Mayr-Melnhof nine-month EBITDA falls 13% as Board & Paper margins slide

Mayr-Melnhof reported a 13% decline in pro-forma adjusted EBITDA to EUR 259.1m for the first nine months of 2026, as weaker results in its Board & Paper division offset gains in Food & Premium Packaging and Pharma & Healthcare Packaging. Group revenue fell 4.0% to EUR 2,774.7m, with margin pressure from overcapacity, competition and sharply higher energy, transport and chemical costs linked to the Middle East conflict. The company reiterated its planned acquisition of the Arnsberg cartonboard mill as a move to strengthen its core business.

Why this mattersSustained overcapacity and energy-cost inflation in European cartonboard are compressing margins industry-wide even as a core producer consolidates through acquisition.

• Adjusted EBITDA (pro-forma excl TANN) fell to EUR 259.1m for the first nine months of 2026, from EUR 297.4m a year earlier, margin down to 9.3% from 10.3%
• Group revenue fell 4.0% to EUR 2,774.7m from EUR 2,890.8m, driven mainly by declines in Food & Premium Packaging and Board & Paper
• Adjusted operating result dropped to EUR 93.0m from EUR 129.1m, with margin down to 3.4% from 4.5%
• One-off costs from the Fit-For-Future restructuring programme totalled about EUR 40m across all divisions
• Board & Paper margins were hit by overcapacity, intense price competition and higher energy, transport and chemical costs linked to the conflict in the Middle East
• Mayr-Melnhof confirmed its planned acquisition of the Arnsberg cartonboard mill as a step to strengthen its core cartonboard business

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