Mondi Group: Trading update – Strong delivery in Q1 2022

Mondi delivered strongly in the first quarter of 2022. Demand was good across the business, supported by our broad range of innovative, sustainable packaging and paper solutions, product quality and customer service. Higher average selling prices more than offset continued cost pressures.

Underlying EBITDA for the first quarter was €574 million, up 63% compared to the prior year period (Q1 2021: €353 million) and up 41% on a sequential basis (Q4 2021: €406 million). In the current context, the Group believes it is appropriate to report that excluding the Russian operations, underlying EBITDA for the first quarter was approximately €460 million, up around 70% compared to the prior year period. This performance is testament to the continued dedication of our people, our strong customer relationships and the strength of our integrated business model.

We made progress on our expansionary capital investment programme to capture growth across our packaging businesses in structurally growing markets underpinned by demand for eCommerce and sustainable packaging solutions. As previously outlined, our pipeline currently includes around €1 billion of expansionary projects already approved or under advanced evaluation, which we anticipate will generate mid-teen returns when in full operation. We continue to actively consider further capital investment opportunities.

The sale of the Personal Care Components business, which will simplify our portfolio and deliver greater focus, remains on track for completion in the second half of the year.

At the end of March 2022, Group net debt to underlying EBITDA was approximately 1.0x.
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