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Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI
JSE share code: MNP
ISIN: GB00BMWC6P49
8 May 2025
Q1 2025 Trading Update
Mondi plc ("Mondi"), a global leader in sustainable packaging and paper, today provides an
update on trading for the three months to 31 March 2025 ("the first quarter").
Higher sales volumes, good cost control and fewer planned maintenance shuts in the first
quarter of 2025 offset lower average selling prices when compared to the fourth quarter of
2024 ("Q4 2024"). Underlying EBITDA for the first quarter was '290 million, including a
forestry fair value gain of '2 million (Q4 2024: '261 million including a forestry fair value loss
of '27 million).
In Corrugated Packaging and Flexible Packaging, stronger order books drove higher sales
volumes across Mondi's range of paper grades compared to the fourth quarter of 2024. This
was supported by a solid performance in the downstream converting operations. Following
selling price declines towards the end of 2024, average selling prices in the first quarter of
2025 were lower than the fourth quarter of 2024. In the last few months, paper price increases
have been implemented to largely recover the declines.
In Uncoated Fine Paper, market conditions remained muted with lower average selling prices
in the quarter when compared to Q4 2024. Profitability was supported by strong cost control.
The Group has made good progress with the completion and ramp up of its capacity expansion
projects. The new kraft paper machine at Steti (Czech Republic), which commenced
operations in December last year, is showing excellent results in terms of paper quality and
production volumes. Optimisation of the wider kraft paper mill network is underway. The newly
converted paper machine in Duino (Italy) successfully started up in April. Once fully
operational it will be capable of producing 420,000 tonnes per annum of high-quality recycled
containerboard, increasing Mondi's integration with its corrugated box converting plants,
facilitating further optimisation of supply chains and improving security of supply for customers.
The acquisition of the Western Europe Packaging Assets of Schumacher Packaging
completed on 31 March 2025. Mondi welcomed 2,200 new colleagues and the team is now
focused on the integration phase to drive synergies, ramp up sales and provide customers
with an enhanced range of solutions.
Andrew King, Chief Executive Officer, said:
"In the first quarter of the year we have seen stronger order books driven by increased demand
for our sustainable packaging products. This has supported recent price increases which we
expect to come through from the second quarter.
"Towards the end of the first quarter, global trade tensions heightened macroeconomic
uncertainty. While the direct impact of announced tariffs on our operations is limited, we
remain mindful of the potential second order impacts that could affect trade flows, consumer
confidence and supply chains.
"We remain fully focused on driving our culture of continuous improvement and
competitiveness, ramping up our capacity expansion projects and integrating the newly
acquired assets from Schumacher Packaging. These actions will enhance our packaging and
paper platform enabling us to continue to deliver our high-quality range of sustainable
packaging and paper products."
Flexible Packaging Teach-In
On Thursday 15 May 2025 at 15.00 BST / 16:00 CET/SAST Mondi will host a 'teach-in' on its
Flexible Packaging business. For further information on the face-to-face meeting or the live
webcast please contact IR@mondigroup.com.
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Quarterly results
' million
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Underlying EBITDA
214 351 223 261 290
(including forestry fair value)
Conference call dial-in details:
A conference call will be held this morning, Thursday 8 May 2025, at 08:00 BST / 09:00
CET/SAST. Please click on the link below to register for the event.
https://storm-virtual-uk.zoom.us/webinar/register/WN_NzbQuyFBRrukbLaE9aDZWA
Replay details:
A replay will be available on our website later in the day on 8 May 2025
https://www.mondigroup.com/investors/results-reports-and-presentations/
Enquiries
Investors/analysts:
Fiona Lawrence +44 742 587 8683
Mondi Group: Head of Investor Relations
Media:
Chris Gurney +44 799 004 3764
Mondi Group: Head of Corporate Communication
Richard Mountain +44 790 968 4466
FTI Consulting
Editor's notes
Mondi is a global leader in packaging and paper, contributing to a better world by producing
products that are sustainable by design. We employ 24,000 people in more than 30 countries
and operate an integrated business with expertise spanning the entire value chain, enabling
us to offer our customers a broad range of innovative solutions for consumer and industrial
end-use applications. Sustainability is at the centre of our strategy, with our ambitious
commitments to 2030 focused on circular driven solutions, created by empowered people,
taking action on climate.
In 2024, Mondi had revenues of '7.4 billion and underlying EBITDA of '1.0 billion. Mondi is
listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a
FTSE100 constituent. It also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
Date: 08-05-2025 08:00:00
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