At Euro 4,079.6 million, the Mayr-Melnhof (MM) Group's consolidated sales 2024 were slightly below the previous year's figure (2023: Euro 4,164.4 million) by 2.0 % or Euro 84.8 million. A significant volume increase at MM Board & Paper was offset primarily by lower average prices in the MM Food & Premium Packaging and MM Board & Paper divisions.

The decline in adjusted operating profit to Euro 190.0 million after Euro 229.2 million in 2023 was mainly caused by the division MM Food & Premium Packaging. The Group’s adjusted operating margin therefore was 4.7 % and the return on capital employed reached 5.6 %. Adjusted EBITDA totalled Euro 418.5 million, resulting in an adjusted EBITDA margin of 10.3 %.

Profit before tax totalled Euro 114.3 million after Euro 136.7 million in the previous year. Income tax expense decreased to Euro 3.8 million, mainly due to the capitalisation of loss carryforwards of the former Essentra Packaging, resulting in an effective Group tax rate of 3.4 %. The Group's standard tax rate is 19.0 %.

Profit for the year increased to Euro 110.5 million, compared to Euro 89.1 million in 2023.

Outlook

MM aims to strengthen and expand its market position in the three divisions by pursuing cost, technology and innovation leadership in the core competence areas of packaging and cartonboard. The sales focus is placed on a broadened distribution approach, innovative solutions and the substitution of plastics. Furthermore the objective is to improve profitability through cost management and structural optimisation measures. Based on the encouraging progress made to date, a comprehensive efficiency program called “Fit-for-Future” is being rolled out for the entire Group.

On the procurement markets, the situation is currently showing a rather stable development at an elevated level.

Capital expenditures in 2025 will focus primarily on improving competitiveness and increasing the share of renewable energies and are expected to amount to around EUR 300 million. The annual maintenance shutdowns for Board & Paper, which mainly affect the pulp mills in Poland and Finland, will take place primarily in the 3rd quarter of this year. The related expenses are currently estimated at around Euro 41 million (2024: Euro 26 million).

MM is a global leader in consumer packaging. The Group provides packaging solutions for cartonboard and folding cartons with an attractive offer in kraft papers, uncoated fine papers, leaflets and labels.