Elopak’s third quarter (Q3): Record high quarterly revenues

30 Oct 2024 07:00 CET

Elopak ASA (“Elopak”, Oslo Børs Ticker: ELO) reports all-time high quarterly
revenues in Q3-2024 with EBITDA margin at 15.5%. The revenue growth comes from
Pure-Pak® carton and closure volume growth in Europe and Americas, both through
new business and increased market share, as well as strong filling machine
sales. Revenue for the full year is expected to be in line with the current run
rate, with an EBITDA margin above 15%.

Q3 2024 highlights:
• All-time-high quarterly revenues of EUR 292.8 million (EUR 283.5 million) with
an organic revenue growth of 3.6%
• Continued strong profitability with EBITDA of EUR 45.4 million and margin of
15.5%
• “Repackaging tomorrow” strategy and new mid-term targets presented at Elopak’s
first Capital markets day in September
• Decision to invest additional USD 25 million in second production line in the
new US plant

Commenting on Elopak’s performance, CEO Thomas Körmendi said: "I am pleased to
see that we continue to deliver profitable growth through new business and
increased market share across our core markets, as well as strong filling
machine sales. Recording all-time high quarterly revenue in a quarter with
challenging market conditions where consumer spending is strained in many
markets and capacity constraints and supply chain challenges in the Americas,
demonstrates the resilience of our revenue run rate. Also in the quarter, we
have decided to double the production capacity in the US already now, prior to
starting production during the first half of next year. The investment in a
second line in the production plant is a direct response to the continued strong
demand for our solutions”.

Every quarter ahead of the earnings announcement, Elopak collects earnings
estimates from the equity analysts currently covering Elopak. The consensus
estimates and the methodology used are published on Elopak’s Investor Relations
website: www.elopak.com/consensus.

The Q3 2024 results will be presented on October 30, 2024, at 09:00 CET at Hotel
Continental, Stortingsgaten 24/26, Oslo. The presentation will be held in
English by CEO Thomas Körmendi and CFO Bent Kilsund Axelsen. For the full report
and presentation, please see the attachment or visit
www.elopak.com/reports-presentations/. To follow the live webcast of the results
presentation, follow this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20241030_3/

Investor contact:
Christian Gjerde, Head of Treasury and Investor Relations
E-mail: christian.gjerde@elopak.com
Tel: +47 980 60 909

Media contact:
Ingrid Lille Thorsen, Senior Communication Manager
E-mail: ingrid.thorsen@elopak.com
Tel: +47 958 92 402

Elopak ASA
Oslo, 30 October 2024

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

About Elopak
Elopak is a leading global supplier of carton packaging and filling equipment.
The company’s iconic Pure-Pak® cartons are made using renewable, recyclable and
sustainably sourced materials, providing a natural and convenient alternative to
plastic bottles that fits within a low carbon circular economy.

Founded in Norway in 1957, Elopak was listed on the Oslo Stock Exchange in 2021.
Today it employs 2,700 people and sells in excess of 14 billion cartons annually
across more than 70 countries.

Elopak is a UN Global Compact participant member. We have set Science Based
Targets to reduce emissions in line with the 1.5 degree trajectory, and aim to
be Net-Zero by 2050. In 2023, we achieved a gold rating by EcoVadis and were
rated top 2% sustainable companies in the world.

For more information, go to www.elopak.com or follow us @Elopak on LinkedIn.

More information:
Access the news on Oslo Bors NewsWeb site

630673_Elopak-ASA-Q3-2024-Report.pdf
630673_Elopak-ASA-Q3-2024-Presentation.pdf
630673_Elopak-ASA-Q3 2024-Stock Market Announcement.pdf