Mondi publishes 2024 results, highlighting growth amid challenging trading conditions

Mondi released its full-year results for 2024, reporting a financial performance in line with the packaging giant’s expectations, expanded production capacity, and an EBITDA of €1.049 million (US$1.09 million), including €7 million (US$7.3 million) in forestry fair value gain.

The results point to Mondi’s resilience in 2024 despite lower market demand and pricing-associated pressure, says the company. Furthermore, the data reportedly suggests that Mondi is delivering on its growth strategy and supporting shareholder returns through capacity expansion and a €1.60 (US$1.7) per share special dividend.

“Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterized by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets,” says Mondi’s CEO Andrew King.

“Furthermore, our ability to adapt to market uncertainties, combined with our 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,” he continues.

King adds that in 2024, Mondi started five capacity expansion projects on time and within budget, which builds a strong platform for growth. “The largest of these, the new paper machine at Štětí, Czech Republic, commenced operations ahead of schedule in December 2025.”

Mondi’s performance review

Mondi explains it ensured the cost-efficiency of its operations through an integrated asset base and agile response to market changes. The group says that it focused on quality, reliability, and innovation in sustainable packaging and paper solutions to drive value creation for stakeholders.

Mondi’s sales of corrugated packaging improved in H2 of 2024.Regarding market trends and demand, the start of 2024 showed some recovery signs, such as restocking of inventories and price increases across all paper grades. However, the market recovery lost momentum throughout the year, leading to demand stagnation and price declines, the company reports.

Mondi’s results document reveals an EBITDA drop of 13% compared to 2023 due to lower forestry fair value gains. 

Meanwhile, volume growth and lower wood, energy, and chemical costs supported the offset of some challenges, such as the lower average selling prices and inflationary costs.

Results by packaging type

According to the newly-released document, Mondi’s sales of corrugated packaging improved in H2 of 2024, with higher average selling prices helping offset lower volumes caused by scheduled mill maintenance shutdowns.

The H2 EBITDA associated with flexible packaging declined as higher prices were offset by lower volumes and increased fixed costs from maintenance shutdowns.

Meanwhile, uncoated fine paper reportedly had a strong start to the year, but the second half was weaker due to price declines, a forestry fair value loss, and mill maintenance impacts.

Strategic pillars and risks

Mondi says that its long-term strategy focuses on four key areas to drive sustainable, value-accretive growth: driving performance along the value chain, investing in quality assets, partnering with customers, and circular economy goals. 

The main strategic risks identified by the company are: industry productive capacity, product substitution, fluctuations and variability in selling prices or gross margins, country risk, and climate change risks.

Mondi aims to reduce landfill waste by 30% per ton of production by 2030, with 2020 as the line. Additionally, in 2024, the company reduced waste to landfill by 4%, resulting in a 46% total reduction from 2020.

Mondi’s strategic investments in quality assets include a €1.2 billion (US$1.3 billion) investment over three years to expand corrugated and flexible packaging capacity. In 2024, the company acquired new facilities in Canada and Germany.

The company is also strategically partnering with customers to ensure innovation and sustainable solutions, with a focus on low-carbon packaging that supports circular economy principles.

Mondi’s focus on sustainability and ensuring a circular economy means that 87% of revenue now comes from reusable, recyclable, or compostable products. Its goal is to reach 100% by 2025, but the company says that full achievement may be delayed due to slow customer adoption in a weak economic environment.