Half Year 2026 Mayr-Melnhof Karton AG Earnings Call Transcript
Key Points
- Strong performance in Pharma & Healthcare Packaging, with EBITDA margin improving by almost 200 basis points to surpass 14%.
- Fit-For-Future program delivering above expectations, with a projected earnings enhancement of over EUR330 million by 2027, up from the initial EUR250 million target.
- Successful market share gains in Europe for both recycled and virgin cartonboard, with over 90% of folding cartonboard sales now in Europe.
- Solid balance sheet with equity ratio at 47% and net debt-adjusted EBITDA ratio of 2.4, within the long-term target range.
- Strategic acquisition of Arnsberg mill from Reno de Medici, expected to generate substantial synergies and consolidate the market.
- Lower pricing in Board & Paper division, with a price deviation of about EUR70 million, leading to a decline in profitability.
- Persistent overcapacity in the FBB (virgin cartonboard) market, with major competitors unwilling to shut down capacity, delaying price recovery.
- Higher transport and energy costs due to the Iran war, with transport costs up about 10% and energy costs expected to rise further in H2.
- Subdued consumer demand and ongoing price competition, particularly in the FBB segment, impacting overall results.
- Elevated capital expenditure levels in 2026 and 2027, mainly due to the Kwidzyn project, which will keep CapEx above the long-term maintenance level.
To this video conference call of the Mayr-Melnhof Group on our first half year results 2026. My name is Stephan Sweerts-Sporck. I am heading Investor Relations and Communications here at MM. I will be the moderator in this call. Earlier this morning, we already published a press release, a half year report, and the CEO video statement, which is available from our corporate website, mm.group. Following our brief trading statement for the first quarter, we want to provide you now in this half year with a more comprehensive update on our performance through this live presentation with our CEO, Peter Oswald, who is sitting next to me, and our CFO, Franz Hiesinger. Subsequent to the presentation, we will enter into a Q&A session. For this, I want to give you some technical information.
You may already queue for questions during the presentation by pressing the blue live Q&A button on your screen in the webcast and follow the instructions. Alternatively, if you cannot join through the browser, you have also a dial-in telephone number. You dial your country
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