Ahlstrom Oyj (AM1S) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw accelerated performance with net sales up 6% year-over-year to EUR 786 million, driven by innovation, strategic improvement initiatives, and successful integration of Stevens Point and EBF acquisitions.

• Comparable EBITDA rose 16% to EUR 142 million, with margin improving to 18.1%.

• All core divisions delivered strong results, supported by operational excellence and strategic initiatives.

• Innovation-led growth and 25 new product launches contributed to top-line momentum.

• Cash flow and liquidity improved, supported by refinancing and extension of credit facilities.

Financial highlights

• Net sales reached EUR 786 million (up 6% year-over-year); at constant currency, growth was nearly 7%.

• Comparable EBITDA increased to EUR 142 million (up 16% year-over-year), margin 18.1%.

• EBITDA margin for core divisions reached 20.6%.

• MOVC per ton reached a record EUR 1,145, reflecting improved portfolio mix and pricing.

• Operating cash flow stable at EUR 53 million, double the prior year.

Outlook and guidance

• Continued positive momentum expected in Filtration & Life Sciences and Food & Consumer Packaging, with further EBITDA uplift anticipated.

• Strategic improvement programs, including site rightsizing and closures, expected to deliver further margin expansion through 2028.

• Target leverage ratio to fall below 4 within the next year.

• Targeting 150 MEUR incremental revenues and 80% portfolio SSBD by 2030.

• No major short-term refinancing needs; financial flexibility enhanced by recent refinancing.