Mayr-Melnhof Group reported a 10.8% adjusted EBITDA margin for the first half of 2026, up from 9.2% a year earlier, as its "Fit-For-Future" efficiency drive delivered €105m in savings.
Group sales edged 1% lower to €1.85bn compared with H1 2025, while adjusted operating profit approached €90m and operating cash flow rose to €145m. Free cash flow turned positive at €37m, supported by disciplined capital allocation that kept net debt at €945m, below the €1bn threshold. The net debt-to-EBITDA ratio stood at 2.4x, within the company’s 2.0x–2.5x target range.
The Pharma & Healthcare Packaging division led performance, with EBITDA margin expanding by nearly 200 basis points to 14%, on track toward an 18% target. Food & Premium Packaging maintained strong profitability, while the Board & Paper segment faced €70m in pricing pressure from lower virgin cartonboard values, partially offset by €59m in cost improvements. Capacity utilization in the division’s folding boxboard segment averaged 87%, with 80% of capacity positioned in the lowest two cost quartiles.
CEO Peter Oswald highlighted the program’s outperformance, stating it would deliver cumulative earnings enhancements exceeding €330m by 2027, surpassing the prior €250m target. He also noted the Arnsberg mill acquisition from Reno de Medici as a source of synergies. Maintenance shutdowns in August and September are expected to reduce H2 earnings by about €35m, and gas hedging coverage remains below 50%.
Mayr-Melnhof’s shares fell 2.9% to €78.50, extending a 23% decline from the 52-week high of €102.40. The stock’s beta of 0.6 and 30-year dividend track record provided limited support amid broader market caution.
Net debt totaled €945m, with an equity ratio of 47% and a debt-to-equity ratio of 0.67, reflecting a balanced capital structure. Capital expenditure reached nearly €112m, primarily directed to the Kwidzyn ROE project.
