Mondi plc (MNDI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Mondi Full Year Results 2025. Just to let you know, we do have captions on today's call and these can be switched on and off within your Zoom settings, but please be aware they are automated and can sometimes contain errors. If you have a question today, then please use the raise hand function. I'm now going to hand you over to Andrew King. Andrew, please go ahead. Good morning everyone and welcome to Mondi's 2025 full year results presentation. I'm Andrew King, your group CEO, and I'm joined this morning by our CFO, Mike Powell. As usual, I'll begin with some highlights for the year. Mike will then take you through the financial performance in more detail. I will then return to provide an update on our business units, discussing at the same time the current trading environment, and then take you through why we believe Mondi is strongly positioned to capture the upside as markets improve. After that, Mike and I look forward to taking your questions. So as you'll see on the first slide, in terms of our full year performance, I believe we did deliver a resilient outcome, €1 billion of underlying EBITDA, marginally down on the prior year. Pleasingly, cash generated from operations of €1.07 billion was up on the prior year. As Mike will explain in more detail, We were also able to reduce capex below previously guided levels, which further supported our cash flow and balance sheet. As I mentioned, this is a resilient performance in the context of what remain challenging market conditions and reflects both the strength of our integrated asset base, the value of our unique product offering and the impact of the self-help measures we have taken. While we remain confident in the structural drivers underpinning through-cycle growth in our sustainable packaging s...