Mayr-Melnhof Karton Ag

Welcome everyone and thank you for joining this announcement of our annual results. In 25, our adjusted operating profit increased by 3%, but practically more relevant on a performer basis like for like excluding the divest fund group by 15%, which is quite a strong performance in such a challenging market environment. Our food and premium packaging division managed to keep the adjusted operating margin at a very solid level, while pharma and healthcare packaging delivered an encouraging 25% increase in adjusted operating profit. And board and paper also showed a clear improvement compared to last year, although profitability is still not on a satisfactory level. And the key driver behind this progress has been our group-wide Fit for Future program, which we have successfully accelerated throughout the year across all divisions. And working with our dedicated MM teams and supported by external expertise, we pursue a comprehensive set of initiatives targeting growth, procurement optimization, operational efficiency, and structural improvements in sales and administration. So nothing is left undone. Given the strong performance and the good progress of Fit4Future, our confidence has strengthened that by 27 we will achieve an earnings uplift of more than €250 million compared with 24, excluding TAN and market effects. And this is well above our initial expectations of more than €150 million as program launch, which I shared with you in the half-year results. And already in 2025, Fit4Future contributed about €70 million to our adjusted operating result, with board and paper benefiting the most. And alongside these operational achievements, which are extremely important, we also have taken important strategic decisions. As I mentioned in the half-year results, we executed the sale of the Tancred, which is a logical step in sharpening our focus on our packaging core business and has strengthened our balance sheet. In 2025, we also carried out share buybacks that provided to be an efficient use of capital and a clear expression of our confidence in MM's long-term development. Furthermore, 2025 included several one-off effects beyond the term divestiture, including the impairments in our board and paper division and site optimization measures in pharma and healthcare. All of that laying a strong foundation and a necessary consolidation for the future. With regards to our balance sheet, we reduced net debt and net debt to EBITDA. despite a very volatile environment and despite our continuation of a substantial modernization of our asset base in all our divisions. And Franz Hiesinger will give more details to this. Reflecting our strengths in financial position and long-term confidence, We've revised our dividend policy. Instead of distributing around one third of earnings over the long term, we now aim to distribute around half, so between 40 and 60 percent of annual net income, depending on other criteria like net debt, major planned investments, future prospects and our commitment to continuity. Under this new policy, we will propose an increased dividend of €2 per share to the forthcoming AGM, up from €1.8 per share in the previous year, so an increase of 10%. Sustainability has remained the top priority in 2025. We have improved workplace safety again, reducing occupational accidents by a further 4%. And very important, we cut absolute CO2 emissions again strongly by 11% this year, and we increased energy efficiency across the group. Our efforts are widely recognized. including a AAA leadership rating from CDP for climate, forests and water and the gold medal from EcoVadis. Further progress will come this year from projects such as the new pulp digester in Gwitzen, which will dramatically reduce energy consumption and CO2 emission. This will start up late this year and the installation of electric boilers at Kotka mills to start up in spring next year. At this point, I would like to express my sincere thanks to our more than 13,000 employees worldwide. In a demanding environment, their dedication, creativity, and teamwork have been essential to our progress and success. And a special recognition goes to everyone involved in managing the high additional demands arising from the implementation of our Fit for Future program. And now I will hand over to our CFO, Franz Hisinger, who will present the financial results for 25th. And afterwards, I will return with the outlook.

Thank you, Peter. In 25, a year marked by persistent market challenges, we succeeded in strengthening our operational and financial performance. Our results reflect strict cost discipline, a sharper portfolio focus, and the growing impact of our Fit for Future program. Group sales amounted to €3.9 billion, about 5% below previous year, mainly driven by the divestment of the TAN group by mid-year. The adjusted operating profit increased about 3% to €195 million, representing an operating margin of 5.0%, up from 4.7% the year before. Adjusted EBITDA came in at €480 million, corresponding to a margin of about 10.8% compared to 10.3% last year. On a pro forma basis, excluding the divested done business, adjusted operating profit increased by 15%, while adjusted EBITDA rose by almost 8%. The reported operating profit includes one of our items of about 26 million plus. This includes a gain of 125 million Euro from the sale of Tang Group, offset by a non-cash impairment of assets of about 70 million Euro in the board and paper division, as well as €29 million in costs related to fit-for-future restructuring. A major part of this is related to the footprint optimization of pharma and healthcare in France and Spain. Earnings before tax increased to 146 million. Net profit amounted to 77 million, influenced by a significantly higher tax expense of 65 million due to the reversal of loss carry forwards mainly important paper of 35 million in 2025, while in the previous year, in contrast, we capitalized 30 million of loss carried forwards. Across the divisions, earnings were mixed, but showed an encouraging overall direction, supported by our fit-for-future program. Food and premium packaging delivered €1.54 billion in sales and maintained a strong adjusted operating margin of 10.2%, with 9.3% pro forma restated for TAN, confirming the resilience of its business model. Farm and healthcare packaging generated sales of 618 million and improved profitability to an adjusted margin of 6.0%, reflecting continued productivity gains. Board and paper recorded stable sales of 1.93 billion and achieved a slight positive adjusted operating result, an important improvement of more than 20 million compared to the loss last year, driven by substantial cost savings and enhanced operational performance. In 2025 we could strengthen our balance sheet substantial. The assets amounted to €4.5 billion down from €4.924 reflecting a streamlined group structure. Equity remained stable at €2.1 billion with a further improved equity ratio of 47%. A strong achievement in 2025 was the further reduction of net debt. Net debt declined to €940 million compared to €1.08 billion the year before. As a result, our net debt to equity ratio improved to 43% and the net debt to FTDA ratio declined 2.2 times compared to 2.6 times in 2024. These improvements underline the enhanced financial resilience and solid base of the Group. Cash of €498 million at year-end and €350 million in committed credit lines provide sufficient headroom for strategic flexibility. Operating cash flow was 231 million Euro. This is lower than the exceptional prior year level, which had benefited from a significant working capital release. CapEx of 233 million remained close to last year and focused on enhancing long-term competitiveness across all divisions. Based on the Group's strength in financial structure, the Management Board will propose an increased dividend of 2.0 EUR per share in line with our updated dividend policy foreseeing a 40-60% payout ratio of net profit. In summary, we enter 2026 with a stronger balance sheet, a more focused portfolio and a promising fit for future program, providing a solid base to capture long-term value creation opportunities. Thank you.

Thank you, Franz. Looking into the current year, the overall macroeconomic and industrial environment will remain demanding and European consumer sentiment is expected to stay subdued. Overcapacities will continue for the time being. However, our management team and I am strongly convinced that MM will emerge from the current transformation with strengthened competitiveness and improved profitability across all three divisions. And why is that? Because of our market leadership, our well-invested low-cost asset base and the expected substantial contributions from the Fit for Future programme. For 2026, we plan disciplined strategic investments of around €250 million. So we will continue to invest in order to strengthen our competitiveness, to enhance our energy efficiency and to expand the share of renewable energy. We will have again, maintenance shutdowns in the board and paper division, mainly affecting Wietzien and Kottka mills, again to be concentrated in the third and fourth quarter. Sustainability remains a central pillar of our value creation model with key priorities on decarbonization, energy reduction, water efficiency, biodiversity, waste reduction, and the continuous enhancement of workplace safety. Concerning the developments in the Middle East, we are closely monitoring the situation. Our two local packaging sites have been limited affected. And as we speak, gas prices have significantly moved up and depending on the length of time, this will affect our results. Now, summing up. Despite ongoing headwinds, we remain confident. our markets continue to offer attractive long-term potential. And as a strong team, we are committed to doing whatever it takes to advance the profitability of AMM for the years to come. Thank you.