MM Group has reported on its performance for the first three quarters of 2023. Turnover for the period was €3,196.5m, down 7.4% on the same period last year (€3,450.4m). EBITDA was €328m, down 44.5% on the same period last year (€591.2m)
Peter Oswald, CEO, comments, “After the record year 2022, the MM Group has been operating for several quarters in a market environment with significantly reduced demand in the paper and board industry and increasing price pressure. Although destocking in the supply chain seems to be coming to an end in many places, restraint in consumer spending continues due to inflation and as a result of the overall economic slowdown in our main European markets.”
As expected, the difficult general conditions are also reflected in the 3rd quarter, in particular in the weak volume and result development of the division MM Board & Paper, which was again characterised by planned capex-related downtime in addition to significant market-related downtime.
In contrast, the division MM Packaging recorded an overall solid performance despite a heterogeneous packaging market as well as the successful integration of last year’s acquisitions in the area of pharmaceutical packaging. In view of the current market and result situation and the prospect of no improvement in the short term, the company says its focus is on safeguarding and gaining volumes with reasonable margins.
“Due to our continuous efforts to expand our competitiveness and quality leadership as well as the recent strategic investments in our plants and sustainable, innovative packaging products, MM is well positioned to manage the current difficult market situation and to create long-term added value for our customers and shareholders,” concludes Oswald.