Huhtamäki Oyj’s Results January 1-December 31, 2023

Q4 2023 in brief:
Net sales decreased 6% to EUR 1,033 million (EUR 1,104 million)
Adjusted EBIT was EUR 108 million (EUR 93 million); reported EBIT was EUR 146 million (EUR 78 million)
Adjusted EPS was EUR 0.68 (EUR 0.65); reported EPS was EUR 0.83 (EUR 0.54)
Comparable net sales growth at Group level was -3% and -5% in emerging markets
The impact of currency movements on the Group’s net sales was EUR -44 million and EUR -5 million on EBIT

Q1-Q4 2023 in brief:
Net sales decreased 7% to EUR 4,169 million (EUR 4,479 million)
Adjusted EBIT was EUR 393 million (EUR 395 million); reported EBIT was EUR 381 million (EUR 405 million)
Adjusted EPS was EUR 2.32 (EUR 2.49); reported EPS was EUR 1.97 (EUR 2.65)
Comparable net sales growth at Group level was -2% and -4% in emerging markets
The impact of currency movements on the Group’s net sales was EUR -153 million and EUR -15 million on EBIT
Capital expenditure was EUR 319 million (EUR 318 million)

President and CEO’s review
We are pleased with the many achievements during the year and energized by the plans going forward. In line with the previous years, we have proven our ability to deliver results in a volatile market environment, thanks to our diverse portfolio and the agility of our organization. Our investments for growth started to yield benefits, and we have made progress towards our profitability ambition by driving initiatives to improve our competitiveness.

We launched our updated 2030 growth strategy in 2023, which translated in higher financial ambitions. We focus on three priorities: scaling up our profitable core businesses; developing and deploying proprietary innovative sustainable packaging solutions; and driving world-class competitiveness. Our long-term financial ambition is to deliver 5-6% annual net sales growth, reaching a 10-12% adjusted EBIT margin with an adjusted return on investment of 13-15%. To best drive the execution of our strategy, we continue investing in talent and strategic capabilities.
more at: https://www.huhtamaki.com/en/media/media/stock-exchange-release/2024/huhtamaki-oyjs-results-january-1-december-31-2023-strong-cash-flow-and-margin-improvement/

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