Elopak reports 38% profit growth despite supply constraints

GLOBAL – Elopak ASA has reported net profit attributable to shareholders of €25 million (US$29.3 million) for Q32026, a 38% increase compared with the corresponding quarter last year, despite a challenging operating environment and supply disruptions in the Americas.

Group revenue increased by 6.5% year-on-year, or 6.0% in constant currency, while EBITDA totalled €51.9 million (US$60.9 million) with a margin of 16.8%. 

The EMEA region delivered strong performance with revenues rising 7.5%, supported by volume growth across Pure-Pak cartons and roll-fed segments in Europe. 

These carton formats serve dairy, juice and liquid food applications where aseptic or extended shelf-life packaging remains essential for distribution.

Americas Constrained by Board Supply Disruption

Americas revenues increased 5.9%, despite growth being constrained by board supply disruption following the Nippon Dynawave incident. 

Insurance recoveries recognised in the quarter partly compensated for additional costs, with further recoveries expected. 

Board supply interruptions cascade directly to carton converting operations, since packaging manufacturers depend on consistent paperboard feedstock to maintain filling line schedules and customer deliveries.

Capital Returns Improve as Leverage Holds Steady

Return on capital employed increased to 15.4% while the leverage ratio remained stable at 2.2 times. 

Improved capital efficiency alongside stable leverage indicates that profit growth has come from operational performance rather than balance sheet adjustments, positioning the company to fund further investment without increasing debt exposure.

Leadership Transition Set for November

Håkon Volldal will assume the role of chief executive officer effective 2 November 2026, with Reinard Dreesmann appointed interim executive vice president for the Americas region.

Interim CEO Bent K. Axelsen said the company’s resilient results demonstrated that it could continue to drive progress through disciplined execution and a focused strategy. 

He added that he was proud of how teams had responded and that the company remained committed to its Repackaging tomorrow strategy and to delivering value for shareholders.

For packaging producers across Europe and the Americas, Elopak’s results suggest that demand for aseptic cartons remains steady even as raw material and logistics costs pressure margins, making supply chain reliability a competitive differentiator alongside product innovation.

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