Elopak posts US$1.6B consolidated revenue in FY2025

NORWAY – Elopak ASA has reported another strong quarter and full-year performance for FY2025, marking a major milestone as consolidated revenues exceeded €1.2 billion (US$1.64bn) for the first time in the group’s history.

For the full year, Elopak delivered organic revenue growth of 5.9% on a constant currency basis, building on its solid 2024 performance. EBITDA reached €184.7 million (US$252.35m), an increase of €8.6 million (US$11.75m) year on year, with the EBITDA margin improving slightly to 15.3%.

In light of the results, the Board has proposed a dividend of €0.102 per share for the second half of 2025, bringing the full-year dividend to €0.132 per share.

Performance was particularly strong in the fourth quarter of 2025. Group revenues rose by 11.5% year on year, or 15.0% on an organic basis, to €316.0 million (US$431.74m).

Growth was driven largely by the Americas, where sales increased by 28% year on year on a constant currency basis, reflecting continued demand for carton packaging and successful commercial execution in the region.

Fourth-quarter EBITDA increased by €5.3 million (US$7.24m) to €46.2 million (US$63.12m), with the margin improving to 14.6%.

Elopak also recorded its highest-ever cash flow from operations at €62.7 million (US$85.66m) during the quarter, enabling the group to reduce net financial debt by €7.7 million (US$10.52m).

Operationally, the year was marked by significant progress at Elopak’s Little Rock facility in the United States.

The plant achieved its first profitable quarter just four months after the start of commercial production.

Installation of the second production line advanced as planned, and in September the company approved an additional investment of US$30 million to add a third production line, underlining its confidence in long-term growth in the Americas.

Elopak’s balance sheet also strengthened over the year, with the leverage ratio improving to 2.0x, in line with the company’s mid-term financial targets.

Commenting on the results, CEO Thomas Körmendi said the company delivered “a fantastic finish to 2025,” highlighting strong revenue growth and record cash flow in the final quarter.

He attributed the performance to sustained momentum in the Americas and solid operational execution across the group, adding that the results reflect “the dedication of our teams, the trust of our customers, and the resilience of our business.”

Looking ahead, Elopak said it continues to engage with equity analysts ahead of earnings announcements, publishing consensus estimates and methodologies as part of its ongoing commitment to transparency and investor communication.

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