Graphic Packaging Holding Company Announces Second $250 Million Acquisition of International Paper’s Minority Partnership Interest

Q1 2022 Highlights (comparative figures have been restated to reflect discontinued operations1) *Sales of $1,038 million (compared with $1,028 million in Q4 2021 and $942 million in Q1 2021) As reported (including specific items) *Operating income (loss) of $(4) million (compared with $(90) million in Q4 2021 and $44 million in Q1 2021) *Operating income (loss) before depreciation and amortization (OIBD) of $56 million (compared with $(30) million in Q4 2021 and $109 million in Q1 2021) *Net loss per common share of $(0.15) (compared with net earnings per common share of $1.04 in Q4 2021 and net earnings per common share of $0.22 in Q1 2021)

Mondi is partnering with Welton, Bibby and Baron, a leading packaging supplier to the UK food and FMCG markets, to introduce recyclable paper-based bread bags to retail shelves. WBB is converting Mondi’s FunctionalBarrier Paper Reduce to create brown and white paper bags for different pre-packed fresh bread products. Mondi is producing the strong base kraft paper from responsibly sourced fibres and coats it in-house to ensure the final packaging’s essential barrier properties. FunctionalBarrier Paper Reduce is the thinnest paper possible in Mondi’s barrier paper range, offering the strength needed for higher filling weights while delivering superb food compliant protection against water vapour, grease and moisture. The final packaging keeps the bread fresh, soft and moist, while offering a recyclable alternative to the previous unrecyclable packaging.

*EBITDA of €1,625 million with an EBITDA margin of 19.0% *ROCE of 18.0% reflecting the ongoing benefit of capital plans and operating excellence *Net Debt to EBITDA ratio of 1.4x *Announced transaction to combine Smurfit Kappa and WestRock, creating a global leader in sustainable fibre based packaging