Huhtamäki Oyj’s Interim Report January 1–September 30, 2022: Continued strong performance

Q3 2022 in brief
• Net sales increased 31% to EUR 1,178 million (EUR 896 million)
• Adjusted EBIT was EUR 101 million (EUR 76 million); reported EBIT was EUR 137 million (EUR 65 million)
• Adjusted EPS was EUR 0.59 (EUR 0.50); reported EPS was EUR 0.89 (EUR 0.40)
• Comparable net sales growth at Group level was 17% and 23% in emerging markets
• The impact of currency movements on the Group’s net sales was EUR 83 million and EUR 7 million on EBIT

Q1-Q3 2022 in brief
• Net sales increased 31% to EUR 3,375 million (EUR 2,575 million)
• Adjusted EBIT was EUR 302 million (EUR 233 million); reported EBIT was EUR 327 million (EUR 211 million)
• Adjusted EPS was EUR 1.84 (EUR 1.52); reported EPS was EUR 2.11 (EUR 1.35)
• Comparable net sales growth at Group level was 18 % and 19% in emerging markets
• The impact of currency movements on the Group’s net sales was EUR 186 million and EUR 16 million on EBIT
• Capital expenditure was EUR 185 million (EUR 147 million)
• Free cash flow was EUR -60 million (EUR 28 million)

President and CEO’s review
We continued to deliver strong business performance in the third quarter of 2022, despite continued volatile market conditions. Inflation remained high and affected our input costs, although early signs of easing were visible in some input costs, while the energy market remained tense, particularly in Europe.

Despite persisting challenging market conditions with continued consequence of the COVID pandemic lockdowns in China and a softer demand growth in certain categories, our net sales increased by 31% and by 17% in comparable terms during the third quarter. The growth also translated into profit, with our adjusted EBIT increasing by 33%. Higher working capital, inflated by price and supply chain challenges, in combination with investments for growth continued to impact our operational cash flow. However, the free cash flow has been improving quarter over quarter in 2022.

Early September, we concluded the divestment of our operations in Russia. As a result of the sale, we booked a gain of EUR 37.5 million, contributing to the reduction of our net debt by EUR 143 million compared to the end of the second quarter. Consequently, the operations in Russia are no longer reported in our financials from September onwards.
more at: https://www.huhtamaki.com/globalassets/global/investors/reports-and-presentations/en/2022/interim-report-q3-2022.pdf

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