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.

2025 performance
Underlying EBITDA was lower than the prior year at €1,001 million due to margin pressure associated with the challenging trading conditions. 

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

2025 performance
The Group ROCE of 6.7% reflects an increase in capital employed from starting up a number of major capacity expansion projects and the acquisition of Schumacher, together with the impact of lower earnings in the year. 

Why this is a KPI
We aim to maintain an investment grade credit rating to ensure we have access to funding through the cycle. 

2025 performance
The Group has an investment grade credit rating. At 31 December 2025, it had a BBB (stable outlook) credit rating from Standard & Poor’s and a Baa1 (negative 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. 

2025 performance
The share price decreased during the year driven in part by the industry's prolonged cyclical downturn. The Group paid dividends to shareholders of €305 million in the 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. Our 2019 baseline has been updated and restated, and the revision approved by the Science Based Targets initiative (SBTi) in 2025. This update reflects the change in scope of our operations including the acquisitions of Duino, Hinton and Schumacher, and excludes the divested Russian operations. Previous years (2020-2024) are not shown as they are not comparable to our current scope. 

2025 performance
We have reduced our absolute Scope 1 and 2 GHG emissions by 48% compared to our 2019 baseline and remain on track to meet our targets. Our GHG emission intensity was 0.37 tonnes CO₂e per tonne of saleable production. 

Why this is a KPI
Our goal is to keep materials in circulation. We focus on reducing our waste and reusing or recycling unavoidable waste generated in our production processes instead of disposing of it to landfill. 

2025 performance
We continue to reduce our waste to landfill both in total (absolute) and in specific (per tonne of saleable production) terms, delivering a 63% reduction in specific waste to landfill compared to our 2020 baseline. 

Why this is a KPI
The demand for sustainable packaging and paper continues, with brands and consumers looking for solutions to help meet their sustainability pledges and support the transition to a circular economy. We focus on innovating and developing sustainable packaging and paper solutions that meet our customers' evolving needs. 

2025 performance
We continue to increase the proportion of our revenue that is from reusable, recyclable or compostable products, achieving 88% in 2025, up from 74% in 2020, our baseline year for this target. 

Why this is a KPI
Keeping people safe is a moral and 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. 

2025 performance
Our Total Recordable Case Rate performance of 0.67 is in line with our 2020 baseline and represents an improvement compared to 2024. We however deeply regret an employee fatality at our Ansbach plant in Germany and the fatality of a member of the public during harvesting activities in our forestry operations in South Africa. We also had four life-altering injuries at other operations in the year.