Elopak announces Q3 results

CEO Thomas Körmendi said: ‘I am pleased to announce yet another quarter of strong revenue growth for Elopak. These results demonstrate how we continue to make tangible progress in delivering on our sustainability-driven growth strategy. Key achievements in Q3 include a very strong performance in Americas, successful implementation of price increases on our products in EMEA, first installation at customer site of our new aseptic Pure-Fill machine, and a better than expected start to our new business in India. 

 

‘Equally important is that our organic growth is profitable. The margin recovery in Q3 compared to the previous quarter means that we have been successful in mitigating the continued high raw material costs with price increases on our products. We expect revenue in Q4 to take us above EUR 1bn for full year 2022 and adjusted EBITDA in Q4 to be in line with Q3.’ 

 

2022 has been characterized by continued high raw material prices, general inflationary pressure in all markets, supply chain issues following the pandemic and a more uncertain macro-economic environment. Elopak sales are mainly to fresh dairy and aseptic milk and juice customers, which have proven to be resilient market segments. 

 

Elopak’s newly acquired business in MENA is delivering sales according to plan, while its new business in India is already developing significantly better than expected. Körmendi added that field-testing of its aluminum-free Pure-Pak eSense carton with a major customer in Europe is looking promising. In the long-term, the company expects the use of plastic food and beverage packaging to drop significantly, and Elopak is well-positioned to leverage this plastic-to-carton conversion trend. 

 

As of September 30, 2022, Year to date revenue has increased by 18 percent, to EUR 756.6 million. Year to date adjusted EBITDA was EUR 83.5 million, reflecting a 11.0 percent margin. 

 

Every quarter ahead of the earnings announcement, Elopak collects earnings estimates from the equity analysts currently covering Elopak. 

 

The third quarter 2022 results will be presented on Wednesday, October 26, 2022 at 09:00 CET at Felix Conference Centre, Bryggetorget 3, Oslo. Participants are invited to attend the presentation. The presentation will be held in English by CEO Thomas Körmendi and CFO Bent Kilsund Axelsen.