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Elopak ASA
OSE:ELO

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Elopak ASA
OSE:ELO
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Price: 35.95 NOK -0.83% Market Closed
Market Cap: kr9.7B

Elopak ASA
Investor Relations

Founded in 1957 and headquartered in Norway, Elopak ASA has established itself as a key player in the packaging industry, particularly known for its innovative approach to liquid packaging solutions. The company was born from a vision to revolutionize how liquids are stored and transported, initially capturing attention with its Pure-Pak® carton, a product that would go on to become synonymous with practical, eco-conscious design. Elopak carved out a distinctive niche in the packaging arena by offering sustainable alternatives that blend functionality with environmental considerations, driven by the ever-growing consumer demand for sustainable solutions. Today, Elopak specializes in providing renewable, recyclable, and biodegradable packaging, with an emphasis on reducing plastic usage, thereby aligning itself closely with the evolving global green agenda.

Elopak’s business model revolves around designing, producing, and distributing packaging solutions primarily for the beverage and liquid food industry. The company's revenue streams are fortified by its comprehensive suite of offerings, which include both cartons and caps, supported by sophisticated filling technology to ensure product integrity and convenience. By continually investing in research and development, Elopak not only maintains its competitive edge but also ensures that its offerings meet the stringent demands for sustainability and safety in food packaging. Furthermore, Elopak leverages its expansive distribution network to deliver these solutions across various continents, reinforcing its stature as a global leader. The company’s customer-centric approach, underscored by close partnerships with producers and retailers, fortifies its market presence, translating into a robust revenue model that balances environmental stewardship with financial growth.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 10, 2026
AI Summary
Q4 2025

Strong Results: Elopak delivered a very strong Q4 and full year, breaking EUR 1.2 billion in revenue for the first time and achieving record cash flow from operations.

Growth Driven by Americas: The Americas segment, boosted by the Little Rock plant, grew 28% in constant currency, with Little Rock now accretive to group margins.

Operational Efficiency: The company reduced inventories by 17% and achieved a TRI safety incident rate of 4, demonstrating better operational discipline.

Margin Performance: Full-year EBITDA increased by over EUR 9 million, with margin levels in line with midterm targets, though India and filling machine sales diluted average EMEA margins.

Dividend and Leverage: Management proposed a dividend payout of 59% of normalized net profit, and leverage ratio is down to 2x, meeting the midterm target.

Raw Material Pressures: Liquid packaging board costs are rising for 2026, but price increases and operational improvements are set to mitigate the impact.

CapEx to Remain Elevated: Capital expenditure will be at the upper end of the 5–7% of revenue range in 2026 due to ongoing investments, especially in the U.S.

Key Financials
Revenue
Over EUR 1.2 billion
Q4 Revenue (EMEA)
Around EUR 222 million
Q4 Revenue (Americas)
Around EUR 100 million
EBITDA (Q4)
Increase by more than EUR 5 million
EBITDA (Full Year)
Increase by more than EUR 9 million
EBITDA Margin (Full Year)
15.3%
EBITDA Margin (Q4)
Around 14.6%
EBITDA (EMEA, Q4)
EUR 31 million
EBITDA Margin (EMEA, Q4)
14%
EBITDA (Americas, Q4)
EUR 23 million
EBITDA Margin (Americas, Q4)
23%
Cash Flow from Operations (Q4)
More than EUR 63 million
Dividend Payout Ratio
Around 59% of normalized net profit
Dividend per Share
EUR 0.102
Leverage Ratio
2x
Net Bank Debt (Q4 end)
EUR 264 million
Return on Capital Employed
15.7%
Inventory Reduction
17%
Total Cash Flow from Investing Activities (Q4)
EUR -23 million
CapEx (Q4)
EUR 28 million
CapEx Guidance (2026)
At or above 5–7% of revenue range
TRI Safety Incident Rate
4
Earnings Call Recording
Other Earnings Calls

Management

Mr. Thomas Ralph Kormendi
President & CEO
No Bio Available
Mr. Bent K. Axelsen
Chief Financial Officer
No Bio Available
Mr. Wolfgang Buchkremer
Chief Technical Officer
No Bio Available
Ms. Nete Bechmann
Chief Human Resources Officer
No Bio Available
Mr. Ivar Jevne
Executive Vice President of Packaging & Procurement
No Bio Available
Mr. Stephen D. Naumann
Executive Vice President of Region Europe North & CIS
No Bio Available
Mr. Finn M. Tørjesen
Executive Vice President of Region Europe South & New Markets
No Bio Available
Mr. Lionel Ettedgui
Executive Vice President of North America
No Bio Available
Dr. Anette Bauer Ellingsen
Senior Food Microbiologist & Employee Representative Director
No Bio Available
Dag Gronevik
Executive Vice President of Equipment & Service
No Bio Available

Contacts

Address
OSLO
Oslo
Karenslyst Alle 53
Contacts
+4731271000.0
www.elopak.com
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