Mondi, a global leader in the production of sustainable packaging and paper, today announces results for the six months ended 30 June 2025 ("first half" or "H1 2025").
Highlights
- Underlying EBITDA of €564 million, including €18 million forestry fair value gain, comparable to the first half of 2024 (H1 2024: €565 million including €49 million forestry fair value gain)
- Solid performance in our two packaging businesses supported by higher average selling prices
- Corrugated Packaging underlying EBITDA of €203 million, 42% ahead of comparable period (H1 2024: €143 million)
- Flexible Packaging underlying EBITDA of €302 million, 9% ahead of comparable period (H1 2024: €276 million)
- Uncoated Fine Paper delivered underlying EBITDA of €81 million, including a forestry fair value gain of €18 million (H1 2024: €166 million including a forestry fair value gain of €49 million)
- Good progress delivering key strategic initiatives
- Production and sales ramping up for all major capacity expansion projects
- Completed the acquisition of the Western Europe Packaging Assets of Schumacher Packaging (“Schumacher”) on 31 March 2025 with integration and delivery of synergies on track
- Increased cash generated from operations of €416 million (H1 2024: €372 million)
- Leverage (net debt to underlying EBITDA) of 2.5 times at 30 June 2025, higher following investments to further enhance our portfolio (31 December 2024: 1.7 times)
- Interim ordinary dividend of 23.33 euro cents per share declared – in line with H1 2024 (H1 2024: 23.33 euro cents per share)
Andrew King, Mondi Group Chief Executive Officer, commented: “In a challenging trading environment we delivered a solid performance with underlying EBITDA of €564 million. Volume growth, price increases and good cost control effectively mitigated currency headwinds and inflationary pressures, a testament to our ongoing focus on proactive margin management and our culture of continuous improvement. These actions, together with good cash flow management resulted in improvements in cash generation in the period. "We continued to make good progress on our key strategic initiatives. All our major capacity expansion projects are now operational and ramping up production and sales, and the integration of Schumacher is on track. “Looking ahead, ongoing geopolitical and macroeconomic uncertainties look set to continue impacting trading conditions into the second half of the year. In this environment, we remain focused on delivery of our ongoing productivity, cost and cash flow optimisation initiatives, while ensuring we are well positioned for long-term value creation in structurally growing markets, supported by our integrated, high quality and well invested asset base."