London · Delayed Price · Currency is GBP · Price in GBX Mondi Earnings Call Transcripts
Fiscal Year 2026
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Underlying EBITDA fell to EUR 379 million in H1 2026 due to margin pressure from lower prices and higher input costs, but strong cost control and higher volumes supported cash generation and a stable net debt position. The group is executing price increases, optimizing its plant network, and reducing CapEx, while facing ongoing input cost volatility and regional market divergence.
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Q1 2026 EBITDA held steady at €212 million amid rising input costs and strong order books. Price increases are underway to offset energy and resin inflation, with margin improvement expected in Q2 and Q3. Capacity ramp-up and plant closures support operational efficiency.
Fiscal Year 2025
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Underlying EBITDA was EUR 1 billion, with strong cash generation and reduced CapEx supporting resilience amid challenging markets. Major capacity expansions and the Schumacher acquisition position the group for future growth, while cost discipline and operational excellence offset margin pressures.
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Q3 EBITDA fell to EUR 223 million amid weak demand and price declines in pulp and paper, while packaging converting remained stable. The business is reorganizing, focusing on cost control, and pausing major CapEx, with challenging conditions expected to persist.
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Solid H1 2025 results with flat EBITDA and strong cash generation despite challenging markets. Corrugated packaging saw significant growth, while flexible packaging and uncoated fine paper remained stable. Strategic investments and acquisitions position the business for long-term value creation.
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Leading global positions in flexible packaging are underpinned by integration, innovation, and investment in capacity and sustainability. Structural growth is driven by sustainability, e-commerce, and consumer trends, with strong financial performance and high barriers to entry supporting long-term value creation.
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Q1 delivered higher sales volumes and strong cost control, offsetting lower prices, with underlying EBITDA at EUR 290 million. Expansion projects and the Schumacher acquisition are progressing well, though rising input costs and macro uncertainties persist.
Fiscal Year 2024
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Resilient 2024 performance with stable profitability despite soft demand and weak pricing, supported by cost control, major project ramp-ups, and strategic acquisitions. Guidance for 2025 includes stable input costs, continued investment, and expected project contributions of EUR 50–100 million.
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Q3 EBITDA fell to €223 million, impacted by higher maintenance costs and a forestry fair value loss. Packaging paper prices supported upstream results, but fine paper and recycled grades weakened. Major CapEx projects and acquisitions remain on track for 2025, despite muted demand and margin pressure.
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The acquisition of Western European packaging assets expands capacity, strengthens market presence, and is expected to deliver EUR 22 million in synergies over three years. With recent investments and a focus on integration, the deal enhances the offering for e-commerce and FMCG customers.
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Robust first-half performance with sequential profitability improvement, driven by volume growth and price increases in flexibles and paper grades, despite ongoing cost and macroeconomic challenges. Major capital projects are on track, with significant EBITDA contribution expected from 2025.