Eastern Europe. The impact of currency movements on the segment’s reported net sales was EUR -10 million. The segment’s adjusted EBIT decreased due to lower sales volumes. At the same time, actions to improve profitability and lower input costs had a positive impact on profitability. Capital expenditure was decreased, reflecting focus on capital discipline. The impact of currency movements on the segment’s reported earnings was EUR 0 million.
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Interim Report January 1 – September 30, 2025 | 13 North America The North America segment serves local markets with retail disposable tableware branded (Chinet®) and private label products, foodservice packaging products, as well as consumer goods packaging products (such as ice -cream containers and egg packaging ). The segment has production units in the United States and Mexico. EUR million Q3 2025 Q3 2024 Change Q1-Q3 2025 Q1-Q3 2024 Change 2024 Net sales 331.2 359.3 -8% 1,043.2 1,073.6 -3% 1,460.1 Comparable net sales growth -3% 3% -1% 0% 0% Adjusted EBIT1 34.2 49.7 -31% 119.4 150.5 -21% 203.4 Margin1 10.3% 13.8% 11.4% 14.0% 13.9% Adjusted RONA1 15.9% 20.0% 19.6% Capital expenditure 12.0 21.2 -43% 37.1 52.9 -30% 83.9 Operating cash flow1 43.8 47.0 -7% 89.0 166.6 -47% 219.5 Items affecting comparability (IAC) -0.3 -2.5 -7.4 -6.0 -7.6 1 Excluding IAC. Q3 2025 Demand continued to improve for most products. Prices of most raw materials remained close to the level in Q3 2024. Despite volume growth, net sales in the North America segment decreased due an unfavorable currency movement , lower sales prices and unfavorable sales mix. Comparable net sales growth was -3%. Net sales increased in consumer goods and foodservice. In consumer goods, net sales increased driven by the ramp -up of egg carton capacity in the Hammond, Indiana site and the acquisition of Zellwin Farms during Q2 2025. In retail, net sales decreased due to lower sales prices. The impact of currency movements on the segment’s reported net sales was EUR -22 million. The segment’s adjusted EBIT decreased due to unfavorable sales prices and mi , increased operational costs and a weaker US dollar. The impact of currency movements on the segment’s reported earnings was EUR -2 million. Q1-Q3 2025 Demand remained at the previous year’s level, but with differences between categories. rices of most raw materials remained close to the level during the first nine months of 2024. Net sales in the North America segment decreased and the comparable net sales growth was -1%. Sales volumes increased while sales prices and unfavorable currency movements had a negative impact. Net sales increased in consumer goods and foodservice, but decreased in retail. In consumer goods, net sales increased driven by the ramp - up of egg carton capacity in the Hammond, Indiana site and the acquisition of Zellwin Farms during Q2 2025. The impact of currency movements on the segment’s reported net sales was EUR -29 million. The segment’s adjusted EBIT decreased due to unfavorable sales prices and mix, increased operational costs and a weaker dollar. The impact of currency movements on the segment’s reported earnings was EUR -3 million.
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Interim Report January 1 – September 30, 2025 | 14 Flexible Packaging Flexible packaging is used for a wide range of consumer products including food, pet food, hygiene and health care products. The segment serves global markets from production units in Europe, Middle East and Africa, Asia and South America. EUR million Q3 2025 Q3 2024 Change Q1-Q3 2025 Q1-Q3 2024 Change 2024 Net sales 309.8 333.9 -7% 949.2 995.0 -5% 1,322.5 Comparable net sales growth -3% 0% -2% 0% 1% Adjusted EBIT1 31.0 24.3 28% 83.8 66.8 25% 94.2 Margin1 10.0% 7.3% 8.8% 6.7% 7.1% Adjusted RONA1 8.6% 7.1% 7.1% Capital expenditure 6.3 12.7 -50% 18.6 37.6 -50% 69.0 Operating cash flow1 33.6 5.5 >100% 57.5 27.7 >100% 84.1 Items affecting comparability (IAC) -3.2 -3.8 -12.3 -9.1 -16.6 1 Excluding IAC. Q3 2025 Demand for flexible packaging remained soft. Prices of raw materials decreased somewhat from the level in Q3 2024. During 2025, the Flexible Packaging segment has focused on profitability improvement with a special focus on underperforming units and strong delivery of cost -out initiatives. Net sales in the segment decreased and comparable net sales growth was -3%. Net sales were negatively impacted by lower sales volumes and unfavorable currency movements, while sales prices and mix improved. Net sales decreased in most markets. The impact of currency movements on the segment’s reported net sales was EUR -13 million. The segment’s adjusted EBIT continued to increase, supported by actions to improve profitability, a favorable sales mix, as well as lower transportation and energy costs. Adjusted EBIT improved in most markets. The impact of currency movements on the segment’s reported earnings was EUR -1 million. Q1-Q3 2025 Demand for flexible packaging remained soft. Prices of raw materials decreased somewhat compared to the first nine months of 2024. During 2025, the Flexible Packaging segment has focused on profitability improvement with a special focus on underperforming units. Net sales in the segment decreased in most markets, while comparable net sales growth was - 2%. Net sales were supported by sales prices and mix, while sales volumes and unfavorable currency movements had a negative impact. The impact of currency movements on the segment’s reported net sales was EUR -24 million. The segment’s adjusted EBIT increased, supported by increased sales prices, lower transportation and energy costs as well as actions to improve profitability. Adjusted EBIT improved in most markets. The impact of currency movements on the segment’s reported earnings was EUR -2 million.
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Interim Report January 1 – September 30, 2025 | 15 Fiber Packaging Recycled and other natural fibers are used to make fresh product packaging, such as egg, fruit, food and drink packaging. The segment has production units in Europe, Oceania, Africa and South America. EUR million Q3 2025 Q3 2024 Change Q1-Q3 2025 Q1-Q3 2024 Change 2024 Net sales 92.4 87.9 5% 282.5 264.7 7% 363.2 Comparable net sales growth 9% 8% 10% 4% 6% Adjusted EBIT1 11.6 8.1 43% 35.0 28.5 23% 43.5 Margin1 12.6% 9.2% 12.4% 10.8% 12.0% Adjusted RONA1 17.7% 13.0% 14.6% Capital expenditure 14.6 -1.5 >100% 34.2 7.8 >100% 28.1 Operating cash flow1 1.6 13.6 -88% 9.3 25.1 -63% 42.6 Items affecting comparability (IAC) -2.2 -0.2 -0.6 -1.7 -2.2 1 Excluding IAC. Q3 2025 Overall demand for fiber-based egg and fruit packaging improved and remained unchanged for food on-the-go products. The prices of recycled fiber decreased compared to Q3 2024. Net sales in the Fiber Packaging segment increased and the comparable net sales growth was 9%. This was driven by increased sales volumes and higher sales prices, while there was an unfavorable impact from currency movements. Net sales increased in most markets. The impact of currency movements on the segment’s reported net sales was EUR -1 million. The segment’s adjusted EBIT increased. Higher sales prices and volumes had a positive impact, while there was a negative impact from unfavorable currency movements, a fire at one of the sites in South Africa in May as well as higher energy and transportation costs. The impact of currency movements on the segment’s reported earnings was EUR 0 million. Q1-Q3 2025 Overall demand for fiber-based egg and fruit packaging improved, but softened for food on-the-go products. The prices of recycled fiber increased compared to the first nine months of 2024. Net sales in the Fiber Packaging segment increased and the comparable net sales growth was 10%. Net sales increased driven by both pricing and sales volumes, while there was an unfavorable impact from currency movements. Net sales increased in most markets. The impact of currency movements on the segment’s reported net sales was EUR -4 million. The segment’s adjusted EBIT increased, supported by a higher sales prices and volumes. The impact on profitability from increased costs for raw materials and transportation was offset by pricing actions. At the same time, there was a negative impact from a lower amount of external machine sales and a fire at one of the sites in South Africa in May. The impact of currency movements on the segment’s reported earnings was EUR 0 million.
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Interim Report January 1 – September 30, 2025 | 16 Personnel Number of personnel September 30, 2025 September 30, 2024 Change Foodservice Packaging 4,023 3,993 1% North America 4,485 4,272 5% Flexible Packaging 7,264 7,504 -3% Fiber Packaging 1,568 1,730 -9% Corporate 200 261 -23% Group 17,540 17,760 -1% Personnel by segment on September 30, 2025 Personnel by segment on September 30, 2024 At the end of September 2025, the Group had a total of 17,540 (17,760) employees. The number of employees was 1% lower than in the comparison period. The reduction in corporate relates to the changes to the operating model. Changes in management On January 8, 2025, Huhtamaki announced the appointment Ralf K. Wunderlich as President and CEO effective on January , when the Company’s previous resident and CEO Charles Héaulmé stepped down. On February 14, 2025, Huhtamaki announced that Sara Engber was appointed President, Fiber Packaging and member of the Global Executive Team (GET). She reports to President and CEO Ralf K. Wunderlich and is based in Espoo, Finland. The appointment follows the decision in which Huhtamaki separated the Fiber Foodservice business segment into two distinct business segments, Fiber Packaging and Foodservice Packaging. In external reporting, the businesses were already reported separately. On March 18, 2025, Huhtamaki announced the appointment of Changsheng Wu as Executive Vice President, Procurement and member of the GET, effective April 1, 2025. He reports to President and CEO Ralf K. Wunderlich and is based in Espoo, Finland. On April 1, 2025, Huhtamaki announced changes to empower business segments to accelerate execution of its 2030 profitable growth strategy. Changes were made to the organizational structure of the Sustainability and Communications as well as the Strategy and Business Development functions. As a result, the changes streamlined the GET. The Group- level sustainability responsibilities related to governa nce, public affairs, and reporting are led by Sami Pauni, who was appointed Executive Vice President Sustainab ility, Corporate Affairs and Legal. The Global Communications function reports directly to President and CEO Ralf K. Wunderlich. As a result of these changes, Salla Ahonen, Executive Vice President Sustainability and Communications, decided to leave Huhtam aki. Additionally, the Group -level strategy, governance, and coordination is led by Thomas Geust, Chief Financial Officer, who took on the responsibility of the Group’s strategy planning process. Wilhelm Wolff, previously E ecutive Vice resident Strategy and Business Development, stepped down from the GET. On May 27, 2025, Huhtamaki announced that the previously appointed President of Flexible Packaging segment, Axel Glade, joined Huhtamaki sooner than previously announced , on July 1, 2025. He reports to President & CEO Ralf K. Wunderlich and is based in Espoo, Finland. Foodservice ackaging North merica Fle ible ackaging Fiber ackaging Corporate Foodservice ackaging North merica Fle ible ackaging Fiber ackaging Corporate
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Interim Report January 1 – September 30, 2025 | 17 On June 18, 2025, Huhtamaki announced that Johan Rabe, Executive Vice President, Digitalization and Process Performance, and a member of the GET, decided to leave Huhtamaki to pursue other career opportunities. On July 3, 2025, Huhtamaki announced that Ingolf Thom, Executive Vice President, HR and Safety, and member of the GET, decided to leave the company to pursue other career opportunities. Ingolf will continue with Huhtamaki until the end of 2025 to help ensure a smooth leadership transition. At the same time, Katariina Kravi was appointed Executive Vice President, Human Resources, Safety and Communications, and member of the GET, effective January 1, 2026. She will report to President and CEO Ralf K. Wunderlich and will be based in Espoo, Finland. On July 28, 2025, Huhtamaki announced that Sami Pauni, Executive Vice President, Sustainability, Corporate Affairs and Legal, and a member of the GET, decided to pursue career opportunities outside of Huhtamaki. Sami will continue with Huhtamaki until the end of 2025 to help ensure a smooth transition. His successor will be announced in due course. Share capital, shareholders and trading of shares Share capital and number of shares September 30, 2025 September 30, 2024 Registered share capital (EUR million) 366 366 Total number of shares 107,760,385 107,760,385 Shares owned by the Company 2,792,075 2,999,685 % of total number of shares 2.6% 2.8% Number of outstanding shares1 104,968,310 104,760,700 Average number of shares1, 2 104,908,993 104,696,308 1 Excluding shares owned by the Company. 2 Average number of outstanding shares used in EPS calculations. Shareholder structure as at September 30, 2025 The number of registered shareholders at the end of September 2025 was 65,552 (51,003). Foreign ownership including nominee registered shares accounted for 41% (44%). Trading of shares Trading of Huhtamaki shares on Nasdaq Helsinki Q1-Q3 2025 Q1-Q3 2024 Number of shares traded, million 32.2 25.7 Closing price on final day of trading, EUR 29.48 34.88 Volume-weighted average price, EUR 32.45 36.97 High, EUR 38.68 40.16 Low, EUR 29.12 34.00 Market capitalization (at end of period), EUR million 3,094 3,654 . . . Finnish ins tu ons, companies and organi a ons Households Foreign and nominee registered shareholders
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Interim Report January 1 – September 30, 2025 | 18 During the reporting period, the Company’s shares were quoted on Nasdaq Helsinki Ltd on the Nordic Large Cap list under the Industrials sector. It was a component of the Nasdaq Helsinki 25 Index. At the end of September 2025, the Company’s market capitali ation was EUR 3,094 million (EUR 3,654 million). With a closing price of EUR 29.48 (EUR 34.88) at the end of the reporting period, the share price decreased 14% from the beginning of the year. During the reporting period the volume weighted average price for the Company’s shares was EUR 32.45 (EUR 36.97). The highest price paid was EUR 38.68 (EUR 40.16) and the lowest was EUR 29.12 (EUR 34.00). During the reporting period, the cumulative value of the Company’s share turnover on Nasdaq Helsinki Ltd was EUR 1,044 million (EUR 951 million). The trading volume of approximately 32.2 million (25.7 million) shares equaled an average daily turnover of 171,127 (135,367) shares. The cumulative value of the Company’s share turnover including alternative trading venues, such as BATS Chi -X and Turquoise, was EUR 3,337 million (EUR 3,099 million). During the reporting period, 69% (69%) of all trading took place outside Nasdaq Helsinki Ltd. (source: LSEG Workspace). Resolutions of the Annual General Meeting 2025 Huhtamäki Oyj’s Annual General Meeting of Shareholders was held in Helsinki on April 24, 2025. The meeting adopted the Annual Accounts including the Consolidated Annual Accounts for 2024, discharged the members of the Company’s Board of Directors and the CEO from liability, and approved all proposals made to the Annual General Meeting by the Board of Directors and the Shareholders’ Nomination Board. The Annual General Meeting also approved the Remuneration Report for the Company’s Governing Bodies presented to it. The Annual General Meeting resolved that an aggregate dividend of EUR 1.10 per share be paid based on the balance sheet adopted for the financial period ended on December 31, 2024. The dividend was paid in two instalments. The first dividend instalment, EUR 0.55 per share, was paid to shareholders registered in the Company’s register of shareholders maintained by Euroclear Finland Ltd on the record date for the first dividend instalment April 28, 2025. The payment date for the first dividend instalment was May 6, 2025. The second dividend instalment, EUR 0.55 per share, was paid to shareholders registered in the Company’s register of shareholders maintained by Euroclear Finland Ltd on the record date for the second dividend instalment October 1, 2025. The payment date for the second dividend instalment was October 8, 2025. The number of members of the Board of Directors was confirmed to as nine (9). Ms. Mercedes Alonso, Mr. Doug Baillie, Mr. Robert K. Beckler, Ms. Anja Korhonen, Ms. Pauline Lindwall, Ms. Kerttu Tuomas and Mr. Pekka Vauramo were re- elected and, as new members, Ms. Essimari Kairisto and Mr. Johann Christoph Michalski were elected as members of the Board of Directors for a term ending at the end of the next Annual General Meeting. The Annual General Meeting re-elected Mr. Pekka Vauramo as the Chair of the Board of Directors and Ms. Kerttu Tuomas as the Vice-Chair of the Board of Directors. In a meeting that took place after the Annual General Meeting, the Board of Directors resolved upon members of its Committees. Ms. Anja Korhonen was elected as the Chair and Ms. Mercedes Alonso, Ms. Essimari Kairisto and Mr. Johann Christoph Michalski as the members of the Audit Committee. Mr. Doug Baillie was elected as the Chair and Ms. Pauline Lindwall, Ms. Kerttu Tuomas and Mr. Pekka Vauramo as the members of the Human Resources Committee. Mr. Robert K. Beckler was elected as the Chair and Mr. Johann Christoph Michalski and Mr. Pekka Vauramo as the members of the Investment Committee. The Annual General Meeting resolved that the annual remuneration to the members of the Board of Directors will be paid as follows: to the Chair of the Board EUR 180,000, to the Vice-Chair EUR 84,000 and to the other members EUR 69,000 each. In addition, the Annual General Meeting resolved that the annual remuneration to the Chairs and members of the Board Committees will be paid as follows: to the Chair of the Audit Committee EUR 17,500 and to the other members of the Audit Committee EUR 7,000, to the Chair of the Human Resources Committee EUR 10,500 and to the other members of the Human Resources Committee EUR 4,200 as well as to the Chair of the Investment Committee EUR 10,500 and to the other members of the Investment Committee EUR 4,200. In addition, the Annual General Meeting resolved that EUR 1,500 will be paid for each Board and Committee meeting attended. Traveling expenses of the Board members will be compensated in accordance with the Company policy. KPMG Oy Ab, a firm of authorized public accountants, was re-elected as Auditor of the Company for the financial year January 1 – December 31, 2025. Mr. Henrik Holmbom, APA, will continue as the Auditor with principal responsibility.
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Interim Report January 1 – September 30, 2025 | 19 The uditor’s remuneration will be paid against an invoice approved by the Audit Committee of the Board of Directors. KPMG Oy Ab, an authorized sustainability audit firm, was elected as Sustainability Reporting Assurer of the Company for the financial year January 1 – December 31, 2025. Mr. Henrik Holmbom, Authorized Sustainability Auditor (ASA), will act as the key sustainability partner. The Sustainability Reporting ssurer’s remuneration will be paid against an invoice approved by the Audit Committee of the Board of Directors. The Annual General Meeting authorized the Board of Directors to resolve on the repurchase of an aggregate maximum of 10,776,038 of the Company’s own shares. Own shares may be repurchased at a price formed in public trading on the date of the repurchase or otherwise at a price formed on the market. The authorization also covers directed repurchases of the Company’s own shares. The authorization remains in force until the end of the next Annual General Meeting, however, no longer than until June 30, 2026. The Annual General Meeting authorized the Board of Directors to resolve on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in chapter 10 section 1 of the Companies Act. The aggregate number of new shares to be issued may not exceed 10,000,000 shares which corresponds to approximately 9.3 percent of the current shares of the Company, and the aggregate number of own treasury shares to be transferred may not exceed 4,000,000 shares which corresponds to approximately 3.7 percent of the current shares of the Company. The authorization also covers directed issuances of shares. The authorization remains in force until the end of the next Annual General Meeting, however, no longer than until June 30, 2026. Short-term risks and uncertainties Decline in consumer demand, inflation in key cost items (including raw materials, labor, distribution and energy), availability of raw materials, movements in currency rates and trade tariffs are considered to be relevant short -term business risks and unce rtainties in the Group's operations. Economic and financial market conditions, as well as a potential geopolitical escalation and natural disasters can also have an adverse effect on the implementation of the Group's strategy and on its business performance and earnings. Outlook for 2025 (unchanged) The Group’s trading conditions are e pected to remain relatively stable during . The good financial position will enable the Group to address profitable growth opportunities. Financial reporting in 2026 In 2026, Huhtamaki will publish financial information as follows: Results 2025 February 13 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. Huhtamäki Oyj’s nnual General Meeting ( GM) is planned to be held on Wednesday, pril , . The Board of Directors will summon the AGM at a later date. Espoo, October 22, 2025 Huhtamäki Oyj Board of Directors
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Interim Report January 1 – September 30, 2025 | 20 Interim Financial Statements are unaudited. Group income statement (IFRS) EUR million Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 2024 Net sales 970.6 1,026.2 2,979.6 3,067.6 4,126.3 Cost of goods sold -785.2 -834.0 -2,476.3 -2,497.7 -3,344.7 Gross profit 185.3 192.2 503.3 569.9 781.6 Other operating income 5.5 3.5 66.9 34.6 41.3 Sales and marketing -21.8 -24.7 -72.3 -75.6 -104.8 Research and development -8.4 -8.6 -39.1 -26.9 -34.7 Administration expenses -67.9 -71.6 -224.9 -217.2 -297.3 Other operating expenses -1.1 4.4 -2.4 -7.5 -13.7 Earnings before interest and taxes 91.6 95.1 231.5 277.3 372.3 Financial income 4.4 4.0 13.6 12.5 16.6 Financial expenses -17.2 -19.1 -55.8 -65.0 -88.3 Profit before taxes 78.8 80.0 189.3 224.7 300.5 Income tax expense -18.4 -19.0 -47.1 -57.5 -68.7 Profit for the period 60.4 60.9 142.2 167.2 231.8 Attributable to: Equity holders of the parent company 58.4 59.2 136.4 160.4 224.1 Non-controlling interest 2.0 1.8 5.8 6.8 7.7 EUR EPS attributable to equity holders of the parent company 0.56 0.57 1.30 1.53 2.14 Diluted EPS attributable to equity holders of the parent company 0.56 0.57 1.30 1.53 2.13
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Interim Report January 1 – September 30, 2025 | 21 Group statement of comprehensive income (IFRS) EUR million Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 2024 Profit for the period 60.4 60.9 142.2 167.2 231.8 Other comprehensive income: Items that will not be reclassified to profit or loss Remeasurements on defined benefit plans -5.0 -5.3 -17.6 6.0 3.4 Income taxes related to items that will not be reclassified 1.3 1.1 4.6 -1.6 -0.7 Total -3.7 -4.2 -13.0 4.4 2.7 Items that may be reclassified subsequently to profit or loss Translation differences -7.6 -77.5 -258.2 -17.9 104.9 Equity hedges -3.1 6.0 15.8 -1.2 -15.8 Cash flow hedges 0.5 -4.4 -1.9 -5.4 -1.8 Cash flow hedges recognized in other comprehensive income 1.2 -3.7 0.1 -3.4 0.8 Cash flow hedges transferred to profit or loss -0.2 -0.1 -0.2 -0.2 -0.4 Cash flow hedges transferred to statement of financial position -0.5 -0.6 -1.8 -1.8 -2.3 Income taxes related to items that may be reclassified -0.1 1.0 0.4 1.1 0.3 Total -10.3 -75.0 -243.8 -23.4 87.5 Other comprehensive income, net of tax -14.1 -79.2 -256.8 -19.0 90.2 Total comprehensive income 46.3 -18.2 -114.6 148.2 322.0 Attributable to: Equity holders of the parent company 45.8 -17.4 -110.1 141.0 311.1 Non-controlling interest 0.5 -0.8 -4.5 7.2 10.9
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Interim Report January 1 – September 30, 2025 | 22 Group statement of financial position (IFRS) EUR million Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 ASSETS Non-current assets Goodwill 956.7 1,024.1 991.7 Intangible assets 72.9 93.7 89.3 Tangible assets 1,727.5 1,913.9 1,796.7 Other investments 3.7 2.8 2.8 Interest-bearing receivables 3.8 4.2 3.9 Deferred tax assets 81.5 63.8 48.6 Employee benefit assets 56.7 63.8 52.5 Other non-current assets 9.4 8.7 12.4 2,912.2 3,175.0 2,997.9 Current assets Inventory 654.4 666.6 688.3 Interest-bearing receivables 22.2 24.9 21.3 Current tax assets 35.4 30.1 37.0 Trade and other current receivables 675.1 678.1 671.6 Cash and cash equivalents 327.7 317.1 408.1 Assets held for sale 1.8 1.7 - 1,716.7 1,718.5 1,826.2 Total assets 4,628.9 4,893.5 4,824.1 EQUITY AND LIABILITIES Share capital 366.4 366.4 366.4 Premium fund 115.0 115.0 115.0 Treasury shares -25.7 -27.6 -27.6 Translation differences -248.6 -16.5 -121.6 Fair value and other reserves -61.0 -46.6 -47.9 Retained earnings 1,657.7 1,646.6 1,582.0 Total equity attributable to equity holders of the parent company 1,803.9 2,037.3 1,866.3 Non-controlling interest 82.5 86.8 85.9 Total equity 1,886.4 2,124.1 1,952.3 Non-current liabilities Interest-bearing liabilities 1,327.8 1,329.1 1,325.4 Deferred tax liabilities 131.7 138.2 131.9 Employee benefit liabilities 163.3 150.0 140.7 Provisions 12.2 13.4 12.1 Other non-current liabilities 6.3 8.4 6.6 1,641.4 1,639.1 1,616.7 Current liabilities Interest-bearing liabilities Current portion of long term loans 150.7 114.1 213.3 Short-term loans 93.9 118.7 114.7 Provisions 10.8 9.4 8.5 Current tax liabilities 97.7 72.1 70.8 Trade and other current liabilities 748.1 816.0 847.8 1,101.1 1,130.3 1,255.1 Total liabilities 2,742.5 2,769.4 2,871.8 Total equity and liabilities 4,628.9 4,893.5 4,824.1
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Interim Report January 1 – September 30, 2025 | 23 Group statement of changes in equity (IFRS) Attributable to equity holders of the parent company EUR million Share capital Share issue premium Treasury shares Translation differences Fair value and other reserves Retained earnings Total Non-controlling interest Total equity Balance on January 1, 2024 366.4 115.0 -29.6 -102.1 -48.1 1,536.7 1,838.3 86.6 1,924.9 Dividends - - - - - -110.0 -110.0 -7.9 -117.9 Share-based payments - - 2.0 - - -4.7 -2.7 - -2.7 Total comprehensive income for the year - - - -19.5 0.2 160.4 141.0 7.2 148.2 Other Changes - - - - - -0.4 -0.4 -0.0 -0.4 Balance on September 30, 2024 366.4 115.0 -27.6 -121.6 -47.9 1,582.0 1,866.3 85.9 1,952.3 Balance on January 1, 2025 366.4 115.0 -27.6 -16.5 -46.6 1,646.6 2,037.3 86.8 2,124.1 Dividends - - - - - -115.5 -115.5 -0.5 -116.0 Share-based payments - - 1.9 - - -9.7 -7.8 - -7.8 Total comprehensive income for the year - - - -232.2 -14.3 136.4 -110.1 -4.5 -114.6 Other Changes - - - - - -0.1 -0.1 0.7 0.6 Balance on September 30, 2025 366.4 115.0 -25.7 -248.6 -61.0 1,657.7 1,803.9 82.5 1,886.4
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Interim Report January 1 – September 30, 2025 | 24 Group statement of cash flows (IFRS) EUR million Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 2024 Profit for the period* 60.4 60.9 142.2 167.2 231.8 Adjustments* 83.9 89.9 325.9 261.9 348.2 Depreciation, amortization and impairments* 53.5 53.3 239.5 167.0 223.4 Gain/loss from disposal of assets* -0.5 1.3 -1.6 -13.1 -12.9 Financial expense/-income* 12.8 15.1 42.2 52.5 71.8 Income tax expense* 18.4 19.0 47.1 57.5 68.7 Other adjustments* -0.3 1.2 -1.3 -2.1 -2.7 Change in inventory* -1.7 -27.7 -36.1 -70.8 -27.2 Change in non-interest bearing receivables* 11.5 9.4 -45.5 -60.3 -38.8 Change in non-interest bearing payables* -24.9 1.9 -63.6 77.7 69.0 Dividends received* 0.1 0.0 0.1 0.1 0.2 Interest received* 3.4 4.5 10.9 10.4 14.3 Interest paid* -17.3 -9.8 -55.1 -47.2 -69.6 Other financial expense and income* 2.7 2.0 0.2 -5.4 -8.2 Taxes paid* -9.1 -13.6 -36.8 -68.7 -87.0 Net cash flows from operating activities 108.9 117.6 242.2 264.9 432.7 Capital expenditure* -36.5 -49.4 -109.7 -134.1 -247.9 Proceeds from selling tangible assets* 1.4 0.3 4.4 29.3 31.0 Acquired subsidiaries and assets - - -14.5 - - Change in other investments 0.5 0.0 -1.0 -0.6 -0.6 Proceeds from long-term deposits 0.0 0.0 -0.1 0.1 0.1 Payment of long-term deposits - - - -1.6 -1.6 Proceeds from short-term deposits 6.8 0.5 14.2 6.7 7.3 Payment of short-term deposits -4.1 -3.9 -11.3 -14.8 -19.9 Net cash flows from investing activities -31.9 -52.5 -118.0 -115.0 -231.8 Proceeds from long-term borrowings 164.9 80.3 333.6 92.2 135.6 Repayment of long-term borrowings -191.5 -37.6 -223.1 -52.7 -99.3 Change in short-term loans -158.8 15.0 -123.3 -66.4 -162.2 Dividends paid to the owners of the parent -0.0 -0.0 -57.7 -55.5 -110.0 Dividends paid to non-controlling interests -0.0 -5.6 -0.6 -6.9 -11.3 Net cash flows from financing activities -185.5 52.2 -71.1 -89.4 -247.2 Change in cash and cash equivalents -116.3 108.5 10.6 59.9 -31.1 Cash flow based -108.5 117.2 53.1 60.6 -46.3 Translation difference -7.8 -8.8 -42.5 -0.7 15.2 Cash and cash equivalents period start 444.0 299.6 317.1 348.2 348.2 Cash and cash equivalents period end 327.7 408.1 327.7 408.1 317.1 Free cash flow (including figures marked with *) 73.8 68.4 136.9 160.2 215.8
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Interim Report January 1 – September 30, 2025 | 25 Notes to the Interim Report The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. Except for the accounting policy changes listed below, the same accounting policies have been applied in the Interim Report as in the annual financial statements for 2024. The following new and amended standards and interpretations have been adopted with effect from January 1, 2025. The amendments had no impact on the interim financial statements: • Revised IAS 21 The Effects of Changes in Foreign Exchange Rates (Lack of Exchangeability): The amendments require to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
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Interim Report January 1 – September 30, 2025 | 26 Segments Segment information is presented according to the IFRS standards. Items below EBIT – financial items and taxes – are not allocated to the segments. Reportable segments’ net sales and EBIT form Group’s total net sales and EBIT, so no reconciliations to corresponding amounts are presented. Net sales EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 710.2 239.1 237.7 233.4 988.1 248.8 246.6 251.9 240.8 Intersegment net sales 3.1 0.9 1.3 0.9 1.4 0.4 0.4 0.4 0.3 North America 1,042.4 331.0 366.3 345.1 1,458.7 386.2 359.0 369.8 343.8 Intersegment net sales 0.8 0.2 0.2 0.5 1.4 0.3 0.3 0.5 0.3 Flexible Packaging 948.6 309.6 310.5 328.4 1,321.8 327.4 333.8 325.6 335.0 Intersegment net sales 0.6 0.2 0.2 0.2 0.7 0.1 0.1 0.3 0.2 Fiber Packaging 278.5 90.8 93.0 94.7 357.6 96.3 86.8 90.3 84.2 Intersegment net sales 4.0 1.6 1.3 1.1 5.6 2.3 1.1 1.5 0.8 Elimination of intersegment net sales -8.5 -2.8 -3.0 -2.7 -9.1 -3.0 -1.9 -2.7 -1.6 Total 2,979.6 970.6 1,007.5 1,001.6 4,126.3 1,058.7 1,026.2 1,037.5 1,003.9 EBIT EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 17.9 20.4 -21.9 19.4 75.9 21.8 20.3 28.1 5.7 North America 112.1 34.0 39.5 38.6 195.9 51.3 47.2 50.5 46.9 Flexible Packaging 71.5 27.8 19.9 23.8 77.7 20.0 20.5 18.0 19.2 Fiber Packaging 34.5 9.4 12.3 12.8 41.3 14.5 7.9 11.6 7.3 Other activities -4.4 0.0 -3.6 -0.8 -18.5 -12.5 -0.8 -3.6 -1.6 Total 231.5 91.6 46.2 93.7 372.3 95.0 95.1 104.6 77.6 IAC in EBIT EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging -46.9 -1.7 -44.8 -0.4 -15.1 -2.9 -0.8 4.9 -16.3 North America -7.4 -0.3 -5.2 -1.9 -7.6 -1.6 -2.5 -2.5 -1.0 Flexible Packaging -12.3 -3.2 -6.3 -2.8 -16.6 -7.4 -3.8 -2.9 -2.4 Fiber Packaging -0.6 -2.2 1.1 0.5 -2.2 -0.5 -0.2 -0.3 -1.2 Other activities -3.2 -1.3 -1.7 -0.2 -3.2 -2.8 -0.0 -0.1 -0.3 Total -70.3 -8.7 -56.9 -4.7 -44.7 -15.3 -7.3 -0.9 -21.2
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Interim Report January 1 – September 30, 2025 | 27 EBITDA EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 143.0 36.0 70.4 36.7 148.0 39.4 36.4 44.2 28.1 North America 163.4 51.1 56.3 56.0 260.8 68.4 63.3 66.6 62.6 Flexible Packaging 116.8 42.2 35.6 39.0 139.2 35.7 35.7 33.4 34.5 Fiber Packaging 50.7 14.6 17.7 18.5 64.0 19.9 13.4 17.1 13.5 Other activities -3.0 1.3 -3.9 -0.4 -16.4 -12.0 -0.4 -3.0 -1.1 Total 471.0 145.1 176.1 149.8 595.6 151.4 148.4 158.2 137.7 IAC in EBITDA EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 28.6 -2.4 31.1 -0.1 -6.5 -2.1 -0.4 5.4 -9.3 North America -7.4 -0.3 -5.2 -1.9 -7.6 -1.6 -2.5 -2.5 -1.0 Flexible Packaging -4.7 -1.2 -3.0 -0.5 -7.7 -5.2 -1.6 -0.7 -0.2 Fiber Packaging -0.6 -2.2 1.1 0.5 -1.5 -0.5 -0.2 -0.3 -0.5 Other activities -3.2 -0.6 -2.5 -0.2 -3.2 -2.8 -0.0 -0.1 -0.3 Total 12.8 -6.6 21.5 -2.1 -26.5 -12.2 -4.8 1.8 -11.3
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Interim Report January 1 – September 30, 2025 | 28 Depreciation, amortization, and impairments EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 125.1 15.6 92.2 17.3 72.1 17.7 16.1 16.0 22.4 North America 51.3 17.1 16.8 17.4 65.0 17.0 16.2 16.1 15.7 Flexible Packaging 45.3 14.3 15.7 15.3 61.5 15.7 15.2 15.3 15.3 Fiber Packaging 16.3 5.2 5.4 5.7 22.7 5.4 5.5 5.5 6.2 Other activities 1.5 1.3 -0.3 0.5 2.0 0.5 0.4 0.6 0.5 Total 239.5 53.5 129.9 56.1 223.4 56.4 53.3 53.5 60.1 Net assets allocated to the segments1 EUR million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 807.0 824.0 936.6 928.9 853.3 867.5 882.4 North America 1,068.4 1,081.0 1,110.0 1,073.0 1,006.0 1,040.0 1,023.7 Flexible Packaging 1,257.1 1,262.0 1,334.4 1,344.5 1,310.8 1,327.7 1,335.4 Fiber Packaging 275.5 265.3 262.2 325.4 312.7 284.3 272.1 1 Following statement of financial position items are included in net assets: intangible and tangible assets, equity-accounted investments, other non- current assets, inventories, trade and other current receivables (excluding accrued interest income), other non-current liabilities and trade and other current liabilities (excluding accrued interest expense). Capital expenditure EUR million Q1-Q3 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Foodservice Packaging 19.2 3.4 11.2 4.7 66.3 31.0 17.0 12.9 5.4 North America 37.1 12.0 12.8 12.3 83.9 31.0 21.2 17.1 14.6 Flexible Packaging 18.6 6.3 6.6 5.7 69.0 31.4 12.7 12.3 12.6 Fiber Packaging 34.2 14.6 12.2 7.4 28.1 20.3 -1.5 5.8 3.5 Other activities 0.6 0.2 0.3 - 0.5 0.1 - - 0.5 Total 109.7 36.5 43.1 30.1 247.9 113.8 49.4 48.1 36.6
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Interim Report January 1 – September 30, 2025 | 29 Business Combinations On April 23, 2025 Huhtamaki completed the acquisition of Zellwin Farms, a privately -owned business located in Zellwood, Florida in the United States. The USD million enterprise value transaction will support Huhtamaki’s growth within the molded fiber industry, specifically for egg cartons and egg flats. Zellwin Farms has been serving egg producing customers throughout the Southeastern US from a single site for more than 20 years. The annual net sales of the acquired business is approximately USD 20 million. The transaction will benefit Huhtamaki with additional capacity and capabilities in molded fiber packaging. The acquired business is reported as part of Huhtamaki’s North merica business segment as of pril , . The goodwill from the acquired business is expected to be deductible for income tax purposes. The transaction costs EUR 0.4 million are included in the Group income statement in Administration expenses. Net sales of the acquired business included in the Group income statement since the acquisition date were EUR 7.8 million and the result for the period was EUR 1.0 million. The Group net sales would have been approx. EUR 2 984 million and the Group result for the period approx. EUR 143 million if the acquired business would have been consolidated from January 1, 2025 onwards. Preliminary values of acquired assets and liabilities at the time of acquisition EUR million Tangible assets 13.6 Inventory 1.0 Trade and other receivables 0.0 Total assets 14.6 Trade and other liabilities 0.1 Total liabilities 0.1 Net assets total 14.5 Goodwill 0.0 Consideration 14.5 Consideration, paid in cash 14.5 Cash flows of acquisition EUR million Purchase consideration, cash payment -14.5 Cash and cash equivalents in acquired companies - Transaction costs of the acquisition -0.4 Net cash flow on acquisition -14.9
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Interim Report January 1 – September 30, 2025 | 30 Other information Key indicators Q1-Q3 2025 2024 Q1-Q3 2024 Equity per share (EUR) 17.18 19.45 17.82 ROE, % (12m roll.) 10.3% 11.6% 13.6% ROI, % (12m roll.) 9.6% 10.8% 12.3% Net debt (EUR million) 1,218.6 1,215.7 1,220.0 Net debt to equity (gearing) 0.65 0.57 0.62 Personnel 17,540 17,794 17,760 Profit before taxes (EUR million, 12m roll.) 265.1 300.5 353.0 Depreciation of tangible assets (EUR million) 148.3 203.0 151.3 Amortization of other intangible assets (EUR million) 15.1 18.9 14.2 Impairments (EUR million) 76.1 1.4 1.4 Contingent liabilities EUR million Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 Capital expenditure commitments 55.4 71.3 67.9 Lease commitments 10.7 77.8 66.8 Financial instruments measured at fair value EUR million Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 Derivatives - assets Currency forwards, transaction risk hedges 1.4 3.2 0.9 Currency forwards, translation risk hedges 3.8 0.1 - Currency forwards, for financing purposes 2.5 11.2 3.2 Interest rate swaps 10.8 8.2 2.9 Options 0.0 0.1 - Commodity hedges 0.3 0.4 0.0 Other investments 3.7 2.8 2.8 Derivatives - liabilities Currency forwards, transaction risk hedges 1.3 2.0 4.0 Currency forwards, translation risk hedges - 7.9 0.7 Currency forwards, for financing purposes 2.9 3.7 6.8 Interest rate swaps 2.1 2.4 - Options 0.1 0.2 0.0 Commodity hedges 0.2 0.0 - The fair values of the financial instruments measured at fair value have been indirectly derived from market prices. Other investments include quoted and unquoted shares. Quoted shares are measured at fair value. For unquoted shares the fair value cannot be measured reliably, as a result of which the investments are carried at cost. Interest-bearing liabilities Sep 30, 2025 Dec 31, 2024 Sep 30, 2024 EUR million Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Non-current 1,327.8 1,285.0 1,329.1 1,333.3 1,325.4 1,334.4 Current 244.5 244.5 232.8 232.6 328.0 328.8 Total 1,572.4 1,529.5 1,561.9 1,565.9 1,653.3 1,663.2
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Interim Report January 1 – September 30, 2025 | 31 Exchange rates The exchange rates against EUR used at the month end are the rates of the date prior to the last working day of the month. Income statement, average: Statement of financial position, month end: Q1-Q3 2025 Q1-Q3 2024 Sep 30, 2025 Sep 30, 2024 AUD 1.7436 1.6418 AUD 1.7859 1.6180 GBP 0.8501 0.8515 GBP 0.8723 0.8334 INR 96.6514 90.6642 INR 104.0423 93.3840 THB 36.9792 38.8252 THB 37.7890 36.1350 USD 1.1173 1.0870 USD 1.1723 1.1158 ZAR 20.2618 20.0864 ZAR 20.2670 19.1092 Definitions for performance measures Performance measures according to IFRS Earnings per share (EPS) attributable to equity holders of the parent company = Profit for the period – non-controlling interest Average number of shares outstanding Diluted earnings per share (diluted EPS) attributable to equity holders of the parent company = Diluted profit for the period – non-controlling interest Average fully diluted number of shares outstanding Alternative performance measures EBITDA = EBIT + depreciation, amortization and impairment Net debt to equity (gearing) = Interest-bearing net debt Total equity Return on net assets (RONA) = 100 x EBIT (12m roll.) Net assets (12m roll.) Operating cash flow = Adjusted EBIT + depreciation + amortization + impairment - capital expenditure + disposals +/- change in inventories, trade receivables and trade payables Shareholders' equity per share = Total equity attributable to equity holders of the parent company Issue-adjusted number of shares at period end Return on equity (ROE) = 100 x Profit for the period (12m roll.) Total equity (average) Return on investment (ROI) = 100 x (Profit before taxes + interest expenses + net other financial expenses) (12m roll.) Statement of financial position total - interest-free liabilities (average) Comparable net sales growth = Net sales growth excluding foreign currency changes, acquisitions and divestments Net debt to adjusted EBITDA = Interest-bearing net debt Adjusted EBITDA (12m roll.) In addition to IFRS and alternative performance measures presented above, Huhtamaki may present adjusted performance measures , which are derived from IFRS or alternative performance measures by adding or deducting items affecting comparability (IAC). The adjusted performance measures are used in addition to, but not substituting, the performance measures reported in accordance with IFRS. Huhtamäki Oyj, Revontulenkuja 1, FI-02100 Espoo, Finland Tel +358 (0)10 686 7000, www.huhtamaki.com Domicile: Espoo, Finland, Business Identity Code: 0140879-6