Slide 1: A resilient performance. Strong platform for growth.
A resilient performance. Strong platform for growth. Results for the twelve months ended 31 December 2023 22 February 2024
Slide 2: 2023 Full Year Results
2023 Full Year Results Resilient performance with strong cash generation Growth investments on track Continued progress delivering our sustainability commitments 2
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Slide 4: Resilient performance with strong cash generation
Resilient performance with strong cash generation Underlying Cash generated Basic underlying Ordinary EBITDA from operations ROCE EPS DPS € million € million % € cents € cents 1,157 1,848 1,201 1,001 1,292 1,312 13.9 23.7 12.8 110.1 195.6 107.8 65 70 70 2021 2022 2023 2021 2022 2023 2021 2022 2023 2
Slide 5: Breadth of products, customers and end-markets mitigate challenging trading conditions
Breadth of products, customers and end-markets mitigate challenging trading conditions Underlying EBITDA development € million (277) (435) 106 (41) 1,848 1,201 2022 Sales volumes Sales prices Costs and other Forestry 2023 fair value gain 5
Slide 6: Strong cash generation supporting investment in the business
Strong cash generation supporting investment in the business Demonstrating Facilitating through- Continued payment Retaining a strong strong cash flow cycle investment in to providers of balance sheet characteristics the business capital and tax Cash generated Progressing with Payment of ordinary 0.
Slide 7: Disciplined capital allocation strategy
Disciplined capital allocation strategy 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 stron
Slide 8: Dividend per share held in line with 2022
Dividend per share held in line with 2022 Dividends € cents per share 70 cents 70 cents 65 cents 57 cents 60 cents 2019 2020 2021 2022 2023¹ Interim dividend Final dividend Dividend cover 3.0 2.2 2.4 2.8 1.5 (times): 2023 dividend per share maintained at prior year level reflecting confidence in the
Slide 9: Resilient performance with strong cashflow to support future growth
Resilient performance with strong cashflow to support future growth ● Cash generated from operations of €1,312 million ● Robust balance sheet o 0.3x, pro-forma 1.0x net debt to underlying EBITDA ● Consistent delivery of our capital allocation strategy Strong platform for growth 9
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Slide 11: Corrugated Packaging
Corrugated Packaging % of Quality asset base, integration strength Group EBITDA Underlying EBITDA and margin € million and % ● Selling prices declined more than input costs in 2023 23.1% 22.1% o Sharp decline in H1 selling prices followed by stabilisation in H2 ● Broadly stable containerboard sales
Slide 12: Flexible Packaging
Flexible Packaging % of Strongly integrated, unique platform Group EBITDA Underlying EBITDA and margin € million and % ● Resilience due to integration and exposure to consumer-focused 18.5% markets 17.2% 16.5% ● Kraft paper and paper bag value chain o Lower sales volumes as a result of weaker demand
Slide 13: Uncoated Fine Paper
Uncoated Fine Paper % of Supplier of choice Group EBITDA Underlying EBITDA and margin € million and % ● Geographic and product diversification supported performance 26.5% o Lower European uncoated fine paper demand and selling prices 22.4% o Stable uncoated fine paper market conditions in South Afri
Slide 14: Delivering through-cycle value accretive growth
Slide 15: Mondi is well positioned to deliver value accretive growth, sustainably
Mondi is well positioned to deliver value accretive growth, sustainably Leveraging our unique packaging platform in structurally growing markets Leading on sustainability Investing for growth 15
Slide 16: An exceptional packaging platform…
An exceptional packaging platform… Corrugated Packaging 6 mills, 18 converting plants Production sites per business unit Corrugated Packaging Mill (6) Converting plant (18) Flexible Packaging Mill (6) Converting plant (67) Uncoated Fine Paper Mill (5) Flexible Packaging Group offices 6 mills, 67 con
Slide 17: …providing a range of multi-material solutions
…providing a range of multi-material solutions For example, our eCommerce customers can choose between kraft and functional barrier paper, paper bags and corrugated solutions which all provide protection, reseal for return and sustainability benefits BOXES BAGS High strength Puncture resistance Recy
Slide 18: Broad range of circular solutions and customer centric approach
Broad range of circular solutions and customer centric approach ● Sustainable packaging remains a top priority for our global customers o Industrial markets: transport packing moves from single use plastic to paper o Consumer packaging: focus on recycling ● Regulation will accelerate transition away
Slide 19: Good progress delivering MAP2030 sustainability commitments
Good progress delivering MAP2030 sustainability commitments 85% 0.64 22% of our packaging and paper Total Recordable Case Rate, safety reduction of our absolute Scope 1 revenue is from products that are performance among industry leaders and 2 GHG emissions against our reusable, recyclable or compos
Slide 20: Investing through cycle for value accretive growth
Investing through cycle for value accretive growth Expected to deliver through cycle mid-teen-returns when fully operational Pulp and paper Pulp and paper mills mills €0.4 bn €0.4 bn €1.2 bn €0.2 bn €0.2 bn Converting Converting network network 80% of investment is expected to be completed by end of
Slide 21: We have delivered strong value accretion balancing investing for growth and distributing returns
We have delivered strong value accretion 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 oth
Slide 22: A market leader in sustainable packaging
A market leader in sustainable packaging Broad & innovative Strong cash generation product range in with robust balance Disciplined capital structurally growing sheet allocation strategy markets High-quality, integrated Investment through-cycle asset base providing Contributing to for value accretiv
Slide 23: Appendices
APPENDICES
Slide 24: 2024 Technical guidance
2024 Technical guidance 2024 Capital expenditure €800 – 900 million Depreciation and amortisation €425 – 450 million Working capital as a % of revenue 12 – 14% Effective tax rate 23 – 24% Net finance costs ~ €100 million 24
Slide 25: Disposal of Russian operations
Disposal of Russian operations ● Reported as discontinued operations ● Concluded exit from Russia o Completed the disposal of our Russian packaging converting operations and the Syktyvkar mill on 30 June 2023 and 4 October 2023 respectively ● Loss on disposal of €756 million o Primarily reclassifica
Slide 26: Mondi at a glance (FY 2023)
Mondi at a glance (FY 2023) Products Segment Underlying ROCE End uses revenue1 EBITDA (12-month & margin rolling) Corrugated €2,280m €310m 7.7% Packaging (31%) 13.6% Flexible €3,866m €637m Packaging 14.4% (52%) 16.5% Uncoated Fine €1,292m €289m Paper 20.6% (17%) 22.4% 1. Segment revenue percentages
Slide 27: Integrated value chain
Integrated value chain1 Containerboard3 Corrugated Packaging 1.3 mt Wood Containerboard 12.8 million m3 2.3 mt Corrugated solutions 1.9 billion m2 Box plants Paper for recycling Pulp 1.3 million tonnes (mt) 3.2 mt Kraft paper3 Consumer Flexible Packaging 0.4 mt flexibles 1.8 billion m2 Kraft paper O
Slide 28: Largest integrated sack kraft paper and paper bags supplier
Largest integrated sack kraft paper and paper bags supplier Global capacity of 5 million tonnes Top 20 accounting for ~75% of capacity Global top 20 sack kraft paper Mix of integrated and unintegrated players producers (by capacity in kt) 900 Europe North America 600 Latin America Asia-Pacific Mondi
Slide 29: Underlying EBITDA and ROCE
Underlying EBITDA and ROCE 2014 – 2023 results € million and % 40.0% 35.0% 30.0% 25.0% 23.6% 23.7% 20.0% 20.5% 20.3% 19.8% 19.3% 17.2% 15.0% 15.2% 13.9% 12.8% 10.0% 5.0% 1,126 1,325 1,366 1,482 1,764 1,658 1,353 1,157 1,848 1,201 0.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ROCE (%) Exclud
Slide 30: Organic growth projects expected to deliver through cycle mid-teen returns when fully operational
Organic growth projects expected to deliver through cycle mid-teen returns when fully operational Planned capacity ramp-up period Business unit Project Investment Project 2024 2025 2026 status Investment Kuopio modernisation (55ktpa) €0.1 billion complete Completion Corrugated Świecie debottleneckin
Slide 31: Investment pipeline: Corrugated Packaging
Investment pipeline: Corrugated Packaging Kuopio Świecie Duino Corrugated Solutions (Finland) (Poland) (Italy) network • Investment of €125 million for • Investment of €95 million for • Investing €200 million to convert • Investing across our central and 55,000 tonnes of additional 55,000 tonnes add
Slide 32: Investment pipeline: Flexible Packaging
Investment pipeline: Flexible Packaging Štětí Expanding leading Growing consumer (Czech Republic) global paper bags offering with innovative network solutions • Investing €400 million in a new • Ramping up investments in • Consolidating our leading position 210,000 tonne kraft paper Colombia and Mor
Slide 33: 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