DAVY VIEW

Q3 2024 EBITDA fell 15% to €223m (Q3 2023: €264m), burdened by €60m of Q3 mill maintenance and €15m Q3 forest fair value loss despite higher containerboard and paper bag prices. While expecting Q4 2024E performance will be sequentially better (less maintenance), expect c.8% downgrades to current 2024E consensus of €1,158m EBITDA (source: Visible Alpha) to c.€1,070m on expectation of sluggish packaging demand but sequentially stable prices. Mondi will host an investor call at 09:00; register at Mondi Q3 call.