Huhtamaki Reports In-Line Q3 Results as Flexible Packaging Strength Offsets U.S. Weakness
October 23, 2025Finnish packaging major Huhtamaki Oyj (HEL: HUH1V) reported third-quarter 2025 earnings broadly in line with market expectations, as growth in its Flexible Packaging division helped counter softness in North America.
The company posted earnings before interest and tax (EBIT) of €100 million, nearly matching the €99 million consensus forecast but slightly below the €103 million recorded in the prior quarter. Earnings per share reached €0.62, beating the €0.60 estimate, while overall sales slipped 1% year-on-year following a flat second quarter.
Mixed Regional Performance
Huhtamaki’s North America segment, which accounts for about 42% of group EBIT, underperformed expectations with €34 million in earnings — roughly 20% below analysts’ projections of €43 million. The company attributed the shortfall to lower average selling prices and higher operating costs, reflecting continued inflationary and demand headwinds in the U.S. packaging market.
In contrast, the Flexible Packaging division delivered €31 million in EBIT, 16% above consensus, supported by improved pricing and product mix despite lower volumes. The segment’s resilience highlights ongoing demand for sustainable and lightweight packaging solutions, particularly in food and personal care applications.
Huhtamaki’s Foodservice unit posted €22 million, in line with forecasts, while the Fiber Packaging business contributed €12 million, also meeting expectations.
Outlook Remains Stable
The company reaffirmed its full-year 2025 outlook, expecting performance to remain “relatively stable” as it continues to streamline operations and optimize its global manufacturing footprint. Management emphasized that a recovery in packaging volumes will be key to unlocking operating leverage and margin expansion in the coming quarters.
Huhtamaki has been actively investing in sustainable materials, circular packaging solutions, and energy-efficient manufacturing, aligning with its long-term goal of making all packaging recyclable, compostable, or reusable by 2030.