Elopak ASA: Nordic Credit Rating affirms Elopak's BBB- credit rating

Nordic Credit Rating ("NCR") has today affirmed its long-term issuer credit
rating for Elopak ASA ("Elopak", Oslo Børs Ticker: ELO) at BBB-, with stable
outlook. NCR has also affirmed Elopak's short-term issuer rating of N3 and the
BBB- issue rating on Elopak's senior unsecured bonds.

The 'BBB-' rating reflects Elopak's solid position in the European carton
packaging market, supported by geographic diversity and growth in the U.S. and
new markets, broad customer base, and solid credit metrics and moderate
financial leverage. NCR also notes positive demand trends for more sustainable
packaging.

The full credit rating report is available on:
https://www.elopak.com/investor-relations/debt-financing/credit-rating/ and
https://nordiccreditrating.com/issuer/elopak-asa.

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

About Elopak
Elopak is a leading global supplier of paper-based packaging solutions,
through the brands Pure-Pak®, D-PAKTM and Roll Fed, along with filling machines
and services. The company's iconic Pure-Pak® cartons are made primarily from
paperboard sourced from certified and controlled sources, providing a
convenient alternative to plastic packaging.

Founded in Norway in 1957 and listed on the Oslo Stock Exchange, the company
employs more than 3,000 people and provides its solutions across more than 70
countries.

Elopak has set Science Based Targets to reduce emissions in line with a
1.5-degree trajectory for scope 1 and 2, with a net-zero commitment by 2050.

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