Mondi reports lower third-quarter Ebitda on maintenance shuts, forestry fair value loss
Sustainable packaging and paper group Mondi has reported underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) of €223-million for the quarter ended September 30, compared with €351-million in the quarter ended June 30.
The group attributed the decrease primarily to increased planned maintenance shuts and a forestry fair value loss, which, combined, resulted in a €90-million difference in Ebitda between the second and third quarters.
Mondi says this was in addition to softer seasonal demand and higher input costs.
Selling prices in Corrugated Packaging and Flexible Packaging were higher quarter-on-quarter, owing to the implementation of paper price increases earlier in the year.
After a recovery in pricing at the start of the year, pulp and paper selling prices in Uncoated Fine Paper declined in the third quarter.
"While we are seeing the benefits from the increase in prices earlier this year across our key paper grades, trading conditions remain muted against the backdrop of an uncertain macroeconomic environment. In the fourth quarter there will be fewer planned maintenance shuts, and we expect the normal seasonal pick-up in demand.
"Our expansionary projects remain on track. We are making good progress towards completing the paper machine investments at Steti and Duino, both expected to start up as planned. Overall, our organic growth investments are expected to deliver a meaningful Ebitda contribution from 2025.
"Together with the recently announced acquisition of the Western European assets of Schumacher Packaging, the additional capacity will ensure Mondi is well positioned to capitalise on the structural growth in sustainable packaging," CEO Andrew King comments.
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