Final Results

About this update from Mondi Plc

[{"type":"text","content":"\n\n \n \n\n\n\n\n Mondi plc (Incorporated in England and Wales) (Registered number: 6209386) LEI: 213800LOZA69QFDC9N34   LSE share code: MNDI   ISIN: GB00BMWC6P49 JSE share code: MNP   20 February 2025 Full year results for the year ended 31   December 2024 Mondi, a global leader in the production of sustainable packaging and paper, today announces its results for the 12 months to 31   December 2024. Highlights •           Resilient performance in line with our expectations •           Underlying EBITDA of €1,049   million, including €7 million forestry fair value gain (2023: €1,201   million including €128 million forestry fair value gain) •           Delivering on our growth strategy •           Started up five major capacity expansion projects – on time and within budget – including the new paper machine at Steti (Czech Republic) that commenced operations ahead of plan in December 2024 •           Completed the acquisition of Hinton pulp mill (Canada) •           Agreed acquisition of Schumacher’s Western Europe Packaging Assets – on track to complete in H1 2025 •           Supporting shareholder returns •           €1.60 per share special dividend paid in February 2024, returning net proceeds from sale of the Group’s Russian assets •           Recommended total ordinary dividend of 70.0 euro cents per share – in line with 2023 Financial summary \t \t\t \t\t\t \t\t\t €   million, unless otherwise stated \t\t\t \t\t\t \t\t\t Year ended 31   December 2024 \t\t\t \t\t\t \t\t\t Year ended 31   December 2023 \t\t\t \t\t\t \t\t\t Change \t\t\t % \t\t\t \t\t\t \t\t\t Six months ended 31   December 2024 (H2 2024) \t\t\t \t\t\t \t\t\t Six months ended 30 June 2024 (H1 2024) \t\t\t \t\t \t\t \t\t\t \t\t\t From continuing operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Group revenue \t\t\t \t\t\t \t\t\t 7,416 \t\t\t \t\t\t \t\t\t 7,330 \t\t\t \t\t\t \t\t\t   1   \t\t\t \t\t\t \t\t\t 3,677 \t\t\t \t\t\t \t\t\t 3,739 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA 1 \t\t\t \t\t\t \t\t\t 1,049 \t\t\t \t\t\t \t\t\t 1,201 \t\t\t \t\t\t \t\t\t   (13) \t\t\t \t\t\t \t\t\t 484 \t\t\t \t\t\t \t\t\t 565 \t\t\t \t\t \t\t \t\t\t \t\t\t Forestry fair value gain / (loss) \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t 128 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (42) \t\t\t \t\t\t \t\t\t 49 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA excluding forestry fair value gain 1 \t\t\t \t\t\t \t\t\t 1,042 \t\t\t \t\t\t \t\t\t 1,073 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 526 \t\t\t \t\t\t \t\t\t 516 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA margin 1 \t\t\t \t\t\t \t\t\t   14.1% \t\t\t \t\t\t \t\t\t   16.4% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   13.2% \t\t\t \t\t\t \t\t\t   15.1% \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Profit before tax \t\t\t \t\t\t \t\t\t 378 \t\t\t \t\t\t \t\t\t 682 \t\t\t \t\t\t \t\t\t   (45) \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Basic underlying earnings per share (euro cents) 1 \t\t\t \t\t\t \t\t\t 82.7 \t\t\t \t\t\t \t\t\t 107.8 \t\t\t \t\t\t \t\t\t   (23) \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Basic earnings per share (euro cents) \t\t\t \t\t\t \t\t\t 49.1 \t\t\t \t\t\t \t\t\t 103.5 \t\t\t \t\t\t \t\t\t   (53) \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Total ordinary dividend per share (euro cents) \t\t\t \t\t\t \t\t\t 70.0 \t\t\t \t\t\t \t\t\t 70.0 \t\t\t \t\t\t \t\t\t   —   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Special dividend per share (euro cents) \t\t\t \t\t\t \t\t\t 160.0 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Cash generated from operations \t\t\t \t\t\t \t\t\t 970 \t\t\t \t\t\t \t\t\t 1,312 \t\t\t \t\t\t \t\t\t   (26) \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Net debt to underlying EBITDA (times) 1 \t\t\t \t\t\t \t\t\t 1.7 \t\t\t \t\t\t \t\t\t 0.3 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Return on capital employed (ROCE) 1 \t\t\t \t\t\t \t\t\t 9.6% \t\t\t \t\t\t \t\t\t 12.8% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t Note: 1   The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards. Refer to the Alternative Performance Measures (APMs) section at the end of this document for further detail. Andrew King, Mondi Group Chief Executive Officer, commented: “Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterised by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders. “In 2024 Mondi successfully started up five major capacity expansion projects on time and within budget building a strong platform for growth. The largest of these, the new paper machine at Steti (Czech Republic), commenced operations ahead of schedule in December. We are very appreciative of the commitment of our colleagues who have worked tirelessly over the last few years to deliver these projects. Our focus now turns to executing our operational and commercial strategy and leveraging our expanded product offering. “Disciplined capital allocation to deliver value accretive growth remains a strategic priority and, alongside our investment in organic growth opportunities, we were pleased to announce the acquisition of the Western Europe Packaging Assets of Schumacher Packaging, which will expand our geographic reach and deliver integration benefits in our Corrugated Packaging business. \"Reflecting the importance of shareholder returns and our continued confidence in the future of the business, the Board has recommended a total ordinary dividend for 2024 in line with last year, at 70.0 euro cents per share. \"As we move into 2025, while significant macroeconomic and geopolitical uncertainties remain, we are currently seeing improving order books across our packaging businesses and are implementing price increases across our range of packaging paper grades. With our culture of continuous improvement, we are focused on managing costs and driving productivity, alongside ramping up our new capacity expansion projects. “The demand for sustainable products is providing many opportunities for Mondi and is a key driver of our growth. Our investments over the last few years, enhancing our unique packaging and paper platform and product offering for our customers, will support this growth.” Enquiries Investors/analysts: Fiona Lawrence                         +44 742 587 8683 Mondi Group: Head of Investor Relations       Media: Chris Gurney             +44 799 004 3764 Mondi Group: Head of Corporate Communication   Richard Mountain             +44 790 968 4466 FTI Consulting   Results presentation details A webinar will be held today at 09:00 (GMT), 10:00 (CET), 11:00 (SAST). Event registration link: https://storm-virtual-uk.zoom.us/webinar/register/WN_NnKIKisrTvW7KFhK6CXLBA Once registered, you will receive a confirmation email from ‘MONDI Events’ with the webinar link and ID. A replay will be available on our website within a couple hours after the end of the live results presentation at: https://www.mondigroup.com/investors/results-reports-and-presentations/ For any queries, please email [email protected] Delivering on our strategy Group performance review Mondi demonstrated resilience during the year delivering an underlying EBITDA of €1,049   million, achieved against a backdrop of softness in demand and a challenging pricing environment. This performance highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders. 2024 started with some encouraging signs of recovery, with restocking and price increases across all our paper grades combined with lower input costs. As the year progressed the market recovery faltered with many of our markets experiencing a lacklustre demand environment resulting in prices first stabilising and then declining into the end of the year.   Underlying EBITDA of €1,049   million was 13% below last year primarily due to the significantly lower forestry fair value gain in 2024 of €7 million and a €32 million one-off currency loss recognised in the first half of 2024 from the devaluation of the Egyptian pound (2023: €1,201   million, forestry fair value gain of €128 million). Volume growth and lower wood, energy and chemical costs offset lower average prices and inflationary increases in operating costs.   Corrugated Packaging delivered an improved performance in the second half of the year when compared to the first half of the year. Margin expansion and an improvement in underlying EBITDA in the second half were driven by higher average selling prices which more than offset lower volumes as a result of a higher number of scheduled mill maintenance shuts compared to the first half. Excluding the one-off currency loss in the first half, Flexible Packaging's underlying EBITDA was down in the second half as higher average selling prices through the second half were offset by lower volumes and higher fixed costs from scheduled mill maintenance shuts. After a strong start to the year, Uncoated Fine Paper had a weaker second half of the year due to a forestry fair value loss, lower prices and scheduled mill maintenance shut impacts. Basic underlying earnings per share were 82.7 euro cents (2023: 107.8 euro cents) reflecting lower profitability. Special item pre-tax charges in the year were €150   million which included €110 million of closure costs at the Stambolijski kraft paper mill in Bulgaria. Over the last three years Mondi has undertaken a meaningful capital expenditure programme across both corrugated and flexible packaging mills and converting plants investing €1.2 billion in total to expand capacity, increase cost competitiveness and improve our environmental footprint. By the end of 2024 80% of the investment had been completed – on time and within budget. Five of the major capacity expansion projects, including the new paper machine at Steti (Czech Republic) which commenced operations in December 2024, are now operational. Duino (Italy) remains on track to complete in the first half of 2025. Our focus turns to executing our operational and commercial strategy ensuring all these projects ramp up capacity efficiently to maximise value from our investments and deliver mid-teen returns through cycle. Return on capital employed was 9.6% (2023: 12.8%), reflecting the ongoing challenging trading conditions, the significantly lower forestry fair value gain and a one-off currency loss from the devaluation of the Egyptian pound. Maintaining a strong and flexible balance sheet, reflected in an investment grade credit rating, coupled with strong cash generation, enables the Group to continue investing through the cycle alongside paying dividends to shareholders. Cash generated from operations was €970   million, a reduction on the prior year (2023: €1,312   million) due to working capital movements. Net debt to underlying EBITDA at 31 December 2024 was 1.7 times (31   December 2023: 0.3 times) as the business continued to invest in its meaningful capital expenditure programme. We are on track to complete the acquisition of the Western Europe Packaging Assets of Schumacher Packaging, for an enterprise value of €634 million, in the first half of 2025, which will increase leverage in the short term. The Board has recommended paying a total ordinary dividend for 2024 in line with last year, at 70.0 euro cents per share, reflecting our continued confidence in the future of our business. Delivering value accretive growth, sustainably Mondi aims to deliver value accretive growth for all our stakeholders by making packaging and paper solutions that are sustainable by design. We leverage our integrated business model to maintain our market leading positions, meet evolving customer preferences and contribute towards the transition to a circular economy. In 2024 Mondi delivered further progress across each of its four strategic pillars: drive performance along the value chain, invest in quality assets, partner with our customers, and empower our people. Sustainability is core to Mondi’s strategy, and we have continued to make progress against our commitments through our Mondi Action Plan 2030 (MAP2030) sustainability framework. Drive performance along the value chain By implementing continuous improvement initiatives to optimise productivity, enhance our efficiency and eliminate waste across our operations, we gain considerable competitive advantage. During 2024 we delivered improvements across the value chain to reduce input costs, largely from procurement initiatives, increase energy efficiency and further enhance product quality. The completion of a number of significant capital expenditure projects during the year will further improve productivity and efficiency. Our focus on minimising the environmental impacts of our operations is demonstrated by our target to reduce waste to landfill per tonne of production by 30% by 2030, against a 2020 baseline. In 2024 we decreased our waste to landfill per tonne of production by 4% which, when compared to the 2020 baseline, is a reduction of 46%. We undertake projects to keep materials in circulation by recycling and reusing waste as secondary raw materials with this year's improvement mainly from our mills in Richards Bay (South Africa), Kuopio (Finland) and Dynas (Sweden). Investing in quality assets We invest in quality assets through the cycle. Our investments ensure we have capacity in structurally growing markets and a broad range of products to meet the increasing demand for sustainable packaging from our customers. Over the last three years we have invested €1.2 billion to increase capacity in both Corrugated Packaging and Flexible Packaging. When fully ramped up, these projects will add more than 500,000 tonnes of additional virgin and recycled containerboard capacity (Swiecie, Kuopio and Duino) and 210,000 tonnes of kraft paper capacity (Steti). We also expanded our converting capacity, primarily through major box plant expansions at Warsaw and Simet (both Poland) and projects across Flexible Packaging. These include expanding our market-leading pet food packaging converting capability and a new extrusion line at Mondi Coating Steti (Czech Republic) to support the growth of food and non-food contact packaging. With this investment and build phase largely complete, we are now focused on executing our operational and commercial strategy to ensure these capacity expansion projects ramp up efficiently to maximise value from our investments and deliver mid-teen returns through cycle. We also invest in our mills and plants to drive operating efficiency, increase energy self-sufficiency, reduce environmental impacts and maintain a competitive advantage. In 2024 we continued to make progress towards reducing our greenhouse gas emissions. Compared to our target of a 46% reduction in Scope 1 and 2 emissions by 2030 against our 2019 baseline, we achieved an 11% reduction compared to 2023 which, when compared to our 2019 baseline, is a reduction of 31%. Contributing to this is our continued focus on switching fuel mix towards renewable energy, including using biomass-based energy in our mills. In 2024, 79% of our energy was from renewables (2023: 75%). Further reductions will follow at our Richards Bay mill (South Africa), where we are replacing the coal-fired boilers with a biomass boiler, removing our reliance on externally procured energy, and at our Dynas mill (Sweden), where we are replacing our existing boiler with a new energy-efficient boiler. These energy investments reduce both costs and emissions, enabling us to offer our customers products with a lower carbon footprint, supporting their sustainability journey. In February 2024 we completed the acquisition of the Hinton Pulp mill (Canada) and have made good progress developing team excellence and improving its productivity, sustainability performance and quality parameters for high-quality pulp suitable for kraft paper. Feasibility studies for a new sack kraft paper machine at the mill are ongoing in line with our intention to fully integrate our American paper bags business. In October 2024 we reached an agreement to acquire the Western Europe Packaging Assets of Schumacher Packaging for an enterprise value of €634 million. The acquisition, due to complete in the first half of 2025, complements Mondi’s Corrugated Packaging operations in Europe. It includes two state-of-the-art mega-box plants in Germany and secures significant capacity for Mondi to continue to meet growing demand for sustainable packaging, particularly in eCommerce markets. We continue to look at further opportunities for organic and inorganic growth investment across our packaging portfolio and to improve operating efficiency across all our operations to ensure we are well positioned to benefit from structural growth in our markets and meet the demands of our customers for sustainable packaging and paper. Partner with customers We believe that the global transition to sustainable packaging offers an important growth opportunity for Mondi. We innovate in partnership with our customers to create a unique range of fibre and high-end sustainable plastic packaging products that are fit for a future circular economy and support our customers’ sustainability journeys. Complementing our corrugated solutions ‘Think Box’ innovation hubs, we recently opened ‘FlexStudios’ at Steinfeld (Germany) to help us co-create with our customers a range of new flexible packaging solutions. Working in collaboration with Amazon, we launched a fully recyclable, paper-based padded mailer this year and, reflecting the strength of our innovative ideas and technologies, we received ten 2025 WorldStar Packaging Awards. We are focused on providing our customers with sustainable low-carbon packaging solutions that support their climate targets and keep materials in circulation. In Europe, our growth plans are supported by legislation that is increasingly driving the move towards more sustainable packaging products, including the Packaging and Packaging Waste Regulation. We continue to improve our data collection and analytics capabilities to enable us to support our customers with product-related data to manage their Scope 3 emissions, as well as maintaining traceability of our fibre sources. We have increased the proportion of Mondi revenue from reusable, recyclable or compostable products to 87% (2023: 85%). In 2021, as part of MAP2030, we set a target of 100% of packaging and paper revenue to be reusable, recyclable or compostable by 2025. Corrugated Packaging and Uncoated Fine Paper are fully recyclable so our focus is on Flexible Packaging where we are making good progress. In 2024, we had a sustainable alternative in place, or identified and in development, for 97% of our Flexible Packaging revenue. With customer adoption rates slower than expected due to a number of factors including the weak macroeconomic environment, we recognise that achieving 100% in the coming year is unlikely. As we reach the midpoint of MAP2030 and with the expansion of our global footprint, we will be reviewing, and where relevant, updating our MAP2030 targets. Empower our people We are focused on creating an inspiring, inclusive and safe workplace that empowers our teams and enables leaders to take accountability for attracting, developing, and retaining talent to foster innovation and growth. We engage with colleagues throughout Mondi and take action based on their opinions and feedback. Over the past year, we implemented local actions across the Group to address points raised in the 2023 Employee Survey. On a Group level we have been looking at how we can promote psychological safety and reinforce a culture of listening and caring. As part of this, we conducted a pulse survey on speaking up in 2024, which had a 78% participation rate. This high level of engagement provides us with a representative sample and enables us to take meaningful action across the organisation. Ensuring the safety of our colleagues remains our top priority and although we saw a slight increase in our Total Recordable Case Rate (TRCR) this year to 0.68 (2023: 0.64) we are still recognised as a leader in our industry. We did however regrettably experience a fatality of an employee at our Merebank mill (South Africa), and three people suffered serious finger injuries at our other operations. We are resolute in our commitment to investigating every incident thoroughly. Procedures and practices are rigorously revised to prevent any recurrence and ensure everyone returns home safely at the end of each day. Returns focused capital allocation Our disciplined capital allocation policy gives us the flexibility to invest through the economic cycle to drive long-term growth and to deliver attractive returns, while supporting the ordinary dividend. Cash generated from operations was €970   million in 2024 and we ended the year in a robust financial position demonstrated by a leverage ratio of 1.7 times net debt to underlying EBITDA. While 2024 was another year of navigating challenging markets, the Board has recommended a full year ordinary dividend of 70.0 euro cents per   share reflecting its continued confidence in the future of the business. Following the sale of the Group’s Russian assets at the end of 2023, and on obtaining shareholder approval, Mondi returned the net proceeds received of €769 million to shareholders as a €1.60 per share special dividend in February 2024. The special dividend was accompanied by a share consolidation, whereby shareholders received 10 new ordinary shares for every 11 existing ordinary shares held. Mondi sees excellent growth and return opportunities from investing in its packaging verticals of Corrugated Packaging and Flexible Packaging through both organic growth and acquisitions, while continuing to optimise its well-located and competitive Uncoated Fine Paper operations. Geographically, the focus for growth in Corrugated Packaging is in leveraging our leading positions and vertical integration strengths in Europe and adjacent markets. In Flexible Packaging we will continue to seek opportunities to develop our leading global franchise in kraft paper and paper bags, while focusing our consumer flexibles business on serving the more developed markets of Europe and North America. Business unit review Corrugated Packaging Mondi is a leading producer of corrugated packaging with a cost-competitive asset base and strong customer offering focused on quality, reliability and service. We are the leading virgin containerboard producer in Europe and the largest containerboard producer in emerging Europe. Our virgin containerboard is a high-quality product with excellent properties for specialised end-use applications, ideal to meet our customers' needs around the globe. We are also a leading corrugated solutions producer across central and emerging Europe. We leverage our integrated production network and partner with our customers to create fully recyclable corrugated boxes and packaging. \t \t\t \t\t\t \t\t\t €   million and percentage \t\t\t \t\t\t \t\t\t Year ended 31   December 2024 \t\t\t \t\t\t \t\t\t Year ended 31   December 2023 \t\t\t \t\t\t \t\t\t Change \t\t\t % \t\t\t \t\t\t \t\t\t Six months ended 31   December 2024 (H2 2024) \t\t\t \t\t\t \t\t\t Six months ended 30 June 2024 (H1 2024) \t\t\t \t\t \t\t \t\t\t \t\t\t Segment revenue \t\t\t \t\t\t \t\t\t 2,251 \t\t\t \t\t\t \t\t\t 2,280 \t\t\t \t\t\t \t\t\t   (1) \t\t\t \t\t\t \t\t\t 1,148 \t\t\t \t\t\t \t\t\t 1,103 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA \t\t\t \t\t\t \t\t\t 328 \t\t\t \t\t\t \t\t\t 310 \t\t\t \t\t\t \t\t\t   6   \t\t\t \t\t\t \t\t\t 185 \t\t\t \t\t\t \t\t\t 143 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA margin (%) \t\t\t \t\t\t \t\t\t 14.6% \t\t\t \t\t\t \t\t\t 13.6% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 16.1% \t\t\t \t\t\t \t\t\t 13.0% \t\t\t \t\t \t\t \t\t\t \t\t\t Capital employed \t\t\t \t\t\t \t\t\t 2,609 \t\t\t \t\t\t \t\t\t 2,318 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t ROCE (%) \t\t\t \t\t\t \t\t\t 7.2% \t\t\t \t\t\t \t\t\t 7.7% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t   Corrugated Packaging delivered an improved performance compared to 2023 with underlying EBITDA of €328   million and margin of 14.6% (2023: €310   million, 13.6%). The business exhibited good cost control, achieving a reduction in input costs which more than offset inflationary cost pressures. Performance in the second half of the year was stronger when compared to the first half mainly due to higher average selling prices. In Containerboard, our sales volumes were broadly flat compared to the prior year as the business continued to deliver its broad range of high-quality paper grades to customers. We achieved selling price increases through the year before some modest reductions during the last quarter resulting in broadly similar average selling prices for the year compared to the prior year. We are currently implementing containerboard price increases. In Corrugated Solutions, box volumes were broadly flat but improved over the year, with higher volumes in the second half compared to the first half supported by the growing demand for sustainable packaging solutions used in eCommerce and other consumer end-use applications. The majority of our major capacity expansion projects have started up and are ramping up capacity. In Containerboard, this includes the €125 million modernisation investment at our Kuopio mill (Finland) which is increasing semi-chemical fluting capacity by 55,000 tonnes while enhancing efficiency and improving environmental performance at the mill. In addition, our €95 million debottlenecking project at Swiecie mill (Poland) is increasing kraftliner capacity by 55,000 tonnes. In Corrugated Solutions, completed investments include our Warsaw and Simet plant expansions in Poland, transforming these sites into state-of-the-art corrugated packaging facilities tailored to serve the specialised needs of our customers in Poland and beyond. We continue to make good progress with our €200 million investment at our Duino mill (Italy) to convert the existing paper machine into a high-quality, cost-competitive recycled containerboard machine with an annual capacity of 420,000 tonnes. Start-up of the machine is expected in the first half of 2025. Flexible Packaging We are a global flexible packaging producer with a unique portfolio of solutions. We primarily produce kraft paper which is converted into paper bags or used for specialist consumer or industrial applications. As the global leader in kraft paper and paper bag production, and together with our high level of integration, our customers come to us for scale, security of supply and global reach. We are also a leading producer of high-quality, flexible plastic-based packaging for consumer end-uses in Europe. Furthermore, we have broad coating capabilities which add barriers to create functional paper solutions that protect the goods inside while continuing to be recyclable in paper waste streams. \t \t\t \t\t\t \t\t\t €   million and percentage \t\t\t \t\t\t \t\t\t Year ended 31   December 2024 \t\t\t \t\t\t \t\t\t Year ended 31   December 2023 \t\t\t \t\t\t \t\t\t Change \t\t\t % \t\t\t \t\t\t \t\t\t Six months ended 31   December 2024 (H2 2024) \t\t\t \t\t\t \t\t\t Six months ended 30 June 2024 (H1 2024) \t\t\t \t\t \t\t \t\t\t \t\t\t Segment revenue \t\t\t \t\t\t \t\t\t 3,964 \t\t\t \t\t\t \t\t\t 3,866 \t\t\t \t\t\t \t\t\t   3   \t\t\t \t\t\t \t\t\t 1,940 \t\t\t \t\t\t \t\t\t 2,024 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA \t\t\t \t\t\t \t\t\t 558 \t\t\t \t\t\t \t\t\t 637 \t\t\t \t\t\t \t\t\t   (12) \t\t\t \t\t\t \t\t\t 282 \t\t\t \t\t\t \t\t\t 276 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA margin (%) \t\t\t \t\t\t \t\t\t 14.1% \t\t\t \t\t\t \t\t\t 16.5% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 14.5% \t\t\t \t\t\t \t\t\t 13.6% \t\t\t \t\t \t\t \t\t\t \t\t\t Capital employed \t\t\t \t\t\t \t\t\t 3,418 \t\t\t \t\t\t \t\t\t 3,167 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t ROCE (%) \t\t\t \t\t\t \t\t\t 11.5% \t\t\t \t\t\t \t\t\t 14.4% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t   Flexible Packaging's underlying EBITDA was €558   million for the year with margin of 14.1% (2023: €637   million, 16.5%) as higher sales volumes and reduced input costs were offset by lower average selling prices and inflationary cost pressures. A €32 million one-off currency loss from the devaluation of the Egyptian pound, as previously reported, was also recognised in the first half of the year. Excluding this one-off loss, Flexible Packaging's underlying EBITDA was down in the second half as higher average selling prices through the second half were offset by lower volumes and higher fixed costs from scheduled mill maintenance shuts. In Kraft Paper, improvements in market demand, supported by the drive for more sustainable solutions, led to higher sales volumes compared to 2023. While kraft paper selling prices increased during the first half and into the second half of the year, average prices for the year remained below the prior year's averages. In 2025, kraft paper has seen some early signs of improving demand with order books tightening, supporting price increase announcements. Paper Bags increased sales volumes by 3% compared to the prior year. This was supported by the growing demand for traditional building material and cement applications across our main emerging markets served, as well as increasing demand for eCommerce solutions as our customers transition from plastic mailers to our paper-based MailerBAGs. Input costs were lower compared to the prior year primarily due to lower average kraft paper prices. This mitigated the impact of lower paper bag selling prices. Consumer Flexibles and Functional Paper and Films delivered resilient performances with good margins and higher sales volumes compared to 2023, continuing to provide customers with innovative and sustainable packaging solutions. During the year, we made good progress on our major capacity expansion projects. Our €400 million investment in a new 210,000 tonne per annum kraft paper machine and pulp mill upgrade at our Steti mill (Czech Republic) commenced operations in December 2024. We also have a number of investments across our converting plant network including expanding and upgrading the global reach of our paper bag network, starting up a new extrusion line at Steti and investments to consolidate our leading position in European pet food packaging. In February 2024 we completed the acquisition of the Hinton Pulp mill (Canada) and have made good progress developing team excellence and improving its productivity, sustainability performance and quality parameters for high-quality pulp suitable for kraft paper. Feasibility studies for a new sack kraft paper machine at the mill are ongoing in line with our intention to fully integrate our American paper bags business. Uncoated Fine Paper Our Uncoated Fine Paper business produces a wide range of home, office, converting and professional printing papers at our mills in central Europe and South Africa. We have strong customer relationships, leveraging our leading positions in these regions. We also produce and sell market pulp to customers around the world. \t \t\t \t\t\t \t\t\t €   million and percentage \t\t\t \t\t\t \t\t\t Year ended 31   December 2024 \t\t\t \t\t\t \t\t\t Year ended 31   December 2023 \t\t\t \t\t\t \t\t\t Change \t\t\t % \t\t\t \t\t\t \t\t\t Six months ended 31   December 2024 (H2 2024) \t\t\t \t\t\t \t\t\t Six months ended 30 June 2024 (H1 2024) \t\t\t \t\t \t\t \t\t\t \t\t\t Segment revenue \t\t\t \t\t\t \t\t\t 1,317 \t\t\t \t\t\t \t\t\t 1,292 \t\t\t \t\t\t \t\t\t   2   \t\t\t \t\t\t \t\t\t 648 \t\t\t \t\t\t \t\t\t 669 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA \t\t\t \t\t\t \t\t\t 198 \t\t\t \t\t\t \t\t\t 289 \t\t\t \t\t\t \t\t\t   (31) \t\t\t \t\t\t \t\t\t 32 \t\t\t \t\t\t \t\t\t 166 \t\t\t \t\t \t\t \t\t\t \t\t\t Forestry fair value gain / (loss) \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t 128 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (42) \t\t\t \t\t\t \t\t\t 49 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA excluding forestry fair value gain \t\t\t \t\t\t \t\t\t 191 \t\t\t \t\t\t \t\t\t 161 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 74 \t\t\t \t\t\t \t\t\t 117 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA margin (%) \t\t\t \t\t\t \t\t\t 15.0% \t\t\t \t\t\t \t\t\t 22.4% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 4.9% \t\t\t \t\t\t \t\t\t 24.8% \t\t\t \t\t \t\t \t\t\t \t\t\t Capital employed \t\t\t \t\t\t \t\t\t 1,133 \t\t\t \t\t\t \t\t\t 1,095 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t ROCE (%) \t\t\t \t\t\t \t\t\t 11.1% \t\t\t \t\t\t \t\t\t 20.6% \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t   In Uncoated Fine Paper, underlying EBITDA of €198   million and margin of 15.0% were below last year due to the significantly lower forestry fair value gain in 2024 of €7   million (2023: Underlying EBITDA of €289 million, margin of 22.4% and forestry fair value gain of €128   million). Excluding the impact of the significantly lower forestry fair value gain, the business delivered an improved performance when compared to the prior year driven by higher sales volumes and reduced input costs despite lower average selling prices. In Europe, sales volume increases were supported by a recovery in market demand during the year, market share gains and restocking effects in the first half of the year which abated in the second half. In South Africa, sales volumes were modestly down on the prior year due to weaker domestic demand. Uncoated fine paper selling prices increased in the first half of the year however these largely reversed in the second half and ended the year below 2024 average prices. Average market pulp prices were higher than the prior year. These increased sharply during the first half of the year before decreasing over the course of the second half, ending the year below average 2024 price levels. The forestry fair value gain of €7   million in the year (2023: €128   million) comprised a €49 million gain in the first half which largely reversed in the second half (loss of €42 million) as a result of wood price decreases in South Africa. Finance review In October 2024 we reached an agreement to acquire the Western Europe Packaging Assets of Schumacher Packaging with completion expected in the first half of 2025. All 2025 guidance provided below excludes this acquisition. Group performance Group revenue of €7,416 million was up on the prior year with higher sales volumes despite lower average selling prices (2023: €7,330   million). Underlying EBITDA was lower than the prior year at €1,049 million (2023: €1,201   million) due to the significantly lower forestry fair value gain and a one-off currency loss from the devaluation of the Egyptian pound recorded in the period. The Group's underlying EBITDA margin was 14.1% (2023: 16.4%). In 2024, input costs were lower than the prior year following price declines across most input cost categories in 2023, with the largest benefits achieved from lower wood costs in central Europe as well as energy and chemical costs. Paper for recycling costs were higher due to price increases during the first half of 2024 which largely reversed over the second half of the year. As we enter 2025, input costs are broadly stable and similar to average 2024 levels. Total maintenance costs were higher in the year mainly as a result of the inclusion of the Hinton Pulp mill (Canada) that was acquired in February 2024. In 2025, we expect a similar phasing of planned maintenance shuts as in 2024 with the majority to be undertaken in the second half of the year. Personnel costs were also higher, driven by the inclusion of Hinton's employee costs following the acquisition and inflationary cost pressures most notably from the hyperinflationary environment in Turkiye. We remain focused on cost control, driving efficiency improvements and taking decisive restructuring actions where necessary. In regard to the latter, we closed three production sites in the year and transferred volumes to other sites to ensure continuity of supply to our customers. Other net operating expenses were negatively impacted by the significantly lower forestry fair value gain and one-off currency loss as outlined above, together with lower income received from green energy sales and disposal of emissions credits. Comparability was also impacted by income received in the prior year from an insurance claim. Depreciation, amortisation and impairment underlying charges were higher at €443 million (2023: €411   million) as a result of starting up a number of capital investment projects in the year. These are expected to be €450-475 million in 2025. Net finance costs of €70 million were in line with the prior year (2023: €73 million). In 2025, we expect net finance costs of around €90 million due to a higher average net debt balance. The underlying tax charge for the year was €117 million, giving an effective tax rate of 22.2% (2023: €167 million, 23.6%). In 2025, we expect our effective tax rate to be around 23%. A special item pre-tax charge of €150   million was recognised in the year. This included, as previously reported, closure costs at the Stambolijski kraft paper mill in Bulgaria which totalled €110 million and primarily related to a non-cash asset impairment charge of €73   million. The remaining costs comprised €22 million from closing two paper bag plants during the year, as well as €18 million of transaction-related costs. Basic underlying earnings per share were 82.7 euro cents (2023: 107.8 euro cents) reflecting the lower underlying earnings and the effect of the share consolidation that accompanied the special dividend paid in February 2024. After taking special items into account, basic earnings per share were 49.1 euro cents (2023: 103.5 euro cents, special item pre-tax charge of €27   million). Cash flow Cash generated from operations was €970 million, lower than the prior year (2023: €1,312 million) as a result of a working capital cash outflow in the year of €108 million compared to an inflow in 2023 of €229 million, impacted in part by an increase in inventory levels following the start-up of our major capacity expansion projects. Capital expenditure cash payments were €933   million (2023: €830   million) as we continued to invest in our meaningful capital expenditure programme alongside investing to improve efficiency, reduce environmental impacts and increase energy self-sufficiency. In 2025 we expect capital expenditure to be €750-850 million which, in addition to regular stay in business capital expenditure, includes the final payments associated with our €1.2 billion capital expenditure programme, and the ongoing investments to replace the boilers in both Richards Bay (South Africa) and Dynas (Sweden). Tax paid was €120 million (2023: €178 million) and interest paid including derivative interest was €79 million (2023: €103 million). The Group returned €1,081   million of dividends to shareholders during the year. This comprised a €1.60 per share special dividend payment in February 2024 totalling €769   million from the disposal of the Group´s Russian operations in 2023. In addition, ordinary dividends totalling 70.0 euro cents per share were paid to shareholders representing a distribution of €312   million. Liquidity, treasury and borrowings Net debt at 31   December 2024 was €1,732   million with net debt to underlying EBITDA at 1.7 times (31   December 2023: €419   million, 0.3 times), the increase in leverage reflecting the ongoing investment into the business and the special dividend payment to shareholders in February 2024. In April 2024, the Group repaid a €500 million Eurobond on maturity and in May 2024, issued a 3.75% €500 million Eurobond with an 8-year tenor, thereby extending the Group's maturity profile. Mondi's available liquidity at 31   December 2024 was €1,028 million, comprising the undrawn Syndicated Revolving Credit Facility (RCF) of €750 million and cash and cash equivalents of €278 million. The weighted average maturity of our committed debt facilities at the end of the year was 3.9 years with no significant short-term debt maturities. Our financing agreements do not contain financial covenants. In addition, and effective from January 2025, we increased the RCF by €250 million (to €1 billion) to further strengthen our liquidity position. The Group maintains its investment grade credit rating and has an A- (stable outlook) credit rating from Standard & Poor’s and a Baa1 (stable outlook) credit rating from Moody’s. Principal risks The Board is responsible for the effectiveness of the Group’s risk management activities and internal control processes. It has put procedures in place for identifying, evaluating, and managing the risks faced by the Group. In combination with the Audit Committee, the Board conducted, over the course of the year, a robust assessment of the Group’s principal and emerging risks to which Mondi is exposed and it is satisfied that the Group has effective systems and controls in place to manage these risks relative to the risk appetite levels established. Risk management is by its nature a dynamic and ongoing process. Risk management is of key importance given the diversity of the Group’s locations, markets and production processes. Our internal controls aim to provide reasonable assurance as to the accuracy, reliability and integrity of our financial information, non-financial disclosures and the Group’s compliance with applicable laws, regulations and internal policies as well as the effectiveness of internal processes. Key changes in the year The Group’s most significant risks are long term in nature. The assessment of the principal risks is updated annually to reflect the developments in our strategic priorities and Board discussions on emerging risks. In 2024, a review of the Group’s approach to the assessment of risk appetite was performed. The review considered various risk appetite methodologies and settled on an optimal approach which enables risk owners to use and own the risk appetite in a practical manner. The Group utilises a four-point risk appetite rating scale against which the residual risk of each principal risk can be considered. Where a difference is identified between the risk appetite and residual risk rating, the risk owner provides an explanation for and a chosen approach to address the differential to the Executive Committee and the Board. A detailed risk assurance map is used to present our principal risks to the Board, Audit Committee and Sustainable Development Committee, facilitating comprehensive discussions on risk. The Board, in combination with the Audit Committee, is satisfied that the review performed has enhanced the Group’s approach to risk management. The Group remains committed to the continuous improvement of risk assessment, risk management and risk reporting. No changes to the Group’s principal risks were identified during the 2024 review. The Board considered decreasing the risk rating for cost and availability of raw materials due to a stabilised procurement environment; however, the risk rating was maintained due to longer-term structural changes in the pricing and availability of wood. Emerging risks The Board introduced a new emerging risk for the Group related to the integration of a major acquisition, prompted by the announced acquisition of the Western Europe Packaging Assets of Schumacher Packaging, which is scheduled to complete in the first half of 2025. The risks noted relating to a major acquisition included the integration of a private company into a public company environment, the large scale of the acquisition, the alignment of a different IT landscape and the combining of different corporate cultures. The Board is confident that risks associated with the acquisition will be well mitigated, and that inclusion as an emerging risk and not as a principal risk is the correct judgement. In 2023, the Group noted one emerging risk for the execution of major capital expenditure projects. This emerging risk was amended in 2024 to an emerging risk labelled start-up and commercial ramp-up of major capital projects. The amendment is due to the current phase of the Group’s capital investment programme. The emerging risk is managed through mitigating activities, such that the residual risk exposure is not considered significant. Asset start-up and commercial ramp-up are planned in detail and updated from initial project inception through to completion. Post-investment reviews are conducted on   major capital investments to   evaluate the project execution against the   plan and identify lessons learnt. We will continue to monitor and mitigate potential risks   relating to the start-up and commercial ramp-up of major capital projects in the year ahead. Strategic risks The industries and geographies in which we operate expose us to specific long-term risks which are accepted by the Board as a consequence of the Group’s chosen strategy and operating   footprint. We continue to monitor recent capacity announcements, demand developments and how consumers are demanding more sustainable packaging. We continue to develop our understanding of climate change risks and its impact whilst continuing to improve our disclosures and improve our responses. The Executive Committee and Board monitor our exposure to these risks and evaluate investment decisions against our overall exposures so that our strategic capital allocation takes advantage of the opportunities arising from our deliberate exposure to such   risks. Our principal strategic risks relate to the following:        •                     Industry productive capacity •           Product substitution •           Fluctuations and variability in selling prices or gross margins •           Country risk •           Climate change risks Financial risks We aim to maintain an appropriate capital structure and to manage our financial risk exposures in compliance with all laws and regulations. An attentive approach to financial risk management remains in response to tax risks and ongoing short-term currency volatility. Our principal financial risks relate to the following: •           Capital structure •           Currency risk •           Tax risk Operational risks As a Group we focus on operational excellence and investment in our people and are committed to the responsible use of resources. Our investments to improve our energy efficiency, engineer out our most significant safety risks and improve operating efficiencies reduce the likelihood of operational risk events. Our principal operational risks relate to the following: •           Cost and availability of raw materials •           Energy security and related input costs •           Technical integrity of our operating assets •           Environmental impact •           Employee and contractor health and safety •           Attraction and retention of key skills and talent •           Cyber security risk Compliance risk We have a zero tolerance approach to non-compliance. Our strong culture and values underpin our approach. These are emphasised in every part of our business with a focus on integrity, honesty and transparency. Our principal compliance risk relates to reputational risk. A more detailed description of our principal risks can be found in the Group’s 2023 Integrated Report. The 2024 Integrated Report is planned to be published in March 2025. Going concern The directors have reviewed the Group’s budget and considered the assumptions contained in the budget, including consideration of the principal risks which may   impact the Group’s performance in the   18   months following the balance sheet date and considerations of the period immediately thereafter. The Group has a strong balance sheet. At   31   December 2024, the Group had a   liquidity position of €1,028 million, comprising €750 million of undrawn committed debt facilities and cash and cash equivalents of €278 million available. As the Group’s debt facilities and loan agreements contain no financial covenants, in performing its going concern assessment the directors have focused on liquidity. The Group announced on 9 October 2024 that it entered into an agreement to acquire   the Western Europe Packaging Assets of Schumacher Packaging for an   enterprise value of €634 million. The required financing for the transaction has been considered in all scenarios tested. In order to   provide increased liquidity headroom for the Group following the agreed Schumacher Packaging acquisition, the Group utilised the accordion increase in its €750 million RCF, to increase the available facility by €250 million to €1 billion, effective 2 January 2025. All of the banks agreed to the increase. The   Group has a track record of successfully accessing both bank and debt capital markets for funding, and the Group’s management is expecting to be able to   refinance any facility maturing during the   going concern period. The Board believes that the strong and   stable financial position of   the Group,   supported by a continued strong   investment grade credit rating from   both Moody’s (Baa1, outlook stable) and Standard & Poor’s (A-, outlook stable), ensures the Group   has access to funding through the   going concern period. The current and possible future impact from the macroeconomic environment on the Group’s activities and performance has been considered by the Board in preparing its going concern assessment. The base case forecasts for the Group, being those arising over the 18-month going concern assessment period as reflected in the Group’s 2025-2027 plan, were sensitised to reflect a severe but plausible downside scenario on Group performance. The scenario testing assumed severe but plausible volume and margin reductions happening in combination and was carried out against Mondi’s current committed debt facilities, and on the assumption that the Group’s €600 million Eurobond maturing in April 2026 will be successfully refinanced. Given the Group’s track record of successfully accessing both the bank and debt capital markets for funding, the Board is confident that the Group will be able to refinance the bond. This testing does not incorporate any mitigation actions such as reductions and deferrals of capital and operational expenditure or cash preservation responses, which the Group would implement in the event of severe and extended revenue decline. In the severe but plausible downside scenario, the Group has sufficient liquidity headroom throughout the entire period covered by the going concern assessment. A further scenario has been modelled which, while considered highly unlikely, assumes that no refinancing takes place during the going concern period. In this scenario the Group would implement mitigating actions including reductions and   deferrals of capital and operational expenditure and other cash preservation responses to maintain sufficient liquidity. In addition to its modelled downside going concern scenario, the Board has reverse stress tested the model to determine the extent of downturn which would result in no liquidity headroom. The test was conducted based on the Group’s current committed debt facilities, with the assumption that any facility maturing during the assessment period will be refinanced. A decline of 45% to the planned underlying EBITDA in the period until 30 June 2026, well in excess of that contemplated in the severe but plausible downside scenario, would need to persist throughout the observed period to result in no liquidity headroom, which is considered very unlikely. This reverse stress test also does not incorporate mitigating actions such as reductions and deferrals of capital and operational expenditure or cash preservation responses, which the Group would implement in the event of a severe and extended revenue decline. Following its assessment, the directors have formed a judgement, at the time of approving the condensed consolidated financial statements, that there are no material uncertainties that cast doubt on the Group’s going concern status and that it is a reasonable expectation that the Group has adequate resources to continue in   operational existence for the going concern period. For this reason, the Group continues to adopt the going concern basis in preparing the condensed consolidated financial statements for the year ended 31   December 2024. Audited financial information The condensed consolidated financial statements and notes 1 to 19 for the year ended 31   December 2024 are derived from the Group annual financial statements which have been audited by PricewaterhouseCoopers LLP. The unmodified audit report is available for inspection at the Group’s registered office. Condensed consolidated income statement for the year ended 31   December 2024 \t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t €   million \t\t\t \t\t\t \t\t\t Notes \t\t\t \t\t\t \t\t\t Underlying \t\t\t \t\t\t \t\t\t Special items    (Note   4) \t\t\t \t\t\t \t\t\t Total \t\t\t \t\t\t \t\t\t Underlying \t\t\t \t\t\t \t\t\t Special items    (Note   4) \t\t\t \t\t\t \t\t\t Total \t\t\t \t\t \t\t \t\t\t \t\t\t From continuing operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Group revenue \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t 7,416 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 7,416 \t\t\t \t\t\t \t\t\t 7,330 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 7,330 \t\t\t \t\t \t\t \t\t\t \t\t\t Materials, energy and consumables used \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (3,696) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (3,696) \t\t\t \t\t\t \t\t\t (3,971) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (3,971) \t\t\t \t\t \t\t \t\t\t \t\t\t Variable selling expenses \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (645) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (645) \t\t\t \t\t\t \t\t\t (618) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (618) \t\t\t \t\t \t\t \t\t\t \t\t\t Gross margin \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 3,075 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 3,075 \t\t\t \t\t\t \t\t\t 2,741 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 2,741 \t\t\t \t\t \t\t \t\t\t \t\t\t Maintenance and other indirect expenses \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (425) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (425) \t\t\t \t\t\t \t\t\t (374) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (374) \t\t\t \t\t \t\t \t\t\t \t\t\t Personnel costs \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (1,228) \t\t\t \t\t\t \t\t\t (18) \t\t\t \t\t\t \t\t\t (1,246) \t\t\t \t\t\t \t\t\t (1,087) \t\t\t \t\t\t \t\t\t (9) \t\t\t \t\t\t \t\t\t (1,096) \t\t\t \t\t \t\t \t\t\t \t\t\t Other net operating expenses \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (373) \t\t\t \t\t\t \t\t\t (58) \t\t\t \t\t\t \t\t\t (431) \t\t\t \t\t\t \t\t\t (79) \t\t\t \t\t\t \t\t\t (14) \t\t\t \t\t\t \t\t\t (93) \t\t\t \t\t \t\t \t\t\t \t\t\t EBITDA \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t 1,049 \t\t\t \t\t\t \t\t\t (76) \t\t\t \t\t\t \t\t\t 973 \t\t\t \t\t\t \t\t\t 1,201 \t\t\t \t\t\t \t\t\t (23) \t\t\t \t\t\t \t\t\t 1,178 \t\t\t \t\t \t\t \t\t\t \t\t\t Depreciation, amortisation and impairments \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (443) \t\t\t \t\t\t \t\t\t (74) \t\t\t \t\t\t \t\t\t (517) \t\t\t \t\t\t \t\t\t (411) \t\t\t \t\t\t \t\t\t (4) \t\t\t \t\t\t \t\t\t (415) \t\t\t \t\t \t\t \t\t\t \t\t\t Operating profit \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t 606 \t\t\t \t\t\t \t\t\t (150) \t\t\t \t\t\t \t\t\t 456 \t\t\t \t\t\t \t\t\t 790 \t\t\t \t\t\t \t\t\t (27) \t\t\t \t\t\t \t\t\t 763 \t\t\t \t\t \t\t \t\t\t \t\t\t Net loss from joint ventures \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (3) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (3) \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t \t\t \t\t\t \t\t\t Impairment of investments in joint ventures \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t \t\t \t\t\t \t\t\t Net finance costs \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (70) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (70) \t\t\t \t\t\t \t\t\t (73) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (73) \t\t\t \t\t \t\t \t\t\t \t\t\t Investment income \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 30 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 30 \t\t\t \t\t\t \t\t\t 45 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 45 \t\t\t \t\t \t\t \t\t\t \t\t\t Foreign currency (losses)/gains \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (3) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (3) \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t \t\t \t\t\t \t\t\t Finance costs \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (97) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (97) \t\t\t \t\t\t \t\t\t (119) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (119) \t\t\t \t\t \t\t \t\t\t \t\t\t Net monetary (loss)/gain arising from hyperinflationary economies \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Profit before tax \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 528 \t\t\t \t\t\t \t\t\t (150) \t\t\t \t\t\t \t\t\t 378 \t\t\t \t\t\t \t\t\t 709 \t\t\t \t\t\t \t\t\t (27) \t\t\t \t\t\t \t\t\t 682 \t\t\t \t\t \t\t \t\t\t \t\t\t Tax (charge)/credit \t\t\t \t\t\t \t\t\t 6 \t\t\t \t\t\t \t\t\t (117) \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t (116) \t\t\t \t\t\t \t\t\t (167) \t\t\t \t\t\t \t\t\t 6 \t\t\t \t\t\t \t\t\t (161) \t\t\t \t\t \t\t \t\t\t \t\t\t Profit from continuing operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 411 \t\t\t \t\t\t \t\t\t (149) \t\t\t \t\t\t \t\t\t 262 \t\t\t \t\t\t \t\t\t 542 \t\t\t \t\t\t \t\t\t (21) \t\t\t \t\t\t \t\t\t 521 \t\t\t \t\t \t\t \t\t\t \t\t\t From discontinued operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Loss from discontinued operations 1 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (655) \t\t\t \t\t \t\t \t\t\t \t\t\t Profit/(loss) for the year \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 262 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (134) \t\t\t \t\t \t\t \t\t\t \t\t\t Attributable to: \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Non-controlling interests \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 44 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 19 \t\t\t \t\t \t\t \t\t\t \t\t\t Shareholders \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 218 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (153) \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Earnings per share (EPS) attributable to shareholders 2 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t euro cents \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t From continuing operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Basic EPS \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 49.1 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 103.5 \t\t\t \t\t \t\t \t\t\t \t\t\t Diluted EPS \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 49.1 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 103.5 \t\t\t \t\t \t\t \t\t\t \t\t\t Basic underlying EPS \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 82.7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 107.8 \t\t\t \t\t \t\t \t\t\t \t\t\t Diluted underlying EPS \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 82.6 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 107.8 \t\t\t \t\t \t\t \t\t\t \t\t\t From continuing and discontinued operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Basic EPS \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 49.1 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (31.5) \t\t\t \t\t \t\t \t\t\t \t\t\t Diluted EPS \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 49.1 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (31.5) \t\t\t \t\t \t Notes: 1   Discontinued operations represent the Group’s Russian packaging operations and the Syktyvkar mill until the disposal completed on 30 June 2023 and 4 October 2023, respectively. Details on the transaction and information on the financial performance and cash flows of the discontinued operations for the year ended 31   December 2023 were disclosed in note 28 of the Group’s Integrated report and financial statements 2023. 2   On 13 February 2024, the Group returned the net proceeds from the sale of the Group’s Russian assets to its shareholders by way of a special dividend. In addition, in order to maintain the comparability, so far as possible, of Mondi plc’s share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29   January 2024, resulting in shareholders receiving 10 new ordinary shares for every 11 existing ordinary shares. Further details are provided in notes 7, 8 and 10. Condensed consolidated statement of comprehensive income for the year ended 31   December 2024 \t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t €   million \t\t\t \t\t\t \t\t\t Before tax amount \t\t\t \t\t\t \t\t\t Tax \t\t\t credit \t\t\t \t\t\t \t\t\t Net of tax amount \t\t\t \t\t\t \t\t\t Before tax amount \t\t\t \t\t\t \t\t\t Tax \t\t\t credit \t\t\t \t\t\t \t\t\t Net of tax amount \t\t\t \t\t \t\t \t\t\t \t\t\t Profit/(loss) for the year \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 262 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (134) \t\t\t \t\t \t\t \t\t\t \t\t\t Items that may subsequently be or have been reclassified to the condensed consolidated income statement \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Fair value losses arising from cash flow hedges of continuing operations \t\t\t \t\t\t \t\t\t (2) \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t (1) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Exchange differences on translation of continuing non-euro operations \t\t\t \t\t\t \t\t\t 75 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 75 \t\t\t \t\t\t \t\t\t (70) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (70) \t\t\t \t\t \t\t \t\t\t \t\t\t Exchange differences on translation of discontinued non-euro operations \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (227) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (227) \t\t\t \t\t \t\t \t\t\t \t\t\t Reclassification of foreign currency translation reserve to the consolidated income statement on disposal of businesses of discontinued operations \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 633 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 633 \t\t\t \t\t \t\t \t\t\t \t\t\t Items that will not subsequently be reclassified to the condensed consolidated income statement \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Remeasurements of retirement benefits plans of continuing operations \t\t\t \t\t\t \t\t\t (2) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (2) \t\t\t \t\t\t \t\t\t (23) \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t (16) \t\t\t \t\t \t\t \t\t\t \t\t\t Other comprehensive income for the year \t\t\t \t\t\t \t\t\t 71 \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t 72 \t\t\t \t\t\t \t\t\t 313 \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t 320 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Other comprehensive income/(expense) attributable to: \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Non-controlling interests \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 11 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (3) \t\t\t \t\t \t\t \t\t\t \t\t\t Shareholders \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 61 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 323 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Total comprehensive income attributable to: \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Non-controlling interests \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 55 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 16 \t\t\t \t\t \t\t \t\t\t \t\t\t Shareholders \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 279 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 170 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Total comprehensive income/(expense) attributable to shareholders arises from: \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Continuing operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 279 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 419 \t\t\t \t\t \t\t \t\t\t \t\t\t Discontinued operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (249) \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Total comprehensive income for the year \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 334 \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 186 \t\t\t \t\t \t Condensed consolidated statement of financial position as at 31   December 2024   \t \t\t \t\t\t \t\t\t €   million \t\t\t \t\t\t \t\t\t Notes \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Property, plant and equipment \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 5,160 \t\t\t \t\t\t \t\t\t 4,619 \t\t\t \t\t \t\t \t\t\t \t\t\t Goodwill \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 767 \t\t\t \t\t\t \t\t\t 765 \t\t\t \t\t \t\t \t\t\t \t\t\t Intangible assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 70 \t\t\t \t\t\t \t\t\t 68 \t\t\t \t\t \t\t \t\t\t \t\t\t Forestry assets \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t\t \t\t\t 503 \t\t\t \t\t\t \t\t\t 519 \t\t\t \t\t \t\t \t\t\t \t\t\t Investments in joint ventures \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 5 \t\t\t \t\t\t \t\t\t 8 \t\t\t \t\t \t\t \t\t\t \t\t\t Financial instruments \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 29 \t\t\t \t\t\t \t\t\t 28 \t\t\t \t\t \t\t \t\t\t \t\t\t Deferred tax assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 22 \t\t\t \t\t\t \t\t\t 24 \t\t\t \t\t \t\t \t\t\t \t\t\t Net retirement benefits asset \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t 5 \t\t\t \t\t \t\t \t\t\t \t\t\t Other non-current assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t 5 \t\t\t \t\t \t\t \t\t\t \t\t\t Total non-current assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 6,562 \t\t\t \t\t\t \t\t\t 6,041 \t\t\t \t\t \t\t \t\t\t \t\t\t Inventories \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 1,194 \t\t\t \t\t\t \t\t\t 1,049 \t\t\t \t\t \t\t \t\t\t \t\t\t Trade and other receivables \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 1,275 \t\t\t \t\t\t \t\t\t 1,254 \t\t\t \t\t \t\t \t\t\t \t\t\t Current tax assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 22 \t\t\t \t\t\t \t\t\t 14 \t\t\t \t\t \t\t \t\t\t \t\t\t Financial instruments \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 10 \t\t\t \t\t\t \t\t\t 14 \t\t\t \t\t \t\t \t\t\t \t\t\t Cash and cash equivalents \t\t\t \t\t\t \t\t\t 14b \t\t\t \t\t\t \t\t\t 278 \t\t\t \t\t\t \t\t\t 1,592 \t\t\t \t\t \t\t \t\t\t \t\t\t Total current assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 2,779 \t\t\t \t\t\t \t\t\t 3,923 \t\t\t \t\t \t\t \t\t\t \t\t\t Total assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 9,341 \t\t\t \t\t\t \t\t\t 9,964 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Short-term borrowings \t\t\t \t\t\t \t\t\t 11 \t\t\t \t\t\t \t\t\t (63) \t\t\t \t\t\t \t\t\t (559) \t\t\t \t\t \t\t \t\t\t \t\t\t Trade and other payables \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (1,281) \t\t\t \t\t\t \t\t\t (1,219) \t\t\t \t\t \t\t \t\t\t \t\t\t Current tax liabilities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (67) \t\t\t \t\t\t \t\t\t (78) \t\t\t \t\t \t\t \t\t\t \t\t\t Provisions \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (65) \t\t\t \t\t\t \t\t\t (21) \t\t\t \t\t \t\t \t\t\t \t\t\t Financial instruments \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (9) \t\t\t \t\t\t \t\t\t (4) \t\t\t \t\t \t\t \t\t\t \t\t\t Total current liabilities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (1,485) \t\t\t \t\t\t \t\t\t (1,881) \t\t\t \t\t \t\t \t\t\t \t\t\t Medium- and long-term borrowings \t\t\t \t\t\t \t\t\t 11 \t\t\t \t\t\t \t\t\t (1,952) \t\t\t \t\t\t \t\t\t (1,460) \t\t\t \t\t \t\t \t\t\t \t\t\t Net retirement benefits liability \t\t\t \t\t\t \t\t\t 12 \t\t\t \t\t\t \t\t\t (161) \t\t\t \t\t\t \t\t\t (159) \t\t\t \t\t \t\t \t\t\t \t\t\t Deferred tax liabilities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (342) \t\t\t \t\t\t \t\t\t (322) \t\t\t \t\t \t\t \t\t\t \t\t\t Provisions \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (32) \t\t\t \t\t\t \t\t\t (27) \t\t\t \t\t \t\t \t\t\t \t\t\t Other non-current liabilities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (19) \t\t\t \t\t\t \t\t\t (19) \t\t\t \t\t \t\t \t\t\t \t\t\t Total non-current liabilities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (2,506) \t\t\t \t\t\t \t\t\t (1,987) \t\t\t \t\t \t\t \t\t\t \t\t\t Total liabilities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (3,991) \t\t\t \t\t\t \t\t\t (3,868) \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Net assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 5,350 \t\t\t \t\t\t \t\t\t 6,096 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Equity \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Share capital \t\t\t \t\t\t \t\t\t 10 \t\t\t \t\t\t \t\t\t 97 \t\t\t \t\t\t \t\t\t 97 \t\t\t \t\t \t\t \t\t\t \t\t\t Own shares \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (20) \t\t\t \t\t\t \t\t\t (17) \t\t\t \t\t \t\t \t\t\t \t\t\t Retained earnings \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 4,582 \t\t\t \t\t\t \t\t\t 5,434 \t\t\t \t\t \t\t \t\t\t \t\t\t Other reserves \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 198 \t\t\t \t\t\t \t\t\t 141 \t\t\t \t\t \t\t \t\t\t \t\t\t Total attributable to shareholders \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 4,857 \t\t\t \t\t\t \t\t\t 5,655 \t\t\t \t\t \t\t \t\t\t \t\t\t Non-controlling interests in equity \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 493 \t\t\t \t\t\t \t\t\t 441 \t\t\t \t\t \t\t \t\t\t \t\t\t Total equity \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 5,350 \t\t\t \t\t\t \t\t\t 6,096 \t\t\t \t\t \t The Group’s condensed consolidated financial statements, including related notes 1 to 19, were approved by the Board and authorised for issue on 19 February 2025 and were signed on its behalf by: Andrew King     Mike Powell Director       Director Condensed consolidated statement of changes in equity for the year ended 31   December 2024 \t \t\t \t\t\t \t\t\t €   million \t\t\t \t\t\t \t\t\t Equity attributable to shareholders \t\t\t \t\t\t \t\t\t Non-controlling interests \t\t\t \t\t\t \t\t\t Total \t\t\t equity \t\t\t \t\t \t\t \t\t\t \t\t\t At 1 January 2023 \t\t\t \t\t\t \t\t\t 5,794 \t\t\t \t\t\t \t\t\t 460 \t\t\t \t\t\t \t\t\t 6,254 \t\t\t \t\t \t\t \t\t\t \t\t\t Total comprehensive income for the year: \t\t\t \t\t\t \t\t\t 170 \t\t\t \t\t\t \t\t\t 16 \t\t\t \t\t\t \t\t\t 186 \t\t\t \t\t \t\t \t\t\t \t\t\t (Loss)/profit for the year \t\t\t \t\t\t \t\t\t (153) \t\t\t \t\t\t \t\t\t 19 \t\t\t \t\t\t \t\t\t (134) \t\t\t \t\t \t\t \t\t\t \t\t\t Other comprehensive income/(expense) \t\t\t \t\t\t \t\t\t 323 \t\t\t \t\t\t \t\t\t (3) \t\t\t \t\t\t \t\t\t 320 \t\t\t \t\t \t\t \t\t\t \t\t\t Hyperinflation monetary adjustment \t\t\t \t\t\t \t\t\t 14 \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t 15 \t\t\t \t\t \t\t \t\t\t \t\t\t Transactions with shareholders in their capacity as   shareholders \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Dividends \t\t\t \t\t\t \t\t\t (345) \t\t\t \t\t\t \t\t\t (7) \t\t\t \t\t\t \t\t\t (352) \t\t\t \t\t \t\t \t\t\t \t\t\t Purchases of own shares \t\t\t \t\t\t \t\t\t (8) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (8) \t\t\t \t\t \t\t \t\t\t \t\t\t Mondi share schemes’ charge \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t \t\t \t\t\t \t\t\t Non-controlling interests bought out \t\t\t \t\t\t \t\t\t 21 \t\t\t \t\t\t \t\t\t (29) \t\t\t \t\t\t \t\t\t (8) \t\t\t \t\t \t\t \t\t\t \t\t\t At 31   December 2023 \t\t\t \t\t\t \t\t\t 5,655 \t\t\t \t\t\t \t\t\t 441 \t\t\t \t\t\t \t\t\t 6,096 \t\t\t \t\t \t\t \t\t\t \t\t\t Total comprehensive income for the year: \t\t\t \t\t\t \t\t\t 279 \t\t\t \t\t\t \t\t\t 55 \t\t\t \t\t\t \t\t\t 334 \t\t\t \t\t \t\t \t\t\t \t\t\t Profit for the year \t\t\t \t\t\t \t\t\t 218 \t\t\t \t\t\t \t\t\t 44 \t\t\t \t\t\t \t\t\t 262 \t\t\t \t\t \t\t \t\t\t \t\t\t Other comprehensive income \t\t\t \t\t\t \t\t\t 61 \t\t\t \t\t\t \t\t\t 11 \t\t\t \t\t\t \t\t\t 72 \t\t\t \t\t \t\t \t\t\t \t\t\t Hyperinflation monetary adjustment \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 7 \t\t\t \t\t \t\t \t\t\t \t\t\t Transactions with shareholders in their capacity as   shareholders \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Dividends (see note 8) \t\t\t \t\t\t \t\t\t (1,081) \t\t\t \t\t\t \t\t\t (6) \t\t\t \t\t\t \t\t\t (1,087) \t\t\t \t\t \t\t \t\t\t \t\t\t Purchases of own shares \t\t\t \t\t\t \t\t\t (12) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (12) \t\t\t \t\t \t\t \t\t\t \t\t\t Mondi share schemes’ charge \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t \t\t \t\t\t \t\t\t Injection from non-controlling interests \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t \t\t \t\t\t \t\t\t At 31   December 2024 \t\t\t \t\t\t \t\t\t 4,857 \t\t\t \t\t\t \t\t\t 493 \t\t\t \t\t\t \t\t\t 5,350 \t\t\t \t\t \t Equity attributable to shareholders \t \t\t \t\t\t \t\t\t €   million \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t \t\t\t 2023 \t\t\t \t\t\t \t\t\t At 1 January 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Share capital \t\t\t \t\t\t \t\t\t 97 \t\t\t \t\t\t \t\t\t 97 \t\t\t \t\t\t \t\t\t 97 \t\t\t \t\t \t\t \t\t\t \t\t\t Own shares \t\t\t \t\t\t \t\t\t (20) \t\t\t \t\t\t \t\t\t (17) \t\t\t \t\t\t \t\t\t (16) \t\t\t \t\t \t\t \t\t\t \t\t\t Retained earnings \t\t\t \t\t\t \t\t\t 4,582 \t\t\t \t\t\t \t\t\t 5,434 \t\t\t \t\t\t \t\t\t 5,895 \t\t\t \t\t \t\t \t\t\t \t\t\t Cumulative translation adjustment reserve \t\t\t \t\t\t \t\t\t (456) \t\t\t \t\t\t \t\t\t (520) \t\t\t \t\t\t \t\t\t (859) \t\t\t \t\t \t\t \t\t\t \t\t\t Post-retirement benefits reserve \t\t\t \t\t\t \t\t\t (59) \t\t\t \t\t\t \t\t\t (53) \t\t\t \t\t\t \t\t\t (35) \t\t\t \t\t \t\t \t\t\t \t\t\t Share-based payment reserve \t\t\t \t\t\t \t\t\t 19 \t\t\t \t\t\t \t\t\t 19 \t\t\t \t\t\t \t\t\t 17 \t\t\t \t\t \t\t \t\t\t \t\t\t Cash flow hedge reserve \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t \t\t \t\t\t \t\t\t Merger reserve \t\t\t \t\t\t \t\t\t 667 \t\t\t \t\t\t \t\t\t 667 \t\t\t \t\t\t \t\t\t 667 \t\t\t \t\t \t\t \t\t\t \t\t\t Other sundry reserves \t\t\t \t\t\t \t\t\t 27 \t\t\t \t\t\t \t\t\t 27 \t\t\t \t\t\t \t\t\t 27 \t\t\t \t\t \t\t \t\t\t \t\t\t Total \t\t\t \t\t\t \t\t\t 4,857 \t\t\t \t\t\t \t\t\t 5,655 \t\t\t \t\t\t \t\t\t 5,794 \t\t\t \t\t \t   Condensed consolidated statement of cash flows for the year ended 31   December 2024   \t \t\t \t\t\t \t\t\t €   million \t\t\t \t\t\t \t\t\t Notes \t\t\t \t\t\t \t\t\t 2024 \t\t\t \t\t\t \t\t\t 2023 \t\t\t \t\t \t\t \t\t\t \t\t\t Cash flows from operating activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Cash generated from continuing operations \t\t\t \t\t\t \t\t\t 14a \t\t\t \t\t\t \t\t\t 970 \t\t\t \t\t\t \t\t\t 1,312 \t\t\t \t\t \t\t \t\t\t \t\t\t Dividends received from other investments \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 1 \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Income tax paid \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (120) \t\t\t \t\t\t \t\t\t (178) \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash generated from operating activities of discontinued operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 223 \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash generated from operating activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 851 \t\t\t \t\t\t \t\t\t 1,359 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Cash flows from investing activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Investment in property, plant and equipment \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t (933) \t\t\t \t\t\t \t\t\t (830) \t\t\t \t\t \t\t \t\t\t \t\t\t Investment in intangible assets \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (13) \t\t\t \t\t\t \t\t\t (16) \t\t\t \t\t \t\t \t\t\t \t\t\t Investment in forestry assets \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t\t \t\t\t (48) \t\t\t \t\t\t \t\t\t (48) \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from the disposal of property, plant and equipment \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 17 \t\t\t \t\t\t \t\t\t 25 \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from the disposal of financial asset investments \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 2 \t\t\t \t\t \t\t \t\t\t \t\t\t Acquisition of businesses, net of cash and cash equivalents \t\t\t \t\t\t \t\t\t 13 \t\t\t \t\t\t \t\t\t (6) \t\t\t \t\t\t \t\t\t (37) \t\t\t \t\t \t\t \t\t\t \t\t\t Loans advanced to related and external parties \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (1) \t\t\t \t\t \t\t \t\t\t \t\t\t Interest received \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 32 \t\t\t \t\t\t \t\t\t 38 \t\t\t \t\t \t\t \t\t\t \t\t\t Other investing activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 15 \t\t\t \t\t\t \t\t\t 17 \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash generated from investing activities of discontinued operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 368 \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash used in investing activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (936) \t\t\t \t\t\t \t\t\t (482) \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Cash flows from financing activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from issue of Eurobonds \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t 496 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Repayment of Eurobonds \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (500) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from medium- and long-term borrowings \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t 215 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Repayment of medium- and long-term borrowings \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (215) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Proceeds from short-term borrowings \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t 9 \t\t\t \t\t\t \t\t\t 16 \t\t\t \t\t \t\t \t\t\t \t\t\t Repayment of short-term borrowings \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (18) \t\t\t \t\t\t \t\t\t (33) \t\t\t \t\t \t\t \t\t\t \t\t\t Repayment of lease liabilities \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (26) \t\t\t \t\t\t \t\t\t (22) \t\t\t \t\t \t\t \t\t\t \t\t\t Interest paid \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (44) \t\t\t \t\t\t \t\t\t (50) \t\t\t \t\t \t\t \t\t\t \t\t\t Dividends paid to shareholders \t\t\t \t\t\t \t\t\t 8 \t\t\t \t\t\t \t\t\t (1,081) \t\t\t \t\t\t \t\t\t (345) \t\t\t \t\t \t\t \t\t\t \t\t\t Dividends paid to non-controlling interests \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (6) \t\t\t \t\t\t \t\t\t (7) \t\t\t \t\t \t\t \t\t\t \t\t\t Purchases of own shares \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (12) \t\t\t \t\t\t \t\t\t (8) \t\t\t \t\t \t\t \t\t\t \t\t\t Injection from non-controlling interests \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 3 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t Non-controlling interests bought out \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (8) \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash outflow from debt-related derivative financial instruments \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (47) \t\t\t \t\t\t \t\t\t (77) \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash used in financing activities of discontinued operations \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (7) \t\t\t \t\t \t\t \t\t\t \t\t\t Net cash used in financing activities \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (1,226) \t\t\t \t\t\t \t\t\t (541) \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Net (decrease)/increase in cash and cash equivalents \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t (1,311) \t\t\t \t\t\t \t\t\t 336 \t\t\t \t\t \t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t   \t\t\t \t\t \t\t \t\t\t \t\t\t Cash and cash equivalents at beginning of year \t\t\t \t\t\t \t\t\t   \t\t\t \t\t\t \t\t\t 1,592 \t\t\t \t\t\t \t\t\t 1,381 \t\t\t \t\t \t\t \t\t\t \t\t\t Cash movement in the year \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (1,311) \t\t\t \t\t\t \t\t\t 336 \t\t\t \t\t \t\t \t\t\t \t\t\t Effects of changes in foreign exchange rates \t\t\t \t\t\t \t\t\t 14c \t\t\t \t\t\t \t\t\t (12) \t\t\t \t\t\t \t\t\t (125) \t\t\t \t\t \t\t \t\t\t \t\t\t Cash and cash equivalents at end of year \t\t\t \t\t\t \t\t\t 14b \t\t\t \t\t\t \t\t\t 269 \t\t\t \t\t\t \t\t\t 1,592 \t\t\t \t\t \t Notes to the condensed consolidated financial statements for the year ended 31   December 2024 1    Basis of preparation These condensed consolidated financial statements as at and for the year ended 31   December 2024 comprise Mondi plc and its subsidiaries (referred to as 'the Group'), and the Group’s share of the results and net assets of its associates and joint ventures. The Group’s condensed consolidated financial statements have been derived from the audited consolidated financial statements of the Group, prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Group’s condensed consolidated financial statements do not contain sufficient information to comply with International Financial Reporting Standards (IFRS Accounting Standards). The financial information set out in these condensed consolidated financial statements does not constitute the Company’s statutory accounts for the years ended 31   December 2024 or 2023 but is derived from those accounts. Statutory accounts for 2023 have been delivered to the Registrar of Companies, and those for 2024 will be delivered in due course. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Copies of the unqualified auditors' report on the Integrated report and financial statements 2024 are available for inspection at the registered office of Mondi plc. The condensed consolidated financial statements have been prepared on a going concern basis as discussed in the commentary under the heading ‘Going concern’ which is incorporated by reference into these condensed consolidated financial statements. The condensed consolidated financial statements have been prepared under the historical cost basis of accounting, as modified by forestry assets, pension assets, certain financial assets and financial liabilities held at fair value through profit and loss, assets acquired and liabilities assumed in a business combination and accounting in hyperinflationary economies. 2    Accounting policies The same accounting policies and Alternative Performance Measures (APMs), methods of computation and presentation have been followed in the preparation of the condensed consolidated financial statements for the year ended 31   December 2024 as were applied in the preparation of the Group’s annual financial statements for the year ended 31   December 2023, except as follows: •     A number of amendments to IFRS became effective for the financial period beginning on 1 January 2024, but the Group did not have to change its accounting policies or make any retrospective adjustments as a result of adopting these amendments. Alternative Performance Measures The Group presents certain measures of financial performance, position or cash flows that are not defined or specified according to IFRS Accounting Standards and UK-adopted International Accounting Standards. These measures, referred to as Alternative Performance Measures, are defined at the end of this document. 3    Operating segments The Group’s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and, consistent with prior year, comprise three distinct segments. Year ended 31   December 2024 1 \t \t\t \t\t\t \t\t\t €   million, unless otherwise stated \t\t\t \t\t\t \t\t\t Corrugated Packaging \t\t\t \t\t\t \t\t\t Flexible Packaging \t\t\t \t\t\t \t\t\t Uncoated Fine Paper \t\t\t \t\t\t \t\t\t Corporate \t\t\t \t\t\t \t\t\t Intersegment elimination \t\t\t \t\t\t \t\t\t Total continuing operations \t\t\t \t\t \t\t \t\t\t \t\t\t Segment revenue \t\t\t \t\t\t \t\t\t 2,251 \t\t\t \t\t\t \t\t\t 3,964 \t\t\t \t\t\t \t\t\t 1,317 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (116) \t\t\t \t\t\t \t\t\t 7,416 \t\t\t \t\t \t\t \t\t\t \t\t\t Internal revenue \t\t\t \t\t\t \t\t\t (22) \t\t\t \t\t\t \t\t\t (37) \t\t\t \t\t\t \t\t\t (57) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 116 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t \t\t \t\t\t \t\t\t External revenue \t\t\t \t\t\t \t\t\t 2,229 \t\t\t \t\t\t \t\t\t 3,927 \t\t\t \t\t\t \t\t\t 1,260 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 7,416 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA \t\t\t \t\t\t \t\t\t 328 \t\t\t \t\t\t \t\t\t 558 \t\t\t \t\t\t \t\t\t 198 \t\t\t \t\t\t \t\t\t (35) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 1,049 \t\t\t \t\t \t\t \t\t\t \t\t\t Depreciation, amortisation and impairments 2 \t\t\t \t\t\t \t\t\t (167) \t\t\t \t\t\t \t\t\t (203) \t\t\t \t\t\t \t\t\t (72) \t\t\t \t\t\t \t\t\t (1) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (443) \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying operating profit/(loss) \t\t\t \t\t\t \t\t\t 161 \t\t\t \t\t\t \t\t\t 355 \t\t\t \t\t\t \t\t\t 126 \t\t\t \t\t\t \t\t\t (36) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 606 \t\t\t \t\t \t\t \t\t\t \t\t\t Special items before tax \t\t\t \t\t\t \t\t\t (5) \t\t\t \t\t\t \t\t\t (132) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (13) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (150) \t\t\t \t\t \t\t \t\t\t \t\t\t Capital employed \t\t\t \t\t\t \t\t\t 2,609 \t\t\t \t\t\t \t\t\t 3,418 \t\t\t \t\t\t \t\t\t 1,133 \t\t\t \t\t\t \t\t\t (78) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 7,082 \t\t\t \t\t \t\t \t\t\t \t\t\t Trailing 12-month average capital employed \t\t\t \t\t\t \t\t\t 2,224 \t\t\t \t\t\t \t\t\t 3,051 \t\t\t \t\t\t \t\t\t 1,134 \t\t\t \t\t\t \t\t\t (126) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 6,283 \t\t\t \t\t \t\t \t\t\t \t\t\t Additions to non-current non-financial assets \t\t\t \t\t\t \t\t\t 346 \t\t\t \t\t\t \t\t\t 565 \t\t\t \t\t\t \t\t\t 160 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 1,071 \t\t\t \t\t \t\t \t\t\t \t\t\t Capital expenditure cash payments \t\t\t \t\t\t \t\t\t 321 \t\t\t \t\t\t \t\t\t 518 \t\t\t \t\t\t \t\t\t 94 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 933 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA margin (%) \t\t\t \t\t\t \t\t\t 14.6 \t\t\t \t\t\t \t\t\t 14.1 \t\t\t \t\t\t \t\t\t 15.0 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 14.1 \t\t\t \t\t \t\t \t\t\t \t\t\t Return on capital employed (%) \t\t\t \t\t\t \t\t\t 7.2 \t\t\t \t\t\t \t\t\t 11.5 \t\t\t \t\t\t \t\t\t 11.1 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 9.6 \t\t\t \t\t \t\t \t\t\t \t\t\t Average number of employees (thousands) 3 \t\t\t \t\t\t \t\t\t 6.4 \t\t\t \t\t\t \t\t\t 12.0 \t\t\t \t\t\t \t\t\t 2.7 \t\t\t \t\t\t \t\t\t 0.1 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 21.2 \t\t\t \t\t \t Year ended 31   December 2023 1 \t \t\t \t\t\t \t\t\t €   million, unless otherwise stated \t\t\t \t\t\t \t\t\t Corrugated Packaging \t\t\t \t\t\t \t\t\t Flexible Packaging \t\t\t \t\t\t \t\t\t Uncoated Fine Paper \t\t\t \t\t\t \t\t\t Corporate \t\t\t \t\t\t \t\t\t Intersegment elimination \t\t\t \t\t\t \t\t\t Total continuing operations \t\t\t \t\t \t\t \t\t\t \t\t\t Segment revenue \t\t\t \t\t\t \t\t\t 2,280 \t\t\t \t\t\t \t\t\t 3,866 \t\t\t \t\t\t \t\t\t 1,292 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t (104) \t\t\t \t\t\t \t\t\t 7,334 \t\t\t \t\t \t\t \t\t\t \t\t\t Internal revenue 4 \t\t\t \t\t\t \t\t\t (23) \t\t\t \t\t\t \t\t\t (33) \t\t\t \t\t\t \t\t\t (52) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 104 \t\t\t \t\t\t \t\t\t (4) \t\t\t \t\t \t\t \t\t\t \t\t\t External revenue \t\t\t \t\t\t \t\t\t 2,257 \t\t\t \t\t\t \t\t\t 3,833 \t\t\t \t\t\t \t\t\t 1,240 \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 7,330 \t\t\t \t\t \t\t \t\t\t \t\t\t Underlying EBITDA \t\t\t \t\t\t \t\t\t 310 \t\t\t \t\t\t \t\t\t 637 \t\t\t \t\t\t \t\t\t 289 \t\t\t \t\t\t \t\t\t (35) \t\t\t \t\t\t \t\t\t — \t\t\t \t\t\t \t\t\t 1,201 \t\t\t \t\t \t\t \t\t\t \t\t\t Depreciation, amortisation and impairments 2 \t\t\t \t\t\t \t\t\t (151) \t\t\t \t\t\t \t\t\t (191) \t\t\t \t\t\t \t\t\t (68) \t\t\t \t\t\t \t\t\t (1) \t\t\...

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