HOYFF - Huhtamäki Oyj (HOYFF) Q2 2024 Earnings Call Transcript
2024-07-25 10:22:06 ET
Huhtamäki Oyj (HOYFF)
Q2 2024 Earnings Call
July 25, 2024 02:30 ET
Company Participants
Kristian Tammela - Vice President, Investor Relations
Charles Heaulme - President and Chief Executive Officer
Thomas Geust - Chief Financial Officer
Conference Call Participants
Ephrem Ravi - Citigroup
Robin Santavirta - Carnegie
Pallav Mittal - Barclays
Calle Loikkanen - Danske Bank
Maria Wikstrom - SEB
Presentation
Kristian Tammela
Good morning, all and welcome to Huhtamäki’s investor call for the Second Quarter of 2024. My name is Kristian Tammela, VP of IR. We have this morning released our results. And as again, we will start with presentations by our President and CEO, Charles Heaulme, followed by our CFO, Thomas Geust. And after that, we will go to a Q&A session. Before that, I’d like to remind everyone of the upcoming site visit to our site near Chicago on September 4. If you are interested, please feel free to reach out to the IR team.
And with that, let’s get started and handing over to Charles.
Charles Heaulme
Thank you, Kristian. Good morning to all of you and thank you to all for joining us for this release of our second quarter results and first semester. I will start with a quick summary on our results and the business context for the second quarter. And I would say that in one word, I would summarize that Q2 was extremely consistent with Q1, however, slightly better, if I may say it like this, and I will give you a few insights before going into details.
The first point is that we are continuing to see some signs of increasing demand with, however, some differences between geographies and categories. We see particularly improvement in on-the-shelf categories, so the food and everyday necessities. And there, we are seeing, like we said at the end of the first quarter, but even more positive, we see volume growth versus the same period of 2023, as mentioned already in the first quarter, but even slightly better in the second quarter. At the same time, we see that the on-the-go categories are softer. We believe that this is a temporary arbitration from consumers as a result of the high inflation that we have seen in the hospitality sector, in the restaurants, in the quick service restaurants, in the coffee shops, and that drives the demand slightly down during the first semester of the year.
The market environment in a nutshell is still impacted by the high inflation, which has been particularly high for food products, and as I said, even more for food service products. There are also impacts which we hope will be only temporary in the year 2024. That is coming from the volume decline due to the war between Israel and Hamas, and also the Red Sea crisis has impact on logistics and, therefore, on the international trade....
Huhtamäki Oyj (HOYFF) Q2 2024 Earnings Call Transcript