EQS-News

Mayr-Melnhof Karton AG: MM reports first quarter 2024 results

EQS-News: Mayr-Melnhof Karton AG / Key word(s): Quarter Results Mayr-Melnhof Karton AG: MM reports first quarter 2024 results 23.04.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Result below previous year as expected Significant volume growth at MM Board & Paper Continuity at a good level at MM Packaging Weak consumption continues to weigh on end markets Pressure on margins carries on Successful profit & cash protection programme will be continued Sales price development decisive for earnings situation in 2024 Group Key indicators - IFRS

Consolidated, in millions of EUR	1Q/2024	1Q /2023	+/-
Sales	1,025.0	1,122.1	-8.7 %
Adjusted EBITDA	94.5	133.6	-29.3 %
Adjusted operating profit	39.6	78.7	-49.6 %
Adjusted operating margin (in %)	3.9 %	7.0 %	-314 bp
Profit before tax	18.0	49.0	-63.2 %
Profit for the period	10.9	34.9	-68.8 %
Earnings per share (in EUR)	0.52	1.71

Peter Oswald, MM CEO, comments: “The MM Group recorded a decline in both Group sales and adjusted operating profit in the 1^st quarter of 2024 compared to the previous year’s value, due to the earnings performance in the Board & Paper division. The destocking in the supply chain has been largely completed, leading to a significant recovery of volumes sold in Board & Paper. However, pressure on margins continued as expected, as price increases will only compensate for the recent rise in production costs from the 2^nd quarter onwards. In contrast, the Packaging division recorded a slight increase in results compared to the previous year, even though the margin was below the strong level of the 3^rd and 4^th quarter of 2023.