Financials Huhtamäki Oyj

Equities

HUH1V

FI0009000459

Paper Packaging

Market Closed - Nasdaq Helsinki Other stock markets 12:00:00 2026-01-19 pm EST			5-day change	1st Jan Change
29.88 ^EUR	-1.90%		-1.13%	+0.47%

Jan. 16	Huhtamäki Secures SBTi Approval for 2030 Emissions Reduction Goals	MT
Jan. 07	BNP Paribas Exane Upgrades Huhtamäki to Outperform (Neutral), Sets Price Target at 34.20 Euros - BN	FW

Projected Income Statement: Huhtamäki Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,302	3,575	4,479	4,169	4,126	3,995	4,082	4,241
Change	-	8.27%	25.29%	-6.92%	-1.02%	-3.17%	2.17%	3.89%
EBITDA ¹	473.1	488.4	596.9	590.1	622.2	612.5	640.6	671.1
Change	-	3.23%	22.22%	-1.14%	5.44%	-1.56%	4.59%	4.77%
EBIT ¹	302.1	315.3	395.1	392.6	416.9	401.9	420.9	445.1
Change	-	4.37%	25.31%	-0.63%	6.19%	-3.6%	4.71%	5.76%
Interest Paid ¹	-28.2	-33	-53.2	-69	-71.8	-57.75	-58.71	-56.23
Earnings before Tax (EBT) ¹	237.1	263	352.1	312	300.5	272.9	349.2	375
Change	-	10.92%	33.88%	-11.39%	-3.69%	-9.19%	27.97%	7.37%
Net income ¹	176.8	198.8	276.2	206.3	224.1	195.7	255.4	273.8
Change	-	12.44%	38.93%	-25.31%	8.63%	-12.65%	30.47%	7.2%
Announcement Date	2/11/21	2/10/22	2/9/23	2/8/24	2/13/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	812.8	801.9	877.1	896	999.5	1,050	1,147	1,178	1,104	1,047	1,052	1,037	1,033	1,004	1,038	1,026	1,059	1,002	1,008	970.6	1,012	985.4	1,011	999.3	1,038	1,051	1,061	1,050
Change	-	-1.34%	9.38%	2.15%	11.55%	5.02%	9.3%	2.71%	-6.35%	-5.12%	0.44%	-1.38%	-0.41%	-2.81%	3.35%	-1.09%	3.17%	-5.39%	0.59%	-3.66%	4.22%	-2.58%	2.6%	-1.16%	3.89%	1.24%	0.92%	-1.03%
EBITDA ¹	116.8	117.8	121.1	119.2	130.3	146.6	153.8	153.2	143.3	140.5	141.2	149	159.5	149	156.4	153.1	163.7	152	154.6	151.7	150.4	154.7	158	158.1	158.5	163.8	164.6	166
Change	-	0.86%	2.8%	-1.57%	9.31%	12.51%	4.91%	-0.39%	-6.46%	-1.95%	0.5%	5.52%	7.05%	-6.58%	4.97%	-2.11%	6.92%	-7.15%	1.71%	-1.88%	-0.83%	2.8%	2.17%	0.04%	0.28%	3.33%	0.48%	0.83%
EBIT ¹	72.8	77	79.9	76.3	82.2	97.5	102.7	101.5	93.3	92.1	92.7	100.3	107.5	98.8	105.5	102.4	110.3	98.5	103.1	100.3	100.4	101.8	104.7	105.5	104.9	109.2	109.4	111.4
Change	-	5.77%	3.77%	-4.51%	7.73%	18.61%	5.33%	-1.17%	-8.08%	-1.29%	0.65%	8.2%	7.18%	-8.09%	6.78%	-2.94%	7.71%	-10.7%	4.67%	-2.72%	0.09%	1.36%	2.91%	0.73%	-0.52%	4.02%	0.27%	1.77%
Charge d'intérêts ¹	-6.4	-8	-6.9	-9.5	-9.2	-2.9	-12	-22	-16.3	-22	-15.2	-17	-17.7	-21.2	-16.2	-15.1	-19.2	-14.1	-15.2	-12.8	-14.7	-15	-15	-14	-14	-	-	-
Earnings before Tax (EBT) ¹	41.4	63.2	69.1	55.4	75.4	90.6	84.5	115.2	61.8	68.4	39.5	75.8	128.3	56.3	88.5	80	75.8	79.6	31	78.8	85.89	83.7	89.4	90.1	95.5	-	-	-
Change	-	52.66%	9.34%	-19.83%	36.1%	20.16%	-6.73%	36.33%	-46.35%	10.68%	-42.25%	91.9%	69.26%	-56.12%	57.19%	-9.6%	-5.25%	5.01%	-61.06%	154.19%	9%	-2.55%	6.81%	0.78%	5.99%	-	-	-
Net income ¹	31	47	51.7	42.4	57.9	66	60.8	93	56.3	49.5	25.3	44.3	87.2	36.3	65	59.2	63.7	56.9	21.1	58.4	58.53	61.91	62.63	65.73	64.69	65.09	62.42	67.75
Change	-	51.61%	10%	-17.99%	36.56%	13.99%	-7.88%	52.96%	-39.46%	-12.08%	-48.89%	75.1%	96.84%	-58.37%	79.06%	-8.92%	7.6%	-10.68%	-62.92%	176.78%	0.22%	5.77%	1.17%	4.94%	-1.58%	0.61%	-4.09%	8.53%
Announcement Date	2/11/21	4/22/21	7/22/21	10/21/21	2/10/22	4/27/22	7/21/22	10/21/22	2/9/23	4/27/23	7/20/23	10/20/23	2/8/24	4/25/24	7/25/24	10/24/24	2/13/25	4/24/25	7/24/25	10/23/25	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Huhtamäki Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	878	1,524	1,471	1,288	1,216	1,170	1,057	953
Change	-	73.58%	-3.48%	-12.44%	-5.59%	-3.78%	-9.66%	-9.84%
Announcement Date	2/11/21	2/10/22	2/9/23	2/8/24	2/13/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Huhtamäki Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	223.5	259.4	318.5	318.7	247.9	208.4	228.8	238.1
Change	-	16.06%	22.78%	0.06%	-22.22%	-15.94%	9.78%	4.07%
Free Cash Flow (FCF) ¹	205.1	-36.7	11.1	259.5	184.8	272.3	250.2	249.2
Change	-	-117.89%	130.25%	2,237.84%	-28.79%	47.34%	-8.12%	-0.4%
Announcement Date	2/11/21	2/10/22	2/9/23	2/8/24	2/13/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Huhtamäki Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.33%	13.66%	13.33%	14.15%	15.08%	15.33%	15.69%	15.82%
EBIT Margin (%)	9.15%	8.82%	8.82%	9.42%	10.1%	10.06%	10.31%	10.49%
EBT Margin (%)	7.18%	7.36%	7.86%	7.48%	7.28%	6.83%	8.56%	8.84%
Net margin (%)	5.35%	5.56%	6.17%	4.95%	5.43%	4.9%	6.26%	6.46%
FCF margin (%)	6.21%	-1.03%	0.25%	6.22%	4.48%	6.81%	6.13%	5.88%
FCF / Net Income (%)	116.01%	-18.46%	4.02%	125.79%	82.46%	139.1%	97.95%	91%
Profitability
ROA	5.63%	4.89%	5.9%	4.35%	4.69%	3.51%	4.49%	4.57%
ROE	14.8%	14.18%	14.9%	13.2%	11.56%	11.18%	12.28%	12.25%
Financial Health
Leverage (Debt/EBITDA)	1.85x	3.12x	2.46x	2.18x	1.95x	1.91x	1.65x	1.42x
Debt / Free cash flow	4.28x	-41.53x	132.52x	4.96x	6.58x	4.3x	4.22x	3.83x
Capital Intensity
CAPEX / Current Assets (%)	6.77%	7.26%	7.11%	7.64%	6.01%	5.22%	5.6%	5.61%
CAPEX / EBITDA (%)	47.24%	53.11%	53.36%	54.01%	39.84%	34.02%	35.71%	35.48%
CAPEX / FCF (%)	108.97%	-706.81%	2,869.37%	122.81%	134.15%	76.53%	91.45%	95.55%
Items per share
Cash flow per share ¹	4.107	2.141	3.07	5.511	4.132	4.315	4.697	4.797
Change	-	-47.87%	43.39%	79.49%	-25.02%	4.42%	8.85%	2.14%
Dividend per Share ¹	0.92	0.94	1	1.05	1.1	1.122	1.158	1.241
Change	-	2.17%	6.38%	5%	4.76%	1.98%	3.24%	7.19%
Book Value Per Share ¹	12.31	14.62	17.65	17.59	19.46	19.8	21.23	22.57
Change	-	18.78%	20.72%	-0.34%	10.6%	1.78%	7.22%	6.3%
EPS ¹	1.69	1.91	2.65	1.97	2.14	1.845	2.475	2.665
Change	-	13.02%	38.74%	-25.66%	8.63%	-13.8%	34.15%	7.7%
Nbr of stocks (in thousands)	104,350	104,365	104,365	104,538	104,761	104,968	104,968	104,968
Announcement Date	2/11/21	2/10/22	2/9/23	2/8/24	2/13/25	-	-	-