Mondi

Website: Mondi
Index: FTSE 100
EPIC: MNDI
Supersector: Basic Resources
Sector: Forestry and Paper
Subsector: Paper and Packaging
Market Cap: £3.65B
Payout Frequency: Semi-Annual

Next Mondi Dividend

Mondi next goes ex-dividend on 26/03/2026. This will be the Final dividend for 2026.

The dividend per share amount is 4.92¢ (EUR) and the payment date is 07/05/2026.

Mondi Dividend Analysis and Summary

Key Dividend Details

Financial year: FY2025
Proposed final dividend: 4.92 euro cents per share
Total ordinary dividend for FY2025: 28.25 euro cents per share (Interim 23.33c + Final 4.92c)
Ex-dividend date (LSE): Thursday 26/03/2026
Record date: Friday 27/03/2026
Payment date: Thursday 07/05/2026
Currency: Euros; euro/sterling conversion date: 21/04/2026
Dividend cover: 2.0x (Underlying EPS 56.5c vs total DPS 28.25c)
Policy guidance: Board “bringing the dividend back in line” with cover policy of 2–3x through the cycle

Context and Financial Support

Underlying EBITDA: €1,001m (?5% YoY); margin 13.1% (vs 14.1%). Underlying EPS: 56.5c (?32% YoY).
Cash generation: Cash from operations €1,072m (?11% YoY); working-capital inflow €83m.
Capex: €673m in 2025; guidance for 2026 cut to ~€550m, prioritising maintenance and cost-optimisation.
Balance sheet: Net debt €2,599m; net debt/EBITDA 2.6x (vs 1.7x). Liquidity €1,292m; investment-grade ratings intact.
Financing: April 2026 bond effectively refinanced via Oct 2025 €550m Eurobond; net finance costs expected to rise to ~€125m in 2026.
ROCE: 6.7% (vs 9.6%). Final dividend subject to AGM approval (24/04/2026).

Dividend Sustainability and Growth Outlook

Payout reset: Ordinary DPS cut to 28.25c (?~60% YoY vs 70.00c in 2024), explicitly to realign with 2–3x cover policy. Current cover at 2.0x is prudent given lower earnings and higher leverage.
Cash backing: Strong operating cash flow and a reduction in 2026 capex support the proposed dividend, despite softer margins and rising interest costs.
Growth trajectory: Near-term dividend growth likely muted until pricing and volumes recover. Management focus on maintenance capex, cost-out and margin discipline suggests stability-first rather than growth. Medium-term upside hinges on ramp-up of recent capacity additions and synergy delivery.

Structural Changes and Implications for Dividends

Business reorganisation: Corrugated Packaging and Uncoated Fine Paper combined into one unit to streamline costs and deliver synergies—supportive for cash generation over time.
M&A: Acquisition of Schumacher Packaging’s Western Europe assets (completed 31/03/2025); synergy target increased to €32m over three years. Enhances scale but contributed to higher leverage and integration spend.
Footprint optimisation: Announced closures of three plants (Turkiye, Hungary, Germany). Near-term special costs but structurally lower costs thereafter.
Financing profile: Two Eurobonds issued in 2025; April 2026 maturity largely addressed—reduces refinancing risk but elevates interest burden near term.
Background context: 2024 featured a special dividend and share consolidation following Russian asset sale; current policy emphasis is on covered, through-cycle ordinary dividends.

Risks and Flags to Dividend Stability

Market cycle: Management notes a “prolonged cyclical downturn”; paper prices modestly lower entering 2026, pressuring margins.
Leverage and interest costs: Net debt/EBITDA at 2.6x; net finance costs guided up to ~€125m in 2026.
Low returns: ROCE 6.7% signals capital under-earnings until recovery and synergy benefits flow.
Operational headwinds: Scheduled maintenance impact (~€100m EBITDA in 2026) and further restructuring costs expected.
Integration risk: Ongoing integration of Schumacher assets; execution crucial for synergy capture.
Macro/geopolitics and FX: Ongoing uncertainty; exposure to emerging markets (including hyperinflation accounting in Turkiye).

Mondi Annual Dividend Yield - 7.6%

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
03/04/2025	16/05/2025	Final	46.67¢	EUX
21/08/2025	26/09/2025	Interim	23.33¢	EUX

Total (Annual Dividends Per Share): 60.49p (Using exchange rate on 18/03/2026 EUR = £0.86415)

Dividend Yield = Annual Dividends Per Share (60.49p) ÷ Share Price (796.2p) = 7.6%

Ex Dividend Date	Payment Date	Type	Amount	Currency
26/03/2026	07/05/2026	Final	4.92¢	EUX
21/08/2025	26/09/2025	Interim	23.33¢	EUX
03/04/2025	16/05/2025	Final	46.67¢	EUX
22/08/2024	27/09/2024	Interim	23.33¢	EUX
04/04/2024	14/05/2024	Final	46.67¢	EUX
29/01/2024	13/02/2024	Special	160.00¢	EUX
24/08/2023	29/09/2023	Interim	23.33¢	EUX
30/03/2023	12/05/2023	Final	48.33¢	EUX
25/08/2022	29/09/2022	Interim	21.67¢	EUX
07/04/2022	16/05/2022	Final	45.00¢	EUX
26/08/2021	30/09/2021	Interim	20.00¢	EUX
08/04/2021	13/05/2021	Final	41.00¢	EUX
20/08/2020	29/09/2020	1st Interim	29.75¢	EUX
20/08/2020	29/09/2020	2nd Interim	19.00¢	EUX
02/04/2020	14/05/2020	Final	55.72¢	EUX
15/08/2019	20/09/2019	Interim	27.28¢	EUX
11/04/2019	16/05/2019	Final	54.55¢	EUX
23/08/2018	14/09/2018	Interim	21.45¢	EUX
03/05/2018	25/05/2018	Special	100.00¢	EUX
03/05/2018	25/05/2018	Final	42.90¢	EUX
24/08/2017	19/09/2017	Interim	19.10¢	EUX
20/04/2017	18/05/2017	Final	38.19¢	EUX
18/08/2016	13/09/2016	Interim	18.81¢	EUX
21/04/2016	19/05/2016	Final	37.62¢	EUX
20/08/2015	15/09/2015	Interim	14.38¢	EUX
23/04/2015	21/05/2015	Final	28.77¢	EUX
20/08/2014	16/09/2014	Interim	13.23¢	EUX
23/04/2014	22/05/2014	Final	26.45¢	EUX
21/08/2013	17/09/2013	Interim	9.55¢	EUX
17/04/2013	16/05/2013	Final	19.10¢	EUX
22/08/2012	18/09/2012	Interim	8.90¢	EUX
17/04/2012	10/05/2012	Final	17.75¢	EUX
17/08/2011	13/09/2011	Interim	8.25¢	EUX
13/04/2011	12/05/2011	Final	16.50¢	EUX
25/08/2010	14/09/2010	Interim	3.50¢	EUX
21/04/2010	19/05/2010	Final	7.00¢	EUX
26/08/2009	15/09/2009	Interim	2.50¢	EUX
22/04/2009	20/05/2009	Final	5.00¢	EUX
27/08/2008	16/09/2008	Interim	7.70¢	EUX
23/04/2008	21/05/2008	Final	15.70¢	EUX
29/08/2007	17/09/2007	Interim	7.30¢	EUX

Year	Interim	Final	Special	Currency	Total	Change
2024	23.330	46.670	160.000	EUX	230.000	885.850
2023	23.330			EUX	23.330	-79.710
2022	21.670	93.330		EUX	115.000	88.520
2021	20.000	41.000		EUX	61.000	-41.610
2020		55.720		EUX	104.470	27.660
2019	27.280	54.550		EUX	81.830	-50.200
2018	21.450	42.900	100.000	EUX	164.350	186.870
2017	19.100	38.190		EUX	57.290	1.520
2016	18.810	37.620		EUX	56.430	30.770
2015	14.380	28.770		EUX	43.150	8.740
2014	13.230	26.450		EUX	39.680	38.490
2013	9.550	19.100		EUX	28.650	7.500
2012	8.900	17.750		EUX	26.650	7.670
2011	8.250	16.500		EUX	24.750	135.710
2010	3.500	7.000		EUX	10.500	40.000
2009	2.500	5.000		EUX	7.500	-67.940
2008	7.700	15.700		EUX	23.400	220.540
2007	7.300			EUX	7.300

Mondi Dividend Calculator

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–

Mondi Dividend Growth

Dividend Growth (1Y)	-69.39%
Dividend CAGR (5Y)	-7.47%
Years of Growth	–
Payout Ratio	184.85%
Buyback Yield	0.74%
Shareholder Yield	3.67%

P/E Ratio (TTM)	25.32
Forward P/E	18.49
P/FCF	15.87
Earnings Yield	3.95%
FCF Yield	6.3%
ROE	3.73%
ROCE	4.88%
Profit Margin	2.15%
Operating Margin	5.29%
Gross Margin	40.55%