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Continued comparable net sales growth despite muted demand environment Interim Report Q3 2026 Ralf K. Wunderlich President and CEO Thomas Geust CFO October 29, 2026 Interim Report Q3 20261
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October 29, 2026 Continued comparable net sales growth despite muted demand environment • Another quarter of comparable net sales growth +4% • Adjusted EBIT of 10.9% supported by solid performance in Flexible Packaging and Fiber Packaging • Quarter positively impacted by EUR 23 million revenue recognition from a commercial contract concluded in Foodservice Packaging • North America and Foodservice Packaging negatively impacted by weak demand, operational challenges and inflation-driven cost increases • We have taken actions to address those issues to support our profitable growth agenda Interim Report Q3 20262
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We continue to focus on growth and performance improvement actions in three key areas Commercial Procurement Cost Out • Muted market environment calls for action to improve growth and performance • Key objectives to ensure delivery of long- term 10-12% adjusted EBIT ambition and to build a competitive platform globally • Primary focus of actions on North America and Foodservice Packaging segments Scope and Context Three Key Areas for Improving Growth and Performance • Disciplined deployment of commercial excellence actions • Reducing direct and indirect input costs at an accelerated pace to enable growth • All cost levers addressed including potential restructurings and productivity October 29, 2026 Interim Report Q3 20263
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Business performance October 29, 2026 01 Interim Report Q3 20264
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Comparable net sales increased in both Q3 and year-to-date October 29, 2026 Development of net sales in Q3 2026 (EUR million) Development of net sales in Q1-Q3 2026 (EUR million) Comparable net sales growth is growth excluding foreign currency changes, acquisitions, divestments and ancillary businesses. Acquisitions calculated for first 12 months from closing. 971 1,018 37 11 Q3 2025 Organic Acquisitions Divestments Currency Q3 2026 2,980 2,974 55 2 -67 Q1-Q3 2025 Organic Acquisitions Divestments Currency Q1-Q3 2026 6 Interim Report Q3 20265
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October 29, 2026 Q3 commentary: • Comparable net sales +4% • Adj. EBIT margin improved and adjusted EBIT increased, supported by strong performance from Flexible Packaging and Fiber Packaging • Adj. EBIT was supported by Foodservice Packaging recognizing a EUR 23 million impact from a contract concluded in European smooth molded fiber • Cash flow still impacted by operational challenges in North America and higher input costs across segments Strong EBIT margin delivery in Q3 and year-to-date MEUR Q3 2026 Q3 2025 Change Q1-Q3 2026 Q1-Q3 2025 Change Net sales 1,017.8 970.6 5% 2,973.6 2,979.6 0% Comp. Growth 4% -1 % 2% -1 % Adjusted EBIT1 110.5 100.3 10% 308.7 301.8 2% Margin1 10.9% 10.3% 10.4% 10.1% Adjusted EPS, EUR2 0.68 0.62 10% 1.88 1.83 3% Capital expenditure 36.2 36.5 -1% 89.6 109.7 -18% Free cash flow 45.1 73.8 -39% 79.0 136.9 -42% 1 Excluding IAC of EUR -12.7 million (-8.7) in Q3 2026 and EUR -53.4 million (-70.3) in Q1-Q3 2026 2 Excluding IAC of EUR -11.6 million (-6.3) in Q3 2026 and EUR -43.4 million (-55.3) in Q1-Q3 2026 Interim Report Q3 20266
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Net sales (EUR million) Foodservice Packaging: Defending margin in a muted market October 29, 2026 • Demand below last year’s levels • Net sales and adjusted EBIT supported by revenue recognition of EUR 23 million from a commercial contract concluded in the European smooth molded operation • Raw material prices for resins and pulp increased 234 239 240 223210 236 253 Q1 Q2 Q3 Q4 2025 2026 MEUR Q3 2026 Q3 2025 Change Net sales 252.6 240.0 5% Comp. Growth 4% 0% Adjusted EBIT1 41.1 22.1 86% Margin1 16.3% 9.2% Capital expenditure 4.4 3.4 30% Operating cashflow1 22.4 43.5 -49% Q1-Q3 2026 Q1-Q3 2025 Change Net sales 698.1 713.3 -2% Comp. Growth -2% -3% Adjusted EBIT1 78.0 64.8 20% Margin1 11.2% 9.1% Adjusted RONA1 12.5% 10.2% Capital expenditure 11.9 19.2 -38% Operating cashflow1 75.2 85.0 -11% 1 Excluding IAC of EUR -12.1 million (-1.7) in Q3 2026 and EUR -29.2 million (-46.9) in Q1-Q3 2026 Interim Report Q3 20267
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Net sales (EUR million) North America: Persisting operational challenges impacted result October 29, 2026 • Demand below last year’s levels • Net sales decreased due to weak demand, particularly in foodservice and in retail tableware • Raw material prices mixed, but transportation costs increased significantly in the market • Adjusted EBIT decreased due to decreased sales volumes, inflationary pressure on transportation and distribution costs as well as operational challenges at a few sites MEUR Q3 2026 Q3 2025 Change Net sales 307.5 331.2 -7% Comp. Growth -9% -3% Adjusted EBIT1 13.3 34.2 -61% Margin1 4.3% 10.3% Capital expenditure 9.3 12.0 -22% Operating cashflow1 29.9 43.8 -32% Q1-Q3 2026 Q1-Q3 2025 Change Net sales 978.1 1,043.2 -6% Comp. Growth -3% -1% Adjusted EBIT1 80.6 119.4 -32% Margin1 8.2% 11.4% Adjusted RONA1 11.3% 15.9% Capital expenditure 30.2 37.1 -19% Operating cashflow1 24.8 89.0 -72% 1 Excluding IAC of EUR -2.7 million (-0.3) in Q3 2026 and EUR -10.8 million (-7.4) in Q1-Q3 2026 346 366 331 362341 330 307 Q1 Q2 Q3 Q4 2025 2026 Interim Report Q3 20268
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Net sales (EUR million) Flexible Packaging: Sustained good momentum October 29, 2026 • Demand remained at last year’s levels • Net sales increased, supported by volume growth and successful pass-on of raw material prices due to the Middle-East crisis. Net sales increased in all regions • Prices of raw materials increased and stayed at an elevated level • Adjusted EBIT increased driven by volume growth, higher sales prices and continued focus on cost savings, however transportation and labor costs continued to impact negatively MEUR Q3 2026 Q3 2025 Change Net sales 363.1 309.8 17% Comp. Growth 18% -3% Adjusted EBIT1 38.4 31.0 24% Margin1 10.6% 10.0% Capital expenditure 6.9 6.3 8% Operating cashflow1 6.0 33.6 -82% Q1-Q3 2026 Q1-Q3 2025 Change Net sales 1,009.5 949.2 6% Comp. Growth 9% -2% Adjusted EBIT1 104.4 83.8 25% Margin1 10.3% 8.8% Adjusted RONA1 10.9% 8.6% Capital expenditure 16.8 18.6 -10% Operating cashflow1 65.2 57.5 13% 1 Excluding IAC of EUR -2.7 million (-3.2) in Q3 2026 and EUR -5.4 million (-12.3) in Q1-Q3 2026 329 311 310 300302 345 363 Q1 Q2 Q3 Q4 2025 2026 Interim Report Q3 20269
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Net sales (EUR million) Fiber Packaging: Steady growth with good profitability October 29, 2026 • Demand for egg packaging remained stable; Demand improved for fruit packaging and softened for food-on-the-go products • Net sales increased, supported mainly by sales prices and mix • Prices of recycled fiber decreased compared to previous year, transportation and energy increased • Adjusted EBIT increased, supported by sales prices and mix while increased transportation and labor costs had a negative effect • Continued growth investments in Fiber Packaging MEUR Q3 2026 Q3 2025 Change Net sales 97.1 92.4 5% Comp. Growth 3% 9% Adjusted EBIT1 14.1 11.6 22% Margin1 14.5% 12.6% Capital expenditure 15.7 14.6 7% Operating cashflow1 4.2 1.6 >100% Q1-Q3 2026 Q1-Q3 2025 Change Net sales 294.6 282.5 4% Comp. Growth 5% 10% Adjusted EBIT1 44.2 35.0 26% Margin1 15.0% 12.4% Adjusted RONA1 19.6% 17.7% Capital expenditure 30.7 34.2 -10% Operating cashflow1 19.1 9.3 >100% 1 Excluding IAC of EUR -0.4 million (-2.2) in Q3 2026 and EUR -2.9 million (-0.6) in Q1-Q3 2026 96 94 92 9797 101 97 Q1 Q2 Q3 Q4 2025 2026 Interim Report Q3 202610
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Financial review October 29, 2026 02 Interim Report Q3 202611
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Foreign currency translation impact Currency headwinds moderated October 29, 2026 Please note: Income statement is valued on average rate, balance sheet on closing rate. Average rate Average rate Q1-Q3 25 Q1-Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 USD 1.12 1.16 -4% 1.17 1.18 1.15 1.14 1.14 3% INR 96.65 109.07 -13% 104.04 105.58 108.77 107.84 108.99 -5% GBP 0.85 0.86 -2% 0.87 0.87 0.87 0.86 0.86 2% CNY 8.07 7.93 2% 8.35 8.22 7.94 7.75 7.61 9% AUD 1.74 1.65 5% 1.79 1.75 1.67 1.65 1.62 9% THB 36.98 37.71 -2% 37.79 36.94 37.73 37.92 38.06 -1% BRL 6.32 5.98 5% 6.25 6.49 6.02 5.89 5.92 5% NZD 1.91 1.98 -4% 2.03 2.03 2.01 2.02 2.01 1% ZAR 20.26 19.01 6% 20.27 19.56 19.73 18.72 18.59 8% TRY 43.23 53.05 -23% 48.74 50.46 51.05 53.20 55.64 -14% EGP 55.69 58.71 -5% 56.32 56.10 62.51 56.27 58.99 -5% Change in average rate Closing rates Change in closing rate (YoY) Q3 2026 NET SALES 10.7 MEUR EBIT 1.6 MEUR Q1-Q3 2026 NET SALES -67.2MEUR EBIT -4.7 MEUR Interim Report Q3 202612
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Adjusted EBIT and EPS continued to improve • Good margin development continued in Q3 and Q1-Q3 2026 • Adj. EPS increased both in Q3 as well as Q1-Q3 2026 • Q3 EBIT was supported by EUR 23 million of revenue recognized in relation to a commercial contract concluded in Foodservice Packaging 1) Excluding IAC of EUR 1.2 million in Q3 2026 (EUR -6.6 million) and EUR -19.4 million in Q1-Q3 2026 (EUR 12.8 million) 2) Excluding IAC of EUR -12.7 million in Q3 2026 (EUR -8.7 million) and EUR -53.4 million in Q1-Q3 2026 (EUR -70.3 million) 4) Excluding IAC of EUR 1.1 million in Q3 2026 (EUR 1.5 million) and EUR 10.3 million in Q1-Q3 2026 (EUR 13.4 million) 5) Excluding IAC of EUR -11.6 million in Q3 2026 (EUR -6.9 million) and EUR -43.2 million in Q1-Q3 2026 (EUR -56.2 million) 3) Excluding IAC of EUR 0.0 million in Q3 2026 (EUR 0.4 million) and EUR 0.0 million in Q1-Q3 2026 (EUR 0.7 million) 6) Excluding IAC of EUR -11.6 million in Q3 2026 (EUR -6.3 million) and EUR -43.4 million in Q1-Q3 2026 (EUR -55.3 million) EUR million Q3 26 Q3 25 Change Q1-Q3 26 Q1-Q3 25 Change Net sales 1,017.8 970.6 5 % 2,973.6 2,979.6 0 % Adjusted EBITDA1 158.0 151.7 4 % 453.7 458.2 -1 % Margin1 15.5% 15.6% 15.3% 15.4% Adjusted EBIT2 110.5 100.3 10 % 308.7 301.8 2 % Margin2 10.9% 10.3% 10.4% 10.1% EBIT 97.8 91.6 7 % 255.2 231.5 10 % Adjusted Net financial items3 -17.1 -13.1 -45.1 -42.9 Adjusted profit before taxes 93.4 87.1 263.6 258.9 Adjusted income tax expense4 -19.8 -19.9 -59.4 -60.6 Adjusted profit for the period5 73.7 67.3 204.2 198.3 Adjusted EPS, EUR6 0.68 0.62 10% 1.88 1.83 3% 13
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Cash flow impacted by raw material prices remaining at a higher level October 29, 2026 Free cash flow bridge Q1-Q3 2026 (EUR million) Free cash flow decreased in Q1-Q3 2026: • Reported EBITDA decreased from last year • Negative impact from increased raw material prices • Capex decreased further, reflecting the focus on capital allocation 471 -145 -44 -37 -110 4 -3 137 434 -177 -40 -49 -90 1 0 79 Reported EBITDA Change in working capital Net financial items Taxes Capital expenditure Proceeds from selling assets Other cash flow adjustments Free cash flow Q1-Q3 2025 Q1-Q3 2026 Interim Report Q3 202614
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Net debt to adjusted EBITDA decreased to 1.9 October 29, 2026 Net debt, net debt/adj. EBITDA and gearing • Net debt/adj. EBITDA at 1.9 • At the end of Q3 2026: • Cash and cash equivalents EUR 364 million • Unused committed credit facilities available EUR 450 million • Net debt decreased to EUR 1,184 million (EUR 1,219 million in Q3 2025) Ambition 2–3 Covenant level 3.75 1,252 1,298 1,219 1,177 1,179 1,211 1,184 2.0 2.1 2.0 1.9 1.9 2.0 1.9 0.59 0.71 0.65 0.61 0.59 0.62 0.58 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net debt, M€ Gearing Net debt/Adj. EBITDA Interim Report Q3 202615
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Loan maturities October 29, 2026 Debt maturity structure September 30, 2026 (EUR million) • Average maturity 3.9 years at the end of Q3 2026 (3.6 at the end of Q3 2025) • Refinancing in 2026: • EUR 300 million in notes under the EMTN issued in May – 6-year notes with an interest rate of 3.875% • Voluntary tender offer of EUR 250 million of the bond maturing in 2027 • On October 16, 2026, Huhtamaki signed a confirmation to extend the maturity of a EUR 450 million sustainability-linked syndicated revolving credit facility loan agreement. The new termination date is November 7, 2031 0 100 200 300 400 500 600 700 800 2026 2027 2028 2029 2030 Later Bonds Other loans from financial institutions Commercial paper program Drawn committed credit facilities Available unused committed facilities Lease liabilities Other Interim Report Q3 202616
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Continued stable financial position October 29, 2026 1) Excluding IAC. • Working capital impacted by raw material prices, particularly resin remaining at a higher level • Net debt decreased further • Adjusted ROI continues trending upwards EUR million Sep 2026 Sep 2025 Total assets 4,804 4,629 Working capital 708 656 Net debt 1,184 1,219 Equity & non-controlling interest 2,034 1,886 Gearing 0.58 0.65 Adjusted ROI1 12.3% 11.9% Adjusted ROE1 13.8% 13.5% Interim Report Q3 202617
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October 29, 2026 Progress towards long-term financial ambitions 2023 2024 2025 Q1-Q3 2026 Ambition Comparable net sales growth -2 % 0 % -1 % 2% 5-6% Adjusted EBIT margin 9.4% 10.1% 10.2% 10.4% 10-12% Adjusted ROI 11.2% 12.1% 11.8% 12.3% 13-15% Net debt/Adjusted EBITDA 2.2 2.0 1.9 1.9 2-3 Dividend payout ratio 45 % 44 % 46 % 40-50% Interim Report Q3 202618
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Looking forward October 29, 2026 03 Interim Report Q3 202619
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Outlook for 2026 and short-term risks and uncertainties October 29, 2026 The Group’s trading conditions are expected to remain relatively stable during 2026. The good financial position will enable the Group to address profitable growth opportunities. Decline in consumer demand, inflation in key cost items (including raw materials, labor, distribution and energy), ability to pass on increased input costs, potential geopolitical escalation, movements in currency rates and trade tariffs are considered to be relevant short- term business risks and uncertainties in the Group's operations. Economic and financial market conditions, availability of raw materials as well as 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 2026 (unchanged) Short-term risks and uncertainties Interim Report Q3 202620
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Disclaimer October 29, 2026 Information presented herein contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or Huhtamäki Oyj’s or its affiliates’ (“Huhtamaki”) future financial performance, including, but not limited to, strategic plans, potential growth, expected capital expenditure, ability to generate cash flows, liquidity and cost savings that involve known and unknown risks, uncertainties and other factors that may cause Huhtamaki’s actual results, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Such risks and uncertainties include, but are not limited to: (1) general economic conditions such as movements in currency rates, volatile raw material and energy prices and political uncertainties; (2) industry conditions such as demand for Huhtamaki’s products, pricing pressures and competitive situation; and (3) Huhtamaki’s own operating and other conditions such as the success of manufacturing activities and the achievement of efficiencies therein as well as the success of pending and future acquisitions and restructurings and product innovations. Future results may vary from the results expressed in, or implied by, forward-looking statements, possibly to a material degree. All forward-looking statements made in this presentation are based on information currently available to the management and Huhtamaki assumes no obligation to update or revise any forward-looking statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities or otherwise to engage in any investment activity. Interim Report Q3 202621
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Thank you. Contact us at ir@huhtamaki.com