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Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI
JSE share code: MNP ISIN: GB00BMWC6P49
24 April 2026
Q1 2026 Trading Update
Mondi plc ("Mondi"), a global leader in sustainable packaging and paper, today provides an
update on trading for the three months to 31 March 2026 ("first quarter" or "Q1 2026").
Market conditions in the first quarter of 2026 remained challenging resulting in an underlying
EBITDA of '212 million, including '8 million of forestry fair value gain (Q4 2025 '214 million,
including '1 million of forestry fair value gain).
On a sequential basis, our Corrugated Packaging and Flexible Packaging business units
increased sales volumes across our range of paper grades. This was supported by recent
capacity expansions, as well as our exposure to diversified geographies, end markets and
products. There were also no planned maintenance shuts in the quarter. The increase in
volumes was offset by lower average selling prices and, towards the end of the quarter, higher
energy-related input costs. In the converting operations, performance of our Corrugated
Solutions and Paper Bags businesses was impacted by margin pressure, while Consumer
Flexibles delivered a broadly stable performance, supported by resilient end-markets.
Significantly heightened geopolitical tensions in the Middle East further increased volatility in
an already complex operating environment. We have a limited direct exposure to the region
and all operations continue to run safely, with the wellbeing of our colleagues remaining our
highest priority. Across the business, we have however experienced increased energy, raw
material and logistics costs. We are actively responding with pricing actions. While there is a
customary lag, we expect the impact of these price increases to take full effect in the third
quarter of this year.
Following a recent reduction in wood prices in South Africa, and assuming the market
environment does not change significantly for the remainder of the year, the full-year forestry
fair value gain for 2026 is expected to be nil.
We continue to take targeted actions to strengthen our competitive advantage. Operational
excellence programmes, rigorous cost control and margin management remain central to our
approach. In April, we announced the closure of a further three converting plants comprising
a Consumer Flexibles plant in Hungary and Corrugated Solutions plants in Poland and
Germany. Together these closures will reduce headcount by 450 over the course of this year.
This brings the total number of recently announced plant closures to six, with customers
transferring to alternative plants in our network.
Cash flow optimisation remains a priority, supported by disciplined control of capital
expenditure and rigorous working capital management.
Andrew King, CEO Mondi Group commented:
"Against a backdrop of challenging market conditions, sales volumes increased, although
lower selling prices and latterly, cost pressures linked to escalating geopolitical tensions,
weighed on underlying EBITDA.
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"These pressures persist into the second quarter and we are taking pricing actions to mitigate
their impact. While there is an inherent time lag, we expect these measures to take full effect
in the third quarter.
"Despite the uncertain outlook, we continue to focus on what we can control ' driving
operational excellence, rigorous cost and margin discipline, optimising our production footprint
and focused cashflow management. These actions underpin our confidence in our ability to
navigate the current headwinds and continue to deliver our high-quality range of sustainable
packaging and paper products for our customers."
- END '
' million
Q1 Q2 Q3 Q4
2026 Underlying EBITDA
212 - - -
(including forestry fair value)
2026 Forestry fair value gain 8
2025 Underlying EBITDA
290 274 223 214
(including forestry fair value)
2025 Forestry fair value gain 2 16 20 1
Enquiries
Investors/analysts:
Fiona Lawrence +44 742 587 8683
Mondi Group: Head of Investor Relations
Media:
Kerry Cooper +44 7881 455 806
Mondi Group: Group Communication Director
Richard Mountain +44 790 968 4466
FTI Consulting
Results call details
A call will be held today at 08:00 (BST), 9:00 (CET/SAST).
Event registration link:
https://storm-virtual-uk.zoom.us/webinar/register/WN_G1vQhA90Svq1o7KEyOrRzg
Once registered, you will receive a confirmation email from 'Mondi Group 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
call at: https://www.mondigroup.com/investors/results-reports-and-presentations/
For any queries, please e-mail ir@mondigroup.com
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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 24,000 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 2025, Mondi had revenues of '7.7 billion and underlying EBITDA of '1.0 billion. Mondi is
listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a
FTSE100 constituent. It also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: J.P. Morgan Equities South Africa (Pty) Ltd
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Date: 24-04-2026 08:00:00
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