Mondi (MNDI) investor relations material

Executive summary

• Delivered underlying EBITDA of EUR 1 billion for 2025, reflecting resilience amid challenging market conditions and positioning for future growth.

• Cash generated from operations increased to EUR 1.07 billion, supported by reduced CapEx and strong working capital management.

• Proactive cost discipline, plant closures, and business unit integration were intensified to offset market downturn impacts.

• Major capacity expansions and the Schumacher acquisition were completed, increasing geographic reach and operational synergies.

Financial highlights

• Underlying EBITDA for 2025 was EUR 1,001 million, down from EUR 1,049 million in 2024.

• Cash from operations rose to EUR 1,072 million, driven by working capital inflow.

• CapEx reduced to EUR 673 million, below the guided EUR 750–850 million.

• Net debt at year-end was EUR 2.6 billion, with leverage at 2.6x.

• Dividend per share was 28.25 euro cents, with a cover of 2.0x.

Outlook and guidance

• 2026 capital expenditure expected at EUR 550 million, with EUR 50 million for growth projects and the remainder for maintenance and cost optimization.

• Depreciation and amortisation for 2026 estimated at EUR 515–525 million; net finance costs around EUR 125 million.

• Dividend policy returns to 2–3x underlying earnings cover, with a recommended total ordinary dividend of EUR 28.25 per share for 2025.

• No major CapEx projects deferred to 2027; current investment envelope deemed sustainable.