The Mayr-Melnhof Group (MM Group) reports consolidated sales of Euro 3,068.8 million in the first three quarters of 2024. Sales were below the previous year's figure (Q1-3 2023: Euro 3,196.5 million) mainly due to lower selling prices.
Adjusted operating profit decreased by Euro 64.1 million from Euro 190.4 million to Euro 126.3 million. This decline is primarily price-related. The Group’s adjusted operating margin was 4.1 %.
Profit before tax totalled Euro 70.9 million after Euro 118.9 million in the previous year. Income tax expense amounted to Euro 18.6 million, resulting in an effective Group tax rate of 26.3 %.
Profit for the period decreased accordingly from Euro 91.2 million to Euro 52.3 million.
Q3 2024 results
At Euro 1,024.9 million, consolidated sales in the Q3 2024 exceeded both the figure for the Q2 2024 (Euro 1,018.9 million) and the previous year's level (Q3 2023: Euro 1,015.1 million).
The Group’s adjusted operating profit of Euro 35.7 million was below the previous quarter and the previous year’s figure. The adjusted operating margin amounted to 3.5%.
Adjusted EBITDA reached Euro 94.0 million. Profit for the Q3 2024 amounted to Euro 14.9 million.
Peter Oswald, MM CEO, comments: “Despite persistent consumer restraint in the European core markets the MM Group succeeded in maintaining sales in the Q3 at the level of the two previous quarters. The MM Board & Paper division recorded a significant increase in volumes of around 18 % so far this year after the reduction of inventories in the supply chain and machine rebuilds in the previous year. As expected, Q3 results were below both the previous quarter and the previous year’s Q3 due to planned annual maintenance downtime at Board & Paper, which mainly affected the pulp mills in Poland and Finland. The costs of the annual shutdowns of MM Kwidzyn and MM Kotkamills were roughly Euro 25 million.
“Due to the ongoing weak consumption of daily consumer goods, subdued development in the end markets and continued underutilisation in the cartonboard industry are also anticipated in 2025. Against this background, we will continue to focus on strengthening our competitiveness by reducing costs and improving our quality, sustainability, and innovation. Particular attention will remain directed towards enhancing margins and ongoing cash generation. With the significantly optimised asset base over recent years and a solid financial position, MM is very well equipped to successfully meet the continuing challenges of the market with more sustainable and innovative packaging solutions,” underlines Oswald.
MM is a global leader in consumer packaging. The Group provides packaging solutions for cartonboard and folding cartons with an attractive offer in kraft papers, uncoated fine papers, leaflets and labels.
