Elopak CEO Thomas Körmendi steps down amid leadership transition

NORWAY – Elopak has announced that CEO Thomas Körmendi will step down from his role, citing personal reasons linked to his planned relocation to Denmark.

The company’s Board of Directors has launched a formal search for a successor, with Körmendi set to remain in position until a new CEO is appointed.

This transition period is intended to ensure continuity in leadership and the ongoing execution of Elopak’s long-term strategy, “Repackaging tomorrow,” which will remain unchanged.

Chair of the Board Dag Mejdell credited Körmendi with significantly strengthening Elopak’s market position and sustainability credentials during his tenure.

Since the company’s IPO in 2021, Elopak has expanded into a fully integrated provider of packaging solutions across fresh, aseptic and non-food segments.

Under Körmendi’s leadership, the company has also accelerated its global footprint through targeted acquisitions, particularly in the Middle East, North Africa and Asia.

More recently, Elopak marked a major milestone with the launch of a state-of-the-art production facility in the United States, further underlining its international growth ambitions.

These strategic moves have translated into improved financial performance, with the company reporting notable gains in both revenue growth and profitability.

The Board acknowledged Körmendi’s role in steering Elopak through a period of transformation, positioning it as a leading player in sustainable packaging alternatives.

In his remarks, Körmendi described his departure as a personal decision tied to a new professional opportunity and a desire to return to Denmark.

He expressed confidence in the company’s leadership team and reaffirmed his commitment to supporting a smooth handover process.

Elopak, known for its carton-based packaging solutions, has increasingly focused on offering renewable and low-carbon alternatives to plastic packaging.

This direction has aligned with growing regulatory pressure and consumer demand for environmentally responsible packaging formats.

Meanwhile the company reported 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.

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