S&P Global Ratings assigns BB+ issuer credit rating to Huhtamäki Oyj

HUHTAMÄKI OYJ, PRESS RELEASE, 25.5.2022 AT 12:05 (EEST)

S&P Global Ratings assigns BB+ issuer credit rating to Huhtamäki Oyj

S&P Global Ratings has today assigned a long-term issuer credit rating of BB+ to Huhtamäki Oyj, with a stable outlook. It is the first debt rating for Huhtamaki. The full report can be found on Huhtamaki’s website at https://www.huhtamaki.com/en/investors/financial-information/debt-investors/.

S&P Global Ratings states: "Huhtamaki's business risk profile factors its leading position as a foodservice packaging company in specialty markets, long-standing relationships with blue-chip companies, and its broad geographic diversification. Despite a spike in S&P Global Ratings-adjusted debt to EBITDA to 3.5x to facilitate the acquisition [of Elif], we expect management will maintain its prudent financial policy of net debt to EBITDA of 2.0x-3.0x, while continuing to focus on growing the business both organically and through acquisitions.”

For further information, please contact:
Tom Erander, Vice President, Treasury, Tel. +358 (0)10 686 7893

HUHTAMÄKI OYJ
Global Communications

About Huhtamaki
Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world, enabling wellbeing and convenience. Our innovative products protect on-the-go and on-the-shelf food and beverages, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030.

We are a participant in the UN Global Compact and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science-Based Targets initiative.

With 100 years of history and a strong Nordic heritage we operate in 38 countries and 114 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of 19,800 employees make a difference where it matters. Our 2021 net sales totaled EUR 3.6 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet at www.huhtamaki.com.