Ahlstrom financial Report January – September 2026 published
Media

Ahlstrom financial Report January – September 2026 published

AHLSTROM OYJ, PRESS RELEASE, October 29, 2026, at 09:00 EET

Ahlstrom has today published the Financial Report January – September 2026 for Ahlstrom Oyj. The report is available at www.ahlstrom.com/investors. Earnings call for investors will be held today at 15:00 EET (14:00 CET).

Highlights

Ahlstrom Q3/2026 result: Continued profitable growth, supported by strong execution and sustained high margins

  • Sales increased, leveraging strong opportunity pipeline 
  • Comparable EBITDA increased to EUR 142 million, sustaining the Q2 level, with a stable 18.8% margin
  • Margin on variable costs (MoVC) per ton increased further to EUR 1,150 (1,092), up 5%, reflecting continued pricing discipline, procurement excellence and improved mix
  • Profitability continued to benefit from disciplined execution of strategic improvement initiatives, procurement and operational excellence
  • Strategic improvement initiatives include the footprint optimization in the US and UK announced February 2026, being on track and delivering savings in the quarter and beyond
  • Comparable EBITDA of Core¹⁾ divisions up 10%
  • Continued strong cash flow generation and enhanced liquidity
  • USD Term Loan refinanced early July providing financial flexibility

¹⁾ Core divisions include Filtration & Life Sciences, Food & Consumer Packaging and Protective Materials

Helen Mets, President and CEO, commented: 

"I am proud of Ahlstrom’s strong third-quarter performance. We delivered profitable growth, sustained strong margins and continued strong cash generation. 
 
Net sales of our current business portfolio increased by 4.2% to EUR 758 million, supported by the execution of our innovation-led opportunity pipeline. Comparable EBITDA increased to EUR 142 million, with the margin remaining strong at 18.8%. Margin on variable costs reached a new record EUR 1,150 per ton. 
 
Our year-to-date performance demonstrates the resilience of our portfolio and the progress we are making in the current volatile environment. Net sales increased by 2.4% to EUR 2,282 million, while comparable EBITDA grew by 9.0% to EUR 403 million. Our comparable EBITDA margin increased by 1.1 percentage points to 17.7% and we translated our stronger profitability into improved cash generation. 

These results demonstrate Ahlstrom’s strong underlying earnings power and the disciplined execution of our strategy. Earlier this year, we announced the decision to optimize our manufacturing footprint, including closing the Radcliffe facility in the UK and rightsizing the Mosinee site in the United States. Now completed, these actions are positively contributing to our second half year results.
 
At the same time, our innovation pipeline remains strong, generating new commercial opportunities and supporting organic growth. We are also accelerating the adoption of AI across Ahlstrom, investing in both technology and employee capabilities. By applying AI to areas such as R&D, product recipes, manufacturing and maintenance, we are creating new opportunities to improve productivity, accelerate innovation and strengthen our competitiveness.
 
Our global footprint and local-for-local operating model continues to prove its strength in this dynamic environment. We experienced higher energy costs in the quarter, mainly in Europe; however, hedging, indexed contracts and surcharge actions limited the impact.
 
As we enter the final quarter, we do so from a position of strength and with a clear focus on what we can control. We remain committed to converting opportunities into profitable growth, strengthening operational performance and being a reliable partner for our customers around the world. 
 
I would like to thank our employees for their dedication, our customers for their continued trust and our partners for their collaboration as we advance our purpose: to purify and protect, with every fiber, for a more sustainable world."

Financial and Operational Highlights Q3/2026² 

  • Net sales up 2% to EUR 758 million (743), adjusted for business portfolio changes the net sales are up 4%, leveraging our growing innovation-led opportunity pipeline
  • Margin on variable costs amounted to EUR 1,150 (1,092) per ton, up 5%, setting a new record level
  • Comparable EBITDA increased by 2% to EUR 142 million (140), at a stable 18.8% (18.8%) margin of net sales. Underlying comparable EBITDA grew by 10% as comparable EBITDA in Q3/2025 was higher due to a release of accruals 
  • Profitability in the Core divisions continued to strengthen, with comparable EBITDA margin improving to 21.1% (19.8%), Performance Materials Cluster improved to 8.4% (5.1%)
  • Reported EBITDA increased to EUR 134 million (124), reflecting higher comparable EBITDA and lower items affecting comparability of EUR -6 million (-14)
  • Operating cash flow improved to EUR 50 million (42)

 ²⁾ Comparing figures for Q3/2025 between brackets unless indicated differently

 
Financial and Operational Highlights Q1-Q3/2026³ 

  • The year-to-date trajectory shows profitable growth, supported by strong execution, and sustained high margins, benefiting from successful integration of acquisitions
  • Net sales increased to EUR 2,282 million (2,227), reflecting growth momentum across the business, in a volatile market environment 
  • Comparable EBITDA increased by 9% to EUR 403 million (370), showing improved profitability resulting in a 1.1 percentage point higher margin of net sales of 17.7% (16.6%)
  • Reported EBITDA slightly decreased to EUR 325 million (331) due to higher items affecting comparability of EUR -74 million (-34) for the strategic improvement initiatives announced in Q1 offsetting increased profitability
  • Operating result was higher at EUR 152 million (131) mainly as a result of lower impairments

³⁾ Comparing figures for Q1-Q3/2025 between brackets unless indicated differently


Earnings call for investors on October 29, 2026 at 15:00 EET (14:00 CET)

A combined live audiocast and teleconference will be arranged today, Thursday October 29, 2026, at 15:00 EET (14:00 CET). The event will be hosted by President and CEO Helen Mets and CFO Niklas Beyes.    

Questions to the management can be asked either via the chat box in the audiocast or by phone in the conference call.    

Audiocast registration link: https://ahlstrom.videosync.fi/q3-2026/register
Teleconference registration link: https://ahlstrom.videosync.fi/q3-2026/register

After the registration to the teleconference, the participant will be provided with phone numbers and a conference ID to access the call. To ask a question, press #5 on your telephone keypad to enter the queue.   

By joining the audiocast or teleconference, the participant agrees that personal information such as name and company name will be collected. The event will be recorded.   

For further information, please contact
For media: Annemiek Voorzee, Vice President Communications
annemiek.voorzee@ahlstrom.com  
For investors: IR@ahlstrom.com 


Ahlstrom in brief  
Ahlstrom is a global leader in combining fibers into sustainable specialty materials. Our purpose is to Purify and Protect, with Every Fiber, for a Sustainable World. Our vision is to be the leading Sustainable Specialty Materials Company for all our stakeholders. Our three Core divisions, Filtration and Life Sciences, Food and Consumer Packaging, and Protective Materials, address global trends with safe and sustainable solutions. Our net sales in 2025 amounted to EUR 2.9 billion and we employ some 7,000 people. Read more www.ahlstrom.com.