Elopak ASA

Investor Presentation • Oct 26, 2022

Q3-22 QUARTERLY PRESENTATION

MARCH 2021 OCTOBER 26, 2022

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 aluminium and aluminium 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

1) Different accounting standards make figures not comparable between years. LTM 2022 includes revenue for Q4 2021, Q1 2022, Q2 2022 and Q3 2022 excluding Russia.

Revenue by End Markets

Revenue by Region

As worldwide makers of carton-based packaging, we are committed to remaining our customers' partner and the consumers' favorite, through relentlessly developing new solutionsfor an expanding range of content.

Applying market-leading technology, skills and natural material sourcing, we always aim to provide the highest quality products that leave the world unharmed.

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.

Q3-22 BUSINESS PERFORMANCE

CEO Thomas Körmendi

Q3 2022 Business Highlights

Margin recovery driven by price increases on our products and continued growth in Americas segment

Revenue at 272 EURm

26% y-o-y growth 15% organic

Adjusted EBITDA of 32 EURm 11.8% margin

Margin recovery q-o-q

• Higher input costs reduced margin y-o-y

Price Initiatives in EMEA about ½ of organic growth

Americas with yet another strong performance – delivering in line with strategy

Challenging environment recently, but basic foods are resilient – remain optimistic on the longer-term market fundamentals

Q3 2022 Financial Highlights

Strong revenue growth, Adj. EBITDA up 7% y-o-y

216 640 272 757 Q3 YTD 26% 18% 2021 2022 Group Revenues (EURm), CAGR (%) Group Adjusted EBITDA (EURm)

• ▹ Revenue growth of 56 EURm, 26% y-o-y
• ▹ 12 EURm of revenue growth in the quarter from the newly acquired Naturepak business in MENA and India
• ▹ Main drivers for the organic quarterly revenue growth are:
• Positive currency translation effects of 11 EURm
• Price increases in Europe, 18 EURm
• Volume growth in Americas
• ▹ Organic revenue growth of 33 EURm, 15% y-o-y

Adjusted EBITDA

• ▹ Adjusted EBITDA improvement in the third quarter, but still EBITDA margin 2.1 pp lower than a strong third quarter in 2021
• ▹ Input costs remain high for both raw materials, energy and indirect costs
• ▹ European margins improved from price increases
• ▹ Commercial passthrough contracts protect margins from raw material price increases in Americas

Business update: EMEA

Solid Q3-22 performance – growth mainly driven by price increases and acquisition in MENA

Revenues Q3-22 (EURm) – EMEA Key commentary

• ▹ Revenue growth of 34 EURm, 20% y-o-y
• 12 EURm positive impact from acquired business (7 % y-o-y)
• ▹ Organic revenue growth of 22 EURm, 13% y-o-y
• Volume growth of 6% on Roll-Fed Aseptic products
• Price increases at 18 EURm
• Volume growth of Pure-Pak® cartons in Europe South compensated for dairy consumption decline in Europe North
• ▹ Profitability was satisfactory given the unprecedented high input costs

Business update: Americas

Quarterly revenue is up by 50% y-o-y, and continued strong profitability performance

Profitable Growth Drivers

Sustainability-driven Growth Strategy

Our Growth Strategy – In The Market Place

Pfanner, Austria Beta Site Installation of 2 ltr. Aseptic Line

Feiraco, Spain Zero emissions milk – Pure-Pak® Sense Aseptic

Tesco, UK Launch of new plant-based range

Q3-22 FINANCIAL PERFORMANCE

CFO Bent Kilsund Axelsen

Adj. EBITDA above comparable period – driven by Americas

▹ EMEA

• Price increases implemented mitigated high raw material costs
• High raw-material and energy costs in the quarter

▹ Americas

• Volume growth
• Positive currency translation effect
• Positive development of Americas JVs
• Commercial passthrough contracts protect margins from raw material price increases in Americas

Adjusted EBITDA, third quarter 2022

EBITDA growth in third quarter 2022 compared to 2021, primarily due to volume growth and price increases

Quarterly Adjusted EBITDA (EURm)

Key commentary

• ▹ Positive margin impact from revenue growth
• ▹ Raw material prices remained high throughout the third quarter:
• Inventory turn lead to high cost despite declining market price for PE and aluminum
• ▹ Energy prices increased to unprecedented levels, impacting costs both directly and indirectly
• ▹ Operational costs increased due to normalization of activity level and operational challenges

Cash flow YTD¹ as of Q3 2022

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

1) Cash flow statement includes Russian entity YTD.

Financial position

Leverage Ratio for third quarter 2022 at 3.3x

Key commentary

• ▹ Leverage Ratio decreased to 3.3x as of third quarter 2022, primarily driven by improved NWC
• ▹ In Q4 our new High Bay Warehouse in the Netherlands will increase our lease liability by 22 EURm (IFRS 16)
• ▹ Existing Revolving Credit Facility amended – covenant lifted²

1) 2020 and 2021 LTM EBITDA not reworked for discontinued operations in Russia.

2) Ref. stock market announcement of June 22, 2022

Outlook

FY 2022

• ▹ Revenues from continued operations above EUR 1 billion
• ▹ Continued high uncertainty on input costs, Q4 adjusted EBITDA margin in line with Q3
• ▹ Geopolitical and macro-economic uncertainty remain a concern

Summary

• ▹ Despite a challenging environment recently, Elopak continues to deliver growth and profitability, as we further develop the company
• ▹ We are in extraordinary times Elopak is resilient and well positioned
• ▹ Strategy implementation on track;
• Americas growing strong and broadening portfolio
• Aseptic rollout somewhat delayed in Q3, we delivered our first Pure-Fill 2-liter aseptic filling machine
• MENA delivering sales according to plan
• India developing significantly better than expected
• Price increases successfully implemented

Financial calendar

Event	Date
Q4 2022 Financials	February 21, 2023
Q1 2023 Financials	May 4, 2023
Q2 2023 Financials	August 17, 2023
Q3 2023 Financials	November 2, 2023