| Mondi, a global leader in the production of sustainable packaging and paper, today announces its results for the 12 months to 31 December 2024. |
| Highlights |
| • Resilient performance in line with our expectations |
| • Underlying EBITDA of €1,049 million, including €7 million forestry fair value gain (2023: €1,201 million including €128 million forestry fair value gain) |
| • Delivering on our growth strategy |
| • Started up five major capacity expansion projects – on time and within budget – including the new paper machine at Steti (Czech Republic) that commenced operations ahead of plan in December 2024 |
| • Completed the acquisition of Hinton pulp mill (Canada) |
| • Agreed acquisition of Schumacher’s Western Europe Packaging Assets – on track to complete in H1 2025 |
| • Supporting shareholder returns |
| • €1.60 per share special dividend paid in February 2024, returning net proceeds from the sale of the Group’s Russian assets |
| • Recommended total ordinary dividend of 70.0 euro cents per share – in line with 2023 |
| Financial summary |
|
€ million, unless otherwise stated |
The year ended on 31 December
2024 |
The year ended on 31 December
2023 |
Change
% |
| From continuing operations |
|
|
|
| Group revenue |
7,416 |
7,330 |
1 |
| Underlying EBITDA1 |
1,049 |
1,201 |
(13) |
| Forestry fair value gain |
7 |
128 |
|
| Underlying EBITDA excluding forestry fair value gain1 |
1,042 |
1,073 |
|
| Underlying EBITDA margin1 |
14.1% |
16.4% |
|
| Profit before tax |
378 |
682 |
(45) |
| Basic underlying earnings per share (euro cents)1 |
82.7 |
107.8 |
(23) |
| Basic earnings per share (euro cents) |
49.1 |
103.5 |
(53) |
| Total ordinary dividend per share (euro cents) |
70.0 |
70.0 |
— |
| Special dividend per share (euro cents) |
160.0 |
|
|
| Cash generated from operations |
970 |
1,312 |
(26) |
| Net debt to underlying EBITDA (times)1 |
1.7 |
0.3 |
|
| Return on capital employed (ROCE)1 |
9.6% |
12.8% |
|
| From continuing and discontinued operations |
|
|
|
| Basic headline earnings per share (euro cents) |
60.8 |
145.3 |
(58) |
Note: |
| 1 The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards (IFRS Accounting Standards). These measures, referred to as Alternative Performance Measures (APMs), are defined at the end of the full announcement and, where relevant, reconciled to the equivalent IFRS Accounting Standards measure in the notes to the condensed consolidated financial statements (see link to the full announcement below). |
| Andrew King, Mondi Group Chief Executive Officer, commented: |
| “Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterised by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders. |
| “In 2024, Mondi successfully started up five major capacity expansion projects on time and within budget, building a strong platform for growth. The largest of these, the new paper machine at Steti (Czech Republic), commenced operations ahead of schedule in December. We are very appreciative of the commitment of our colleagues who have worked tirelessly over the last few years to deliver these projects. Our focus now turns to executing our operational and commercial strategy and leveraging our expanded product offering. |
| “Disciplined capital allocation to deliver value accretive growth remains a strategic priority and, alongside our investment in organic growth opportunities, we were pleased to announce the acquisition of the Western Europe Packaging Assets of Schumacher Packaging, which will expand our geographic reach and deliver integration benefits in our Corrugated Packaging business. |
| "Reflecting the importance of shareholder returns and our continued confidence in the future of the business, the Board has recommended a total ordinary dividend for 2024 in line with last year, at 70.0 euro cents per share. |
| "As we move into 2025, while significant macroeconomic and geopolitical uncertainties remain, we are currently seeing improving order books across our packaging businesses and are implementing price increases across our range of packaging paper grades. With our culture of continuous improvement, we are focused on managing costs and driving productivity alongside ramping up our new capacity expansion projects. |
| “The demand for sustainable products is providing many opportunities for Mondi and is a key driver of our growth. Our investments over the last few years, enhancing our unique packaging and paper platform and product offering for our customers, will support this growth.” |
| Dividends |
| An interim dividend for the year ended 31 December 2024 of 23.33 euro cents per ordinary share was paid on Friday, 27 September 2024, to those shareholders on the register of Mondi plc on Frida,y 23 August 2024. |
| A proposed final dividend for the year ended 31 December 2024 of 46.67 euro cents per ordinary share will be paid on Friday, ay 16 May 2025, to those shareholders on the register of Mondi plc on Friday,y 4 April 2025. |
| The final ordinary dividend proposed has been recommended by the Board and is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for Thursday, May 8, 2025. |
| |
2024 |
2023 |
| euro cents per share |
€ million |
euro cents per share |
€ million |
| Final ordinary dividend paid in respect of the prior year |
46.67 |
209 |
48.33 |
231 |
| Special dividend |
160.00 |
769 |
— |
— |
| Interim ordinary dividend paid in respect of the current year |
23.33 |
103 |
23.33 |
114 |
| Total ordinary and special dividends paid |
1,081 |
345 |
|
The final ordinary dividend is proposed to shareholders. |
46.67 |
206 |
46.67 |
209 |
On 13 February 2024, the Group returned the net proceeds from the sale of the Group's Russian assets to shareholders by way of a special dividend of €1.60 per existing ordinary share. In addition, to maintain the comparability, so far as possible, of Mondi plc’s share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29 January 2024, resulting in shareholders receiving 10 new ordinary shares for every 11 existing ordinary shares. The final ordinary dividend for the year ended 31 December 2023 was declared after the accompanying share consolidation took effect and, therefore, was declared based on the number of new ordinary shares. |
| Dividend timetable |
| The proposed final dividend for the year ended 31 December 2024 of 46.67 euro cents per share will be paid on the following timetable: |
| |
Last date to trade shares cum-dividend |
|
| |
JSE Limited |
Tuesday 1 April 2025 |
| London Stock Exchange |
Wednesday 2 April 2025 |
| Shares commence trading ex-dividend |
|
| JSE Limited |
Wednesday 2 April 2025 |
| London Stock Exchange |
Thursday 3 April 2025 |
| Record date |
Friday 4 April 2025 |
| Last date for receipt of Dividend Reinvestment Plan (DRIP) elections by Central Securities Depository Participants |
Thursday, 10 April 2025 |
| Last date for DRIP elections to UK Registrar and South African Transfer Secretaries |
|
| South African Register |
Friday 11 April 2025 |
| UK Register |
Tuesday 22 April 2025 |
| Annual General Meeting |
Thursday 8 May 20252 |
| Payment date |
Friday 16 May 2025 |
| DRIP purchase settlement date (subject to market conditions and the purchase of shares in the open market) |
|
| UK Register |
Tuesday 20 May 2025 |
| South African Register |
Thursday, 22 May 2025 |
| DRIP results announcement |
Friday 30 May 2025 |
| Currency conversion date |
|
| ZAR/euro |
Thursday, 20 February 2025 |
| Euro/sterling |
Thursday 24 April 2025 |
|
|
|
|
|
| Share certificates on Mondi plc’s South African register may not be dematerialised or rematerialised between Wednesday, 2 April 2025, and Frida,y 4 April 2025, both dates inclusive, nor may transfers between the UK and South African registers of Mondi plc take place between Wednesdays day 26 March 2025 and Friday 4 April 2025, both dates inclusive. |
| Information relating to the dividend tax to be withheld from Mondi plc shareholders on the South African branch register will be announced separately, together with the ZAR/euro exchange rate to be applied, on or shortly after Thursday, 20 February 2025. |
| The dividend will be paid from distributable reserves. For further information, please see the full announcement (link below). |
| Short form announcement |
| This short-form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain complete details. |
| Any investment decision should be based on the full announcement accessible from Thursday, 20 February 2025, via the JSE link below and also available on our website at https://www.mondigroup.com/investors/results-reports-and-presentations. |
| The full announcement is available at our registered office and our sponsor’s office for inspection, at no charge, during office hours. The full announcement is derived from the group's annual financial statements, which have been audited by |
| PricewaterhouseCoopers LLP. The unmodified audit report is available for inspection at the Group’s registered office. Copies of the full announcement may also be requested by email: ir@mondigroup.com |
| The JSE link is as follows: https://senspdf.jse.co.za/documents/2025/jse/isse/MNP/FY2024.pdf |
| For the full document,t click the link below: |
| Mondi Plc |
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