MONDI PLC - Q1 2024 Trading Update

Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34

LSE share code: MNDI                ISIN: GB00BMWC6P49
JSE share code: MNP


3 May 2024

                                   Q1 2024 Trading Update

Mondi plc, a global leader in the production of sustainable packaging and paper, today provides
an update on trading for the three months to 31 March 2024 ("first quarter" or "Q1 2024").
In the first quarter of 2024, market conditions continued to improve with stronger order books
leading to higher sales volumes across our range of paper grades compared to the fourth quarter
of 2023 ("Q4 2023"). This was supported by a solid performance in our downstream converting
operations. Average selling prices were lower compared to Q4 2023 however recently announced
paper price increases are starting to come through in the second quarter. Costs remained broadly
stable when compared to Q4 2023. Underlying EBITDA for the quarter was in line with our
expectations at '214 million (Q4 2023: '260 million), which includes a one-off '32 million loss
incurred in the period from the devaluation of the Egyptian pound.

In Corrugated Packaging, containerboard sales volumes were higher compared to Q4 2023 and
corrugated solutions delivered a stable performance. Flexible Packaging saw good sales volume
growth which was largely offset by lower average selling prices. Uncoated Fine Paper benefited
from price increases implemented in the quarter, however, a lower forestry fair value gain
impacted comparative performance.

During the quarter, Mondi paid a '1.60 per share special dividend to shareholders, returning the
net proceeds received from the sale of all the Group's Russian assets. The special dividend was
accompanied by a share consolidation whereby shareholders received 10 new ordinary shares
for every 11 existing ordinary shares held.

Andrew King, Chief Executive Officer, said: "Market demand has continued to improve in the
first quarter of the year, with stronger order books leading to higher sales volumes across our
range of paper grades. While we entered the year with lower selling prices compared to the prior
year, improvements in demand have supported our initiatives to increase selling prices across
the business. We remain well positioned to benefit from this growing demand with our strong
operational leverage, broad product offering and organic growth investment projects, which
remain on track and on budget."
                                            -END '
Conference call dial-in details

A conference call will be held this morning, Friday 3 May, at 08:00 (BST) / 09:00 (CET/SAST).
The conference call dial-in numbers are:
United Kingdom (Local): +44 20 3936 2999
United Kingdom (Toll-Free): +44 800 358 1035
Global Dial-In Numbers
Access Code: 472790

Please dial in at least 10 minutes before the start of the call to allow the operator sufficient time
to get all your information before connecting you to the call.
Replay details:

An audio playback will be available in replay mode on our website within a couple hours after
the end of the conference call.

https://www.mondigroup.com/investors/results-reports-and-presentations/


Enquiries
Investors/analysts:

Fiona Lawrence                                                 +44 742 587 8683
Group Head of Investor Relations
Media:
Chris Gurney

Group Head of Corporate Communication                          +44 799 004 3764
Richard Mountain

FTI Consulting                                                 +44 790 968 4466


Editor's notes

Mondi is a global leader in packaging and paper, contributing to a better world by producing
products that are sustainable by design. We employ 22,000 people in more than 30 countries and
operate an integrated business with expertise spanning the entire value chain, enabling us to offer
our customers a broad range of innovative solutions for consumer and industrial end-use
applications. Sustainability is at the centre of our strategy, with our ambitious commitments to
2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of '7.3 billion and underlying EBITDA of '1.2 billion. Mondi has a
premium listing on the London Stock Exchange (MNDI), where the Group is a FTSE100
constituent, and also has a secondary listing on the JSE Limited (MNP).
mondigroup.com

Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.

Date: 03-05-2024 08:00:00

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