Mondi (MNDI.L): Updating estimates ahead of 2Q26

研报英文原文证据摘录

Mondi (MNDI.L): Updating estimates ahead of 2Q26

Equity Research

25 June 2026 | 4:42PM BST

We update our estimates for Mondi ahead of its 2Q26 results (July 30), also reflecting Gabriel Simoes

+44(20)7051-6922 |

latest FX trends and marking-to-market commodity prices. gabriel.simoes@gs.com

Goldman Sachs International

We modestly lower our FY26 Adj. EBITDA and increase from 2027 onward. Our Georgina Fraser, Ph.D.

+44(20)7552-5984 |

new estimates incorporate higher costs in the Flexible Packaging and Uncoated Fine georgina.fraser@gs.com

Paper divisions. These changes reflect the higher raw material and transportation

Thomas Wardcosts that we expect to see from 2Q. In FY27/28, we increase our Adj. EBITDA +44(20)7051-2527 |

estimates by 3%/1% reflecting better price dynamics in the Flexible Packaging and thomas.ward@gs.comGoldman Sachs International

Uncoated Fine Paper divisions and slightly higher profitability in Corrugated Marcus von Scheele

Packaging. With these changes, our 2026/27/28 EBITDA forecasts are now +44(20)7774-7676marcus.vonscheele@gs.com|

c.-2%/-3%/+1% vs. Visible Alpha Consensus Data. Goldman Sachs International

We maintain our Neutral rating. After incorporating our new forecasts with

incremental margin pressure in the short term, offset by longer-term price

improvement in Flexible packaging, our 12m price target decreases to 780p from

800p driven by a slight increase in capex over the coming years to reflect additional

forestry investment. We see the company trading at 7.2x 2026/27E EV/EBITDA,

broadly in line with the historical multiple, while our revised 12-month price target

implies c.10% upside. We maintain our Neutral rating, as we see the company trading

at an appropriate multiple, while delivering higher-than-peer returns despite our