Mondi Results for the six months ended 30 June 2022

• Strong performance across the business
◦ Margin expansion in all continuing businesses, supported by good selling price realisation and solid operating performance in challenging conditions
◦ Key capital investments contributing to performance
◦ Underlying EBITDA from continuing operations (excluding Russian operations) of €942 million, up 66% year-onyear
◦ Total EBITDA including discontinued Russian operations (prior to special items) of €1,170 million, up 65% yearon-year
• Around €1 billion of expansionary projects underway, approved or under advanced evaluation – capturing growth in our packaging markets, building on our leading market positions and adding to our strong track record of disciplined capital allocation
• Completed sale of the Personal Care Components business for an enterprise value of €615 million, delivering greater focus
• Process to dispose Russian operations ongoing – now reported as discontinued operations held for sale
• Continued progress on sustainability roadmap, Mondi Action Plan 2030 (MAP2030)
• Balance sheet at 0.8x net debt to underlying EBITDA (continuing operations)
• Interim dividend declared of 21.67 euro cents per share, up 8% year-on-year
• Well-positioned for the future, with unique portfolio of leading sustainable packaging solutions, cost-advantaged asset base, culture of continuous improvement and strong financial position

Andrew King, Mondi Group Chief Executive Officer, said:
“Performance was strong across the Group in the first half of 2022, with underlying EBITDA from continuing operations of €942 million, up 66% year-on-year. Our vertical integration, the agility of our organisation and strong collaboration with our customers ensured we delivered at a time when supply chains continued to be disrupted around the world. We achieved strong price realisation while maintaining tight cost control against a backdrop of strong inflationary pressures.

My sincere thanks goes to the teams across Mondi for their dedication and ongoing commitment, delivering so strongly in these challenging times.

Sustainable packaging continues to be a key priority for our customers and wider society. We are well placed to support our customers to achieve their environmental goals with circular driven solutions that are sustainable by design, a unique product portfolio, superior technical know-how, expertise in understanding the best material choices and leading innovation capabilities.

Our capital investments continue to generate value-accretive growth, enhance our cost competitiveness and drive sustainability benefits. We have an ambitious expansionary capital investment programme to further capture growth in our packaging markets, building on our leading market positions and long track record of disciplined capital allocation. Our pipeline currently includes around €1 billion of expansionary projects in our continuing operations 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 investments for growth in the packaging markets in which we operate.

We are pleased to have completed the sale of the Personal Care Components business to Nitto ahead of schedule. This enables us to simplify our portfolio and focus on our strategic priority to grow in sustainable packaging.
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