Austria · Delayed Price · Currency is EUR Mayr-Melnhof Karton AG Earnings Call Transcripts
Fiscal Year 2026
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The group operates across three divisions with a strong European focus, recently expanding its Pharma & Healthcare segment through acquisition. Strategic divestments, efficiency upgrades, and the Fit-For-Future program are driving cost savings and competitiveness. Margin resilience and long-term stability are supported by a strong balance sheet and disciplined management.
Fiscal Year 2025
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Adjusted operating profit rose 15% year-over-year, driven by €70 million in Fit for Future savings, with the program's target raised to over €250 million by 2027. Energy costs and overcapacity remain key risks, but efficiency investments and updated pricing policies support resilience.
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Adjusted operating profit grew 3% year-over-year and 15% pro forma, driven by operational improvements and the Fit for Future program. The balance sheet strengthened with lower net debt, and a higher dividend is proposed amid ongoing market challenges.
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Adjusted operating profit rose 20% year-over-year, driven by the Fit for Future program, with a one-off gain from the Tann divestment. Despite weak demand and industry overcapacity, investments and cost initiatives are positioning for long-term growth.
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Year-over-year profit improvement was driven by structural cost savings and the divestment of TANN, yielding a EUR 127 million windfall. The EUR 150 million cost savings program is on track, with gradual phasing and a focus on operational efficiency amid persistent market overcapacity.
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Adjusted operating profit rose 29% in H1 2025, driven by internal improvements and the Fit for Future program. The sale of TAN Group and a share buyback strengthened the balance sheet, while overcapacity and soft demand continue to challenge the market.
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Year-over-year results improved, led by Board & Paper and Food & Premium Packaging, while Pharma & Healthcare lagged. Overcapacity and soft demand persist, with internal programs driving gains. CapEx guidance is €300 million, and the TANN Group divestment is on track.
Fiscal Year 2024
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2024 saw volume growth in key segments, improved cash and reduced net debt, but persistent overcapacity and price pressures limited margin gains. Cost reduction programs and asset optimization are ongoing, with a 20% dividend increase and cautious 2025 outlook.
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Q3 saw steady sales and strong Food & Premium Packaging margins, but weak consumer demand and high input costs persisted. Cost-saving and pricing initiatives are underway, with most benefits expected in 2025. CapEx for 2024 is set well below prior guidance.
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Sequential and year-over-year profit improvements were achieved, with Board and Paper returning to operating profit and Pharma and Healthcare Packaging showing steady gains post-Essentra integration. CapEx is set to decline, and cost-cutting and energy investments will drive further benefits in 2025.