(Incorporated in
(Registered number: 6209386) LSE share code: MNDI
LEI: 213800LOZA69QFDC9N34 JSE share code: MNP
Results for the six months ended 30 June 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
•
•
• 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
• Increased cash generated from operations of €416 million (H1 2024: €372 million)
•
Leverage (net debt to underlying EBITDA) of 2.5 times at
•
Interim ordinary dividend of
Six months
Six months Six months
ended
€million, except where noted ended ended
31December
30June2025 30June2024
2024
Group revenue 3,909 3,739 3,677
Underlying EBITDA1 564 565 484
Forestry fair value gain / (loss) 18 49 (42)
Underlying EBITDA excluding forestry fair value 546 516 526
gain / (loss)
Underlying EBITDA margin1 14.4% 15.1% 13.2%
Profit before tax 247 296 82
Basic underlying earnings per share (euro 42.7 50.5 32.2
cents)1
Basic earnings per share (euro cents) 38.6 44.5 4.6
Interim dividend per share (euro cents) 23.33 23.33
Cash generated from operations 416 372 598
Net debt to underlying EBITDA (times)1 2.5 1.5 1.7
Return on capital employed (ROCE)1 8.4% 10.8% 9.6%
Note:
1 The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards. Refer to the Alternative Performance Measures section at the end of this document for further detail.
“In a challenging trading environment we delivered a solid performance with underlying EBITDA of €564 million. V olume 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."
Enquiries
Investors/analysts:
Media:
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 .
Group performance review
Our performance was driven by higher sales volumes and higher average selling prices coupled with good cost control, offsetting labour cost inflation, currency headwinds and a reduced forestry fair value gain. In addition, our results in H1 2024 included a one-off loss from the devaluation of the Egyptian pound.
There was limited direct impact on our operations from announced tariffs in the period. While only 2-3% of our revenue is generated from exports into the US, we remain mindful of the second order impacts affecting trade flows, consumer confidence and supply chains.
Basic underlying earnings per share were
Our net debt to underlying EBITDA (leverage) increased to 2.5 times at
Return on capital employed was 8.4% (
An interim ordinary dividend of
Delivering value accretive growth, sustainably
Over a number of years, we have invested to adapt to our customers' evolving packaging and paper requirements, creating a robust, cost-advantaged packaging Group that prioritises customer-centric growth. These investments have expanded our footprint, paper-making capabilities, and converting capacity while enhancing productivity, efficiency, and sustainability performance. This strategic focus allows us to meet increasing customer demand for innovative packaging solutions that are sustainable by design, especially within key end-use markets like eCommerce, FMCG, home care and pet food. By embedding ourselves deeper into our customers' supply chains, we are further strengthening our value proposition.
We believe we currently have the right capacity, in the right markets, with room for growth so our customers can receive the high-quality packaging products they require. We therefore expect a reduction in the amount of capital required to support organic growth in the near term.
We continue to invest in our assets to drive efficiency, productivity and sustainability and maintain our cost advantage. Included in our current capital expenditure plans we have two such projects. At our integrated Ruzomberok mill (
We are very excited by the opportunity that the Schumacher acquisition brings to
In the three months we have owned Schumacher, we have made good progress implementing our integration plan and initiating the actions needed to deliver the €22 million of run rate cost synergies to be achieved over three years. Commercial ramp up of the combined offering to leverage the under-utilised Schumacher plants is another cornerstone of the value creation opportunity. While trading conditions in Northern European corrugated packaging markets are challenging, we are excited by the commercial opportunities presented by the enlarged, well-invested business. Our expectations for an underlying EBITDA contribution this year remain in the region of €30 million.
We are also a leading corrugated solutions producer in
Six months
Six months Six months
ended
€million, except for percentages ended ended
31December
30June2025 30June2024
2024
Segment revenue 1,298 1,103 1,148
Underlying EBITDA 203 143 185
Underlying EBITDA margin 15.6% 13.0% 16.1%
Capital employed 3,275 2,512 2,609
ROCE 7.8% 5.2% 7.2%
In Containerboard, our sales volumes were up on the prior year as we continue to meet the growing demand from our customers for our broad range of paper grades. This volume growth was supported by delivering higher volumes at our Swiecie mill (
Excluding the sales volumes from the acquired Schumacher plants, Corrugated Solutions achieved box volume growth in H1 2025 compared to H1 2024 driven by improved demand for sustainable packaging solutions for consumer and eCommerce end-use applications. Recent investments at our Simet and
We are a global flexible packaging producer with a unique portfolio of solutions. Our products serve a broad range of customers with around 50% of our revenue generated from industrial end-use applications and the remaining 50% from consumer end-use applications. As the global leader in kraft paper and paper bag production, and together with our high level of integration, our customers come to us for scale, security of supply and global reach. We are also a leading producer of complex consumer packaging solutions across a range of substrates with distinct competitive advantages and leadership positions in our chosen markets.
Six months
Six months Six months
ended
€million, except for percentages ended ended
31December
30June2025 30June2024
2024
Segment revenue 2,044 2,024 1,940
Underlying EBITDA 302 276 282
Underlying EBITDA margin 14.8% 13.6% 14.5%
Capital employed 3,531 3,321 3,418
ROCE 11.5% 12.1% 11.5%
In Kraft Paper, sales volumes were lower than H1 2024 while average selling prices were higher following the implementation of price increases during the period. We achieved kraft paper sales volume growth at our Steti mill (
Paper Bags achieved good sales volume growth supported by the growing demand for traditional building material and cement applications, as well as increasing demand for eCommerce solutions.
Consumer Flexibles and Functional Paper and Films continued to provide our customers with a broad range of innovative and sustainable packaging solutions, supported by a number of recently completed investments which enhance our capabilities and consolidate our leading positions in our chosen markets.
Uncoated Fine Paper
Our Uncoated Fine Paper business produces a wide range of home, office, converting and professional printing papers at our mills in central
Six months
Six months Six months
ended
€million, except for percentages ended ended
31December
30June2025 30June2024
2024
Segment revenue 619 669 648
Underlying EBITDA 81 166 32
Forestry fair value gain / (loss) 18 49 (42)
Underlying EBITDA excluding forestry fair value 63 117 74
gain / (loss)
Underlying EBITDA margin 13.1% 24.8% 4.9%
Capital employed 1,121 1,222 1,133
ROCE 3.6% 20.1% 11.1%
In the first half of 2025, Uncoated Fine Paper continued to gain market share while focusing on strong cost control in the face of softer market demand. Underlying EBITDA of €81 million and margin of 13.1% were however below the comparable prior year period (H1 2024: €166 million, 24.8%) due to lower average uncoated fine paper and pulp selling prices as well as a lower forestry fair value gain of €18 million compared to €49 million in H1 2024.
The business delivered stable uncoated fine paper sales volumes compared to the first half of 2024 against a softer market demand environment, testament to our broad product portfolio and excellent service. At our integrated Ruzomberok mill (
Market pulp sales volumes were higher in the period compared to H1 2024 driven by improved production at our
Finance review
Group performance
Input costs were broadly stable compared to the prior year with our procurement cost-saving initiatives offsetting the impact of higher average energy and paper for recycling prices. As we enter the second half of the year, we expect modest input cost relief, supported by our ongoing efficient procurement practices.
Maintenance costs were similar to the prior year. The underlying EBITDA impact of planned maintenance shuts was also inline with the comparable prior year period totalling around €20 million, all incurred in the second quarter. We continue to expect the impact from planned maintenance shuts in the second half of the year to be around €80 million, split relatively evenly between the third and fourth quarter of the year.
While personnel costs were higher as a result of labour cost inflation and the inclusion of the acquired Schumacher business, good cost control drove other net operating expenses lower when excluding the impact of the reduced forestry fair value gain and the prior year's one-off loss from the Egyptian pound devaluation.
Depreciation and amortisation charges of €236 million increased year-on-year (H1 2024: €210 million) as a result of starting up a number of capital investment projects and the inclusion of the Schumacher acquisition. Due to this acquisition, we expect depreciation and amortisation charges of €475-500 million in 2025 (previous guidance of €450-475 million which excluded the Schumacher acquisition).
Net finance costs of €53 million were higher than prior year (H1 2024: €31
million) driven by a higher average net debt balance. The issuance of a €600 million Eurobond in
The underlying tax charge for the half year was €61 million giving an effective tax rate of 22.4% (H1 2024: €71 million, 22.0%). We continue to expect the full year's effective tax rate to remain at around 23%.
As a result, basic underlying earnings were
Cash flow
Cash generated from operations was higher at €416 million (H1 2024: €372 million) which included a working capital cash outflow of €130 million (H1 2024: outflow of €160 million). This was mainly as a result of higher trade receivable balances at 30 June 2025 following price increases achieved during the period. We expect a working capital inflow in the second half of the year.
Capital expenditure cash payments in the half year were €349 million (H1 2024: €397 million). We continue to expect the full year to be €750-850 million which includes payments in respect of our investments to improve efficiency, reduce environmental impacts and increase energy self-sufficiency, as well as the final amounts due for our major growth projects. This amount also includes Schumacher's capital expenditure cash payments in the year. In 2026, we expect around €650 million capital expenditure for the Group.
Tax paid was €40 million (H1 2024: €71 million) and interest paid was €50 million (H1 2024: €43 million).
The Group returned €202 million of dividends to shareholders during the period in respect of the payment of the 2024 final ordinary dividend (H1 2024: €209 million in respect of the 2023 final ordinary dividend).
Liquidity, treasury and borrowings
Net debt at 30
June
2025 was higher at €2,639
million with net debt to underlying EBITDA at 2.5 times (31
Effective from
The Group maintains an investment grade credit rating and has an A- (negative outlook) credit rating from Standard & Poor’s and a Baa1 (stable outlook) credit rating from Moody's.
Principal risks and uncertainties
The Board is responsible for the effectiveness of the Group’s risk management activities and internal control processes. It has put procedures in place for identifying, evaluating, and managing the risks faced by the Group. In combination with the Audit Committee, the Board conducted, in 2025, a robust assessment of the Group’s principal and emerging risks to which
There were no changes to the Group’s principal risks as set out on pages 60 to 69 of the Integrated report and financial statements 2024.
Our principal risks are the following:
Strategic risks:
• Industry productive capacity
• Product substitution
• Fluctuations and variability in selling prices or gross margins
• Country risk
• Climate change risks
Financial risks:
• Capital structure
• Currency risk
• Tax risk
Operational risks:
• Cost and availability of raw materials
• Energy security and related input costs
• Technical integrity of our operating assets
• Environmental impact
• Employee and contractor health and safety
• Attraction and retention of key skills and talent
• Cyber security risk
Compliance risk:
• Reputational risk
Going concern
The directors have reviewed the Group’s current financial position and performance expectations for the period until
The Group has prepared a base case forecast reflecting recent trading performance in the first half of the year and market development expectations for the period to
In addition to its modelled downside going concern scenario, the Board has reverse stress tested the model to determine the extent of downturn which would result in no liquidity headroom. A decline of 52% to the planned underlying EBITDA in the period until
Following their assessment, the directors have formed a judgement, at the time of approving the condensed consolidated financial statements, that there are no material uncertainties that cast doubt on the Group’s going concern status and that it is a reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern period. For this reason, the Group continues to adopt the going concern basis in preparing the condensed consolidated financial statements for the six months ended 30 June 2025.
Directors’ responsibility statement
The directors confirm that to the best of their knowledge:
•
the condensed consolidated financial statements of the Group have been prepared in accordance with
International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted for use in the
• the half year results announcement includes a fair review of the significant events during the six months ended 30 June 2025 and their impact on the condensed consolidated financial statements and a description of the principal risks and uncertainties for the remaining six months of the year ending 31 December 2025;
• there have been no significant individual related party transactions during the first six months of the financial year; and
• there have been no significant changes in the Group’s related party relationships from those reported in the Integrated report and financial statements 2024.
The Group’s condensed consolidated financial statements, and related notes, were approved by the Board and authorised for issue on
Director Director
Independent review report to Mondi plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with
The interim financial statements comprise:
• the condensed consolidated statement of financial position as at 30 June 2025;
• the condensed consolidated income statement and the condensed consolidated statement of comprehensive income for the period then ended;
• the condensed consolidated statement of cash flows for the period then ended;
• the condensed consolidated statement of changes in equity for the period then ended; and
• the explanatory notes to the interim financial statements.
The interim financial statements included in the half year results announcement of Mondi plc have been prepared in accordance with
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (
We have read the other information contained in the half year results announcement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The half year results announcement, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the half year results announcement in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s
Our responsibility is to express a conclusion on the interim financial statements in the half year results announcement based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s
Chartered Accountants
Condensed consolidated income statement
for the six months ended 30
June
2025
Six months ended 30June2025 Six months ended 30June2024
Special Special
€million Notes Underlying items Total Underlying items Total
(Note 4) (Note 4)
Group revenue 3 3,909 — 3,909 3,739 — 3,739
Materials, energy
and consumables (1,957) — (1,957) (1,859) — (1,859)
used
Variable selling (348) — (348) (331) — (331)
expenses
Gross margin 1,604 — 1,604 1,549 — 1,549
Maintenance and
other indirect (184) — (184) (180) — (180)
expenses
Personnel costs (673) (1) (674) (612) (12) (624)
Other net
operating (183) (24) (207) (192) (15) (207)
expenses
EBITDA 3 564 (25) 539 565 (27) 538
Depreciation,
amortisation and (236) — (236) (210) — (210)
impairments
Operating profit 3 328 (25) 303 355 (27) 328
Net loss from — — — (2) — (2)
joint ventures
Net finance costs (53) — (53) (31) — (31)
Investment income 6 — 6 19 — 19
Foreign currency 1 — 1 (3) — (3)
gains/(losses)
Finance costs (60) — (60) (47) — (47)
Net monetary
(loss)/gain
arising from (3) — (3) 1 — 1
hyperinflationary
economies
Profit before tax 272 (25) 247 323 (27) 296
Tax (61) 7 (54) (71) — (71)
(charge)/credit
Profit for the 211 (18) 193 252 (27) 225
period
Attributable to:
Non-controlling 23 — 23 26 — 26
interests
Shareholders 188 (18) 170 226 (27) 199
Earnings per
share (EPS)
attributable to
shareholders
euro cents
Basic EPS 5 38.6 44.5
Diluted EPS 5 38.6 44.5
Basic underlying 5 42.7 50.5
EPS
Diluted 5 42.7 50.5
underlying EPS
Condensed consolidated statement of comprehensive income
for the six months ended 30
June
2025
Six months Six months
€million ended ended
30June2025 30June2024
Profit for the period 193 225
Items that may subsequently be or have been reclassified
to the condensed consolidated income statement
Fair value gains/(losses) arising from cash flow hedges 2 (2)
Exchange differences on translation of foreign non-euro (81) 52
operations
Items that will not subsequently be reclassified to the
condensed consolidated income statement
Remeasurements of retirement benefits plans 4 4
Tax effect thereof (1) (1)
Other comprehensive (expense)/income for the period (76) 53
Attributable to:
Non-controlling interests (10) 7
Shareholders (66) 46
Total comprehensive income for the period 117 278
Attributable to:
Non-controlling interests 13 33
Shareholders 104 245
Condensed consolidated statement of financial position
as at 30
June
2025
Asat
As at
€million Notes 31December
30June2025
2024
Property, plant and equipment 5,542 5,160
Goodwill 9 956 767
Intangible assets 72 70
Forestry assets 7 471 503
Investments in joint ventures 11 5
Financial instruments 24 29
Deferred tax assets 23 22
Net retirement benefits asset 1 3
Other non-current assets 2 3
Total non-current assets 7,102 6,562
Inventories 1,253 1,194
Trade and other receivables 1,520 1,275
Current tax assets 18 22
Financial instruments 12 10
Cash and cash equivalents 10b 168 278
Total current assets 2,971 2,779
Total assets 10,073 9,341
Short-term borrowings 8 (671) (63)
Trade and other payables (1,356) (1,281)
Current tax liabilities (68) (67)
Provisions (43) (65)
Financial instruments (8) (9)
Total current liabilities (2,146) (1,485)
Medium and long-term borrowings 8 (2,139) (1,952)
Net retirement benefits liability (154) (161)
Deferred tax liabilities (343) (342)
Non-current tax liabilities (4) —
Provisions (33) (32)
Other non-current liabilities (20) (19)
Total non-current liabilities (2,693) (2,506)
Total liabilities (4,839) (3,991)
Net assets 5,234 5,350
Equity
Share capital 97 97
Own shares (16) (20)
Retained earnings 4,555 4,582
Other reserves 123 198
Total attributable to shareholders 4,759 4,857
Non-controlling interests in equity 475 493
Total equity 5,234 5,350
The Group’s condensed consolidated financial statements, including related notes 1 to 13, were approved by the Board and authorised for issue on
Director Director
Mondi plc company registered number: 6209386
Condensed consolidated statement of changes in equity
for the six months ended 30
June
2025
€million Equityattributable to Non-controlling Total equity
shareholders interests
At 1 January 2025 4,857 493 5,350
Total comprehensive 104 13 117
income for the period
Profit for the period 170 23 193
Other comprehensive (66) (10) (76)
expense
Hyperinflation monetary 1 — 1
adjustment
Transactions with
shareholders in their
capacity as shareholders
Dividends (202) (31) (233)
Purchases of own shares (8) — (8)
Other 7 — 7
At 30June2025 4,759 475 5,234
€million Equityattributable to Non-controlling Total equity
shareholders interests
At 1 January 2024 5,655 441 6,096
Total comprehensive 245 33 278
income for the period
Profit for the period 199 26 225
Other comprehensive 46 7 53
income
Hyperinflation monetary 4 — 4
adjustment
Transactions with
shareholders in their
capacity as shareholders
Dividends (978) (4) (982)
Purchases of own shares (5) — (5)
Injection from
non-controlling — 3 3
interests
Other 6 — 6
At 30June2024 4,927 473 5,400
Equity attributable to shareholders
€million As at 30June2025 Asat 31December 2024 Share capital 97 97 Own shares (16) (20) Retained earnings 4,555 4,582 Cumulative translation adjustment reserve (527) (456) Post-retirement benefits reserve (58) (59) Share-based payment reserve 13 19 Cash flow hedge reserve 1 — Merger reserve 667 667 Other sundry reserves 27 27 Total 4,759 4,857
Condensed consolidated statement of cash flows
for the six months ended 30
June
2025
Six months Six months
€million Notes ended ended
30June2025 30June2024
Cash flows from operating activities
Cash generated from operations 10a 416 372
Income tax paid (40) (71)
Net cash generated from operating activities 376 301
Cash flows from investing activities
Investment in property, plant and equipment (349) (397)
Investment in intangible assets (6) (8)
Investment in forestry assets 7 (24) (23)
Proceeds from the disposal of property, plant and 14 3
equipment
Acquisition of businesses, net of cash and cash 9 (497) (6)
equivalents
Loans advanced to related and external parties (1) (1)
Interest received 5 22
Other investing activities 7 11
Net cash used in investing activities (851) (399)
Cash flows from financing activities
Proceeds from issue of Eurobond 8 592 496
Repayment of Eurobond — (500)
Proceeds from medium and long-term borrowings 10c 177 215
Repayment of medium and long-term borrowings 10c (16) (215)
Proceeds from short-term borrowings 10c 7 8
Repayment of short-term borrowings 10c (67) (11)
Repayment of lease liabilities 10c (15) (13)
Interest paid 10c (50) (43)
Dividends paid to shareholders 6 (202) (978)
Dividends paid to non-controlling interests (31) (4)
Purchases of own shares (8) (5)
Injection from non-controlling interests — 3
Net cash outflow from debt-related derivative 10c (15) (23)
financial instruments
Net cash generated from/(used in) financing 372 (1,070)
activities
Net decrease in cash and cash equivalents (103) (1,168)
Cash and cash equivalents at beginning of period 269 1,592
Cash movement in the period 10c (103) (1,168)
Effects of changes in foreign exchange rates 10c (7) (13)
Cash and cash equivalents at end of period 10b 159 411
Notes to the condensed consolidated financial statements
for the six months ended 30
June
2025
1 Basis of preparation
These condensed consolidated financial statements as at and for the six months ended 30 June 2025 comprise Mondi plc and its subsidiaries (together referred to as the ‘Group’), and the Group’s share of the results and net assets of its associates and joint ventures.
The Group’s condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted for use in the
The condensed consolidated financial statements have been prepared on a going concern basis as discussed in the commentary under the heading ‘Going concern’ which is incorporated by reference into these condensed consolidated financial statements.
The condensed consolidated financial statements have been prepared under the historical cost basis of accounting, as modified by forestry assets, pension assets, certain financial assets and financial liabilities held at fair value through profit and loss, assets acquired and liabilities assumed in a business combination and accounting in hyperinflationary economies.
The financial information set out above does not constitute statutory accounts as defined by section 434 of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2024 has been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The financial information set out above has been reviewed, not audited.
The preparation of the condensed consolidated financial statements includes the use of estimates and assumptions. Although the estimates used are based on management's best information about current circumstances and future events and actions, actual results may differ from these estimates. In preparing these condensed consolidated financial statements, the significant accounting estimates were the same as those identified in the Group’s Integrated report and financial statements 2024.
2 Accounting policies
The same accounting policies and Alternative Performance Measures (APMs), as defined at the end of this document, methods of computation and presentation have been followed in the preparation of the condensed consolidated financial statements for the six months ended 30 June 2025 as were applied in the preparation of the Group’s annual financial statements for the year ended 31 December 2024.
Income tax expense is recognised based on management’s estimate of the weighted average effective income tax rate before special items, an APM as defined at the end of this document, expected for the full financial year.
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability
became effective for the financial period beginning on
3 Operating segments
The Group’s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and comprise three distinct segments.
Six months ended 30 June 2025 1
€million, unless Corrugated Flexible Uncoated Intersegment
otherwise stated Packaging Packaging Corporate elimination Group
FinePaper
Segment revenue 1,298 2,044 619 — (52) 3,909
Internal revenue (12) (11) (29) — 52 —
External revenue 1,286 2,033 590 — — 3,909
Underlying EBITDA 203 302 81 (22) — 564
Depreciation,
amortisation and (95) (107) (34) — — (236)
impairments
Underlying
operating profit/ 108 195 47 (22) — 328
(loss)
Special items (23) (2) — — — (25)
before tax
Capital employed 3,275 3,531 1,121 (54) — 7,873
Trailing 12-month
average capital 2,600 3,211 1,124 (70) — 6,865
employed
Additions to
non-current 632 179 74 — — 885
non-financial
assets
Capital
expenditure cash 119 183 47 — — 349
payments
Underlying EBITDA 15.6 14.8 13.1 — — 14.4
margin (%)
Return on capital 7.8 11.5 3.6 — — 8.4
employed (%)
Average number of
employees 7.1 11.9 2.7 0.1 — 21.8
(thousands)2
Six months ended 30 June 2024 1
€million, unless Corrugated Flexible Uncoated Intersegment
otherwise stated Packaging Packaging Corporate elimination Group
FinePaper
Segment revenue 1,103 2,024 669 — (57) 3,739
Internal revenue (11) (18) (28) — 57 —
External revenue 1,092 2,006 641 — — 3,739
Underlying EBITDA 143 276 166 (20) — 565
Depreciation,
amortisation and (78) (99) (33) — — (210)
impairments
Underlying
operating profit/ 65 177 133 (20) — 355
(loss)
Special items — (14) — (13) — (27)
before tax
Capital employed 2,512 3,321 1,222 (52) — 7,003
Trailing 12-month
average capital 2,074 3,039 1,097 (122) — 6,088
employed
Additions to
non-current 133 219 69 — — 421
non-financial
assets
Capital
expenditure cash 137 218 42 — — 397
payments
Underlying EBITDA 13.0 13.6 24.8 — — 15.1
margin (%)
Return on capital 5.2 12.1 20.1 — — 10.8
employed (%)
Average number of
employees 6.5 11.9 2.7 0.1 — 21.2
(thousands)2
Year ended 31
€million, unless Corrugated Flexible Uncoated Intersegment
otherwise stated Packaging Packaging Corporate elimination Group
FinePaper
Segment revenue 2,251 3,964 1,317 — (116) 7,416
Internal revenue (22) (37) (57) — 116 —
External revenue 2,229 3,927 1,260 — — 7,416
Underlying EBITDA 328 558 198 (35) — 1,049
Depreciation,
amortisation and (167) (203) (72) (1) — (443)
impairments
Underlying
operating profit/ 161 355 126 (36) — 606
(loss)
Special items (5) (132) — (13) — (150)
before tax
Capital employed 2,609 3,418 1,133 (78) — 7,082
Trailing 12-month
average capital 2,224 3,051 1,134 (126) — 6,283
employed
Additions to
non-current 346 565 160 — — 1,071
non-financial
assets
Capital
expenditure cash 321 518 94 — — 933
payments
Underlying EBITDA 14.6 14.1 15.0 — — 14.1
margin (%)
Return on capital 7.2 11.5 11.1 — — 9.6
employed (%)
Average number of
employees 6.4 12.0 2.7 0.1 — 21.2
(thousands)2
Notes:
1 See definitions of APMs at the end of this document.
2 Presented on a full time employee equivalent basis.
External revenue by location of contribution and by location of customer
External revenue by External revenue by
location of location of customer
contribution
Six months Six months Six months Six months
€ million ended ended ended ended
30June2025 30June2024 30June2025 30June2024
Western Europe
Austria 632 657 83 85
Germany 372 284 546 478
United Kingdom 7 1 111 100
Rest of western Europe 381 336 932 839
Western Europe total 1,392 1,278 1,672 1,502
Emerging Europe
Czech Republic 394 370 133 130
Poland 724 648 359 366
Turkiye 200 225 227 254
Rest of emerging Europe 442 474 275 269
Emerging Europe total 1,760 1,717 994 1,019
Africa
South Africa 302 322 204 249
Rest of Africa 41 46 171 186
Africa total 343 368 375 435
North America 360 325 456 423
South America 2 5 76 43
Asia and Australia 52 46 336 317
Group revenue 3,909 3,739 3,909 3,739
4 Special items
The Group separately discloses special items, an APM as defined at the end of this document, on the face of the condensed consolidated income statement to assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable from year to year.
Six months Six months
€million ended ended
30June2025 30June2024
Operating special items
Restructuring and closure costs:
Personnel costs (1) (12)
Other restructuring and closure costs (1) (2)
Costs relating to the acquisition of the Western Europe (23) —
Packaging Assets of Schumacher Packaging
Costs relating to the aborted all-share combination with — (13)
DS Smith plc
Total special items before tax (25) (27)
Tax credit 7 —
Total special items (18) (27)
The operating special items resulted in a cash outflow from operating activities for the six months ended 30 June 2025 of €28 million (six months ended 30 June 2024: €18 million).
The special items during the period ended 30 June 2025 comprised:
•
•
Transaction costs of €23 million were recognised relating to the acquisition of the Western Europe Packaging Assets of
•
•
In H1 2024 management announced the closure of a paper bags plant in Maastricht (
•
In H2 2024 management announced the closure of a paper bags plant in
•
Closure of Stambolijski paper mill (
Details of the special items for the year ended 31 December 2024 were disclosed in note 3 of the Group’s Integrated report and financial statements 2024.
5 Earnings per share (EPS)
EPS attributable to
shareholders
Six months Six months
euro cents ended ended
30June2025 30June2024
Basic EPS 38.6 44.5
Diluted EPS 38.6 44.5
Basic underlying EPS 42.7 50.5
Diluted underlying EPS 42.7 50.5
Basic headline EPS 37.2 41.8
Diluted headline EPS 37.2 41.8
The calculation of basic and diluted EPS, basic and diluted underlying EPS and basic and diluted headline EPS is based on the following data:
Earnings
Six months Six months
€million ended ended
30June2025 30June2024
Profit for the period attributable to shareholders 170 199
Special items (see note 4) 25 27
Related tax (see note 4) (7) —
Underlying earnings 188 226
Gain on disposal of property, plant and equipment (3) (2)
Insurance reimbursements for property damages (4) —
Restructuring and closure costs (see note 4) (2) (14)
Costs relating to the aborted all-share combination with — (13)
DS Smith plc (see note 4)
Costs relating to the acquisition of the Western Europe (23) —
Packaging Assets of Schumacher Packaging (see note 4)
Gain on purchase of business before transaction-related — (13)
costs
Loss arising from sale and leaseback transaction — 3
Related tax 8 —
Headline earnings for the period 164 187
Underlying earnings and headline earnings represent APMs which are defined at the end of this document.
Weighted average
number of shares
Six months Six months
million ended ended
30June2025 30June2024
Basic number of ordinary shares outstanding 440.7 447.2
Diluted number of ordinary shares outstanding 440.7 447.2
The weighted average number of shares was prospectively adjusted from
6 Dividends
The interim ordinary dividend for the year ending 31
Six months ended Year ended
30June2025 31December 2024
euro cents €million euro cents €million
per share per share
Final ordinary dividend in respect of 46.67 202 46.67 209
prior year
Special dividend — — 160.00 769
Interim ordinary dividend in respect of 23.33 103 23.33 103
current year
The interim ordinary dividend declared for the year ended 31
Dividend timetable
The interim ordinary dividend for the year ending 31
Last date to trade shares cum-dividend JSE Limited Tuesday19 August 2025 London Stock Exchange Wednesday20 August 2025 Shares commence trading ex-dividend JSE Limited Wednesday20 August 2025 London Stock Exchange Thursday21 August 2025 Record date Friday22 August 2025 Last date for receipt of Dividend Reinvestment Plan (DRIP) elections byCentral Securities Depository Thursday28 August 2025 Participants Last date for DRIP elections toUK Registrar and South African Transfer SecretariesSouth African Register Friday29 August 2025 UK Register Monday8 September 2025 Payment Date Friday26 September 2025 DRIP purchase settlement dates (subject to market conditions and the purchase of shares in the open market)UK Register Tuesday30 September 2025 South African Register Thursday2 October 2025 Results of Dividend Reinvestment Plan announcement Friday10 October 2025 released Currency conversion dates ZAR/euro Thursday31 July 2025 Euro/sterling Friday12 September 2025
Share certificates on Mondi plc's South African register may not be dematerialised or rematerialised between Wednesday
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
7 Forestry assets
Asat
As at As at
€million 31December
30June2025 30June2024
2024
At 1 January 503 519 519
Investment in forestry assets 24 23 48
Fair value gains 18 49 7
Disposal of assets (1) — —
Felling costs (44) (47) (92)
Currency movements (29) 23 21
At 30June / 31 December 471 567 503
The fair value of forestry assets is determined using a market-based approach and is a level 3 measure in terms of the fair value measurement hierarchy (see note 11), consistent with prior year. The valuation process and key observable inputs, including the sensitivity analyses, were largely in line with those applied for the year ended 31 December 2024, as described in note 15 of the Group’s Integrated report and financial statements 2024.
8 Borrowings
Financing facilities
The primary sources of the Group’s liquidity include its €3 billion Guaranteed Euro Medium Term Note Programme, its Syndicated Revolving Credit Facility (RCF), which was increased from €750 million to €1 billion effective from 2
Asat
As at
€million Maturity Interest rate % 31December
30June2025
2024
Financing facilities
Syndicated Revolving June 2028 EURIBOR + margin 1,000 750
Credit Facility
€600 million Eurobond April 2026 1.625% 600 600
€750 million Eurobond April 2028 2.375% 750 750
€500 million Eurobond May 2032 3.750% 500 500
€600 million Eurobond May 2033 3.750% 600 —
Long-Term Facility December 2026-June Various 24 13
Agreements 2031
Total committed 3,474 2,613
facilities
Drawn (2,624) (1,863)
Total committed 850 750
facilities available
The Group’s Eurobonds incur a fixed rate of interest. Foreign exchange swap agreements are utilised by the Group to raise non-euro-denominated currency to fund subsidiaries' liquidity needs, thereby exposing the Group to floating interest rates.
The RCF incorporates key sustainability targets linked to MAP2030, classifying the facility as a Sustainability Linked Loan. Under the terms of the agreement, the margin will be adjusted according to the Group’s performance against specified sustainability targets.
In
Short-term liquidity needs are met by cash and the RCF. As at 30 June 2025, the Group had no financial covenants in any of its financing facilities.
The Group currently has investment grade credit ratings from both Moody’s Investors Service (Baa1, outlook stable) and Standard & Poor’s (A-, outlook negative).
As at 30June2025 Asat 31December 2024
€million Current Non-current Total Current Non-current Total
Secured
Lease liabilities 36 140 176 24 104 128
Total secured 36 140 176 24 104 128
Unsecured
Bonds 600 1,836 2,436 — 1,842 1,842
Bank loans and overdrafts 35 163 198 39 6 45
Total unsecured 635 1,999 2,634 39 1,848 1,887
Total borrowings 671 2,139 2,810 63 1,952 2,015
Committed facilities drawn 2,624 1,863
Uncommitted facilities drawn 186 152
9 Business combinations
To 30 June 2025
On
The acquisition complements Mondi’s
Since the date of acquisition, Schumacher's revenue of €99
million and loss for the period of €7
million have been included in the condensed consolidated income statement. If the acquisition had occurred on
The provisional fair values of the net assets acquired are as follows:
Provisional
€million
fairvalue
Net assets acquired
Property, plant and equipment 303
Intangible assets 2
Inventories 54
Trade and other receivables 105
Cash and cash equivalents 9
Assets held for sale 1
Total assets 474
Trade and other payables (42)
Deferred tax liabilities (2)
Other provisions (1)
Total liabilities (45)
Short-term borrowings (73)
Medium and long-term borrowings (43)
Debt assumed (116)
Net assets acquired 313
Goodwill arising on acquisition 194
Non-controlling interests in equity (1)
Cash acquired net of overdrafts (9)
Net cash paid per condensed consolidated statement of cash flows 497
The Group incurred total transaction costs of €28 million, with €23 million recognised in 2025 and €5 million in the second half of 2024. The transaction costs were treated as a special item within other net operating expenses in the condensed consolidated income statement (see note 4).
The acquisition included several legal entities and was executed through a combination of share and asset deals. The acquisition constitutes a business accounted for under IFRS 3, 'Business Combinations'. The share deals involved 100% of the shares in the entities with the exception of a few immaterial entities with non-controlling interest. The non-controlling interest for these entities was recognised as the proportion of the provisional fair values of the assets and liabilities recognised at acquisition.
The fair value accounting of this acquisition is provisional pending the completion of the purchase price allocation due to the size and complexity of the transaction, and the acquisition date being in close proximity to the reporting date. The provisional fair values of the net assets acquired will be adjusted within the 12 months measurement period, as permitted under IFRS 3, which is expected to occur in the second half of 2025.
On this basis, goodwill of €194 million was determined based on the provisional fair values of the net assets acquired and was fully allocated to the
As at
€million
30June2025
Net carrying value
At 1 January 767
Acquired through business combinations 194
Hyperinflation monetary adjustments 5
Currency movements (10)
At 30 June 2025 956
To 31
On
10 Consolidated cash flow analysis
(a) Reconciliation of profit before tax to cash generated from operations
Six months Six months
€million ended ended
30June2025 30June2024
Profit before tax 247 296
Depreciation, amortisation and impairments 236 210
Share-based payments 7 6
Net pre-tax cash flow effect of current and prior period (3) 9
special items
Net finance costs 53 31
Net monetary loss/(gain) arising from hyperinflationary 3 (1)
economies
Net loss from joint ventures — 2
(Decrease)/increase in provisions (11) 8
Decrease in net retirement benefits (2) (5)
Movement in working capital (130) (160)
Increase in inventories (17) (50)
Increase in operating receivables (220) (275)
Increase in operating payables 107 165
Fair value gains on forestry assets (18) (49)
Felling costs 44 47
Net gain on disposal of property, plant and equipment (3) (2)
Insurance reimbursements for property damages (4) (11)
Other adjustments (3) (9)
Cash generated from operations 416 372
(b) Cash and cash equivalents
Asat
As at As at
€million 31December
30June2025 30June2024
2024
Cash and cash equivalents per condensed 168 415 278
consolidated statement of financial position
Bank overdrafts included in short-term (9) (4) (9)
borrowings
Cash and cash equivalents per condensed 159 411 269
consolidated statement of cash flows
The cash and cash equivalents of €168 million (as at 31
The Group operates in certain countries where the existence of exchange controls or access to hard currency may restrict the use of certain cash balances outside of those countries. These restrictions are not expected to have any material effect on the Group’s ability to meet its ongoing obligations.
(c) Movement in net debt
The Group’s net debt position is as follows:
Debt due Debtdue Debt-related
€million Cashand cash within one afterone derivative Totalnet debt
equivalents year1 year financial
instruments
At 1 January 269 (54) (1,952) 5 (1,732)
2025
Cash flow (103) 75 (753) 15 (766)
Cash movement in (103) — — — (103)
the period
Proceeds from
issue of — — (592) — (592)
Eurobond
Proceeds from — (7) (177) — (184)
borrowings
Repayment of — 67 16 — 83
borrowings
Repayment of
lease — 15 — — 15
liabilities
Net cash outflow
from
debt-related — — — 15 15
derivative
financial
instruments
Additions to
lease — (5) (9) — (14)
liabilities
Disposal of
lease — 1 3 — 4
liabilities
Acquisitions
excluding cash — (73) (43) — (116)
and overdrafts
Movement in
unamortised loan — — (2) — (2)
costs
Net movement in
fair value of
derivative — — — (17) (17)
financial
instruments
Reclassification — (615) 615 — —
Currency (7) 9 2 — 4
movements
At 30June2025 159 (662) (2,139) 3 (2,639)
Note:
1
Excludes bank overdrafts of €9 million (as at 31
The Group incurred interest expense of €64 million in relation to bank overdrafts, loans and lease liabilities (six months ended 30 June 2024: €52 million), before the capitalisation of interest. Included in this expense is €20 million (six months ended 30 June 2024: €18 million) relating to forward exchange rates on derivative contracts. Interest paid on borrowings was €50 million (six months ended 30 June 2024: €43 million).
11 Fair value measurement
Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in the notes to the condensed consolidated financial statements, are based on the following fair value measurement hierarchy:
• level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
• level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and
• level 3 – inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The assets measured at fair value on level 3 of the fair value measurement hierarchy are the Group’s forestry assets as set out in note 7 and certain assets acquired or liabilities assumed in business combinations as set out in note 9.
As at 30
June
2025, the fair value of level 2 derivative financial assets is €12 million (as at 31
Cash and cash equivalents include money market funds, which are carried at fair value through profit and loss, with the remaining balance carried at amortised cost. As at 30
June
2025, the level 1 fair valued money market funds are valued at €nil (as at 31
The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at 30 June 2025. There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the period.
The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) are determined using generally accepted valuation techniques. These valuation techniques maximise the use of observable market data and rely as little as possible on Group specific estimates.
Specific valuation methodologies used to value financial instruments include:
• the fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable yield curves and exchange rates; and
• other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments.
Except as detailed below, the directors consider that the carrying values of financial assets and financial liabilities recorded at amortised cost in the condensed consolidated financial statements are approximately equal to their fair values.
Carrying amount Fair value
Asat Asat
As at As at
€million 31December 31December
30June2025 30June2025
2024 2024
Financial liabilities
Borrowings 2,810 2,015 2,814 2,010
12 Other disclosures
The write-down of inventories to net realisable value for the six months ended 30 June 2025 was €36 million (six months ended 30 June 2024: €43 million) while the aggregate reversal of previous write-downs of inventories, relating to goods that had been written down to net realisable value and were subsequently sold above their carrying value, was €33 million for the six months ended 30 June 2025 (six months ended 30 June 2024: €34 million).
Capital expenditure contracted for but not recognised as liabilities is €416 million as at 30
June
2025 (as at 31
There have been no significant changes to the nature of the contingent liabilities as disclosed in note 30 of the Group’s Integrated report and financial statements 2024.
There have been no significant changes to the level and nature of the Group’s related party transactions as disclosed in note 32 of the Group’s Integrated report and financial statements 2024.
13 Events occurring after 30 June 2025
Aside from the interim ordinary dividend declared for the current financial year (see note 6), there have been no material reportable events since 30 June 2025.
Alternative Performance Measures
The Group presents certain measures of financial performance, position or cash flows in the condensed consolidated financial statements that are not defined or specified according to IFRS Accounting Standards in order to provide additional performance-related measures to its stakeholders. These measures, referred to as Alternative Performance Measures (APMs), are prepared on a consistent basis for all periods presented in this report.
By their nature, the APMs used by the Group are not necessarily uniformly applied by peer companies and therefore may not be comparable with similarly defined measures and disclosures applied by other companies. Such measures should not be viewed in isolation or as a substitute to the equivalent IFRS Accounting Standards measure.
Internally, the Group and its operating segments apply the same APMs in a consistent manner in planning and reporting on performance to management, the Executive Committee and the Board. Two of the Group’s APMs, underlying EBITDA and ROCE, link to the Group’s strategy and form part of the executive directors' and senior management's remuneration targets.
The most significant APMs used by the Group are described below, together with a reconciliation to the equivalent IFRS Accounting Standards measure. The reconciliations are based on Group figures, unless otherwise stated. The reporting segment equivalent APMs are measured in a consistent manner. Certain APMs use trailing 12-month amounts. These amounts refer to the sum or average (as applicable for trailing 12-month average capital employed and trailing 12-month average net debt) of the last 12 months.
APM description and Financial statement Closest IFRS
purpose reference equivalent measure
Special items
Special items are
generally material,
non-recurring items
that exceed €10
million. The Audit
Committee regularly
assesses the monetary
threshold of €10
million on a net
basis and considers
the threshold in the
context of both the
Group as a whole and
individual operating
segment performance.
The Group separately
discloses special
items on the face of
the condensed
consolidated income
statement to assist
its stakeholders in
understanding the
underlying financial
performance achieved
by the Group on a
basis that is
comparable from year
to year. Examples of
special item charges
or credits include,
but are not limited
to, significant
restructuring
programmes,
impairment of assets
or cash-generating
units, costs
associated with
potential and Note 4 None
achieved
acquisitions, profits
or losses from the
disposal of
businesses, and the
settlement of
significant
litigation or claims.
Subsequent
adjustments to items
previously recognised
as special items,
including any related
credits received
subsequently,
continue to be
reflected as special
items in future
periods even if they
do not exceed the
quantitative
reporting threshold.
Subsequent
adjustments to items,
or charges and
credits on items that
are closely related,
which previously did
not qualify for
reporting as special
items, continue to be
reported in the
underlying result
even if the
cumulative net
charge/credit over
the years exceeds the
€10 million
quantitative
reporting threshold.
Underlying EBITDA
Operating profit
before special items,
depreciation,
amortisation and
impairments not
recorded as special Condensed
items provides a consolidated income Operating profit
measure of the statement
Group's
cash-generating
ability that is
comparable from year
to year.
Underlying EBITDA margin
Underlying EBITDA
expressed as a
percentage of Group
revenue (segment
revenue for operating
segments) provides a None
measure of the
Group's
cash-generating
ability relative to
revenue.
APM calculation:
€million, unless Six months ended Six months ended
otherwise stated 30June2025 30June2024
Underlying EBITDA
(see condensed 564 565
consolidated income
statement)
Group revenue (see
condensed 3,909 3,739
consolidated income
statement)
Underlying EBITDA 14.4 15.1
margin (%)
Underlying operating profit
Operating profit
before special items
provides a measure of Condensed
the Group's operating consolidated income Operating profit
performance that is statement
comparable from year
to year.
Underlying profit before tax
Profit before tax and
special items.
Underlying profit
before tax provides a Condensed
measure of the consolidated income Profit before tax
Group’s profitability statement
before tax that is
comparable from year
to year.
Effective tax rate
Underlying tax charge
expressed as a
percentage of
underlying profit
before tax.
None
A measure of the
Group's tax charge
relative to its
profit before tax
expressed on an
underlying basis.
APM calculation:
€million, unless Six months ended Six months ended
otherwise stated 30June2025 30June2024
Tax charge before 61 71
special items
Underlying profit before tax (see
condensed consolidated income 272 323
statement)
Effective tax rate 22.4 22.0
(%)
Underlying earnings (and per share measure)
Net profit after tax
before special items
that is attributable
to shareholders.
Underlying earnings Profit for the period
(and the related per Note 5 attributable to
share measure based shareholders (and per
on the basic, share measure)
weighted average
number of ordinary
shares outstanding)
provides a measure of
the Group's earnings.
Headline earnings (and per share measure)
The presentation of
headline earnings
(and the related per
share measure based
on the basic,
weighted average
number of ordinary
shares outstanding)
is mandated under the Profit for the period
Listings Requirements Note 5 attributable to
of the JSE Limited shareholders (and per
and is calculated in share measure)
accordance with
Circular 1/2023,
‘Headline Earnings’,
as issued by the
South African
Institute of
Chartered
Accountants.
Capital employed (and related trailing 12-month average capital employed)
Capital employed
comprises total
equity and net debt.
Trailing 12-month
average capital
employed is the
average monthly
capital employed over
the last 12 months
adjusted for spend on
major capital
expenditure projects
which are not yet in Note 3 Total equity
production.
These measures
provide the level of
invested capital in
the business.
Trailing 12-month
average capital
employed is used in
the calculation of
return on capital
employed.
Return on capital employed (ROCE)
Trailing 12-month
underlying operating
profit, including
share of associates'
and joint ventures'
net profit/(loss),
divided by trailing
12-month average None
capital employed.
ROCE provides a
measure of the
efficient and
effective use of
capital in the
business.
APM calculation:
€million, unless Six months ended Six months ended Year ended 31December
otherwise stated 30June2025 30June2024 2024
Trailing 12-month
underlying operating 579 664 606
profit
Trailing 12-month
underlying net loss (1) (5) (3)
from joint ventures
Trailing 12-month
underlying profit 578 659 603
from operations and
joint ventures
Trailing 12-month
average capital 6,865 6,088 6,283
employed (see note 3)
ROCE (%) 8.4 10.8 9.6
Net debt (and related trailing 12-month average net debt)
A measure comprising
short-, medium- and
long-term
interest-bearing
borrowings and the
fair value of
debt-related
derivatives less cash
and cash equivalents,
net of overdrafts,
and current financial
asset investments. Note 10c None
Net debt provides a
measure of the
Group’s net
indebtedness or
overall leverage.
Trailing 12-month
average net debt is
the average monthly
net debt over the
last 12 months.
Net debt to underlying EBITDA
Net debt divided by
trailing 12-month
underlying EBITDA. A
measure of the
Group’s net None
indebtedness relative
to its
cash-generating
ability.
APM calculation:
€million, unless Six months ended Six months ended Year ended 31December
otherwise stated 30June2025 30June2024 2024
Net debt (see note 2,639 1,603 1,732
10c)
Trailing 12-month 1,048 1,086 1,049
underlying EBITDA
Net debt to
underlying EBITDA 2.5 1.5 1.7
(times)
Production statistics
Six months ended Six months ended
30June2025 30June2024
Containerboard 000 tonnes 1,302 1,171
Kraft paper 000 tonnes 629 640
Uncoated fine paper 000 tonnes 467 489
Pulp 000 tonnes 1,950 1,906
Internal consumption 000 tonnes 1,593 1,579
Market pulp 000 tonnes 357 327
Corrugated solutions million m² 1,118 935
Paper bags million units 2,961 2,792
Consumer flexibles million m² 939 1,006
Functional paper and million m² 1,609 1,637
films
Forward-looking statements
This document includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi’s financial position, business strategy, market growth and developments, expectations of growth and profitability and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of
No assurance can be given that such future results will be achieved; various factors could cause actual future results, performance or events to differ materially from those described in these statements. Such factors include in particular but without any limitation: (1) operating factors, such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development plans and targets, changes in the degree of protection created by Mondi’s patents and other intellectual property rights and the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for Mondi’s products and raw materials and the pricing pressures thereto, financial condition of the customers, suppliers and the competitors of
Any reference to future financial performance included in this announcement has not been reviewed or reported on by the Group’s auditors.
Editors’ notes
In 2024,
Sponsor in
