Mondi plc reported second-quarter EBITDA of €167 million, a result that included a negative €43 million forest fair value adjustment and exceeded the Bloomberg consensus estimate of €160 million by about 4%.
The company lowered its maintenance spending projection to €80 million for the year, down from an earlier €100 million estimate. Mondi expects to spend €20 million on maintenance in the first half and a further €60 million in the second half. Guidance for total capital expenditure was reduced to a range of €500-550 million from a prior figure of €550 million.
Financial items were adjusted in other areas as well. Finance costs remain unchanged at €125 million. Depreciation and amortization guidance was trimmed to €475 million from an earlier range of €515-525 million.
The company said trading conditions improved through the first half of 2026. Management implemented pricing actions intended to offset higher input costs, pointing specifically to rising Central European wood prices and increased energy expenses as key cost pressures. Mondi expects the full earnings benefit from recent corrugated board and sack pricing to materialize in the second half of the year because of customary lag effects, and it signaled that further price announcements are planned for September.
Mondi recorded impairments totaling €296 million in the quarter. The largest charge was a €206 million impairment related to its new 420,000-ton Duino mill in Italy, which the company said is currently in a production ramp-up phase. Mondi has spent €240 million on capital expenditure and acquisition costs for the Duino facility. The company also booked a €39 million impairment on an office paper mill in Austria.
On market exposure, Mondi reported that roughly 18% of its sales come from Germany. Sales tied to the building and construction sector represent between 15% and 18% of total revenues, according to the company.
The quarter combines an earnings beat with significant one-off charges and a pullback in planned capital and maintenance spending. Management points to pricing and improved trading as the path to earnings recovery in the back half of the year, while the impairments and revised spending profile reshape near-term cash deployment.