Slide 1: A leader in sustainable packaging and paper solutions
A leader in sustainable packaging and paper solutions Results for the six months ended 30 June 2025 Thursday 31 July 2025
Slide 2: H1 2025 Results
H1 2025 Results Solid operational and Good progress on key financial performance strategic initiatives Delivering value accretive growth, sustainably 2
Slide 3: Finance review
Finance review 3
Slide 4: Solid performance in a challenging macroeconomic environment
Solid performance in a challenging macroeconomic environment Underlying Cash generated Basic underlying Interim dividend EBITDA from operations ROCE EPS per share € million € million % (12-month rolling) € cents € cents 565 564 372 416 9.6 8.4 50.5 42.7 23.33 23.33 H1 2024 H1 2025 H1 2024 H1 2025 De
Slide 5: Underlying EBITDA comparable with the prior year
Underlying EBITDA comparable with the prior year Underlying EBITDA development € million 27 14 (11) (31) 565 564 H1 2024 Sales Sales Costs and Forestry H1 2025 volumes prices other fair value gain 5
Slide 6: Solid performance in our two packaging businesses
Solid performance in our two packaging businesses Corrugated Packaging Flexible Packaging Uncoated Fine Paper Underlying EBITDA (€ million) Underlying EBITDA (€ million) Underlying EBITDA (€ million) 166 Forestry fair value Underlying 81 EBITDA ex. forestry fair 143 203 276 302 value H1 2024 H1 2025
Slide 7: Increased leverage following investments to enhance our customer product offering and expand our network
Increased leverage following investments to enhance our customer product offering and expand our network Movement in net debt € million 1.7x 2.5x Net debt to Net debt to underlying EBITDA1 underlying EBITDA1 (1,732) (2,639) 564 (130) (349) (167) (202) (623) Net debt at Underlying Working Capital Int
Slide 8: 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 9: 2025 Technical guidance
2025 Technical guidance Reason Previous guidance Updated guidance for update Unchanged – Now includes Capital expenditure €750 – 850 million €750 – 850 million Schumacher Inclusion of Schumacher Depreciation and amortisation €450 – 475 million €475 – 500 million from 31 March 2025 Unchanged – Now in
Slide 10: Good progress on key strategic initiatives
Good progress on key strategic initiatives 10
Slide 11: Investing to meet customer requirements and drive competitive advantage
Investing to meet customer requirements and drive competitive advantage Capital invested € million • Meaningful through-cycle investment into our business 1,500 • Enhanced our customer value proposition 1,200 • Sufficient capacity to meet our customers’ demand for sustainable packaging products 900
Slide 12: Delivering value and growth from through-cycle investments
Delivering value and growth from through-cycle investments Investment into growing packaging Broader product range markets Leveraging growth in eCommerce and sustainable packaging solutions Strengthened footprint to support leadership positions New converting capacity in Germany, Netherlands, UK
Slide 13: Partnering with customers to drive innovation
Partnering with customers to drive innovation 1. Ideation 2. Product Development 3. Commercialisation How we do it: How we do it: How we do it: − Material agnostic − R&D, intellectual property − Customer trials − Customer innovation hubs − Application engineering − Value chain integration − Sustaina
Slide 14: Maintaining cost-advantaged asset base
Maintaining cost-advantaged asset base Mondi’s capacity by quartile of relevant • Through-cycle investment programme industry cost curve • Culture of continuous improvement delivering operational excellence • Increasing electricity self-sufficiency with higher contribution from renewable energy ~75%
Slide 15: Actively managing short-term performance…
Actively managing short-term performance… H1 2025: • Solid performance in a challenging macroeconomic environment Near-term priorities: • Ramp up of new projects and Schumacher integration • Proactive margin management • Strong cost control • Continuous improvement driving productivity • Cash flow o
Slide 16: …while ensuring we are well positioned for long-term value accretive growth, sustainably
…while ensuring we are well positioned for long-term value accretive growth, sustainably • Unique integrated platform to provide customers with long-term, high-quality solutions and sustainable products • Market leading positions in structurally growing markets underpinned by sustainability led dema
Slide 17: Questions
Questions 17