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Results for the six months ended 30 June 2025 and dividend declaration
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
ISIN: GB00BMWC6P49
LSE share code: MNDI
JSE share code: MNP
31 July 2025
Results for the six months ended 30 June 2025 and dividend declaration
Mondi, a global leader in the production of sustainable packaging and paper, today announces results for the six months ended
30 June 2025 ("first half" or "H1 2025").
Highlights
• Underlying EBITDA of €564 million, including €18 million forestry fair value gain, comparable to the first half of 2024 (H1 2024:
€565 million including €49 million forestry fair value gain)
• Solid performance in our two packaging businesses supported by higher average selling prices
• Corrugated Packaging underlying EBITDA of €203 million, 42% ahead of comparable period (H1 2024: €143 million)
• Flexible Packaging underlying EBITDA of €302 million, 9% ahead of comparable period (H1 2024: €276 million)
• Uncoated Fine Paper delivered underlying EBITDA of €81 million, including a forestry fair value gain of €18 million (H1 2024:
€166 million including a forestry fair value gain of €49 million)
• Good progress delivering key strategic initiatives
• Production and sales ramping up for all major capacity expansion projects
• Completed the acquisition of the Western Europe Packaging Assets of Schumacher Packaging ("Schumacher") on
31 March 2025 with integration and delivery of synergies on track
• Increased cash generated from operations of €416 million (H1 2024: €372 million)
• Leverage (net debt to underlying EBITDA) of 2.5 times at 30 June 2025, higher following investments to further enhance our
portfolio (31 December 2024: 1.7 times)
• Interim ordinary dividend of 23.33 euro cents per share declared – in line with H1 2024 (H1 2024: 23.33 euro cents per share)
Six months Six months
ended ended
€ million, except where noted 30 June 2025 30 June 2024 Change %
Group revenue 3,909 3,739 5
Underlying EBITDA1 564 565 —
Forestry fair value gain 18 49 (63)
Underlying EBITDA excluding forestry fair value gain 546 516 6
Underlying EBITDA margin1 14.4% 15.1%
Profit before tax 247 296 (17)
Basic underlying earnings per share (euro cents)1 42.7 50.5 (15)
Basic earnings per share (euro cents) 38.6 44.5 (13)
Basic headline earnings per share (euro cents)1 37.2 41.8 (11)
Interim dividend per share (euro cents) 23.33 23.33 —
Cash generated from operations 416 372 12
Net debt to underlying EBITDA (times)1 2.5 1.5
Return on capital employed (ROCE)1 8.4% 10.8%
Note:
1 The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards (IFRS). These measures, referred to
as Alternative Performance Measures, are defined at the end of the full announcement and where relevant, reconciled to IFRS measures in the notes to the
condensed consolidated financial statements (see link to the full announcement below).
Andrew King, Mondi Group Chief Executive Officer, commented:
"In a challenging trading environment we delivered a solid performance with underlying EBITDA of €564 million. Volume growth,
price increases and good cost control effectively mitigated currency headwinds and inflationary pressures, a testament to our
ongoing focus on proactive margin management and our culture of continuous improvement. These actions, together with good
cash flow management resulted in improvements in cash generation in the period.
"We continued to make good progress on our key strategic initiatives. All our major capacity expansion projects are now
operational and ramping up production and sales, and the integration of Schumacher is on track.
"Looking ahead, ongoing geopolitical and macroeconomic uncertainties look set to continue impacting trading conditions into the
second half of the year. In this environment, we remain focused on delivery of our ongoing productivity, cost and cash flow
optimisation initiatives, while ensuring we are well positioned for long-term value creation in structurally growing markets,
supported by our integrated, high quality and well invested asset base."
Dividends
The interim ordinary dividend for the year ending 31 December 2025 of 23.33 euro cents per ordinary share will be paid on Friday
26 September 2025 to those shareholders on the register of Mondi plc on Friday 22 August 2025. The dividend will be paid from
distributable reserves of Mondi plc, as presented in the annual financial statements for the year ended 31 December 2024. The
interim ordinary dividend is not recognised as a liability at 30 June 2025.
The interim ordinary dividend for the year ending 31 December 2025 will be paid in accordance with the following timetable:
Last date to trade shares cum-dividend
JSE Limited Tuesday 19 August 2025
London Stock Exchange Wednesday 20 August 2025
Shares commence trading ex-dividend
JSE Limited Wednesday 20 August 2025
London Stock Exchange Thursday 21 August 2025
Record date Friday 22 August 2025
Last date for receipt of Dividend Reinvestment Plan (DRIP) elections by Central Securities
Depository Participants Thursday 28 August 2025
Last date for DRIP elections to UK Registrar and South African Transfer Secretaries
South African Register Friday 29 August 2025
UK Register Monday 8 September 2025
Payment Date Friday 26 September 2025
DRIP purchase settlement dates (subject to market conditions and the purchase of shares
in the open market)
UK Register Tuesday 30 September 2025
South African Register Thursday 2 October 2025
Results of Dividend Reinvestment Plan announcement released Friday 10 October 2025
Currency conversion dates
ZAR/euro Thursday 31 July 2025
Euro/sterling Friday 12 September 2025
Share certificates on Mondi plc's South African register may not be dematerialised or rematerialised between Wednesday
20 August 2025 and Friday 22 August 2025, both dates inclusive, nor may transfers between the UK and South African registers
of Mondi plc take place between Wednesday 13 August 2025 and Friday 22 August 2025, both dates inclusive.
Information relating to the dividend tax to be withheld from Mondi plc shareholders on the South African branch register will be
announced separately, together with the ZAR/euro exchange rate to be applied, on or shortly after Thursday 31 July 2025.
For further information please see the full announcement (link below).
Short form announcement
This short form announcement is the responsibility of the directors. It is only a summary of the information contained in the full
announcement and does not contain full or complete details.
Any investment decision should be based on the full announcement accessible from Thursday 31 July 2025 via the JSE link below
and also available on our website at https://www.mondigroup.com/investors/results-reports-and-presentations.
The full announcement is available at our registered office and our sponsor's office for inspection, at no charge, during office
hours. Copies of the full announcement may also be requested by email: ir@mondigroup.com
The JSE link is as follows: https://senspdf.jse.co.za/documents/2025/jse/isse/MNP/HY2025.pdf
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
Results presentation details
A webinar will be held today at 09:00 (BST), 10:00 (CET/SAST).
Event registration link: https://storm-virtual-uk.zoom.us/webinar/register/WN_0XrzORj8Tw-aa5ZUwMnVPA
Once registered, you will receive a confirmation email from 'Mondi Group Events' with the webinar link and ID.
A replay will be available on our website within a couple hours after the end of the live results presentation at:
https://www.mondigroup.com/investors/results-reports-and-presentations/
For any queries, please e-mail ir@mondigroup.com.
Editors' 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: 31-07-2025 08:00:00
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