Elopak delivers steady Q2 FY25growth amid market headwinds

NORWAY – Elopak ASA has reported revenues of US$338.30 million for the second quarter of 2025, representing 2.4% organic growth year-on-year when adjusted for currency effects.

The performance was driven largely by robust sales in the Americas and the ramp-up of the company’s new USA manufacturing facility.

The Group’s EBITDA margin stood at 15.4% in Q2, or 15.8% when excluding ramp-up costs from the USA plant.

The Americas region saw a standout 14% increase in sales compared to last year on a constant currency basis, underscoring the region’s importance in Elopak’s growth strategy.

The USA facility, which entered commercial production earlier this year, remains on track to reach full capacity by year-end.

Management noted that the investment aligns with Elopak’s ambition to strengthen its position in the sustainable liquid food packaging market, particularly in North America, where demand for renewable and recyclable carton solutions is rising.

Solid cash flow generation during the quarter enabled the company to sustain high levels of capital expenditure and continue shareholder returns.

The Board has declared a dividend of €0.03 per share for the first half of 2025, consistent with its dividend policy, following a €0.08 per share payout in May as the first installment of the 2024 dividend. Leverage remains stable at 2.3x.

“We are pleased with the positive result and progress we’ve made in the second quarter despite a more uncertain and challenging market environment,” said CEO Thomas Körmendi.

“We continue to show resilience across key markets and expect to continue the strong performance from the first half of 2025, with full-year results in line with our mid-term targets.”

Elopak, best known for its Pure-Pak cartons, has been expanding beyond its traditional European base to capture growth in emerging and high-potential markets.

The USA plant marks a strategic milestone, providing localized production capacity to serve growing demand in the Americas while reducing logistical costs and carbon footprint.

Industry analysts have noted that Elopak’s diversification and investment strategy position it well against competitors, particularly as global demand shifts towards eco-friendly packaging amid tightening environmental regulations.

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