Mondi Q1 Report 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 gain. 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