#1Delivering in challenging markets. Investing for future growth. Results for the six months ended 30 June 2023 3 August 2023 SENSITIVE SURFACE 118 11 HAN ITH CAE 5202 42 mondi BAL mar SITIVE SURFACE ARE SITI#2Delivering in challenging markets. Investing for future growth. 2 Strong delivery in challenging markets Delivering value accretive growth, sustainably • Underlying EBITDA of €680 million (H1 2022: €942 million) • Cash generated from operations of €554 million (H1 2022: €519 million) Robust balance sheet at 0.8 times net debt to underlying EBITDA Return on capital employed of 19.1% (FY 2022: 23.7%) €1.2 billion of expansionary projects on track and on budget • Announced acquisition of Hinton Pulp mill in Canada with intention to invest • Developing innovative products and partnering with our customers . Good progress against MAP2030 sustainability commitments. ProVantage Frescoflute SNE NEED IS ALL YOU mondi puow mondi#3BEET 3 可見到無裝 oddan 21 FINANCIAL REVIEW (CONTINUING OPERATIONS)#4Strong delivery in challenging markets Underlying EBITDA € million 566 942 680 H1 2021 H1 2022 H1 2023 Basic underlying EPS € cents per share Cash generated from operations € million ROCE % ılı ||| all 519 12.8 19.2 98.7 554 19.1 53.4 67.0 407 H1 2021 H1 2021 H1 2022 H1 2023 H1 2021 H1 2022 H1 2023 H1 2022 H1 2023 mondi#5Softer volume and higher average prices compared to H1 2022... Underlying EBITDA development € million LO 942 H1 2022 (122) Sales volumes 86 Sales prices (305) Costs 56 Forestry fair value gain 23 Currency and other 680 H1 2023 mondi#6... with volume declines and lower pricing compared to H2 2022 Underlying EBITDA development € million 906 H2 2022 (80) Sales volumes (236) Sales prices 147 Costs (53) Forestry fair value gain (4) Currency and other 680 H1 2023 mondi#7Strong cash generation and balance sheet Movement in net debt € million 0.5x Net debt to underlying EBITDA (1,011) 1. 2. 7 Net debt at 31 December 2022 680 Underlying EBITDA (412) Investment in the business ¹ (159) Tax and interest paid² Includes working capital movement, Duino acquisition and capital expenditure (including forestry assets and intangible assets) Including payment of derivative interest (231) Dividends (93) Other (mainly forestry fair value gain) 30 Disposal of Russian converting operations 0.8x Net debt to underlying EBITDA (1,196) Net debt at 30 June 2023 mondi#8Investing through cycle for value accretive growth OO CORRUGATED PACKAGING Pulp and paper mills €0.4 bn €1.2 bn €0.2 bn Converting network FLEXIBLE PACKAGING €0.4 bn €0.2 bn Pulp and paper mills Converting network DELIVERING PROFITABLE GROWTH Extending market leadership and scale Driving productivity improvements Enhancing customer offering Leveraging cost advantaged asset base Improving environmental footprint mondi#9Expansion projects on track and on budget BUSINESS UNIT PROJECT Corrugated Packaging Flexible Packaging Kuopio modernisation (55ktpa) Świecie debottlenecking (55ktpa) Duino conversion (420ktpa) Converting network Štětí kraft paper machine (210ktpa) Converting network INVESTMENT €0.1 billion €0.1 billion €0.2 billion €0.2 billion €0.4 billion €0.2 billion 2023 PLANNED CAPACITY RAMP-UP PERIOD 2024 2025 Expected to deliver through cycle mid-teen returns when fully operational 2026 mondi#10Disciplined capital allocation Free cash flow priorities 10 Growing through selective capital investment opportunities Supporting payment of ordinary dividends to our shareholders Evaluating growth opportunities through M&A and/or increased shareholder distributions While maintaining our strong and stable financial position and investment grade credit metrics mondi#11Russian operations • Reported as discontinued operations held for sale . Completed the sale of converting operations to the Gotek Group with proceeds of €30 million 11 The Board remains committed to divesting Syktyvkar mill Sale process ongoing within an evolving political and regulatory environment mondi#122023 Technical guidance. Capital expenditure 12 Depreciation and amortisation Estimated impact of planned mill maintenance shuts Working capital as a % of revenue. Effective tax rate Net finance costs Forestry fair value gain 2023 €800 850 million (no change) €400 425 million (no change) Similar to 2022 (no change) 12-14% (no change) 22 - 23% (no change) ~ €100 million (previously €130 - 150 million) ~ €30 million for H2 2023 (H1 2023: €86 million) mondi#13BUSINESS UNIT REVIEW mondi Advantage Smooth White Strong SUSTAINABLE DESIGN mondi Advantage Smooth White Strong#14Corrugated Packaging Integration strength and cost competitiveness Underlying EBITDA and margin € million and % 14 21.0% 218 H1 2021 24.0% 375 H1 2022 15.8% 188 H1 2023 Performance impacted by lower paper prices and generally softer demand Containerboard volumes were broadly flat in a market environment of declining demand, supported by our integrated platform and cost advantaged asset base Corrugated Solutions delivered a resilient performance with improved margins • Expansionary project pipeline will deliver growth, enhance our leading market positions and maintain our cost competitiveness edele — Con BECOOL! mond BECOOL! e-shop BCoolBox % of Group EBITDA 5572 BIG RESPEN TOMATEN mondi#15Flexible Packaging Resilient performance from unique platform Underlying EBITDA and margin € million and % 15 18.5% 295 H1 2021 20.0% 416 H1 2022 16.6% 343 H1 2023 Lower volumes as a result of softer demand and the effects of customer destocking Across the kraft paper and paper bag value chain: Moderate volume declines in the Americas, North Africa and Middle East compared to weaker European markets Higher average selling prices although declines during H1 2023 and into Q3 2023 o Higher costs Resilient performance from Consumer Flexibles and Functional Paper and Films Continue to invest across our platform to take advantage of our leading market positions and the structural growth drivers underpinning our markets T (mondi SPLASH BAG mondi mondi FlexiBag Recyclable % of Group EBITDA INSENARE & DEGICAL Recyclable mondi#16Uncoated Fine Paper Supplier of choice Underlying EBITDA and margin € million and % 16 9.8% 58 H1 2021 21.6% 171 H1 2022 24.3% 168 H1 2023 Lower European uncoated fine paper volumes offsetting higher pulp volumes in South Africa Benefited from higher average uncoated fine paper selling prices o Declining European prices and stable pricing in South Africa over the course of H1 2023 • Higher costs, although declining over the period Forestry fair value gain of €86 million (H1 2022: €30 million) ● Continue to benefit from cost competitiveness, broad product portfolio and excellent customer service f COPY 100 457 09 110 Laser Inkjet 19 THE DITERMET BERL IF THE MBJEZ iQ IQ UNIVERSAL % of Group EBITDA MELING MAWIL AESTRE MAS HASTA ESTRE MAESTR MATEMAT RESTRE MAST TE MEESTE MAESTRO MAISTRER W NOT HECTRO MAESTRE EN MALE wa ASTRE MARTIN ME mondi#17G mondi DELIVERING OUR STRATEGY ndi ndi mondi mond mondi#18Mondi kraft paper - The global market leader supplying customers from our European mills Mondi today Current expansionary investments 18 1.3 million tonnes (mt) of kraft paper for packaging applications 0.9mt of sack kraft paper largely converted by Mondi for bags. 0.4mt of speciality kraft paper largely sold direct to customers Cost competitive producer with 5 mills and 12 paper machines across Europe Broad offering with 80 grades and range of 28g to 215g, including fresh and recycled fibre-based grades • 210ktpa Štětí kraft paper machine to start-up in 2025 • Announced acquisition of, and intended investment in Hinton Pulp mill in Canada to add a 200ktpa kraft paper machine with start-up in H2 2027 Mondi Dynäs, Sweden Mondi Štětí, Czech Republic Mondi Frantschach, Austria Mondi Ružomberok, Slovakia Mondi Stambolijski, Bulgaria mondi#19Largest integrated sack kraft paper and paper bags supplier Global capacity of 5 million tonnes. Top 20 accounting for ~75% of capacity Mix of integrated and unintegrated players Global top 20 sack kraft paper producers (by capacity in kt) 900 600 300 0 19 Mondi (> (>) Source: RISI Mill Asset Database. Colour based on region where the producer has its majority of production capacity. Europe includes Turkey but excludes Russia. Europe North America Latin America Asia-Pacific Russia Own paper bag plants mondi#20Mondi paper bags - Global market leader producing 6bn bags per annum Americas 10 plants 20 Europe 22 plants MENA & Asia 11 plants Drivers of growth • Demand in traditional end-uses (building materials, cement, food and dairy products) ● Transition to 25kg cement bags (from 50kg) eCommerce - transition from plastic mailers to paper-based MailerBAGs Sustainable packaging solutions for consumer applications SPLASH BAG Easy SEAL BAG AIR TREM BAG ALL YOU NEED IS ONE mondi#21Strategically compelling acquisition of Hinton Pulp milli Mondi's strategic position Acquisition of Hinton Pulp mill 21 Kraft paper - global market leader, cost competitiveness • Paper bags - global operations, security of supply and close to our customers Integration across the value chain brings competitive advantage and high barriers to entry . Good growth prospects Intention to invest €400 million in new paper machine to localise paper supply for our Americas bag plants and capture growth Security of high quality, cost competitive wood from and established wood basket Earnings accretive and mid-te en returns through the cycle 1. HELP Announced acquisition on 10 July 2023 with completion expected before the end of the year mondi#22Good progress delivering MAP2030 sustainability commitments ATS mondi GATS mondi 22 GATS mondi Circular driven solutions Launched paper band to hold individual products • PPI Award for Hug&Hold packaging which replaces plastic shrink wrap • Investment in Poland to expand our MailerBAG range Work safe. Home safe. Everybody, every day. Created by empowered people . Biennial employee survey completed Continued focus on safety to build on our leading safety performance Taking action on climate Approved investment in Dynäs to reduce GHG emissions . First supplier engagement event to discuss managing Scope 3 emissions across the supply chain mondi#23Delivering in challenging markets. Investing for future growth. 23 Strong delivery in challenging markets Delivering value accretive growth, sustainably ProVantage Frescoflute ING NEED IS ALL YOU mondi mondi puow's mondi#24APPENDICES LEDENAAR#25Mondi at a glance (H1 2023) Corrugated Packaging Flexible Packaging Uncoated Fine Paper ProVantage KraftTop LinerX 10 wwartage tiner Aqua mondi aftliner Aqua mondi Products mond ProVartage Kraftiner A tage atiner Aqua mondi EcoVantage NEW tiner Aqua Fun Eier Paper ma Prolat Kraftline mondi PerFORMing Monoloop 1. Segment revenue percentages exclude inter-segment eliminations 2. Includes consumer non-durables, eCommerce and other retail applications 25 BECOOL FlexiBag Recyclable Everliner SPLASH BAG Statrim BECOOL! RetortPouch Recyclable Segment revenue ¹ €1,187m (30%) €2,062m (52%) €690m (18%) Underlying EBITDA & margin €188m 15.8% €343m 16.6% €168m 24.3% ROCE (12-month rolling) 15.8% 17.2% 33.2% End uses OO Consumer and retail² Building and construction Industrial and agriculture Paper for printing Market pulp mondi#26Integrated value chain (2022) Recycling 1. 26 Wood 14.5 million m³ Paper for recycling 1.3 mt Resins and other raw materials Pulp and packaging paper net exposure mll Pulp 3.6 mt Containerboard 2.4 mt Kraft paper 1.3 mt M Uncoated fine paper 0.9 mt Box plants Converting plants ()))) ů 8 ច 0 D Pulp¹ 0.2 mt Containerboard¹ 1.4 mt Corrugated solutions 1.9 bn m² Kraft paper¹ 0.4 mt Paper bags 6.0 bn bags Consumer flexibles 2.0 bn m² Functional paper and films 3.3 bn m² Uncoated fine paper 0.9 mt mondi#27Sustainability leadership in our industry 27 A LIST CDP DISCLOSURE INSIGHT ACTION A LIST 2022 FORESTS WATER Double A score for forestry and water security, and A- for climate change AAA RATING MSCI ESG RATINGS CCC AAA BB BBB A AA AAA The best possible score in the Paper & Forest Products industry for five consecutive years RANKED #1 IN INDUSTRY Sustainalytics Top score out of 82 companies in paper and forestry industry TOP 1% GLOBALLY PLATINUM Top 1% 2023 ecovadis Sustainability Rating Top rating score achieved for seven consecutive years mondi#28Investment pipeline: Corrugated Packaging ŚWIECIE (POLAND) ● 28 KUOPIO (FINLAND) Investment of €125 million for 55,000 tonnes of additional semi-chemical fluting capacity Upgrading wood yard, fibre line, evaporation plant and paper machine ● ● ● A Investment of €95 million for 55,000 tonnes additional capacity Debottlenecking pulp mill, upgrading recycled fibre line, energy recovery system and water treatment system Rebuilding PM2 and PM5 ● DUINO (ITALY) Investing €200 million to convert existing paper machine into a 420,000 tonne cost competitive recycled containerboard machine Ideally located to supply the Group's Corrugated Solutions network ● ● CORRUGATED SOLUTIONS NETWORK 11 Investing across our central and eastern European network Strengthening our leading market positions, support growth in eCommerce and enhance our product and service offering mondi#29Investment pipeline: Flexible Packaging HINTON (CANADA) ● ● 29 ŠTĚTí (CZECH REPUBLIC) Investing €400 million in a new 210,000 tonne kraft paper machine Meeting growing demand for sustainable paper-based flexible packaging ● Acquisition and intended €400 million investment including a new 200,000 tonne kraft paper machine Paper machine to integrate our Americas paper bags business ● EXPANDING LEADING GLOBAL PAPER BAGS NETWORK Ramping up investments in Colombia and Morocco Upgrading Mexican plants Expanding MailerBAG capacity for eCommerce across Europe and the US ● GROWING CONSUMER OFFERING WITH INNOVATIVE SOLUTIONS M FlexiBag secyclable - Consolidating our leading position in the European pet food packaging market Enhancing coating capabilities mondi#30Mondi: 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 the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation or applicable law or any regulatory body applicable to Mondi, including the JSE Limited, the FCA and the LSE. 30 mondi