The London-listed group’s stock is now down 20% year-to-date, marking a sharp reversal for shareholders. While the firm reported 223 million euros in underlying Ebitda during the same period last year, the recent surge in input costs has forced a defensive strategy. Mondi has begun raising prices across several paper grades to offset these pressures, though management does not anticipate seeing the full financial benefit of these hikes until late 2026 or into 2027.

The outlook remains clouded by market volatility. If current energy price levels persist, the company warns it will book no gain on the fair value of its forestry assets in the final quarter. This forecast highlights the ongoing struggle to balance rising production overheads against stagnant or falling margins in the paper-and-packaging sector.