Peter Oswald
CEO & Chairman of the Management Board
Welcome, everyone, and thank you for joining this announcement of our annual results. In ’25, our adjusted operating profit increased by 3%, but practically more relevant on a pro forma basis like-for-like, excluding the divested TANN Group, by 15%, which is quite a strong performance in such a challenging market environment.
Our Food & Premium Packaging division managed to keep the adjusted operating margin at a very good and very solid level, while Pharma & Healthcare Packaging delivered an encouraging 25% increase in adjusted operating profit. And Board & Paper also showed a clear improvement compared to last year, although profitability is still not on a satisfactory level.
And the key driver behind this progress has been our group-wide Fit-For-Future program, which we have successfully accelerated throughout the year across all divisions. And working with our dedicated MM teams and supported by external expertise, we pursue a comprehensive set of initiatives targeting growth, procurement optimization, operational efficiency and structural improvements in sales and administration. So nothing is left undone.
Given the strong performance and the good progress of Fit-For-Future, our confidence has strengthened that by ’27, we will achieve an earnings uplift of more than EUR 250 million compared with ’24, excluding TANN and market effects. And this is well above our initial expectations of more than EUR 150 million at program launch, which I shared with you in the half year results. And already in ’25, Fit-For-Future contributed about EUR 70 million to our adjusted operating result with Board & Paper benefiting the most.