Huhtamaki’s adjusted operating profit rises 10% in third quarter despite mixed demand
Key Facts
Huhtamaki reported third-quarter results on 29.10.2026, with adjusted operating profit rising 10% to 110.5 million euros from 100.3 million in the year-earlier period. Reported operating profit was 97.8 million euros, compared with 91.6 million. Net profit also rose to 62.0 million euros from 60.4 million. The adjusted operating margin increased to 10.9% from 10.3%. Chief Executive Ralph K. Wunderlich said the company continued to deliver comparable sales growth with strong margins despite mixed demand across its businesses.
The results exceeded the analyst consensus published by the company on October 26, according to Huhtamaki’s comparison with those consensus figures. Reported earnings per share were 0.57 euros, compared with 0.56 euros a year earlier, while adjusted earnings per share were 0.68 euros versus 0.62 euros. Adjusted operating profit was 110.5 million euros, compared with 100.3 million in the third quarter of the previous year. The performance separates the improvement in adjusted earnings from items that affected the reported figure, as the company said demand remained mixed across its businesses. The results followed 2% group comparable sales growth in the second quarter, when adjusted operating profit was 103.7 million euros versus 103.1 million.
The company said a contract in its European molded fiber foodservice packaging business contributed 23 million euros to revenue and profitability during the quarter. The impact included 16 million euros recorded as other income, offset by costs to exit an activity of the same amount, included among items affecting comparability. This means the contract’s impact appeared through offsetting accounting items, alongside growth in operating activities, rather than as a standalone gain without associated costs. Reported operating profit was 97.8 million euros, while adjusted operating profit reached 110.5 million. The gap between the two figures reflects the effect of the classification of items the company excluded when calculating the adjusted measure.
Segment performance was mixed, with comparable sales rising 18% in flexible packaging and 3% in fiber packaging, while falling 9% in North America. Reported flexible packaging sales were 363.1 million euros, up 17% from the year-earlier period. In adjusted profitability, foodservice packaging profit surged 86% to 41.1 million euros, and flexible packaging profit rose 24% to 38.4 million. By contrast, adjusted operating profit in North America fell 61% to 13.3 million euros. The company said weak demand in most end markets, pressure from transport and energy costs, and operational challenges at some sites affected the region’s performance.
In its first-half report, the company said the Middle East crisis had caused supply challenges and significant cost increases, while strong performance in flexible packaging and fiber supported results; lower sales and operational challenges weighed on North America. In the third quarter, Huhtamaki left its 2026 outlook unchanged, expecting trading conditions to remain relatively stable through the year. It said its strong financial position enabled it to pursue profitable growth opportunities and set a long-term ambition for an adjusted operating margin of between 10% and 12%. The company added that it was working to turn around North America and foodservice packaging through commercial excellence, procurement and cost reduction. An audio conference and conference call to present the results and answer investor questions was scheduled for the day of the announcement at 9:30 Eastern European Time.