Explore MM Group's Q3 2023 report: €3,196.5m turnover, 7.4% decrease YoY. CEO Peter Oswald addresses challenges, emphasizing strategic investments for long-term value in a challenging market.

MM Group's Q3 2023 Performance Report - Declines, Strategies, and Long-Term Value Generation

MM Group has released its performance report for the first three quarters of 2023. During this period, the turnover amounted to €3,196.5 million, reflecting a 7.4% decrease compared to the corresponding period in the previous year (€3,450.4 million). The EBITDA also experienced a decline of 44.5%, reaching €328 million, in contrast to the €591.2 million reported for the same period last year.

In response to these figures, Peter Oswald, the CEO, acknowledged the challenges faced by MM Group. Following a record year in 2022, the company has been navigating a market characterized by diminished demand in the paper and board industry and heightened price pressure. Despite indications that destocking in the supply chain is concluding in many areas, consumer spending remains constrained by inflation and the overall economic slowdown in key European markets.

The impact of these adverse conditions was particularly pronounced in the third quarter, notably in the weakened volume and result development of the MM Board & Paper division. This decline was attributed to planned capex-related downtime and substantial market-related downtime.

Conversely, the MM Packaging division demonstrated a robust overall performance despite facing a diverse packaging market. The successful integration of acquisitions made in the pharmaceutical packaging sector last year contributed to this positive outcome. Given the current market and result scenario, coupled with the absence of immediate improvement prospects, the company is prioritizing the preservation and acquisition of volumes with reasonable margins.

Peter Oswald emphasized the company's readiness to navigate the challenging market conditions. He highlighted continuous efforts to enhance competitiveness and quality leadership, recent strategic investments in plants, and the development of sustainable, innovative packaging products. Oswald concluded by expressing confidence in MM's ability to manage the current market challenges and generate long-term value for both customers and shareholders.


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performance report , turnover , decline , challenges , strategic investments

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