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Highlights

  • MNDI reported FY24 revenue of EUR 7,416 million, up 1.2% YoY, driven by higher volumes in kraft paper and paper bags.
  • MNDI completed the acquisition of Schumacher Packaging’s Western Europe assets and advanced expansion projects at Steti and Duino.
  • MNDI expects improved packaging demand and mid-teen ROCE in FY25, with lower capex of EUR 750–850 million.

Mondi PLC (LSE: MNDI) is a UK-based FTSE 100 company operating across Corrugated Packaging, Flexible Packaging, and Uncoated Fine Paper segments, offering products such as containerboard, corrugated solutions, kraft paper, paper bags, consumer flexibles, functional paper and films, and pulp.

In the financial year 2024 (FY24), the company’s group revenue increased by 1.2% year-on-year to EUR 7,416.0 million, supported by higher sales volumes across key segments such as kraft paper and paper bags. However, underlying EBITDA declined by 12.7% year-on-year to EUR 1,049.0 million, compared to EUR 1,201.0 million in FY23. Profit before tax fell by 44.6% year-on-year to EUR 378.0 million due to EUR 150 million in special pre-tax charges, including EUR 110 million in closure-related costs.

In the first quarter of the financial year 2025 (Q1FY25), MNDI reported an underlying EBITDA of EUR 290 million, up from EUR 261 million in Q4FY24, supported by higher sales volumes, better cost control, and fewer planned maintenance shuts, despite lower average selling prices across its segments.

Business Update

Mondi advanced capacity expansion with improved output from its new Steti kraft paper machine and the successful start-up of the Duino paper machine. The Group also completed the acquisition of Schumacher Packaging’s Western Europe assets, adding 2,200 employees and beginning integration to expand offerings and drive operational efficiencies.

The company successfully completed five large-scale capacity expansion projects on time and within budget in FY24, including a EUR 400 million upgrade at Steti, enhancing efficiency and output. Additionally, Mondi maintained its ordinary dividend at EUR 0.70 per share and returned EUR 769 million to shareholders through a special dividend funded by the sale of Russian assets, reflecting strong financial discipline.

Company Outlook

Mondi expects improving 2025 packaging demand, with key projects like Steti and Duino supporting volume, pricing, and mid-teen ROCE. The Group is implementing price increases across packaging paper grades amid tighter order books, helping to counter margin pressure from FY24.

MNDI projects FY25 capital expenditure to decline to EUR 750–850 million as Richards Bay and Dynas upgrades near completion, easing cash outflows.

Top 10 Shareholders

The top 10 shareholders collectively hold approximately 48.7% of the company’s total shares, with the largest stakes held by Public Investment Corporation (SOC) Limited at around 9.94% and Coronation Fund Managers Limited at roughly 7.01%.

Stock Information

The stock has decreased by approximately 0.25% over the past month and 3.11% over the past six months. As of 23 July 2025, the stock closed at GBX 1,167, trading above the average of 52-week low of GBX 973.8 and the average of 52-week high of GBX 1,587.5.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 23 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

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