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Mondi (MNDI) investor relations material
Mondi H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered solid operational and financial performance in H1 2025, with underlying EBITDA of €564 million, nearly flat year-over-year, supported by strong Corrugated and Flexible Packaging results and progress on strategic initiatives despite challenging macroeconomic and geopolitical conditions.
Cash generated from operations increased to €416 million, reflecting tight cash flow management and productivity gains.
All major capacity expansion projects are operational and ramping up, including the Arduino recycled containerboard mill.
The Schumacher acquisition was completed and is integrating well, expanding capacity and geographic reach.
Focus on sustainable packaging and paper solutions, leveraging investments to enhance customer offerings and expand the network.
Financial highlights
Underlying EBITDA for H1 2025 was €564 million, nearly flat compared to H1 2024, with increased cash generation.
Group revenue for H1 2025 was €3,909 million, up from €3,739 million in H1 2024.
Basic underlying EPS was 42.7 euro cents, compared to 50.5 euro cents in H1 2024; basic EPS was 38.6 euro cents.
Interim dividend per share declared at 23.33 euro cents, unchanged from last year.
ROCE was 8.4% at June 2025, down from 9.6% at December 2024, impacted by higher capital employed and depreciation from new projects.
Outlook and guidance
Expect modest input cost relief in H2 2025 due to procurement efficiencies.
Capital expenditure for 2025 guided at €750–850 million, including Schumacher spend.
Depreciation and amortisation for 2025 guided at €475–500 million, reflecting new projects and Schumacher acquisition.
Net finance costs expected to rise to €110 million due to higher debt post-acquisition.
Incremental EBITDA from major capacity expansions now guided at €50–75 million for 2025, with most in H2.
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