Mondi Plc · LSE:MNDI
Mondi — Debt Investor Presentation (March 2025)
32 slides from Mondi's debt investor presentation, March 2025
Slide 1: Fixed income investor presentation
Fixed income investor presentation March 2025 Mike Powell, CFO Richard Smith, Group Treasurer
Slide 2: Disclaimer
Disclaimer The information and the opinions in this presentation have been prepared by Mondi plc (Mondi). This presentation and its contents are strictly confidential, are intended for use by the recipient for information purposes only and may not be reproduced in any form or further distributed to
Slide 3: A market leader in sustainable packaging
A market leader in sustainable packaging Broad & innovative product range in structurally growing markets Well invested, integrated asset base Strong cash generation with robust balance sheet Disciplined capital allocation strategy Investment through-cycle for value accretive growth Driving value ac
Slide 4: Leading positions in packaging and paper markets
Leading positions in packaging and paper markets Corrugated Packaging Flexible Packaging Uncoated Fine Paper Our virgin containerboard is a high-quality As the global leader in kraft paper and paper bag Our Uncoated Fine Paper business produces a product with excellent properties for specialised pr
Slide 5: Mondi at a glance (2024)
Mondi at a glance (2024) Products Segment Underlying EBITDA revenue & margin Corrugated €328m €2,251m Packaging 14.6% Flexible €558m €3,964m Packaging 14.1% Uncoated Fine €198m €1,317m Paper 15.0% 5
Slide 6: Our strategy
Our strategy Drive performance Invest in quality assets along the value chain Invest in quality assets to drive growth, Drive performance along the value chain improve competitiveness, and enhance to optimise productivity, enhance sustainability, product quality and efficiency and prevent waste. Our
Slide 7: Boosting competitive advantage
Drive performance Boosting competitive advantage along the value chain • Culture of continuous improvement, cost control and portfolio optimisation • Delivering capital investment and annual maintenance projects on time and within budget driving productivity, cost optimisation and sustainability ben
Slide 8: Corrugated Packaging: Leveraging leading positions and vertical integration in Europe and adjacent markets
Invest in quality Corrugated Packaging: Leveraging leading positions and assets vertical integration in Europe and adjacent markets What we have done: • Expansion of Kuopio (Finland) and Świecie (Poland) • Box plant expansions in Poland • Acquisition of Schumacher’s Western Europe Packaging Assets •
Slide 9: Schumacher: Strengthens Mondi's footprint in Europe with a highly complementary product portfolio
Invest in quality Schumacher: Strengthens Mondi’s footprint in Europe assets with a highly complementary product portfolio • Increases corrugated converting capacity by over 1 billion square metres • Provides integration benefits with Mondi’s containerboard operations • Strong upside through synergi
Slide 10: Flexible Packaging: Expanding our global leadership in kraft paper and paper bags
Invest in quality Flexible Packaging: Expanding our global assets leadership in kraft paper and paper bags What we have done: • Completed acquisition of Hinton (Canada) • Started up new sack kraft paper machine in Štětí (Czech Republic) • New extrusion line in Štětí completed Plants Mills 41 Paper B
Slide 11: Supporting the growth in eCommerce to meet the variety of packaging our customers require
Partner with Supporting the growth in eCommerce to meet the customers variety of packaging our customers require Strength & Protection PACKAGING Corrugated box Corrugated Mailers Solidboard Envelopes* Paper Protective Mailers Paper Bags Material / Packaging Weight MATERIAL Corrugated Fanfold* Open f
Slide 12: Mondi's 'Sustainable by Design' products driving growth
Partner with Mondi’s ‘Sustainable by Design’ products customers driving growth Protective Mailer Paper bag without free film Lunch Box In collaboration with Amazon, our award- Designed to protect filling goods like The Lunch Box features security seals to winning Protective Mailer is a paper- buildi
Slide 13: Our Sustainability Framework
Our Sustainability Framework Circular Driven Solutions − Make our packaging and paper solutions reusable, recyclable or compostable. − Avoid waste by keeping materials in circulation. − Work with others to eliminate unsustainable packaging. Created by Empowered People − Build skills that support lon
Slide 14: We are recognised as a leader in sustainability
We are recognised as a leader in sustainability 1 CDP MSCI ESG Rating2 ISS ESG 3 Sustainalytics4 A List, with double ‘A’ for Top ‘AAA’ score for strong ‘Prime’ rating as the highest Ranked first in Paper and climate change and forests and resilience to environmental, sector-specific score for ESG Fo
Slide 15: Capital allocation
Capital allocation
Slide 16: Disciplined capital allocation policy
Disciplined capital allocation policy Growing through selective capital investment opportunities Free cash flow Supporting payment of ordinary dividends to our shareholders priorities Evaluating growth opportunities through M&A and/or increased shareholder distributions While maintaining our strong
Slide 17: Underlying EBITDA 2015 – 2024 results
Underlying EBITDA 2015 – 2024 results € million 1,325 1,366 1,482 1,764 1,658 1,353 1,157 1,848 1,201 1,049 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Excludes Russian operations Source: Mondi Group Integrated report and financial statements 2024, page 214 17
Slide 18: Balancing investing for growth and distributing returns
Balancing investing for growth and distributing returns Cash generated from operations over the last 10 years € billion Strong cash Investing in Taking Divesting Returning Change in net generation our cost advantage of non-core and capital to our debt and other through the advantaged opportunities u
Slide 19: Capital structure and financial policies
Capital structure and financial policies
Slide 20: Capital structure & financial policies
Capital structure & financial policies Disciplined approach to leverage ● Capital structure to maintain investment grade credit metrics ● Articulated as a key strategic objective No financial covenants ● Net Debt/underlying EBITDA of 1.7x as at 31 December 2024 Rigorous asset management & capital de
Slide 21: Interest and net debt
Interest and net debt € million 2024 Net debt 1,732 ● Maintaining strong investment grade credit metrics Net finance costs 70 ● Net debt to EBITDA of 1.7x as at 31 December 2024 1 Committed facilities 2,613 ● Consistent access to liquidity 1 Of which undrawn 750 o Strong supportive relationship bank
Slide 22: Committed debt facilities
Committed debt facilities Committed facilities €2,863m of which €1,863m is drawn Maturity profile of committed facilities € million 2,000 1,750 250* 1,500 * 1,250 750 1,000 750 7 750 500 750 600 750 500 250 6 - 2025 2026 2027 2028 2029 2030 2031 2032 Bond Syndicated RCF RCF increase Other facilities
Slide 23: Appendix
Appendix
Slide 24: Integrated value chain (2024)
Integrated value chain (2024) Wood Containerboard Containerboard3 15.2 million m3 2.3 mt 1.3 mt Corrugated Packaging Paper for Corrugated recycling Pulp Box plants solutions 1.3 million 3.7 mt 1.9 billion m2 tonnes (mt) Consumer Kraft paper Kraft paper3 Other flexibles 1.2 mt 0.4 mt materials2 1.9 b
Slide 25: Financial performance
Financial performance € million 2024 2023 Group revenue 7,416 7,330 Underlying EBITDA 1,049 1,201 Depreciation, amortisation and impairments (443) (411) Underlying operating profit 606 790 Net loss from joint ventures (3) (5) Impairment of investments in joint ventures - (5) Net monetary (loss)/gain
Slide 26: Cash flow
Cash flow € million 2024 2023 Underlying EBITDA 1,049 1,201 Working capital movements (108) 229j Other operating cash flow items 29x (118) Cash generated from continuing operations 970 1,312 Income tax paid (120)i (178) Dividends received from other investments 1 2 Net cash generated from operating
Slide 27: Financial position
Financial position December December € million 2024 2023 Property, plant and equipment 5,160 4,619 Goodwill 767 765 Working capital 1,188 1,084 Other assets 657 673 Other liabilities (690) (626) Net assets excluding net debt 7,082 6,515 Equity 4,857 5,655 Non-controlling interests in equity 493 441
Slide 28: Corrugated Packaging - Business segment overview
Corrugated Packaging - Business segment overview Business overview What we produce ● A leading producer of corrugated packaging Underlying EBITDA of with a cost-competitive asset base and strong customer offering focused on quality and €328 million1 reliability. ● Integrated production network and p
Slide 29: Flexible Packaging - Business segment overview
Flexible Packaging - Business segment overview Business overview What we produce ● Integrated across the value chain with a unique Underlying EBITDA of portfolio of solutions. €558 million1 ● A global leader in the production of kraft paper and paper bags, our well-invested mills produce high-qualit
Slide 30: Uncoated Fine Paper - Business segment overview
Uncoated Fine Paper - Business segment overview Business overview What we produce ● Produces a wide range of home, office, Underlying EBITDA of converting and professional printing papers at €198 million1 our mills in central Europe and South Africa. ● In South Africa, produces and sells market pulp
Slide 31: Sources and definitions
Sources and definitions Mondi region definitions Europe – Europe including Russia and Türkiye Emerging Europe – Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Malta, Moldova, Montenegr
Slide 32: Mondi: Forward-looking statements disclaimer
Mondi: Forward-looking statements disclaimer This document (along with any oral statements made in connection with it) includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi’s financial posit