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"scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-440": { "value": "1139000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-441": { "value": "496000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-442": { "value": "321000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-443": { "value": "500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-444": { "value": "307000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromNoncurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "215000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromNoncurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-446": { "value": "296000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfNoncurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-447": { "value": "215000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfNoncurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-448": { "value": "11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromCurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-449": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromCurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-450": { "value": "77000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfCurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-451": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfCurrentBorrowings", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-452": { "value": "36000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-453": { "value": "26000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-454": { "value": "56000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-455": { "value": "44000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-456": { "value": "305000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-457": { "value": "1081000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-458": { "value": "47000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-459": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-460": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-461": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-462": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-463": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-464": { "value": "-66000000.0", "decimals": -6, "dimensions": { "concept": "mondiplc:NetCashOutflowinflowFromDebtRelatedDerivativeFinancialInstrumentsClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-465": { "value": "-47000000.0", "decimals": -6, "dimensions": { "concept": "mondiplc:NetCashOutflowinflowFromDebtRelatedDerivativeFinancialInstrumentsClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-466": { "value": "245000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-467": { "value": "-1226000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-468": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-469": { "value": "-1311000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-470": { "value": "269000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-471": { "value": "1592000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-472": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-473": { "value": "-1311000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-474": { "value": "-8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-475": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-476": { "value": "291000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-477": { "value": "269000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-478": { "value": "
1 Basis of preparation
These consolidated financial statements as at and for the year ended 31\u00a0December 2025 comprise Mondi plc and its subsidiaries
(referred to as the Group), and the Group\u2019s share of the results and net assets of its associates and joint ventures.
The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The material
accounting policies adopted are set out in note 33 and were applied consistently throughout the year and preceding year.
The Group also applies IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), and there are no
differences with applying IFRS Accounting Standards adopted for use in the UK which may significantly or materially affect the Group\u2019s
accounting policies.
The consolidated financial statements have been prepared on a going concern basis. The directors have reviewed the Group\u2019s budget and
considered the assumptions contained in the budget, including consideration of the principal risks which may\u00a0impact the Group\u2019s performance in
the\u00a018\u00a0months following the balance sheet date and considerations of the period immediately thereafter. The Group has a robust balance sheet.
At 31\u00a0December 2025 , the Group had a\u00a0liquidity position of \u20ac1,292 million, comprising \u20ac1,000 million of undrawn committed debt facilities
and cash and cash equivalents of \u20ac292 million available. As the Group\u2019s debt facilities and loan agreements contain no financial
covenants, in performing its going concern assessment the directors have focused on liquidity. The assessment of going concern is
further described in the Strategic report under the heading Going concern on page 65, which is incorporated by reference into these
financial statements. Based on this evaluation, the Board considered it appropriate to prepare the consolidated financial statements
on\u00a0the going concern basis.
The consolidated financial statements have been prepared under the historical cost basis of accounting, as modified by forestry assets,
pension assets, certain financial assets and financial liabilities held at fair value through profit and loss, assets acquired and liabilities
assumed in a business combination and accounting in hyperinflationary economies.
The Group presents certain measures of financial performance and position that are not defined or specified according to IFRS
Accounting Standards and UK-adopted International Accounting Standards. These measures, referred to as Alternative Performance
Measures (APMs), are defined on pages 202-204 .
Critical accounting judgements and significant accounting estimates
The preparation of the Group\u2019s consolidated financial statements requires the use of judgements and accounting estimates which, by
definition, may differ from actual results. The estimates are based on management\u2019s best information available about current
circumstances, future events and actions. The critical accounting judgements and significant accounting estimates with a significant risk
of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1, 'Presentation of Financial
Statements', are:
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Actuarial valuations of retirement benefit obligations \u2013 refer to note 24
\u2013 Impairment assessment of goodwill and property, plant and equipment - refer to notes 11, 13\u00a0and 33
Climate change
Management has considered the impact of climate change in preparing these consolidated financial statements, in particular in the context
of\u00a0the\u00a0disclosures included in the Strategic report, including the Group\u2019s Net-Zero GHG emission reduction targets as\u00a0detailed in the
Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 37-41. These considerations, which are\u00a0integral to
the\u00a0Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas:
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Estimates of future cash flows used in the impairment assessment of goodwill and property, plant and equipment \u2013 refer to notes 11,
13\u00a0and 33
\u2013 Residual values and useful economic lives of property, plant and equipment \u2013 refer to note 33
\u2013 Fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 25
While these considerations did not have a material impact on the estimates, this may change in future periods as management evolves
its\u00a0understanding of climate change-related impacts on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The material
accounting policies adopted are set out in note 33 and were applied consistently throughout the year and preceding year.
The Group also applies IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), and there are no
differences with applying IFRS Accounting Standards adopted for use in the UK which may significantly or materially affect the Group\u2019s
accounting policies.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
The consolidated financial statements have been prepared on a going concern basis. The directors have reviewed the Group\u2019s budget and
considered the assumptions contained in the budget, including consideration of the principal risks which may\u00a0impact the Group\u2019s performance in
the\u00a018\u00a0months following the balance sheet date and considerations of the period immediately thereafter. The Group has a robust balance sheet.
At 31\u00a0December 2025 , the Group had a\u00a0liquidity position of \u20ac1,292 million, comprising \u20ac1,000 million of undrawn committed debt facilities
and cash and cash equivalents of \u20ac292 million available. As the Group\u2019s debt facilities and loan agreements contain no financial
covenants, in performing its going concern assessment the directors have focused on liquidity. The assessment of going concern is
further described in the Strategic report under the heading Going concern on page 65, which is incorporated by reference into these
financial statements. Based on this evaluation, the Board considered it appropriate to prepare the consolidated financial statements
on\u00a0the going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
Critical accounting judgements and significant accounting estimates
The preparation of the Group\u2019s consolidated financial statements requires the use of judgements and accounting estimates which, by
definition, may differ from actual results. The estimates are based on management\u2019s best information available about current
circumstances, future events and actions. The critical accounting judgements and significant accounting estimates with a significant risk
of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1, 'Presentation of Financial
Statements', are:
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Actuarial valuations of retirement benefit obligations \u2013 refer to note 24
\u2013 Impairment assessment of goodwill and property, plant and equipment - refer to notes 11, 13\u00a0and 33
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Climate change
Management has considered the impact of climate change in preparing these consolidated financial statements, in particular in the context
of\u00a0the\u00a0disclosures included in the Strategic report, including the Group\u2019s Net-Zero GHG emission reduction targets as\u00a0detailed in the
Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 37-41. These considerations, which are\u00a0integral to
the\u00a0Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas:
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Estimates of future cash flows used in the impairment assessment of goodwill and property, plant and equipment \u2013 refer to notes 11,
13\u00a0and 33
\u2013 Residual values and useful economic lives of property, plant and equipment \u2013 refer to note 33
\u2013 Fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 25
While these considerations did not have a material impact on the estimates, this may change in future periods as management evolves
its\u00a0understanding of climate change-related impacts on the Group.
", "dimensions": { "concept": "mondiplc:DisclosureOfClimateChangeTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
2 Operating segments
The Group generates revenue from the sale of manufactured products across the packaging and paper value chain . Revenue is generally
recognised at a point in time, typically when the goods have been delivered to a contractually agreed location in line with the shipment
terms agreed with customers. Customer payment terms vary within the Group due to its global operations and do not contain significant
financing components.
The Group provides transport services after control of certain goods has passed to the customer. The Group generated transport
revenue of \u20ac52 million (2024: \u20ac 63 million), which was recognised over time. The stage of completion is used to determine the amount
of\u00a0 revenue recognised, which is based on the transportation days completed at the reporting date relative to the total expected
delivery\u00a0days.
The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee,
the chief operating decision-making body. These segments are managed based on the nature of the products produced by each
business and comprise two distinct segments (2024: three). The segment information also includes APMs as defined on pages 202-204.
With effect from 1 October 2025, the Group reorganised its operating segments to facilitate a more streamlined organisation supporting
faster decision-making, cost take-out and delivery of operational synergies across our pulp and paper mills, while retaining its customer-
focused value chain orientation. As part of this reorganisation, the former Uncoated Fine Paper operating segment has been combined
with Corrugated Packaging to form a single enlarged Corrugated Packaging operating segment. The aggregation is consistent with the
management approach under IFRS 8 and reflects how the Group is managed internally. Flexible Packaging remains unchanged as a
separate segment. Comparative segment information for prior periods has been restated to reflect the new operating segment structure.
The reorganisation had no impact on the Group\u2019s overall result.
The material product types from which the Group\u2019s operating segments derive their internal and external revenues are as follows:
Operating segments
Product types
Corrugated Packaging
Containerboard
Corrugated solutions
Uncoated fine paper
Pulp
Flexible Packaging
Kraft paper
Paper bags
Consumer flexibles
Functional paper and films
Pulp
Y ear end ed 31\u00a0December 2025
\u20ac\u00a0million, unless otherwise stated
Corrugated
Packaging
Flexible
Packaging
Corporate
Intersegment
elimination
Total
Segment revenue
3,775
3,941
\u2014
(53)
7,663
Internal revenue
(31)
(22)
\u2014
53
\u2014
External revenue
3,744
3,919
\u2014
\u2014
7,663
Underlying EBITDA
458
583
(40)
\u2014
1,001
Depreciation, amortisation and impairments
(280)
(223)
(1)
\u2014
(504)
Underlying operating profit/(loss)
178
360
(41)
\u2014
497
Special items before tax (see note 3)
(67)
(39)
\u2014
\u2014
(106)
Capital employed
4,265
3,622
(88)
\u2014
7,799
Trailing 12-month average capital employed
4,048
3,445
(76)
\u2014
7,417
Additions to non-current non-financial assets
961
381
\u2014
\u2014
1,342
Investment in property, plant and equipment
325
348
\u2014
\u2014
673
Underlying EBITDA margin (%)
12.1
14.8
\u2014
\u2014
13.1
Return on capital employed (%)
4.4
10.4
\u2014
\u2014
6.7
Average number of employees (thousands) 1
10.2
11.8
0.1
\u2014
22.1
1 Presented on a full-time employee equivalent basis.
2 Operating segments continued
Year ended 31\u00a0December 2024 (restated)
\u20ac\u00a0million, unless otherwise stated
Corrugated
Packaging
Flexible
Packaging
Corporate
Intersegment
elimination
Total
Segment revenue
3,519
3,964
\u2014
(67)
7,416
Internal revenue
(30)
(37)
\u2014
67
\u2014
External revenue
3,489
3,927
\u2014
\u2014
7,416
Underlying EBITDA
526
558
(35)
\u2014
1,049
Depreciation, amortisation and impairments
(239)
(203)
(1)
\u2014
(443)
Underlying operating profit/(loss)
287
355
(36)
\u2014
606
Special items before tax
(5)
(132)
(13)
\u2014
(150)
Capital employed
3,742
3,418
(78)
\u2014
7,082
Trailing 12-month average capital employed
3,358
3,051
(126)
\u2014
6,283
Additions to non-current non-financial assets
506
565
\u2014
\u2014
1,071
Investment in property, plant and equipment
415
518
\u2014
\u2014
933
Underlying EBITDA margin (%)
14.9
14.1
\u2014
\u2014
14.1
Return on capital employed (%)
8.5
11.5
\u2014
\u2014
9.6
Average number of employees (thousands) 1
9.1
12.0
0.1
\u2014
21.2
1 Presented on a full-time employee equivalent basis.
External revenue by location of contribution and by location of customer
External revenue
by location of contribution
External revenue
by location of customer
\u20ac million
2025
2024
2025
2024
Western Europe
Austria
1,179
1,175
159
166
Germany
810
555
1,121
932
UK
22
3
231
196
Rest of Western Europe
787
721
1,768
1,620
Western Europe total
2,798
2,454
3,279
2,914
Emerging Europe
Czech Republic
760
705
260
264
Poland
1,418
1,347
716
729
T\u00fcrkiye
410
490
451
533
Rest of emerging Europe
854
919
533
543
Emerging Europe total
3,442
3,461
1,960
2,069
Africa
South Africa
567
667
413
489
Rest of Africa
70
80
343
366
Africa total
637
747
756
855
North America
674
648
888
850
South America
9
7
138
93
Asia and Australia
103
99
642
635
Total Group revenue
7,663
7,416
7,663
7,416
There were no external customers which account for more than 10% of the Group\u2019s total external revenue in either year.
There are no material contract assets or contract liabilities as at 31\u00a0December 2025 and 31\u00a0December 2024 . No contract costs were
capitalised in either year presented.
The Group does not disclose information about remaining performance obligations that have original expected durations of one year
or\u00a0less, as permitted under IFRS 15.
Net a ssets by location
2025
2024
\u20ac\u00a0million
Non-current
non-financial
assets
Segment
assets
Segment
net assets
Non-current
non-financial
assets
Segment
assets
Segment
net assets
Western Europe
Austria
532
1,005
788
500
977
764
Germany
1,035
1,291
1,210
544
720
654
UK
52
61
55
31
34
32
Rest of Western Europe
1,165
1,402
1,279
1,026
1,248
1,140
Western Europe total
2,784
3,759
3,332
2,101
2,979
2,590
Emerging Europe
Czech Republic
1,203
1,347
1,193
1,133
1,245
1,102
Poland
980
1,290
1,101
989
1,302
1,132
T\u00fcrkiye
149
310
231
217
401
318
Rest of emerging Europe
751
912
764
757
925
760
Emerging Europe total
3,083
3,859
3,289
3,096
3,873
3,312
Africa
South Africa
1,063
1,234
1,127
977
1,197
1,103
Rest of Africa
44
114
111
49
126
123
Africa total
1,107
1,348
1,238
1,026
1,323
1,226
North America
205
435
387
184
435
375
South America
15
24
24
16
24
24
Asia and Australia
73
156
140
80
166
151
Total
7,267
9,581
8,410
6,503
8,800
7,678
Reconciliation of operating segment assets
2025
2024
\u20ac million
Segment
assets
Segment
net assets/
(liabilities)
Segment
assets
Segment
net assets/
(liabilities)
Group total
9,581
8,410
8,800
7,678
Unallocated
Investments in joint ventures
10
10
5
5
Deferred tax assets/(liabilities)
22
(324)
22
(320)
Other non-operating assets/(liabilities)
236
(297)
226
(281)
Group capital employed
9,849
7,799
9,053
7,082
Financial instruments/(net debt)
295
(2,599)
288
(1,732)
Total assets/equity
10,144
5,200
9,341
5,350
Other non-operating assets/(liabilities) include non-current financial instruments and current tax assets/(liabilities) as presented in the
consolidated statement of financial position, provisions for restructuring costs, employee-related and other provisions (see note 19),
derivative financial instruments (see note 29d) and other non-operating receivables/(payables) of \u20ac187 million and \u20ac385 million ,
respectively, as at 31\u00a0December 2025 (2024 : \u20ac 165 million and \u20ac 354 million ).
2 Operating segments
Average number of employees by principal location of employment 1
thousands
2025
2024
Western Europe
7.7
6.4
Emerging Europe
10.1
10.4
Africa
1.8
1.9
North America
1.9
1.9
Asia and Australia
0.6
0.6
Total average number of employees
22.1
21.2
1 Presented on a full-time employee equivalent basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
The Group generates revenue from the sale of manufactured products across the packaging and paper value chain . Revenue is generally
recognised at a point in time, typically when the goods have been delivered to a contractually agreed location in line with the shipment
terms agreed with customers. Customer payment terms vary within the Group due to its global operations and do not contain significant
financing components.
The Group provides transport services after control of certain goods has passed to the customer. The Group generated transport
revenue of \u20ac52 million (2024: \u20ac 63 million), which was recognised over time. The stage of completion is used to determine the amount
of\u00a0 revenue recognised, which is based on the transportation days completed at the reporting date relative to the total expected
delivery\u00a0days.
The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee,
the chief operating decision-making body. These segments are managed based on the nature of the products produced by each
business and comprise two distinct segments (2024: three). The segment information also includes APMs as defined on pages 202-204.
With effect from 1 October 2025, the Group reorganised its operating segments to facilitate a more streamlined organisation supporting
faster decision-making, cost take-out and delivery of operational synergies across our pulp and paper mills, while retaining its customer-
focused value chain orientation. As part of this reorganisation, the former Uncoated Fine Paper operating segment has been combined
with Corrugated Packaging to form a single enlarged Corrugated Packaging operating segment. The aggregation is consistent with the
management approach under IFRS 8 and reflects how the Group is managed internally. Flexible Packaging remains unchanged as a
separate segment. Comparative segment information for prior periods has been restated to reflect the new operating segment structure.
The reorganisation had no impact on the Group\u2019s overall result.
The material product types from which the Group\u2019s operating segments derive their internal and external revenues are as follows:
Operating segments
Product types
Corrugated Packaging
Containerboard
Corrugated solutions
Uncoated fine paper
Pulp
Flexible Packaging
Kraft paper
Paper bags
Consumer flexibles
Functional paper and films
Pulp
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "The Group generates revenue from the sale of manufactured products across the packaging and paper value chain", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
3 Special items
The Group separately discloses special items, an APM as defined on page 202 , on the face of the consolidated income statement
to\u00a0assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable
from\u00a0year to year.
\u20ac\u00a0million
2025
2024
Operating special items
Impairment of assets
(59)
(74)
Restructuring and closure costs:
Personnel costs
(19)
(18)
Other restructuring and closure costs
(4)
(40)
Costs relating to the acquisition of Schumacher Packaging
(24)
(5)
Costs relating to the aborted all-share combination with DS Smith plc
\u2014
(13)
Total special items before tax
(106)
(150)
Tax credit (see note 8)
19
1
Total special items
(87)
(149)
Attributable to:
Non-controlling interests
(3)
\u2014
Shareholders
(84)
(149)
In line with the Group\u2019s ongoing commitment to improving productivity, enhancing its cost advantage and ensuring a future-fit network,
the Group has taken action to optimise its converting plant network and streamline overhead costs. Actions include the initiation of plant
closures in Corrugated Packaging, where the Group has announced the closure of a corrugated solutions plant within its Turkish network,
and in Flexible Packaging, where the Group has announced plans to close paper bags plants in Hungary and Germany, with customers
being transitioned to larger, more efficient plants nearby. Alongside the plant closures, the Group has intensified its focus on cost
discipline and proactively managing workforce by reducing headcount across its business units and corporate functions. In doing so, the
Group naturally ensures compliance with applicable local legal requirements and, where required under local law, the Group carries out
the appropriate information and/or consultation procedures with employee representative bodies. Additionally, the Group has impaired
assets in emerging Europe, including in T\u00fcrkiye where economic and inflationary pressures are impacting profitability.
This gave rise to \u20ac18\u00a0million of restructuring and closure costs, and \u20ac57\u00a0million of impairment charges. The total charge has been
allocated between the two business units, with \u20ac43\u00a0million attributable to Corrugated Packaging (thereof impairment of assets of
\u20ac29\u00a0million) and \u20ac32\u00a0million to Flexible Packaging (thereof impairment of assets of \u20ac28\u00a0million). The Group expects additional costs
associated with the Group\u2019s ongoing restructuring and optimisation measures to be incurred in 2026.
In addition to the above, further special items were recognised in 2025 in relation to actions that took place in 2024 as set out below.
\u2013 Corrugated Packaging:
\u2013 Transaction costs of \u20ac24\u00a0million were recognised in 2025 in relation to the acquisition of the Western Europe Packaging Assets of
Schumacher Packaging. Total costs were \u20ac29 million, of which \u20ac5 million was recognised in the second half of 2024 (see note 25).
\u2013 Flexible Packaging:
\u2013 A paper bags plant in Maastricht (Netherlands) was closed in 2024. A release of restructuring and closure provisions of \u20ac1\u00a0million
was recognised in 2025. Including the \u20ac13\u202fmillion recognised in 2024, total costs related to the closure amounted to \u20ac12\u202fmillion.
\u2013 A paper bags plant in Pine Bluff (USA) was closed in 2024, with \u20ac5\u00a0million of restructuring and closures costs recognised in 2025, in
addition to the \u20ac9 million recognised in 2024, bringing total costs related to the closure to \u20ac14 million.
\u2013 Following the fire at the Stambolijski paper mill (Bulgaria) in September 2024, restructuring and closure costs of \u20ac1\u00a0million and asset
impairments of \u20ac2\u00a0million were recognised in 2025. This is in addition to the \u20ac37\u202fmillion of restructuring and closure costs and
\u20ac73\u202fmillion of asset impairments recognised in 2024. In total, costs related to the closure amounted to \u20ac113\u202fmillion.
The operating special items resulted in a cash outflow from operating activities of \u20ac47\u00a0million for the year ended 31\u00a0December 2025
(2024: \u20ac34\u00a0million).", "dimensions": { "concept": "mondiplc:DisclosureOfSpecialItemsTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
4 Auditors' remuneration
\u20ac\u00a0million
2025
2024
Fees payable to the auditors for the audit of Mondi plc\u2019s annual financial statements
2.6
2.3
Fees payable to the auditors and their associates for the audit of Mondi plc\u2019s subsidiaries
4.7
4.0
Total audit fees
7.3
6.3
Audit-related services
0.7
0.5
Other services
\u2014
0.3
Total non-audit fees
0.7
0.8
Total fees
8.0
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
5 Personnel costs
\u20ac\u00a0million, unless otherwise stated
2025
2024
Within underlying operating costs
Wages and salaries
1,083
994
Social security costs
226
202
Defined contribution retirement plan contributions (see note 24)
15
14
Defined benefit retirement plan service costs net of loss from settlement (see note 24)
11
9
Share-based payments (see note 23)
10
9
Personnel costs within underlying operating costs
1,345
1,228
Personnel costs within special items (see note 3)
19
18
Personnel costs within net finance costs (see note 6)
8
9
Total personnel costs
1,372
1,255
Average number of employees (thousands) 1
22.1
21.2
1 Presented on a full-time employee equivalent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
6 Net finance costs
\u20ac\u00a0million
2025
2024
Investment\u00a0income
Investment\u00a0income
12
30
Foreign currency gains/(losses)
Foreign currency gains/(losses)
2
(3)
Finance costs
Interest expense
Interest on bank overdrafts and loans
(122)
(100)
Interest on lease liabilities
(8)
(7)
Net interest expense on net retirement benefits liability (see note 24)
(8)
(9)
Total interest expense
(138)
(116)
Less: interest capitalised
12
19
Total finance costs
(126)
(97)
Net\u00a0finance\u00a0costs
(112)
(70)
The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31\u00a0December 2025 was
5.6% ( 2024: 4.2%) and was mainly related to qualifying assets in South Africa, Italy and Sweden ( 2024 : the Czech Republic and Poland).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
6 Net finance costs
\u20ac\u00a0million
2025
2024
Investment\u00a0income
Investment\u00a0income
12
30
Foreign currency gains/(losses)
Foreign currency gains/(losses)
2
(3)
Finance costs
Interest expense
Interest on bank overdrafts and loans
(122)
(100)
Interest on lease liabilities
(8)
(7)
Net interest expense on net retirement benefits liability (see note 24)
(8)
(9)
Total interest expense
(138)
(116)
Less: interest capitalised
12
19
Total finance costs
(126)
(97)
Net\u00a0finance\u00a0costs
(112)
(70)
The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31\u00a0December 2025 was
5.6% ( 2024: 4.2%) and was mainly related to qualifying assets in South Africa, Italy and Sweden ( 2024 : the Czech Republic and Poland).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
6 Net finance costs
\u20ac\u00a0million
2025
2024
Investment\u00a0income
Investment\u00a0income
12
30
Foreign currency gains/(losses)
Foreign currency gains/(losses)
2
(3)
Finance costs
Interest expense
Interest on bank overdrafts and loans
(122)
(100)
Interest on lease liabilities
(8)
(7)
Net interest expense on net retirement benefits liability (see note 24)
(8)
(9)
Total interest expense
(138)
(116)
Less: interest capitalised
12
19
Total finance costs
(126)
(97)
Net\u00a0finance\u00a0costs
(112)
(70)
The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31\u00a0December 2025 was
5.6% ( 2024: 4.2%) and was mainly related to qualifying assets in South Africa, Italy and Sweden ( 2024 : the Czech Republic and Poland).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
7 Net monetary loss arising from hyperinflationary economies
The Group applies IAS 29, 'Financial Reporting in Hyperinflationary Economies', for its subsidiaries in T\u00fcrkiye and Lebanon. The consumer
price index increased in T\u00fcrkiye by 31% from 2,685 at 31\u00a0December 2024 to 3,514 at 31\u00a0December 2025 and\u00a0in\u00a0 Lebanon by 12% from
7,061 at 31\u00a0December 2024 to 7,924 at 31\u00a0December 2025. For the year ended 31\u00a0December 2025 a net monetary loss of \u20ac9\u00a0million was
recognised (2024 : \u20ac 5\u00a0million). For the year ended 31\u00a0December 2025, the adjustments from hyperinflationary accounting have resulted in
an increase in Group revenue of \u20ac50 million (2024: \u20ac78 million) and a decrease in underlying EBITDA of \u20ac10 million ( 2024:\u00a0\u20ac16 million).\u00a0
Comparative amounts presented in euro were not restated for\u00a0subsequent changes in the price level or\u00a0exchange rates.
IAS 29 requires judgement to determine when to apply hyperinflationary accounting and which general price index to select and other
approximations to be made in order to restate the financial statements of subsidiaries operating in a hyperinflationary economy.", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
8 Taxation
(a) Analysis of tax charge for the year
The Group\u2019s effective rate of tax before special items for the year ended 31\u00a0December 2025 was 24% ( 2024: 22% ).
\u20ac\u00a0million
2025
2024
UK corporation tax at 25% (2024: 25%)
2
4
Overseas tax
86
105
Current tax in respect of the prior years
(1)
(4)
Current tax
87
105
Deferred tax in respect of the current year
20
10
Deferred tax in respect of the prior years
(14)
(5)
Deferred tax attributable\u00a0to\u00a0a\u00a0change\u00a0in\u00a0the rate\u00a0of\u00a0domestic\u00a0income\u00a0tax
(2)
7
Tax charge before special items
91
117
Current tax on special items
(3)
\u2014
Deferred tax on special items
(16)
(1)
Tax credit on special items (see note 3)
(19)
(1)
Tax charge for the year
72
116
Current tax charge
84
105
Deferred tax (credit)/charge
(12)
11
\u00a0
\u00a0
As the Group operates in a number of countries, each with different tax systems, a degree of tax risk is inevitable, as tax laws are
complex and subject to changes in legislation and to differing interpretations. Consequently, provision has been made for such tax risk
exposures within current tax liabilities of \u20ac38 million (2024 : \u20ac40 million ), mainly in relation to transfer pricing risks arising from cross-
border transactions. There is not expected to be any material change to the tax risk exposures or associated provisions within the next
12\u00a0months.
The Group is within the scope of the OECD Pillar Two model rules as of 1 January 2024. The effective tax rate (as calculated under the
Pillar Two transitional safe harbour rules) in the majority of countries in which the Group operates exceeds 15% for the year ended
31\u00a0December 2025 and 31\u00a0December 2024. Additional Pillar Two top-up tax of \u20ac4 million (2024: \u20ac3 million) has been included within the
current tax charge for the year ended 31\u00a0December 2025, mostly arising in a small number of jurisdictions benefitting from tax incentives
on capital investments and tax holidays.\u00a0
Factors affecting tax charge for the year
The Group\u2019s total tax charge for the year can be reconciled to the tax on the Group\u2019s profit before tax at the UK corporation tax rate
of\u00a025% (2024: 25%), as follows:
\u20ac\u00a0million
2025
2024
Profit before tax
269
378
Tax on profit before tax, calculated at the UK corporation tax rate of 25% (2024: 25%)
67
95
Tax effects of:
Expenses not deductible for tax purposes
8
7
Special items not deductible
1
5
Other non-deductible expenses
7
2
Temporary difference adjustments
19
26
Balance sheet/fixed asset revaluation1
(1)
(15)
Changes in local tax rates2
(2)
7
Current year tax losses and other temporary differences not recognised
36
39
Movements in unrecognised deferred tax
(12)
(10)
Prior year deferred tax adjustments
(2)
5
Other adjustments
(22)
(12)
Current tax prior year adjustments
(1)
(4)
Tax incentives3
(23)
(16)
Effect of difference between local rates and UK tax rate
(23)
(20)
Hyperinflation monetary adjustments
15
20
Other adjustments
6
5
Pillar Two current tax
4
3
Tax charge for the year
72
116
1 The reduction arises due to the suspension of hyperinflation accounting in T\u00fcrkiye, which results in higher taxable profit. The suspension is also expected to impact the tax
rate in 2026.
2 There has been a change in tax rate in Germany (2024: Slovakia).
3 The tax incentives relate to a number of countries including Poland and Slovakia (2024: Poland and Slovakia).
8 Taxation continued
(b) Deferred tax
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2025
2024
2025
2024
At 1 January
22
24
(342)
(322)
Credited/(charged) to the consolidated income statement
1
(2)
11
(9)
(Charged)/credited to the consolidated statement of comprehensive
income
\u2014
\u2014
(2)
1
Acquired through business combinations (see note 25)
\u2014
\u2014
(10)
(4)
Hyperinflation monetary adjustments
\u2014
\u2014
(1)
(2)
Currency movements
(1)
\u2014
(2)
(6)
At 31 December
22
22
(346)
(342)
The amount of deferred tax credited/(charged) to the consolidated income statement comprises:
\u20ac million
2025
2024
Fixed assets temporary differences
(22)
(37)
Fair value adjustments
(1)
7
Tax losses recognised
35
9
Other temporary differences
\u2014
10
Total deferred tax credit/(charge)
12
(11)
Deferred tax comprises:
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2025
2024
2025
2024
Fixed assets temporary differences
(32)
(19)
(343)
(320)
Fair value adjustments
\u2014
\u2014
(136)
(134)
Tax losses
29
14
54
31
Other temporary differences
25
27
79
81
Total
22
22
(346)
(342)
The key items within other temporary differences include retirement benefit obligations, inventory write-downs, other provisions
and\u00a0accruals and elimination of intercompany profit in inventory.
Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant
jurisdictions to utilise the tax losses and other temporary differences presented in the table above.
Deferred tax balances have been shown after offset when they relate to income taxes levied by the same tax authority and it is intended
to settle current assets and liabilities on a net basis.
The current expectation regarding the maturity of deferred tax balances is:
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2025
2024
2025
2024
Recoverable within 12 months
7
10
\u2014
\u2014
Recoverable/(payable) after 12 months
15
12
(346)
(342)
Total
22
22
(346)
(342)
The Group has the following amounts in respect of which no deferred tax asset has been recognised, as it is not considered probable
that there will be future profit streams or gains against which these could be utilised:
\u20ac million
2025
2024
Tax losses \u2014 revenue
1,478
1,411
Tax losses \u2014 capital
16
16
Fixed asset temporary differences
98
90
Other temporary differences
48
69
Total
1,640
1,586
Of the total of \u20ac1,640 million (2024: \u20ac1,586 million ), \u20ac1,197 million (2024: \u20ac1,245 million) relates to tax losses (with no expiry date)
and\u00a0other timing differences not recognised in the UK and Luxembourg due to lack of future profit streams.
There were no significant changes during the year in the expected future profit streams or gains.
Included in unrecognised tax losses are losses that will expire as follows:
\u20ac million
2025
2024
Expiry date
Within one year
7
7
One to five years
12
19
After five years
87
47
No expiry date
1,388
1,354
Total unrecognised tax losses
1,494
1,427
No deferred tax liability is recognised on gross temporary differences of \u20ac591 million (2024: \u20ac630 million) relating to the unremitted
earnings of\u00a0overseas subsidiaries, as the Group is able to control the timing of the reversal of these temporary differences and it is
probable that they will not reverse in the foreseeable future. UK tax legislation largely exempts, from UK tax, overseas dividends received.
As a result, the gross temporary differences at 31\u00a0December 2025 represent only the unremitted earnings of those overseas subsidiaries
where remittance to the UK of those earnings would still result in a tax liability, principally as a result of dividend withholding taxes levied
by the\u00a0overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
(b) Deferred tax
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2025
2024
2025
2024
At 1 January
22
24
(342)
(322)
Credited/(charged) to the consolidated income statement
1
(2)
11
(9)
(Charged)/credited to the consolidated statement of comprehensive
income
\u2014
\u2014
(2)
1
Acquired through business combinations (see note 25)
\u2014
\u2014
(10)
(4)
Hyperinflation monetary adjustments
\u2014
\u2014
(1)
(2)
Currency movements
(1)
\u2014
(2)
(6)
At 31 December
22
22
(346)
(342)
The amount of deferred tax credited/(charged) to the consolidated income statement comprises:
\u20ac million
2025
2024
Fixed assets temporary differences
(22)
(37)
Fair value adjustments
(1)
7
Tax losses recognised
35
9
Other temporary differences
\u2014
10
Total deferred tax credit/(charge)
12
(11)
Deferred tax comprises:
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2025
2024
2025
2024
Fixed assets temporary differences
(32)
(19)
(343)
(320)
Fair value adjustments
\u2014
\u2014
(136)
(134)
Tax losses
29
14
54
31
Other temporary differences
25
27
79
81
Total
22
22
(346)
(342)
The key items within other temporary differences include retirement benefit obligations, inventory write-downs, other provisions
and\u00a0accruals and elimination of intercompany profit in inventory.
Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant
jurisdictions to utilise the tax losses and other temporary differences presented in the table above.
Deferred tax balances have been shown after offset when they relate to income taxes levied by the same tax authority and it is intended
to settle current assets and liabilities on a net basis.
The current expectation regarding the maturity of deferred tax balances is:
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2025
2024
2025
2024
Recoverable within 12 months
7
10
\u2014
\u2014
Recoverable/(payable) after 12 months
15
12
(346)
(342)
Total
22
22
(346)
(342)
The Group has the following amounts in respect of which no deferred tax asset has been recognised, as it is not considered probable
that there will be future profit streams or gains against which these could be utilised:
\u20ac million
2025
2024
Tax losses \u2014 revenue
1,478
1,411
Tax losses \u2014 capital
16
16
Fixed asset temporary differences
98
90
Other temporary differences
48
69
Total
1,640
1,586
Of the total of \u20ac1,640 million (2024: \u20ac1,586 million ), \u20ac1,197 million (2024: \u20ac1,245 million) relates to tax losses (with no expiry date)
and\u00a0other timing differences not recognised in the UK and Luxembourg due to lack of future profit streams.
There were no significant changes during the year in the expected future profit streams or gains.
Included in unrecognised tax losses are losses that will expire as follows:
\u20ac million
2025
2024
Expiry date
Within one year
7
7
One to five years
12
19
After five years
87
47
No expiry date
1,388
1,354
Total unrecognised tax losses
1,494
1,427
No deferred tax liability is recognised on gross temporary differences of \u20ac591 million (2024: \u20ac630 million) relating to the unremitted
earnings of\u00a0overseas subsidiaries, as the Group is able to control the timing of the reversal of these temporary differences and it is
probable that they will not reverse in the foreseeable future. UK tax legislation largely exempts, from UK tax, overseas dividends received.
As a result, the gross temporary differences at 31\u00a0December 2025 represent only the unremitted earnings of those overseas subsidiaries
where remittance to the UK of those earnings would still result in a tax liability, principally as a result of dividend withholding taxes levied
by the\u00a0overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
9 Earnings per share (EPS)
EPS attributable to shareholders
euro cents
2025
2024
Basic EPS
37.4
49.1
Diluted EPS
37.4
49.1
Basic underlying EPS
56.5
82.7
Diluted underlying EPS
56.5
82.6
Basic headline EPS
48.1
60.8
Diluted headline EPS
48.1
60.8
9 Earnings per share (EPS) continued
The calculation of basic and diluted EPS, basic and diluted underlying EPS and basic and diluted headline EPS is based on the following data:
Earnings
\u20ac\u00a0million
2025
2024
Profit for the year attributable to shareholders
165
218
Special items attributable to shareholders (see note 3)
103
150
Related tax (see note 3)
(19)
(1)
Underlying earnings
249
367
Net gain on disposal of property, plant and equipment
(2)
(12)
Insurance reimbursements for property damages (see note 11)
(1)
(3)
Restructuring and closure costs (see note 3)
(23)
(58)
Costs relating to the aborted all-share combination with DS Smith plc (see note 3)
\u2014
(13)
Costs relating to the acquisition of Schumacher Packaging (see note 3)
(24)
(5)
Gain on purchase of business before transaction-related costs
\u2014
(13)
Impairments not included in special items (see note 11)
1
\u2014
Loss arising from sale and leaseback transaction
\u2014
3
Related tax
12
4
Headline earnings for the year
212
270
Underlying earnings and headline earnings represent APMs as defined on pages 202-204.
Weighted average number of shares
million
2025
2024
Basic number of ordinary shares outstanding
440.8
444.0
Effect of dilutive potential ordinary shares
\u2014
0.1
Diluted number of ordinary shares outstanding
440.8
444.1
The weighted average number of shares was prospectively adjusted from 13 February 2024 to reflect the share consolidation and special
dividend following the sale of the Group\u2019s Russian assets, which together were accounted for as a share repurchase at fair value (see
note 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
10 Dividends
2025
2024
euro cents
per\u00a0share
\u20ac\u00a0million
euro cents
per\u00a0share
\u20ac\u00a0million
Final ordinary dividend paid in respect of the prior year
46.67
202
46.67
209
Special dividend
\u2014
\u2014
160.00
769
Interim ordinary dividend paid in respect of the current year
23.33
103
23.33
103
Total ordinary and special dividends paid
305
1,081
Final ordinary dividend proposed to shareholders
4.92
22
46.67
206
The final ordinary dividend proposed in respect of the financial year ended 31\u00a0December 2025 has been recommended by the Board
and\u00a0is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for 24\u00a0April 2026.
On 13 February 2024, the Group returned the net proceeds from the sale of the Group\u2019s Russian assets to shareholders by way of a special
dividend of \u20ac1.60 per ordinary share (see note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
11 Property, plant and equipment
\u20ac\u00a0million
Land and
buildings 1
Plant and
equipment
Assets under
construction
Other
Total
Net carrying value
At 1 January 2024
1,218
2,528
744
129
4,619
Additions
123
316
529
38
1,006
Disposal of assets
(7)
(4)
\u2014
(1)
(12)
Acquired through business combinations
3
1
\u2014
\u2014
4
Depreciation charge for the year
(70)
(319)
\u2014
(38)
(427)
Impairment losses recognised
(3)
(49)
(21)
(1)
(74)
Reclassification
112
382
(511)
14
(3)
Hyperinflation monetary adjustments
27
30
4
2
63
Currency movements
(7)
(7)
(2)
\u2014
(16)
At 31\u00a0December 2024
1,396
2,878
743
143
5,160
Cost
2,392
7,899
765
445
11,501
Accumulated depreciation and impairments
(996)
(5,021)
(22)
(302)
(6,341)
Additions
90
214
393
31
728
Disposal of assets
(11)
(5)
\u2014
(4)
(20)
Acquired through business combinations (see note\u00a025)
186
168
5
16
375
Depreciation charge for the year
(86)
(356)
\u2014
(43)
(485)
Impairment losses recognised (see note 3)
(12)
(35)
(2)
(5)
(54)
Reclassification
150
606
(778)
18
(4)
Hyperinflation monetary adjustments
19
24
\u2014
2
45
Currency movements
(10)
8
10
(2)
6
At 31\u00a0December 2025
1,722
3,502
371
156
5,751
Cost
2,790
8,839
395
483
12,507
Accumulated depreciation and impairments
(1,068)
(5,337)
(24)
(327)
(6,756)
1 The land carrying value included in land and buildings is \u20ac 260 million ( 2024 : \u20ac 255 million ).
Included in the additions above is \u20ac 12 million ( 2024: \u20ac 19 million ) of interest incurred on qualifying assets which has been capitalised
during the year. The amount is deductible for tax purposes either when incurred or included in the amount permitted to be deducted
for\u00a0capital expenditure, depending on the jurisdiction in which it is capitalised.
The Group recognised income from insurance reimbursements relating to damage of property, plant and equipment of \u20ac1 million
(2024 :\u00a0 \u20ac 3\u00a0million) in other net operating expenses in the consolidated income statement with reimbursements received in cash
of\u00a0\u20ac1\u00a0million (2024: \u20ac13\u00a0million ) classified as other investing activities within the consolidated statement of cash flows.
The recoverable amount of property, plant and equipment is determined based on the Group\u2019s assessment of the asset's continued use
within the current business plans. This process involves significant judgement, particularly in evaluating future operational assumptions
and intended use of the assets. Any change in these future intentions or assumptions could result in an impairment of varying magnitude,
depending on the assets affected.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
12 Leases
The principal lease agreements in place include the following:
South African land lease
The Group entered into a land lease agreement on 1\u00a0January 2001 for a total term of 70 years. The lease commitment and annual
escalation rate are renegotiated every five years. The lease does not contain any clauses with regard to contingent rent or an option
to\u00a0purchase the land at the end of the lease term, and does not impose any significant restrictions on the Group as a lessee.
Office building
The Group entered into an office building lease agreement in Vienna (Austria) for a total term of 20 years from October 2013. The lease
may only be terminated by the Group, after six months\u2019 notice, in September 2023 (which did not occur) and again in September 2028.
Rent escalates on an annual basis by the consumer price index of the local jurisdiction. The lease does not contain any option to
purchase the building at the end of the lease term, and does not impose any significant restrictions on the Group as a lessee. Variable
lease payments are included in the lease liability and calculated at the consumer price index. The Group does not intend to exercise
the\u00a0termination option in September 2028, and thus it was not considered in the calculation of the right-of-use asset.
Right-of-use assets
Right-of-use assets
Depreciation charge
\u20ac\u00a0million
2025
2024
2025
2024
Land and buildings
81
62
(14)
(12)
Plant and equipment
75
41
(15)
(11)
Other
16
15
(9)
(8)
Total
172
118
(38)
(31)
Additions to the right-of-use assets during 2025 were \u20ac50 million (2024: \u20ac32 million). In addition, right-of-use assets of \u20ac52 million
(2024: \u20acnil) were acquired through business combinations during the year (see note 25).
Lease liabilities
\u20ac\u00a0million
2025
2024
Maturity analysis \u2014 contractual undiscounted cash flows
Less than one year
46
31
One to two years
38
25
Two to five years
72
46
More than five years
118
109
Total undiscounted cash flows
274
211
Total lease liabilities
184
128
Current
39
24
Non-current
145
104
\u00a0
\u00a0
\u00a0
Lease liabilities are effectively secured as the rights to the leased assets recognised in the consolidated financial statements revert to the
lessor in the event of default. The total cash outflow for leases during 2025 was \u20ac47 million (2024 : \u20ac36 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Right-of-use assets
Right-of-use assets
Depreciation charge
\u20ac\u00a0million
2025
2024
2025
2024
Land and buildings
81
62
(14)
(12)
Plant and equipment
75
41
(15)
(11)
Other
16
15
(9)
(8)
Total
172
118
(38)
(31)
Additions to the right-of-use assets during 2025 were \u20ac50 million (2024: \u20ac32 million). In addition, right-of-use assets of \u20ac52 million
(2024: \u20acnil) were acquired through business combinations during the year (see note 25).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
13 Goodwill
(a) Reconciliation
\u20ac\u00a0million
2025
2024
Net carrying value
At 1 January
767
765
Acquired through business combinations (see note 25)
129
\u2014
Hyperinflation monetary adjustments
8
11
Currency movements
(11)
(9)
At 31 December
893
767
(b) Assumptions
Goodwill acquired through business combinations is allocated to the group of cash-generating units (CGUs) that are expected to benefit
from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes.
Goodwill is assessed for impairment at least annually. In performing this impairment test, the recoverable amounts of these groups of
CGUs are the higher of fair value less costs to dispose and value in use (see note 33 for further details).
Goodwill is allocated to the groups of CGUs, as follows:
2025/\u20ac million, unless otherwise stated
Weighted
average pre-tax
discount rate
Growth rate
beyond year 3
Carrying value
Corrugated Packaging
10.5%
2%
474
Flexible Packaging
9.9%
2%
419
Total goodwill
893
As a result of the reorganisation of the Group\u2019s operating segments (see note 2), the Group has reassessed the allocation of goodwill to
its groups of CGUs and identified two groups of CGUs as the lowest level at which goodwill is monitored for internal management
purposes:
\u2013 Corrugated Packaging, comprising the former groups of CGUs of Corrugated Packaging and Uncoated Fine Paper; and
\u2013 Flexible Packaging, which remains unchanged.
The goodwill previously allocated to the Corrugated Packaging group of CGUs and Uncoated Fine Paper group of CGUs has been
combined and reallocated to an enlarged Corrugated Packaging group of CGUs.
In the prior year, before the reorganisation, goodwill was allocated to the groups of CGUs as follows:
2024/\u20ac million, unless otherwise stated
Weighted
average pre-tax
discount rate
Growth rate
beyond year 3
Carrying value
Corrugated Packaging
10.3%
3%
327
Flexible Packaging
9.3%
2%
425
Uncoated Fine Paper
11.0%
\u2014%
15
Total goodwill
767
Key assumptions for 2025
The key assumptions in the value-in-use calculations are as follows:
\u2013 Cash flow forecasts are derived from the Board-approved budget covering the three-year period to\u00a031\u00a0December\u00a02028.
\u2013 Sales volumes, sales prices and input cost assumptions are derived from a combination of regional economic forecasts, industry
forecasts for individual product lines, internal management projections, historical performance and expected industry capacity changes.
\u2013 The impacts of climate change such as regulatory risks on carbon pricing or yield losses on plantations, as well as climate change-
related opportunities in the budget periods are considered in the cash flow forecasts. The Group\u2019s climate change risks and
opportunities identified according to the TCFD recommendations are disclosed on pages 47-53 of this report.
\u2013 Cash flow projections in year four are based on internal management projections taking into consideration industry forecasts and
regional growth rates. Growth rates are applied to the groups of CGUs for all years from year four onwards (as per the table above).
\u2013 Capital expenditure forecasts are based on historical experience and include expenditure necessary to maintain the assets in their
current condition.
13 Goodwill continued
The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital. In determining the discount rate applicable
to\u00a0each group of CGUs, adjustments are made to reflect the impacts of country risk.
Sensitivity analyses
Expected future cash flows are inherently uncertain and could change materially over time. They are affected by a number of factors,
including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates,
estimates of production costs and future capital expenditure. Risks associated with increased operating costs such as carbon pricing
mechanisms have also been considered.
Sensitivity analyses of reasonably possible changes in the underlying assumptions for each group of CGUs included:
\u2013 100 bps increase in discount rate;
\u2013 0% growth rate assumed for cash flow projections beyond three years;
\u2013 2% decrease in sales prices of paper in all years in the Corrugated Packaging group of CGUs; and
\u2013 5% decrease in sales prices of paper in all years in the Flexible Packaging group of CGUs.
None of these downside sensitivity analyses, in isolation, indicated the need for an impairment.
14 Intangible assets
\u20ac\u00a0million
2025
2024
Net carrying value
At 1 January
70
68
Additions
17
13
Acquired through business combinations (see note 25)
43
\u2014
Disposals
(2)
\u2014
Impairment charge for the year
(6)
\u2014
Amortisation charge for the year
(18)
(16)
Reclassification
4
3
Hyperinflation monetary adjustments
3
2
Currency movements
(1)
\u2014
At 31 December
110
70
Cost
306
246
Accumulated amortisation and impairments
(196)
(176)
The carrying value of intangible assets comprises:
\u20ac\u00a0million
2025
2024
Software development costs
60
56
Customer relationships
42
7
Patents and trademarks
6
6
Other
2
1
Total intangible assets
110
70
R&D expenditure incurred by the Group and charged to the consolidated income statement during the year amounted to \u20ac 32 million
(2024: \u20ac31 million ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
13 Goodwill
(a) Reconciliation
\u20ac\u00a0million
2025
2024
Net carrying value
At 1 January
767
765
Acquired through business combinations (see note 25)
129
\u2014
Hyperinflation monetary adjustments
8
11
Currency movements
(11)
(9)
At 31 December
893
767
(b) Assumptions
Goodwill acquired through business combinations is allocated to the group of cash-generating units (CGUs) that are expected to benefit
from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes.
Goodwill is assessed for impairment at least annually. In performing this impairment test, the recoverable amounts of these groups of
CGUs are the higher of fair value less costs to dispose and value in use (see note 33 for further details).
Goodwill is allocated to the groups of CGUs, as follows:
2025/\u20ac million, unless otherwise stated
Weighted
average pre-tax
discount rate
Growth rate
beyond year 3
Carrying value
Corrugated Packaging
10.5%
2%
474
Flexible Packaging
9.9%
2%
419
Total goodwill
893
As a result of the reorganisation of the Group\u2019s operating segments (see note 2), the Group has reassessed the allocation of goodwill to
its groups of CGUs and identified two groups of CGUs as the lowest level at which goodwill is monitored for internal management
purposes:
\u2013 Corrugated Packaging, comprising the former groups of CGUs of Corrugated Packaging and Uncoated Fine Paper; and
\u2013 Flexible Packaging, which remains unchanged.
The goodwill previously allocated to the Corrugated Packaging group of CGUs and Uncoated Fine Paper group of CGUs has been
combined and reallocated to an enlarged Corrugated Packaging group of CGUs.
In the prior year, before the reorganisation, goodwill was allocated to the groups of CGUs as follows:
2024/\u20ac million, unless otherwise stated
Weighted
average pre-tax
discount rate
Growth rate
beyond year 3
Carrying value
Corrugated Packaging
10.3%
3%
327
Flexible Packaging
9.3%
2%
425
Uncoated Fine Paper
11.0%
\u2014%
15
Total goodwill
767
Key assumptions for 2025
The key assumptions in the value-in-use calculations are as follows:
\u2013 Cash flow forecasts are derived from the Board-approved budget covering the three-year period to\u00a031\u00a0December\u00a02028.
\u2013 Sales volumes, sales prices and input cost assumptions are derived from a combination of regional economic forecasts, industry
forecasts for individual product lines, internal management projections, historical performance and expected industry capacity changes.
\u2013 The impacts of climate change such as regulatory risks on carbon pricing or yield losses on plantations, as well as climate change-
related opportunities in the budget periods are considered in the cash flow forecasts. The Group\u2019s climate change risks and
opportunities identified according to the TCFD recommendations are disclosed on pages 47-53 of this report.
\u2013 Cash flow projections in year four are based on internal management projections taking into consideration industry forecasts and
regional growth rates. Growth rates are applied to the groups of CGUs for all years from year four onwards (as per the table above).
\u2013 Capital expenditure forecasts are based on historical experience and include expenditure necessary to maintain the assets in their
current condition.
13 Goodwill continued
The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital. In determining the discount rate applicable
to\u00a0each group of CGUs, adjustments are made to reflect the impacts of country risk.
Sensitivity analyses
Expected future cash flows are inherently uncertain and could change materially over time. They are affected by a number of factors,
including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates,
estimates of production costs and future capital expenditure. Risks associated with increased operating costs such as carbon pricing
mechanisms have also been considered.
Sensitivity analyses of reasonably possible changes in the underlying assumptions for each group of CGUs included:
\u2013 100 bps increase in discount rate;
\u2013 0% growth rate assumed for cash flow projections beyond three years;
\u2013 2% decrease in sales prices of paper in all years in the Corrugated Packaging group of CGUs; and
\u2013 5% decrease in sales prices of paper in all years in the Flexible Packaging group of CGUs.
None of these downside sensitivity analyses, in isolation, indicated the need for an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
14 Intangible assets
\u20ac\u00a0million
2025
2024
Net carrying value
At 1 January
70
68
Additions
17
13
Acquired through business combinations (see note 25)
43
\u2014
Disposals
(2)
\u2014
Impairment charge for the year
(6)
\u2014
Amortisation charge for the year
(18)
(16)
Reclassification
4
3
Hyperinflation monetary adjustments
3
2
Currency movements
(1)
\u2014
At 31 December
110
70
Cost
306
246
Accumulated amortisation and impairments
(196)
(176)
The carrying value of intangible assets comprises:
\u20ac\u00a0million
2025
2024
Software development costs
60
56
Customer relationships
42
7
Patents and trademarks
6
6
Other
2
1
Total intangible assets
110
70
R&D expenditure incurred by the Group and charged to the consolidated income statement during the year amounted to \u20ac 32 million
(2024: \u20ac31 million ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
15 Forestry assets
\u20ac\u00a0million
2025
2024
At 1 January
503
519
Investment in forestry assets
50
48
Fair value gains
39
7
Disposal of assets
(1)
\u2014
Felling costs
(85)
(92)
Currency movements
5
21
At 31\u00a0December
511
503
Mature
392
371
Immature
119
132
The Group has 253,209 hectares ( 2024 : 255,023 hectares) of owned and leased land available for forestry activities, all located in South
Africa . Of this total, 81,034 hectares ( 2024 : 80,667 hectares) are designated for conservation activities and infrastructure needs. A further
1,044 hectares ( 2024: 1,044 hectares) relate to non-core activities. The remaining 171,131 hectares ( 2024: 173,312 hectares) are under
afforestation and form the basis of the valuation set out above.
Mature forestry assets are those plantations that are harvestable, whereas immature forestry assets have not yet reached that stage of
growth. Harvesting follows a planned rotation cycle, once trees reach maturity. The maturity period ranges from 6.5 to 14.5 years
(2024 :\u00a06.5 to 14.5 years), depending on species, climate and location. The fair value of forestry assets is a level 3 measure in terms of the
fair value measurement hierarchy, consistent with prior years.
The following key assumptions have a significant impact on the valuation of the Group\u2019s forestry assets:
\u2013 The net selling price represents the selling price of timber less costs of transport, harvesting, extraction and loading, with all prices and
cost inputs denominated in South African rand. Net selling prices are derived from observable third-party transactions and vary
according to species, maturity profile and location of timber. In 2025, net selling prices ranged from the South African rand equivalent
of\u00a0\u20ac 13 per tonne to \u20ac57 per tonne (2024: \u20ac15 per tonne to \u20ac58 per tonne), with a weighted average of \u20ac 30 per tonne
(2024:\u00a0\u20ac32\u00a0per\u00a0tonne).
\u2013 The conversion factor converts hectares of land under afforestation to tonnes of standing timber. It is dependent on the species, the
maturity profile of the timber, the geographic location and a variety of other environmental factors, such as the anticipated impact of
climate change on water scarcity and fire risks. In 2025, the conversion factors ranged from 7.5 to 26.3 (2024: 7.7 to 25.3).
\u2013 A risk premium of 12.0% (2024: 12.6%) is applied to immature timber based on an assessment of the risks associated with forestry
assets in\u00a0South Africa . It is used for the years the immature timber has left to reach maturity. A risk premium of 4.0% (2024: 4.0%) is
applied to mature timber. The risk premiums include factors for the anticipated impact of climate change on water scarcity and fire
risks. An increase in the severity and frequency of extreme weather events, such as higher temperatures, changes in rainfall patterns
and drought conditions, may result in higher timber losses in future years caused by stronger winds, erosion, fires, pests and diseases.
The valuation of the Group\u2019s forestry assets is determined in South African rand and converted to euro at the closing exchange rate
on\u00a031\u00a0December of each year.
Management has performed sensitivity analyses on significant assumptions and the EUR/ZAR exchange rate, using historical experience
and judgement. While actual outcomes may differ, the Board considers the forestry assets valuation a significant accounting estimate.
The reported value of owned forestry assets would change as shown in the sensitivity table, assuming all other factors remain unchanged:
\u20ac\u00a0million
2025
2024
Effect of \u20ac5/tonne increase in net selling price
83
80
Effect of 1% increase in conversion factor (hectares to tonnes)
5
5
Effect of 1% increase in risk premium
(7)
(7)
Effect of 10% increase in EUR/ZAR exchange rate
(47)
(46)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
16 Inventories
\u20ac\u00a0million
2025
2024
Raw materials and consumables
577
594
Work in progress
100
112
Finished goods
536
488
Total inventories
1,213
1,194
Consolidated income statement
\u20ac\u00a0million
2025
2024
Within materials, energy and consumables used
Cost of inventories recognised as an expense
(3,476)
(3,360)
Write-down of inventories to net realisable value
(61)
(69)
Aggregate reversal of previous write-downs of inventories
52
49
Within other net operating expenses
Green energy sales and disposal of emissions credits
45
36
The reversal of previous write-downs of inventories relates to goods that had been written down to their estimated net realisable value
and were subsequently sold above their carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
17 Trade and other receivables
\u20ac\u00a0million
2025
2024
Trade receivables
1,081
1,062
Credit loss allowance
(18)
(21)
Net trade receivables
1,063
1,041
Other receivables
46
28
Tax and social security
145
149
Prepayments
34
35
Prepayments for capital expenditure
1
22
Accrued income
1
\u2014
Total trade and other receivables
1,290
1,275
Trade receivables: credit risk
The Group has a large number of unrelated customers and does not have significant credit risk exposure to any particular customer.
The\u00a0Group considers that there is no significant geographical or customer concentration of credit risk.
Each business segment manages its own exposure to credit risk according to the economic circumstances and characteristics of the
relevant markets that it serves. The Group considers that management of credit risk on a decentralised basis enables it to assess and
manage credit risk more effectively. However, broad principles of credit risk management are observed across all business segments,
such as the use of credit rating agencies, credit guarantee insurance, where appropriate, and the maintenance of a credit control function.
\u20ac\u00a0million
2025
2024
Credit risk exposure
Gross trade receivables
1,081
1,062
Credit insurance
(927)
(902)
Net exposure to credit risk
154
160
In addition, the Group is in possession of bank guarantees and letters of credit securing trade and other receivables to the value
of\u00a0\u20ac5\u00a0million (2024: \u20ac7 million). Credit periods offered to customers vary according to the credit risk profiles of participants and
invoicing conventions established in the various markets in which the Group operates. Interest is charged at appropriate market rates on
balances which are considered overdue in the relevant market.
To the extent that recoverable amounts are expected to be less than their associated carrying values, impairment charges have been
recorded in the consolidated income statement and the carrying values have been written down to their expected recoverable amounts.
The total gross carrying value of trade receivables that were subject to credit loss allowance during the year was \u20ac23\u00a0million
(2024:\u00a0\u20ac25\u00a0million).
Included within the Group\u2019s aggregate trade receivables balance are specific debtor balances with customers totalling \u20ac156\u00a0million
(2024:\u00a0\u20ac149\u00a0million) which are past due and where the Group considers that their credit quality remains intact.
The expected credit loss allowance for trade receivables was determined as follows:
2025/\u20ac\u00a0million, unless otherwise stated
Within terms
Past due by
Total
<1 month
1\u20142 months
2\u20143 months
>3 months
Expected loss rate %
\u2014
1
4
14
65
Trade receivables
911
119
27
7
17
1,081
Credit loss allowance
(4)
(1)
(1)
(1)
(11)
(18)
2024/\u20ac\u00a0million, unless otherwise stated
Within terms
Past due by
Total
<1 month
1\u20142 months
2\u20143 months
>3 months
Expected loss rate %
\u2014
2
4
14
50
Trade receivables
896
108
25
7
26
1,062
Credit loss allowance
(4)
(2)
(1)
(1)
(13)
(21)
Movement in the credit loss allowance
\u20ac\u00a0million
2025
2024
At 1 January
21
25
Increase in allowance recognised in consolidated income statement
5
5
Amounts written off or recovered
(7)
(8)
Currency movements
(1)
(1)
At 31\u00a0December
18
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
18 Trade and other payables
\u20ac\u00a0million
2025
2024
Trade payables
714
649
Capital expenditure payables
48
69
Tax and social security
76
65
Other payables
110
82
Accruals
402
404
Deferred income
16
12
Total trade and other payables
1,366
1,281
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
19 Provisions
\u20ac\u00a0million
Restructuring
costs
Employee-
related provisions
Environmental
restoration
Other
Total
At 1 January 2025
32
29
20
16
97
Charged to consolidated income statement
21
5
1
12
39
Released to consolidated income statement
(1)
\u2014
(2)
(7)
(10)
Amounts used
(17)
(9)
\u2014
(8)
(34)
Unwinding of discount
\u2014
1
\u2014
\u2014
1
Acquired through business combinations (see note 25)
\u2014
1
\u2014
\u2014
1
Currency movements
(1)
\u2014
\u2014
\u2014
(1)
At 31\u00a0December 2025
34
27
19
13
93
Current
34
5
9
11
59
Non-current
\u2014
22
10
2
34
Provisions for restructuring costs are expected to be settled over the next year. Restructuring provisions include severance costs, which
arise once management has made a formal decision to eliminate certain positions and communicated this decision to affected groups of
employees, and other related costs typically incurred as part of a restructuring programme.
Employee-related provisions comprise provisions for jubilee awards and other short-term benefits. Given the nature of jubilee provisions,
the amounts are likely to be settled over many years.
The Group provides for the costs of environmental remediation that have been identified at the time of plant closure, as part
of\u00a0acquisition due diligence or in other circumstances where remediation by the Group is required and a probable outflow of
economic\u00a0resources is identified. Judgement and experience are used by management in determining the expected timing, closure
and\u00a0decommissioning methods, which can vary over time and between locations in response to the relevant legal requirements in each
territory or the impact of applying new technologies. As of 31\u00a0December 2025, such provisions totalled \u20ac 19 million (2024 : \u20ac20 million).
A provision for environmental restoration of \u20ac10 million (2024: \u20ac11 million) is held in relation to the closure of Stambolijski paper mill
(Bulgaria) (see note 3). The Group does not provide for any potential future environmental remediation or asset retirement obligations in
respect of plants that\u00a0the Group continues to own and operate into the foreseeable future based on the existing strategy of the Group,
unless a legal or\u00a0constructive obligation exists at the reporting date.
Other provisions are mainly attributable to potential claims against the Group and onerous contracts, none of which are individually
material to the Group. The Group expects to settle the majority of the provisions over the next year.
All non-current provisions are discounted using a discount rate relevant in the local countries, based on a pre-tax yield on
long\u2011term\u00a0bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
20 Capital management
The Group defines its capital employed as equity, as presented in the consolidated statement of financial position , plus net debt.
\u20ac\u00a0million
2025
2024
Equity attributable to shareholders
4,727
4,857
Equity attributable to non-controlling interests
473
493
Total equity
5,200
5,350
Net debt (see note 26c)
2,599
1,732
Capital employed (see page 203)
7,799
7,082
Capital employed is managed on a basis that enables the Group to continue trading as a going concern, while delivering acceptable
returns to shareholders. The Group is committed to managing its cost of capital by maintaining an appropriate capital structure, with
a\u00a0balance between equity and net debt. The Group utilises its capital employed to fund its business.
The primary sources of the Group\u2019s liquidity include its \u20ac3 billion Guaranteed Euro Medium Term Note Programme, its \u20ac1 billion
Syndicated Revolving Credit Facility (RCF), and financing from various banks and\u00a0other credit agencies, thus providing the Group with
access to\u00a0diverse sources of debt financing.
The principal loan arrangements in place are the following:
\u20ac\u00a0million
Maturity
Interest rate %
2025
2024
Financing facilities
Syndicated Revolving Credit Facility 1
June 2028
EURIBOR + margin
1,000
750
\u20ac600 million Eurobond
April 2026
1.625%
279
600
\u20ac750 million Eurobond
April 2028
2.375%
750
750
\u20ac550 million Eurobond
May 2031
3.375%
550
\u2014
\u20ac500 million Eurobond
May 2032
3.750%
500
500
\u20ac600 million Eurobond
May 2033
3.750%
600
\u2014
Long-Term Facility Agreement
December 2026\u2014June 2031
Various
20
13
Total committed facilities
3,699
2,613
Drawn
(2,699)
(1,863)
Total committed facilities available
1,000
750
1Increased from \u20ac750 million to \u20ac1 billion on 2 January 2025.
The Group\u2019s Eurobonds incur a fixed rate of interest. Foreign exchange swap agreements are utilised by the Group to raise non-euro-
denominated currency to fund subsidiaries' liquidity needs, thereby exposing the Group to floating interest rates.
The RCF incorporates key sustainability targets linked to MAP2030, classifying the facility as a Sustainability-Linked Loan. Under the
terms of the agreement, the margin is adjusted according to the Group\u2019s performance against specified sustainability targets.
In March 2025, the Group issued a \u20ac600 million 8-year Eurobond maturing in May 2033 at a coupon of 3.750% per annum. In October
2025, the Group issued a \u20ac550 million 5-year Eurobond maturing in May 2031 at a coupon of 3.375% per annum. Both Eurobonds were
issued under the Group\u2019s Guaranteed Euro Medium Term Note Programme, and the proceeds were used for general corporate purposes
and refinancing of existing indebtedness. In October 2025, following a tender offer, the Group repaid \u20ac321 million of the \u20ac600 million
Eurobond maturing in April 2026.
Short-term liquidity needs are met by cash and the RCF. As at 31\u00a0December 2025, the Group had no financial covenants in any of its
financing facilities.
The Group currently has investment grade credit ratings from both Moody\u2019s Investors Service (Baa1, outlook negative) and Standard &
Poor\u2019s (BBB, outlook stable).
20 Capital management continued
The Group reviews its capital employed on a regular basis and makes use of several indicative ratios which are appropriate to the nature
of its operations and consistent with conventional industry measures. The principal ratios used include:
2025
2024
Net debt to underlying EBITDA (times) (see page 204)
2.6
1.7
Return on capital employed (%) (see page 204)
6.7
9.6
The increase in net debt and related leverage was mostly due to investment into the business including the acquisition of Schumacher
and major capital investment projects. Return on capital employed of 6.7% (2024: 9.6%) reflects an increase in capital employed from
starting up a number of major capacity expansion projects and the acquisition of Schumacher, together with the impact of lower earnings
in the year.\u00a0
In order to manage its cost of capital, maintain an appropriate capital structure and meet its ongoing cash flow needs, the Group may
issue new debt instruments; adjust the level of dividends paid to shareholders; issue new shares to, or repurchase shares from, investors;
or\u00a0dispose of assets to reduce its net debt exposure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
21 Borrowings
2025
2024
\u20ac\u00a0million
Current
Non-current
Total
Current
Non-current
Total
Secured
Lease liabilities (see note 12)
39
145
184
24
104
128
Total secured
39
145
184
24
104
128
Unsecured
Bonds
279
2,384
2,663
\u2014
1,842
1,842
Bank loans and overdrafts
26
9
35
39
6
45
Total unsecured
305
2,393
2,698
39
1,848
1,887
Total borrowings
344
2,538
2,882
63
1,952
2,015
The Group\u2019s borrowings as at 31\u00a0December are analysed by nature and underlying currency as follows:
2025/\u20ac\u00a0million
Floating rate
borrowings
Fixed rate
borrowings
Total carrying
value
Fair value
Euro
7
2,767
2,774
2,760
Pound sterling
\u2014
19
19
19
South African rand
\u2014
26
26
26
Turkish lira
\u2014
16
16
16
US dollar
\u2014
26
26
26
Other currencies
2
19
21
21
Carrying value
9
2,873
2,882
Fair value
9
2,859
2,868
2024/\u20ac\u00a0million
Floating rate
borrowings
Fixed rate
borrowings
Total carrying
value
Fair value
Euro
15
1,908
1,923
1,918
South African rand
4
29
33
33
Turkish lira
5
18
23
23
US dollar
5
9
14
14
Other currencies
\u2014
22
22
22
Carrying value
29
1,986
2,015
Fair value
29
1,981
2,010
In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange
contracts, as disclosed in note 29, which has the effect of exposing the Group to the floating interest rates of these currencies.
The fair values of the Eurobonds are estimated with reference to the last price quoted in the secondary market. All other financial
liabilities are estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group
for similar financial instruments.
The maturity analysis of the Group\u2019s borrowings, presented net of interest, is as follows:
2025/\u20ac\u00a0million
<1 year
1\u20132 years
2\u20135 years
>5 years
Total 1
Bonds
279
\u2014
748
1,636
2,663
Bank loans and overdrafts
26
2
6
1
35
Lease liabilities (see note 12)
39
32
59
54
184
Total borrowings
344
34
813
1,691
2,882
Effective interest on borrowings net of amortised costs
and discounts
89
83
200
157
529
Total undiscounted cash flows
433
117
1,013
1,848
3,411
2024/\u20ac\u00a0million
<1 year
1\u20132 years
2\u20135 years
>5 years
Total 1
Bonds
\u2014
599
747
496
1,842
Bank loans and overdrafts
39
6
\u2014
\u2014
45
Lease liabilities
24
20
36
48
128
Total borrowings
63
625
783
544
2,015
Effective interest on borrowings net of amortised costs
and discounts
58
46
93
107
304
Total undiscounted cash flows
121
671
876
651
2,319
1 It has been assumed that, where applicable, interest and foreign exchange rates prevailing at the reporting date will not vary over the time periods remaining for future cash outflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
22 Share capital and other reserves
Mondi plc is not restricted in the number of shares that can be issued. Any issue of shares is subject to shareholder approval. Mondi plc
ordinary shares issued on the London Stock Exchange and Johannesburg Stock Exchange have a nominal value of \u20ac0.22 (2024: \u20ac0.22).
All ordinary shares are called up, allotted and fully paid.
Number of shares
\u20ac million
At 31 December 2023
485,553,780
97
Shares issued
3
\u2014
Effect of share consolidation
(44,141,253)
\u2014
At 31\u00a0December 2024
441,412,530
97
At 31\u00a0December 2025
441,412,530
97
On 13 February 2024, the Group returned the net proceeds from the sale of the Group\u2019s Russian assets to shareholders by way of a
special dividend of \u20ac1.60 per ordinary share. In addition, in order to maintain the comparability, so far as possible, of Mondi plc\u2019s share
price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29
January 2024, resulting in shareholders receiving 10 new ordinary shares with a nominal value of \u20ac0.22 each for every 11 existing ordinary
shares with a nominal value of \u20ac0.20 each.
To effect the share consolidation, the Group issued 3 additional ordinary shares prior to the record date for the share consolidation,
increasing the number of ordinary shares from 485,553,780 ordinary shares to 485,553,783 ordinary shares, so that the number of the
existing ordinary shares in issue at the time of the consolidation was exactly divisible by 11, such that there was no remaining fraction
of\u00a0a\u00a0share. Following the share consolidation, the total number of ordinary shares issued decreased by 44,141,253 ordinary shares from
485,553,783 ordinary shares to 441,412,530 ordinary shares, while the total nominal value of the share capital of the Group remained
unchanged at \u20ac97 million.
22 Share capital and other reserves continued
Own shares
Own shares represent the cost of shares in Mondi plc purchased in the market to satisfy share awards under the Group\u2019s employee share
schemes (see note 23). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2025
2024
at 31\u00a0December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust
86,772
ZAR215.38
107,170
ZAR220.30
Mondi Employee Share Trust
527,913
GBP11.78
768,520
GBP12.90
Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust.
Other reserves
\u20ac\u00a0million
Cumulative
translation
adjustment
reserve
Post-
retirement
benefits
reserve
Share-based
payment
reserve
Cash flow
hedge
reserve
Merger
reserve
Other
sundry
reserves
Total
At 1 January 2024
(520)
(53)
19
1
667
27
141
Other comprehensive income/(expense) for the
year
64
(2)
\u2014
(1)
\u2014
\u2014
61
Hyperinflation monetary adjustments
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
Mondi share schemes\u2019 charge
\u2014
\u2014
9
\u2014
\u2014
\u2014
9
Issue of shares under employee share schemes
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
At 31\u00a0December 2024
(456)
(59)
19
\u2014
667
27
198
Other comprehensive income for the year
\u2014
7
\u2014
\u2014
\u2014
\u2014
7
Hyperinflation monetary adjustments
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
Mondi share schemes\u2019 charge (see note 23)
\u2014
\u2014
10
\u2014
\u2014
\u2014
10
Issue of shares under employee share schemes
\u2014
\u2014
(14)
\u2014
\u2014
\u2014
(14)
At 31\u00a0December 2025
(456)
(56)
15
\u2014
667
27
197
A description of the nature and purpose of each reserve is provided below. The accounting policies applied to each reserve are further
described in note 33.
Cumulative translation adjustment reserve
Exchange differences arising on the translation of the Group\u2019s non-euro operations into the presentation currency of the Group are
recognised in other comprehensive income and accumulated in the cumulative translation adjustment reserve. The cumulative amount
is\u00a0reclassified to profit or loss only on disposal or partial disposal of the non-euro operation.
Post-retirement benefits reserve
Actuarial gains and losses and the return on plan assets arising from the Group\u2019s defined benefit pension and post-retirement medical
plans are recognised in other comprehensive income and accumulated in the post-retirement benefits reserve. Remeasurements recorded
in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other
comprehensive income may be transferred to retained earnings within equity.
Share-based payment reserve
The share-based payment reserve is used to recognise the grant date fair value of options issued to employees but not exercised
and\u00a0the grant date fair value of shares awarded to employees but not yet vested.
Cash flow hedge reserve
The cash flow hedge reserve is used to recognise the effective portion of changes in the fair value of derivative financial instruments
that\u00a0are designated as hedges of future cash flows.
Merger reserve
The merger reserve was recognised in respect of the demerger from Anglo American plc in 2007 and the simplification of the dual-listed
company structure in 2019.
Other sundry reserves
The other sundry reserves comprise various other reserves, which individually are not material and typically are not subject
to\u00a0material\u00a0changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
22 Share capital and other reserves
Mondi plc is not restricted in the number of shares that can be issued. Any issue of shares is subject to shareholder approval. Mondi plc
ordinary shares issued on the London Stock Exchange and Johannesburg Stock Exchange have a nominal value of \u20ac0.22 (2024: \u20ac0.22).
All ordinary shares are called up, allotted and fully paid.
Number of shares
\u20ac million
At 31 December 2023
485,553,780
97
Shares issued
3
\u2014
Effect of share consolidation
(44,141,253)
\u2014
At 31\u00a0December 2024
441,412,530
97
At 31\u00a0December 2025
441,412,530
97
On 13 February 2024, the Group returned the net proceeds from the sale of the Group\u2019s Russian assets to shareholders by way of a
special dividend of \u20ac1.60 per ordinary share. In addition, in order to maintain the comparability, so far as possible, of Mondi plc\u2019s share
price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29
January 2024, resulting in shareholders receiving 10 new ordinary shares with a nominal value of \u20ac0.22 each for every 11 existing ordinary
shares with a nominal value of \u20ac0.20 each.
To effect the share consolidation, the Group issued 3 additional ordinary shares prior to the record date for the share consolidation,
increasing the number of ordinary shares from 485,553,780 ordinary shares to 485,553,783 ordinary shares, so that the number of the
existing ordinary shares in issue at the time of the consolidation was exactly divisible by 11, such that there was no remaining fraction
of\u00a0a\u00a0share. Following the share consolidation, the total number of ordinary shares issued decreased by 44,141,253 ordinary shares from
485,553,783 ordinary shares to 441,412,530 ordinary shares, while the total nominal value of the share capital of the Group remained
unchanged at \u20ac97 million.
Own shares
Own shares represent the cost of shares in Mondi plc purchased in the market to satisfy share awards under the Group\u2019s employee share
schemes (see note 23). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2025
2024
at 31\u00a0December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust
86,772
ZAR215.38
107,170
ZAR220.30
Mondi Employee Share Trust
527,913
GBP11.78
768,520
GBP12.90
Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Own shares
Own shares represent the cost of shares in Mondi plc purchased in the market to satisfy share awards under the Group\u2019s employee share
schemes (see note 23). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2025
2024
at 31\u00a0December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust
86,772
ZAR215.38
107,170
ZAR220.30
Mondi Employee Share Trust
527,913
GBP11.78
768,520
GBP12.90
Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Other reserves
\u20ac\u00a0million
Cumulative
translation
adjustment
reserve
Post-
retirement
benefits
reserve
Share-based
payment
reserve
Cash flow
hedge
reserve
Merger
reserve
Other
sundry
reserves
Total
At 1 January 2024
(520)
(53)
19
1
667
27
141
Other comprehensive income/(expense) for the
year
64
(2)
\u2014
(1)
\u2014
\u2014
61
Hyperinflation monetary adjustments
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
Mondi share schemes\u2019 charge
\u2014
\u2014
9
\u2014
\u2014
\u2014
9
Issue of shares under employee share schemes
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
At 31\u00a0December 2024
(456)
(59)
19
\u2014
667
27
198
Other comprehensive income for the year
\u2014
7
\u2014
\u2014
\u2014
\u2014
7
Hyperinflation monetary adjustments
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
Mondi share schemes\u2019 charge (see note 23)
\u2014
\u2014
10
\u2014
\u2014
\u2014
10
Issue of shares under employee share schemes
\u2014
\u2014
(14)
\u2014
\u2014
\u2014
(14)
At 31\u00a0December 2025
(456)
(56)
15
\u2014
667
27
197
A description of the nature and purpose of each reserve is provided below. The accounting policies applied to each reserve are further
described in note 33.
Cumulative translation adjustment reserve
Exchange differences arising on the translation of the Group\u2019s non-euro operations into the presentation currency of the Group are
recognised in other comprehensive income and accumulated in the cumulative translation adjustment reserve. The cumulative amount
is\u00a0reclassified to profit or loss only on disposal or partial disposal of the non-euro operation.
Post-retirement benefits reserve
Actuarial gains and losses and the return on plan assets arising from the Group\u2019s defined benefit pension and post-retirement medical
plans are recognised in other comprehensive income and accumulated in the post-retirement benefits reserve. Remeasurements recorded
in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other
comprehensive income may be transferred to retained earnings within equity.
Share-based payment reserve
The share-based payment reserve is used to recognise the grant date fair value of options issued to employees but not exercised
and\u00a0the grant date fair value of shares awarded to employees but not yet vested.
Cash flow hedge reserve
The cash flow hedge reserve is used to recognise the effective portion of changes in the fair value of derivative financial instruments
that\u00a0are designated as hedges of future cash flows.
Merger reserve
The merger reserve was recognised in respect of the demerger from Anglo American plc in 2007 and the simplification of the dual-listed
company structure in 2019.
Other sundry reserves
The other sundry reserves comprise various other reserves, which individually are not material and typically are not subject
to\u00a0material\u00a0changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
23 Share-based payments
Mondi share awards
The Group has established its own share-based payment arrangements to incentivise employees. Further details of the Group\u2019s share
schemes are set out in the Remuneration report on page 108.
The fair values of the share awards granted under the Mondi schemes are calculated with reference to the facts and assumptions
presented below:
BSP 2025
BSP 2024
BSP 2023
Date of grant
7 March 2025
3 May 2024
6 March 2023
Vesting period (years)
3
3
3
Expected leavers p.a. (%)
5
5
5
Grant date fair value per instrument (GBP)
12.74
15.64
13.98
Grant date fair value per instrument (ZAR)
302.70
363.00
306.00
Number of shares conditionally awarded
484,083
299,272
596,448
LTIP 2025
LTIP 2024
LTIP 2023
Date of grant
7 March 2025
3 May 2024
6 March 2023
Vesting period (years)
3
3
3
Expected leavers p.a. (%)
5
5
5
Grant date fair value per instrument (GBP)
ROCE component
12.74
15.64
13.98
TSR component 1
3.18
3.91
3.50
EPS component
12.74
15.64
13.98
Grant date fair value per instrument (ZAR)
ROCE component
302.70
363.00
306.00
TSR component 1
75.68
90.75
76.50
EPS component
302.70
363.00
306.00
Number of shares conditionally awarded
741,676
635,790
613,826
1 The base fair value has been adjusted for contractually determined market-based performance conditions.
All of these scheme awards will be settled at the end of the vesting cycle in either the award of ordinary shares in Mondi plc or the award
of nil-cost options to ordinary shares in Mondi plc. The Group has no obligation to settle the awards made under these schemes in cash.
An amount equal to the dividends that would have been paid on Bonus Share Plan (BSP) and Long-Term Incentive Plan (LTIP) share
awards during the holding period is paid to participants upon vesting.
The total fair value charge in respect of all the Mondi share awards for the year ended 31\u00a0December is made up as follows:
\u20ac\u00a0million
2025
2024
Bonus Share Plan
7
7
Long-Term Incentive Plan
3
2
Total share-based payment expense
10
9
The weighted average share price of share awards that vested during the period is as follows:
2025
2024
London Stock Exchange
GBP12.05
GBP14.62
Johannesburg Stock Exchange
ZAR285.60
ZAR352.85
23 Share-based payments continued
A reconciliation of share award movements for the Mondi share schemes is shown below:
number of shares
BSP
LTIP
At 1 January 2024
1,230,057
1,496,323
Shares conditionally awarded
299,272
635,790
Shares vested
(229,107)
(246,560)
Shares lapsed
(7,581)
(165,057)
At 31\u00a0December 2024
1,292,641
1,720,496
Shares conditionally awarded
484,083
741,676
Shares vested
(523,752)
(274,157)
Shares lapsed
(35,549)
(366,864)
At 31\u00a0December 2025
1,217,423
1,821,151
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
24 Retirement benefits
The Group operates post-retirement defined contribution plans, post-retirement defined benefit pension plans, and post-retirement
medical\u00a0plans.
Defined contribution plans
The assets of the defined contribution plans are held separately in independently administered funds. The charge in respect of
these\u00a0plans of \u20ac15 million (2024: \u20ac 14 million) is calculated on the basis of the contribution payable by the Group in the financial year.
There were no material outstanding or prepaid contributions recognised in relation to these plans as at the reporting dates presented.
The expected contributions to be paid to defined contribution plans during 2026 are \u20ac15 million.
Defined benefit pension plans and post-retirement medical plans
The Group operates in excess of 100 defined benefit retirement plans across its global operations. A large proportion of the Group\u2019s
defined benefit plans are closed to new members.
The majority of these plans are unfunded and provide pensions and severance benefits to members of those plans.
The most significant unfunded defined benefit plans are operated in Austria and Germany, and funded plans are operated primarily
in\u00a0Canada and the\u00a0UK. These plans are established in accordance with applicable local labour legislation and/or collective agreements
with participating employees.
The benefits are based on a variety of factors, the most significant of which are a combination of pensionable service and final salary.
A\u00a0number of these plans also provide additional benefits in the event of death in service, disability or ill-health retirement, which are
derived from the final salary benefit formula.
The assets of the funded plans are held separately in independently administered funds, in accordance with statutory requirements or
local practice where those funds are operated. The boards of trustees of these plans are required to act in the best interests of the plans
and all relevant stakeholders of the plans (active employees, inactive employees, retirees and employers), and are responsible for the
investment policy with regard to the assets of the plans.
The post-retirement medical plans provide health benefits to retired employees and certain of their dependants. Eligibility for cover
is\u00a0dependent upon certain criteria. The South African plan is unfunded and has been closed to new participants since 1 January 1999.
Except for the actuarial risks set out below, the Group has not identified any additional specific risks in respect of these plans.
Defined benefit plans typically expose the Group to the following actuarial risks:
Investment risk (asset volatility)
The present value of the net retirement benefit liability/asset is calculated using a discount rate
determined by reference to high-quality bond yields. If the return on plan assets is below this
rate, it will create a plan deficit that needs to be funded/guaranteed by the employer.
Interest risk
A decrease in the bond interest rate will increase plan liabilities; however, this will be partially
offset by an increase in the value of the plan\u2019s fixed rate debt instruments.
Longevity risk
The present value of the net retirement benefit liability/asset is calculated by reference to the
best estimate of the mortality of plan participants both during and after their employment.
An\u00a0increase in the life expectancy of the plan participants will increase the plan liabilities.
Salary risk
The present value of the net retirement benefit liability/asset is calculated by reference to the
expected future salaries of plan participants. An increase in the salary of the plan participants will
increase the plan liabilities.
Medical cost inflation risk
The present value of the post-retirement medical plans is calculated by reference to expected
future medical costs. An increase in medical cost inflation will increase the plan liabilities.
Independent qualified actuaries carry out full valuations every year using the projected unit credit method.
Actuarial assumptions
The weighted average principal assumptions used in the actuarial valuations are detailed below:
2025
2024
%
Europe
South
Africa
Other
regions
Europe
South
Africa
Other
regions
Discount rate
4.0
8.1
8.3
3.9
10.2
8.1
Rate of inflation
2.1
4.3
5.1
2.4
5.6
5.0
Rate of increase in salaries
2.9
4.8
6.8
2.8
6.5
6.8
Rate of increase of pensions in payment
2.4
\u2014
2.0
2.6
\u2014
2.0
Expected average increase of medical costs
\u2014
5.3
\u2014
\u2014
7.0
\u2014
The assumption for the discount rate for plan liabilities is based on AA corporate bonds which are of a suitable duration and currency.
In\u00a0South Africa, the discount rate assumption has been based on the zero coupon government bond yield curve.
Mortality assumptions
The assumed remaining life expectancies on retirement at age 65 are:
2025
2024
years
Europe
South
Africa
Other
regions
Europe
South
Africa
Other
regions
Retiring today
Males
13.6\u201425.4
18.0
14.8\u201423.0
13.6\u201425.0
16.3
15.3\u201422.0
Females
17.5\u201429.1
21.0
17.2\u201425.0
17.5\u201428.7
20.4
17.7\u201425.0
Retiring in 20 years
Males
13.6\u201428.4
18.0
14.8\u201425.0
13.6\u201427.5
16.3
15.3\u201424.0
Females
17.5\u201431.8
21.0
17.2\u201427.0
17.5\u201431.1
20.4
17.7\u201426.0
The mortality assumptions have been based on published mortality tables in the relevant jurisdictions.
The amounts recognised in the consolidated statement of financial position are determined as follows:
2025
2024
\u20ac\u00a0million
Europe
South
Africa
Other
regions
Total
Europe
South
Africa
Other
regions
Total
Present value of unfunded liabilities
(88)
(28)
(14)
(130)
(97)
(29)
(14)
(140)
Present value of funded liabilities
(39)
\u2014
(42)
(81)
(78)
\u2014
(43)
(121)
Present value of plan liabilities
(127)
(28)
(56)
(211)
(175)
(29)
(57)
(261)
Fair value of plan assets
22
\u2014
38
60
63
\u2014
40
103
Plan liabilities net of plan assets
(105)
(28)
(18)
(151)
(112)
(29)
(17)
(158)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts reported in consolidated
statement of financial position
Defined benefit pension plans
\u2014
\u2014
\u2014
\u2014
3
\u2014
\u2014
3
Net retirement benefits asset
\u2014
\u2014
\u2014
\u2014
3
\u2014
\u2014
3
Defined benefit pension plans
(105)
\u2014
(18)
(123)
(115)
\u2014
(17)
(132)
Post-retirement medical plans
\u2014
(28)
\u2014
(28)
\u2014
(29)
\u2014
(29)
Net retirement benefits liability
(105)
(28)
(18)
(151)
(115)
(29)
(17)
(161)
24 Retirement benefits continued
The changes in the present value of defined benefit liabilities and fair value of plan assets are as follows:
Defined benefit liabilities
Fair value of plan assets
Net liability
\u20ac\u00a0million
2025
2024
2025
2024
2025
2024
At 1 January
(261)
(224)
103
70
(158)
(154)
Included in consolidated income statement
Current service cost
(7)
(7)
\u2014
\u2014
(7)
(7)
Past service cost
(3)
(1)
\u2014
\u2014
(3)
(1)
Gain/(loss) from settlement
37
\u2014
(38)
(1)
(1)
(1)
Interest
(12)
(14)
4
5
(8)
(9)
Included in consolidated statement of comprehensive income
Remeasurement gains
10
3
\u2014
\u2014
10
3
Return on plan assets
\u2014
\u2014
(2)
(5)
(2)
(5)
Acquired through business combinations (see note 25)
\u2014
(38)
\u2014
38
\u2014
\u2014
Contributions paid by employer
\u2014
\u2014
3
2
3
2
Benefits paid
19
22
(6)
(7)
13
15
Currency movements
6
(2)
(4)
1
2
(1)
At 31 December
(211)
(261)
60
103
(151)
(158)
The expected maturity analysis of undiscounted retirement benefits is as follows:
2025
2024
\u20ac\u00a0million
Defined benefit
pension plans
Post-retirement
medical plans
Total
Defined benefit
pension plans
Post-retirement
medical plans
Total
Less than a year
9
3
12
12
3
15
Between one and two years
8
3
11
9
4
13
Between two to five years
24
9
33
27
11
38
After five years
176
69
245
225
138
363
The weighted average duration of the defined retirement benefits liability for South Africa is 7 years (2024: 7 years), Europe 9\u00a0years
(2024: 10 years) and other regions 17 years (2024: 18 years).
It is expected that the Group\u2019s share of contributions will increase as the schemes\u2019 members age. The expected contributions to be paid
to defined benefit pension plans and post-retirement medical plans during 2026 are \u20ac16 million.
The market values of the plan assets in these plans are detailed below:
2025
2024
\u20ac\u00a0million
Quoted
Unquoted
Total
Quoted
Unquoted
Total
External equity
\u2014
\u2014
\u2014
\u2014
15
15
Bonds
\u2014
\u2014
\u2014
\u2014
23
23
Insurance contracts
\u2014
22
22
\u2014
58
58
Cash
\u2014
38
38
1
\u2014
1
Other
\u2014
\u2014
\u2014
\u2014
6
6
Fair value of plan assets
\u2014
60
60
1
102
103
The majority of the Group's plan assets are located in UK and Canada pension schemes.
In 2025, the Group has completed a buy-out of its largest UK pension scheme by transferring the assets and liabilities to an insurance
company, following the closure of this scheme. The remaining UK pension scheme has undertaken a \u2018buy-in\u2019 in 2023 by purchasing an
insured annuity contract to fund its future liabilities. The next stage is to complete a buy-out by transferring its liabilities to third parties,
followed by the closure of this scheme. The\u00a0purchased insured annuity contract exactly funds the future payment benefits of the scheme,
eliminating the risk for future scheme\u00a0deficits.
The actual return on plan assets in respect of defined benefit plans was \u20ac2 million (2024: \u20acnil).
The market value of assets is used to determine the funding level of the plans and is sufficient to cover 74% (2024: 85%) of the benefits\u00a0which
have accrued to members, after allowing for expected increases in future earnings and pensions.
In certain jurisdictions, Group plans are subject to minimum funding requirements. At 31\u00a0December 2025, these minimum funding
requirements did not give rise to the recognition of any additional liabilities.
Sensitivity analyses
The sensitivity analyses below have been determined based on reasonably possible changes to the respective assumptions occurring
at\u00a0the end of the financial year, while holding all other assumptions constant.
The sensitivity analyses may not be representative of the actual changes in the net retirement benefits asset/(liability), as it is unlikely that
the changes in assumptions would occur in isolation of one another and some of the assumptions may be inter-related. The projected
unit credit method was used to calculate the sensitivity analyses below.
The sensitivity table is based on a 1% change by reference to the movement in actuarial assumptions in the tables above; however,
the\u00a0estimates may vary by greater amounts. Therefore, the Board considers the retirement benefit obligations a significant
accounting\u00a0estimate.
\u20ac\u00a0million
1% increase
1% decrease
Discount rate
(Decrease)/increase in net retirement benefits liability
(21)
25
Rate of inflation
Increase/(decrease) in net retirement benefits liability
10
(9)
Rate of increase in salaries
Increase/(decrease) in net retirement benefits liability
8
(7)
Rate of increase of pensions in payment
Increase/(decrease) in net retirement benefits liability
5
(4)
Medical cost trend rate
Increase/(decrease) in net retirement benefits liability
1
(1)
Mortality rates
1-year increase in
life expectancy
Increase in net retirement benefits liability
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
To 31\u00a0December 2025
On 31 March 2025, the Group completed the acquisition of Schumacher Packaging\u2019s Western Europe Packaging Assets (Schumacher)
for a total cash consideration of \u20ac506 million.
The acquisition complements Mondi\u2019s Corrugated Packaging operations in Europe by expanding its geographic reach in Western
Europe. It provides strong integration benefits with Mondi's containerboard operations and includes two state-of-the-art mega-box
plants in Germany, securing significant capacity for Mondi to continue to meet growing demand for sustainable packaging.
Since the date of acquisition, Schumacher has contributed \u20ac292 million of revenue and incurred a loss after tax of \u20ac29 million, which
are\u00a0included in the Group\u2019s consolidated income statement. Had the acquisition been completed on 1 January 2025, the Group\u2019s
consolidated revenue and profit after tax for year ended 31\u00a0December 2025 (after special items) would have been \u20ac7,770 million
and\u00a0\u20ac197 million, respectively.
The Group incurred total transaction costs of \u20ac29 million, of which \u20ac24\u00a0million was recognised in 2025 and \u20ac5 million in the second half
of 2024. The transaction costs were treated as a special item and recorded within other net operating expenses in the consolidated
income statement (see note 3).
Details of the net assets acquired, as adjusted from book to fair value, are as follows:
\u20ac\u00a0million
Fair value
Net assets acquired
Property, plant and equipment
375
Intangible assets
43
Inventories
47
Trade and other receivables
62
Cash and cash equivalents
10
Assets held for sale
1
Total assets
538
Trade and other payables
(50)
Income tax liabilities
(1)
Deferred tax liabilities
(10)
Other provisions
(1)
Total liabilities
(62)
Short-term borrowings
(72)
Medium- and long-term borrowings
(41)
Debt assumed
(113)
Net assets acquired
363
Goodwill arising on acquisition
129
Purchase price adjustment receivable
14
Cash acquired net of overdrafts
(10)
Net cash paid per consolidated statement of cash flows
496
The acquisition included several legal entities and was executed through a combination of share and asset deals. The acquisition
constitutes a business accounted for under IFRS 3, 'Business Combinations'. The share deals involved 100% of the voting equity interests
in the entities with the exception of a few entities with immaterial non-controlling interests. The non-controlling interests for these
entities were recognised as the proportion of the fair values of the assets and liabilities recognised at acquisition.
The fair values of assets acquired and liabilities assumed in business combinations are level 3 measures in terms of the fair value
measurement hierarchy. The assets were measured at fair value using relevant valuation methods accepted under IFRS 13, 'Fair Value
Measurement', with related deferred tax adjustments.
Property, plant and equipment were measured using valuation techniques appropriate to each asset class. Land was valued using the
market approach, which reflects current market prices for comparable properties. Buildings were assessed using the income approach,
based on the present value of expected future cash flows attributable to these assets. Equipment was measured using the cost
approach, which considers the replacement cost of a similar asset, adjusted for depreciation, physical deterioration and economic
obsolescence. Management has considered the impact of environmental and climate risks on the estimated fair values of the acquired
property, plant and equipment and concluded that these factors did not have a material impact.
Intangible assets, primarily customer relationships, were measured using the multi-period excess earnings method. This approach
estimates fair value by projecting future cash flows attributable to the asset and deducting charges for contributory assets required to
support those cash flows. The valuation incorporates key assumptions regarding revenue growth, EBITDA margins, customer attrition
rates, discount rates, expected future tax obligations and contributory asset charges.
The purchase price adjustment receivable of \u20ac14 million, which is recognised in other receivables, relates to the finalisation of the
purchase price and was settled in February 2026. The adjustment is based on the closing accounts prepared in accordance with the sale
and purchase agreement, reflecting the actual cash, debt and working capital positions as of 31 March 2025.
On this basis, goodwill of \u20ac129 million was determined based on the fair values of the net assets acquired and was fully allocated to the
Corrugated Packaging operating segment. The goodwill is attributable to identified cost synergies, a broad range of capabilities in
production and associated services, and the expansion of the product range and geographic reach of the Group's Corrugated Packaging
business. The total amount of goodwill that is expected to be deductible for tax purposes is \u20ac100\u00a0million.
To 31\u00a0December 2024
On 5 February 2024, the Group announced the completion of the acquisition of Hinton Pulp mill in Alberta (Canada) from West Fraser
Timber Co. Ltd. Details of this business combination were disclosed in note 26 of the Group\u2019s Integrated report and financial
statements\u00a02024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
26 Consolidated cash flow analysis
(a) Reconciliation of profit before tax to cash generated from operations
\u20ac\u00a0million
2025
2024
Profit before tax
269
378
Depreciation and amortisation
503
443
Impairment of property, plant and equipment (not included in special items)
1
\u2014
Share-based payments
10
9
Net cash flow effect of current and prior year special items
59
116
Net finance costs
112
70
Net monetary loss arising from hyperinflationary economies
9
5
Net loss from joint ventures
1
3
(Decrease)/increase in provisions
(6)
13
Decrease in net retirement benefits
(6)
(8)
Net movement in working capital
83
(108)
Decrease/(increase) in inventories
51
(70)
Increase in operating receivables
(55)
(140)
Increase in operating payables
87
102
Fair value gains on forestry assets
(39)
(7)
Felling costs
85
92
Net gain on disposal of property, plant and equipment
(2)
(12)
Insurance reimbursements for property damages
(1)
(13)
Other adjustments
(6)
(11)
Cash generated from operations
1,072
970
(b) Cash and cash equivalents
\u20ac\u00a0million
2025
2024
Cash and cash equivalents per consolidated statement of financial position
292
278
Bank overdrafts included in short-term borrowings
(1)
(9)
Cash and cash equivalents per consolidated statement of cash flows
291
269
The cash and cash equivalents of \u20ac292 million (2024 : \u20ac 278 million ) include money market funds of \u20ac 84 million ( 2024 : \u20ac 50 million )
valued at fair value through profit and loss, with the remaining balance carried at amortised cost with fair values approximate to the
carrying values presented.
26 Consolidated cash flow analysis continued
The Group operates in certain countries where the existence of exchange controls or access to hard currency may restrict the use
of\u00a0certain cash balances outside of those countries. These restrictions are not expected to have any material effect on the Group\u2019s ability
to meet its ongoing obligations.
(c) Movement in net debt
The Group\u2019s net debt position is as follows:
\u20ac\u00a0million
Cash and
cash
equivalents
Current
financial
asset
investments
Subtotal
Debt due
within 1\u00a0year 1
Debt due
after 1\u00a0year
Debt-related
derivative
financial
instruments
Subtotal
Total net
debt
At 1 January 2024
1,592
1
1,593
(559)
(1,460)
7
(2,012)
(419)
Cash flow
(1,311)
\u2014
(1,311)
535
(496)
47
86
(1,225)
Cash movement in the year
(1,311)
\u2014
(1,311)
\u2014
\u2014
\u2014
\u2014
(1,311)
Proceeds from Eurobonds
\u2014
\u2014
\u2014
\u2014
(496)
\u2014
(496)
(496)
Repayment of Eurobonds
\u2014
\u2014
\u2014
500
\u2014
\u2014
500
500
Proceeds from borrowings
\u2014
\u2014
\u2014
(9)
(215)
\u2014
(224)
(224)
Repayment of borrowings
\u2014
\u2014
\u2014
18
215
\u2014
233
233
Repayment of lease liabilities
\u2014
\u2014
\u2014
26
\u2014
\u2014
26
26
Net cash outflow from debt-related
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
47
47
47
Additions to lease liabilities
\u2014
\u2014
\u2014
(11)
(19)
\u2014
(30)
(30)
Disposal of lease liabilities
\u2014
\u2014
\u2014
\u2014
2
\u2014
2
2
Movement in unamortised loan costs
\u2014
\u2014
\u2014
\u2014
(2)
\u2014
(2)
(2)
Net movement in fair value of
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
(49)
(49)
(49)
Reclassification
\u2014
\u2014
\u2014
(25)
25
\u2014
\u2014
\u2014
Currency movements
(12)
(1)
(13)
6
(2)
\u2014
4
(9)
At 31\u00a0December 2024
269
\u2014
269
(54)
(1,952)
5
(2,001)
(1,732)
Cash flow
30
\u2014
30
423
(1,150)
66
(661)
(631)
Cash movement in the year
30
\u2014
30
\u2014
\u2014
\u2014
\u2014
30
Proceeds from Eurobonds
\u2014
\u2014
\u2014
\u2014
(1,139)
\u2014
(1,139)
(1,139)
Repayment of Eurobonds
\u2014
\u2014
\u2014
321
\u2014
\u2014
321
321
Proceeds from borrowings
\u2014
\u2014
\u2014
(11)
(307)
\u2014
(318)
(318)
Repayment of borrowings
\u2014
\u2014
\u2014
77
296
\u2014
373
373
Repayment of lease liabilities
\u2014
\u2014
\u2014
36
\u2014
\u2014
36
36
Net cash outflow from debt-related
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
66
66
66
Additions to lease liabilities
\u2014
\u2014
\u2014
(10)
(39)
\u2014
(49)
(49)
Disposal of lease liabilities
\u2014
\u2014
\u2014
3
4
\u2014
7
7
Acquisitions excluding cash and
overdrafts (see note 25)
\u2014
\u2014
\u2014
(72)
(41)
\u2014
(113)
(113)
Movement in unamortised loan costs
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
(3)
(3)
Net movement in fair value of
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
(80)
(80)
(80)
Reclassification
\u2014
\u2014
\u2014
(642)
642
\u2014
\u2014
\u2014
Currency movements
(8)
\u2014
(8)
9
1
\u2014
10
2
At 31\u00a0December 2025
291
\u2014
291
(343)
(2,538)
(9)
(2,890)
(2,599)
1 \u20ac 1 million ( 2024: \u20ac9 million ) of bank overdrafts are included in cash and cash equivalents for presentation in the consolidated statement of cash flows (see note 26b), but are
included in short-term borrowings in the consolidated statement of financial position.
The Group incurred interest expense of \u20ac130 million (2024: \u20ac 107 million) in relation to bank overdrafts, loans and lease liabilities.
Included\u00a0in this expense is \u20ac 39 million (2024: \u20ac35 million) relating to forward exchange rates on derivative contracts and interest paid
on\u00a0borrowings of \u20ac56 million (2024: \u20ac44 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
27 Capital commitments
Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows:
\u20ac\u00a0million
2025
2024
Property, plant and equipment
296
371
Intangible assets
1
1
Total capital commitments
297
372
28 Contingent liabilities
The Group\u2019s contingent liabilities as at 31\u00a0December 2025 were \u20ac nil ( 2024 : \u20ac nil). No acquired contingent liabilitie s have been recorded in
the Group\u2019s consolidated statement of financial position for either year presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
27 Capital commitments
Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows:
\u20ac\u00a0million
2025
2024
Property, plant and equipment
296
371
Intangible assets
1
1
Total capital commitments
297
372
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
28 Contingent liabilities
The Group\u2019s contingent liabilities as at 31\u00a0December 2025 were \u20ac nil ( 2024 : \u20ac nil). No acquired contingent liabilitie s have been recorded in
the Group\u2019s consolidated statement of financial position for either year presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
29 Financial instruments
The Group\u2019s trading and financing activities expose it to various financial risks that, if left unmanaged, could adversely impact current or
future earnings. Although not necessarily mutually exclusive, these financial risks are categorised separately according to their different
generic risk characteristics and include market risk (foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group
manages all of these financial risks in order to minimise their potential adverse impact on the Group\u2019s financial performance.
The principles, practices and procedures governing the Group-wide financial risk management process have been approved by the
Board and are overseen by the Executive Committee. In turn, the Executive Committee delegates authority to a central Treasury function
(Group Treasury) for the practical implementation of the financial risk management process across the Group and for ensuring that
the\u00a0Group\u2019s entities adhere to specified financial risk management policies. Group Treasury continually reassesses and reports on the
financial risk environment, identifying, evaluating and hedging financial risks by entering into derivative contracts with counterparties
where appropriate. The Group does not take speculative positions on derivative contracts.
(a) Financial instruments by category
2025/\u20ac\u00a0million
Fair value
hierarchy 1
At amortised
cost
At fair value
through profit or
loss
Total
Financial assets
Trade and other receivables 2
1,110
\u2014
1,110
Financial asset investments
Level 2
12
13
25
Derivative financial instruments
Level 2
\u2014
4
4
Cash and cash equivalents
Level 1
208
84
292
Total
1,330
101
1,431
2024/\u20ac\u00a0million
Fair value
hierarchy 1
At amortised
cost
At fair value
through profit or
loss
Total
Financial assets
Trade and other receivables 2
1,069
\u2014
1,069
Financial asset investments
Level 2
16
13
29
Derivative financial instruments
Level 2
\u2014
10
10
Cash and cash equivalents
Level 1
228
50
278
Total
1,313
73
1,386
1 Fair value hierarchy level is disclosed for financial assets measured at fair value through profit or loss.
2 Excludes tax, social security and prepayments.
The fair values of financial assets investments represent the published prices of the securities concerned.
29 Financial instruments continued
2025/\u20ac\u00a0million
Fair value
hierarchy 1
At amortised
cost
At fair value
through profit or
loss
At fair value
through OCI
Total
Financial liabilities
Borrowings \u2013 bonds
(2,663)
\u2014
\u2014
(2,663)
Borrowings \u2013 loans and overdrafts
(35)
\u2014
\u2014
(35)
Borrowings \u2013 lease liabilities 2
(184)
\u2014
\u2014
(184)
Trade and other payables 3
(1,274)
\u2014
\u2014
(1,274)
Derivative financial instruments
Level 2
\u2014
(13)
(1)
(14)
Total
(4,156)
(13)
(1)
(4,170)
2024/\u20ac\u00a0million
Fair value
hierarchy 1
At amortised
cost
At fair value
through profit or
loss
At fair value
through OCI
Total
Financial liabilities
Borrowings \u2013 bonds
(1,842)
\u2014
\u2014
(1,842)
Borrowings \u2013 loans and overdrafts
(45)
\u2014
\u2014
(45)
Borrowings \u2013 lease liabilities 2
(128)
\u2014
\u2014
(128)
Trade and other payables 3
(1,204)
\u2014
\u2014
(1,204)
Derivative financial instruments
Level 2
\u2014
(8)
(1)
(9)
Total
(3,219)
(8)
(1)
(3,228)
1 Fair value hierarchy level is disclosed for financial liabilities measured at fair value through profit or loss.
2 Lease liabilities are financial instruments outside of scope of IFRS 9, 'Financial Instruments', and are accounted for under IFRS 16, 'Leases' (see note 33).
3 Excludes tax, social security and deferred income
(b) Fair value measurement
There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year.
Except as detailed below, the carrying values of financial instruments at amortised cost as presented in the consolidated financial
statements approximate their fair values.
Carrying amount
Fair value
\u20ac\u00a0million
2025
2024
2025
2024
Financial liabilities
Borrowings
2,882
2,015
2,868
2,010
The fair values of the Eurobonds represent level 1 fair values and are estimated with reference to the last price quoted in the secondary
market. The fair values of all other borrowings represent level 3 fair values and are estimated by discounting the future contractual cash
flows at the current market interest rate that is available to the Group for similar financial instruments.
(c) Financial risk management
Market risk
The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis
and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows
are\u00a0exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent
to\u00a0the Group.
Foreign exchange risk
The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures
arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items)
denominated in foreign currencies and translational exposure on net investments in non-euro operations.
Foreign exchange contracts
The Group\u2019s Treasury Policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional currencies
by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts for,\u00a0foreign exchange
contracts with Group Treasury or with counterparties that are external to the Group, whichever is more commercially appropriate.
Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged.
Foreign currency sensitivity analysis
Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets
and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an
indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within
the functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible
changes in foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange
contracts designated as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility,
together\u00a0with any relevant assumptions regarding near-term future volatility.
Net monetary foreign currency exposures by functional currency zone
Net monetary foreign currency exposures \u2013 assets/(liabilities) 1
2025
2024
\u20ac\u00a0million
EUR
Other
EUR
Other
Functional currency zones 2
Euro
\u2014
(25)
\u2014
(34)
Czech koruna
(16)
\u2014
4
(1)
Egyptian pound
(19)
2
(31)
1
Hungarian forint
\u2014
7
(1)
5
Polish zloty
(9)
(6)
(9)
7
South African rand
(8)
(9)
\u2014
(3)
US dollar
(10)
6
(3)
7
Other3
(12)
(8)
1
7
1 Presented in euro, the presentation currency of the Group.
2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects
of\u00a0foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities.
3 'Other' in the prior year has been further analysed to include Turkish lira and present US dollar and Hungarian forint separately.
Functional to foreign currency net monetary exposure sensitivity
Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation
and/or depreciation of functional currency, with the exception of euro and the Egyptian pound, which each have an exposure sensitivity
of \u20ac1 million (2024: \u20ac2 million).
Interest rate risk
The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue.
Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s accounting policy
stipulates that all borrowings are held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in
credit conditions in the relevant debt markets.
Management of cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term, highly liquid investments which have
a\u00a0maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that
cash is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the
Group earns the most advantageous rates of interest available.
Management of variable rate debt
The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20).
The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate
debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates.
Net variable rate debt sensitivity analysis
The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest
rate\u00a0swap instruments and cash and cash equivalents. A 50 basis point change in interest rates has been applied to the net variable
rate\u00a0exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated
income statement.
29 Financial instruments continued
Interest rate risk sensitivities on variable rate debt
Interest rate risk exposures
2025
2024
\u20ac\u00a0million
EUR
Other
Total
EUR
Other
Total
Total borrowings
2,774
108
2,882
1,923
92
2,015
Less:
Fixed rate borrowings
(2,676)
(13)
(2,689)
(1,841)
(17)
(1,858)
Lease liabilities
(91)
(93)
(184)
(67)
(61)
(128)
Cash and cash equivalents
(148)
(144)
(292)
(148)
(130)
(278)
Net variable rate debt and exposure
(141)
(142)
(283)
(133)
(116)
(249)
Included in other is net variable exposure to various currencies, the most significant of which is US dollar (2024: Turkish lira).
The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest
rate exposure would be a profit of \u20ac1 million and vice versa for a 50 basis point reduction.
In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange
contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of)
and\u00a0the amounts as at 31\u00a0December were as follows:
\u20ac million
2025
2024
Short-dated contracts with tenures of less than 12 months
Czech koruna
690
681
Mexican peso
43
32
Polish zloty
309
515
South African rand
250
203
Swedish krona
269
179
Thai baht
73
74
US dollar
213
206
Other1
87
146
Total swapped against the euro
1,934
2,036
1'Other' in the prior year has been further analysed to include pound sterling and separately present Mexican peso.
Credit risk
The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk
inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk
are\u00a0discussed in note 17. Additionally, the Group has credit risk on the investment of cash and derivative transactions with certain financial
institutions. The Group Treasury manages the risk on these investments within approved credit limits.
Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding
rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the
Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have
no bearing on the credit risk profile of the Group as a whole.
Liquidity risk
Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due
for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future
cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves,
committed borrowing facilities and other credit lines as appropriate.
The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities:
\u20ac\u00a0million
2025
2024
Expiry date
Two to five years
1,000
750
Total committed facilities available (see note 20)
1,000
750
Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s
expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the
payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the
underlying assets and liabilities.
Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables.
The\u00a0matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three
to\u00a0four\u00a0months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating
liquidity\u00a0of\u00a0the Group.
Financing cash outflows may be longer term in nature. The Group does not hold long-term financial assets to match against these
commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net
of\u00a0future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
(d) Derivative financial instruments
At 31\u00a0December 2025 , the Group recognised total derivative assets of \u20ac4\u00a0million (2024: \u20ac 10 million) and derivative liabilities of
\u20ac 14 million ( 2024: \u20ac 9 million ). The net liability of \u20ac 10 million ( 2024 : net asset of \u20ac1\u00a0million ) will mature within one year.
The notional amount of \u20ac2,681 million (2024: \u20ac 2,719 million ) is the aggregate face value of all derivatives outstanding at the reporting
date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore,
do\u00a0not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac2,681 million (2024: \u20ac2,719 million) aggregate notional amount,
\u20ac2,669 million (2024:\u00a0\u20ac2,690 million) relates primarily to the economic hedging of foreign exchange exposures on short-term
intercompany funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are not offset in the consolidated statement of financial position; however, they are subject to
International Swaps and Derivatives Association (ISDA) master netting agreements, as set out in the following table.
2025/\u20ac\u00a0million
Gross amounts
Gross amounts
offset in the
statement of
financial position
Net amounts
recognised in the
statement of
financial position
Amounts not
offset in the
statement of
financial position
Net amounts
Derivative financial assets
4
\u2014
4
(4)
\u2014
Derivative financial liabilities
(14)
\u2014
(14)
4
(10)
2024/\u20ac\u00a0million
Gross amounts
Gross amounts
offset in the
statement of
financial position
Net amounts
recognised in the
statement of
financial position
Amounts not
offset in the
statement of
financial position
Net amounts
Derivative financial assets
10
\u2014
10
(4)
6
Derivative financial liabilities
(9)
\u2014
(9)
4
(5)
Hedging
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the\u00a0cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For\u00a0non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same
useful life as the cost of the asset.
The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item
based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange
contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness.
Fair value gains of \u20acnil (2024: gains of \u20ac1 million) were reclassified from the cash flow hedge reserve to property, plant and\u00a0equipment
during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
(b) Fair value measurement
There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year.
Except as detailed below, the carrying values of financial instruments at amortised cost as presented in the consolidated financial
statements approximate their fair values.
Carrying amount
Fair value
\u20ac\u00a0million
2025
2024
2025
2024
Financial liabilities
Borrowings
2,882
2,015
2,868
2,010
The fair values of the Eurobonds represent level 1 fair values and are estimated with reference to the last price quoted in the secondary
market. The fair values of all other borrowings represent level 3 fair values and are estimated by discounting the future contractual cash
flows at the current market interest rate that is available to the Group for similar financial instruments", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
(c) Financial risk management
Market risk
The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis
and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows
are\u00a0exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent
to\u00a0the Group.
Foreign exchange risk
The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures
arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items)
denominated in foreign currencies and translational exposure on net investments in non-euro operations.
Foreign exchange contracts
The Group\u2019s Treasury Policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional currencies
by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts for,\u00a0foreign exchange
contracts with Group Treasury or with counterparties that are external to the Group, whichever is more commercially appropriate.
Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged.
Foreign currency sensitivity analysis
Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets
and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an
indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within
the functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible
changes in foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange
contracts designated as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility,
together\u00a0with any relevant assumptions regarding near-term future volatility.
Net monetary foreign currency exposures by functional currency zone
Net monetary foreign currency exposures \u2013 assets/(liabilities) 1
2025
2024
\u20ac\u00a0million
EUR
Other
EUR
Other
Functional currency zones 2
Euro
\u2014
(25)
\u2014
(34)
Czech koruna
(16)
\u2014
4
(1)
Egyptian pound
(19)
2
(31)
1
Hungarian forint
\u2014
7
(1)
5
Polish zloty
(9)
(6)
(9)
7
South African rand
(8)
(9)
\u2014
(3)
US dollar
(10)
6
(3)
7
Other3
(12)
(8)
1
7
1 Presented in euro, the presentation currency of the Group.
2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects
of\u00a0foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities.
3 'Other' in the prior year has been further analysed to include Turkish lira and present US dollar and Hungarian forint separately.
Functional to foreign currency net monetary exposure sensitivity
Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation
and/or depreciation of functional currency, with the exception of euro and the Egyptian pound, which each have an exposure sensitivity
of \u20ac1 million (2024: \u20ac2 million).
Interest rate risk
The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue.
Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s accounting policy
stipulates that all borrowings are held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in
credit conditions in the relevant debt markets.
Management of cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term, highly liquid investments which have
a\u00a0maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that
cash is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the
Group earns the most advantageous rates of interest available.
Management of variable rate debt
The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20).
The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate
debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates.
Net variable rate debt sensitivity analysis
The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest
rate\u00a0swap instruments and cash and cash equivalents. A 50 basis point change in interest rates has been applied to the net variable
rate\u00a0exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated
income statement.
29 Financial instruments continued
Interest rate risk sensitivities on variable rate debt
Interest rate risk exposures
2025
2024
\u20ac\u00a0million
EUR
Other
Total
EUR
Other
Total
Total borrowings
2,774
108
2,882
1,923
92
2,015
Less:
Fixed rate borrowings
(2,676)
(13)
(2,689)
(1,841)
(17)
(1,858)
Lease liabilities
(91)
(93)
(184)
(67)
(61)
(128)
Cash and cash equivalents
(148)
(144)
(292)
(148)
(130)
(278)
Net variable rate debt and exposure
(141)
(142)
(283)
(133)
(116)
(249)
Included in other is net variable exposure to various currencies, the most significant of which is US dollar (2024: Turkish lira).
The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest
rate exposure would be a profit of \u20ac1 million and vice versa for a 50 basis point reduction.
In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange
contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of)
and\u00a0the amounts as at 31\u00a0December were as follows:
\u20ac million
2025
2024
Short-dated contracts with tenures of less than 12 months
Czech koruna
690
681
Mexican peso
43
32
Polish zloty
309
515
South African rand
250
203
Swedish krona
269
179
Thai baht
73
74
US dollar
213
206
Other1
87
146
Total swapped against the euro
1,934
2,036
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
(c) Financial risk management
Market risk
The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis
and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows
are\u00a0exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent
to\u00a0the Group.
Foreign exchange risk
The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures
arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items)
denominated in foreign currencies and translational exposure on net investments in non-euro operations.
Foreign exchange contracts
The Group\u2019s Treasury Policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional currencies
by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts for,\u00a0foreign exchange
contracts with Group Treasury or with counterparties that are external to the Group, whichever is more commercially appropriate.
Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged.
Foreign currency sensitivity analysis
Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets
and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an
indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within
the functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible
changes in foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange
contracts designated as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility,
together\u00a0with any relevant assumptions regarding near-term future volatility.
Net monetary foreign currency exposures by functional currency zone
Net monetary foreign currency exposures \u2013 assets/(liabilities) 1
2025
2024
\u20ac\u00a0million
EUR
Other
EUR
Other
Functional currency zones 2
Euro
\u2014
(25)
\u2014
(34)
Czech koruna
(16)
\u2014
4
(1)
Egyptian pound
(19)
2
(31)
1
Hungarian forint
\u2014
7
(1)
5
Polish zloty
(9)
(6)
(9)
7
South African rand
(8)
(9)
\u2014
(3)
US dollar
(10)
6
(3)
7
Other3
(12)
(8)
1
7
1 Presented in euro, the presentation currency of the Group.
2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects
of\u00a0foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities.
3 'Other' in the prior year has been further analysed to include Turkish lira and present US dollar and Hungarian forint separately.
Functional to foreign currency net monetary exposure sensitivity
Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation
and/or depreciation of functional currency, with the exception of euro and the Egyptian pound, which each have an exposure sensitivity
of \u20ac1 million (2024: \u20ac2 million).
Interest rate risk
The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue.
Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s accounting policy
stipulates that all borrowings are held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in
credit conditions in the relevant debt markets.
Management of cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term, highly liquid investments which have
a\u00a0maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that
cash is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the
Group earns the most advantageous rates of interest available.
Management of variable rate debt
The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20).
The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate
debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates.
Net variable rate debt sensitivity analysis
The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest
rate\u00a0swap instruments and cash and cash equivalents. A 50 basis point change in interest rates has been applied to the net variable
rate\u00a0exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated
income statement.
29 Financial instruments continued
Interest rate risk sensitivities on variable rate debt
Interest rate risk exposures
2025
2024
\u20ac\u00a0million
EUR
Other
Total
EUR
Other
Total
Total borrowings
2,774
108
2,882
1,923
92
2,015
Less:
Fixed rate borrowings
(2,676)
(13)
(2,689)
(1,841)
(17)
(1,858)
Lease liabilities
(91)
(93)
(184)
(67)
(61)
(128)
Cash and cash equivalents
(148)
(144)
(292)
(148)
(130)
(278)
Net variable rate debt and exposure
(141)
(142)
(283)
(133)
(116)
(249)
Included in other is net variable exposure to various currencies, the most significant of which is US dollar (2024: Turkish lira).
The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest
rate exposure would be a profit of \u20ac1 million and vice versa for a 50 basis point reduction.
In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange
contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of)
and\u00a0the amounts as at 31\u00a0December were as follows:
\u20ac million
2025
2024
Short-dated contracts with tenures of less than 12 months
Czech koruna
690
681
Mexican peso
43
32
Polish zloty
309
515
South African rand
250
203
Swedish krona
269
179
Thai baht
73
74
US dollar
213
206
Other1
87
146
Total swapped against the euro
1,934
2,036
1'Other' in the prior year has been further analysed to include pound sterling and separately present Mexican peso.
Credit risk
The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk
inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk
are\u00a0discussed in note 17. Additionally, the Group has credit risk on the investment of cash and derivative transactions with certain financial
institutions. The Group Treasury manages the risk on these investments within approved credit limits.
Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding
rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the
Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have
no bearing on the credit risk profile of the Group as a whole.
Liquidity risk
Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due
for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future
cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves,
committed borrowing facilities and other credit lines as appropriate.
The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities:
\u20ac\u00a0million
2025
2024
Expiry date
Two to five years
1,000
750
Total committed facilities available (see note 20)
1,000
750
Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s
expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the
payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the
underlying assets and liabilities.
Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables.
The\u00a0matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three
to\u00a0four\u00a0months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating
liquidity\u00a0of\u00a0the Group.
Financing cash outflows may be longer term in nature. The Group does not hold long-term financial assets to match against these
commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net
of\u00a0future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
(d) Derivative financial instruments
At 31\u00a0December 2025 , the Group recognised total derivative assets of \u20ac4\u00a0million (2024: \u20ac 10 million) and derivative liabilities of
\u20ac 14 million ( 2024: \u20ac 9 million ). The net liability of \u20ac 10 million ( 2024 : net asset of \u20ac1\u00a0million ) will mature within one year.
The notional amount of \u20ac2,681 million (2024: \u20ac 2,719 million ) is the aggregate face value of all derivatives outstanding at the reporting
date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore,
do\u00a0not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac2,681 million (2024: \u20ac2,719 million) aggregate notional amount,
\u20ac2,669 million (2024:\u00a0\u20ac2,690 million) relates primarily to the economic hedging of foreign exchange exposures on short-term
intercompany funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are not offset in the consolidated statement of financial position; however, they are subject to
International Swaps and Derivatives Association (ISDA) master netting agreements, as set out in the following table.
2025/\u20ac\u00a0million
Gross amounts
Gross amounts
offset in the
statement of
financial position
Net amounts
recognised in the
statement of
financial position
Amounts not
offset in the
statement of
financial position
Net amounts
Derivative financial assets
4
\u2014
4
(4)
\u2014
Derivative financial liabilities
(14)
\u2014
(14)
4
(10)
2024/\u20ac\u00a0million
Gross amounts
Gross amounts
offset in the
statement of
financial position
Net amounts
recognised in the
statement of
financial position
Amounts not
offset in the
statement of
financial position
Net amounts
Derivative financial assets
10
\u2014
10
(4)
6
Derivative financial liabilities
(9)
\u2014
(9)
4
(5)
Hedging
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the\u00a0cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For\u00a0non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same
useful life as the cost of the asset.
The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item
based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange
contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness.
Fair value gains of \u20acnil (2024: gains of \u20ac1 million) were reclassified from the cash flow hedge reserve to property, plant and\u00a0equipment
during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
Credit risk
The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk
inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk
are\u00a0discussed in note 17. Additionally, the Group has credit risk on the investment of cash and derivative transactions with certain financial
institutions. The Group Treasury manages the risk on these investments within approved credit limits.
Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding
rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the
Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have
no bearing on the credit risk profile of the Group as a whole.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due
for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future
cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves,
committed borrowing facilities and other credit lines as appropriate.
The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities:
\u20ac\u00a0million
2025
2024
Expiry date
Two to five years
1,000
750
Total committed facilities available (see note 20)
1,000
750
Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s
expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the
payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the
underlying assets and liabilities.
Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables.
The\u00a0matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three
to\u00a0four\u00a0months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating
liquidity\u00a0of\u00a0the Group.
Financing cash outflows may be longer term in nature. The Group does not hold long-term financial assets to match against these
commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net
of\u00a0future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
(d) Derivative financial instruments
At 31\u00a0December 2025 , the Group recognised total derivative assets of \u20ac4\u00a0million (2024: \u20ac 10 million) and derivative liabilities of
\u20ac 14 million ( 2024: \u20ac 9 million ). The net liability of \u20ac 10 million ( 2024 : net asset of \u20ac1\u00a0million ) will mature within one year.
The notional amount of \u20ac2,681 million (2024: \u20ac 2,719 million ) is the aggregate face value of all derivatives outstanding at the reporting
date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore,
do\u00a0not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac2,681 million (2024: \u20ac2,719 million) aggregate notional amount,
\u20ac2,669 million (2024:\u00a0\u20ac2,690 million) relates primarily to the economic hedging of foreign exchange exposures on short-term
intercompany funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are not offset in the consolidated statement of financial position; however, they are subject to
International Swaps and Derivatives Association (ISDA) master netting agreements, as set out in the following table.
2025/\u20ac\u00a0million
Gross amounts
Gross amounts
offset in the
statement of
financial position
Net amounts
recognised in the
statement of
financial position
Amounts not
offset in the
statement of
financial position
Net amounts
Derivative financial assets
4
\u2014
4
(4)
\u2014
Derivative financial liabilities
(14)
\u2014
(14)
4
(10)
2024/\u20ac\u00a0million
Gross amounts
Gross amounts
offset in the
statement of
financial position
Net amounts
recognised in the
statement of
financial position
Amounts not
offset in the
statement of
financial position
Net amounts
Derivative financial assets
10
\u2014
10
(4)
6
Derivative financial liabilities
(9)
\u2014
(9)
4
(5)
Hedging
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the\u00a0cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For\u00a0non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same
useful life as the cost of the asset.
The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item
based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange
contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness.
Fair value gains of \u20acnil (2024: gains of \u20ac1 million) were reclassified from the cash flow hedge reserve to property, plant and\u00a0equipment
during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
30 Related party transactions
The Group and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with
associated undertakings in which the Group has a material interest. All related party transactions are conducted on an arm's length basis.
Transactions between Mondi plc and its subsidiaries, as well as transactions between subsidiaries, are eliminated on consolidation and
therefore are not disclosed in this note.
Joint ventures
\u20ac\u00a0million
2025
2024
Sales to related parties
11
10
Purchases from related parties
591
587
Trade and other receivables from related parties
2
2
Trade and other payables due to related parties
102
72
Loans receivable from related parties
5
11
Compensation for the Board and key management
In accordance with IAS 24, \u2018Related Party Disclosures\u2019, key management personnel are those persons having authority and responsibility
for planning, directing and controlling the activities of the Group, directly or indirectly, and include directors (both executive and
non\u2011executive) of Mondi plc. The Board and those members of the Group Executive Committee who are not directors comprise
the\u00a0key\u00a0management personnel of the Group. The remuneration of the directors is disclosed in the Remuneration report.
\u20ac\u00a0million
2025
2024
Salaries and short-term employee benefits
6.3
6.8
Non-executive director fees
1.4
1.5
Defined contribution plan payments
0.5
0.5
Social security costs
1.4
1.1
Share-based payments
3.5
3.5
Total
13.1
13.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
31 Group companies
Composition of the Group
The subsidiaries of the Group as at 31\u00a0December 2025 are set out in note 11 of the Mondi plc parent company financial statements.
All\u00a0of\u00a0these interests are consolidated within the Group\u2019s financial statements.
Refer to Mondi\u2019s global footprint on page 7 of the Integrated report for more information on the places of operation.
A list of subsidiaries taking advantage of an exemption from audit under Section 479A of the Companies Act 2006 is disclosed in note 9
of the Mondi plc parent company financial statements.
Details of non-wholly owned subsidiaries
Proportion of ownership interests
and voting rights held by
non-controlling interests (%)
Profit attributable to
non-controlling interests
Equity attributable to
non-controlling interests
\u20ac\u00a0million, unless otherwise stated
2025
2024
2025
2024
2025
2024
Mondi SCP, a.s. and its subsidiaries
49
49
27
39
359
366
Individually immaterial subsidiaries with
non-controlling interests
5
5
114
127
Total
32
44
473
493
Summarised financial information on the Group\u2019s material non-wholly owned subsidiaries is as follows:
Mondi SCP, a.s. and its subsidiaries
The summarised financial information represents amounts before elimination of intra-group transactions conducted in the ordinary course
of business. The results of the subsidiary on the standalone basis may differ from those included in the Group. The subsidiary's registered
office as disclosed in note 11 of the Mondi plc parent company financial statements is also its principal place of business.
Statement of financial position
\u20ac\u00a0million
2025
2024
Non-current assets
643
643
Current assets
335
355
Current liabilities
(145)
(153)
Non-current liabilities
(91)
(88)
Net assets
742
757
Equity attributable to non-controlling interests
359
366
Income statement and statement of comprehensive income
\u20ac\u00a0million
2025
2024
Revenue
724
753
Operating costs (including taxation)
(669)
(673)
Profit for the year
55
80
Attributable to non-controlling interests
27
39
Total comprehensive income for the year
55
80
Attributable to non-controlling interests
27
39
Dividends paid to non-controlling interests
34
\u2014
Statement of cash flows
\u20ac\u00a0million
2025
2024
Net cash inflow from operating activities
113
134
Net cash outflow from investing activities
(48)
(22)
Net cash outflow from financing activities
(80)
(11)
Net cash (outflow)/inflow
(15)
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
31 Group companies
Composition of the Group
The subsidiaries of the Group as at 31\u00a0December 2025 are set out in note 11 of the Mondi plc parent company financial statements.
All\u00a0of\u00a0these interests are consolidated within the Group\u2019s financial statements.
Refer to Mondi\u2019s global footprint on page 7 of the Integrated report for more information on the places of operation.
A list of subsidiaries taking advantage of an exemption from audit under Section 479A of the Companies Act 2006 is disclosed in note 9
of the Mondi plc parent company financial statements.
Details of non-wholly owned subsidiaries
Proportion of ownership interests
and voting rights held by
non-controlling interests (%)
Profit attributable to
non-controlling interests
Equity attributable to
non-controlling interests
\u20ac\u00a0million, unless otherwise stated
2025
2024
2025
2024
2025
2024
Mondi SCP, a.s. and its subsidiaries
49
49
27
39
359
366
Individually immaterial subsidiaries with
non-controlling interests
5
5
114
127
Total
32
44
473
493
Summarised financial information on the Group\u2019s material non-wholly owned subsidiaries is as follows:
Mondi SCP, a.s. and its subsidiaries
The summarised financial information represents amounts before elimination of intra-group transactions conducted in the ordinary course
of business. The results of the subsidiary on the standalone basis may differ from those included in the Group. The subsidiary's registered
office as disclosed in note 11 of the Mondi plc parent company financial statements is also its principal place of business.
Statement of financial position
\u20ac\u00a0million
2025
2024
Non-current assets
643
643
Current assets
335
355
Current liabilities
(145)
(153)
Non-current liabilities
(91)
(88)
Net assets
742
757
Equity attributable to non-controlling interests
359
366
Income statement and statement of comprehensive income
\u20ac\u00a0million
2025
2024
Revenue
724
753
Operating costs (including taxation)
(669)
(673)
Profit for the year
55
80
Attributable to non-controlling interests
27
39
Total comprehensive income for the year
55
80
Attributable to non-controlling interests
27
39
Dividends paid to non-controlling interests
34
\u2014
Statement of cash flows
\u20ac\u00a0million
2025
2024
Net cash inflow from operating activities
113
134
Net cash outflow from investing activities
(48)
(22)
Net cash outflow from financing activities
(80)
(11)
Net cash (outflow)/inflow
(15)
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
32 Events occurring after 31\u00a0December 2025
Aside from the final ordinary dividend proposed for 2025 (see note 10), there have been no material reportable events since
31\u00a0December 2025 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
33 Accounting policies
Basis of consolidation
The consolidated financial statements incorporate the revenues, expenses, assets, liabilities, equity and cash flows of Mondi plc and its
subsidiaries (the Group), as well as the Group\u2019s share of associates and joint ventures prepared to 31\u00a0December each year. All intra-
group balances and transactions are eliminated.
A subsidiary is an entity over which the Group has control. Control is evident where the Group is exposed to, or has rights to, variable
returns from its involvement with that entity and has the ability to affect those returns through its power over that entity.
The results of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement
from\u00a0the effective date of acquiring control or up to the effective date of disposal.
Non-controlling interests are measured at initial recognition as the non-controlling proportion of the fair values of the assets and liabilities
recognised at acquisition (the proportionate share method). After initial recognition, non-controlling interests are measured as the initial
amount, plus their proportionate share of subsequent profits and losses, less any distributions made.
Changes in the Group\u2019s interests in subsidiaries that do not result in a change in control are accounted for as equity transactions.
Any\u00a0difference between the adjustment to the non-controlling interests and the fair value of the consideration payable or receivable is
recognised directly in equity and attributed to the shareholders.
33 Accounting policies continued
Foreign currency transactions and translation
Foreign currency transactions
Foreign currency transactions are translated into the functional currency of the entity that has undertaken the transaction, using the
exchange rates ruling on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in
foreign currencies are translated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the
consolidated income statement and are classified as either operating or financing consistent with the nature of the monetary item giving
rise to them.
Translation of non-euro operations
The Group\u2019s results are presented in euro, the currency in which most of its business is conducted. On consolidation, the assets and
liabilities of the Group\u2019s non-euro operations are translated into euro at exchange rates prevailing on the reporting date. Income and
expense items, except those which arise in countries with hyperinflationary economies (see note 7 ), are translated into euro at the
average exchange rates for the month in which they occur, where these approximate the rates on the dates of the underlying
transactions. Exchange differences arising on translation are recognised directly in other comprehensive income/(expense) and
accumulated in the Group\u2019s currency translation adjustment reserve within equity. Such translation differences are reclassified to profit or
loss only upon disposal or\u00a0partial disposal of the related non-euro operation.
Hyperinflation accounting (note 7)
The Group applies IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in T\u00fcrkiye and Lebanon, whose
functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. The results and\u00a0financial
position of non-euro operations in hyperinflationary economies are translated into euro at the exchange rates prevailing on the reporting
date. Resulting exchange differences are recognised directly in other comprehensive income/(expense) and accumulated in the Group\u2019s
currency translation adjustment reserve within equity. Such translation differences are reclassified to profit or\u00a0loss only upon disposal or
partial disposal of the related non-euro operation.
Prior to translating the financial statements of the Turkish and Lebanese operations, the non-monetary assets and liabilities stated at
historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price
index (Turkish operations: T\u00dcFE, 2003=100; Lebanese operations: CPI, 2013=100) published by the Turkish Statistical Institute (TURKSTAT)
and Central Administration of Statistics of the Lebanese Republic, respectively. Gains or losses resulting from the restatement of
non\u2011monetary assets and liabilities are recorded in the consolidated income statement as a net monetary gain or loss arising from
hyperinflationary economies.
Comparative amounts presented in euro are not restated for subsequent changes in the price level or\u00a0exchange rates. The results of the
Turkish and Lebanese operations are restated to the index level at the end of the period, with hyperinflationary gains and losses reported
within net monetary gain or loss arising from hyperinflationary economies.
Fair value measurement
Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in the notes
to\u00a0the\u00a0consolidated financial statements, are based on the following fair value measurement hierarchy:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2013 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as\u00a0prices) or indirectly (that is, derived from prices)
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
The assets measured at fair value using level 3 inputs are the Group\u2019s forestry assets, as detailed in note 15, and certain assets acquired
and liabilities assumed in a business combination, as detailed in note 25.
The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) require
estimation and judgement and are determined using generally accepted valuation techniques. These valuation techniques maximise the
use of observable market data and rely as little as possible on Group-specific estimates.
Specific valuation methodologies used to value financial instruments include the following:
\u2013 The fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable
yield curves and exchange rates.
\u2013 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based
on\u00a0observable market data.
\u2013 Other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments.
Segmental reporting (note 2)
The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee,
the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products
produced by each business and comprise two distinct segments. The number of reportable segments is the same as the number
of\u00a0identified operating segments.
Measurement of operating segment revenues, profit or loss, assets and non-current non-financial assets
Each operating segment derives its income from the sale of manufactured products.
The operating segment measures adhere to the recognition and measurement criteria set out in the Group\u2019s accounting policies and\u00a0are
presented on an underlying basis, excluding special items. The Group presents certain non-IFRS measures (Alternative Performance
Measures), as defined on pages 202-204, by segment to supplement the user\u2019s understanding. All intra-group transactions are
conducted on an arm\u2019s length basis.
Revenue from contracts with customers (note 2)
Sale of goods
Revenue is recognised from the sale of goods and is measured at the amount of the transaction price received or receivable in exchange
for transferring the goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that
there will not be a significant reversal of revenue in future, after deducting discounts and volume rebates, and excluding value added tax
and other sales taxes. When the period between delivery of the goods and customer payment is less than one year, no adjustment is
made for a financing component.
Control of goods is passed when title and insurance risk have passed to the customer, which is typically when the goods have been
delivered to a contractually agreed location.
The incremental costs of obtaining a contract are recognised as an expense when the period of amortisation over which the costs would
have been recognised is one year or less. Otherwise, these costs are capitalised and amortised on a basis consistent with the transfer
of\u00a0goods to the customer to which the asset relates.
Transport revenue
Transport revenue is recognised as a distinct performance obligation when the Group provides transport services after control of goods
has\u00a0transferred to the customer. In these cases, the revenue is recognised over time.
Other income
Sale of green energy credits and emission allowances (note 16)
In certain countries, the Group is subject to the European Union Trading Scheme and receives emission allowances (CO2 certificates).
Allowances are received annually and the Group is required to surrender rights equal to its actual emissions. The CO2 certificates
received from a government are recorded at their nominal amount, which is usually nil. A liability is recognised when the actual emissions
exceed the emission rights granted and still held. Where excess CO2 certificates are sold to third parties, the income is recognised within
other net operating expenses in the consolidated income statement when ownership rights pass to the buyer.
Green energy credits (GECs) are earned through investments in green projects. GECs are accounted for as government grants and are
measured at their fair value at initial recognition. GECs are recorded in inventory and assessed for net realisable value at the end of each
reporting period. Gains or losses arising on sale are recorded within other net operating expenses in the consolidated income statement
when ownership rights pass to the buyer.
Insurance reimbursements (note 11)
Compensation for insurance reimbursements, including compensation for business interruptions and for the loss or impairment of property, plant
and equipment, is recognised within other net operating expenses in the consolidated income statement when receipt is virtually certain.
Government grants
Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group
will comply with all attached conditions. Grants that compensate the Group for expenses incurred are recognised in profit or loss as a
deduction from the related expenses in the periods in which the expenses are recognised, unless the conditions for receiving the grant
are met after the related expenses have been recognised. In this case, the grant is recognised as other income within net operating
expenses in the consolidated income statement.
Gain on purchase of a business
Any gain on purchase of a business is recognised within other net operating expenses in the consolidated income statement.
Fair value gains/(losses) from forestry assets (note 15)
Changes in the fair value of forestry assets are recognised within other net operating expenses in the consolidated income statement.
Investment income (note 6)
Interest income, which is derived from cash and cash equivalents and other interest-bearing financial assets, is accrued on a time
proportion basis, by reference to the principal outstanding and at the applicable effective interest rate.
33 Accounting policies continued
Taxation (note 8)
The tax expense represents the sum of the current tax charge and the deferred tax charge.
Current tax
The current tax charge is based on taxable profit for the year. The Group\u2019s asset/liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the reporting date. The Group is regularly subject to routine tax audits, and provisions are
recognised based on the tax laws in the relevant country and the expected outcomes of any negotiations or settlements. Current tax is
presented as\u00a0a special item if the corresponding taxable income/expense is accounted for as a special item.
The Group is subject to corporate taxes in a number of jurisdictions and a degree of estimation and judgement is required in determining
the appropriate tax provision for transactions where the tax treatment is uncertain.\u00a0In these circumstances, the Group recognises
provisions for taxes based on information available where the anticipated liability is both probable and estimable.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and
liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits.
Deferred tax\u00a0is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding
temporary difference arises from a special item.
Deferred tax liabilities are generally recognised for all taxable temporary differences, while deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities in a transaction other than in a business combination that affects neither the tax profit nor
accounting profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except
where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date. In assessing recoverability, the Group considers
the\u00a0likelihood of the assets being recoverable within a reasonably foreseeable timeframe. The carrying amount is reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is
increased to the extent that it becomes probable that sufficient taxable profit will be available in the future for all or part of the deferred
tax asset to be recovered.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year
when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to
the extent that it relates to items recognised in other comprehensive income/(expense) or directly in equity. In this case, the tax is also
recognised in other comprehensive income/(expense) or directly in equity, respectively.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends
to\u00a0settle its current tax assets and liabilities on a net basis.
The Group applies the initial recognition exemption model to account for any investment tax credits.\u00a0Deferred tax is not recognised
for\u00a0temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
The Group is within the scope of the OECD Pillar Two model rules as of 1 January 2024 and applies the temporary exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the
amendments to IAS 12, 'Income Taxes \u2013 International Tax Reform \u2013 Pillar Two Model Rules', issued in May 2023.
Earnings per share (EPS) (note 9)
Basic EPS
Basic EPS is calculated by dividing net profit attributable to ordinary shareholders by the weighted average number of Mondi plc shares
in issue during the year.
Diluted EPS
For diluted EPS, the weighted average number of Mondi plc ordinary shares in issue is adjusted to reflect the potential dilution from all
outstanding share-based awards granted to employees. Potential or contingent share issues are considered dilutive when their
conversion to shares would reduce EPS.
The weighted average number of Mondi plc ordinary shares in issue is the weighted number of shares in issue throughout the year and
excludes own shares held in employee benefit trusts. A share consolidation combined with a special dividend reduces the weighted
average number of ordinary shares in issue in the period when the transaction occurs from the date the special dividend is recognised.
Non-current non-financial assets excluding goodwill, deferred tax and net retirement benefit assets
Property, plant and equipment (note 11)
Property, plant and equipment principally comprise land and buildings, plant and equipment, assets under construction and other.
Property, plant and equipment is stated at cost less accumulated depreciation and impairment. Land and assets under construction are
carried at cost less impairment. Cost includes site preparation, the purchase price of the equipment, and directly attributable labour and
installation costs. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
purchases of property, plant and equipment. Borrowing costs are capitalised on qualifying assets. The capitalisation of costs ceases when
the asset is in the location and condition necessary for it to operate as intended by management. Start-up and ongoing maintenance
costs are recognised immediately as an expense.
Depreciation is charged to the consolidated income statement so as to write off the cost of assets, other than freehold land and assets
under construction, over their estimated useful lives on a straight-line basis to their estimated residual values of nil or scrap value.
Depreciation commences when the assets are ready for their intended use.
Residual values and useful lives are reviewed at least annually and adjusted when climate changes or other factors are anticipated to have
a material impact. Estimated useful lives range from 3 years to 25 years for items of plant and equipment and other categories and up to
a maximum of 40 years for buildings.
Insurance reimbursements for the loss or impairment of property, plant and equipment are recognised within other net operating
expenses in the consolidated income statement when receipt is virtually certain.
Government grants related to property, plant and equipment are recognised in other non-current liabilities as deferred income if there is
reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants are
credited to the consolidated income statement on a straight-line basis over the expected useful lives of the related assets.
Leases (note 12)
To the extent that a right of control exists over an identified asset subject to a lease, a right-of-use asset, representing the Group\u2019s right
to use the\u00a0underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position.
A\u00a0corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity
of\u00a0the underlying lease payments, within short-term borrowings or medium- and long-term borrowings in the consolidated statement of
financial position at the commencement of the lease.
The right-of-use asset is initially measured at cost and includes the amount of initial measurement of the lease liability, any initial direct
costs incurred, including advance lease payments, and an estimate of dismantling, removal and restoration costs required under\u00a0the lease.
Depreciation is charged to the consolidated income statement to depreciate the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term includes the period of an
extension option where it is reasonably certain that the option will be exercised. Where the lease contains a\u00a0purchase option, the asset is
written off over the useful life of the asset when it is reasonably certain that the purchase option will be\u00a0exercised.
The lease liability is measured at the present value of future lease payments, including variable lease payments that depend on an index and the
exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the
lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance
charges are recognised within finance costs in the consolidated income statement over the period of the lease.
Lease expenses for leases with a duration of one year or less and low-value assets are charged to the consolidated income statement
when incurred. Low-value assets are determined based on quantitative criteria.
Intangible assets and R&D expenditure (note 14)
Intangible assets are initially measured at cost and amortised on a straight-line basis over their estimated useful lives, except for assets
with an indefinite useful life, which are not amortised but tested annually for impairment. Estimated useful lives generally range from 3 to
10 years for most assets, 6 years for software development costs, and up to 15 years for customer relationships. Useful lives for patents
depend on the duration of legal protection rights. Useful lives and impairment indicators are reviewed at least annually.
Research expenditure is expensed as incurred. Development costs are capitalised when the completion of the asset is both commercially
and technically feasible and are amortised on a systematic basis over the economic life of the related development. Development costs
are expensed immediately if they do not qualify for capitalisation.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to assess
whether indicators of impairment exist. This assessment requires management judgement. When such indicators are identified, the Group
estimates the recoverable amount of the asset or, if it cannot be assessed individually, the cash\u2011generating unit (CGU) to which it
belongs. If the recoverable amount is lower than the carrying amount, the asset or CGU is written down to its recoverable amount and
the resulting impairment is recognised as an expense in the consolidated income statement.
33 Accounting policies continued
The recoverable amount of the asset, or CGU, is the higher of its fair value less costs to dispose and its value in use. In assessing value
in\u00a0use, the estimated future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash
flows have not been adjusted. Where the asset does not generate cash flows that are independent from other assets, the Group
estimates the recoverable amount of the smallest CGU to which the asset belongs.
Where the underlying circumstances change such that a previously recognised impairment subsequently reverses, the carrying amount
of\u00a0the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount
that\u00a0would have been determined (taking into account depreciation or amortisation in the intervening period) had no impairment been
recognised for the asset, or CGU, in prior years. A reversal of an impairment is recognised in the consolidated income statement.
Agriculture \u2013 owned forestry assets (note 15)
Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price,
less\u00a0costs to harvest and deliver, to the estimated volume of timber on hand at each reporting date. The fair value less costs to sell is
determined using a market-based approach. The estimated volume of timber on hand is determined based on the maturity profile of
the\u00a0area under afforestation, the species, the geographic location, the climate and other environmental considerations and excludes
future growth. The product of these is then adjusted for risks associated with forestry assets.
Changes in fair value are recognised within other net operating expenses in the consolidated income statement. At point of harvest,
the\u00a0carrying value of forestry assets is transferred to inventory and recorded as a felling cost reduction to the fair value of forestry assets.
Directly attributable costs incurred during the year of biological growth and investments in standing timber are capitalised and presented
within cash flows from investing activities.
Investments in joint ventures
A joint venture is an entity in which the Group holds a long-term interest with contractually agreed sharing of control over the strategic,
financial and operating decisions with one or more other venturers. Typically, the Group owns between 20% and 50% of the voting equity
of its joint ventures.
Investments in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated
statement of financial position.
The Group\u2019s share of the profit or loss of joint ventures is recognised in net profit/(loss) from joint ventures. Any impairment is presented
adjacent to the share of the joint venture\u2019s results in impairment of investments in joint ventures in the consolidated income statement.
Business combinations (note 25)
Identifiable net assets
The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values on the acquisition date. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
Cost of a business combination
The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments
issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination
are expensed as incurred and recognised within other net operating expenses into the consolidated income statement.
Goodwill (note 13)
Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill.
Goodwill is subsequently measured at cost less any impairment. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement.
Impairment of goodwill
Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the
combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount
of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year
and when events or changes in circumstances indicate that it may be impaired.
The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs to sell. Value-
in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest
forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration
relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and
announced industry capacity changes.
Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the
Group operates are determined with reference to published gross domestic product information, and for specific product lines are
determined with reference to published industry studies.
The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing
rates and adjusted for country risk and tax.
Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed.
Current non-financial assets
Inventories (note 16)
Inventories are valued at the lower of cost and net realisable value. The cost of inventories is determined primarily on weighted average
cost basis. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in
bringing the inventories to their present location and condition. Net realisable value is defined as the selling price less any estimated costs
to sell.
Equity instruments
Own shares (note 22)
Purchases of Mondi plc\u2019s equity instruments results in the recognition of own shares. The consideration paid or payable is deducted from
equity. Where own shares are subsequently sold, reissued or otherwise disposed of, any consideration received or receivable is included
in equity attributable to the shareholders of Mondi plc, net of any directly attributable incremental transaction costs and the related tax effects.
Dividend payments (note 10)
Dividend distributions to Mondi plc\u2019s ordinary shareholders are recognised as a liability when the dividends are declared and approved.
Final dividends are accrued when approved by Mondi plc\u2019s ordinary shareholders at its Annual General Meeting and interim dividends are
recognised when paid.
Share-based payments (note 23)
The Group operates a number of equity-settled, share-based compensation schemes. The fair value of the employee services received
in exchange for the grant of share awards is recognised concurrently as an expense and an adjustment to equity. The total amount to
be\u00a0expensed over the vesting period is determined by reference to the fair value of the share awards granted, as adjusted for market
performance conditions and non-market vesting conditions. Vesting conditions are included in assumptions about the number of awards
that are expected to vest. At each reporting date, the Group revises its estimates of the number of share awards that are expected
to\u00a0vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any,
in\u00a0the\u00a0consolidated income statement, with a corresponding adjustment to equity.
Financial instruments (note 29)
Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group
becomes party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss)
are\u00a0added to, or deducted from, the fair value of the financial assets or financial liabilities on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
in\u00a0the\u00a0consolidated income statement.
Cash and cash equivalents (note 26b)
Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a
maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject
to an insignificant risk of changes in value. Money market funds are held at fair value through profit and loss, with the remaining balance
of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the
consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net
of\u00a0overdrafts.
Trade receivables (note 17)
Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate
method, less an allowance for impairment.
Impairment of trade receivables (note 17)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all\u00a0expected cash shortfalls over the life of a trade receivable. Expected credit losses are based on historical loss experience on trade
receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future
economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are
recognised as an impairment.
Trade payables (note 18)
Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest
rate\u00a0method.
Borrowings (note 21)
Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised
in\u00a0the consolidated income statement over the term of the borrowings using the effective interest rate method.
33 Accounting policies continued
Borrowing costs (note 6)
Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as
the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount
capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings,
the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during
the\u00a0construction period.
All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred.
Derivative financial instruments and hedge accounting (note 29d)
The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity
price risks.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value
within financial instruments in\u00a0the consolidated statement of financial position, and are classified as current or non-current depending
on\u00a0the maturity of the derivative.
Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised
immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the
type\u00a0of risk to which the derivative relates.
Cash flow hedges
The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows is
recognised in other comprehensive income/(expense) and accumulated in equity. Gains or losses relating to the ineffective portion are
recognised immediately in the consolidated income statement. If a cash flow hedge results in the recognition of a non-financial asset,
then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the
Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For other hedges, amounts deferred in the
Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged
item affects profit or loss on a proportionate basis.
Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss
deferred in equity is included immediately in the consolidated income statement.
Retirement benefits (note 24)
The Group operates post-retirement defined contribution plans, post-retirement defined benefit pension plans and post-retirement
medical plans for many of its employees.
Defined contribution plans
For defined contribution plans, the amount recognised to the consolidated income statement is the contributions paid or payable during
the\u00a0financial year.
Defined benefit pension plans and post-retirement medical plans
For defined benefit pension and post-retirement medical plans, actuarial valuations are performed at each financial year end using the
projected unit credit method. The average discount rate for the plans\u2019 liabilities is based on investment-grade-rated corporate bonds or
similar government bonds of a suitable duration and currency. Plans\u2019 assets are measured in accordance with IAS 19 using market values at
the end of the financial year. The net retirement benefits liability recognised in the consolidated statement of financial position represents
the present value of the defined benefit liability as deducted by the fair value of any plan assets.
Any increase in the present value of plan liabilities expected to arise from employee service during the year is charged to personnel costs
as service costs. Past service costs resulting from plan amendments or curtailments and gains or losses on settlements are charged to
personnel costs. A net interest expense or net interest income is calculated by applying the discount rate, on a per plan basis, to the net
defined benefit liability or asset and recognised in the consolidated income statement within finance costs.
Remeasurements comprising actuarial gains and losses and the return on plan assets (after recognising the net finance charge) are
charged or credited to equity in other comprehensive income/(expense), net of deferred tax, in the financial year in which they occur.
Remeasurements recorded in other comprehensive income/(expense) are not recycled to the consolidated income statement, but those
amounts recognised in other comprehensive income/(expense) may be transferred within equity.
Provisions (note 19)
Provisions are recognised when the Group has a present obligation as a result of a past event, arising from a past event, and it is
probable that the obligation will need to be settled. Provisions are measured at management\u2019s best estimate of the expenditure
required\u00a0to settle the obligation at the reporting date. When the effect of discounting is material, provisions are discounted to present
value using country-specific discount rates for periods matching the duration of the underlying liability.
New accounting policies, early adoption and future requirements
Amendments to published standards effective during 2025
The following new amendment has been adopted for the financial year beginning on 1 January 2025:
\u2013 Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability'
The Group did not have to change its accounting policies or make any retrospective adjustments as a result of adopting the amendment.
Amendments to published standards effective for the financial year beginning on 1 January 2026
The following amendments were adopted and will be effective for the financial year beginning on 1 January 2026. The amendments are
not expected to have a material impact on the Group\u2019s results:
\u2013 Amendments to IFRS 9 and IFRS 7 'Financial Instruments and Financial Instruments: Disclosures - Classification and Measurement of
Financial Instruments'
\u2013 Amendments to IFRS 9 and IFRS 7 'Financial Instruments and Financial Instruments: Disclosures \u2013 Contracts Referencing Nature-
dependent Electricity'
\u2013 Annual Improvements to IFRS Accounting Standards \u2014 Volume 11
The Group is in the process of assessing the impact of IFRS 18, 'Presentation and Disclosure in Financial Statements', issued in April 2024,
which will become effective and be adopted for the financial year beginning on 1 January 2027. The adoption of IFRS 18 will result in
certain changes to the presentation of items in the consolidated income statement and consolidated statement of cash flows; however,
the overall impact on the Group\u2019s consolidated financial statements is not expected to be material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
Basis of consolidation
The consolidated financial statements incorporate the revenues, expenses, assets, liabilities, equity and cash flows of Mondi plc and its
subsidiaries (the Group), as well as the Group\u2019s share of associates and joint ventures prepared to 31\u00a0December each year. All intra-
group balances and transactions are eliminated.
A subsidiary is an entity over which the Group has control. Control is evident where the Group is exposed to, or has rights to, variable
returns from its involvement with that entity and has the ability to affect those returns through its power over that entity.
The results of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement
from\u00a0the effective date of acquiring control or up to the effective date of disposal.
Non-controlling interests are measured at initial recognition as the non-controlling proportion of the fair values of the assets and liabilities
recognised at acquisition (the proportionate share method). After initial recognition, non-controlling interests are measured as the initial
amount, plus their proportionate share of subsequent profits and losses, less any distributions made.
Changes in the Group\u2019s interests in subsidiaries that do not result in a change in control are accounted for as equity transactions.
Any\u00a0difference between the adjustment to the non-controlling interests and the fair value of the consideration payable or receivable is
recognised directly in equity and attributed to the shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
Foreign currency transactions and translation
Foreign currency transactions
Foreign currency transactions are translated into the functional currency of the entity that has undertaken the transaction, using the
exchange rates ruling on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in
foreign currencies are translated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the
consolidated income statement and are classified as either operating or financing consistent with the nature of the monetary item giving
rise to them.
Translation of non-euro operations
The Group\u2019s results are presented in euro, the currency in which most of its business is conducted. On consolidation, the assets and
liabilities of the Group\u2019s non-euro operations are translated into euro at exchange rates prevailing on the reporting date. Income and
expense items, except those which arise in countries with hyperinflationary economies (see note 7 ), are translated into euro at the
average exchange rates for the month in which they occur, where these approximate the rates on the dates of the underlying
transactions. Exchange differences arising on translation are recognised directly in other comprehensive income/(expense) and
accumulated in the Group\u2019s currency translation adjustment reserve within equity. Such translation differences are reclassified to profit or
loss only upon disposal or\u00a0partial disposal of the related non-euro operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
Hyperinflation accounting (note 7)
The Group applies IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in T\u00fcrkiye and Lebanon, whose
functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. The results and\u00a0financial
position of non-euro operations in hyperinflationary economies are translated into euro at the exchange rates prevailing on the reporting
date. Resulting exchange differences are recognised directly in other comprehensive income/(expense) and accumulated in the Group\u2019s
currency translation adjustment reserve within equity. Such translation differences are reclassified to profit or\u00a0loss only upon disposal or
partial disposal of the related non-euro operation.
Prior to translating the financial statements of the Turkish and Lebanese operations, the non-monetary assets and liabilities stated at
historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price
index (Turkish operations: T\u00dcFE, 2003=100; Lebanese operations: CPI, 2013=100) published by the Turkish Statistical Institute (TURKSTAT)
and Central Administration of Statistics of the Lebanese Republic, respectively. Gains or losses resulting from the restatement of
non\u2011monetary assets and liabilities are recorded in the consolidated income statement as a net monetary gain or loss arising from
hyperinflationary economies.
Comparative amounts presented in euro are not restated for subsequent changes in the price level or\u00a0exchange rates. The results of the
Turkish and Lebanese operations are restated to the index level at the end of the period, with hyperinflationary gains and losses reported
within net monetary gain or loss arising from hyperinflationary economies.
", "dimensions": { "concept": "mondiplc:DescriptionOfAccountingPolicyForHyperinflationAccountingTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Fair value measurement
Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in the notes
to\u00a0the\u00a0consolidated financial statements, are based on the following fair value measurement hierarchy:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2013 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as\u00a0prices) or indirectly (that is, derived from prices)
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
The assets measured at fair value using level 3 inputs are the Group\u2019s forestry assets, as detailed in note 15, and certain assets acquired
and liabilities assumed in a business combination, as detailed in note 25.
The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) require
estimation and judgement and are determined using generally accepted valuation techniques. These valuation techniques maximise the
use of observable market data and rely as little as possible on Group-specific estimates.
Specific valuation methodologies used to value financial instruments include the following:
\u2013 The fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable
yield curves and exchange rates.
\u2013 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based
on\u00a0observable market data.
\u2013 Other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
Segmental reporting (note 2)
The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee,
the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products
produced by each business and comprise two distinct segments. The number of reportable segments is the same as the number
of\u00a0identified operating segments.
Measurement of operating segment revenues, profit or loss, assets and non-current non-financial assets
Each operating segment derives its income from the sale of manufactured products.
The operating segment measures adhere to the recognition and measurement criteria set out in the Group\u2019s accounting policies and\u00a0are
presented on an underlying basis, excluding special items. The Group presents certain non-IFRS measures (Alternative Performance
Measures), as defined on pages 202-204, by segment to supplement the user\u2019s understanding. All intra-group transactions are
conducted on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
Revenue from contracts with customers (note 2)
Sale of goods
Revenue is recognised from the sale of goods and is measured at the amount of the transaction price received or receivable in exchange
for transferring the goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that
there will not be a significant reversal of revenue in future, after deducting discounts and volume rebates, and excluding value added tax
and other sales taxes. When the period between delivery of the goods and customer payment is less than one year, no adjustment is
made for a financing component.
Control of goods is passed when title and insurance risk have passed to the customer, which is typically when the goods have been
delivered to a contractually agreed location.
The incremental costs of obtaining a contract are recognised as an expense when the period of amortisation over which the costs would
have been recognised is one year or less. Otherwise, these costs are capitalised and amortised on a basis consistent with the transfer
of\u00a0goods to the customer to which the asset relates.
Transport revenue
Transport revenue is recognised as a distinct performance obligation when the Group provides transport services after control of goods
has\u00a0transferred to the customer. In these cases, the revenue is recognised over time.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
Other income
Sale of green energy credits and emission allowances (note 16)
In certain countries, the Group is subject to the European Union Trading Scheme and receives emission allowances (CO2 certificates).
Allowances are received annually and the Group is required to surrender rights equal to its actual emissions. The CO2 certificates
received from a government are recorded at their nominal amount, which is usually nil. A liability is recognised when the actual emissions
exceed the emission rights granted and still held. Where excess CO2 certificates are sold to third parties, the income is recognised within
other net operating expenses in the consolidated income statement when ownership rights pass to the buyer.
Green energy credits (GECs) are earned through investments in green projects. GECs are accounted for as government grants and are
measured at their fair value at initial recognition. GECs are recorded in inventory and assessed for net realisable value at the end of each
reporting period. Gains or losses arising on sale are recorded within other net operating expenses in the consolidated income statement
when ownership rights pass to the buyer.
Insurance reimbursements (note 11)
Compensation for insurance reimbursements, including compensation for business interruptions and for the loss or impairment of property, plant
and equipment, is recognised within other net operating expenses in the consolidated income statement when receipt is virtually certain.
Government grants
Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group
will comply with all attached conditions. Grants that compensate the Group for expenses incurred are recognised in profit or loss as a
deduction from the related expenses in the periods in which the expenses are recognised, unless the conditions for receiving the grant
are met after the related expenses have been recognised. In this case, the grant is recognised as other income within net operating
expenses in the consolidated income statement.
Gain on purchase of a business
Any gain on purchase of a business is recognised within other net operating expenses in the consolidated income statement.
Fair value gains/(losses) from forestry assets (note 15)
Changes in the fair value of forestry assets are recognised within other net operating expenses in the consolidated income statement.
Investment income (note 6)
Interest income, which is derived from cash and cash equivalents and other interest-bearing financial assets, is accrued on a time
proportion basis, by reference to the principal outstanding and at the applicable effective interest rate.
", "dimensions": { "concept": "mondiplc:DescriptionOfAccountingPolicyForOtherIncomeTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
Taxation (note 8)
The tax expense represents the sum of the current tax charge and the deferred tax charge.
Current tax
The current tax charge is based on taxable profit for the year. The Group\u2019s asset/liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the reporting date. The Group is regularly subject to routine tax audits, and provisions are
recognised based on the tax laws in the relevant country and the expected outcomes of any negotiations or settlements. Current tax is
presented as\u00a0a special item if the corresponding taxable income/expense is accounted for as a special item.
The Group is subject to corporate taxes in a number of jurisdictions and a degree of estimation and judgement is required in determining
the appropriate tax provision for transactions where the tax treatment is uncertain.\u00a0In these circumstances, the Group recognises
provisions for taxes based on information available where the anticipated liability is both probable and estimable.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and
liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits.
Deferred tax\u00a0is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding
temporary difference arises from a special item.
Deferred tax liabilities are generally recognised for all taxable temporary differences, while deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities in a transaction other than in a business combination that affects neither the tax profit nor
accounting profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except
where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date. In assessing recoverability, the Group considers
the\u00a0likelihood of the assets being recoverable within a reasonably foreseeable timeframe. The carrying amount is reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is
increased to the extent that it becomes probable that sufficient taxable profit will be available in the future for all or part of the deferred
tax asset to be recovered.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year
when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to
the extent that it relates to items recognised in other comprehensive income/(expense) or directly in equity. In this case, the tax is also
recognised in other comprehensive income/(expense) or directly in equity, respectively.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends
to\u00a0settle its current tax assets and liabilities on a net basis.
The Group applies the initial recognition exemption model to account for any investment tax credits.\u00a0Deferred tax is not recognised
for\u00a0temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
The Group is within the scope of the OECD Pillar Two model rules as of 1 January 2024 and applies the temporary exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the
amendments to IAS 12, 'Income Taxes \u2013 International Tax Reform \u2013 Pillar Two Model Rules', issued in May 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and
liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits.
Deferred tax\u00a0is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding
temporary difference arises from a special item.
Deferred tax liabilities are generally recognised for all taxable temporary differences, while deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities in a transaction other than in a business combination that affects neither the tax profit nor
accounting profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except
where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date. In assessing recoverability, the Group considers
the\u00a0likelihood of the assets being recoverable within a reasonably foreseeable timeframe. The carrying amount is reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is
increased to the extent that it becomes probable that sufficient taxable profit will be available in the future for all or part of the deferred
tax asset to be recovered.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year
when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to
the extent that it relates to items recognised in other comprehensive income/(expense) or directly in equity. In this case, the tax is also
recognised in other comprehensive income/(expense) or directly in equity, respectively.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends
to\u00a0settle its current tax assets and liabilities on a net basis.
The Group applies the initial recognition exemption model to account for any investment tax credits.\u00a0Deferred tax is not recognised
for\u00a0temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
The Group is within the scope of the OECD Pillar Two model rules as of 1 January 2024 and applies the temporary exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the
amendments to IAS 12, 'Income Taxes \u2013 International Tax Reform \u2013 Pillar Two Model Rules', issued in May 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
Earnings per share (EPS) (note 9)
Basic EPS
Basic EPS is calculated by dividing net profit attributable to ordinary shareholders by the weighted average number of Mondi plc shares
in issue during the year.
Diluted EPS
For diluted EPS, the weighted average number of Mondi plc ordinary shares in issue is adjusted to reflect the potential dilution from all
outstanding share-based awards granted to employees. Potential or contingent share issues are considered dilutive when their
conversion to shares would reduce EPS.
The weighted average number of Mondi plc ordinary shares in issue is the weighted number of shares in issue throughout the year and
excludes own shares held in employee benefit trusts. A share consolidation combined with a special dividend reduces the weighted
average number of ordinary shares in issue in the period when the transaction occurs from the date the special dividend is recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
Non-current non-financial assets excluding goodwill, deferred tax and net retirement benefit assets
Property, plant and equipment (note 11)
Property, plant and equipment principally comprise land and buildings, plant and equipment, assets under construction and other.
Property, plant and equipment is stated at cost less accumulated depreciation and impairment. Land and assets under construction are
carried at cost less impairment. Cost includes site preparation, the purchase price of the equipment, and directly attributable labour and
installation costs. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
purchases of property, plant and equipment. Borrowing costs are capitalised on qualifying assets. The capitalisation of costs ceases when
the asset is in the location and condition necessary for it to operate as intended by management. Start-up and ongoing maintenance
costs are recognised immediately as an expense.
Depreciation is charged to the consolidated income statement so as to write off the cost of assets, other than freehold land and assets
under construction, over their estimated useful lives on a straight-line basis to their estimated residual values of nil or scrap value.
Depreciation commences when the assets are ready for their intended use.
Residual values and useful lives are reviewed at least annually and adjusted when climate changes or other factors are anticipated to have
a material impact. Estimated useful lives range from 3 years to 25 years for items of plant and equipment and other categories and up to
a maximum of 40 years for buildings.
Insurance reimbursements for the loss or impairment of property, plant and equipment are recognised within other net operating
expenses in the consolidated income statement when receipt is virtually certain.
Government grants related to property, plant and equipment are recognised in other non-current liabilities as deferred income if there is
reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants are
credited to the consolidated income statement on a straight-line basis over the expected useful lives of the related assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
Leases (note 12)
To the extent that a right of control exists over an identified asset subject to a lease, a right-of-use asset, representing the Group\u2019s right
to use the\u00a0underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position.
A\u00a0corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity
of\u00a0the underlying lease payments, within short-term borrowings or medium- and long-term borrowings in the consolidated statement of
financial position at the commencement of the lease.
The right-of-use asset is initially measured at cost and includes the amount of initial measurement of the lease liability, any initial direct
costs incurred, including advance lease payments, and an estimate of dismantling, removal and restoration costs required under\u00a0the lease.
Depreciation is charged to the consolidated income statement to depreciate the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term includes the period of an
extension option where it is reasonably certain that the option will be exercised. Where the lease contains a\u00a0purchase option, the asset is
written off over the useful life of the asset when it is reasonably certain that the purchase option will be\u00a0exercised.
The lease liability is measured at the present value of future lease payments, including variable lease payments that depend on an index and the
exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the
lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance
charges are recognised within finance costs in the consolidated income statement over the period of the lease.
Lease expenses for leases with a duration of one year or less and low-value assets are charged to the consolidated income statement
when incurred. Low-value assets are determined based on quantitative criteria.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
Intangible assets and R&D expenditure (note 14)
Intangible assets are initially measured at cost and amortised on a straight-line basis over their estimated useful lives, except for assets
with an indefinite useful life, which are not amortised but tested annually for impairment. Estimated useful lives generally range from 3 to
10 years for most assets, 6 years for software development costs, and up to 15 years for customer relationships. Useful lives for patents
depend on the duration of legal protection rights. Useful lives and impairment indicators are reviewed at least annually.
Research expenditure is expensed as incurred. Development costs are capitalised when the completion of the asset is both commercially
and technically feasible and are amortised on a systematic basis over the economic life of the related development. Development costs
are expensed immediately if they do not qualify for capitalisation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to assess
whether indicators of impairment exist. This assessment requires management judgement. When such indicators are identified, the Group
estimates the recoverable amount of the asset or, if it cannot be assessed individually, the cash\u2011generating unit (CGU) to which it
belongs. If the recoverable amount is lower than the carrying amount, the asset or CGU is written down to its recoverable amount and
the resulting impairment is recognised as an expense in the consolidated income statement.
33 Accounting policies continued
The recoverable amount of the asset, or CGU, is the higher of its fair value less costs to dispose and its value in use. In assessing value
in\u00a0use, the estimated future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash
flows have not been adjusted. Where the asset does not generate cash flows that are independent from other assets, the Group
estimates the recoverable amount of the smallest CGU to which the asset belongs.
Where the underlying circumstances change such that a previously recognised impairment subsequently reverses, the carrying amount
of\u00a0the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount
that\u00a0would have been determined (taking into account depreciation or amortisation in the intervening period) had no impairment been
recognised for the asset, or CGU, in prior years. A reversal of an impairment is recognised in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
Agriculture \u2013 owned forestry assets (note 15)
Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price,
less\u00a0costs to harvest and deliver, to the estimated volume of timber on hand at each reporting date. The fair value less costs to sell is
determined using a market-based approach. The estimated volume of timber on hand is determined based on the maturity profile of
the\u00a0area under afforestation, the species, the geographic location, the climate and other environmental considerations and excludes
future growth. The product of these is then adjusted for risks associated with forestry assets.
Changes in fair value are recognised within other net operating expenses in the consolidated income statement. At point of harvest,
the\u00a0carrying value of forestry assets is transferred to inventory and recorded as a felling cost reduction to the fair value of forestry assets.
Directly attributable costs incurred during the year of biological growth and investments in standing timber are capitalised and presented
within cash flows from investing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Investments in joint ventures
A joint venture is an entity in which the Group holds a long-term interest with contractually agreed sharing of control over the strategic,
financial and operating decisions with one or more other venturers. Typically, the Group owns between 20% and 50% of the voting equity
of its joint ventures.
Investments in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated
statement of financial position.
The Group\u2019s share of the profit or loss of joint ventures is recognised in net profit/(loss) from joint ventures. Any impairment is presented
adjacent to the share of the joint venture\u2019s results in impairment of investments in joint ventures in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
Business combinations (note 25)
Identifiable net assets
The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values on the acquisition date. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
Cost of a business combination
The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments
issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination
are expensed as incurred and recognised within other net operating expenses into the consolidated income statement.
Goodwill (note 13)
Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill.
Goodwill is subsequently measured at cost less any impairment. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement.
Impairment of goodwill
Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the
combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount
of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year
and when events or changes in circumstances indicate that it may be impaired.
The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs to sell. Value-
in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest
forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration
relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and
announced industry capacity changes.
Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the
Group operates are determined with reference to published gross domestic product information, and for specific product lines are
determined with reference to published industry studies.
The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing
rates and adjusted for country risk and tax.
Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
Business combinations (note 25)
Identifiable net assets
The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values on the acquisition date. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
Cost of a business combination
The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments
issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination
are expensed as incurred and recognised within other net operating expenses into the consolidated income statement.
Goodwill (note 13)
Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill.
Goodwill is subsequently measured at cost less any impairment. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement.
Impairment of goodwill
Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the
combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount
of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year
and when events or changes in circumstances indicate that it may be impaired.
The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs to sell. Value-
in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest
forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration
relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and
announced industry capacity changes.
Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the
Group operates are determined with reference to published gross domestic product information, and for specific product lines are
determined with reference to published industry studies.
The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing
rates and adjusted for country risk and tax.
Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
Business combinations (note 25)
Identifiable net assets
The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values on the acquisition date. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
Cost of a business combination
The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments
issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination
are expensed as incurred and recognised within other net operating expenses into the consolidated income statement.
Goodwill (note 13)
Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill.
Goodwill is subsequently measured at cost less any impairment. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement.
Impairment of goodwill
Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the
combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount
of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year
and when events or changes in circumstances indicate that it may be impaired.
The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs to sell. Value-
in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest
forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration
relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and
announced industry capacity changes.
Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the
Group operates are determined with reference to published gross domestic product information, and for specific product lines are
determined with reference to published industry studies.
The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing
rates and adjusted for country risk and tax.
Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
Current non-financial assets
Inventories (note 16)
Inventories are valued at the lower of cost and net realisable value. The cost of inventories is determined primarily on weighted average
cost basis. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in
bringing the inventories to their present location and condition. Net realisable value is defined as the selling price less any estimated costs
to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
Own shares (note 22)
Purchases of Mondi plc\u2019s equity instruments results in the recognition of own shares. The consideration paid or payable is deducted from
equity. Where own shares are subsequently sold, reissued or otherwise disposed of, any consideration received or receivable is included
in equity attributable to the shareholders of Mondi plc, net of any directly attributable incremental transaction costs and the related tax effects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
Dividend payments (note 10)
Dividend distributions to Mondi plc\u2019s ordinary shareholders are recognised as a liability when the dividends are declared and approved.
Final dividends are accrued when approved by Mondi plc\u2019s ordinary shareholders at its Annual General Meeting and interim dividends are
recognised when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
Share-based payments (note 23)
The Group operates a number of equity-settled, share-based compensation schemes. The fair value of the employee services received
in exchange for the grant of share awards is recognised concurrently as an expense and an adjustment to equity. The total amount to
be\u00a0expensed over the vesting period is determined by reference to the fair value of the share awards granted, as adjusted for market
performance conditions and non-market vesting conditions. Vesting conditions are included in assumptions about the number of awards
that are expected to vest. At each reporting date, the Group revises its estimates of the number of share awards that are expected
to\u00a0vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any,
in\u00a0the\u00a0consolidated income statement, with a corresponding adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
Financial instruments (note 29)
Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group
becomes party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss)
are\u00a0added to, or deducted from, the fair value of the financial assets or financial liabilities on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
in\u00a0the\u00a0consolidated income statement.
Cash and cash equivalents (note 26b)
Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a
maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject
to an insignificant risk of changes in value. Money market funds are held at fair value through profit and loss, with the remaining balance
of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the
consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net
of\u00a0overdrafts.
Trade receivables (note 17)
Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate
method, less an allowance for impairment.
Impairment of trade receivables (note 17)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all\u00a0expected cash shortfalls over the life of a trade receivable. Expected credit losses are based on historical loss experience on trade
receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future
economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are
recognised as an impairment.
Trade payables (note 18)
Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest
rate\u00a0method.
Borrowings (note 21)
Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised
in\u00a0the consolidated income statement over the term of the borrowings using the effective interest rate method.
33 Accounting policies continued
Borrowing costs (note 6)
Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as
the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount
capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings,
the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during
the\u00a0construction period.
All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred.
Derivative financial instruments and hedge accounting (note 29d)
The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity
price risks.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value
within financial instruments in\u00a0the consolidated statement of financial position, and are classified as current or non-current depending
on\u00a0the maturity of the derivative.
Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised
immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the
type\u00a0of risk to which the derivative relates.
Cash flow hedges
The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows is
recognised in other comprehensive income/(expense) and accumulated in equity. Gains or losses relating to the ineffective portion are
recognised immediately in the consolidated income statement. If a cash flow hedge results in the recognition of a non-financial asset,
then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the
Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For other hedges, amounts deferred in the
Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged
item affects profit or loss on a proportionate basis.
Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss
deferred in equity is included immediately in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Cash and cash equivalents (note 26b)
Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a
maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject
to an insignificant risk of changes in value. Money market funds are held at fair value through profit and loss, with the remaining balance
of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the
consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net
of\u00a0overdrafts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Trade receivables (note 17)
Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate
method, less an allowance for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Impairment of trade receivables (note 17)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all\u00a0expected cash shortfalls over the life of a trade receivable. Expected credit losses are based on historical loss experience on trade
receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future
economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are
recognised as an impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
Trade payables (note 18)
Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest
rate\u00a0method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
Borrowings (note 21)
Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised
in\u00a0the consolidated income statement over the term of the borrowings using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
Borrowing costs (note 6)
Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as
the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount
capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings,
the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during
the\u00a0construction period.
All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
Derivative financial instruments and hedge accounting (note 29d)
The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity
price risks.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value
within financial instruments in\u00a0the consolidated statement of financial position, and are classified as current or non-current depending
on\u00a0the maturity of the derivative.
Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised
immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the
type\u00a0of risk to which the derivative relates.
Cash flow hedges
The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows is
recognised in other comprehensive income/(expense) and accumulated in equity. Gains or losses relating to the ineffective portion are
recognised immediately in the consolidated income statement. If a cash flow hedge results in the recognition of a non-financial asset,
then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the
Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For other hedges, amounts deferred in the
Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged
item affects profit or loss on a proportionate basis.
Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss
deferred in equity is included immediately in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
Derivative financial instruments and hedge accounting (note 29d)
The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity
price risks.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value
within financial instruments in\u00a0the consolidated statement of financial position, and are classified as current or non-current depending
on\u00a0the maturity of the derivative.
Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised
immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the
type\u00a0of risk to which the derivative relates.
Cash flow hedges
The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows is
recognised in other comprehensive income/(expense) and accumulated in equity. Gains or losses relating to the ineffective portion are
recognised immediately in the consolidated income statement. If a cash flow hedge results in the recognition of a non-financial asset,
then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the
Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For other hedges, amounts deferred in the
Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged
item affects profit or loss on a proportionate basis.
Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss
deferred in equity is included immediately in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
Retirement benefits (note 24)
The Group operates post-retirement defined contribution plans, post-retirement defined benefit pension plans and post-retirement
medical plans for many of its employees.
Defined contribution plans
For defined contribution plans, the amount recognised to the consolidated income statement is the contributions paid or payable during
the\u00a0financial year.
Defined benefit pension plans and post-retirement medical plans
For defined benefit pension and post-retirement medical plans, actuarial valuations are performed at each financial year end using the
projected unit credit method. The average discount rate for the plans\u2019 liabilities is based on investment-grade-rated corporate bonds or
similar government bonds of a suitable duration and currency. Plans\u2019 assets are measured in accordance with IAS 19 using market values at
the end of the financial year. The net retirement benefits liability recognised in the consolidated statement of financial position represents
the present value of the defined benefit liability as deducted by the fair value of any plan assets.
Any increase in the present value of plan liabilities expected to arise from employee service during the year is charged to personnel costs
as service costs. Past service costs resulting from plan amendments or curtailments and gains or losses on settlements are charged to
personnel costs. A net interest expense or net interest income is calculated by applying the discount rate, on a per plan basis, to the net
defined benefit liability or asset and recognised in the consolidated income statement within finance costs.
Remeasurements comprising actuarial gains and losses and the return on plan assets (after recognising the net finance charge) are
charged or credited to equity in other comprehensive income/(expense), net of deferred tax, in the financial year in which they occur.
Remeasurements recorded in other comprehensive income/(expense) are not recycled to the consolidated income statement, but those
amounts recognised in other comprehensive income/(expense) may be transferred within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
Provisions (note 19)
Provisions are recognised when the Group has a present obligation as a result of a past event, arising from a past event, and it is
probable that the obligation will need to be settled. Provisions are measured at management\u2019s best estimate of the expenditure
required\u00a0to settle the obligation at the reporting date. When the effect of discounting is material, provisions are discounted to present
value using country-specific discount rates for periods matching the duration of the underlying liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
New accounting policies, early adoption and future requirements
Amendments to published standards effective during 2025
The following new amendment has been adopted for the financial year beginning on 1 January 2025:
\u2013 Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability'
The Group did not have to change its accounting policies or make any retrospective adjustments as a result of adopting the amendment.
Amendments to published standards effective for the financial year beginning on 1 January 2026
The following amendments were adopted and will be effective for the financial year beginning on 1 January 2026. The amendments are
not expected to have a material impact on the Group\u2019s results:
\u2013 Amendments to IFRS 9 and IFRS 7 'Financial Instruments and Financial Instruments: Disclosures - Classification and Measurement of
Financial Instruments'
\u2013 Amendments to IFRS 9 and IFRS 7 'Financial Instruments and Financial Instruments: Disclosures \u2013 Contracts Referencing Nature-
dependent Electricity'
\u2013 Annual Improvements to IFRS Accounting Standards \u2014 Volume 11
The Group is in the process of assessing the impact of IFRS 18, 'Presentation and Disclosure in Financial Statements', issued in April 2024,
which will become effective and be adopted for the financial year beginning on 1 January 2027. The adoption of IFRS 18 will result in
certain changes to the presentation of items in the consolidated income statement and consolidated statement of cash flows; however,
the overall impact on the Group\u2019s consolidated financial statements is not expected to be material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
Amendments to published standards effective during 2025
The following new amendment has been adopted for the financial year beginning on 1 January 2025:
\u2013 Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability'
The Group did not have to change its accounting policies or make any retrospective adjustments as a result of adopting the amendment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
Amendments to published standards effective for the financial year beginning on 1 January 2026
The following amendments were adopted and will be effective for the financial year beginning on 1 January 2026. The amendments are
not expected to have a material impact on the Group\u2019s results:
\u2013 Amendments to IFRS 9 and IFRS 7 'Financial Instruments and Financial Instruments: Disclosures - Classification and Measurement of
Financial Instruments'
\u2013 Amendments to IFRS 9 and IFRS 7 'Financial Instruments and Financial Instruments: Disclosures \u2013 Contracts Referencing Nature-
dependent Electricity'
\u2013 Annual Improvements to IFRS Accounting Standards \u2014 Volume 11
The Group is in the process of assessing the impact of IFRS 18, 'Presentation and Disclosure in Financial Statements', issued in April 2024,
which will become effective and be adopted for the financial year beginning on 1 January 2027. The adoption of IFRS 18 will result in
certain changes to the presentation of items in the consolidated income statement and consolidated statement of cash flows; however,
the overall impact on the Group\u2019s consolidated financial statements is not expected to be material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }