HUHTAMÄKI OYJ FINANCIAL STATEMENT RELEASE 8.2.2024 AT 8:30
Huhtamäki Oyj's Results January 1-December 31, 2023: Strong cash flow and margin
improvement
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)
  * Free cash flow was EUR 321 million (EUR 11 million)
  * The Board of Directors proposes a dividend of EUR 1.05 (1.00) per share

Key figures
EUR million Q4 2023 Q4 2022 Change 2023 2022 Change
--------------------------------------------------------------------------
Net sales 1,032.9 1,103.6 -6% 4,168.9 4,479.0 -7%
--------------------------------------------------------------------------
Comparable net sales growth -3% 9% -2% 15%
--------------------------------------------------------------------------
Adjusted EBITDA(1) 159.5 143.3 11% 590.1 596.9 -1%
--------------------------------------------------------------------------
Margin(1) 15.4% 13.0% 14.2% 13.3%
--------------------------------------------------------------------------
EBITDA 205.7 130.5 58% 621.2 614.9 1%
--------------------------------------------------------------------------
Adjusted EBIT(2) 107.5 93.3 15% 392.6 395.1 -1%
--------------------------------------------------------------------------
Margin(2) 10.4% 8.5% 9.4% 8.8%
--------------------------------------------------------------------------
EBIT 146.0 78.1 87% 380.9 405.3 -6%
--------------------------------------------------------------------------
Adjusted EPS, EUR(3) 0.68 0.65 5% 2.32 2.49 -7%
--------------------------------------------------------------------------
EPS, EUR 0.83 0.54 55% 1.97 2.65 -25%
--------------------------------------------------------------------------
Adjusted ROI(2) 11.2% 11.0%
--------------------------------------------------------------------------
Adjusted ROE(3) 13.2% 14.9%
--------------------------------------------------------------------------
ROI 10.9% 11.4%
--------------------------------------------------------------------------
ROE 11.8% 15.7%
--------------------------------------------------------------------------
Capital expenditure 114.8 133.2 -14% 318.7 318.5 0%
--------------------------------------------------------------------------
Free Cash Flow 128.4 71.3 80% 321.4 11.1 >100%
--------------------------------------------------------------------------
(1 )Excluding IAC of 46.2 -12.7 31.1 18.0
--------------------------------------------------------------------------
(2 )Excluding IAC of 38.5 -15.3 -11.7 10.2
--------------------------------------------------------------------------
(3 )Excluding IAC of 16.0 -11.6 -35.9 16.0
--------------------------------------------------------------------------
Unless otherwise stated, all comparisons in this report are compared to the
corresponding period in 2022. Figures of return on investment (ROI), return on
equity (ROE) and return on net assets (RONA) as well as net debt to EBITDA
presented in this report are calculated on a 12 month rolling basis.
IAC includes, but is not limited to, material restructuring costs and
acquisition related costs (gains and losses on business combinations,
professional and legal fees, material purchase price accounting adjustments for
inventory, material purchase price amortization of intangible assets and changes
in contingent considerations) as well as material impairment losses and
reversals, gains and losses relating to sale of intangible and tangible assets,
implementation costs concerning large projects with SaaS cloud computing
technology, fines and penalties imposed by authorities and extraordinary taxes.
The figures in the tables are exact figures and consequently the sum of
individual figures may deviate from the sum presented. Key figures have been
calculated using exact figures.
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.
In 2023, we delivered a solid performance despite the lower consumption across
categories and geographies, driven by the impact of inflation. Destocking in the
value chain had a negative impact on sales volumes during the first half of
2023, particularly in export markets in the Flexible Packaging segment. During
the second half of the year, consumer demand started to slightly improve.
Our performance was strong in the latter part of the year, with a significant
increase in adjusted EBIT in the fourth quarter of 2023. This was achieved
despite a 3% decrease in comparable net sales, due to lower sales volumes. Cash
flow remained strong, supported by a release of working capital. At the same
time, we have continued to invest for growth and innovation, in line with our
strategy.
Our full year 2023 comparable net sales decreased by 2% and adjusted EBIT by
1%. Our adjusted EBIT margin was strong at 9.4% despite lower sales volumes, the
divestment of our operations in Russia in September 2022 and currency
translation. Free cash flow reached EUR 321 million, mainly from a decrease in
working capital. This represents a significant improvement compared to last
year. With the improvement in cash flow, we were able to decrease our net debt
and thereby improve our net debt to adjusted EBITDA ratio from 2.5 to 2.2.
In 2023, we brought new capacity to commercial production, including among
others tableware in North America, and egg packaging in North America and South
Africa. We also announced the expansion of our North America Foodservice
capacity in Paris, Texas, to capture the growing demand for folding carton
packaging. We also increased our capacity for fiber lids in Europe.
Additionally, we launched the production of Nespresso's home compostable paper-
based coffee capsules. These projects illustrate our strategy to scale up our
profitable core businesses and innovate for sustainable packaging solutions.
We took several steps during 2023 towards optimizing our manufacturing footprint
and strongly improving productivity globally. These include consolidation of
manufacturing capacity in Europe and India to larger units. In November we
announced a program to accelerate the implementation of our strategy to
materially support our profitability ambitions. All cost levers will be
addressed including potential restructuring to a more optimal manufacturing
footprint, reducing input costs at an accelerated pace, and improving
productivity globally. The efficiency improvements are expected to lead to
savings of approximately EUR 100 million over the next three years.
Innovation continues to be high on our agenda, as we seek to both improve our
sustainability performance and deliver new solutions to our customers. Our goal
is to design all our products to be recyclable, compostable, or reusable. In
2023, we made a significant leap towards this target, as we launched new
sustainable solutions in mono-material flexible packaging, which are designed
for recycling. We also continued to deploy fiber and paper-based solutions,
converting Foodservice and FMCG applications to more sustainable alternatives.
We are currently rolling out these solutions globally.
The execution of our strategy proceeded well in 2023. With the actions taken, we
are well placed to capitalize on the opportunities in the transforming packaging
market. With demand returning to growth in the foreseeable future, and with the
support from our capacity expansions, innovation and improving operational
performance, I believe we are well prepared to deliver on our financial
ambitions.
I would like to thank our customers and suppliers for their trust and
collaboration throughout the year. Importantly I would like to thank our entire
team for their great work and continued commitment to deliver value to all our
stakeholders.
Charles Héaulmé
President and CEO
Financial review Q4 2023
Net sales by business segment

  EUR million                       Q4 2023   Q4 2022   Change
  Foodservice Europe-Asia-Oceania     250.2     266.7      -6%
  North America                       378.1     383.6      -1%
  Flexible Packaging                  319.8     369.1     -13%
  Fiber Packaging                      88.8      87.4       2%
  Elimination of internal sales        -4.1      -3.2
  Group                             1,032.9   1,103.6      -6%

Comparable net sales growth by business segment
Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022
------------------------------------------------------------------------
Foodservice Europe-Asia-Oceania -5% -3% 5% 11% 15%
------------------------------------------------------------------------
North America 4% 1% 1% 2% 10%
------------------------------------------------------------------------
Flexible Packaging -9% -11% -11% -5% 1%
------------------------------------------------------------------------
Fiber Packaging 2% 4% 7% 17% 17%
------------------------------------------------------------------------
Group -3% -4% -2% 2% 9%
The Group's net sales decreased 6% to EUR 1,033 million (EUR 1,104 million)
during the quarter and comparable net sales growth was -3%. Demand continued to
be muted by the impact of inflation, but showed signs of improvement in certain
categories and geographies, particularly in North America. Net sales were
weighed on by a decrease in sales volumes and changes in currencies, whereas
pricing had a positive impact. Comparable sales growth in emerging markets was
-5%. Foreign currency translation impact on the Group's net sales was EUR -44
million (EUR 46 million) compared to 2022 exchange rates.
Adjusted EBIT by business segment

                                                          Items affecting
                                                           comparability
 EUR million                 Q4 2023 Q4 2022 Change Q4 2023             Q4 2022

-------------------------------------------------------------------------------
Foodservice Europe-Asia-
Oceania 25.0 24.2 3% -7.8 -4.9
-------------------------------------------------------------------------------
North America 54.1 49.0 10% - -5.6
-------------------------------------------------------------------------------
Flexible Packaging 26.0 15.5 68% 48.2 -6.0
-------------------------------------------------------------------------------
Fiber Packaging 9.7 11.1 -13% -0.7 1.7
-------------------------------------------------------------------------------
Other activities -7.2 -6.5 -1.1 -0.4
-------------------------------------------------------------------------------
Group 107.5 93.3 15% 38.5 -15.3
Adjusted EBIT margin by business segment
Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022
------------------------------------------------------------------------
Foodservice Europe-Asia-Oceania 10.0% 10.3% 9.2% 8.3% 9.1%
------------------------------------------------------------------------
North America 14.3% 13.2% 12.2% 11.9% 12.8%
------------------------------------------------------------------------
Flexible Packaging 8.1% 7.2% 4.9% 6.1% 4.2%
------------------------------------------------------------------------
Fiber Packaging 10.9% 12.5% 10.8% 12.1% 12.7%
------------------------------------------------------------------------
Group 10.4% 9.7% 8.8% 8.8% 8.5%
The Group's adjusted EBIT increased to EUR 108 million (EUR 93 million) and
reported EBIT was EUR 146 million (EUR 78 million) in the quarter. Adjusted EBIT
increased supported by lower raw material costs and the company's actions to
improve profitability, whereas a decrease in sales volumes had a negative
impact. The Group's adjusted EBIT margin increased and was 10.4% (8.5%). Foreign
currency translation impact on the Group's earnings was EUR -5 million (EUR 5
million).
Adjusted EBIT excludes EUR 38.5 million (EUR -15.3 million) of items affecting
comparability (IAC). The main changes in IAC's relate to the divestments of real
estate in Thane, India and Prague, Czech Republic, as a result of the
manufacturing footprint optimization actions.
Adjusted EBIT and IAC
EUR million Q4 2023 Q4 2022
-------------------------------------------------------------------------------
Adjusted EBIT 107.5 93.3
-------------------------------------------------------------------------------
Acquisition related costs -0.1 -1.5
-------------------------------------------------------------------------------
Restructuring gains and losses, including writedowns of
related assets 28.0 -7.5
-------------------------------------------------------------------------------
PPA amortization -2.2 -3.1
-------------------------------------------------------------------------------
Settlement and legal fees of disputes 0.0 -1.5
-------------------------------------------------------------------------------
Prague site closure-related costs 13.5 -
-------------------------------------------------------------------------------
Property damage incidents -0.1 -0.1
-------------------------------------------------------------------------------
Implementation costs concerning large projects with SaaS cloud
computing technology -0.6 -
-------------------------------------------------------------------------------
Divestment of subsidiaries - 7.0
-------------------------------------------------------------------------------
Environmental case - -8.4
-------------------------------------------------------------------------------
EBIT 146.0 78.1
Net financial expenses were EUR 18 million (EUR 16 million) in the quarter. Tax
expense was EUR 29 million (EUR 3 million). Tax expense in the comparison period
was lower due to a one-off fixed asset revaluation in Turkey, decreasing
deferred tax liability. Profit for the quarter was EUR 99 million (EUR 59
million). Adjusted earnings per share (EPS) was EUR 0.68 (EUR 0.65) and reported
EPS EUR 0.83 (EUR 0.54). Adjusted EPS is calculated based on adjusted profit for
the period, which excludes EUR 16.0 million (EUR -11.6 million) of IAC.
Adjusted profit and IAC
EUR million Q4 2023 Q4 2022
-------------------------------------------------------------------------------
Adjusted profit for the period attributable to equity holders
of the parent company 71.2 68.0
-------------------------------------------------------------------------------
IAC in EBIT 38.5 -15.3
-------------------------------------------------------------------------------
IAC in Financial items -0.9 0.2
-------------------------------------------------------------------------------
Taxes relating to IAC -13.0 3.4
-------------------------------------------------------------------------------
Profit for the period attributable to equity holders of the
parent company -8.6 -
Financial review 2023
Net sales by business segment
EUR million 2023 2022 Change
---------------------------------------------------------------
Foodservice Europe-Asia-Oceania 1,037.2 1,110.7 -7%
---------------------------------------------------------------
North America 1,457.9 1,468.3 -1%
---------------------------------------------------------------
Flexible Packaging 1,341.0 1,558.2 -14%
---------------------------------------------------------------
Fiber Packaging 343.1 363.0 -5%
---------------------------------------------------------------
Elimination of internal sales -10.3 -21.1
---------------------------------------------------------------
Group 4,168.9 4,479.0 -7%
Comparable net sales growth by business segment
2023 2022 2021
-------------------------------------------------------
Foodservice Europe-Asia-Oceania 2% 18% 11%
-------------------------------------------------------
North America 2% 14% 6%
-------------------------------------------------------
Flexible Packaging -9% 14% 7%
-------------------------------------------------------
Fiber Packaging 7% 15% 2%
-------------------------------------------------------
Group -2% 15% 7%
The Group's net sales decreased 7% to EUR 4,169 million (EUR 4,479 million)
during the reporting period, and comparable net sales growth was -2%. Overall,
demand was muted by the impact of inflation. Net sales were weighed on by a
decrease in sales volumes and changes in currencies, whereas pricing had a
positive impact. The divestment of the operations in Russia in 2022 had a
negative impact. Comparable sales growth in emerging markets was -4%. Foreign
currency translation impact on the Group's net sales was EUR -153 million (EUR
234 million) compared to 2022 exchange rates.
Adjusted EBIT by business segment

                                                          Items affecting
                                                           comparability
 EUR million                      2023  2022 Change  2023                  2022

-------------------------------------------------------------------------------
Foodservice Europe-Asia-Oceania 98.0 105.7 -7% -9.9 16.0
-------------------------------------------------------------------------------
North America 187.9 171.6 9% -0.0 -5.6
-------------------------------------------------------------------------------
Flexible Packaging 88.0 98.1 -10% 5.8 -15.9
-------------------------------------------------------------------------------
Fiber Packaging 39.6 40.0 -1% -6.2 18.1
-------------------------------------------------------------------------------
Other activities -20.9 -20.3 -1.4 -2.4
-------------------------------------------------------------------------------
Group 392.6 395.1 -1% -11.7 10.2
Adjusted EBIT margin by business segment
2023 2022 2021
----------------------------------------------------------
Foodservice Europe-Asia-Oceania 9.4% 9.5% 8.3%
----------------------------------------------------------
North America 12.9% 11.7% 12.0%
----------------------------------------------------------
Flexible Packaging 6.6% 6.3% 6.8%
----------------------------------------------------------
Fiber Packaging 11.6% 11.0% 10.9%
----------------------------------------------------------
Group Total 9.4% 8.8% 8.8%
The Group's adjusted EBIT decreased to EUR 393 million (EUR 395 million) and
reported EBIT was EUR 381 million (EUR 405 million). Adjusted EBIT decreased
only by 1% despite the lower sales volumes, divestment of operations in Russia
and the negative foreign currency impact. It was supported by lower raw material
costs and the company's actions to improve profitability. The Group's adjusted
EBIT margin increased and was 9.4% (8.8%). Foreign currency translation impact
on the Group's earnings was EUR -15 million (EUR 22 million).
Adjusted EBIT excludes EUR -11.7 million (EUR 10.2 million) of items affecting
comparability (IAC). The main changes in IACs relate to the sale of real estate
in Thane, India and the planned closure of the Flexible Packaging production
facility in Prague, Czech Republic.
Adjusted EBIT and IAC
EUR million 2023 2022
-------------------------------------------------------------------------------
Adjusted EBIT 392.6 395.1
-------------------------------------------------------------------------------
Acquisition related costs -0.5 -2.2
-------------------------------------------------------------------------------
Restructuring gains and losses, including writedowns of related
assets 17.3 -9.9
-------------------------------------------------------------------------------
PPA amortization -8.9 -8.2
-------------------------------------------------------------------------------
Settlement and legal fees of disputes -0.2 -4.5
-------------------------------------------------------------------------------
Prague site closure-related costs -18.8 -
-------------------------------------------------------------------------------
Property damage incidents -0.1 -1.1
-------------------------------------------------------------------------------
Implementation costs concerning large projects with SaaS cloud
computing technology -0.6 -
-------------------------------------------------------------------------------
Divestment of subsidiaries - 44.5
-------------------------------------------------------------------------------
Environmental case - -8.4
-------------------------------------------------------------------------------
EBIT 380.9 405.3
Net financial expenses were EUR 69 million (EUR 53 million). The increase was
due to higher interest rates and other financing costs. Tax expense was EUR 87
million (EUR 67 million). The effective tax rate was 28% (19%). The increase was
due to an impact from the business in Turkey, which has the US dollar as a
functional currency. As taxes are calculated in the significantly devalued
Turkish lira, the current tax charge as well as deferred tax liabilities
increased significantly. The functional currency remeasurements related impact
to deferred tax liabilities (mainly Turkey) are a non-cash item and are treated
as IAC. Additionally, the tax rate was impacted by a non-deductible goodwill
impairment related to the planned closure of the Flexible Packaging site in
Prague, Czech Republic. Profit for the period was EUR 225 million (EUR 285
million). Adjusted earnings per share (EPS) were EUR 2.32 (EUR 2.49) and
reported EPS EUR 1.97 (EUR 2.65). Adjusted EPS is calculated based on adjusted
profit for the period, which excludes EUR -35.9 million (EUR 16.0 million) of
IAC.
Adjusted profit and IAC
EUR million 2023 2022
-------------------------------------------------------------------------------
Adjusted profit for the period attributable to equity holders of
the parent company 242.3 260.2
-------------------------------------------------------------------------------
IAC in EBIT -11.7 10.2
-------------------------------------------------------------------------------
IAC in Financial items -0.1 0.0
-------------------------------------------------------------------------------
Taxes relating to IAC -15.5 5.8
-------------------------------------------------------------------------------
Profit for the period attributable to equity holders of the parent
company -8.6 -
Outlook for 2024
The Group's trading conditions are expected to improve compared to 2023.
Volatility in the operating environment is expected to continue, while
Huhtamaki's diversified product portfolio provides resilience. The company's
initiatives, which include the ongoing savings and efficiency program are
expected to support the company's performance. The Group's good financial
position enables addressing profitable growth opportunities.
Dividend proposal
On December 31, 2023 Huhtamäki Oyj's distributable funds were EUR 836 million
(EUR 908 million). The Board of Directors will propose to the Annual General
Meeting that a dividend of EUR 1.05 (EUR 1.00) per share be paid.
Annual General Meeting 2024
The Annual General Meeting of Shareholders (AGM) will be held on Thursday, April
25, 2024 at 11:00 (EEST) at Scandic Marina Congress Center, Katajanokanlaituri
6, Helsinki, Finland.
Teleconference
Huhtamaki will arrange a combined audiocast and teleconference on February
8, 2024, at 9:30 EET. Huhtamaki's CEO & President Charles Héaulmé and CFO Thomas
Geust will present the results. The event will be followed by a question-and-
answer session. The event will be held in English and it can be followed in
real-time.
A link to the audiocast is available at: https://huhtamaki.videosync.fi/2023-q4
(https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fhuhtamaki.videosync.fi%2f20
23-q4&c=E,1,4W6fdb-praZ8NTNazkMcWrLSk0U18Li_Lwe5dWbHFgv0XWtfNBbSpu92iknT9v56yEo-
7l2detb5eE1ocxL6Ihc2iz22eaatqOj63LAx8U2lZjDlJA,,&typo=1)
A link to the teleconference is available
at: https://palvelu.flik.fi/teleconference/?id=10012436
(https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fpalvelu.flik.fi%2fteleconfe
rence%2f%3fid%3d10012436&c=E,1,sbfE8LLpcO4_99cfmJZx5FStWSA5kO536yfjIxtKA9YjQ4C1M
xcMMR6-VSZ3jVyAPdlk3YwRWXPkVBTM8Ec3Hf9ul5FDeC3CGTgARTjnUw5L&typo=1).
Registration is required for the teleconference. After the registration you will
be provided with phone numbers and a conference ID to access the conference.
An on-demand replay of the audiocast will be available shortly after the end of
the call at www.huhtamaki.com/investors
(https://www.globenewswire.com/Tracker?data=890PUHfnGGdx_UWaR0rVc9lLIeL5Nign2KmO
x0NAHNnGv__bQRifAUytS2cik4Rmj3Obw87uLvmQTwCUUaunf2wo2G36Kxcuat_KBDpe7yK3k6fGqDD4
-
zRDZLeCiXUq0JKyO2hAD4N_ghCehcA1OZXaTaFKA7OTCmQTEZYxBpieLiB2CKOWVUNmXmDb5LyFTv0zr
aLBIpkgXF-I-caTrbE9HwEPc-
E8zkBuZ93PGGmYR6iwLw0P9itpAKtcCLQ1OZfAv0ovzRGneRDgNsI1EqwlAlpUUwEnZPQmBCYdyg8=)
Financial reporting in 2024
In 2024, Huhtamaki will publish financial information as follows:

Interim Report, January 1 - March 31, 2024                        April 25
Half-yearly Report, January 1 - June 30, 2024                     July 25
Interim Report, January 1 - September 30, 2024                 October 24

The Annual Report 2023 will be published on the week commencing February
26, 2024.
This is a summary of Huhtamäki Oyj's Results January 1-December 31, 2023. The
complete report is attached to this release and is also available atthe company
website at www.huhtamaki.com
(https://www.globenewswire.com/Tracker?data=cByULJEYwNn8fcyJgS-
LCtoNs2lmD3uazFt0kVRXsA7XmePmJUKA5jHHX6AjUcKprPyHs_OiwfZJevAb2c7qLmToZrHA93MxHfa
ahL3rL1o=).
For further information, please contact:
Kristian Tammela, Vice President, Investor Relations, tel. +358 10 686 7058
HUHTAMÄKI OYJ
Corporate Communications
About Huhtamaki
Huhtamaki is a leading global provider of sustainable packaging solutions for
consumers around the world. Our innovative products protect on-the-go and on-
the-shelf food and beverages, and personal care products, ensuring hygiene and
safety, driving accessibility and affordability, and helping prevent food waste.
We embed sustainability in everything we do. We are committed to achieving
carbon neutral production and designing all our products to be recyclable,
compostable or reusable by 2030. Our blueloopTM sustainable packaging solutions
are world-leading and designed for circularity.
We are a participant in the UN Global Compact, Huhtamaki is rated 'A' on the
MSCI ESG Ratings assessment and EcoVadis has awarded Huhtamaki with the Gold
medal for performance in sustainability. To play our part in managing climate
change, we have set science-based targets that have been approved and validated
by the Science-Based Targets initiative.
With 100 years of history and a strong Nordic heritage we operate in 37
countries and 116 operating locations around the world. Our values Care Dare
Deliver guide our decisions and help our team of around 18 000 employees make a
difference where it matters. Our 2023 net sales totalled EUR 4.2 billion.
Huhtamaki Group is headquartered in Espoo, Finland and our parent company,
Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are
protecting food, people and the planet at www.huhtamaki.com.
Â