Mondi
plc
(Incorporated in England and
Wales)
(Registered
number:
6209386)
LEI: 213800LOZA69QFDC9N34
LSE share
code: MNDI
JSE share
code: MNP ISIN:
GB00BMWC6P49
17 October 2024
Q3
2024 Trading Update
Mondi, a
global leader in the production of sustainable packaging and paper,
today provides an update on trading for the three months to
30 September 2024 ("third quarter" or
"Q3 2024").
Underlying
EBITDA for the quarter was, as expected, lower than the previous
quarter, at €223 million (Q2 2024: €351
million).
This was
primarily due to more planned maintenance shuts and a forestry fair
value loss, which together resulted in a difference between the
third quarter and second quarter of approximately €90
million.
This was
in addition to softer seasonal demand and higher input
costs.
Selling
prices in Corrugated Packaging and Flexible Packaging were higher
when compared to the previous quarter due to the implementation of
paper price increases earlier in the year. After a recovery in
pricing at the start of the year, pulp and paper selling prices in
Uncoated Fine Paper declined in the quarter.
Andrew King, Chief Executive
Officer,
said: "While
we are seeing the benefits from the increase in prices earlier this
year across our key paper grades, trading conditions remain muted
against the backdrop of an uncertain macroeconomic
environment.
In the
fourth quarter there will be fewer planned maintenance shuts, and
we expect the normal seasonal pick-up in demand.
"Our
expansionary projects remain on track. We are making good progress
towards completing the paper machine investments at Steti and
Duino, both expected to start-up as planned. Overall, our organic
growth investments are expected to deliver a meaningful EBITDA
contribution from 2025.
Together
with the recently announced acquisition of the Western European
assets of Schumacher Packaging, the additional capacity will ensure
Mondi is well positioned to capitalise on the structural growth in
sustainable packaging."
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END
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Conference
call dial-in details:
A
conference call will be held this morning, Thursday 17 October, at
09:00 (BST) / 10:00 (CET/SAST). Please click on the link
below.
https://register.vevent.com/register/BI8f07b89af1084e86ba6bbe5f19ea32ab
Replay
details:
A webcast
will be available in replay mode on our website within a couple
hours after the end of the live results presentation.
https://www.mondigroup.com/investors/results-reports-and-presentations/
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
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 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: Merrill Lynch South
Africa Proprietary Limited t/a BofA Securities.