Elopak s first quarter (Q1): Milestone quarter with start of production at the new plant in the US and first ever quarter with revenues above EUR 300 million

07 May 2025 07:00 CEST

Elopak ASA ("Elopak", Oslo Børs Ticker: ELO) reports the first quarter ever
with revenues above EUR 300 million. The strong revenue growth of 6.3% in the
quarter was primarily driven by strong Pure-Pak® cartons sales in the
Americas, highlighting the strong fundamentals for our newly opened plant in
Little Rock, US.

Q1 2025 highlights:

* First ever quarter with revenues above EUR 300 million and the highest ever
LTM revenues of EUR 1,175 million. Revenue growth of 6.3% in Q1, with
organic growth of 5.2%
* Group EBITDA of EUR 44.6 million with a margin of 14.4%, in line with Q4
2024, and 15.1% excluding pre-production cost US plant
* Strong growth in Americas (organic 23.1%), across all segments
* Test production started at our new plant in Little Rock, US. Commercial
production and ramp-up starting in Q2
* Free cash flow generation during the quarter impacted by temporary working
capital build up expected to normalize throughout the year

Commenting on Elopak's performance, CEO Thomas Körmendi said: "I am very happy
to report our first quarter ever with revenues above EUR 300 million and the
highest ever revenues over the last twelve months of EUR 1,175 million. I am
also sincerely grateful to the whole team at Elopak Americas, as well as local
officials, for helping us to deliver our new plant in Little Rock on time and
within budget. The new plant will serve both new and existing customers across
the US, reaching millions of Americans every day, and is a cornerstone of our
Repackaging tomorrow' strategy to double revenues by 2030".

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 the Elopak's Investor
Relations website:
www.elopak.com/investor-relations/share-information/analyst-coverage/

The Q1 2025 results will be presented on May 7, 2025, at 09:00 CEST at Pareto
Securities, Dronning Mauds gate 3, 0115 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/investor-relations/reports-and-presentations/. To follow the
live webcast of the results presentation, follow this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250507_10/

Elopak ASA
Oslo, May 7, 2025

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

Media:
Yannick Vanderveeren, Senior Communications Manager
E-mail: yannick.vanderveeren@elopak.com
Tel: +47 458 36 358

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-05-07 07:00 CEST.

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 2,850 people and sells 16 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

645477_Elopak-ASA-Q1-2025-Presentation.pdf
645477_Elopak-ASA-Q1-2025-Report.pdf