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olivLaw · European equity research

Mayr-Melnhof Karton AG MMK.VI

Austria · Wiener Börse · ISIN AT0000938204 · Vertical: Listed companies from Austria

67.70EUR+2.89% · 1 dayClose 04 Nov 2026

Mayr-Melnhof Karton AG is an Austrian maker of cartonboard and packaging, with packaging and carton divisions, and its 2025 annual report sets out a detailed risk framework for an industrial group of this kind. The group offers a useful context for investors following how it manages key staff, finance and information technology.

At the close of 04 Nov 2026, Mayr-Melnhof Karton AG (MMK.VI) stock was 67.70 EUR (+2.89% on the day), with market capitalisation 1.3 bn EUR, P/E 17.5 on diluted EPS of 3.86 EUR over the last 12 months, beta 0.88, 52-week range 64.10–102.00 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
1.3 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
17.5
Diluted EPS TTM 3.86 · TTM to 31 Dec 2025
E/P (TTM)
5.70%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.88
Volatility (1y) 32%
52-week range
64.10102.00

Price history

Loading chart…

Technical reading

RSI (14)
53.3
neutral
Bollinger (20, 2)
63.91 – 67.02
above the upper band · %B 1.22 · band width 4.7%
SMA 50 / 200
70.12 / 81.91
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.24 / -1.79
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−0.3%+0.4%−0.7 pp—
3 months−23.5%−3.3%−20.2 pp—
6 months−15.4%+4.0%−19.3 pp—
Year to date−27.1%+8.1%−35.2 pp—
1 year−8.5%+10.7%−19.2 pp+4.9%
3 years−41.8%+50.1%−91.9 pp+11.8%
5 years−62.2%+43.6%−105.8 pp—
Max drawdown (1y)
−37.2%
10 Feb 2026 → 23 Oct 2026
Max drawdown (5y)
−66.6%
10 Jan 2022 → 23 Oct 2026
Compound annual growth (5y)
−17.7%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 33 percentile of its own 3-quarter history (min 14.7, median 24.1, max 29.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue4.2 bn4.1 bn3.9 bn
Revenue YoYunavailable−2.0%−4.8%
Net income87.2 m108.2 m75.6 m
Net income YoYunavailable+24.1%−30.2%
Diluted EPS4.365.413.86
Diluted EPS YoYunavailable+24.1%−28.7%
net %2.1%2.7%1.9%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
498.4 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
2.1 bn EUR
Total assets
4.5 bn EUR
Debt / equity
unavailable
Current ratio
1.58x
ROE
3.6%
ROA
1.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
4.2 bn
2024
4.1 bn
2025
3.9 bn

esef· 09 Apr 2026verified

Operating income
2023
197.6 m
2024
190.0 m
2025
221.0 m

esef· 09 Apr 2026verified

Depreciation & amortisation
2023
221.4 m
2024
228.0 m
2025
219.7 m

esef· 09 Apr 2026verified

EBITDA
2023
419.0 m ≈
2024
418.1 m ≈
2025
440.7 m ≈

esef· 09 Apr 2026derived

Interest expense
2023
58.3 m
2024
82.9 m
2025
53.4 m

esef· 09 Apr 2026verified

Pre-tax income
2023
136.7 m
2024
114.3 m
2025
145.7 m

esef· 09 Apr 2026verified

Income tax
2023
47.6 m
2024
3.8 m
2025
68.7 m

esef· 09 Apr 2026verified

Net income
2023
87.2 m
2024
108.2 m
2025
75.6 m

esef· 09 Apr 2026verified

Diluted EPS
2023
4.36
2024
5.41
2025
3.86

esef· 09 Apr 2026verified

Balance sheet · EUR

Cash
2023
757.5 m
2024
520.9 m
2025
498.4 m

esef· 09 Apr 2026verified

Inventories
2023
582.6 m
2024
556.3 m
2025
511.3 m

esef· 09 Apr 2026verified

Current assets
2023
1.9 bn
2024
1.8 bn
2025
1.5 bn

esef· 09 Apr 2026verified

Property, plant & equipment, net
2023
2.1 bn
2024
2.0 bn
2025
2.0 bn

esef· 09 Apr 2026verified

Total assets
2023
5.1 bn
2024
4.9 bn
2025
4.5 bn

esef· 09 Apr 2026verified

Current liabilities
2023
1.1 bn
2024
1.1 bn
2025
970.5 m

esef· 09 Apr 2026verified

Total liabilities
2023
3.1 bn
2024
2.7 bn
2025
2.4 bn

esef· 09 Apr 2026verified

Equity
2023
2.0 bn
2024
2.1 bn
2025
2.1 bn

esef· 09 Apr 2026verified

Shares outstanding at year end
2023
20.0 m
2024
20.0 m
2025
19.6 m

esef· 09 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
786.2 m
2024
516.3 m
2025
231.1 m

esef· 09 Apr 2026verified

Investing cash flow
2023
-409.1 m
2024
-188.7 m
2025
125.5 m

esef· 09 Apr 2026verified

Financing cash flow
2023
103.4 m
2024
-520.6 m
2025
-376.6 m

esef· 09 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-4.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
16.3%
computed by olivLawFY 2025
Net income growth (YoY)
-30.2%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-28.7%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
11.3%
computed by olivLawFY 2025
EBIT margin
5.7%
computed by olivLawFY 2025
Net margin
1.9%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
3.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
1.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
6.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
4.1x
computed by olivLawFY 2025

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
231.1 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
52.4%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
17.5x
computed by olivLawFY 2025
P/E (TTM)
17.5x
computed by olivLawFY 2025
Earnings yield
5.7%
computed by olivLawFY 2025
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

67.70 EUR

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.3 bn EUR

Key indicators

Market capitalisation
1.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
17.5x
computed by olivLawFY 2025
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
3.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
1.9%
computed by olivLawFY 2025
Revenue growth (YoY)
-4.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 09 Apr 2026
verified 69derived 3

Score by group

27% · Insufficient data

Estimated value range

Low
43.53
EUR per share
Mid
63.15
EUR per share
High
84.70
EUR per share
Price: 67.70 EUR
The price is within the range
Potential to the central value: -6.7% (value / price − 1)
Margin of safety: -7.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 43.53 – 84.70 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E43.53 – 84.70 (Mid 63.15)
    24 companies used · median multiple 16.4x · quartiles 11.3x – 21.9x
    1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality1.9%36 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet4.1x41 (on a fixed band)23%
Current ratio · Balance sheet1.6x65 (on a fixed band)15%
P/E (TTM) · Valuation17.5x42 (vs peers)38%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet50/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial36/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial42/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Mayr-Melnhof Karton Aktiengesellschaft (MMK.VI). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 3.9 bn EUR in 2025; YoY growth -4.8%; net margin 1.9%; ROE 3.6%.

The estimated value range is 43.53–84.70 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 63.15 EUR, the price of 67.70 EUR leaves a potential of -6.7% (value / price − 1) and a margin of safety of -7.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from Austria · same country · compared with 39 companies

Multiples and returns vs the median

P/E
17.5x
vertical median 16.8x
at median
EV/EBITDA
—
vertical median 5.1x
P/S
0.3x
vertical median 0.7x
below median (−49.6%)
P/B
0.6x
vertical median 1.6x
below median (−61.0%)
ROE
3.6%
vertical median 8.8%
below median (−59.5%)
Net margin
1.9%
vertical median 3.6%
below median (−46.5%)
EBIT margin
5.7%
vertical median 5.9%
at median
Revenue YoY
-4.8%
vertical median -1.6%
below median
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
—
vertical median 2.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
OMV.VIOmv Aktiengesellschaft35.4 bn23.38.9%6.3%−7.2%+52% / +85%
VER.VIVerbund AG24.1 bn16.214.7%18.6%−2.8%+9% / −21%
STR.VIStrabag Se11.9 bn12.917.2%4.9%+7.4%+33% / +171%
ANDR.VIAndritz AG8.0 bn17.619.3%5.8%−5.2%+32% / +65%
VOE.VIvoestalpine AG7.2 bn17.15.7%2.8%−4.3%+13% / +62%
EVN.VIEvn AG5.4 bn12.46.9%14.6%+3.8%+14% / +12%
ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft3.0 bn—-2.4%-1.4%+12.7%+301% / +428%
DOC.VIDO & CO Aktiengesellschaft2.4 bn22.224.0%4.3%+7.1%+12% / +70%
CPI.VICPI Europe AG2.2 bn4.212.2%68.2%−6.7%+0% / −17%
POST.VIÖsterreichische Post Aktiengesellschaft2.2 bn16.318.3%4.3%−2.6%+5% / +2%
WIE.VIWienerberger AG1.9 bn11.55.9%3.6%+1.2%−41% / −33%
LNZ.VILenzing Aktiengesellschaft1.7 bn—-11.8%-5.2%−2.3%−51% / −67%
MMK.VIMayr-Melnhof Karton Aktiengesellschaft1.3 bn17.53.6%1.9%−4.8%−19% / −40%
POS.VIPorr AG1.2 bn10.812.9%1.8%+1.7%+6% / +168%
AMAG.VIAMAG Austria Metall AG1.1 bn33.64.7%2.3%+2.1%+35% / +20%
BMAG.VIPIERER Mobility AG1.1 bn1.8638.9%58.9%−46.3%+86% / −47%
FQT.VIFrequentis AG830.6 m29.515.5%4.9%+20.8%−9% / +122%
ETS.VIEuroTeleSites AG730.3 m21.98.8%11.9%+3.7%−7% / +31%
AGR.VIAGRANA Beteiligungs-Aktiengesellschaft729.2 m—-3.6%-1.2%−7.9%−2% / −14%
FACC.VIFacc AG607.0 m28.79.1%2.2%+11.3%+23% / +129%
ROS.VIRosenbauer International AG600.7 m12.117.4%3.5%+9.4%+37% / +107%
1AST.VIASTA Energy Solutions AG515.6 m17.142.3%4.3%+8.3%unavailable / unavailable
SBO.VISbo AG451.1 m19.15.2%5.2%−18.8%+4% / −31%
SEM.VISemperit Aktiengesellschaft Holding380.1 m905.00.1%0.1%−2.1%+40% / +28%
ACAG.VIAustriacard Holdings AG348.9 m25.711.4%4.1%−8.2%+77% / +65%

1- and 3-year price returns: for MMK.VI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
36.29
Total return -46% · Per year -46%
64.48
Total return -5% · Per year -5%
97.55
Total return 44% · Per year 44%
3 years
28.97
Total return -57% · Per year -25%
58.48
Total return -14% · Per year -5%
98.01
Total return 45% · Per year 13%
5 years
23.12
Total return -66% · Per year -19%
53.04
Total return -22% · Per year -5%
98.48
Total return 45% · Per year 8%
What moves the 3-year price the most
  • Exit P/E± 14.62
  • Net margin± 10.23
  • Annual revenue growth± 9.22
  • Annual dilution± 0.86

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Mayr-Melnhof Karton AG is an Austrian maker of cartonboard and packaging, with packaging and carton divisions, and its 2025 annual report sets out a detailed risk framework for an industrial group of this kind. The group offers a useful context for investors following how it manages key staff, finance and information technology.

SWOT

Strengths

  • The group has an extensive internal control system, with four-eyes procedures and regular internal audit, described in detail in the report 1.
  • ISO 27001 and ISO 14001 or ISO 50001 certifications support the credibility of reporting and IT security 1.
  • A stable shareholder structure, governed by families through a syndicate, may provide strategic continuity 1.

Weaknesses

  • Dependence on key specialists and the risk of staff turnover are flagged as an important vulnerability 1.
  • Currency exposure through subsidiaries outside the euro area creates translation risk on the balance sheet 1.
  • Inventories and receivables raise risks of impairment and customer non-payment, particularly when stocks are too high 1.

Opportunities

  • Investment in training and in-house academies could raise the quality of staff over the long term 1.
  • Sustainability requirements may favour producers that already have well-developed data and control systems 1.
  • Digitalisation and automation of production could improve efficiency and reduce manual errors 1.

Threats

  • Cyberattacks and ransomware could interrupt production and affect deliveries 1.
  • Rapid regulatory change and compliance pressure may increase administrative costs 1.
  • Sudden shifts in interest rates or exchange rates could affect financial results 1.

Risks

  • Dependence on key staffhigh

    Shortages of specialists and departures from key positions could affect competitiveness and operational execution 1.

  • Currency riskmedium

    Exchange rate movements can affect both transactions and the translation of assets in subsidiaries using other currencies 1.

  • Financing riskmedium

    A change in interest rates or a breach of financial covenants could raise borrowing costs or lead to early repayment demands 1.

  • IT securityhigh

    Cyberattacks could halt production and invoicing systems, with significant financial losses 1.

  • Compliance riskmedium

    Breaches of regulation, sanctions or tax rules could lead to fines and reputational damage 1.

Investment thesis

What would need to be true (bull case)

  • If training programmes and internal controls work as intended, the group could keep its competitiveness even in a difficult staffing market 1.
  • The existing internal control structure and certifications could make it easier to adapt to new sustainability reporting requirements 1.
  • The policy of natural hedging and derivatives used only for protection could limit the effect of currency fluctuations 1.

What would break the thesis

  • Dependence on a few key specialists could become a bottleneck if the labour market remains tight 1.
  • A major cyberattack could interrupt production and require considerable resources to remedy 1.
  • Higher financing costs or a breach of financial covenants could reduce the group's room for manoeuvre 1.

What to watch

  • Trend in staff turnover in key positions2026
  • Results of IT security recertifications and auditsnext 10-K
  • How the group applies the new sustainability reporting law2026
  • Development of currency exposure and balance sheet translation risk2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Mayr-Melnhof Karton AG (called MM or MM Gruppe in the report) is the parent of an industrial group producing carton and packaging solutions, according to the 2025 annual report 1. The report describes a personnel strategy including training programmes such as 'MM-Academy', 'Sales Academy' and 'Manager Lab' 1. The group is organised into divisions and has subsidiaries in several countries, which explains its exposure to different currencies 1.

The shareholder structure and control are marked by a family syndicate that holds a significant part of the capital, and the report states that these shares are governed by a syndicate agreement 1. The group applies IFRS for financial reporting and prepares a consolidated non-financial statement as part of the management report 1.

The group's activity depends on the availability of skilled staff in key positions, on the functioning of IT systems and on working capital management, all covered in detail in the annual report 1. The report indicates that the group aims to offset these dependencies through personnel development policies and extensive internal controls 1.

Segments

Packaging division

The 2025 annual report refers to packaging divisions, with a separate operational technology team set up specifically for these divisions 1. This segment is where the group has invested in controlling production and securing industrial systems 1.

Carton division

The report describes the group as active in carton production, a product with complex supply chains and sensitivity to energy and raw material costs 1. Managing inventories through just-in-time production and storage agreements is an explicitly mentioned measure for this type of activity 1.

Market context

The market in which the group operates is, according to the report, influenced by currency movements, interest rate levels and regulation on sustainability and non-financial reporting 1. The report stresses that EU regulatory changes such as NIS-2 and data protection requirements raise the compliance burden for industrial producers 1.

The report also notes that the share of countries with currencies other than the euro in the group's activity creates exposure to translation risk, which can affect the value of assets stated in euros 1. These market conditions explain why the group emphasises natural hedging and derivatives used only for hedging purposes 1.

Trends

  • Sustainability reporting regulationmixed

    The new sustainability reporting law could change how the group prepares its non-financial reporting, given that the report mentions a legislative transition 1. Managing this change requires more robust data systems, which may bring additional short-term costs 1.

  • Cybersecuritymixed

    Cyber threats, including ransomware, are described as a growing threat for industrial producers, and the group has obtained ISO 27001 recertification 1. These investments could reduce the risk of disruption but require ongoing spending 1.

  • Cost of financingmixed

    The report shows that market interest rates affect both the cost of variable-rate loans and the opportunity cost of fixed loans 1. A falling-rate environment could reduce the cost of variable financing, while higher rates could increase it 1.

  • Pressure on skilled staffheadwind

    Shortages of specialists and staff turnover are identified as a major risk, especially for key positions that secure competitiveness 1. This trend could become a drag if the labour market stays tight 1.

Competitive position

The 2025 annual report does not explicitly name the group's competitors, so the competitive analysis rests on the product categories described in the source document 1. Competitiveness is linked, according to the report, to the ability to retain specialists and to respond to changes in raw material and energy costs 1.

The group's differentiation from other packaging and carton producers appears to come from the technical skills of its staff and from its production control systems, as described in the report 1. The report does not provide quantitative data on market share, so a detailed comparison cannot be supported from this source 1.

  • European carton and packaging producers

    The annual report does not name specific competitors; the group compares its competitiveness through staff and operational efficiency, with no competitor data in the source 1.

  • International industrial packaging producers

    The source does not identify concrete firms in this category, so no ticker symbols can be assigned from the report 1.

  • Sustainable packaging solution providers

    Competition in this area relates to the non-financial reporting requirements mentioned in the report, but the source names no companies 1.

  • Recycled carton producers

    The report mentions supply and inventories as risk factors without identifying named competitors 1.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Mayr-Melnhof Karton AG · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.