First Read: Huhtamaki Oyj "SMID Pan-European Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Huhtamaki Oyj "SMID Pan-European Conference 2026 - Feedback" (Buy)

Global Research

13 May 2026ab

First Read

EquitiesHuhtamaki Oyj

SMID Pan-European Conference 2026 - Finland

Feedback Containers & Packaging

12-month rating Buy

12m price target €36.50

Huhtamaki at the SMID Pan-European Conference 2026

We hosted Ralf K. Wunderlich, Chief Executive Officer, Kristian Tammela, VP, Investor

Relations, and Ilja Orre, VP, Investor Relations, at the SMID Pan-European Conference Price (12 May 2026) €27.04

today for group meetings. RIC: HUH1V.HE BBG: HUH1V FH

Trading data and key metrics

Key takeaways

52-wk range €34.58-26.52

Management struck a more disciplined tone on capital allocation, explicitly

Market cap. €2.84b/US$3.33b

acknowledging prior overspend on sustainable packaging and indicating capex will

remain below the normalised €250m level unless growth justifies it. Management said Shares o/s 105m (ORD)

the historic 5-6% growth target was set in a market context significantly different to Free float 95%

current conditions, especially with recent geopolitical disruptions; while Q1 marked the Avg. daily volume ('000) 317

first positive organic growth in several years, in a declining market. Flexibles remains the Avg. daily value (m) €9.1

clearest margin recovery story, with Q1 EBIT margin at 9.5% (vs Q1'25 at 8.1%) after Common s/h equity (12/26E) €1.99b

portfolio discipline and cost work, although raw material inflation remains the main P/BV (12/26E) 1.4x

near-term headwind with a 3-6 month pass through lag. Management was confident on Net debt to EBITDA (12/26E) 1.9x

self help, passing through mechanics protecting margins long term, SME customer

EPS (UBS, diluted) (EUR)

growth, Fibre optionality from PPWR (still expecting 2030 implementation and 2028 a