Mondi Plc · LSE:MNDI
Mondi — FY2025 Earnings Presentation
37 slides from Mondi's earnings presentation, Feb 19, 2026
Slide 1: A leader in sustainable packaging and paper solutions
A leader in sustainable packaging and paper solutions Results for the twelve months to 31 December 2025 Thursday 19 February 2026
Slide 2: 2025 Full Year Results
2025 Full Year Results Resilient full year Actions taken to drive Strongly positioned to performance value capture upside Resilient full year Our strategic advantage Decisive actions to drive performance value 2
Slide 3: Finance review
Finance review 3
Slide 4: 2025 at a glance
2025 at a glance Underlying Basic underlying Cash generated EBITDA EPS ROCE from operations € million € cents % (12-month rolling) € million 1,049 1,001 82.7 56.5 9.6 6.7 970 1,072 2024 2025 2024 2025 2024 2025 2024 2025 4
Slide 5: Resilient financial performance
Resilient financial performance Underlying EBITDA development € million 1,049 24 (45) (59) 32 1,001 2024 Sales Sales Costs and Forestry 2025 volumes prices other fair value and mix 5
Slide 6: Focused fixed cost control
Focused fixed cost control • Streamlined overhead and operational structure, reducing headcount, including a 13% reduction in our Group Services offices • Recently announced three plant closures leading to further headcount reduction • Combination of Corrugated Packaging and Uncoated Fine Paper busi
Slide 7: Increased leverage following investment into the business
Increased leverage following investment into the business Movement in net debt € million 1.7x 2.6x Net debt to Net debt to underlying EBITDA underlying EBITDA (1,732) (2,599) + 767 million 1,001 83 (317) (673) (352) (609) Net debt at Underlying Working Interest, Investment Dividends paid Schumacher
Slide 8: Short-term debt maturities refinanced; no financial covenants
Short-term debt maturities refinanced; no financial covenants Investment grade Available liquidity Refinanced short-term credit rating of €1.3 billion debt maturities Standard & Poor’s: BBB Undrawn Syndicated Eurobond maturing in 2026 (stable outlook) RCF of €1,000 million & refinanced in October 20
Slide 9: Capex reducing following a period of heightened investment
Capex reducing following a period of heightened investment Investment in property, plant and equipment € million • Major capacity expansion projects built on time 1,000 and on budget to capture growth in structurally growing packaging markets 750 • Excluding these major capacity expansion projects,
Slide 10: Dividend in line with cover policy
Dividend in line with cover policy EPS, DPS and dividend cover euro cents per share and times covered 3.0 3 times 2.8 200 2.5 2.4 2.4 2.4 2.2 2.0 2 times 150 1.5 1.2 100 56.5 50 28.25 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Basic underlying earnings per share Ordinary dividends paid and
Slide 11: 2026 Technical guidance
2026 Technical guidance 2026 Depreciation and amortisation €515 – 525 million Net finance costs ~ €125 million Effective tax rate ~ 25% Estimated underlying EBITDA impact from planned maintenance shuts ~ €100 million Capital expenditure ~ €550 million 11 Capital expenditure excludes investment in fo
Slide 12: Business unit review
Business unit review 12
Slide 13: Corrugated Packaging
Corrugated Packaging Good volume growth; significantly lower UFP and pulp pricing Underlying EBITDA and margin Underlying EBITDA (€ million) and margin (%) • Containerboard: Sales volume growth and higher average selling prices compared to 2024 • Corrugated Solutions: Lower margins partly mitigated
Slide 14: Flexible Packaging
Flexible Packaging Strong paper bags volume growth; good cost control Underlying EBITDA and margin Underlying EBITDA (€ million) and margin (%) • Paper Bags: Strong sales volume growth – up 5% on prior year 583 • Kraft Paper: Lower sales volumes driven by softer market 558 demand. Broadly similar pr
Slide 15: Competitive advantage
Competitive advantage 15
Slide 16: Mondi is uniquely positioned with significant competitive advantage
Mondi is uniquely positioned with significant competitive advantage Leading positions Strategically positioned to leverage structural growth drivers Delivering a differentiated customer value proposition Integration strengths Well invested assets with strong cost leadership 16
Slide 17: Leadership positions
Leadership positions Corrugated Packaging Flexible Packaging #1 virgin containerboard producer in Europe #1 kraft paper producer globally #1 containerboard producer in emerging Europe #1 paper bags producer globally #1 corrugated solutions producer in emerging Europe #3 consumer flexible packaging p
Slide 18: Strategically positioned to leverage structural growth drivers
Strategically positioned to leverage structural growth drivers eCommerce1 Sustainability2 CAGR 2025 – 2030 2020 2024 2024 5% 23% 49% 21% 7% eCommerce 2023 2024 2025 2026 2027 2028 2029 2030 Food Proportion of Mondi’s speciality kraft paper Other used in new products and applications Non-food / Indus
Slide 19: Delivering a differentiated customer value proposition
Delivering a differentiated customer value proposition Commercial sales Food and FMCG Packaging • Combined Corrugated and Flexible packaging Corrugated Flexible eCommerce sales teams Innovation • Nine WorldStar Packaging awards eCommerce Packaging Operational excellence • Right-first-time Corrugated
Slide 20: Integration strengths
Integration strengths Selective open market positions Highly integrated in bulk grades in niche grades Mills Sack kraft paper 14 Virgin containerboard (million tonnes, 2025) Converting plants (million tonnes, 2025) 91 2.1 (0.3) 1.8 0.8 (0.7) 0.1 Produced Consumed Net amount Produced Consumed Net amo
Slide 21: Well invested assets with strong cost leadership
Well invested assets with strong cost leadership Mondi paper mill capacity by quartile of relevant industry cost curve • €3.6 billion invested over last 10 years in paper mills to deliver capacity expansion, efficiencies and cost optimisation - Scale benefits - Increased energy self-sufficiency - Ra
Slide 22: Świecie
Accelerating operational excellence programmes to drive productivity and efficiency Leadership Systems Strengthen Standardising Historic 10-year productivity improvement ownership and processes and • Increase in paper production +18% strategic direction embedding best across operations practice • Pa
Slide 23: Delivering efficiency gains through plant network optimisation
Delivering efficiency gains through plant network optimisation • Driving plant network efficiency with 22 plants closed in Converting plants productivity improvement last ten years while growing volumes Productivity measured per person with 2015 Index = 100 • 2025 v 2024 productivity performance 125
Slide 24: Closing remarks
Closing remarks Resilient full year Actions taken to drive Strongly positioned to performance value capture upside Resilient full year Our strategic advantage Decisive actions to drive performance value 24
Slide 25: Appendix
appendix 25
Slide 26: Integrated value chain (2025)
Integrated value chain (2025) Wood Containerboard Containerboard3 15.1 million m3 2.6 mt 1.5 mt Corrugated Packaging Paper for Corrugated recycling Pulp Box plants solutions 1.5 million 3.8 mt 2.4 billion m2 tonnes (mt) Uncoated Uncoated fine Other fine paper paper materials2 0.9 mt 0.9 mt Market pu
Slide 27: Corrugated Packaging
Corrugated Packaging Strategically well positioned in Europe leveraging strong upstream paper position with converting platform focused on Central and Eastern Europe • Focus on Europe and adjacencies • Highly integrated in bulk grades, selective open market positions in niche markets Where we operat
Slide 28: Corrugated Packaging
Corrugated Packaging Leading market positions in diversified markets and regions Upstream Converting Production statistics Corrugated solutions Corrugated solutions end-markets sales by location of customer 3.7mt 2.4bn m2 2.4bn m2 Virgin containerboard Central Europe Food & pet food Recylced contain
Slide 29: Flexible Packaging: Industrial
Flexible Packaging: Industrial High-quality, global market leader with competitive advantage Where we operate Mills 4 Pulp and paper mills Plants 38 Paper bag plants 29
Slide 30: Flexible Packaging
Flexible Packaging Strategically positioned across diversified products, markets and regions Industrial use Diversified end-use exposure Diversified geographic exposure 50% flexible packaging revenue (% 2025 revenue) External revenue by location of customer (% 2025 revenue) Consumer use 50% flexible
Slide 31: Mondi is the leading producer of sack kraft paper
Mondi is the leading producer of sack kraft paper with a high level of integration into its Paper Bags business Global top 20 sack kraft paper producers Global leading sack kraft paper consumers In kt in kt 900 900 800 800 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 Mondi Mondi Large
Slide 32: Flexible Packaging: Consumer
Flexible Packaging: Consumer Competitively positioned to deliver complex packaging solutions across a range of substrates Where we operate Mills 4 Speciality kraft paper mills Plants 18 Converting plants 32
Slide 33: Largest speciality kraft paper producer in Europe
Largest speciality kraft paper producer in Europe, with broadest paper range Mondi is European market leader 565kt Speciality kraft paper is supporting the growth in new paper-based packaging applications 0 50 100 150 200 250 300 350 400 450 500 550 600 Thousand tonnes capacity 33 As at 31 December
Slide 34: 2025 Sustainability performance at a glance
2025 Sustainability performance at a glance 88% 0.67 48% of our packaging and paper Total Recordable Case Rate – reduction in Scope 1 and 2 GHG revenue is from products that are safety performance emissions compared with our reusable, recyclable or 2019 baseline compostable 34
Slide 35: Previous business unit reporting segments: Corrugated Packaging
Previous business unit reporting segments Corrugated Packaging Unaudited € million and percentage Year ended Year ended Change Six months ended Six months ended 31 December 2025 31 December 2024 % 31 December 2025 30 June 2025 (H2 2025) (H1 2025) Segment revenue 2,667 2,251 18% 1,369 1,298 Underlyin
Slide 36: Previous business unit reporting segments: Uncoated Fine Paper
Previous business unit reporting segments Uncoated Fine Paper Unaudited € million and percentage Year ended Year ended Change Six months ended Six months ended 31 December 2025 31 December 2024 % 31 December 2025 30 June 2025 (H2 2025) (H1 2025) Segment revenue 1,150 1,317 (13%) 531 619 Underlying E
Slide 37: Mondi: Forward-looking statements disclaimer
Mondi: Forward-looking statements disclaimer This document includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi’s financial position, business strategy, market growth and developments, expe