Elopak Asa · OSL:ELO
Elopak Asa — Elopak A S — Q2 2026 Earnings Presentation
21 slides from Elopak Asa's earnings presentation, Aug 18, 2026
Slide 1: Quarterly presentation Q2 2026
Quarterly presentation Q2 2026
Slide 2: Disclaimer
Disclaimer Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Elopak management concerning plans, objectives and strategies, such as planned expansion
Slide 3: Elopak at a glance
Carton revenue FY25 Revenue by region FY25 Other Aseptic1 3% Elopak at a glance 31% The world’s leading provider of fresh liquid carton packaging 67% 16 billion cartons produced in 2025 Fresh Sales to 70+ markets EMEA: 69% Americas: 31% 3 000 employees Historical revenue development2 12 manufacturin
Slide 4: We’re in the business of sustainable packaging
We’re in the business of Protecting essential commodities sustainable Enabling world nutrition Reducing plastics packaging 4
Slide 5: Business performance
Q2 2026 Business performance Bent K. Axelsen, Interim CEO
Slide 6: Q2 2026 Business highlights
Q2 2026 Business highlights Group revenue of EUR 303.9 8.7% constant currency revenue Adjusted EBITDA of EUR 45.0 million, +4.9% YoY (+5.7% on a growth in Americas, and 3.3% million with a margin of 14.8% constant currency basis) revenue growth in EMEA Customer surcharges implemented The Board has d
Slide 7: Håkon Volldal appointed as new CEO
Håkon Volldal appointed as new CEO Today, Volldal serves as President and CEO of Nel ASA "I am excited to be joining Elopak, a company with a strong purpose, Before that, Volldal has held the position a proud heritage, and a clear as CEO of Q-Free and several senior vision for the future. Throughout
Slide 8: Group: Delivering revenue and EBITDA growth in a challenging environment
Group: Delivering revenue and EBITDA growth in a challenging environment Revenues (EURm) Adj. EBITDA (EURm) and Adj. EBITDA margin (%) +4.9% +0.4% +1.7% -3.0% ▹ Revenue growth of 5.7% on a constant currency basis ▹ Adjusted EBITDA impacted by higher raw material costs following the Middle East confl
Slide 9: Refocusing priorities to accelerate profitable growth
Refocusing priorities to accelerate profitable growth Realize global Strengthen Leverage plastic growth leadership in core replacement shift A sustainability frontrunner with innovative solutions across multiple packaging segments 9
Slide 10: Incident at Nippon will constrain board supply growth, potentially into 2027
Despite ongoing mitigating actions, incident at Nippon will constrain board supply growth, potentially into 2027 Lacking pulp production at Contingency measures Long-term strategic board Nippon will constrain board initiated: supply to existing capacity remain supportive supply to the market custome
Slide 11: Other key financial highlights in the Group
Other key financial highlights in the Group Adjusted EBIT, LTM (EURm) ROCE (%) Adj. EPS to Elopak shareholders (EUR) +4.7% +0.5% +87.3% Cash flow from operations, YTD (EURm) Capex, YTD (EURm) Net debt (EURm) +39.5% -4.6% -0.1% 11
Slide 12: Financial performance review
Q2 2026 Financial performance review Ola Buarøy, Interim CFO
Slide 13: EMEA: Solid carton and closure growth, margins impacted by raw material costs
EMEA: Solid carton and closure growth, margins impacted by raw material costs Revenues (EURm) Adj. EBITDA (EURm) and Adj. EBITDA margin (%) +3.3% -2.1% -1.9% -6.6% ▹ Revenue increase primarily attributable to cartons and closures ▹ Margin decline primarily due to elevated raw material costs (+7.9% y
Slide 14: Americas: Revenue growth and margin expansion despite challenging operating environment
Americas: Revenue growth and margin expansion despite challenging operating environment Revenues (EURm) EBITDA (EURm) and EBITDA margin (%) +6.7% +0.5% +12.2% +10.4% ▹ Revenue increased 8.7% on a constant currency basis ▹ EBITDA margin increased to 22.9%, supported by higher production output and op
Slide 15: Raw material cost increases partially offset by customer surcharges and volume growth
Raw material cost increases partially offset by customer surcharges and volume growth Adj. EBITDA and Adj. EBITDA margin % quarterly (EURm) +1.7% * Net revenue mix consists of the impact from volume and prices in EMEA and the contribution changes in Americas ** Raw materials are only related to cart
Slide 16: Strong operating cash flow supported continued investments and dividend payments in the quarter
Strong operating cash flow supported continued investments and dividend payments in the quarter Cash flow to Cash flow from operations Cash flow to investments financing ex. loan payments 1 EUR 54.8m EUR -26.2m EUR -39.6m 1 Cash flow from financing excluding changes in financial debt 2 FX relates to
Slide 17: Cash flow from operations supported continued investments and dividend payments
Cash flow from operations supported continued investments and dividend payments Cash flow to Cash flow from operations Cash flow to investments financing ex. loan payments 1 EUR 74.6m EUR -37.9m EUR -53.4m 1 Cash flow from financing excluding changes in financial debt 2 FX relates to translation of
Slide 18: Financial position remain solid with leverage stable at 2.2x
Financial position remain solid with leverage stable at 2.2x. ROCE stable at 15%, despite continued investments Leverage ratio (x) and net debt (EURm) ROCE (LTM) ▹ Leverage ratio stable at 2.2x, in line with previous quarter ▹ ROCE stable compared to the previous quarter ▹ USD 109 million invested i
Slide 19: Summary and outlook
Summary and outlook The second quarter of 2026 demonstrated an improvement from the softer start to the year The Board has declared a dividend of EUR 0.065 per share for the first half of 2026, corresponding to 52.5% of normalized net profit Gradual improvements to continue through the second half o
Slide 20: Financial calendar
Financial calendar Event 2026 dates Q3 2026 October 27
Slide 21: Thank you!
Thank you! Visit us at Elopak.com