Mondi plc (MNDI) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.056 Good morning, everyone, and thank you for joining today's call at short notice. 00:00:04.056 -- 00:00:09.960 As said, I'm Andrew King, Group CEO, and with me is Mike Powell, our Group CFO. 00:00:10.223 -- 00:00:13.967 As you all have seen from our statement, the challenging market environment we spoke 00:00:13.967 -- 00:00:18.933 about at our half-year results in July has continued through the third quarter. 00:00:18.933 -- 00:00:24.753 This resulted in an underlying EBITDA of $223 million for the quarter. 00:00:24.753 -- 00:00:29.780 Across the period, we saw subdued market demand impacting sales volumes 00:00:29.780 -- 00:00:32.664 in the upstream pulp and paper businesses in particular. 00:00:32.664 -- 00:00:34.426 And 00:00:34.426 -- 00:00:39.152 since we last reported results at the end of July, we've also seen further pulp and paper 00:00:39.152 -- 00:00:42.617 price declines across most grades. 00:00:42.617 -- 00:00:47.323 Our packaging converting operations delivered a stable performance when compared to the 00:00:47.323 -- 00:00:52.073 prior quarter, despite this difficult backdrop. 00:00:52.073 -- 00:00:56.399 Challenging trading conditions are expected to persist for the remainder of this year 00:00:56.399 -- 00:01:00.702 as demand side confidence remains fragile. 00:01:00.825 -- 00:01:06.052 Furthermore, key markets remain in oversupply and current selling prices are 00:01:06.052 -- 00:01:09.336 lower than the third quarter averages. 00:01:09.336 -- 00:01:13.762 While we remain confident in the structural drivers underpinning through cycle growth 00:01:13.762 -- 00:01:16.046 in our packaging solutions, 00:01:16.046 -- 00:01:21.115 we are equally cognizant of the impact of the current prolonged cyclical downturn 00:01:21...