Cardboard and packaging group Mayr-Melnhof has presented its results for the 2025 financial year and managed to hold its own despite weak demand and overcapacity in Europe. While turnover declined, an improvement in operating profit was achieved, driven by efficiency measures and the „Fit-for-Future“ transformation programme.
The group's revenue fell by 4.8 percent to 3.89 billion euros, which was mainly due to the sale of the Tann Group This is attributable. At the same time, the adjusted operating result increased by 2.8 percent to 195.4 million euros. The operating margin improved slightly to 5.0 percent.
Transformation programme are showing results
A key driver of the earnings development was the Group-wide „Fit-for-Future“ programme. In 2025, this already contributed around 70 million euros to earnings. By 2027, the company expects a sustainable earnings improvement of more than 250 million euros compared to 2024.
Despite these advances, significantly higher tax expenses and one-off effects weighed on the net profit, which fell to 77 million euros. In the previous year, it had still amounted to 110.5 million euros.
Packaging sectors are developing differently
The packaging sector presented a mixed picture. The Food & Premium Packaging division maintained its margin despite declining demand, while Pharma & Healthcare Packaging significantly increased its profitability.
In contrast, the Board & Paper division remained under pressure. Although cost reductions and efficiency improvements managed to improve the result, the overall level remained weak.
Sustainability and financing strengthened
The balance sheet developed positively: net debt was reduced to around 914 million euros, while the equity ratio rose to 47 percent.
The company is also reporting progress on sustainability. Absolute CO2 emissions were reduced by 11 percent, mainly due to increased use of renewable energies and efficiency measures.
Outlook remains challenging
For 2026, Mayr-Melnhof continues to expect challenging conditions. Weak consumer demand, geopolitical uncertainties and overcapacities in the cardboard and paper market are likely to continue to weigh on the industry.
At the same time, the company aims to further strengthen its competitiveness through investments, efficiency programmes, and innovations. The investment volume is expected to be around 250 million euros in the current year.
Source: Mayr-Melnhof
