| Finland

Huhtamäki reports strong full-year revenues despite challenging 2022

The Finnish coffee cup and packaging giant says its solid sales performance in 2022 reflects the scale and strength of its global footprint, but cites the war in Ukraine and rising inflation as impeding growth in the second half of last year

Huhtamäki credited the ‘scale and strength’ of its global footprint for its strong 2022 performance | Photo credit: Huhtamäki


Huhtamäki has reported strong revenue growth in 2022 despite the negative impact of Russia’s invasion of Ukraine and rising inflation. 

The Finnish coffee cup and packaging company achieved 25% sales growth in the 12 months ended 31 December 2022 to reach €4.5bn ($4.8m). 

Huhtamäki credited the ‘scale and strength’ of its global footprint for its strong performance, alongside increased pricing and the acquisition of Turkish packaging brand Elif, which completed in the fourth quarter of 2021. 

However, the Espoo-based company said the divestment of its operations in Russia negatively impacted sales. 

Huhtamäki sold its Russian operations, including four manufacturing units, to Russian holding company Espetina Ltd in September 2022 for €151m ($151m). 

The company also said the pressure of inflation on consumers ‘started to erode’ sales volumes during the second half of 2022. Nonetheless, overall demand ‘remained solid’ across the last 12 months. 

Huhtamäki expects continued market volatility in 2023 but said its diverse product portfolio and positive financial position will lead to ‘profitable long-term growth opportunities’.  

“We have made good progress in 2022 on our journey to transform our company to address mega trends. We have a solid core business with underlying market growth and opportunities. Our scale, technology capabilities and customer innovation partnerships allow us to take a leading role in designing sustainable packaging solutions. This makes me confident of the bright future of our company,” said Charles Héaulmé, CEO, Huhtamäki. 

In November 2022 Huhtamäki partnered with Swiss coffee pod company Nespresso to create a home compostable paper-based coffee capsule. 

The product is being piloted in France and Switzerland, before being launched in several other European markets later this year.

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