Mondi Credit Presentation Deck

Credit ratings 27 Moody's Issuer Rating: Outlook Baa1 …. Stable "...One of Mondi's key credit strengths is its high profitability, with a Moody's-adjusted EBITDA margin of above 20% since 2016, which positions the company strongly in its peer group. Particularly in the upstream businesses... Mondi's margins are best-in-class or among the highest in the market... We assess Mondi's liquidity as good... ... liquidity sources should be sufficient to weather any intra-year seasonality of cash flow, also taking into consideration that we expect Mondi to continue to generate positive FCF in the next 12-18 months even with elevated levels of capital spending in the pipeline..." Moody's 16 April 2019 S&P Long-Term Corporate Credit Rating: BBB+ Stable Outlook "Mondi Group (Mondi) has one of the highest EBITDA margins among rated peers. We expect Mondi to continue generating industry-leading EBITDA margins, thanks to its ongoing focus on cost efficiencies and manufacturing presence in lower-cost and emerging markets... ...Mondi will likely remain focused on optimizing its operations. We expect Mondi will maintain a high strategic fit among its assets, and continue the capital investments in its asset base to further optimize its value chain..." S&P 6 December 2019 mondi

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