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
  • Profit & cash protection plan proves effective
  • Dividend of EUR 1.50 proposed in line with long-standing dividend policy
  • 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.

The difficult general conditions were reflected in particular in the weak result and volume development in the division MM Board & Paper. In addition to significant market-related machine downtimes, there was also considerable capex-related downtime as part of the implementation of the so far most extensive modernisation programme at three large cartonboard mills.
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