Full year results 2024

Highlights

Resilient performance in line with our expectations

• Underlying EBITDA of €1,049 million, including €7 million forestry fair value gain (2023: €1,201 million including €128 million forestry fair value gain)

Delivering on our growth strategy

• Started up five major capacity expansion projects – on time and within budget – including the new paper machine at Štětí (Czech Republic) that commenced operations ahead of plan in December 2024
• Completed the acquisition of Hinton pulp mill (Canada)
• Agreed acquisition of Schumacher’s Western Europe Packaging Assets – on track to complete in H1 2025

Supporting shareholder returns

• €1.60 per share special dividend paid in February 2024, returning net proceeds from sale of the Group’s Russian assets
• Recommended total ordinary dividend of 70.0 euro cents per share – in line with 2023

Andrew King, Mondi Group Chief Executive Officer, commented:

“Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterised by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders.

“In 2024 Mondi successfully started up five major capacity expansion projects on time and within budget building a strong platform for growth. The largest of these, the new paper machine at Štětí (Czech Republic), commenced operations ahead of schedule in December. We are very appreciative of the commitment of our colleagues who have worked tirelessly over the last few years to deliver these projects. Our focus now turns to executing our operational and commercial strategy and leveraging our expanded product offering.

“Disciplined capital allocation to deliver value accretive growth remains a strategic priority and, alongside our investment in organic growth opportunities, we were pleased to announce the acquisition of the Western Europe Packaging Assets of Schumacher Packaging, which will expand our geographic reach and deliver integration benefits in our Corrugated Packaging business.

"Reflecting the importance of shareholder returns and our continued confidence in the future of the business, the Board has recommended a total ordinary dividend for 2024 in line with last year, at 70.0 euro cents per share.

"As we move into 2025, while significant macroeconomic and geopolitical uncertainties remain, we are currently seeing improving order books across our packaging businesses and are implementing price increases across our range of packaging paper grades. With our culture of continuous improvement, we are focused on managing costs and driving productivity, alongside ramping up our new capacity expansion projects.

“The demand for sustainable products is providing many opportunities for Mondi and is a key driver of our growth. Our investments over the last few years, enhancing our unique packaging and paper platform and product offering for our customers, will support this growth.”