First Read Huhtamaki Oyj: 2Q strong sales & margins beat held back by FCF

研报英文原文证据摘录

First Read Huhtamaki Oyj: 2Q strong sales & margins beat held back by FCF

ons. €26m). 12/26E 2.34 2.37

Volume growth, raw-material pass-through and turnaround actions drove margin 12/27E 2.57 2.62

expansion to 10.8% (vs 8.4% in Q2'25). Fiber Packaging: sales was €100.6m (UBSe 12/28E 2.76 2.82

€98m, cons. €98m) and adj. EBIT was €15.4m (UBSe €13m, cons. €13m), supported by

growth in egg and fruit packaging markets. FCF & Net Debt: H1 FCF was €33.9m and Hai Huynh, CFA

Analyst

net debt/adj. EBITDA improved to 2.0x (H1'25: 2.1x). Management cited North

hai.huynh@ubs.com

American operational issues and higher plastic prices as key reasons for weaker cash +44-20-7567 7051

conversion.

Natasha Brilliant

Q: Has the company's outlook/guidance changed?

natasha.brilliant@ubs.com

A: No. Huhtamaki reiterated 2026 guidance of relatively stable trading conditions and +44-20-7567 0645

effectively reiterated its medium-term framework of delivering profitable growth.

Andrew Jones

Commentary suggests demand conditions remain mixed, with Foodservice & North Analyst

America challenging, while Flexible and Fiber continue to improve. andrew-i.jones@ubs.com

+44-20-7901 6545

Q: How would we expect investors to react?

A: Shares are down -7% YTD. We would expect a moderately positive reaction. Group

sales, EBIT and margins materially exceeded both UBS and cons. expectations, driven by

strong Flexible Packaging and Fiber Packaging execution. The offsetting concern is

weaker North America and disappointing FCF. Focus is likely to be on confidence in

North America recovery, sustainability of Flexible Packaging margins, impact from

Middle East disruptions, H2 demand trends and cash flow normalisation.

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E