Elopak
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Elopak (ELO) investor relations material

Elopak Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Achieved record full-year revenues exceeding EUR 1.2 billion, with organic growth of 5.9% for the year and 15% in Q4, driven by strong Americas performance and the ramp-up of the Little Rock plant.

  • EBITDA for the year reached EUR 184.7 million (15.3% margin), with Q4 EBITDA at EUR 46.2 million (14.6% margin), both showing year-over-year improvement.

  • Record cash flow from operations at over EUR 63 million in Q4 and EUR 171 million for the year, supporting deleveraging and investment.

  • Proposed full-year dividend of EUR 0.132 per share, representing 59% of normalized net profit, with a shift to semi-annual payments.

  • CEO announced intention to step down, with a transition planned.

Financial highlights

  • Q4 revenues reached EUR 316 million, up 13.1% year-over-year; full-year revenues at EUR 1,206 million, up 4.2%.

  • Q4 EBITDA increased by EUR 5.3 million to EUR 46.2 million; full-year EBITDA up EUR 8.6 million to EUR 184.7 million.

  • EPS doubled in Q4 to EUR 0.06; full-year adjusted EPS at EUR 0.23.

  • Cash flow from operations up 23% year-over-year to EUR 171 million; net bank debt reduced by EUR 8 million sequentially from Q3 to Q4.

  • Leverage ratio improved to 2.0x, in line with mid-term targets.

Outlook and guidance

  • Expectation to deliver on mid-term targets: 4-6% organic revenue growth p.a., 15-17% EBITDA margin, 50-60% dividend payout of normalized net profit, and leverage around 2.0x net debt/EBITDA.

  • CapEx for 2026 projected at the higher end of 5%-7% of revenue due to ongoing investments, especially in the U.S.

  • Raw material costs, particularly liquid packaging board, expected to increase in 2026, but mitigated by price adjustments and operational efficiencies.

  • Focus remains on sustainable growth, operational excellence, and capital discipline amid inflationary and geopolitical headwinds.

  • Americas expected to continue as a key growth driver, with further capacity expansion and customer engagement.

Little Rock's 3rd line: expected margin impact?
Strategy to improve India's dilutive margins
What factors improved ROCE to 15.7%?
Americas supply chain optimization plans
Plastic to carton shift beyond dairy
Joint ventures performance outlook
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Frequently asked questions

Elopak ASA, through its subsidiaries, is engaged in the manufacture and supply of paper-based packaging solutions for liquid food. The company offers Pure-Pak cartons for different kinds of products, such as milk, juice, water, wine, beer, alcoholic beverages, soups, sauces and dips, dressing and oil; aseptic Tetra Pak packages; beverage packages made of laminate; cans for canned tuna fish or salmon; and disposal systems for beverage packages. It also provides service concept for printing needs; aftersales services for repair of factory equipment and spare parts delivery.

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