HUHTAMÄKI OYJ FINANCIAL STATEMENT RELEASE 13.2.2026 AT 8:30 EET
Huhtamäki Oyj’s Results January 1–December 31, 2025: Solid performance despite adverse currency impacts
Q4 2025 in brief
- Net sales decreased 7% to EUR 980.5 million (EUR 1,058.7 million)
- Comparable net sales growth at Group level was -2%
- Reported EBIT was EUR 89.0 million (EUR 95.0 million); adjusted EBIT was EUR 103.2 million (EUR 110.3 million) including an adverse currency impact of EUR 4.3 million
- Reported EPS was EUR 0.53 (EUR 0.61); adjusted EPS was EUR 0.65 (EUR 0.68)
- The impact of currency movements on the Group’s net sales was EUR -58.9 million and EUR -4.3 million on EBIT
Q1-Q4 2025 in brief
- Net sales decreased 4% to EUR 3,960.2 million (EUR 4,126.3 million)
- Comparable net sales growth at Group level was -1%
- Reported EBIT was EUR 320.5 million (EUR 372.3 million); adjusted EBIT was EUR 405.1 million (EUR 416.9 million) including an adverse currency impact of EUR 9.0 million
- Reported EPS was EUR 1.83 (EUR 2.14); adjusted EPS was EUR 2.48 (EUR 2.48)
- The impact of currency movements on the Group’s net sales was EUR -125.1 million and EUR -9.0 million on EBIT
- Capital expenditure was EUR 171.9 million (EUR 247.9 million)
- Free cash flow was EUR 311.2 million (EUR 215.8 million)
- The Board of Directors proposes a dividend of EUR 1.14 (1.10) per share
Key figures
| EUR million | Q4 2025 | Q4 2024 | Change | 2025 | 2024 | Change |
| Net sales | 980.5 | 1,058.7 | -7% | 3,960.2 | 4,126.3 | -4% |
| Comparable net sales growth | -2% | 3% | -1% | 0% | ||
| Adjusted EBITDA1 | 154.7 | 163.7 | -5% | 613.0 | 622.2 | -1% |
| Margin1 | 15.8% | 15.5% | 15.5% | 15.1% | ||
| EBITDA | 142.3 | 151.4 | -6% | 613.3 | 595.6 | 3% |
| Adjusted EBIT2 | 103.2 | 110.3 | -6% | 405.1 | 416.9 | -3% |
| Margin2 | 10.5% | 10.4% | 10.2% | 10.1% | ||
| EBIT | 89.0 | 95.0 | -6% | 320.5 | 372.3 | -14% |
| Adjusted EPS, EUR3 | 0.65 | 0.68 | -4% | 2.48 | 2.48 | 0% |
| EPS, EUR | 0.53 | 0.61 | -13% | 1.83 | 2.14 | -15% |
| Adjusted ROI2 | 11.8% | 12.1% | ||||
| Adjusted ROE3 | 13.6% | 13.4% | ||||
| ROI | 9.5% | 10.8% | ||||
| ROE | 10.1% | 11.6% | ||||
| Capital expenditure | 62.2 | 113.8 | -45% | 171.9 | 247.9 | -31% |
| Free Cash Flow | 174.4 | 55.6 | >100% | 311.2 | 215.8 | 44% |
| 1 Excluding IAC of | -12.4 | -12.2 | 0.4 | -26.5 | ||
| 2 Excluding IAC of | -14.2 | -15.3 | -84.5 | -44.7 | ||
| 3 Excluding IAC of | -12.6 | -7.1 | -68.0 | -35.1 |
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 calculated 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
As I reflect on my first year as CEO, I continue to be impressed by the strength, dedication, and commitment of our teams. Together, we have taken meaningful steps to improve our safety and financial performance. In 2025, we defined and successfully implemented our new value drivers and new operating model.
Our new value drivers, Growth through all levers, Disciplined capital allocation and Accountability and speed of execution, have already supported our performance in 2025. To reach our financial ambitions, we accelerate growth using all these levers. We are strengthening our relationships with regional and local customers, where we are seeing encouraging growth opportunities and maintaining our strong relationships with the global players. In driving growth, we achieved volume growth in two of our segments, and reinstated the M&A track by acquiring Zellwin Farms in the North America segment.
Capital is prioritized and allocated in a disciplined way to the highest yielding and fastest growing segments. During the year, we utilized the investments made during the prior years, resulting in lower capital expenditure.
We implemented a new operating model during the year to remove complexity, increase speed of execution and provide clear accountability. The segments now have full responsibility for delivering their financial results. The organization has responded positively, and I am encouraged with the progress we are making on all fronts.
In Q4, despite comparable net sales decreasing by 2%, sales volumes increased in two of our segments, North America and Fiber Packaging. This combined with our ongoing cost saving actions, resulted in an adjusted EBIT margin increase to 10.5%.
Throughout the year, demand continued to be impacted by consumers’ cautiousness, geopolitical tensions and the US tariffs situation, although with significant variations between markets and businesses. Demand in the Foodservice Packaging and Flexible Packaging segments remained muted. In North America, demand varied by product category but improved overall. For Fiber Packaging, demand continued to improve, driven by the increased demand for egg and fruit packaging.
In 2025, comparable net sales decreased by 1%, while adjusted EBIT margin improved to 10.2%. The EBIT margin improvement was driven by efficiency initiatives, as we shifted towards a culture of continuous improvement and strengthened our competitive position. Adjusted EBIT was negatively impacted by EUR 9 million from unfavorable currency movements.
Our focus on capital discipline drove strong cash flow delivery, strengthening our balance sheet further. Net debt to adjusted EBITDA decreased to 1.9 and our strong balance sheet gives us optionality in creating value for our shareholders. We delivered stable adjusted EPS, and the Board of Directors proposes a dividend of 1.14 per share. If approved, this would mark the 17th consecutive year of dividend growth, highlighting the long-term success of our business.
I want to sincerely …