- Mayr-Melnhof Karton AG reported adjusted EBITDA for the first half of 2026 that nearly matched the prior-year level on a like-for-like basis.
- The company raised the expected total P&L contribution from its Fit-For-Future program to over EUR 330 million by 2027, up from more than EUR 250 million previously.
- MM’s Pharma & Healthcare Packaging segment saw a 14% increase in adjusted EBITDA, while Board & Paper adjusted EBITDA declined by 19%.
VIENNA, Austria — Mayr-Melnhof Karton AG (MM) reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half of 2026 that nearly matched the prior-year level on a like-for-like basis. The Austrian packaging group also raised its target for the Fit-For-Future program’s P&L contribution. MM said in an emailed press release today.
Half-Year Performance
MM’s adjusted EBITDA for the first half of 2026 showed a clear sequential improvement over the second half of 2025. A EUR 105 million contribution from the Fit-For-Future program helped mitigate lower prices in the Board & Paper segment. Adjusted EBITDA for Pharma & Healthcare Packaging increased by 14%. Food & Premium Packaging adjusted EBITDA rose by 1% on a like-for-like basis. The Board & Paper segment experienced a 19% decrease in adjusted EBITDA.
Fit-For-Future Program
The Fit-For-Future program exceeded initial expectations. The company increased its expected total P&L contribution from the program to more than EUR 330 million by 2027. This compares to a previous target of over EUR 250 million, both measured against a 2024 baseline excluding TANN. Major capital expenditure projects focused on cost and energy efficiency and transformation are on track. These investments, including those at MM Kwidzyn and packaging expansions in Romania and the US, are expected to contribute to earnings from 2027.
Outlook
MM anticipates an unfavorable operating environment in the second half of 2026. This includes subdued consumer demand, higher transport, energy, chemical, wood, and paper for recycling costs. Annual maintenance standstills at MM Kwidzyn and MM Kotkamills are expected to impact third-quarter operating profit by approximately EUR 35 million. However, the company expects slightly improving price levels in selected Board & Paper grades and continued growth in certain pharma and consumer packaging applications. A further contribution of more than EUR 100 million from the Fit-For-Future program is expected to partly offset these headwinds. The planned acquisition of the Arnsberg cartonboard mill is expected to provide synergy opportunities, subject to regulatory approvals.