Elopak Asa · OSL:ELO
Elopak Asa — Elopak A S — Q3 2025 Earnings Presentation
22 slides from Elopak Asa's earnings presentation, Oct 28, 2025
Slide 1: Quarterly presentation Q3 2025
Quarterly presentation Q3 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
Q3 2025 Business performance CEO Thomas Körmendi
Slide 6: Q3 2025 Business highlights
Q3 2025 Business highlights Highest EBITDA to date of 49.1 Americas sales growth of 18% YoY First profitable quarter in new U.S. MEUR with 17.0% margin, and (constant currency) plant with ramp-up continuing organic revenue up 1.2% Decision to accelerate capacity EMEA delivered resilient Solid cash f
Slide 7: 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 7
Slide 8: Our Americas growth journey is continuing with full steam ahead
Our Americas growth journey is continuing with full steam ahead Main developments June 2023 Decision to build a new-state-of the-art new production plant in the U.S September 2024 Decision to expand capacity with a second production line April 2025 Grand opening and start of commercial production Se
Slide 9: Americas growth journey: third production line decision
Americas growth journey Today, we are announcing the decision to further expand capacity with a third production line resulting in a broader product portfolio to the U.S. market 9
Slide 10: With three production lines we will reach our Americas revenue targets
With the three production lines we will reach our Americas revenue targets presented at our CMD Revenues Americas (MEUR)* New line will produce a mix of smaller Pure-Pak® carton formats, including school milk, to better serve and grow with our customers +136 550 ‒ Run-rate revenue and EBITDA will, d
Slide 11: Group: Strong profitability powered by strategic expansion in Americas
Group: Strong profitability powered by strategic expansion in Americas Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 15.5% 17.0% 15.5% 15.6% -1.1% +1.9% +8.3% +2.4% 293 290 873 890 49.1 135.3 138.5 45.4 Q3 24 Q3 25 YTD 24 YTD 25 Q3 24 Q3 25 YTD 24 YTD 25 ▹ Organic revenue growth of 1.2% and 2.
Slide 12: Other key financial highlights in the Group
Other key financial highlights in the Group EBIT, LTM (EURm) ROCE (%) EPS to Elopak shareholders (EUR) 2024 2025 +17% -2,3% -2.0% 112 16.8% 0,07 110 14.8% 0,06 Q3 Q3 Q3 Cash flow from operations, YTD (EURm) Capex, YTD (EURm) Net financial debt (EURm) +15% +3% -15% 108 68 272 94 58 263 YTD YTD Q2 Thi
Slide 13: Financial performance review
Q3 2025 Financial performance review CFO Bent Kilsund Axelsen 13
Slide 14: EMEA: Resilient performance despite continued soft consumption
EMEA: Resilient performance despite continued soft consumption Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 16.5% 17.8% 16.3% 16.4% -1.8% +2.0% -1.1% -5.3% 218 206 668 656 35.9 36.7 108.8 107.5 Q3 24 Q3 25 YTD 24 YTD 25 Q3 24 Q3 25 YTD 24 YTD 25 ▹ Organic revenue decline of 4.8% mainly from f
Slide 15: Americas: Improved asset utilization enables continued growth
Americas: Improved asset utilization enables continued growth Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 22,2 % 24,1 % 23,0 % 22,1 % 11.2% +14,9% +20.8% +10.3% 88 260 21.3 57.5 79 226 52.1 17.6 Q3 24 Q3 25 YTD 24 YTD 25 Q3 24 Q3 25 YTD 24 YTD 25 ▹ Organic revenue growth of 18% both in the q
Slide 16: Strategic expansion and product mix effects strengthen profitability
Strategic expansion and product mix effects strengthen profitability - with 17% EBITDA margin EBITDA and EBITDA margin % quarterly (MEUR) 3.8 MEUR +8.3% 0.9 One-off 1.5 -1.0 Other -0.6 -1.5 Inflation -2.5 -0.7 JV’s -1.3 FX 7.4 -2.0 49.1 17.0% 45.4 15.5% Q3 24 Net revenue mix* Raw materials** Operati
Slide 17: Record high cash flow from operations in the quarter drives deleveraging
Record high cash flow from operations in the quarter drives deleveraging Cash flow from Cash flow to Cash flow to operations investments financing ex loan payments 1 303 49 272 2 6 6 0 12 16 2 8 Net financial debt EBITDA Change in NWC 2 Taxes paid Other CAPEX Other Lease payments Interest paid FX 3
Slide 18: Strong cash flow enables continued investments and dividend payment
Strong cash flow enables continued investments and dividend payment while maintaining a solid balance sheet Cash flow from Cash flow to Cash flow to operations investments financing ex loan payments 1 272 263 2 22 17 19 0 138 58 5 17 8 Net financial EBITDA Change Taxes Paid Other CAPEX Other Lease I
Slide 19: Financial position remains solid with leverage reduced to 2.1x
Financial position remains solid with strong cash flow reducing leverage to 2.1x Leverage ratio (x) and net debt (MEUR) ROCE (LTM) Lease liabilities Net fin. debt Leverage ratio LTM EBITDA Capital employed LTM EBIT ROCE 732 738 713 2.3x 2.3x 685 667 2.1x 2.1x 2.1x 402 406 16,8% 15,9% 371 369 372 15,
Slide 20: Summary and outlook
Summary and outlook Highest quarterly EBITDA to date driven by strategy execution and growth in Americas ‒ New U.S. plant delivered first profitable quarter since opening with further investment in third production line supporting long-term growth ‒ EMEA delivers resilient performance despite soften
Slide 21: Financial calendar
Financial calendar Event 2026 dates Q4 2025 10 February Q1 2026 5 May Q2 2026 18 August Q3 2026 27 October
Slide 22: Thank you!
Thank you! Visit us at Elopak.com