MM Group Results for the third quarter of 2023

*Operating result in Q3 above the previous quarter but significantly below the previous year
*Solid performance at MM Packaging
*A decline in volume caused by the market and renovations continued to weigh on MM Board & Paper’s earnings
*General conditions remain tense due to inflation-related consumer restraint and the overall economic slowdown
*No immediate recovery apparent
*The profit and cash protection program that has been initiated is beginning to take effect

Peter Oswald, MM CEO: “After the record year of 2022, the MM Group has been operating in a market environment with significantly reduced demand in the paper and cardboard industry and increasing price pressure for several quarters. Although destocking in the supply chain appears to be coming to an end in many places, consumer reluctance to purchase continues due to inflation and the overall economic slowdown in our main European markets.”

As expected, the difficult general conditions were also reflected in the third quarter, particularly in the weak volume and earnings development of the MM Board & Paper division, which, in addition to significant market-related machine downtimes, was once again characterized by planned investment-related shutdowns. In contrast, despite a heterogeneous packaging market, the MM Packaging division recorded an overall solid performance and successful integration of last year’s acquisitions in the resilient pharmaceutical packaging sector.
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