Results for the six months ended 30 June 2022
1. Strong performance across the business
- Margin expansion in all continuing businesses, supported by good selling price realisation and solid operating performance in challenging conditions
- Key capital investments contributing to performance
- Underlying EBITDA from continuing operations (excluding Russian operations) of €942 million, up 66% year-onyear
- Total EBITDA including discontinued Russian operations (prior to special items) of €1,170 million, up 65% yearon-year
2. Around €1 billion of expansionary projects underway, approved or under advanced evaluation – capturing growth in our packaging markets, building on our leading market positions and adding to our strong track record of disciplined capital allocation
3. Completed sale of the Personal Care Components business for an enterprise value of €615 million, delivering greater focus
4. Process to dispose Russian operations ongoing - now reported as discontinued operations held for sale
5. Continued progress on sustainability roadmap, Mondi Action Plan 2030 (MAP2030)6.
6. Balance sheet at 0.8x net debt to underlying EBITDA (continuing operations)
7. Interim dividend declared of 21.67 euro cents per share, up 8% year-on-year
8. Well-positioned for the future, with unique portfolio of leading sustainable packaging solutions, cost-advantaged asset base, culture of continuous improvement and strong financial position
Performance was strong across the Group in the first half of 2022, with underlying EBITDA from continuing operations of €942 million, up 66% year-on-year. Our vertical integration, the agility of our organisation and strong collaboration with our customers ensured we delivered at a time when supply chains continued to be disrupted around the world. We achieved strong price realisation while maintaining tight cost control against a backdrop of strong inflationary pressures.
Andrew King, Mondi Group Chief Executive Officer