Elopak’s third quarter 2021. Continued solid financial performance while advancing strongly on growth strategy

Elopak continued its solid performance in the third quarter of 2021, reporting a 13% revenue growth and an adjusted EBITDA of EUR 31.7 million. The profitable growth is driven by a more valuable product and customer portfolio, sustainability tailwinds and by actively taking on market opportunities.

Highlights from Q3 2021:

  • Continued solid profitability performance, adjusted EBITDA of EUR 31.7 million (13.4% margin).
  • Revenue increased 13% compared to Q3 2020 (product mix and strong sale of filling machines).
  • Increasing raw material prices continue to impact results, partly mitigated by solid operational performance.
  • Strong financial position with a Leverage Ratio of 2.0x as of end of third quarter 2021.

“We are pleased to announce that Elopak continues to demonstrate solid financial results, with a very strong quarter in terms of profitability performance and 13% revenue growth,” says Thomas Körmendi, CEO of Elopak.

The main driver for the revenue growth is continued development towards a more valuable portfolio of products and new business development in Elopak’s two main market segments. Compared to the third quarter of 2020, both the Europe and Americas segments performed well, experiencing revenue growths of 15% and 8% respectively. Growth is fueled by the results of our sustainability-driven strategy, where we are driving the plastic-to-carton conversion in our main segments including the UK. The profitability performance is strong, especially considering increased raw material costs and global supply chain challenges.

Improved access to growth markets in MENA Region

“The recent acquisition of Naturepak Beverage, the number one gable top supplier in the MENA region, provides access to important growth markets. The region has the second highest growth rate in the world within the carton packaging industry. With Elopak’s history of more than 25 years of operations in the region, we have a strong reputational value,” Körmendi says.

Once completed, the acquisition is expected to be accretive both to growth, margins, and earnings per share.

Sustainability-focused innovation

“Furthermore, we are seeing the broader results of our sustainability-driven strategy now clearly on-shelf, where we are also driving the plastic-to-carton conversion in non-traditional carton segments by positioning our D-Pak™ brand for non-food cartons in Norway. In line with our growth strategy, we continue to scout for further growth and market opportunities,” Körmendi concludes.

For the full report and quarterly presentation, please visit www.elopak.com/reports-presentations/


Media: Patrick Verhelst, Chief Marketing Officer, Patrick.verhelst@elopak.com
Investors: Thomas Askeland, Head of IR, Thomas.askeland@elopak.com