Mayr-Melnhof Karton AG Reports 2025 Annual Results
Mayr-Melnhof Karton AG announced its consolidated financial results for the year ended 31 December 2025. The company, a leading producer of cardboard and folding cartons derived primarily from recycled wastepaper, reported a number of key performance indicators that reflect the impact of a challenging market environment and ongoing structural adjustments.
Financial Highlights
| Indicator | 2025 (EUR million) | 2024 (EUR million) | Change |
|---|---|---|---|
| Sales | 3 885,3 | 4 079,6 | –4,8 % |
| Adjusted EBITDA | 418,2 | 418,5 | –0,1 % |
| Adjusted Operating Profit | 195,4 | 190,0 | +2,8 % |
| Adjusted Operating Margin | 5,0 % | 4,7 % | +37 basis points |
| Profit before Tax | 145,7 | 114,3 | +27,4 % |
| Profit for the Year | 77,0 | 110,5 | –30,3 % |
| Earnings per Share (EPS) | 3,86 EUR | 5,41 EUR | –28,7 % |
| Cash Flow from Operating Activities | 231,1 | 516,3 | –55,2 % |
The adjusted operating profit increased by 3 % year‑on‑year, excluding the effect of TANN, where the rise was 15 %. Earnings contribution for 2025 was already around 70 million EUR, and the company expects a cumulative earnings improvement of more than 250 million EUR by 2027 as the Fit‑For‑Future programme continues to deliver.
Balance‑Sheet Strengthening
The group’s balance sheet improved, featuring a higher equity ratio and a lower net debt level. The strengthening of equity positions is intended to support ongoing investment plans and to provide a buffer against market volatility.
Dividend Policy Update
The company announced an 11 % increase in its dividend, raising the payout to 2,00 EUR per share. This adjustment aligns with the new dividend policy outlined by the board and reflects the company’s confidence in sustaining shareholder returns despite the current market softness.
Environmental Performance
Absolute CO₂ emissions were reduced by 11 % compared to the previous year, underscoring the company’s commitment to sustainability. The reduction is part of the broader Fit‑For‑Future initiative aimed at improving environmental performance across all production sites.
Market Conditions
The CEO, Peter Oswald, noted that the 2025 results were achieved in an environment characterised by weak consumer demand and structural overcapacity. The company emphasised that, while sales volumes declined, operational efficiency gains and cost controls contributed to the modest improvement in operating profitability.
Outlook
Analysts expect the company’s revenue for the upcoming quarter to decline by approximately 4.8 % relative to the same period in the previous year, with earnings per share projected to fall to around –3,9 EUR. For the full fiscal year, analysts are anticipating an EPS of 4,25 EUR, down from 5,41 EUR in 2024, and a revenue of roughly 3,96 billion EUR, compared with 4,08 billion EUR last year.
These figures indicate that, while Mayr‑Melnhof Karton AG remains committed to its sustainability and profitability targets, it will continue to navigate a soft market with ongoing overcapacity pressures. The company’s focus on the Fit‑For‑Future programme, cost optimisation, and environmental stewardship will be critical to sustaining performance in the medium term.
