Mondi plc

Hello, everyone, and welcome to this Mondi Q1 event. Just to let you know, we do have captions on today's call, and these can be switched on and off within your Zoom settings, but please be aware they are automated and can sometimes contain errors. If you have a Q&A question today, then please use the raise hand function on your screen, and you can do this when we go into our Q&A section later. I'm now going to hand you over to Andrew King, CEO. Andrew, please unmute and go ahead.

Good morning, everyone, and thank you for joining our call today. I'm Andrew King, Group CEO, and with me is Mike Powell, our CFO. I'll apologize in advance for the slightly croaky voices. It seems like both Mike and I have managed to pick up a change of season sniffles that I'm sure we can be heard. I'm sure you've all seen the announcement today, so I'm just going to pick up a few points before we go to questions. Market conditions in the first quarter of 2026 did remain challenging, underlying EBITDA for the quarter of $212 million, broadly in line with the fourth quarter of 2025. On a sequential basis, sales volumes increased across a range of paper grades. There was also no planned maintenance shuts in the quarter. These volume increases were offset by lower average selling prices, and towards the end of the quarter, higher energy-related input costs. With our converting operations, corrugated solutions and paper bags experiencing margin pressure, while consumer flexibles delivered a broadly stable performance, supported by resilient end markets. Geopolitical tensions in the Middle East increased volatility in an already complex operating environment. Across the business, We have seen higher energy, raw material and logistics costs and we have responded with pricing actions. While there is an inherent time lag, we do expect these measures to take full effect by the third quarter. Despite the uncertain outlook, we continue to focus on what we can control and deliver great products and services to our customers. With that, Mike and I are now happy to take your questions.

Just a reminder, if you do have a question, then please use the raise hand function. Our first question comes from James from President Securities. James, please unmute and go ahead.