Elopak Asa · OSL:ELO
Elopak Asa — Elopak A S — Q2 2025 Earnings Presentation
21 slides from Elopak Asa's earnings presentation, Aug 14, 2025
Slide 1: Quarterly presentation Q2 2025
Quarterly presentation Q2 2025
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 expansio
Slide 3: Elopak at a glance
Revenue end markets FY24 Revenue by region FY24 Other Aseptic 4% Elopak at a glance 20% The world’s leading provider of fresh liquid carton packaging 76% 16 billion cartons produced in 2024 Fresh Sales to 70+ markets EMEA: 73% Americas: 27% 2,850 employees Russia Historical revenue development1 12 m
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 overview
Q2 2025 Business performance overview CEO Thomas Körmendi
Slide 6: Q2 2025 Business highlights
Q2 2025 Business highlights Group EBITDA margin of 15.8%, Organic group revenue growth of Strong organic sales growth of 14% adjusted for ramp-up of U.S. plant 2.4% in Americas U.S. plant in commercial First installment of the 2024 The Board has declared a dividend production. Target remains to be d
Slide 7: Group: Stable revenues and strong quarterly margin in a volatile environment
Group: Stable revenues and strong quarterly margin in a volatile environment Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 15.2% 15.4% 15.5% 14.9% +0,4% +3,4% +2,1% -0,6% 288.4 289.6 580.3 599.9 43.8 44.7 89.9 89.3 Q2 24 Q2 25 YTD 24 YTD 25 Q2 24 Q2 25 YTD 24 YTD 25 ▹ Revenue growth of 7.0 MEU
Slide 8: 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 8
Slide 9: Enabling future growth through the launch of new innovations meeting market demands
Enabling future growth through the launch of new innovations meeting market demands New Natural White Board for Pure-Pak® cartons Cartons and closures include recycled polymers A new board type launched in Already available on the Norway with Rørosmeieriet market through our long-term and Coop: cust
Slide 10: The advanced Pure-Fill platform for filling ambient products
The advanced Pure-Fill platform for filling ambient products facilitates future revenue generation Unique technology allowing innovation flexibility New shapes and formats Compatible with new sustainability features “Elopak’s Pure-Fill has exceeded our expectations — flexible, efficient, and built f
Slide 11: Financial performance review
Q2 2025 Financial performance review CFO Bent Kilsund Axelsen
Slide 12: EMEA: Steady performance despite consumption decline and strong competition in Roll Fed
EMEA: Steady performance despite consumption decline and strong competition in Roll Fed Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 16.4% 15.7% 16.2% 15.8% +0.2% -0.1% -3.9% -3.4% 219.5 219.9 450.0 449.6 35.9 34.4 72.8 70.9 Q2 24 Q2 25 YTD 24 YTD 25 Q2 24 Q2 25 YTD 24 YTD 25 ▹ Roll Fed in Eu
Slide 13: Americas: Growth supported by closure sales, carton pricing and U.S. plant
Americas: Growth supported by closure sales, carton pricing and U.S. plant Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 23.5% 22.0% 23.5% 21.1% 7.4% +17.0% +6.1% +8.8% 78.3 171.8 17.2 36.2 72.9 17.1 34.5 146.9 Q2 24 Q2 25 YTD 24 YTD 25 Q2 24 Q2 25 YTD 24 YTD 25 ▹ Revenue growth of 14% YoY on
Slide 14: Improved quality of earnings more than compensates increased costs
Improved quality of earnings more than compensates increased costs EBITDA and EBITDA margin % quarterly (MEUR) 0.9 MEUR 1.4 MEUR +2.1% 3.1% 0.8 -0.9 R&D -0.7 Other -1.7 -1.6 JV 4.4 -1.0 FX 0.4 -2.7 43.8 44.7 45.1 15.2% 15.4% 15.8% Q2 24 Net revenue mix* Raw materials** Operating cost JV and FX*** Q2
Slide 15: Strong cash flow from operations reinvested in new plant and dividend payment in the quarter
Strong cash flow from operations reinvested in new plant and dividend payment in the quarter Cash flow from Cash flow to Cash flow to operations investments financing ex loan payments 1 8 302 299 22 5 7 45 1 21 1 4 5 Net fin. debt, EBITDA Change Taxes paid Other CAPEX Other Lease Interest paid Divid
Slide 16: Strong cash flow from operations reinvested; net working capital remains high
Strong cash flow from operations reinvested in new plant and dividend payments. Net working capital remains high Cash flow from Cash flow to Cash flow to operations investments financing ex loan payments 1 302 1 22 11 263 13 1 46 89 3 9 24 Net fin. debt EBITDA Change Taxes Paid Other CAPEX Other Lea
Slide 17: Stable leverage ratio enabling continued growth and dividends
Stable leverage ratio enabling continued growth and dividends Leverage ratio (x) and net debt (MEUR) ROCE (LTM) Lease liabilities Net fin. debt Leverage ratio LTM EBITDA Capital employed LTM EBIT ROCE 732 713 2.3x 2.3x 685 655 667 2.1x 2.1x 1.9x 17,7% 402 406 16,8% 371 15,9% 369 15,1% 339 14,6% 103
Slide 18: Other key financial highlights
Other key financial highlights EBIT, LTM (EURm) ROCE (%) EPS to Elopak shareholders (EUR) 2024 2025 -7,4% -3.0% -42% 116 17.7% 0,06 107 14.6% 0,03 Q2 Q2 Q2 Cash flow from operations, YTD (EURm) Capex, YTD (EURm) Net debt (EURm) +17% +20% -11% 48 46 406 43 39 339 Q2 YTD Q2 This slide will not be pres
Slide 19: Summary and outlook
Summary and outlook Solid financial results, despite a more uncertain and competitive market environment ‒ EBITDA margin of 15.8%, adjusted for the ramp-up of the new U.S. plant ‒ Strong organic sales growth of 14% in Americas ‒ U.S. plant in commercial production; target remains to be fully ramped-
Slide 20: Financial calendar
Financial calendar Event Dates Q3 2025 October 28, 2025
Slide 21: Thank you!
Thank you! Visit us at Elopak.com