MM reports Annual Results 2023
Earnings as expected below previous year’s record level. • Sharp decline in demand and significant market- and capex-related downtime at MM Board & Paper weigh on results • Strong profit performance at MM Packaging • Comprehensive modernisation programme to increase competitiveness of MM Board & Paper implemented • Successful integration of last year’s acquisitions in the resilient area of pharmaceutical packaging • Positive volume trend for MM Board & Paper at beginning of 2024, however pressure on margins is continuing. Peter Oswald, MM CEO, comments: “After the record result of the previous year, the MM Group faced a significantly lower demand in the paper and cartonboard industry as well as increasing price pressure in 2023. In addition to destocking in the supply chain, inflation-related changes in consumer behaviour which led to lower consumption of everyday goods and the overall economic slowdown in our European main markets were the main causes.