Slide 1: Quarterly presentation Q1 2026
Quarterly presentation Q1 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
Q1 2026 Business performance CEO Thomas Körmendi
Slide 6: Q1 2026 Business highlights
Q1 2026 Business highlights Group revenue of EUR 298.2 6.0% constant currency revenue Adj. EBITDA of EUR 41.0 million million, -3.9% YoY (+0.2% on a growth in Americas with a margin of 13.8% constant currency basis) Leverage of 2.2x up from 2.0x, Adj. earnings per share for the Price increases initi
Slide 7: Group: Results affected by weaker USD, one-off items, and margin pressure in India
Group: Results affected by weaker USD, one-off items, and margin pressure in India Revenues (EURm) EBITDA (EURm) and EBITDA margin (%) -3.9% -11.1% ▹ Group revenue for the quarter remained stable on a constant ▹ Adj. EBITDA impacted by one-off items, lower margin and currency basis (+0.2% year-on-ye
Slide 8: Extraordinary cost levels due to Middle East conflict being mitigated by price increases
Extraordinary cost levels due to Middle East conflict being mitigated by price increases Raw material price developments, indexed (%) ▹ Middle East conflict has caused severe disruptions to global supply chains ▹ Extraordinary increases in raw materials and logistic costs ▹ We are working to secure
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: 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) 2025 2026 +3.1% 0.0% +6.3% Cash flow from operations, YTD (EURm) Capex, YTD (EURm) Net debt (EURm) +84.0% -36.9% -1.2% 10
Slide 11: Financial performance review
Q1 2026 Financial performance review CFO Bent Kilsund Axelsen 11
Slide 12: Centralizing global functions and regionalizing external revenue
Changes in financial reporting Centralizing global functions and regionalizing external revenue The following changes are effective as of Q1 reporting 2026: R&D activity defined as a global activity Reconciliation of reporting segments changes in Q1-2026 R&D and other corporate services are moved fr
Slide 13: EMEA: Stable volumes, with results impacted by one-off effects and timing related to filling machines
EMEA: Stable volumes, with results impacted by one-off effects and timing related to filling machines Revenues (EURm) EBITDA (EURm) and EBITDA margin (%) -7.3% -11.1% ▹ Revenue decline due to timing effects and internal sales of ▹ EMEA impacted by EUR 1.8 million from one-off related to filling-mach
Slide 14: Americas: 8% volume growth, results impacted by weaker USD and timing of filling machines
Americas: 8% volume growth, results impacted by weaker USD and timing of filling machines Revenues (EURm) EBITDA (EURm) and EBITDA margin (%) -4.7% +7.0% ▹ Revenue growth of 6.0% on constant currency ▹ Improved margins from higher production output and operational leverage in the new production plan
Slide 15: EBITDA impacted by one-off effects and front-loading strategic initiatives
EBITDA impacted by one-off effects and front-loading strategic initiatives Adj. EBITDA and Adj. EBITDA margin % quarterly (EURm) -11.1% * 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 carton product
Slide 16: Moderate increase in net debt from translation effect and continuation of U.S. investment program
Moderate increase in net debt from translation effect and continuation of U.S. investment program as planned Cash flow from Cash flow from operations Cash flow to investments financing ex. loan payments 1 EUR 19.8m EUR -11.6m EUR -13.7m 1 Cash flow from financing excluding changes in financial debt
Slide 17: Financial position remains solid, despite translation effects on NOK bonds increasing reported net debt
Financial position remains solid, despite translation effects on NOK bonds increasing reported net debt Leverage ratio (x) and net debt (EURm) ROCE (LTM) ▹ Leverage ratio increased 0.2x compared to year-end 2025 ▹ Capital employed stable versus year-end 2025 ▹ Reported net debt increased EUR 31.9 mi
Slide 18: First quarter results affected by phasing and one-off costs, combined with softer market development
First quarter results affected by phasing and one-off costs, combined with softer market development Realized effects, Q1-2026 (~EUR 9 million): Break-down of EBITDA effects in Q1-2026 (EURm) Phasing and one-off (~50%) ~50 ~50 1 Market (~50%) ‒ Americas: Lower demand for plant-based in the U.S. ‒ Eu
Slide 19: Summary and outlook
Summary and outlook Softer and volatile markets in Q1 Extraordinary cost levels due to Middle East conflict being mitigated by price increases We operate in a resilient business, producing essential products that support everyday food consumption Despite the ongoing volatile geopolitical situation i
Slide 20: Financial calendar
Financial calendar Event 2026 dates Annual general meeting May 13 Q2 2026 August 18 Q3 2026 October 27
Slide 21: Thank you!
Thank you! Visit us at Elopak.com