Mondi plc

Good morning and welcome to Mondi's Q3 Trading Update webinar. Closed captions are enabled for this session. If you'd like to use them, please turn them on in your Zoom app. Please note that this is an automated service and that transcription errors do sometimes occur. Please note that all lines are currently muted. Michael Andrew Powell, Lars Mallasch, Chris Gurney, Marita Erler, Thomas Ott, Vivien McMenamin, Kerry Crandon Cooper, Jennifer Louise Hampshire Michael Andrew Powell, Lars Mallasch, Chris Gurney, Marita Erler, Thomas Ott, Vivien McMenamin, Kerry Crandon Cooper, Jennifer Louise Hampshire Michael Andrew Powell, Lars Mallasch, Chris Gurney, Marita Erler, Thomas Ott, Vivien McMenamin, Kerry Crandon Cooper, Jennifer Louise Hampshire

I'm sure you've all seen the announcement today, so I'm just going to pick up on a few points before we go into questions. Overall, we delivered a resilient performance in the third quarter, considering the impact of planned mentioned shuts and the higher than anticipated input cost inflation. Good order books supported positive pricing momentum across much of the portfolio. Reported underlying EBITDA was $196 million for the quarter with nil forestry fair value gain compared to $167 million in the second quarter, which included a fair value loss of $43 million. Price increases implemented earlier in the year lifted average selling prices during the quarter and enabled us to offset the higher input costs experienced in the period. That said, cost inflation remained elevated and increased and we had anticipated at the half year. Further price increases have been announced across certain paper grades although these do take time to be fully reflected in earnings. We remain focused on taking decisive action in areas we can control. Progress continues on operational excellence, cost optimization and improving the efficiency of our plant network. We are successfully transferring customer volumes from the converting plants scheduled During the quarter, we completed the sale of one solid board converting plant and agreed the sale of a second as part of our ongoing portfolio optimization efforts. As we enter the fourth quarter, higher packaging paper prices are expected to support performance, notwithstanding the ongoing input cost pressures. With that, Mike and I are very happy to take your questions.

Thank you. As a reminder, if you'd like to ask a question during today's webinar, please press the raise hand button in your Zoomer. Our first question comes from the line of Cole Hafen. Cole, your line is unmuted. Please go ahead.