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Strong delivery, sustainable growth Full year results for the year ended 31 December 2020 25 February 2021 Mondi: Forward-looking statements disclaimer This document includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi’s financial position, business strategy, market growth and developments, expectations of growth and profitability and plans and objectives of management for future operations, are forward-looking statements. Forward- looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mondi, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements and other statements contained in this document regarding matters that are not historical facts involve predictions and are based on numerous assumptions regarding Mondi’s present and future business strategies and the environment in which Mondi will operate in the future. These forward- looking statements speak only as of the date on which they are made. No assurance can be given that such future results will be achieved; various factors could cause actual future results, performance or events to differ materially from those described in these statements. Such factors include in particular but without any limitation: (1) operating factors, such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development plans and targets, changes in the degree of protection created by Mondi’s patents and other intellectual property rights and the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for Mondi’s products and raw materials and the pricing pressures thereto, financial condition of the customers, suppliers and the competitors of Mondi and potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in Mondi’s principal geographical markets or fluctuations of exchange rates and interest rates. Mondi expressly disclaims a) any warranty or liability as to accuracy or completeness of the information provided herein; and b) any obligation or undertaking to review or confirm analysts’ expectations or estimates or to update any forward-looking statements to reflect any change in Mondi’s expectations or any events that occur or circumstances that arise after the date of making any forward-looking statements, unless required to do so by applicable law or any regulatory body applicable to Mondi, including the JSE Limited and the LSE. 2 Introduction and 2020 highlights Financial review Operational review Delivering on our strategy Summary and Q&A Appendices 3 Strong delivery, sustainable growth • Enabling delivery of essentials • Leveraging key long-term • Leader in sustainability – • Excellent cash generation trends – leading innovation purpose, strategy, culture • Strong operational • Investing through-the-cycle • Prioritising safety and health performance • Unique portfolio 5 Delivering in an unprecedented year Underlying EBITDA and margin € million and % 23.6% ● Robust financial performance with excellent cash 22.8% 24.0% 20.9% generation 20.5% 20.3% 22.0% 20.0% 18.0% 16.0% ● Decisive and effective COVID-19 response 1,366 1,482 1,764 1,658 1,353 14.0% 12.0% 2016 2017 2018 2019 2020 ● Investing through-the-cycle Underlying EBITDA margin (%) Cash generated from operations ● Delivered 2020 sustainability commitments and set € million Mondi Action Plan 2030 (MAP2030) ● Recommended full year dividend up 5% 1,401 1,363 1,654 1,635 1,485 2016 2017 2018 2019 2020 6 7 Robust financial performance € million 2020 2019 % change Group revenue 6,663 7,268 (8%) Underlying EBITDA 1,353 1,658 (18%) % margin 20.3% 22.8% Underlying operating profit 925 1,223 (24%) % margin 13.9% 16.8% Group ROCE 15.2% 19.8% …testament to our strong business model 8 Volume growth and strong cost control mitigating pricing pressure Underlying EBITDA development € million 61 (515) 1,658 253 (37) (44) (23) 1,353 2019 Sales Sales Variable Currency Forestry Other 2020 volumes prices and cash effects fair value fixed costs gain 9 Excellent cash generation Movement in net debt € million (1,353) 237 (55) 250 630 2,207 (125) 1,791 Net debt at Underlying Working Capital Tax and Dividends paid Other Net debt at 31 December EBITDA capital expenditure interest paid 31 December 2019 2020 …supporting through-the-cycle investment and distributions to shareholders 10 Strong financial position providing strategic flexibility Net debt € million (net debt) and ratio (net debt to underlying EBITDA) ● 1.3x net debt to underlying EBITDA 1.3x 1.3x 1.3x ● Investment grade credit ratings reconfirmed (BBB+ / Baa1) 1.0x 1.0x ● Group’s maturity profile extended ● Strong liquidity of around €1.2 billion 1,383 1,532 2,220 2,207 1,791 2016 2017 2018 2019 2020 Net debt to underlying EBITDA 11 Our cash flow priorities remain unchanged Maintain our strong and stable financial position and investment grade credit metrics Free cash flow Grow through selective capital investment opportunities priorities Support payment of dividends to our shareholders Evaluate growth opportunities through M&A and/or increased shareholder distributions 12 Technical guidance 2021 Guidance Incremental underlying EBITDA contribution from major capital investments ~ €50 million Capital expenditure €600 – 700 million Depreciation and amortisation €400 – 450 million Estimated impact of planned mill maintenance shuts ~ €140 million Working capital as a % of revenue 12 – 14% Effective tax rate ~ 22% 13 Industry leading margins and returns Corrugated Packaging Underlying EBITDA and margin € million and % ● Sales volumes up strongly 33.4% o Containerboard supported by broad product portfolio and global distribution network 28.9% 27.6% 26.5% o Corrugated Solutions benefiting from 26.0% ongoing investment, innovation and strong customer offering ● Lower average pricing o Strong demand and tight market conditions supporting containerboard price increases into 2021 408 477 707 583 518 2016 2017 2018 2019 2020 Underlying EBITDA margin 15 Leading in strongly growing markets Corrugated Packaging Mondi sales volume growth Indexed to 2019 ● Structurally growing market supported by Containerboard Corrugated solutions e-commerce and sustainability +3% +7% ● Leading market positions o European leader in virgin containerboard o Leading corrugated player in emerging Europe 2019 2020 2019 2020 ● Strong innovation focus – 6 WorldStar Awards ● Cost-advantaged asset base ● Investing for growth o Starting up new kraft top white machine at Ružomberok o Investing in converting network to better serve SupremeBox FloralBox customers Size-adjustable e-commerce A modular e-commerce o Agreed to acquire 90% in Olmuksan packaging providing more solution protecting plants efficient box sizing and fulfilment during transportation 16 Resilient demand, strong delivery Flexible Packaging Underlying EBITDA and margin € million and % ● Resilient demand with strong end to year 20.1% 19.5% o Kraft paper sales volumes up with improved mix 17.0% o Higher paper bag volumes 16.8% 15.2% ● Lower pricing across the paper value chain in 2020 o Price increases being implemented in 2021 ● Strong consumer flexibles performance benefiting from increased demand in FMCG applications 380 442 461 543 519 2016 2017 2018 2019 2020 Underlying EBITDA margin 17 Unique platform delivering strong growth Flexible Packaging Mondi sales volume growth Indexed to 2019 ● Growth underpinned by demand for more sustainable Kraft paper Paper bags packaging +6% +5% o Consumer, retail, e-commerce and other markets o Leveraging unique portfolio – paper where possible, plastic when useful ● Leading paper-based flexible packaging player 2019 2020 2019 2020 o Integrated cost-advantaged asset base o Broad product portfolio ● Customer-driven product development pipeline ● Expansion of production footprint o Štětí machine conversion MailerBAG EcoWicketBag o Expanding paper bag footprint in Colombia and 100% renewable, recyclable A sustainable paper-based North Africa and highly protective alternative to plastic hygiene alternative to plastic mailers product packaging reducing o Broadening product offering CO2 footprint 18 Proactively realigning product portfolio Engineered Materials Underlying EBITDA and margin € million and % ● Good demand in consumer end-uses ● Industrial and specialised end-use demand negatively impacted by pandemic 13.2% 12.5% 12.4% 11.4% ● Lower personal care components volumes – key 10.0% product maturing and technology changes ● Expect to stabilise performance in 2021 and return to growth thereafter o Investing to realign product portfolio o Restructuring the cost base 131 136 112 122 80 ● Exciting opportunities to leverage coating technologies 2016 2017 2018 2019 2020 to
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