Mondi plc (MNDI) — Company Research

Last Updated: 30 Oct 2026

Mondi plc (MNDI) is a paper and packaging group with a primary listing in London and a secondary listing in Johannesburg. It makes containerboard, kraft paper and uncoated fine paper in its own mills, mainly in Central and Eastern Europe, and converts them into corrugated boxes, paper bags and flexible packaging. It reports in euros. FY2025 revenue was €7,663m (+3.3%), but underlying EPS fell to 56.5 euro cents and the total ordinary dividend was cut to 28.25c from 70.0c. Conditions have stayed weak in 2026. H1 2026 underlying EBITDA fell to €379m from €564m, €296m of impairments led to a statutory loss, and the interim dividend was cut to 9.42c. The Q3 2026 trading update on 15 Oct reported underlying EBITDA of €196m against €223m a year earlier. Since the last version of this report (15 Jun 2026) Mondi has reported its half-year results and Q3 trading update, cut 2026 capex guidance to about €500m and started selling converting plants. Every figure comes from Mondi’s results announcements, trading updates and RNS notices. There are no analyst opinions, price targets or ratings in this report.

Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.

1. Company Snapshot

Field	Value
Ticker / exchange	MNDI — London Stock Exchange (primary listing); secondary listing on the Johannesburg Stock Exchange
CEO / Leadership	Andrew King, Group Chief Executive Officer; Mike Powell, Group Chief Financial Officer; Philip Yea, Chair
Sector	Materials — paper-based and flexible packaging, containerboard, kraft paper and uncoated fine paper
Employees	About 24,000 (2025 Integrated Report); average 22,100 full-time equivalents in FY2025
FY2025 Revenue	€7,663m, up 3.3% (FY2024: €7,416m), helped by the Schumacher Packaging acquisition
FY2025 earnings	Underlying EBITDA €1,001m (13.1% margin); basic EPS 37.4c; underlying EPS 56.5c
H1 2026	Revenue €3,975m; underlying EBITDA €379m (9.5% margin); basic EPS (57.8)c after €320m of special items; underlying EPS 11.6c
Dividend per share	FY2025 total ordinary dividend 28.25c (FY2024: 70.0c); 2026 interim 9.42c (2025 interim: 23.33c)
Net debt	€2,632m at 30 Jun 2026, 3.2x underlying EBITDA (€2,599m and 2.6x at 31 Dec 2025)
Credit ratings	S&P BBB (stable); Moody’s Baa1 (negative), as stated at 30 Jul 2026

2. Bull & Bear Case

Bull Case

• Price increases coming through: The Q3 2026 update reported positive price momentum backed by good order books. Mondi has announced further price rises for several paper grades, with the benefit expected towards the end of 2026 and into 2027.
• Expansion spending largely complete: Major capacity projects are mostly finished, adding about 300,000 tonnes of output in 2026. 2026 capex guidance has been cut to about €500m, from €673m of property, plant and equipment spending in FY2025.
• Cost and portfolio actions: Six converting plants are closing, cutting about 580 roles, and Group Services headcount is down 13%. Schumacher synergies have been raised to €32m, and Mondi sold one converting plant at the end of Sep 2026 and agreed the sale of a second.
• Investment-grade funding with no covenants: Mondi has investment-grade ratings, no financial covenants, a refinanced €1bn revolving credit facility and a weighted average debt maturity of 4.6 years.

Bear Case

• Sharp earnings decline: Underlying EPS fell from 195.6c in FY2022 to 56.5c in FY2025, and was 11.6c in H1 2026 against 42.7c a year earlier.
• Rising leverage: Net debt to underlying EBITDA rose to 3.2x at 30 Jun 2026 from 2.6x at the end of 2025, and Moody’s has Mondi on negative outlook.
• Dividend cuts: The FY2025 ordinary dividend of 28.25c was 60% below FY2024’s 70.0c, and the 2026 interim fell to 9.42c from 23.33c.
• Impairments on new capacity: H1 2026 included €296m of impairments, including €206m on the Duino containerboard mill in Italy, which had only recently been converted.
• Input cost pressure: Energy and Central European wood costs rose in Q3 2026. Year-to-date underlying EBITDA was €575m against €787m in the same period of 2025.

3. Business Segments

From 01 Oct 2025 Mondi reports two segments, after merging Uncoated Fine Paper into Corrugated Packaging and restating prior periods. Percentages use FY2025 external revenue against group revenue of €7,663m.

Segment	% of revenue	What it is
Flexible Packaging	51.1% (€3,919m external)	Kraft paper, paper bags, and consumer flexible packaging such as pouches, films and coated products. FY2025 underlying EBITDA €583m.
Corrugated Packaging	48.9% (€3,744m external)	Virgin and recycled containerboard, corrugated boxes (including the acquired Schumacher plants) and, since Oct 2025, uncoated fine paper. FY2025 underlying EBITDA €458m.

The last standalone Uncoated Fine Paper figure was FY2024 segment revenue of €1,317m, about 17.8% of the group. Segment revenue including sales between segments was €3,941m for Flexible Packaging and €3,775m for Corrugated Packaging, with €53m eliminated.

4. Business Model & Moat

How it makes money. Mondi grows and buys wood, runs pulp and paper mills, and sells the paper either to outside customers or to its own converting plants, which turn it into boxes, bags and flexible packaging. Earnings depend on paper and packaging prices relative to wood, energy, recovered paper and chemical costs, so margins move with the paper cycle.

Integration and cost position. Mondi’s large mills, many in Central and Eastern Europe, are supplied with wood from its own forests and from local markets. Making its own paper and then converting it gives Mondi more control over supply and quality across the chain.

Trade-offs. The mills need heavy maintenance and expansion spending, and new capacity is exposed to the industry cycle. The €206m impairment on the converted Duino mill in H1 2026 shows that risk. Exposure to South Africa also brings currency and country risk.

5. Financial Health

Mondi reports in euros under IFRS for calendar years. Figures are continuing operations: FY2021 is restated in the FY2022 report to exclude the Russian operations, which were sold in 2023. GAAP EPS is basic EPS from continuing operations; Adjusted EPS is Mondi’s basic underlying EPS, which excludes special items. Long-term debt is medium and long-term borrowings at each year end.

Fiscal Year	Revenue (€m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	€6,974m	+15.9%†	112.0c	110.1c	65.0c	€2,104m
FY2022	€8,902m	+27.6%	244.5c	195.6c	70.0c	€1,970m
FY2023	€7,330m	−17.7%	103.5c	107.8c	70.0c	€1,460m
FY2024	€7,416m	+1.2%	49.1c	82.7c	70.0c‡	€1,952m
FY2025	€7,663m	+3.3%	37.4c	56.5c	28.25c	€2,538m

† Mondi did not publish a continuing-operations revenue figure for FY2020, so FY2021 growth is the originally reported rate including Russia (€7,723m against €6,663m). FY2022 basic EPS includes the gain on selling Personal Care Components. ‡ A special dividend of 160.0c per share, returning the Russia sale proceeds, was paid on 13 Feb 2024 alongside a 10-for-11 share consolidation and is excluded here. EPS and dividends are in euro cents. Short-term borrowings were €124m, €102m, €559m, €63m and €344m for FY2021 to FY2025.

Mondi reports half-yearly, with trading updates in Q1 and Q3. Most recent first:

Quarter / Half	Revenue (€m)	Adjusted EPS	GAAP EPS
H1 2026 (Jan–Jun 2026)	3,975	11.6c	(57.8)c
H2 2025 (Jul–Dec 2025)	3,754	13.8c	(1.2)c
H1 2025 (Jan–Jun 2025)	3,909	42.7c	38.6c
FY2025 total	7,663	56.5c	37.4c

The Q3 2026 trading update gave no revenue or EPS figures. It reported Q3 underlying EBITDA of €196m with no forestry fair value gain, against €167m in Q2 2026 (including a €43m forestry loss), €212m in Q1 2026 and €223m in Q3 2025.

Cash flow and balance sheet. In FY2025 cash generated from operations was €1,072m and net cash from operating activities €986m. Capital expenditure was €690m: property, plant and equipment €673m and intangibles €17m; a further €50m was invested in forestry assets. Depreciation, amortisation and impairments were €504m on an underlying basis and €563m including €59m of special items. Underlying operating profit was €497m and reported operating profit €391m. At 31 Dec 2025 cash was €292m, short-term borrowings €344m and medium and long-term borrowings €2,538m. In H1 2026 net cash from operating activities was €319m and capex €214m; at 30 Jun 2026 borrowings were €264m short-term and €2,529m medium and long-term, with cash of €157m.

2026 guidance. In Jul 2026 Mondi guided capex of about €500m, depreciation and amortisation of about €475m, about €80m of EBITDA impact from maintenance shuts, net finance costs of about €125m and an effective tax rate of about 25%. In Oct 2026 it said it expects no forestry fair value gain in Q4 if current energy and South African diesel prices persist.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Underlying EBITDA	€1,001m for FY2025 at a 13.1% margin (€962m excluding forestry); H1 2026 €379m at 9.5%; Q3 2026 €196m
EBITDA (FY2025, statutory)	About €954m = reported operating profit €391m plus depreciation, amortisation and impairments €563m (wider total, including special items, from the FY2025 results)
Free cash flow	About €296m for FY2025: net cash from operating activities €986m less capex €690m (FY2025 cash flow statement); about €105m in H1 2026 (€319m less €214m)
Net debt	Borrowings €2,882m (€344m short-term plus €2,538m medium and long-term) less cash €292m = about €2,590m; Mondi reports €2,599m at 31 Dec 2025 (2.6x underlying EBITDA) and €2,632m at 30 Jun 2026 (3.2x)
Underlying EPS	56.5c for FY2025 (FY2024: 82.7c); 11.6c for H1 2026
Dividend per share	28.25c for FY2025, covered 2.0 times by underlying earnings; 2026 interim 9.42c
Short interest (% of float)	FCA aggregated net short position of 7.11% of issued share capital at 27 Oct 2026 (FCA list; since 13 Jul 2026 holders are no longer named). US over-the-counter ADR line MONDY: 18,849 shares short, 0.01% of float, at 15 Oct 2026 (MarketBeat)
Days to cover	0.6 days for the thinly traded MONDY line (MarketBeat, 15 Oct 2026); not published for the London line

7. What Are They Building

After several years of heavy investment, Mondi has moved from building capacity to cutting costs and running the new assets at full rate.

• New capacity ramp-up: About 300,000 tonnes of new output came on in 2026, from the new Steti sack kraft paper machine in Czechia, debottlenecking at Swiecie and Kuopio, the Duino recycled containerboard ramp-up and more e-commerce paper bag capacity in North America.
• Lower capital spending: 2026 capex guidance has been cut from €650m to €550m and then to about €500m, focused on maintenance and cost improvements.
• Converting footprint: Six converting plants are closing in 2026, two of them by mid-year, and Mondi sold one solid board converting plant at the end of Sep 2026 and agreed the sale of a second.
• Schumacher integration: The western European Schumacher Packaging plants, bought on 31 Mar 2025, are being integrated, with synergies now targeted at €32m over three years.
• Operational excellence: A new group-wide programme, Mondi Management Systems, aims to standardise mill and plant performance.

Follow global markets on ChartsView’s Live Charts.

8. Competitive Landscape

Mondi competes with integrated paper and packaging groups in Europe and with flexible packaging specialists worldwide. Metrics come from each company’s own FY2025 results release.

Peer	Key latest fiscal-year metric
Smurfit Westrock (SW)	FY2025 net sales $31,179m (FY2024: $21,109m), per its results of 11 Feb 2026
International Paper (IP), including DS Smith	FY2025 net sales $23.63bn, per its results of 29 Jan 2026, which also announced a plan to split into two companies
Amcor (AMCR)	Fiscal 2025 (year to 30 Jun 2025) net sales $15,009m (FY2024: $13,640m), per its results of 14 Aug 2025
Stora Enso	FY2025 sales €9,326m (FY2024: €9,049m), per its results of 04 Feb 2026
Huhtamaki	FY2025 net sales €3,960.2m (FY2024: €4,126.3m), per its results of 13 Feb 2026

Mondi’s FY2025 revenue of €7,663m rose 3.3%, helped by acquisitions, while Huhtamaki’s sales fell and Stora Enso’s rose about 3%.

9. Leadership & Insider Activity

Andrew King is Group Chief Executive Officer (CEO) and Mike Powell is Group Chief Financial Officer; no change to either role has been announced in 2026. Philip Yea has chaired the board since May 2020. Sue Clark, Senior Independent Director, joined the board of Hill & Smith on 02 Oct 2026. The dealings below were disclosed through RNS notifications in 2026. Apart from the incentive plans, the only open-market purchase found was by a person closely associated with a non-executive director.

Name	Date	Type	Shares	Plan Type
Andrew King (CEO), Mike Powell (CFO)	07 Oct 2026	Monthly purchase (partnership and matching shares)	40 (King), 38 (Powell)	Share Incentive Plan
Marita Erler (Chief People Officer)	24 Sep 2026	Option exercise and sale	5,281 exercised and sold	Long Term Incentive Plan
Cheryl Young (associate of non-executive director Stephen Young)	27 Apr 2026	Purchase	5,000	Market purchase
Thomas Ott (CEO, Flexible Packaging)	23 Mar 2026	Option exercise; shares sold for tax	18,726 exercised; 10,300 sold	Bonus Share Plan
Andrew King (CEO)	06 Mar 2026	Award	27,468 (BSP) and 284,575 (LTIP)	Bonus Share Plan / Long Term Incentive Plan
Mike Powell (CFO)	06 Mar 2026	Award	17,436 (BSP) and 165,676 (LTIP)	Bonus Share Plan / Long Term Incentive Plan
Andrew King (CEO)	26 Feb 2026	Option exercise; shares sold	73,197 exercised; 34,403 sold	Bonus Share Plan
Mike Powell (CFO)	26 Feb 2026	Option exercise; shares sold; transfer to spouse	43,339 exercised; 20,370 sold; 22,969 transferred	Bonus Share Plan

Discuss Mondi and other UK stocks with members on the ChartsView Forum.

10. Key Risks

• Leverage and credit rating (Financial): Net debt to underlying EBITDA reached 3.2x at 30 Jun 2026, and Moody’s Baa1 rating is on negative outlook. Further EBITDA weakness would push leverage higher and could lead to a downgrade.
• Selling price and margin volatility (Market): Mondi names this as a principal risk. Corrugated Solutions margins are still squeezed by competition and the lag in passing on paper price rises, and uncoated fine paper demand weakened seasonally in Q3 2026.
• Industry capacity (Strategic): New European containerboard capacity has weighed on prices, and the €206m Duino impairment shows the risk to newly built assets.
• Energy and raw material costs (Operational): Energy costs rose through Q3 2026 and Central and Eastern European wood costs increased. Mondi downgraded its raw material cost and availability risk in 2025.
• Country and currency exposure (Macro): Operations in South Africa and emerging Europe expose Mondi to currency moves, diesel prices and political risk, and it downgraded its country risk in 2025.
• Restructuring and integration (Operational): Plant closures, the Schumacher integration and the ramp-up of new capacity must be delivered without disrupting customers or adding cost.

11. Recent Developments

• 15 Oct 2026 — Q3 2026 trading update. Underlying EBITDA was €196m against €223m a year earlier, as energy and wood costs rose and maintenance shuts weighed. Mondi announced further paper price increases, sold one solid board converting plant at the end of Sep and agreed the sale of a second.
• 13 Oct 2026 — Silchester raises its stake. Silchester International Investors notified a holding of 10.01%, up from 5.02%.
• 08 Oct 2026 — AGM voting update. Mondi published an update on two 2026 AGM resolutions, on disapplying pre-emption rights and on 14-day notice for general meetings, which passed with about 78% support. Most of the votes against came from holders on the South African register.
• 25 Sep 2026 — Interim dividend paid. The 2026 interim dividend of 9.42c per share was paid, equal to 8.09159p for UK holders.
• 09 Sep 2026 — Coronation reduces its holding. Coronation Fund Managers cut its holding to 4.784% from 9.001%.
• 26 Aug 2026 — PIC reduces its holding. South Africa’s Public Investment Corporation cut its holding to 8.963% from 9.811%.
• 30 Jul 2026 — H1 2026 results. Revenue was €3,975m and underlying EBITDA €379m, against €564m. Impairments of €296m, including €206m on Duino, produced a statutory operating loss of €178m. The interim dividend was cut to 9.42c and 2026 capex guidance lowered to about €500m.

Euro-area and UK data releases that affect packaging demand are on the Economic Calendar.

12. Key Dates

• 25 Feb 2027 — FY2026 full-year results (Mondi financial calendar, subject to change)
• 30 Apr 2027 — Q1 2027 trading update and 2027 Annual General Meeting
• Expected May 2027 — payment of any 2026 final dividend
• 29 Jul 2027 — H1 2027 half-year results
• 14 Oct 2027 — Q3 2027 trading update

The ex-dividend and record dates for any 2026 final dividend will be set with the full-year results.

---

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.