Mayr-Melnhof Karton AG raised its cumulative profit target to more than €330 million by 2027, up from the prior €250 million target, as the Austrian packaging group reported adjusted EBITDA of €200 million in the first half of 2026.
The company, which trades at a market capitalization of $1.78 billion and maintains a 30-year dividend record, posted adjusted operating profit of €90 million in H1 2026, supported by a €105 million contribution from its Fit-For-Future restructuring program. Operating cash flow totaled €145 million, while free cash flow reached €37 million. The group’s equity ratio stood at 47%, with net debt to adjusted EBITDA at 2.4 times.
Divisionally, Mayr-Melnhof’s Pharma & Healthcare Packaging unit delivered the strongest performance, with adjusted operating profit up 28% year-on-year to an EBITDA margin of 14.3%, driven by North America, Ireland, and demand for GLP-1-related products. Food & Premium Packaging improved adjusted operating profit by over 6% on a like-for-like basis, while the Romania expansion project remains on track for commercial production by October.
The Board & Paper segment faced weaker market conditions, with selling prices below H1 2025 levels despite gains in European market share for recycled cartonboard and fresh fibre folding boxboard. The company also received a Platinum EcoVadis sustainability rating, upgrading from Gold.
Looking ahead, Mayr-Melnhof expects headwinds to persist due to the Ukraine war, subdued consumer demand, and rising costs in transport, energy, chemicals, and recycled paper. Annual maintenance standstills at the Kwidzyn and Kotka mills are projected to reduce Q3 operating profit by approximately €35 million, though growth in pharma and consumer packaging, improving price levels in selected grades, and a further €100 million contribution from the Fit-For-Future program are expected to partially offset these pressures. Major energy-efficiency and cost-reduction projects at Kwidzyn are slated to contribute from 2027, while the planned acquisition of the Arnsberg board mill remains pending regulatory approvals.
