Mondi writes down converted Duino containerboard mill in Italy by EUR 197m

Mondi has cut the recoverable value of the land, buildings and plant at its Duino mill in Italy to EUR 37m from a book value of EUR 234m, a EUR 197m write-down disclosed in the notes to the subsidiary's 2025 accounts and to be booked this year. The former Burgo coated-paper site, bought in 2022 and converted to recycled containerboard, started production in May 2025 and lost EUR 57m on revenue of EUR 46.6m in 2025. Mondi injected a further EUR 235m of capital in July 2026 and expects 2026 revenue to more than double.

Why this mattersAn 84% impairment soon after start-up shows how overcapacity, price pressure and energy costs have undermined the case for converting European graphic-paper mills to containerboard.

• Recoverable value of the Duino mill's land, buildings and plant cut to EUR 37m from EUR 234m, a write-down of EUR 197m (84%).
• Mondi Duino posted a 2025 net loss of EUR 57m on revenue of EUR 46.6m, with EBITDA of minus EUR 41.1m; production started in May 2025.
• Mondi paid EUR 40m for the former Burgo site at San Giovanni di Duino in 2022 and invested a further EUR 212m.
• Mondi made capital contributions of EUR 80m in 2025 and EUR 235m in July 2026; its financial commitment exceeded EUR 250m up to 2025.
• Mondi expects Duino's 2026 revenue to more than double from 2025 and says production is on plan.
• The accounts' notes state the mill could not currently be sold to another operator; Mondi has not decided to close or sell it.

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