Mondi (MNDI) H2 2025 earnings summary

Executive summary

• Delivered underlying EBITDA of EUR 1.001 billion for 2025, marginally down year-over-year, with strong cash generation from operations at EUR 1.072 billion, up from the prior year.

• Maintained resilience amid challenging macroeconomic and industry conditions through cost discipline, operational excellence, and targeted self-help measures.

• Actions taken to drive value included cost control, plant closures, and business unit integration.

• Completed major capacity expansions and the Schumacher acquisition, positioning for future growth as markets recover.

Financial highlights

• Underlying EBITDA for 2025 was EUR 1.001 billion, down from EUR 1.049 billion in 2024.

• Cash generated from operations increased to EUR 1.072 billion, supported by strong working capital management.

• Net debt at year-end was EUR 2.6 billion, with leverage at 2.6x.

• CapEx reduced to EUR 673 million, below previous guidance.

• Dividend per share was 28.25 euro cents, with a cover of 2.0x.

Outlook and guidance

• Input costs expected to remain flat in 2026, despite headwinds from lower energy-related income and emission credits.

• Cash CapEx for 2026 guided at approximately EUR 550 million, with focus on maintenance and cost optimization.

• Depreciation and amortisation for 2026 estimated at EUR 515–525 million; net finance costs around EUR 125 million.

• Board recommends a total ordinary dividend of EUR 0.2825 per share for 2025, returning to stated dividend cover policy.

• Actions taken to offset labor and other cost inflation in 2026.