- Significant earnings increase compared with previous year’s 1st quarter
- Demand remains soft
- MM focuses on cost, technology and innovation leadership
Group Key indicators - IFRS
| Consolidated, in millions of EUR |
Q1/2025 |
Q1/2024 |
+/- |
| Sales |
1,042.6 |
1,025.0 |
+1.7 % |
| Adjusted EBITDA |
119.3 |
94.5 |
+26.2 % |
| Adjusted operating profit |
61.0 |
39.6 |
+53.7 % |
| Adjusted operating margin (in %) |
5,8 % |
3.9 % |
+198 bp |
| Profit before tax |
31.8 |
18.0 |
+76.4 % |
| Profit for the period |
21.1 |
10.9 |
+94.1 % |
| Earnings per share (in EUR) |
1.04 |
0.52 |
+99.8 % |
| Cash flow from operating activities |
(128.2) |
52.5 |
n.m. |
| Free cash flow |
(183.5) |
(38.5) |
n.m. |
Peter Oswald, MM CEO, comments: “The MM Group recorded a significant increase in earnings in the 1st quarter of 2025 compared with the 1st quarter of the previous year. The market situation and volume development were selectively slightly better than in the 4th quarter, but without any noticeable upturn and with persistent margin pressure.
MM Food & Premium Packaging achieved a consistently strong performance due to productivity increases and cost reductions.
MM Pharma & Healthcare Packaging recorded market demand at the previous year's level during the 1st quarter, though earnings came in lower.
MM Board & Paper improved its earnings significantly compared with the weak prior-year figure. While capacity utilisation remained steady, the price level presented a heterogeneous picture. “
“In view of the continuing weak overall economic situation, we will further strengthen our competitiveness by reducing costs while increasing quality, sustainability and innovative strength.“, underlines Oswald.
INCOME STATEMENT
At EUR 1,042.6 million, the Group’s consolidated sales were slightly above the previous year's figure (Q1 2024: EUR 1,025.0 million).
Adjusted operating profit rose by EUR 21.4 million from EUR 39.6 million to EUR 61.0 million. This increase resulted from the divisions MM Board & Paper and MM Food & Premium Packaging. The Group’s adjusted operating margin was 5.8 % (Q1 2024: 3.9 %).
Financial income amounted to EUR 3.4 million (Q1 2024: EUR 6.6 million). The decline in financial expenses from EUR -21.4 million to EUR -15.9 million resulted in particular from a lower interest level for variable-interest financing. “Other financial result - net” changed from EUR -6.8 million to EUR -11.2 million, mainly owing to currency translations.
Profit before tax reached EUR 31.8 million after EUR 18.0 million in the previous year. Income tax expense amounted to EUR 10.7 million (Q1 2024: EUR 7.1 million), resulting in an effective Group tax rate of 33.6 % (Q1 2024: 39.6 %).
Profit for the period increased accordingly from EUR 10.9 million to EUR 21.1 million.
OUTLOOK
Against the backdrop of the weak demand situation and high uncertainty, we expect market conditions to remain difficult in the near term. Our top priority is therefore to consistently strengthen the MM Group's competitiveness by pursuing cost, technology and innovation leadership. Our comprehensive efficiency improvement programs and optimisation measures are well on track and provide MM with stability and support even in a challenging environment. We still expect the sale of TANN Group to be completed in the 1st half of 2025.
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Please find the detailed Press Release and the Report for the first quarter of 2025 as well as the CEO Audio-Q&A-Webcast on our website: www.mm.group.
Forthcoming results:
August 21, 2025 Half-Year Results 2025
For further information, please contact:
Stephan Sweerts-Sporck, Investor Relations, Mayr-Melnhof Karton AG
Brahmsplatz 6, A-1040 Vienna
Tel.: +43 1 501 36-91180
E-Mail: investor.relations@mm.group, Website: www.mm.group
