Huhtamäki Oyj’s Half-yearly Report January 1–June 30, 2024

Q2 2024 in brief
*Net sales decreased 1% to EUR 1,038 million (EUR 1,052 million)
*Comparable net sales growth at Group level was -1%
*Reported EBIT was EUR 105 million (EUR 55 million); adjusted EBIT was EUR 106 million (EUR 93 million)
*Reported EPS was EUR 0.62 (EUR 0.24); adjusted EPS was EUR 0.63 (EUR 0.55)
*The impact of currency movements on the Group’s net sales was EUR -6 million and EUR -1 million on EBIT

Charles Héaulmé, President and CEO: During the second quarter, the business context remained largely consistent with the first quarter. We saw some signs of increasing demand, particularly for prepacked on-the-shelf products, with differences between geographies and categories. However, the pricing pressure in the value chain increased. The slow easing of inflation and unchanged interest rates continued to have an impact on demand during the second quarter. The on-going Israel-Hamas war still affects global brands in some markets in the Middle East and Asia. International trade remains impacted by logistic disruptions linked to the Red Sea crisis. The cost environment remained overall favorable, with the exception of some raw materials costs and continued high labor inflation.

Our comparable net sales decreased by 1% in the second quarter and by 2% during the first half of the year. Sales volumes remained in line with the previous year’s level and sales prices decreased. Adjusted EBIT increased by 14% in the second quarter and 11% during the first half of the year with an improving adjusted EBIT margin. The profitability development was mainly supported by our actions to improve efficiency.
details at: https://www.huhtamaki.com/en/media/media/stock-exchange-release/2024/huhtamaki-oyjs-half-yearly-report-january-1june-30-2024-continued-improvement-in-operational-profitability/