Yes, having seen several videos from the area in winter, I understand this well 
, but one must always read the “collected explanations” carefully 
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This actually surprised me positively, considering the current market and geopolitical situation.
- The adjusted operating margin rose to 10% thanks to efficiency measures and volume growth, which was a positive surprise.
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At least a long sigh of relief was let out here, even though the challenging operating environment isn’t going away anytime soon. I somehow felt that this report might be a negative surprise, but no.
While updating my own Excels, I once again realized how low Huhtamäki’s valuation has been pushed. Hopefully, the general global and economic situation will eventually provide some tailwind for the sails.
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A hardworking night owl named Antti has produced a new company report on Huhtamäki. 
We reiterate our Buy recommendation and EUR 36.0 target price for Huhtamäki. Huhtamäki’s Q1 report was roughly in line with expectations in terms of operational performance and outlook. We did not make any material changes to our forecasts following the report. In our view, the upside from Huhtamäki’s low valuation, reasonable medium-term earnings growth potential, and over 4% dividend yield continue to keep the stock’s expected return clearly above the required rate of return.
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CEO Ralf Wunderlich dropped a real gem during the Q&A session at yesterday’s AGM: during the post-COVID inflation spike, when raw material and energy prices rose sharply, the hit was hardest for smaller players who faced supply difficulties. As a result, customers turned to larger companies like Huhtamäki, which were able to deliver. Economies of scale are clearly at work here, which makes one feel a bit calmer about the current situation in the Strait of Hormuz and its potential consequences.
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My personal takeaway from the annual general meeting was that if raw material suppliers are unable to deliver to the factories due to the war in Iran, the plants will come to a standstill. Correct me if I’m wrong.
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Yes to both of the previous questions;
- We believe that we are in a relatively better position to source raw materials than some of our smaller competitors. We saw similar situations in 2022, though not on a significant scale. In the flexible packaging (Flexibles) segment, the competitive landscape is quite fragmented, especially in emerging markets, and we believe our global procurement organization is more efficient than those of many small competitors. This remains to be seen, of course.
- If, for some reason, we do not receive plastic raw materials at our factories, we cannot manufacture those products. This is quite self-evident. At the moment, however, we do not foresee such a situation. But because there is a lot happening in the market, we cannot rule out this risk.
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I’ll add this Huhtamäki Q1 earnings call transcript here, simply because not everyone might have noticed yet that they are available on the Inderes front page—I sometimes forget it myself too . Especially the analyst Q&A sessions are often useful: Inderes
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The list of Huhtamäki’s largest shareholders has also been updated.
Largest movers in April: Sr Nordea Pro Suomi +88,985 shares (+18.8%). However, in March, the same fund sold -25.9%.
Sr Nordea Nordic Small Cap +175,000 shares (+167%). Aggressive picking specifically from a small-cap fund.
The Nordea camp was split in April:
- Nordic Small Cap +175k (+167%)
- Pro Suomi +89k (+18.8%)
- Suomi Passiivinen +10k (+4.5%)
- Premium Maltti -14k (-13.1%)
- Pohjoismaat -52k (-19.8%)
- Fennia -106k (-37.3%)
A bit of shuffling from Nordea. A large active fund turned its coat, but Fennia and Pohjoismaat continued to sell heavily.
Other major sales in April:
- Pension company Elo -80k (-4.7%)
- S-Pankki Fenno -40k (-9.2%)
- Alfred Kordelin Foundation -28k (-38.8%)
- OP-Suomi Pienyhtiöt -25k (-10.4%)
- OP-Suomi -20k (-6.6%)
- Evli Suomi Pienyhtiöt -20k (-3.2%)
- Danske Finnish Equity -13k (-4.4%)
- Sr eQ Suomi -12k (-9.5%)
- Evli Suomi Select -10k (-2.6%)
- S-pankki Finnish Small Co -10k (-9.5%)
Interesting private investors on the buy side:
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Mikko Kalervo Laakkonen +10,000 (+2.4%) personally, and Laakkosen Arvopaperi Oy +10,000 (+12.5%). The same individual added to both his personal and company names.
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The Gripenberg family’s position grew: Lindsay von Julin & Co Ab, the investment company of the long-term Fiskars owner family, +2,000 (+2.2%), Gripenberg Jarl Ingram Gustaf personally +4,000 (+10.0%), and the estate of Gripenberg Jarl +1,000 (+1.1%). Lindsay von Julin & Co is effectively the family investment company of the Gripenberg–von Julin family.
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Zeroman Oy +9,000 (+20.9%) – Aki Pyysing’s company.
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Asipex Oy +14,000 (+19.0%), Signe and Ane Gyllenberg Foundation +16,000 (+35.6%), Oy Arkadian Firmakonsultit +10,000 (+20.0%).
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OP-Henkivakuutus +17k (+5.0%)
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Henki-Fennia +19k (+18.4%).
The Herlin circle: Holding Manutas Oy remained steady at 595,000 shares (9th place). Security Trading Oy sold for the third consecutive month. In April -10,000 (-3.5%), in March -18,000, and in February -10,000. Tiina and Antti Herlin Foundation held steady at 178,000 shares. The combined Herlin position is approximately 1.05M shares (~0.97% of the company). As seen with UPM, Security Trading has been trimming its position.
There have been significant sales over the past year; in January 2025, Security Trading Oy owned 850,000 Huhtamäki shares and Holding Manutas Oy 840,000. Now the situation is Holding Manutas Oy 595,000 and Security Trading Oy 277,000.
Pension companies: Varma and Ilmarinen remained unchanged for two months. For Elo, the direction changed (-80k in April and +66k in March). None of the large statutory pension insurance companies are currently on the net buyer side.
Index funds: OP-Suomi Indeksi +14k, Nordea Suomi Passiivinen +10k, Seligson Suomi Indeksi +2k, Seligson Helsinki 25 -1k. A total of +25k on the index side – a moderate passive flow included.
Management and the company: CFO Geust remained at 42,884 shares (99th place). The new CEO Wunderlich is not visible in the top 100 after a 16-month leadership period. The 2,774,215 shares held by the company show no change. The authorization granted by the Annual General Meeting for a 10.8M share buyback program remains uninitiated. If management considered the price of around €28 to be undervalued, this would be a simple way to create shareholder value. It is not being used.
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To clarify, our CEO owns over 48k shares, currently valued at over 1.3 million.
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Thanks for the clarification and for being active in the discussion! 
That is exactly how it is! The management transactions release from late March (March 25) confirms that Wunderlich received 14,778 shares as a share-based reward at that time. This brings his total holding to 48,128 shares, which clearly qualifies him for a spot on the Top 100 list (the current threshold is 42,450 shares).
- Management transactions (March 25, 2026): Huhtamäki Oyj - Johdon liiketoimet (Wunderlich) - Inderes
- Management ownership (IR page): Tietoa osakkeenomistajille
Great to see such a quick reaction from the company’s side! Let’s stay tuned to see when the share buybacks will also be included in the list update! 
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Interesting listing! I was also looking at the list of Huhtamäki’s largest shareholders a while ago. It’s worth mentioning that Laakkonen has been buying since at least last autumn. He bought 40,000 additional shares in his own name during last autumn and has now bought a total of 140,000 shares during the early part of this year. Of course, he also bought those remaining 300,000+ shares at some point, but I didn’t browse further back than that. Compared to the autumn, the buying has accelerated after the turn of the year, and on the other hand, continues in line with previous months
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“Jefferies lowers Huhtamäki target price to 31 euros (prev. 34 euros), reiterates Hold rating”
I don’t know Jefferies’ rating criteria, but that still leaves over 14% upside potential + dividend yield on top.
Familiar clickbait headlining. Let’s take some highlights from behind the paywall.
Raw materials and currencies are creating headwinds.
However, Huhtamäki has stable profitability and “megatrends at its back”; urbanization, the rise of the middle class, and renewable packaging materials for the green transition.
War in Iran affects energy, logistics, raw materials, and uncertainty impacts consumer behavior.
Apparently, the journalist’s conclusion is that it’s a quality company at an affordable price for the long-term investor.
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Huhtamäki priced a 300 million euro bond | Kauppalehti
Huhtamäki priced a 300 million euro bond
The six-year loan has an interest rate of 3.875 euros. The lead managers of the loan include Nordea, among others.
I wonder if that is the total interest, or if it has to be paid annually. You could call this really cheap, unless it’s a typo.
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I don’t know which is more depressing: that an AI can’t distinguish between percentages and euros, or that a real journalist writes news and can’t tell the difference either.
The bond has a 6-year maturity, expiring on May 19, 2032, and carries an annual interest rate of 3.875 percent.
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I would very happily take a €300m loan myself; I’d even agree to pay that interest of just under four euros annually!
But yeah, this is obviously just a mistake, the kind we can all make. However, they seem to be making a regrettably large number of these absurd errors.
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