Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
ISIN: GB00B1CRLC47
LSE share code: MNDI
JSE share code: MNP


4 May 2023


Q1 2023 Trading Update
"Stable performance in the first quarter of 2023"
Mondi, a global leader in the production of sustainable packaging and paper, today provides an
update on trading for the three months to 31 March 2023 (“Q1 2023”).
Underlying EBITDA from continuing operations in Q1 2023 was €351 million and broadly flat when
compared to Q4 2022 after excluding the non-cash forestry fair value gain1. The quarter was
characterised by lower average selling prices; softer demand, driven in part by destocking; and
lower input costs from the highs seen in H2 2022. While wood prices remained high in Q1 2023,
they have now started to reduce.
Corrugated Packaging saw softer demand, driven in part by destocking, and lower prices
compared to Q4 2022.
Flexible Packaging delivered a stable performance compared to Q4 2022, with weaker industry
demand and modestly lower prices being offset by falling input costs.
Uncoated Fine Paper demand in Europe was lower compared to Q4 2022, with prices declining
towards the end of the quarter. In Southern Africa demand and pricing were stable.
Andrew King, Chief Executive Officer, said: “We have seen a stable performance in the first
quarter of 2023 compared to the final quarter of last year, with good pricing resilience from Flexible
Packaging. So far in the second quarter, demand remains subdued with lower average selling
prices and further input cost reduction across the business. We continue to invest in the future
growth of Mondi and we are making good progress in executing on our pipeline of expansionary
capital projects. We have a compelling product portfolio and a resilient business model, which
positions us well to deliver attractive returns and sustainable value accretive growth.”
Russian operations
Underlying EBITDA from our Russian operations in Q1 2023 was €123 million.
We continue to work with Augment Investments Limited in respect of its proposed acquisition of
Syktyvkar, and the Gotek Group in respect of its proposed acquisition of the three Russian
packaging converting plants, as both parties seek approval from the relevant Russian Authorities.
                                               -END -
Appendix
Quarterly underlying EBITDA from continuing operations

        € million                               Q1          Q2           Q3        Q4

        2023                                    351         -            -         -
        20221                                   464         478          450       456
        2021                                    271         295          290       301

1
 2022 underlying EBITDA included a forestry fair value gain of €169 million of which approximately
€100 million was in Q4 2022 and is accounted for within Uncoated Fine Paper.
Conference call dial-in details
A conference call will be held this morning, Thursday 4 May, at 08:00 (BST) / 09:00 (SAST).
The conference call dial-in numbers are:
UK: +44 1 212818004
USA: +1 718 7058796
South Africa: +27 110197047 (you will be asked to press *0 to be connected to an operator).
Please dial in at least 10 minutes before the start of the call to allow the operator sufficient time
to get all your information before connecting you to the call.
Replay details:
A replay of the call will be available until 11 May 2023.
To access the digital replay, dial +39 02 802 0987 then press 700715# and 715#.
Notes
Underlying EBITDA is an Alternative Performance Measure that is not defined or specified
according to International Financial Reporting Standards. This measure is defined as operating
profit before special items, depreciation, amortisation and impairments not recorded as special
items.
Financial metrics have not been audited or reviewed by Mondi’s external auditors.
Enquiries
Investors/analysts:
Fiona Lawrence                                                +44 742 587 8683
Group Head of Investor Relations
Media:
Chris Gurney
Group Head of Corporate Communication                         +44 7990 043 764
Richard Mountain
FTI Consulting                                              +44 790 968 4466


Editor’s notes
Mondi is a global leader in packaging and paper, contributing to a better world by making
innovative solutions that are sustainable by design. Our business is integrated across the value
chain – from managing forests and producing pulp, paper and films, to developing and
manufacturing sustainable consumer and industrial packaging solutions using paper where
possible, plastic when useful. 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 2022, Mondi had revenues of €8.9 billion and underlying EBITDA of €1.8 billion from continuing
operations, and employed 22,000 people worldwide. Mondi has a premium listing on the London
Stock Exchange (MNDI), where the Group is a FTSE100 constituent, and 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.