Elopak ASA

Investor Presentation • Feb 21, 2023

Q4 2022

Quarterly Presentation

March 2021 FEBRUARY 21, 2023

Disclaimer

Certain statements included in this announcement contain forward -looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Elopak management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start -up costs, cost reductions and profit objectives, (d) various expectations about future developments in Elopak's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar.

Although we believe that the expectations reflected in such forward -looking statements are reasonable, these forward -looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward -looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminum and aluminum products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Elopak's key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Elopak disclaims any obligation to update or revise any forward -looking statements, whether as a result of new information, future events or otherwise.

Elopak at a Glance

Source: Company information, management accounts

1) Different accounting standards make figures not comparable between years. 2021 reworked for discontinued operations in Russia.

Revenue End Markets FY22

We're in the business of sustainable

packaging

We're in the business of protecting essential commodities

We're in the business of enabling world nutrition

Sustainability is at the core of who we are and everything we do

PLANET

PROFIT

Sustainable carton makers

Towards net-zero

Packaging by Nature®

The 2022 Annual and Sustainability Reports will be published on March 31, 2023

Russia Entity Deconsolidated as of July 15, 2022

On July 15, 2022 Elopak entered into an agreement to divest the Russian legal entity. The agreement terms implies that Elopak lost control of the Russian entity on the date it was signed, hence the entity is no longer consolidated in the Elopak Group. The comparative consolidated statement of comprehensive income has been re-presented to show the discontinued operation separately from the continuing operations.

• P&L items for 2021 and 2022 in this presentation exclude the impact from Russian entity.
• The balance sheet numbers include Russian Entity for 2021, but not 2022.
• Cash flows include Russian entity year to date.

The gain/loss in the third quarter resulting from the transaction and deconsolidation can be found in note 12 in the financial report.

Business Performance

CEO Thomas Körmendi

Summarizing 2022: Resilience in Changing Climates

Significant inflation

on input costs - board, aluminum, LDPE, utility, other

Divested Russian Operations

Broadened geographical footprint - acquisitions in MENA and India Extraordinary price initiatives in EMEA implemented throughout the year

Continued operational improvement of waste and safety

Strong demand for our filling machines in Americas

Global disruptions in supply chains

Positive customer reception of Pure-Pak® eSense - our newest, strategic innovation within sustainable packaging

Milk consumption in MENA affected negatively by macro-economic environment

Q4 2022 Business Highlights

Profitable growth in Q4, despite the continued volatile environment - driven by price increases on our products, continued growth in Americas, and acquisitions

Revenue at 267 EURm 24% YoY growth 12% organic

Adjusted EBITDA of 36 EURm 13.5% margin

Price initiatives in EMEA and new revenue from acquisitions supporting EBITDA

Americas with strong

growth – positive momentum and interest in Elopak's filling machines

Inflationary pressures on input costs will impact EBITDA margin in 2023

Changing and volatile environment in 2022 continues into 2023, but basic foods are resilient - we stay committed to our mid-term targets

Financial Highlights

Q4 2022 strong revenue and Adj. EBITDA growth. FY 2022 strong growth and maintained Adj. EBITDA despite significant inflation.

• ▹ Q4 2022 Organic revenue growth of 27 EURm, 12% YoY
• ▹ FY 2022 organic revenue growth of 97 EURm, 11%

▹ FY 2022 growth in adj. EBITDA, margin down YoY due to significant inflation

▹ European margins improved from price increases

Business Update: EMEA

Solid Q4-22 performance – growth mainly driven by price increases and acquisitions in MENA & India

Revenues (EURm) - EMEA Key Commentary

• ▹ Main drivers for revenue growth are:
• Price increases (19 EURm)
• New revenue from acquisitions (14 EURm )
• Volume growth on Roll-Fed Aseptic products
• Volume growth of Pure-Pak® cartons in Europe South compensated for dairy consumption decline in Europe North
• ▹ Q4 2022 organic revenue growth of 23 EURm, 14% YoY
• ▹ Q4 2022 profitability was satisfactory
• ▹ FY 2022 organic revenue growth of 73 EURm, 11% YoY
• ▹ FY 2022 profitability lower, managing inflationary pressures

Business Update: Americas

Quarterly revenue is up by 25% YoY, continued strong profitability

58 192 73 261 0 50 100 150 200 250 300 EURm Q4 FY +25% +36% 2021 2022

Revenues (EURm) - Americas Key Commentary

• ▹ Main drivers for revenue growth are:
• Growth in juice and plant-based segments
• Stable school milk volumes YoY
• Price increases in passthrough contracts
• Positive currency translation effects of 11 EURm
• ▹ Q4 2022 organic growth of 4 EURm, 6% YoY
• ▹ Q4 2022 profitability was strong
• ▹ FY 2022 organic revenue growth of 36 EURm, 19% YoY
• ▹ FY 2022 profitability was strong, delivering across the business
• ▹ High demand and momentum for our filling machines . Majority of machines signed in 2022 to be commissioned in 2023.
• ▹ Continued strengthening of the portfolio of customers and cartons drives strong profitability

Five Profitable Growth Drivers Steer Elopak's Future Direction

TODAY						MID TO LONG TERM GOAL
	FRESH OPPORTUNITY IN NORTH AMERICA	ASEPTIC GROWTH ROADMAP	BROADEN GEOGRAPHIC FOOTPRINT	PLASTIC TO CARTON CONVERSION	COMMERCIAL EXCELLENCE
Global Fresh Liquid Carton Packaging Company	Execute Americas growth plans Leverage Pure-Pak® fresh portfolio	Growth on the back of the Pure-Pak® Aseptic machine Launch of Pure-Fill machine (EMP) Innovative product pipeline	MENA: Profitable growth strategy Sub-Sahara Africa APAC expansion	Non-Food growth Plastic-to-carton conversion	Margin optimization Purchasing and value engineering Operational Improvement	Global Liquid Carton Packaging Company with a Diverse Product Portfolio and Footprint

Sustainability-driven Growth Strategy

Examples of Our Growth Strategy in the Market

Alpro, Finland and Sweden New plant-based drink in Pure-Pak® cartons

Don Simon, Spain First to launch products in Pure-Pak® eSense cartons

Glanbia, Ireland

Switches no 1 fresh milk brand in Ireland from plastic to Pure-Pak® Sense aseptic cartons

Boxed Water Is Better®, USA Joined forces with CorePower Yoga to replace all single-use plastic water bottles at its more than 200 studios

Q4 22 and FY 2022

Financial Performance

CFO Bent Kilsund Axelsen

Q4 Adjusted EBITDA

EBITDA growth YoY in Q4, primarily driven by price increases in Europe, acquisitions in MENA & India, growth in Americas

▹ EMEA

• Q4 strong revenue growth supported margins
• Price increases (+19 EURm)
• Raw-material prices somewhat lower in Q4, still at historically high levels. Energy costs very volatile.
• Roll Fed volume growth
• Acquisitions in MENA and India (+2 EURm)

▹ Americas

• Q4 strong revenue growth supported growth in adj. EBITDA and improved margins
• Volume growth driven by strengthening of the portfolio
• Improvements in waste reductions and manning efficiency
• Positive FX effects
• Commercial passthrough contracts protect margins

Adjusted EBITDA, Q4 2022

EBITDA growth YoY in fourth quarter, primarily driven by volume growth, price increases and acquisitions

Adjusted EBITDA, FY 2022

EBITDA growth, primarily driven by price increases, volume growth, and acquisitions.

Cash Flow FY 2022*

Working capital build-up is driven by inflation and price increases

*Cash Flow Statement includes Russian entity

Financial Position

Leverage Ratio in Q4 2022 remains at 3.3x, as improved EBITDA is offset by increased lease liability and bank debt

Key commentary

• ▹ Net debt of EUR 391 million
• Bank debt EUR 301 million
• Lease Liabilities EUR 91 million
• ▹ Leverage Ratio main drivers in Q4:
• LTM EBITDA increased 15 EURm to 119 EURm
• Leased liability increased by 17 EURm mainly from new High Bay Warehouse, Netherlands (IFRS 16)
• Bank debt increased by 28 EURm due to increased NWC
• ▹ Solid financial position, well within bank covenants

21

Dividend Proposal of NOK 0.86 Per Share

22

Outlook

FY 2023

Geopolitical and macro-economic uncertainty in 2022 continues into 2023 ▹
Increased liquid board cost for Elopak will take effect from Q1 ▹
Significant inflationary pressures on input costs, continue to impact our EBITDA margin in 2023 ▹
There will be volatility between quarters as mitigating actions of adapting to new realities take effect ▹

Summary

• ▹ Elopak ended the year on a strong note, delivering solid profitable organic growth
• ▹ We have proactively responded both strategically and operationally and positioned the company for the future
• ▹ Although we proved our resilience in a demanding year, we recognize that we are still in volatile times
• ▹ We continue to deliver on our strategic initiatives and expect to grow our top-line and strengthen our results
• ▹ We remain committed to our mid-term targets

Financial calendar

Event	Date
Q1 2023 Financials	May 4, 2023
Annual General Meeting	May 11, 2023
Q2 2023 Financials	August 17, 2023
Q3 2023 Financials	November 2, 2023

Q&A

Appendix

Quarterly Financials Q1 20 to Q4 22

Revenue Adj. EBITDA Adj. EBITDA Margin