Half year results 2026

Mondi, a global leader in the production of sustainable packaging and paper, today announces results for the six months ended 30 June 2026 ("first half" or "H1 2026").

Key points

• H1 2026 underlying EBITDA of €379 million, including a forestry fair value loss of €35 million (H1 2025: €564 million including a fair value gain of €18 million)
  – Margin pressure from higher input costs and lower average selling prices partially offset by higher sales volumes and pricing actions
• Basic underlying earnings of 11.6 euro cents per share (H1 2025: 42.7 euro cents per share)
• Cash generated from operations of €347 million supported by a strong focus on working capital management (H1 2025: €416 million)
• Disciplined capital allocation reduces expected full year 2026 capital expenditure to around €500 million (previously €550 million)
• Good progress on converting plant network optimisation, with six plants closed or in process of closure
• Special items pre-tax charge of €320 million for impairments and restructuring, of which the expected cash effect is €24 million
• An interim ordinary dividend of 9.42 euro cents per share has been declared (H1 2025: 23.33 euro cents per share)

Andrew King, Mondi Group Chief Executive Officer, commented:
“During the first half of 2026, we made good progress in delivering actions to strengthen Mondi’s performance, cash generation and competitiveness, supported by the strength of our quality product offering, high service levels and the agility and commitment of our people. We took strong pricing actions, maintained cost discipline, progressed our plant network optimisation programme and continued to drive operational excellence across the business.

“Heightened geopolitical tensions in the Middle East caused supply chain disruptions and contributed to higher input costs. Our teams acted quickly to protect operational continuity, support customers and implement price increases across our packaging and paper products.

“Trading momentum improved through the first half and we enter the second half with higher packaging paper prices, supported by good order books. We expect higher wood costs across Central and Eastern Europe and we continue to manage volatile energy related input costs.

“As major expansionary investments are now largely complete, our focus is on disciplined commercial execution to deliver growth, while relentlessly identifying and executing further opportunities to strengthen Mondi's cost competitiveness. We remain confident in the structural growth drivers that underpin our sustainable packaging businesses. Combined with our innovative packaging and paper solutions, our cost-advantaged, integrated assets and our commitment to continuous improvement, Mondi is well positioned to deliver long-term value for shareholders.”