Half year results 2024

• Robust performance with underlying EBITDA of €565 million - trading in line with our expectations
• Second quarter underlying EBITDA benefitted from rescheduled maintenance shuts and a higher than
  expected forestry fair value gain, together totalling approx. €40 million
• Continued progress delivering organic growth investments - on track and on budget
• Supporting shareholder distributions through ordinary and special dividends

Andrew King, Mondi Group Chief Executive Officer, commented:
"Our underlying EBITDA of €565 million in the first six months, although lower than the comparable period last year, reflected an encouraging performance, supported by improving market conditions resulting in stronger order books and higher sales volumes. This enabled us to implement a number of price increases across our paper grades. Alongside lower input costs, we delivered a sequential improvement in underlying EBITDA when compared to the second half of 2023. The benefit of the price increases will continue into the second half of the year. The second half is expected to be impacted by higher planned maintenance shuts and a likely forestry fair value loss.

“We continue to invest through-cycle to grow our business, enhancing our unique packaging and paper platform and broad product offering. Of our €1.2 billion organic growth investments, we will have invested around 80% by the end of this year, with operations currently ramping up following the modernisation of our Kuopio mill, the debottlenecking of our Świecie mill and the two expanded box plants in Poland. Overall, our organic growth investments are expected to deliver a meaningful EBITDA contribution from 2025."