Mondi Full-Year Report 2023

Highlights

Demonstrating strong cash flow characteristics

• Cash generated from operations of €1,312 million
  • Lower underlying EBITDA of €1,201m
  • Mitigated by working capital inflow of €229m

Facilitating through cycle investment in the business

• Progressing with organic growth investment pipeline
  • €830m of capital expenditure in the year
  • €800-900m capital expenditure expected in 2024
  • ~80% of current organic investment pipeline spent by end of 2024

Continued payment to providers of capital and tax

• Payment of ordinary dividends, interest and tax
  • Ordinary dividends paid of €345m
  • Interest and tax paid of around €300m

Retaining a strong balance sheet

• 0.3x net debt to underlying EBITDA at year end (1.0x pro-forma)
  • Russian divestment proceeds received in 2023
  • Net proceeds distributed in February 2024 via a €1.60 per share special dividend
• Cash generated from operations of €1,312 million
• Robust balance sheet
  • 0.3x, pro-forma 1.0x net debt to underlying EBITDA
• Consistent delivery of our capital allocation strategy