Ahlstrom reports strong first-half 2026 results with higher sales and profitability
Ahlstrom has reported a strong financial performance for the first half of 2026, driven by higher customer demand, successful acquisitions and continued execution of strategic improvement initiatives. The company recorded higher sales and profitability during the second quarter, while further strengthening its liquidity and extending the maturity profile of its debt.
During the second quarter of 2026, net sales increased by 6% year-on-year to EUR 786 million, supported by improving customer demand, an expanding innovation pipeline and the contributions from the Stevens Point and EBF acquisitions. Comparable EBITDA rose by 16% to EUR 142 million, corresponding to an 18.1% EBITDA margin, while the margin on variable costs reached a record EUR 1,145 per tonne.
Operating cash flow also improved significantly, increasing to EUR 53 million compared with EUR 27 million in the same period of 2025. For the first six months of the year, net sales reached EUR 1.524 billion, while comparable EBITDA increased by 13% to EUR 261 million, representing a margin of 17.1%.
Strategic initiatives progressing as planned
Ahlstrom confirmed that the strategic improvement programme announced earlier this year remains on schedule. The company continues to implement manufacturing footprint optimisation measures, including the planned closure of the Radcliffe plant and the Mosinee pulp mill, initiatives intended to improve long-term operational efficiency and profitability.
The integration of the recently acquired Stevens Point and EBF businesses is also progressing according to plan.
The group further enhanced its financial flexibility during the period by extending and increasing its revolving credit facility. In addition, Ahlstrom successfully refinanced its US dollar Term Loan in early July, extending the maturity of approximately 80% of its financial debt to 2030. Net indebtedness decreased slightly to EUR 2.641 billion, supported by stronger cash generation.
Innovation remains a key growth driver
President and CEO Helen Mets said the company benefited from improving market conditions together with disciplined execution of its strategic initiatives. “Ahlstrom delivered an outstanding performance in the second quarter of 2026, driven by sales growth and disciplined execution of strategic improvement initiatives.”
According to the company, its global manufacturing footprint and local-for-local operating model helped limit the impact of geopolitical uncertainty. Ahlstrom also stated that its strong market positions enabled it to offset higher energy and logistics costs through pricing.
“The progress we made in the second quarter is highly encouraging, reflecting the strength of our strategy, the quality of our execution, and the dedication of our teams across Ahlstrom,” Mets said. She thanked employees, customers and business partners for contributing to the company’s ambition “to purify and protect, with every fiber, for a more sustainable world.”
