MM Trading Statement for the first quarter of 2026

For efficiency reasons and to accelerate reporting, disclosures for the 1^st and 3^rd quarters will from now on be made exclusively through a trading statement.

• Stable earnings development (excl. TANN) despite challenging market conditions
• Significant cost and earnings pressure from geopolitical risks
• Effective mitigation through Fit-For-Future programme

Group Key indicators - IFRS

Pro forma Group Key indicators (excl. TANN Group)

In a persistently challenging market environment marked by intense competitive pressure and subdued consumer demand, the MM Group succeeded in the 1^st quarter of 2026 in maintaining earnings on a pro forma basis, excl. the divested TANN Group, at the previous year’s level. (The comparison with the reported 1^st quarter of 2025, incl. TANN, is of limited relevance.) Overall, the pricing and volume environment proved more challenging than in the 4^th quarter of 2025. In addition, from March onwards, significant cost pressures arising from the recent escalations in the Middle East had a negative impact, particularly affecting energy, but also transportation and chemicals. This gives rise to earnings risks for the full year, especially as the industry is characterised by structural overcapacity and intense competition. These challenges were, however, mitigated across the Group by substantial operational progress achieved under the Fit-For-Future programme.

MM Food & Premium Packaging succeeded to maintain its adjusted operating margin at a solid level despite lower sales volumes, supported by consistent cost reductions.

MM Pharma & Healthcare Packaging achieved an encouraging year-on-year improvement in earnings, driven in particular by efficiency gains.

MM Board & Paper was able to secure prior‑year volumes in a challenging market environment, thereby achieving a high level of machine utilisation. Thus earnings were slightly above the previous year’s level despite lower sales.

INCOME STATEMENT
(The comparison with the reported 1^st quarter of 2025, incl. TANN, is limited.)

At EUR 927.5 million, the Group’s consolidated sales were lower than the previous year’s figure (Q1 2025: EUR 1,042.6 million), primarily due to the sale of TANN. Adjusted EBITDA amounted to EUR 104.1 million (Q1 2025: EUR 119.3 million), the adjusted EBITDA margin came in at 11.2 % (Q1 2025: 11.4 %). Adjusted operating profit decreased to EUR 49.1 million (Q1 2025: EUR 61.0 million) following the deconsolidation of TANN at the beginning of June last year. The Group’s adjusted operating margin was 5.3 % (Q1 2025: 5.8 %).

Excluding TANN, the Group’s consolidated sales of EUR 927.5 million were 5.9 % below the previous year’s figure (Q1 2025: EUR 986.1 million). This decline resulted primarily from the Food & Premium Packaging and Board & Paper divisions. Adjusted EBITDA and adjusted EBITDA margin amounted to EUR 104.1 million and 11.2 %, respectively, and were in line with the previous year’s level (Q1 2025: EUR 104.8 million; 10.6 %). Adjusted operating profit rose by 5.6 % to EUR 49.1 million (Q1 2025: EUR 46.5 million), mainly due to earnings growth in Pharma & Healthcare Packaging. The adjusted operating margin was 5.3 % (Q1 2025: 4.7 %).

OUTLOOK
The year 2026 continues to be characterised by a challenging market environment with subdued demand, structural overcapacity and intense competition. In addition, geopolitical tensions, particularly in the Middle East, are increasing uncertainty and exerting noticeable cost pressure on energy, transportation and chemicals, giving rise to considerable earnings risks for the full year. At the same time, the Group-wide Fit-For-Future programme is showing markedly stronger progress than initially planned, supported by a substantial pipeline of measures, particularly in the areas of fixed costs, efficiency, process harmonisation and structural adjustments. Our objective is to create sustainable value over the medium to long term, even in a persistently difficult market environment, through operational excellence, rigorous cost discipline and the competitive positioning of our sites and business models.

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Please find the detailed Trading Statement on our website: www.mm.group.

Forthcoming results:
August 20, 2026   Half-Year Results 2026

For further information, please contact:
Stephan Sweerts-Sporck, Investor Relations, Mayr-Melnhof Karton AG
Brahmsplatz 6, A-1040 Vienna
Tel.: +43 1 501 36-91180
E-Mail: investor.relations@mm.group, Website: www.mm.group