(Oslo, May 8, 2024) Global packaging company Elopak has a very strong start to
the year, with continued strong performance in Q1. Elopak has further
strengthened its financial position, building confidence for the full year and
supporting the mid-term targets.  

 

Q1 2024 highlights  

Record high quarterly revenues at EUR 291.9 million and organic revenue growth
of 3.3%  

Strong Pure-Pak® carton volume growth in Europe and MENA  

Adjusted EBITDA reached EUR 46.1 million with a margin of 15.8% (14.5%)  

Continued strengthening of capital structure. Leverage ratio reduced to 1.8x   

Elopak commenced the construction of our new production plant in Little Rock
Arkansas (US) 

 

Commenting on Elopak's performance, CEO Thomas Körmendi said: "We continued to
perform well in Q1, creating a strong momentum for 2024. We grew our market
share in EMEA, and we officially commenced construction of our new production
plant in Little Rock, Arkansas (US). Our high-performance quarter has further
strengthened our financial position. Our leverage ratio now stands at 1.8x. We
have a solid capital structure, which is pivotal to supporting our growth
initiatives in the years to come.  Our strong performance in the quarter gives
confidence for the full year, supporting our mid-term targets." 

 

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 IR webpages
https://www.elopak.com/consensus/. 

 

The Q1 2024 results will be presented on May 8, 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. The full report and
presentation are available at www.newsweb.no. A live webcast will be available
following this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20240508_5/. For the full
report and presentation, please see the attachment or visit
www.elopak.com/reports-presentations/. 

 

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

 

Investor contact: 

Mirza Koristovic, Head of IR 

E-mail: investors@elopak.com 

Tel: +47 93 87 05 25 

 

Media contact: 

Ingrid Lille Thorsen, Senior Communication Manager 

E-mail: ingrid.thorsen@elopak.com 

 

 

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.