Elopak Asa · OSL:ELO
Elopak Asa — Elopak A S — Q4 2025 Earnings Presentation
22 slides from Elopak Asa's earnings presentation, Feb 10, 2026
Slide 1: Quarterly presentation Q4 2025
Quarterly presentation Q4 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 expansion
Slide 3: Elopak at a glance
Revenue end markets FY25 Revenue by region FY25 Other Aseptic 3% Elopak at a glance 20% Pure-Pak ® The world’s leading provider of fresh liquid carton packaging 77% 16 billion cartons produced in 2025 Fresh Sales to 70+ markets EMEA: 68% Americas: 32% 3,000 employees Historical revenue development1
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
Q4 2025 Business performance CEO Thomas Körmendi
Slide 6: Q4 2025 Business highlights
Q4 2025 Business highlights EBITDA rose by EUR 5.3 million, Strong sales growth in Americas of Strong organic revenue growth of reaching EUR 46.2 million with a 28% year-over-year on constant 15.0% in the quarter margin of 14.6% currency basis Highest cash flow from operations New U.S. production pl
Slide 7: Full year 2025 Business highlights
Full year 2025 Business highlights New Little Rock plant was delivered EBITDA reached EUR 184.7 million Revenues exceeded EUR 1.2 billion on schedule and within budget – with a margin of 15.3%, an for the first time, driven by 5.9% and achieved its first profitable improvement of EUR 8.6 million org
Slide 8: Group: Double-digit quarterly revenue and EBITDA growth make up a very strong financial year
Group: Double-digit quarterly revenue and EBITDA growth make up a very strong financial year Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 14.4% 14.6% 15.2% 15.3% +11.5% +4.2% +13.1% +4.9% 316 1,157 1,206 46.2 176.1 184.7 283 40.8 Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24 FY 25 ▹ Organic reven
Slide 9: Other key financial highlights in the Group
Other key financial highlights in the Group Adjusted EBIT, LTM (EURm) ROCE (%) EPS to Elopak shareholders (EUR) 2024 2025 +5,6% +100% -0.2% 115 15.9% 0,06 109 15.7% 0,03 Q4 Q4 Q4 Cash flow from operations, YTD (EURm) Capex, YTD (EURm) Net debt (EURm) +23% -21% -1% 171 109 369 139 366 86 YTD YTD Q4 T
Slide 10: 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 10
Slide 11: Strengthened focus on operational excellence confirms scalable business model
Strengthened focus on operational excellence confirms scalable business model To enable a best-in-class performance culture across all manufacturing sites, a global program is in place to standardize ways of working, enable clear accountability for assets and processes and ensure disciplined perform
Slide 12: Unlocking segment opportunities in Europe's largest dairy market
Unlocking segment opportunities in Europe’s largest dairy market Ongoing commercial development with long term partner NordseeMilch to enable shift from plastic packaging to cartons Focus is the fresh cream segment, a 746 million-unit* category supplied by Germany’s major retailers, including one of
Slide 13: Financial performance review
Q4 2025 Financial performance review CFO Bent Kilsund Axelsen 13
Slide 14: EMEA growth supported by strong machine sales in the quarter
EMEA growth supported by strong machine sales in the quarter Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 15.1% 13.9% 16.0% 15.8% +7.6% +0.4% -1.4% -1.2% 222 874 878 31.2 30.8 140.0 138.3 206 Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24 FY 25 ▹ Revenue growth driven by strong machine sales, supp
Slide 15: Americas growth accelerates due to capacity expansion with new production plant accretive to Group margins
Americas growth accelerates due to capacity expansion with new production plant accretive to Group margins Revenues (MEUR) EBITDA (MEUR) and EBITDA margin (%) 22.4% 23.1% 22.9% 22.4% +18.1% +15.8% +22.2% +13.4% 99 359 23.0 80.5 84 310 71.0 18.9 Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24 FY 25 ▹ Reven
Slide 16: Solid EBITDA growth as margins remain stable YoY with new U.S. production plant driving majority of growth
Solid EBITDA growth as margins remain stable YoY with new U.S. production plant driving majority of growth EBITDA and EBITDA margin % quarterly (MEUR) 5.3 MEUR 13% -0.4 Other 0.8 Labor -1.1 JV -0.8 inflation -0.3 FX -1.9 -2.7 8.7 46.2 14.6% 40.8 14.4% Q4 24 Net revenue mix* Raw materials** Operating
Slide 17: Highest cash from operations recorded to date with majority reinvested in U.S. plant and distributed as dividends
Highest cash from operations recorded to date with majority reinvested in U.S. plant and distributed as dividends Cash flow from Cash flow to Cash flow to operations investments financing ex loan payments 1 272 264 0 22 46 5 5 6 28 28 2 9 Net debt excl. EBITDA Change Taxes paid Other CAPEX Other Lea
Slide 18: Net debt remains unchanged YoY, as cash flow from operations fund investment program and dividend payments
Net debt remains unchanged YoY, as cash flow from operations fund investment program and dividend payments Cash flow from Cash flow to Cash flow to operations investments financing ex loan payments 1 263 264 2 43 22 25 185 5 86 7 19 25 Net debt EBITDA Change Taxes paid Other CAPEX Other Lease Intere
Slide 19: Improved leverage and ROCE supported by higher earnings from the new U.S. production plant
Improved leverage and ROCE supported by higher earnings from the new U.S. production plant Leverage ratio (x) and net debt (MEUR) ROCE (LTM) Lease liabilities Net debt Leverage ratio LTM EBITDA Capital employed LTM EBIT ROCE 732 738 736 713 2.3x 2.3x 685 2.1x 2.1x 2.0x 402 406 369 372 366 103 104 10
Slide 20: 2025 summary and outlook
2025 summary and outlook Organic revenue growth of 6% 9 EURm EBITDA growth with margin improved to 15.3% Strengthened balance sheet with leverage ratio of 2.0x Proposed dividend of EUR 0.102 per share for the second half of 2025 ‒ Full-year dividend of EUR 0.132 per share, corresponding to 59% of no
Slide 21: Financial calendar
Financial calendar Event 2026 dates Annual report March 26 Q1 2026 May 5 AMG May 13 Q2 2026 August 18 Q3 2026 October 27
Slide 22: Thank you!
Thank you! Visit us at Elopak.com