Sustainable Growth Strategy

Improved trading, gaining market share Underlying EBITDA and margin € million and % 37 32 21.2% 164 H1 2020 14.3% 102 H2 2020 Underlying EBITDA margin 18.4% 149 H1 2021 Uncoated Fine Paper Higher uncoated fine paper volumes, good order books • Market share gains across key regions • UFP price increases implemented in Q2 and early Q3 Significantly higher pulp prices Negative y-o-y impact of maintenance shuts and non-cash forestry fair value mondi

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