MM Trading Statement for the first three quarters of 2026
- Positive earnings development in Packaging more than offset by decline in Board & Paper
- Fit-For-Future programme partly mitigates ongoing cost and market pressure
Group Key Indicators – IFRS
| (consolidated, in millions of EUR, IFRS) | Q1-3/2026 | Q1-3/2025 | +/- |
| Sales | 2,774.7 | 2,979.5 | -6.9 % |
| Adjusted EBITDA | 259.1 | 320.3 | -19.1 % |
| Adjusted operating profit | 93.0 | 151.9 | -38.8 % |
| Adjusted EBITDA margin (%) | 9.3 % | 10.7 % | -141 bp |
| Adjusted operating margin (%) | 3.4 % | 5.1 % | -175 bp |
Pro forma Group Key Indicators (excl. TANN Group)1)
| (consolidated, in millions of EUR, IFRS) | Q1-3/2026 | Q1-3/2025 | +/- |
| Sales | 2,774.7 | 2,890.8 | -4.0 % |
| Adjusted EBITDA | 259.1 | 297.4 | -12.9 % |
| Adjusted operating profit | 93.0 | 129.1 | -28.0 % |
| Adjusted EBITDA margin (%) | 9.3 % | 10.3 % | -95 bp |
| Adjusted operating margin (%) | 3.4 % | 4.5 % | -112 bp |
1) excl. the TANN Group as well as excl. the disposal proceeds and transaction costs related to the sale of the TANN Group
As expected, the MM Group recorded a heterogeneous earnings development in the first three quarters. While the Food & Premium Packaging and Pharma & Healthcare Packaging divisions exceeded the previous year’s adjusted EBITDA on a like-for-like basis excl. TANN, earnings in the Board & Paper division were, as expected, lower despite slightly higher volumes and capacity utilisation, which resulted also in a decline in the Group’s earnings. In addition to persistently intense competition accompanied by strong pricing pressure, margin pressure in Board & Paper was further intensified by significantly higher energy, transportation and chemicals costs resulting from the conflict in the Middle East. In addition, the planned annual maintenance standstills at the virgin fibre-based cartonboard and paper mills MM Kwidzyn and MM Kotkamills weighed on earnings in the 3rd quarter.
However, substantial progress of the Fit-For-Future programme enabled all divisions to partly mitigate ongoing cost and market pressures and further strengthen competitiveness.
The planned acquisition of the Arnsberg cartonboard mill will represent another important step in strengthening our core cartonboard business and unlock attractive synergy potential.
Income statement
(The comparison with the first three quarters of 2025, incl. TANN, is limited meaningful.)
Pro forma excl. TANN, the Group’s adjusted EBITDA and adjusted EBITDA margin of EUR 259.1 million and 9.3 % were below the previous year’s levels (Q1-3 2025: EUR 297.4 million; 10.3 %), primarily due to the developments in the Board & Paper division. Adjusted operating profit decreased from EUR 129.1 million to EUR 93.0 million, with an adjusted operating margin of 3.4 % (Q1-3 2025: 4.5 %). One-off effects from expenses related to the Fit-For-Future programme amounted to around EUR 40 million and affected all divisions. At EUR 2,774.7 million, the Group’s consolidated sales were 4.0 % below the previous year’s figure (Q1-3 2025: EUR 2,890.8 million). This decline was primarily attributable to the Food & Premium Packaging and Board & Paper divisions.
Year-on-year incl. TANN, adjusted EBITDA decreased to EUR 259.1 million (Q1-3 2025: EUR 320.3 million), mainly following the deconsolidation of TANN Group at the beginning of June last year and the lower contribution from Board & Paper. The adjusted EBITDA margin was 9.3 % (Q1-3 2025: 10.7 %). Adjusted operating profit came in at EUR 93.0 million (Q1-3 2025: EUR 151.9 million) and the adjusted operating margin was 3.4 % (Q1-3 2025: 5.1 %). One-off effects from expenses related to the Fit-For-Future programme amounted to around EUR 40 million and affected all divisions. At EUR 2,774.7 million, consolidated sales were below the previous year’s figure, primarily due to the divestment (Q1-3 2025: EUR 2,979.5 million).
Outlook
Demand in Packaging is picking up, with Pharma & Healthcare Packaging recording accelerating growth, particularly in GLP-1. In Board & Paper, persistent market overcapacity, albeit reduced by the exit of a peer, continues to constrain the full pass-through of sharply rising energy costs, resulting in sustained margin pressure despite positive contributions from the Fit-For-Future programme.
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