Key performance indicators

Why this is a KPI
Underlying EBITDA provides a measure of the cash-generating ability of the Group that is comparable from year to year. Tracking our cash generation is one of the components we measure when we assess our value creation through the cycle.

2024 performance
Underlying EBITDA of €1,049 million was 13% below last year primarily due to the significantly lower forestry fair value gain in 2024 of €7 million and a €32 million one-off currency loss recognised in the first half of 2024 from the devaluation of the Egyptian pound (2023: €1,201 million, forestry fair value gain of €128 million). 

Why this is a KPI
ROCE provides a measure of the efficient and effective use of capital in our operations.

2024 performance
The Group ROCE of 9.6% reflected the ongoing difficult trading conditions, the significantly lower forestry fair value gain and the devaluation of the Egyptian pound. 

Why this is a KPI
We aim to maintain investment grade credit ratings to ensure we have access to funding for value accretive investment opportunities through the business cycle.

2024 performance
The Group maintains its investment grade credit rating and has an A- (stable outlook) credit rating from Standard & Poor’s and a Baa1 (stable outlook) credit rating from Moody’s.

Why this is a KPI
TSR provides a market-related measure of the Group’s progress against our objective of delivering long-term value for our shareholders. TSR measures the total return to Mondi’s shareholders, including both share price movement and dividends paid. 

2024 performance
Although the share price decreased during the year, the Group paid a €1.60 special dividend per share to shareholders in February 2024 and recommended a total ordinary dividend per share for the year of 70.0 euro cents, in line with last year.  

Why this is a KPI
Our focus is to reduce our GHG emissions to address climate-related impacts and secure the long-term success of our business. We have a target to reduce our Scope 1 and 2 GHG emissions by 46% by 2030 from a 2019 baseline.

2024 performance
We have reduced our absolute Scope 1 and 2 GHG emissions by 31% compared to our 2019 baseline and remain on track to meet our targets. Our GHG emission intensity was also lower at 0.36 tonnes CO2e per tonne of saleable production. 

Why this is a KPI
Our goal is to keep materials in circulation. We are focused on reducing our waste and reusing or recycling unavoidable waste generated in our production processes instead of disposing of it to landfill. Our target is to reduce waste to landfill per tonne of production by 30% by 2030, against a 2020 baseline.

2024 performance
We continue to reduce our specific waste to landfill, delivering a 46% reduction compared to our 2020 baseline. 

Why this is a KPI
The demand for sustainable packaging continues to rise, with brands and consumers looking for solutions to help meet their sustainability pledges and support the transition to a circular economy. We have a target to make 100% of our packaging and paper solutions reusable, recyclable or compostable by 2025.

2024 performance
We continue to make progress on our ambitious target. In 2024, 87% of our revenue was from products that were reusable, recyclable or compostable, up from 74% in 2020, our baseline year for this target.

Why this is a KPI
Keeping people safe and healthy is a moral and a business imperative that applies to all who work for and on behalf of Mondi. Our Social Psychology of Risk approach supports our goal of sending everybody home safely, every day. Our Total Recordable Case Rate target is a 15% reduction by 2030 against a 2020 baseline.

2024 performance
Our Total Recordable Case Rate performance of 0.68 is a 2% increase on our 2020 baseline. In addition, we deeply regret the fatality at our Merebank mill (South Africa) and three life-altering injuries at other operations in the year.