Huhtamäki Oyj’s Interim Report January 1–March 31, 2023: Stable development in a challenging market


Huhtamäki Oyj’s Interim Report January 1–March 31, 2023: Stable development in a challenging market

Q1 2023 in brief

  • Net sales stable at EUR 1,047 million (EUR 1,050 million)
  • Adjusted EBIT was EUR 92 million (EUR 98 million); reported EBIT was EUR 87 million (EUR 94 million)
  • Adjusted EPS was EUR 0.51 (EUR 0.63); reported EPS was EUR 0.47 (EUR 0.63)
  • Comparable net sales growth was 2% at Group level and 0% in emerging markets
  • The impact of currency movements was EUR -0 million on the Group’s net sales and EUR 1 million on EBIT

Key figures

EUR millionQ1 2023Q1 2022Change2022
Net sales1,047.11,049.7-0%4,479.0
Comparable net sales growth2%19% 15%
Adjusted EBITDA1140.5146.6-4%596.9
Margin113.4%14.0% 13.3%
Adjusted EBIT292.197.5-6%395.1
Margin28.8%9.3% 8.8%
Adjusted EPS, EUR30.510.63-19%2.49
EPS, EUR0.470.63-25%2.65
Adjusted ROI210.7%11.2% 11.0%
Adjusted ROE313.7%15.4% 14.9%
ROI11.0%10.8% 11.4%
ROE14.3%14.6% 15.7%
Capital expenditure65.276.4-15%318.5
Free Cash Flow42.6-45.7>100%11.1
1 Excluding IAC of-2.4-2.0 18.0
2 Excluding IAC of-4.7-4.0 10.2
3 Excluding IAC of-3.90.3 16.0

Unless otherwise stated, all comparisons in this report are compared to the corresponding period in 2022. Figures of return on investment (ROI), return on equity (ROE) and return on net assets (RONA) as well as net debt to EBITDA presented in this report are calculated on a 12‑month rolling basis.

The figures in the tables are exact figures and consequently the sum of individual figures may deviate from the sum presented. Key figures have been calculated using exact figures.

Charles Héaulmé, President and CEO

“The first quarter of 2023 developed in line with the trend seen in the latter part of 2022, with continued inflation affecting consumption across categories and geographies. Order levels were also impacted by destocking in the value chain and the return of normal seasonality, which has impacted the timing of demand.

Our business performance in the first quarter remained consistent with previous quarters, delivering solid revenue and profit. Despite continued pressure on volumes, our comparable net sales increased by 2% compared to Q1 2022, driven by the Fiber Packaging and Foodservice Europe-Asia-Oceania segments, which performed well. The North America segment faced a return to normal seasonality and delivered strong profit growth. The Flexible Packaging segment continued to face a decrease in demand, particularly impacted by inflation in emerging markets. The Group’s adjusted EBIT at EUR 92 million, decreased against prior year, due to lower sales and the divestment of operations in Russia. Free cash flow improved significantly, reaching EUR 43 million, driven by an improvement in working capital. In line with our 2030 strategy, we have continued to invest for growth and innovation. As the market environment is challenging, we are focused on protecting our profitability and ensuring cash flow. Therefore, we have accelerated the implementation of operational efficiency measures.

In March, we published our updated 2030 growth strategy and long-term financial ambitions at our Capital Markets Day. The global packaging industry is undergoing a substantial transformation, as a result of changing consumer expectations. This is driving a greater focus on sustainable alternatives and innovative functionalities. This will require technology driven innovations and with our portfolio and technology base, provides significant profitable growth opportunities for us. To capitalize on this momentum, our strategy focuses on four areas: scaling up our profitable core businesses, developing our blueloop™ sustainable innovation platform in partnership with customers, driving world-class operational performance across our global footprint and investing in strategic capabilities to successfully drive our global transformation journey.

I want to thank our people for their passionate commitment to deliver on our growth strategy and reach our 2030 North Star to be the first choice in sustainable packaging solutions. Our focus on technology-driven innovation and ability to operate at scale differentiates and positions us well to leverage the growth opportunities in packaging for food and everyday necessities everywhere.”

Financial review Q1 2023 

Net sales by business segment

EUR millionQ1 2023Q1 2022Change 
Foodservice Europe-Asia-Oceania256.2254.71% 
North America358.1337.56% 
Flexible Packaging349.1377.7-8% 
Fiber Packaging86.990.9-4% 
Elimination of internal sales-3.1-11.1  

Comparable net sales growth by business segment

 Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022
Foodservice Europe-Asia-Oceania11%15%22%18%18%
North America2%10%10%14%24%
Flexible Packaging-5%1%20%19%18%
Fiber Packaging17%17%19%16%8%

The Group’s net sales were stable at EUR 1,047 million (EUR 1,050 million) during the quarter, weighed on by a decrease in sales volumes. Additionally, the return of a normal seasonality within the year impacted timing of demand. Comparable net sales growth was 2%. Comparable growth was strongest in the Fiber Packaging and Foodservice Europe-Asia-Oceania -segments. Comparable sales growth in emerging markets was 0%. Foreign currency translation impact on the Group’s net sales was EUR -0 million (EUR 35 million) compared to 2022 exchange rates.

Adjusted EBIT by business segment

    Items affecting comparability
EUR millionQ1 2023Q1 2022ChangeQ1 2023Q1 2022
Foodservice Europe-Asia-Oceania21.225.6-17%-1.5-0.0
North America42.538.89%--0.0
Flexible Packaging21.429.4-27%-2.8-2.8
Fiber Packaging10.57.540%-0.3-0.0
Other activities-3.5-3.8 -0.1-1.1

Adjusted EBIT margin by business segment

 Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022
Foodservice Europe-Asia-Oceania8.3%9.1%10.2%8.7%10.0%
North America11.9%12.8%11.2%11.2%11.5%
Flexible Packaging6.1%4.2%6.2%6.9%7.8%
Fiber Packaging12.1%12.7%9.6%13.4%8.2%

The Group’s adjusted EBIT decreased to EUR 92 million (EUR 98 million) and reported EBIT was EUR 87 million (EUR 94 million). Adjusted EBIT decreased mainly due to lower sales volumes and the divestment of operations in Russia. The Group’s adjusted EBIT margin decreased and was 8.8% (9.3%). Foreign currency translation impact on the Group’s earnings was EUR 1 million (EUR 3 million).

Adjusted EBIT excludes EUR -4.7 million (EUR -4.0 million) of items affecting comparability (IAC) , including costs of implementing operational efficiency measures.

Adjusted EBIT and IAC

EUR millionQ1 2023Q1 2022
Adjusted EBIT92.197.5
Acquisition related costs-0.1-0.6
Restructuring gains and losses, including writedowns of related assets-2.3-1.4
PPA amortization-2.2-1.9
Settlement and legal fees of disputes-0.1-0.1

Net financial expenses were EUR 19 million (EUR 3 million). The increase was due to higher interest rates and other financing costs. Tax expense was EUR 16 million (EUR 22 million). The corresponding tax rate was 24% (24%). Profit for the first quarter was EUR 52 million (EUR 69 million). Adjusted earnings per share (EPS) was EUR 0.51 (EUR 0.63) and reported EPS EUR 0.47 (EUR 0.63). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR -3.9 million (EUR 0.3 million) of IAC.

Adjusted profit and IAC

EUR millionQ1 2023Q1 2022
Adjusted profit for the period attributable to equity holders of the parent company53.465.7
IAC in EBIT-4.7-4.0
IAC in Financial items-0.44.4
Taxes relating to IAC1.2-0.1
Profit for the period attributable to equity holders of the parent company49.566.0

Impacts of the war in Ukraine and the divestment of operations in Russia

On September 2, 2022, Huhtamaki announced the divestment of its operations in Russia to Espetina Ltd. Espetina is a holding company owned by Alexander Govor and Iury Kushnerov. The transaction has been completed. The cash and debt free sales price was EUR 151 million. As a result of the sale, Huhtamaki booked a gain of EUR 44.5 million during the third and fourth quarter. The transaction included four manufacturing units in Russia, employing 724 people. Net sales in Russia amounted to EUR 99.5 million in 2021, representing less than 3% of the Group’s net sales. The factories in Russia mostly served the local market and only a minor part of production was exported. Following the divestment, Huhtamaki does not have any operations in Russia.

Huhtamaki has operations in Ukraine but does not operate in Belarus. In Ukraine, the company has one factory, which has mostly served the local market. It’s net sales prior to the war made only a minor contribution to the Group level net sales.

Outlook for 2023 (unchanged)

The Group’s trading conditions are expected to remain relatively stable, despite the continued volatility in the operating environment. Huhtamaki's diversified product portfolio provides resilience and the Group’s good financial position enables addressing profitable long-term growth opportunities.

Annual General Meeting 2023

The Annual General Meeting of Shareholders (AGM) will be held on Thursday, April 27, 2023 at 11:00 (EEST) at Scandic Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland.


Huhtamaki will arrange a combined audiocast and teleconference on April 27, 2023, at 9:00 EEST. Huhtamaki’s CEO & President Charles Héaulmé and CFO Thomas Geust will present the results. The event will be followed by a question and answer session. The event will be held in English and it can be followed in real-time.

A link to the audiocast is available at:

A link to the teleconference is available at: Registration is required for the teleconference. After the registration you will be provided with phone numbers and a conference ID to access the conference.

An on-demand replay of the audiocast will be available shortly after the end of the call at

Financial reporting in 2023

In 2023, Huhtamaki will publish financial information as follows:

Half-yearly Report, January 1 - June 30, 2023                       July 20

Interim Report, January 1 - September 30, 2023                  October 20

This is a summary of Huhtamäki Oyj's Interim Report January 1 - March 31, 2023. The complete report is attached to this release and is also available at the company website at

For further information, please contact:

Kristian Tammela, VP, Investor Relations, tel. +358 10 686 7058


Global Communications

About Huhtamaki

Huhtamaki is a leading global provider of sustainable packaging solutions for consumers around the world. Our innovative products protect on-the-go and on-the-shelf food and beverages, and personal care products, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030. Our blueloopTM sustainable packaging solutions are world-leading and designed for circularity.

We are a participant in the UN Global Compact, Huhtamaki is rated ‘A’ on the MSCI ESG Ratings assessment and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science-Based Targets initiative.

With 100 years of history and a strong Nordic heritage we operate in 37 countries and 116 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of around 19 000 employees make a difference where it matters. Our 2022 net sales totalled EUR 4.5 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet at


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