International Paper Reports Second Quarter 2023 Results

Mondi has teamed up with the UK’s number 1 frozen food retailer to provide renewable, recyclable packaging in a move that further validates Mondi’s approach of using “paper where possible, plastic when useful”. Iceland is replacing its previous packaging with Mondi’s versatile functional barrier paper across a number of its ranges. The first newly packaged product to hit the shelves earlier this month was the retailer’s frozen chicken dippers, which reduces the amount of plastic used per year by 80%. The functional barrier paper is made from renewable resources with Mondi managing the paper production and coating in-house, providing a fully integrated solution. It is easy for consumers to recycle the paper in existing waste streams and as paper is the most widely recycled material in the world - 74% of paper and 83% of paper-based packaging in Europe are recycled – the solution ensures that the paper can be recycled at the end of its life, contributing to a circular economy.

Leading packaging and paper manufacturer, Mondi, is launching a fully recyclable 80% paper-based packaging solution for cold meats and cheese. The new packaging will reduce plastic usage for Austrian dairy producer SalzburgMilch by approximately 40 tonnes per year, compared to its previously used rigid plastic trays. Mondi has launched its innovative PerFORMing removable in partnership with SalzburgMilch for the brand SalzburgMilch Premium and the premium own-brand SPAR Natur*pur organic cheese slices. The shallow paper tray combines the recyclability of paper with the essential barrier properties of a thin plastic coating to keep food fresh and avoid waste. Technical details about the product: *Formable paper packaging with a patented barrier *Made from natural brown paper (Advantage Formable Brown) *Ideally suited for shallow food trays (e.g. for cheese, meat or fish) *High symmetrical stretch for uniform formability *Suitable for existing filling lines *Results in 70% less plastic used compared to plastic trays *70% CO2 reduction compare to plastic alternative

Net sales in the third quarter were $3,259 million compared to $2,920 million in the third quarter of 2021 reflecting increased beverage can unit volumes and the pass through of higher raw material costs partially offset by unfavorable foreign currency translation of $127 million. Income from operations was $297 million in the third quarter compared to $348 million in the third quarter of 2021. Segment income in the third quarter of 2022 was $336 million compared to $379 million in the prior year third quarter reflecting higher energy prices, costs associated with higher inventory levels and unfavorable foreign currency translation of $8 million.