Pricing power in focus

Research evidence excerpt

Pricing power in focus

Deutsche Bank

Research

Rating Company Date

Hold Huhtamaki 25 June 2026

Company Update

Europe

Finland

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (EUR) 26.54

HUH1V.HE HUH1V FH HEX HUH1V

Price Target (EUR) 32.00

Paper & Forest Products

52-week range (EUR) 31.90 - 26.32

Packaging & Containers

Valuation & Risks

Kevin Fogarty

Pricing power in focus Research Analyst

In our April note (here), we argued that Huhtamaki's pricing power would come +44-20-7545-4619

under pressure from input cost inflation, weak consumer demand and intense

market competition. We now expect this to have a larger impact on Q2 than we Key changes

thought, resulting in a cumulative downgrade of c.6% to our FY26 adj. EPS estimate TP 33.00 to 32.00 ↓ -3.0%

since the start of the year and raising the risks to financial delivery in Q3 and Q4. Source: Deutsche Bank

Price/price relative

Cost recovery delay expected

Raw material cost dynamics have been inflationary for Huhtamaki in Q2. The

challenges to profitability that we expect in Q2 include: a lag in resin cost recovery 40

in Flexible Packaging, combined with organic growth challenges in Foodservice 30

Packaging and North America. Together, we estimate that these will translate to an 20

80bps of margin contraction QoQ and a 40bps YoY contraction. 2024 2025 2026

Huhtamaki – (Rebased)

H1 26 results due July 23 Performance (%) 1m 3m 12m

Our Q2 adj. EBIT estimate of Eur 92.2m (-10.6% YoY, -2.4% QoQ) implies H1 26 adj.

Absolute -1.7 -4.5-14.3

EBIT of Eur 186.7m (-7.2% YoY). For the three-month period, we model organic

DJ (.STOXXE) 2.6 11.6 18.5

growth of <1% YoY, down from +1% in Q1, to reflect growing headwinds in

Source: Deutsche Bank

Foodservice Packaging & North America, combined with an easing FX headwind in