Elopak ASA

Quarterly Report • May 5, 2022

First quarter 2022 report

• • Revenue increased by 9% compared to first quarter of 2021 due to value growth in EMEA and in Americas.
• • Unprecedented high raw material prices impacted the Q1 results negatively with approximately EUR 9 million.
• • Adjusted EBITDA of EUR 27.0 million compared with EUR 32.4 million in the first quarter of 2021, corresponding to an adjusted EBITDA margin of 11.1% compared to 14.5% in the first quarter of 2021.

FIRST QUARTER 2022 HIGHLIGHTS

• • Total impairment of EUR 22.2 million related to assets in Russia and Ukraine.
• • The Naturepak acquisition was completed on 29th March.
• • The company's leverage ratio is 2.9x as of end of first quarter 2022, following the acquisition of Naturepak and also higher raw material costs.

Subsequent events

• Investment of EUR 16 million and JV agreement for Indian market, signed on 28th April.

Summary of underlying financial results and liquidity

		Quarter ended 31 Mar
(EUR 1,000,000)	2022	2021	Change
Revenues	243.4	222.8	9%
EBITDA1)	12.4	30.7	-60%
Adjusted EBITDA1)	27.0	32.4	-17%
Adjusted EBITDA margin	11.1 %	14.5 %	-24%
Profit for the period	-17.3	11.0	-258%
Adjusted profit for the period1)	8.8	11.6	-24%
Net debt	339.8	-
Leverage ratio1)	2.9	-
Adjusted basic and diluted earnings per share (in EUR)	0.03	0.05

1) Definition of Alternative Performance Measures, including specification of adjustments, at the end of this report

2021 2022

CEO COMMENTS

The first quarter of 2022 has been another eventful quarter for Elopak. Our good business performance in the quarter is unfortunately overshadowed by the horrific events in Ukraine which also had a negative impact on Elopak's business in Russia and Ukraine. We are deeply concerned with the situation, especially for our Ukrainian colleagues, and are taking all actions to maintain their safety and wellbeing during these times. We are also pleased that we have been able to resume some production in Ukraine albeit still at a low level for now. Elopak BoD took a decision on March 4th to temporarily suspend all activities in Russia. After 30 years serving our Russian customers, this was a difficult decision, no matter how morally correct. At present, Elopak is investing considerable efforts to explore all scenarios, including sales of our Russian operations and this will be done in as orderly a fashion as possible, while also attempting to minimise the negative short-term impact for our employees.

Elopak has again delivered strong revenue growth in the quarter, an increase of 9% compared to the first quarter of 2021. The main drivers for the revenue growth were price increases in both Europe and Americas, and also higher Roll-Fed volumes in Europe and school milk volumes in Americas. The interruption to our operations in Russia and Ukraine had a limited impact on the operational results in the first quarter, as the business impact was limited to March only. We do not expect any sales in Russia in the coming quarters and as a consequence of the overall situation we have reassessed the value of our investments both in Russia and Ukraine. This has resulted in an impairment of EUR 22.2 million in the quarter.

The adjusted EBITDA in the second quarter is EUR 27 million, 17% lower than the exceptionally strong first quarter of 2021. The first quarter of 2022 was again marked by inflationary pressure. The unprecedented raw materials situation led Elopak to announce price increases in Europe with financial effect from January 2022. We are pleased that we have successfully implemented these price increases, which have contributed to the 1.8% better EBITDA margin compared to Q4 last year. However, as the global raw material situation has deteriorated further, we have announced further price increases to customers to mitigate the impact of inflation. The price increases are already announced to customers and will have financial effect from June 2022.

The strategy implementation is progressing in line with plan in Americas. This is also reflected in the EBITDA performance in our Americas business, which improved by 21% compared to the first quarter of 2021.

On 29 March 2022, the Group announced the completion of the Naturepak acquisition. We are excited to now assume ownership and continue the successful growth journey of this business in the MENA region. The integration plans are currently being implemented and we look forward to expanding further with the customers in the region.

On 28 April 2022, we announced the signing of a joint venture agreement with GLS a leading packaging supplier in India. This JV marks an exciting beginning of our venture into largest milk and fastest liquid carton packaging market in the world - India. The plant is expected to establish first commercial production already in Q2 2022.

Market

The first quarter of 2022 was characterized by many of the same trends that we saw at end of 2021, albeit with a significantly elevated inflationary pressure across all markets. The immediate effect has been unprecedented cost increases in raw materials and utilities. Adding to this, the global supply issues following the pandemic as well the high logistical costs have resulted in an overall challenging environment with considerable impact for, especially, the smaller packaging companies.

The fundamentals for sustainable packaging solutions remain intact, and we continue to see increased interest for carton packaging in Europe for several applications, including non-food. The current demand in aseptic segments in Europe remains elevated, driven by an underlying trend of more aseptic packaging during the pandemic.

Based on this, we remain optimistic although the ongoing conflict in Ukraine will continue to impact us negatively.

Outlook

In the near term, we expect continued negative impact from raw material prices as well as the loss of our sales in the Russian market. Hedging activities related to raw material purchases will only compensate for approximately 30% of the increased raw material cost during Q2. As price increases to our customers will first become effective in June, our margin will continue to be under pressure. Further to this, Elopak has decided to continue paying salaries to our employees in both Russia and Ukraine, despite the disruption to the

related business. In conclusion, Elopak is set to deliver a weak Q2, with margins recovering in the second half of 2022.

With the integration of Naturepak into Elopak financials and continued growth in the MENA region, we expect to deliver positive revenue growth for the Group in the second half of 2022.

Revenues

In the first quarter of 2022, revenues increased by 9%, or EUR 20.6 million. Adjusting for currency translation effects (EUR to USD) the increase was 7%, or EUR 16.6 million.

In EMEA, an important part of the revenue development was the impact of price increases communicated to customers in 2021.

In the first quarter of 2022 volume development has been relatively stable for Pure-Pak®. One contributor to the growth in fresh volumes is signing of new contracts in MENA. The growth in fresh volumes was achieved despite a slowdown in sale of fresh dairy cartons in Russia and Ukraine in March. The revenue growth in EMEA is also partly explained by higher Roll-Fed volumes and sale of coated board.

FINANCIAL REVIEW

The Americas business performed well, with total revenue growth of 28% compared to first quarter of 2021 (19% on constant currency basis). In Americas the reasons for the increase were price increases, volume growth and positive mix of cartons. Sale of school milk cartons has grown significantly compared to the same quarter last year, as volumes started to ramp up in the second half of 2021. Pass through of raw materials had a positive impact in the quarter as material prices continue to increase. In the quarter six new contracts for sale of filling machines have been signed. The revenue from these contracts will materialise next year. The pipeline for filling machine sales in 2023 is healthy.

Geographic revenue (EURm)

Adjusted EBITDA distribution (EURm)

Adjusted EBITDA and EBITDA

Adjusted EBITDA in the first quarter of 2022 decreased by EUR 5.4 million or 17%, from EUR 32.4 million in 2021 to EUR 27.0 million in 2022. The adjusted EBITDA margin at 11.1% is below the comparative period, predominantly due to higher raw material prices which affected the EBITDA margin with 3.7 %.

In EMEA adjusted EBITDA decreased by EUR 6.5 million in the quarter. Adjusted EBITDA margin in the quarter was 11.5%, compared to 15.9% last year. The high raw material cost was the main reason for the margin decline. In the first quarter of 2021 we benefitted from sourcing of raw materials at favourable market prices towards the end of 2020. In 2022 the cost of materials is impacted by PE and aluminium prices at historically high levels and we experience high purchase prices across all categories. The conflict in Ukraine put further pressure on all raw materials and especially aluminium prices. In total raw material had a negative impact of EUR 7.9 million in the European carton production, this despite the mitigating effects of hedging activities. The high PE prices also had a negative impact on closure contracts without a raw material clause. The impact from raw materials was partly offset by the increased customer prices. In EMEA the impact from increased pricing of cartons and closures was EUR 4-5 million in the quarter. In manufacturing there was good performance and output in the coating operations. In converting and Roll-Fed production efficiency was slightly impacted by covid related sick leave.

In Americas, adjusted EBITDA increased by EUR 1.9 million in the quarter. Adjusted EBITDA margin was 18.6%, compared to 19.6% last year. The growth in EBITDA was a result of continuous improvements in several value drivers. Compared to the same period last year new contracts have improved the mix of customer contracts and cartons. The raw material indexing in customer agreements provided

Reconciliation of EBITDA and adjusted EBITDA

1) Share of net income and impairment on investment from joint ventures included in adjusted figures 2) See reconciliation of net income from joint ventures

		Quarter ended 31 Mar
(EUR 1,000)	2022	2021
Operating profit	-14,737	17,158
Depreciation, amortisation and impairment adjusted	13,567	13,496
Impairment fixed and long term assets Ukraine/Russia	13,537	-
EBITDA	12,368	30,654
Total adjusted items with EBITDA impact	13,681	820
Share of net income from joint ventures (continued operations) 1) 2)	912	882
Adjusted EBITDA	26,961	32,357

protection against the higher raw material costs. There was also a positive impact from the sale of school milk cartons. Operations in the plant remained strong.

The group operating cost increased slightly as a result of strengthening central compliance and reporting resources following the IPO and a general normalization post Covid-19 in line with Q4 outlook.

While the adjusted EBITDA of EUR 27.0 million for the Group is below the very strong quarter last year, it is up by EUR 4.9 million from Q4, or +1.8% points, showing that the company has been able to take action to protect the margin level through price increases in Europe and continued strong performance in Americas.

Operating profit

In the first quarter of 2022, operating profit decreased by EUR 31.9 million, from EUR 17.2 million in same period last year to EUR -14.7 million in 2022. EUR 5.4 million of the decline was due to the factors explained above.

The main reason for the decrease in operating profit was related to the valuation of assets in the Russian and Ukrainian operations. As of March 31, we have tested assets for impairment and recognised an impairment loss of EUR 22.2 million through the statement of comprehensive income.

Elopak suspended all activities in Russia in March and has in end of April slowly restarted operations in Ukraine. Due to the ongoing nature of the crisis there is estimation uncertainty involved in the assessment of impairment. The impairment loss is calculated using a weighted average of several possible scenarios.

EUR 7.7 million of the impairment impacted cost of materials and other operating expenses, while EUR 13.5 million impacted impairment, leading to a total impact on operating result at EUR 21.2 million. EUR 1.0 million has impacted tax expense following write down of tax assets where the future use is uncertain.

In the quarter we have made an IAS 37 provision for onerous contracts of EUR 3.9 million. This estimates the financial statement impact if material prices remain at the March 31 levels with no changes in contracted customer sales prices. The assumptions used in the estimate are historical material and sales prices and have not taken into account facts that were not present at the end of the reporting period. Elopak targets to increase prices with all customers during Q2 as a response to the unprecedented raw material situation. Based on this we

expect that most of the provision will be reversed during the second quarter. Consequently, this has been adjusted for in the APM adjusted EBITDA.

In addition, we incurred EUR 1.3 million in higher transaction cost than in the comparable period, mainly related to the Naturepak acquisition.

The following table provides a reconciliation from reported operating profit to EBITDA and adjusted EBITDA. For further details and definitions, we refer to the APM section in the back of this report.

Cash flow

	Quarter ended 31 Mar
(EUR 1,000)	2022	2021
Net cash flow from operations	-2,714	-3,731
Net cash flow from investing activities	-94,150	-2,142
Net cash flow from financing activities	94,543	9,046
Foreign currency translation on cash	625	917

In the first quarter of 2022, profit decreased by EUR 28.3 million, from EUR 11.0 million in the same period of 2021 to EUR -17.3 million in 2022.

Share of income from joint ventures was EUR 0.9 million in the quarter, in line with the same period last year.

Net financial expenses decreased by EUR 2.3 million. Related to the Naturepak acquisition a currency hedging contract was established to reduce USD FX risk between signing and execution of the transaction. A currency gain of EUR 3 million was realised at the time of executing the transaction. This was offset by realised Rubel losses. Further we have recorded EUR 3 million in gains on Interest rate derivatives.

Net increase/decrease in cash -1,696 4,092 Profit for the quarter to last year. As mentioned above, the tax expense includes EUR 1.0 million in write down of historical tax assets in Ukraine and Russia. Further, we have assumed that the impairments in Russia and Ukraine are not tax deductible, as there is uncertainty with regards to the value of the new tax assets linked to the impairments. Adjusting for these impacts, the underlying tax expense in the period is in line with expected tax rates. The expected tax at current statutory tax rates for the group is approximately 24% depending on the relative mix of profits and losses taxed at varying rates in the jurisdictions in which Elopak operates.

Tax expense for the quarter was EUR 3.5 million, which is a decrease by EUR 1.2 million compared In the first quarter of 2022, the adjusted profit after tax decreased by EUR 2.8 million, from EUR 11.6 million in the same period of 2021 to EUR 8.8 million in 2022.

Cash flows

For the quarter 2022, cash flow from operations was EUR -3 million. Cash from operations is impacted by tax payments and changes to working capital. The working capital level at the end of the first quarter 2022 was EUR 11 million higher than in December 2021. Net working capital normally increases in the first quarter due to the seasonality of the business.

Net cash flows used in investing activities was EUR -94 million. The main investment was the acquisition of Naturepak. See note 11 for details. In the

existing business investments were EUR 10 million. The main driver was filling machine capex linked to a plastic to carton project in UK where we have installed two fresh filling lines with the customer Freshways. In the manufacturing plants projects progressed according to plans and investments were in line with the comparable period.

Net cash flows from financing activities were EUR 95m million, reflecting an increase in bank loans. The increase is predominantly due to the funding of the Naturepak acquisition.

Capital structure

Net interest-bearing bank debt has increased from EUR 160 million at year end 2021 to EUR 261 million as of 31 March 2022. The main reason for the increase is the acquisition of Naturepak. Lease liabilities decreased from EUR 81 million to EUR 78 million following down payment on lease contracts. Consequently, the Leverage Ratio as of 31 March, 2022 was 2.9x.

For a specification of the net debt, please refer to Alternative Performance Measures section.

Equity decreased by EUR 16.3 million, from EUR 269.1 million as of 31 December 2021 to EUR 252.7 million as of 31 March, 2022. Total comprehensive income in the first quarter 2022 was EUR -16.4 million.

The Board confirms that the accounts are presented under a going concern assumption. Condensed consolidated quarterly financial statements

Condensed consolidated statement of comprehensive income

		Quarter ended 31 Mar
		Unaudited	Unaudited
(EUR 1,000)	NOTE	2022	2021
Revenues	3	243,354	222,793
Other operating income		6	2
Total income	4	243,360	222,795
Cost of materials 1)	12	-169,422	-138,567
Payroll expenses		-44,052	-41,523
Depreciation, amortisation and impairment	12	-27,105	-13,496
Other operating expenses	12	-17,518	-12,051
Total operating expenses		-258,096	-205,637
Operating profit	4	-14,737	17,158
Financial income and expenses
Share of net income from joint ventures		912	882
Financial income		3,646	-44
Financial expenses		-3,205	-1,823
Foreign exchange gain/loss		-445	-458
Profit before tax		-13,828	15,715
Income tax	10	-3,520	-4,765
Profit/loss		-17,348	10,951
Profit for the year attributable to:
Elopak shareholders		-17,348	10,951
Basic and diluted earnings per share (in EUR)		-0.06	0.04

Condensed consolidated statement of comprehensive income continued

		Quarter ended 31 Mar
(EUR 1,000)	Unaudited	Unaudited
OTHER COMPREHENSIVE INCOME Note	2022	2021
Items that will not be reclassified subsequently to profit or loss
Net value gains/losses on actuarial benefit plans, net of tax	-21	-30
Items reclassified subsequently to net income upon derecognition
Exchange differences on translation foreign operations	336	3,289
Net value gains/losses on cash flow hedges, net of tax	638	4,813
Other comprehensive income, net of tax	953	8,072
Total comprehensive income	-16,396	19,023
Total comprehensive income attributable to:
Elopak shareholders	-16,396	19,023

1) The IAS 37 provision for onerous contracts of EUR 3,940 thousand is related to the current high prices of raw materials and estimates the financial statement impact if material prices remain at the March 31st levels with no changes in contracted sales prices. The assumptions used in the estimate are historical material and sales prices, and have not taken into account facts that were not present at the end of the reporting period.

Condensed consolidated statement of financial position

(EUR 1,000)		31 Mar 2022	31 Mar 2021	31 Dec 2021
ASSETS	Note	Unaudited	Unaudited	Audited
Non-current assets
Development cost and other intangible assets	12	76,133	60,150	56,862
Deferred tax assets	12	21,666	22,415	21,640
Goodwill	11	110,138	51,887	51,866
Property, plant and equipment	11, 12	191,702	184,219	186,426
Right-of-use assets	5, 11, 12	57,061	66,372	62,952
Investment in joint ventures		29,959	28,686	27,527
Other non-current assets	11	14,479	14,757	13,501
Total non - current assets		501,139	428,487	420,775
Current assets
Inventory	11, 12	154,572	137,542	145,115
Trade receivables 1)	11, 12	97,952	84,415	91,533
Other current assets 1)	11, 12	100,544	101,270	101,595
Cash and cash equivalents	11	22,567	10,536	24,262
Total current assets		375,634	333,763	362,505
Total assets	4	876,772	762,249	783,279

Condensed consolidated statement of financial position continued

(EUR 1,000)		31 Mar 2022	31 Mar 2021	31 Dec 2021
EQUITY AND LIABILITIES	Note	Unaudited	Unaudited	Audited
EQUITY
Share capital	6	50,155	47,483	50,155
Other paid-in capital	6	70,320	15,332	70,236
Currency translation reserve		-33,547	-38,642	-33,883
Cash flow hedge reserve		4,853	4,810	4,215
Retained earnings		160,960	175,484	178,330
Attributable to Elopak shareholders		252,741	204,467	269,054
Total equity		252,741	204,467	269,054
LIABILITIES
Non-current liabilities
Pension liabilities		2,603	2,907	2,563
Deferred taxes	11	18,628	12,103	11,488
Non-current liabilities to financial institutions	7	254,533	229,142	169,433
Non-current lease liabilities	11	61,205	66,858	62,342
Other non-current liabilities	11	1,468	5,366	2,900
Total non-current liabilities		338,437	316,375	248,726
Current liabilities
Current liabilities to financial institutions	7, 11	29,572	13,148	14,420
Trade payables	11	119,031	101,047	119,574
Taxes payable		4,283	9,576	4,335
Public duties payable		20,476	18,469	24,077
Current lease liabilities	11	16,625	18,791	18,261
Other current liabilities	11	95,607	80,375	84,832
Total current liabilities		285,594	241,407	265,499
Total liabilities		624,031	557,782	514,226
Total equity and liabilities		876,772	762,249	783,279

Jo Olav Lunder Chairperson

Skøyen, May 4, 2022

Sanna Suvanto-Harsaae Board member

Trond Solberg Board member

Erlend Sveva

Board member

Anna Belfrage Board member

Anette Bauer Ellingsen

Board member

Sid Johari

Board member

Thomas Körmendi CEO

1) Contract assets of EUR 39,033 thousand are reclassified from trade receivables to other current assets as of March 31, 2021. Contract assets from similar transactions of EUR 36,927 thousand and EUR 36,276 thousand are classified as other current assets as of March 31, 2022 and December 31, 2021 respectively.

Condensed consolidated statement of cash flows

		Year to date ended 31 Mar
	2022	2021
(EUR 1,000) Note	Unaudited	Unaudited
Profit before tax	-13,828	15,715
Interest to financial institutions	730	806
Lease liability interest	1,124	1,231
Profit before tax and interest paid	-11,974	17,753
Depreciation, amortisation and impairment	27,105	13,496
Write-down of financial assets	500	500
Net unrealised currency gain(-)/loss	-1,455	-3,936
Income from joint ventures	-912	-882
Taxes paid	-4,422	-5,155
Change in trade receivables	-7,005	-9,100
Change in other current assets	1,559	3,044
Change in inventories	-9,250	-444
Change in trade payables	271	-14,063
Change in other current liabilities	2,833	-4,931
Change in net pension liabilities	35	-12
NET CASH FLOW FROM OPERATIONS	-2,714	-3,731
Purchase of non-current assets	-10,017	-3,555
Proceeds from sales of non-current assets	-	10
Acquisition of subsidiaries 11	-85,383	-
Change in other non-current assets	1,250	1,402
NET CASH FLOW FROM INVESTING ACTIVITIES	-94,150	-2,142
Proceeds of loans from financial institutions	271,068	232,302
Repayment of loans from financial institutions	-170,751	-217,389
Interest to financial institutions Capital increase	-730 84	-808 -
Lease payments	-5,128	-5,058
NET CASH FLOW FROM FINANCING ACTIVITIES	94,543	9,046
Foreign currency translation on cash	625	917
Net increase/decrease in cash	-1,696	4,092
Cash at beginning of year	24,262	6,443

Condensed consolidated statement of changes in equity

(EUR 1,000)
Year to date 31 Mar 2022 Unaudited	Note	Share capital	Other paid-in capital	Currency translation reserve	Cash flow hedge reserve	Retained earnings	Total equity
Total equity 01.01		50,155	70,236	-33,883	4,215	178,330	269,054
Profit for the period		-	-	-	-	-17,348	-17,348
Other comprehensive income for the period net of tax		-	-	336	638	-21	953
Total comprehensive income for the period		-	-	336	638	-17,370	-16,396
Provision for share-based bonus 2022		-	84	-	-	-	84
Total capital transactions in the period		-	84	-	-	-	84
Total equity 31.03		50,155	70,320	-33,547	4,853	160,960	252,741

(EUR 1,000)

Year to date 31 Mar 2021 Unaudited	Note	Share capital	Other paid-in capital	Currency translation reserve	Cash flow hedge reserve	Retained earnings	Total equity
Total equity 01.01		47,482	15,332	-41,930	-3	164,564	185,444
Profit for the period Other comprehensive income for the period net of tax		- -	- -	- 3,289	- 4,813	10,951 -30	10,951 8,072
Total comprehensive income for the period		-	-	3,289	4,813	10,921	19,023
Total equity 31.03		47,482	15,333	-38,641	4,810	175,481	204,467

The Elopak Group consists of Elopak ASA and its subsidiaries. Elopak ASA is a public limited company registered in Norway. The Group is a leading global supplier of carton packaging and filling equipment. The consolidated financial information has not been subject to audit or review.

All numbers are presented in EUR 1,000 unless otherwise is clearly stated.

The Board of Directors approved the condensed consolidated interim financial statements for the three months ended March 31, 2022 on May 4, 2022.

Note 2 — Basis of preparation

The consolidated condensed interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS), IAS 34 "Interim Financial Reporting". The condensed interim financial statements do not include all information and disclosures required in the annual financial statement and should be read in conjunction with the Group's Annual Report for 2021, which has been prepared according to IFRS as adopted by EU. The accounting policies applied in the preparation of the consolidated interim financial statements are consistent with those applied in the preparation of the annual IFRS financial statements for the year ended December 31, 2021.

The preparation of interim financial statements requires the Group to make certain estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income, and expenses. Estimates and judgements are continually evaluated by the company based on historical experience and other factors, including expectations of future events that are deemed to be reasonable under the circumstances. Actual results may differ from these estimates. The most significant judgements used in preparing these interim financial statements and the key areas of estimation uncertainty are the same as those applied in the consolidated annual report for 2021.

The annual report for 2021 provides a description of the uncertainties and risks for the business.

Revenues specified by geographical area

		Quarter ended 31 Mar
(EUR 1,000)	2022	2021
Germany	36,548	36,885
USA	40,114	31,736
Russia	15,019	16,120
Netherlands	15,237	12,486
Norway	7,969	6,589
Other	128,467	118,976
Total revenues	243,354	222,793
The revenues are specified by location (country) of the customer.

Note 3 — Revenues

The Group's revenues consist of revenue from contracts with customers (99%) and rental income from lease of filling equipment (1%). Revenues are primarily derived from the sale of cartons and closures, sales and rental income related to filling equipment and service.

Revenues by product and operating segment

(EUR 1,000)

			Other and
Quarter ended 31 Mar 2022	EMEA	Americas	eliminations	Total
Cartons and closures	164,564	57,238	-582	221,220
Equipment	9,445	9	-4,492	4,962
Service	11,493	-	-95	11,398
Other	7,135	419	-1,780	5,774
Total revenues	192,637	57,666	-6,949	243,354

			Other and
Quarter ended 31 Mar 2021	EMEA	Americas	eliminations	Total
Cartons and closures	158,353	44,600	-297	202,656
Equipment	5,246	8	-	5,254
Service	11,114	-	-120	10,993
Other	4,962	378	-1,450	3,890
Total revenues	179,674	44,986	-1,867	222,793

Note

Note 4 — Operating segments

Information reported to the Group's chief operating decision makers, the Group Leadership Team, for the purpose of resource allocation and assessment of segment performance is focused on two key geographical regions – EMEA (including Commonwealth of Independent States) and Americas. Key figures representing the financial performance of these segments are presented in the following note.

Operating segments

(EUR 1,000)

			Other and
Quarter ended 31 Mar 2022	EMEA	Americas	eliminations	Total
Total revenue and other operating income	192,643	57,666	-6,949	243,360
Operating expenses 1)	-182,141	-47,881	-970	-230,991
Depreciation and amortisation	-11,321	-1,562	-684	-13,567
Impairment	-13,537	-	-	-13,537
Operating profit	-14,357	8,223	-8,602	-14,737
EBITDA 2)	10,502	9,785	-7,918	12,368
Adjusted EBITDA 2)	22,092	10,717	-5,848	26,961
Total assets	852,459	147,413	-123,099	876,772
Purchase of non-current assets during the quarter	102,850	1,511	-8,961	95,400

			Other and
Quarter ended 31 Mar 2021	EMEA	Americas	eliminations	Total
Total revenue and other operating income	179,676	44,986	-1,867	222,795
Operating expenses 1)	-151,069	-37,029	-4,043	-192,141
Depreciation and amortisation	-11,446	-1,317	-675	-13,438
Impairment	-59	-	-	-59
Operating profit	17,102	6,640	-6,584	17,158
EBITDA 2)	28,607	7,956	-5,909	30,654
Adjusted EBITDA 2)	28,607	8,839	-5,089	32,357
Total assets	604,789	114,827	42,634	762,249
Purchase of non-current assets during the quarter	2,849	191	515	3,555

1)Operating expenses include cost of materials, payroll expenses, and other operating expenses. 2)See the APM disclosure for the reconciliation of EBITDA and adjusted EBITDA.

Note 5 — Leases

The Group as lessee

The Group leases several assets including buildings, plants, cars and filling machines.

Right-of-use assets

(EUR 1,000)
	Property and		Office and
31 Mar 2022	buildings	Machinery	transport	Total
Cost at 1.1	53,861	29,987	22,179	106,027
Net additions (disposals)	10	-4	865	871
Cost at 31.03	53,871	29,983	23,044	106,898
Accumulated depreciation at 1.1	-15,208	-17,001	-10,866	-43,075
Current year depreciation charge	-1,253	-1,193	-950	-3,396
Impairment losses (Note 12)	-3,298	-5	-62	-3,365
Accumulated depreciation and impairment losses at 31.03	-19,760	-18,199	-11,877	-49,836
Carrying amount at 31.03	34,111	11,784	11,167	57,061

	Property and		Office and
31 Dec 2021	buildings	Machinery	transport	Total
Cost at 1.1	52,636	27,141	18,231	98,007
Net additions (disposals)	1,225	2,846	3,949	8,020
Cost at 31.12	53,861	29,987	22,179	106,027
Accumulated depreciation at 1.1	-10,133	-11,496	-7,108	-28,737
Current year depreciation charge	-5,075	-5,505	-3,758	-14,338
Accumulated depreciation at 31.12	-15,208	-17,001	-10,866	-43,075
Carrying amount at 31.12	38,652	12,986	11,314	62,952

The Group has no significant purchase options. Terminations in 2022 and 2021 are less than 1% of the rightof-use assets. The gross additions to right-of-use assets, excluding adjustments to existing contracts, were EUR 805 thousand in 2022 and EUR 4,460 thousand in 2021. The expired and terminated contracts in 2022 were replaced by new leases for similar underlying assets.

The Group has signed a lease agreement for a High Bay warehouse adjacent to its existing warehouse in Terneuzen, Netherlands. The lease is for 20 years with a nominal value of EUR 46,720 thousand, with the commencement date in 2022. Additionally, the Group has signed a contract for Tethered Cap lines with a lease term of 5 years and a nominal value of EUR 24,843 thousand for the signed contract. The commencement dates are expected to be before the end of 2023.

Note 6 — Equity and shareholder information

As of March 31, 2022, the share capital is NOK 376,906,620 (EUR 50,155,321) and the total number of shares outstanding for Elopak ASA is 269,219,014, each with a face value of NOK 1.4 (EUR 0.19). All shares have equal voting rights and all authorised shares are issued and fully paid.

Dividend:

The Board of Directors will propose to the Annual General Meeting a dividend of NOK 0.75 per share for the 2021 financial year. The dividend will be paid out on May 19, 2022 to shareholders of record on the date of the Annual General Meeting May 12, 2022.

Note 7 — Interest-bearing loans and borrowings

2021	Ordinary shares issued	Treasury shares	Ordinary shares outstanding
Beginning of financial year	5,012,707	-	5,012,707
Shares issued for share-based bonus	8,959	-	8,959
Shares issued in stock split	246,061,634	-	246,061,634
Shares issued in IPO	18,135,714	-	18,135,714
Treasury shares purchased	-	-422,772	-422,772
Treasury shares re-issued	-	422,772	422,772
End of financial year	269,219,014	-	269,219,014

Share capital

Number of shares

2022	Ordinary shares issued	Treasury shares	Ordinary shares outstanding
Beginning of financial year	269,219,014	-	269,219,014
End of financial year	269,219,014	-	269,219,014

Basic and diluted earnings per share

	Quarter ended 31 Mar
(EUR 1,000 except number of shares)	2022	2021
Profit attributable to Elopak shareholders	-17,348	10,951
Issued ordinary shares at beginning of period, adjusted for share split in the period Effect of shares issued	269,219,014 -	250,635,350 -
Weighted-average number of ordinary shares in the period	269,219,014	250,635,350
Basic and diluted earnings per share (in EUR)	-0.06	0.04

	31 Mar 2022		31 Dec 2021
(EUR 1,000)	Available	Utilised	Available	Utilised
Current liabilities to financial institutions	56,943	29,572	56,804	14,420
Non-current liabilities to financial institutions	400,000	254,533	400,000	169,433
Total		284,105		183,854

Interest-bearing loans and borrowings

Note 9 — Related parties

Elopak ASA has entered into transactions with related parties in 2022. Related party transactions are carried out in accordance with the arm's length principle.

Transactions with Try Råd AS, a company owned by Ferd AS, are ongoing as part of normal operations at market terms. Ferd AS own 58.38% of Elopak ASA. Purchase of services from Try Råd AS of EUR 36 thousand in 2022 were for external communication services.

Note 10 — Income tax

Due to NOK recognition for tax purposes of Group financing, the currency effects in the first quarter of 2022 and 2021 increased the tax expense by EUR 448 thousand and EUR 1,016 thousand respectively.

Note 8 — Financial risk management

Balance sheet management

The Group manages the balance sheet to ensure a healthy financial position and liquidity. This is done through an annual budgeting process followed by performance management and forecasting updates to ensure adequate financial flexibility and liquidity for the company. The Group's main bank covenants, especially the net interest bearing debt/ EBITDA, are monitored closely on a continuous basis to ensure compliance at all times.

Financial risk policy

The Group is exposed to market risk, credit risk and liquidity risk. Risk management activities are governed by appropriate policies and procedures. Risks are identified, measured and managed in accordance with the Group's policies and risk objectives. It is the Group's policy that no trading in derivatives for speculative purposes shall be undertaken. There have been no significant changes in the management of risks related to financials during the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency risk, commodity price risk and interest rate risk. Elopak buys derivatives in order to manage market risks, and seeks to apply hedge accounting in order to manage volatility in profit or loss.

Derivatives

		31 Mar 2022			31 Dec 2021
(EUR 1,000)	Assets	Liabilities	Total	Assets	Liabilities	Total
Currency derivatives	1,240	2,650	-1,410	836	2,079	-1,244
Commodity derivatives	6,060	-	6,060	5,303	-	5,303
Interest derivatives	1,702	27	1,675	248	2,058	-1,811
Total	9,002	2,678	6,325	6,386	4,138	2,249

The full fair value of a derivative is classified as "Other non-current assets or "Other non-current liabilities" if the remaining maturity of the derivative is more than 12 months and, as a "Other current assets" or "Other current liabilities", if the maturity of the derivative is less than 12 months. The fair value estimation of derivative financial instruments has been arrived at by applying a level 2 valuation methodology which uses inputs other than unadjusted quoted prices for identical assets and liabilities. No other material financial assets or liabilities are measured at fair value through profit or loss.

Where eligible, derivatives used for hedging are designated in cash flow hedge accounting relationships.

Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.

Significant accounting judgements

According to IFRS 3, goodwill is to be allocated at the acquisition date, to each of the acquirer's CGUs, or groups of CGUs, which are expected to benefit from the business combination. This can include existing CGUs of the acquirer irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The identification of CGUs may require significant judgement by management.

Elopak Arabia Holding Company acquired 100% of the voting share of the group Naturepak Beverage Packaging Co Ltd on March 29, 2022. Naturepak Beverage is the leading provider of fresh liquid carton and packaging systems in the MENA region with local production facilities in Morocco and Saudi Arabia, which will be integrated into Elopak's global production network. Present in 16 countries, Naturepak Beverage has an annual production capacity of 2.7 billion cartons across various product sizes and its customers are global blue chip FMCG players and strong regional champions. The acquisition will reinforce Elopak's position in the region and is an important milestone in management's ambitions to target 2-3% organic revenue growth, deliver inorganic opportunities and grow its global footprint by entering new geographies.

The transaction is recorded as a business combination in accordance with IFRS 3. The acquisition date for accounting purposes is set to 31 March 2022.

The acquisition-date fair value of the total consideration transferred was EUR 85,383 thousand in cash. Transaction costs of EUR 1,783 thousand were expensed and are included in other operating costs. If the transactions had occurred 1 January 2022, Naturepak would have contributed EUR 7,765 revenue and EUR 917 profit before tax.

Acquisitions during Q1 2022

Company		Date of business	Percentage
	Principal activity	combination	owned	Acquiring entity
Naturepak Beverage Packaging Co Ltd	Trading and manufacturing	29/03/2022	100%	Elopak Arabia Holding Company

Note 11 — Business combinations

Accounting policies

A business combination is a transaction or other event in which an acquirer obtains control of one or more businesses. A business consists of inputs and processes applied to those inputs that have the ability to create outputs. Determining whether a particular set of assets and activities is a business should be based on whether the integrated set is capable of being conducted and managed as a business by a market participant.

Business combinations are accounted for according to IFRS 3 using the acquisition method, also called purchase price allocation (PPA). The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at fair value at acquisition date according to IFRS 13, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree's identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.

Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss.

Goodwill arises in a business combination when the fair value of consideration transferred exceeds the fair value of identifiable assets acquired less the fair value of identifiable liabilities assumed. Goodwill acquired in a business combination is allocated to each of the Group's cash-generating units that are expected to benefit from the combination irrespective of whether other assets or liabilities of the acquiree are assigned to those units, and tested subsequently for impairment.

Significant accounting estimates, assumptions and judgements

In a business combination, the assets acquired and liabilities assumed are valued at fair value at the time of acquisition. The various assets and liabilities are valued on the basis of different models, requiring estimates and assumptions to be made. Goodwill is the residual value in this allocation. Errors in estimates and assumptions can lead to an error in the split of the value between the various assets and liabilities incl. goodwill, but the sum of the total excess values will always be consistent with the purchase price paid.

The useful lives of the intangible assets acquired in a business combination are assessed as either finite or indefinite and may in some cases involve considerable judgements. Intangible assets acquired with finite useful lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.

Note 11 — Business combinations continued

Fair values of the identifiable assets in Naturepak Beverage Packaging Co Ltd at acquisition date

(EUR 1,000)	31 Mar 2022
ASSETS
Non-current assets
Property, plant and equipment	14,615
Right-of-use assets	50
Customer Relationships	20,899
Other non-current assets	446
Total non-current assets	36,010
Current assets
Inventory	1,504
Trade receivables	4,829
Other current assets	2,741
Cash and cash equivalents	1,732
Total current assets	10,806
Total assets	46,815
Non-current liabilities
Deferred tax liability	7,084
Non-current lease liabilities	32
Other non-current liabilities	2,371
Total non-current liabilities	9,488
Current liabilities
Current liabilities to financial institutions	713
Trade and other payables	6,513
Current lease liabilities	19
Other current liablities	3,147
Total current liabilities	10,393
Total liabilities	19,881
Total identifiable net assets at fair value	26,935
Purchase consideration	85,383
Goodwill arising from acquisition	58,448

Purchase consideration

-83,651
85,383
1,732

Cash consideration paid 85,383 Total consideration 85,383

Note 11 — Business combinations continued Note 11 — Business combinations continued

Provision for deferred tax is made for the difference between acquisition cost and acquired tax base in accordance with IAS 12. Offsetting entry of this non-cash deferred tax is goodwill. The remaining goodwill comprises the value of expected synergies arising from the acquisition and assembled workforce, which is not separately recognised.

None of the goodwill recognised is deductible for income tax purposes.

Analysis of cash flows on acquisition
(EUR 1,000)
Net cash acquired with the subsidiary	1,732
Cash paid	85,383
Net cash flow from acquisition (included in investing activites)	-83,651

Note 12 — Impairment

As of March 31, due to the Ukraine/Russia crisis, the Group has tested assets in Ukraine and Russia for impairment and recognised an impairment loss of EUR 22,222 thousand through the statement of comprehensive income and is within the operating segment EMEA.

Elopak suspended all activities in Russia in March and has restarted operations in Ukraine. Due to the ongoing nature of the crisis there is estimation uncertainty involved in the assessment of impairment. The impairment loss is calculated using a weighted average of several possible scenarios including for the Russian operations the sale of shares, nationalisation of assets, resuming operations, and winding down operations and for the Ukraine operations continuing operations and closing operations.

Due to the circumstances in Russia and Ukraine the impairment has been adjusted for and no deferred tax position has been accounted for.

Note 13 — Subsequent events

Elopak and GLS have on 28 April signed a joint venture agreement in which the two companies will each have 50% ownership. Elopak will have control of the joint venture in accordance with IFRS 10 and will consolidate the joint venture in Elopak's financial statements. Elopak's equity contribution to the joint venture is expected to be EUR 16 million in 2022, to fund the investments in a packaging material production facility outside New Delhi. Closing is expected to be completed in Q2 2022.

The newly formed company, GLS Elopak will leverage the respective expertise, assets and networks of Elopak and GLS to capitalise on the significant consumer demand in India. The company is being established to manufacture and process high-quality fresh and aseptic packaging solutions, which are designed to ensure that liquid food is safe and accessible to consumers across the globe. The company will cater to both fresh and aseptic segments with applications such as dairy, plant-based drinks, juice, water and liquor.

Impairment

(EUR 1,000)

ASSETS	31 Mar 2022
Non-current assets
Development cost and other intangible assets	-23
Deferred tax assets	-806
Property, plant and equipment	-10,555
Right-of-use assets	-3,365
Total non - current assets	-14,750
Current assets	-
Inventory	-3,503
Trade receivables	-3,000
Other current assets	-1,614
Total current assets	-8,117
Total assets	-22,867
Equity translation difference	645
Comprehensive income	Total
Cost of materials	4,488
Depreciation, amortisation and impairment	13,537
Other operating expenses	3,183
Operating profit	21,208
Income tax	1,014

Profit/loss 22,222

The Group prepares and reports its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the IASB and as endorsed by the EU (IFRS). In addition, the Group presents several Alternative Performance Measures (APMs).

In accordance with European Securities and Market Authority (ESMA) guidelines dated May 10, 2015, an APM is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework (IFRS). It should be noted that these measures do not have any standardised meaning prescribed by IFRS and therefore are not necessarily comparable to the calculation of similar measures used by other companies. The APMs are regularly reviewed by the Group's management. The APMs are reported in addition to but are not substitutes for the Group's consolidated financial statements, prepared in accordance with IFRS.

The APMs provide supplementary information to measure the Group's performance and to enhance comparability between financial periods. The APMs also provide measures commonly reported and widely used by investors, lender, and other stakeholders as an indicator of the Group's performance. These APMs are among other, used in planning for and forecasting future periods, including assessing our ability to incur and service debt including covenant compliance. APMs are defined consistently over time and are based on the Group's consolidated financial statements (IFRS).

EBITDA

EBITDA is a measure of earnings before interest, taxes, depreciation, amortisation, and impairments. The Group presents this APM because management considers it to provide useful supplemental information for understanding the overall picture of profit generation in the Group's operating activities and for comparing its operating performance with that of other companies.

Adjusted EBITDA

Adjusted EBITDA is a measure of EBITDA adjusted for certain items affecting comparability (the Adjustment items) and further including the Group's share of net income from joint ventures (continued operations) presented as part of financial income and expenses. The Group presents this APM because management considers it to be an important supplemental measure for understanding the underlying profit generation in the Group's operating activities and comparing its operating performance with that of other companies.

Adjusted profit attributable to Elopak shareholders

Adjusted profit attributable to Elopak shareholders represents the Group's profit attributable to Elopak shareholders adjusted for certain items affecting comparability, taking into account the Adjustment items, related estimated calculatory tax effects based on a 24% statutory tax rate and excluding historical share of net income from joint ventures that have been discontinued. The Group presents this APM because management considers it to provide useful supplemental information for understanding the Group's profit attributable to Elopak shareholders and for comparability purposes with other companies.

Alternative Performance Measures (APMs) Adjusted basic and diluted earnings per share (Adjusted EPS)

Represents adjusted profit attributable to Elopak shareholders divided by weighted average number of ordinary shares – basic and diluted. Elopak presents adjusted basic and diluted earnings per share because management considers it to be an important supplemental measure for understanding the Group's underlying profit for the year (period) on a per share basis and comparing its profit for the year (period) on a per share basis with that of other companies in the industry.

Net debt

Net debt is a measure of borrowings (including liabilities to financial institutions before amortisation costs and including lease liabilities) less cash and cash equivalents for the period. The Group presents this APM because management considers it as a useful indicator of the Group's indebtedness, financial flexibility and capital structure because it indicates the level of borrowings after taking into account cash and cash equivalents within the Group's business that could be utilised to pay down outstanding borrowings. Net debt is also used for monitoring the Group's financial covenants compliance by management.

Net debt/adjusted EBITDA (Leverage ratio)

Leverage ratio is a measure of net debt divided by adjusted EBITDA. The Group presents this APM because management considers it as a useful indicator of the Group's ability to meet its financial obligations. Net debt/ adjusted EBITDA is also used for monitoring the Group's financial covenants compliance by management.

Adjusted EBITDA

Items excluded from adjusted EBITDA

otal adjusted items
ansaction costs
nerous contracts
npairment short term assets Ukraine/Russia
npairment fixed and long term assets Ukraine/Russia

Quarter ended 31-Mar		Year ended 31-Dec
2022	2021	2021
13,537	-	-
7,671	-	-
3,940	-	-
2,070	820	6,820
27,218	820	6,820
-1,063	-197	-1,637
26,155	623	5,183

1) Calculatory tax effect on adjusted items at 24%

Adjusted profit attributable to Elopak shareholders

		Quarter ended 31 Mar	Year ended 31 Dec
(EUR 1,000)	2022	2021	2021
Profit	-17,348	10,951	33,809
Total adjusted items net of tax	26,155	631	5,183
Adjusted profit	8,806	11,582	38,992

Net debt and leverage ratio

	Quarter ended 31 Mar	Year ended 31 Dec
(EUR 1,000)	2022	2021
Bank debt 1)	255,000	170,000
Overdraft facilities	29,572	14,420
Cash and equivalents	-22,567	-24,262
Lease liabilities	77,830	80,604
Net debt	339,835	240,762

1) Bank debt is excluding amortised borrowing costs of EUR 467 thousand as of March 31, 2022 and EUR 567 thousand as of December 31, 2021

Leverage ratio 2)	2.9	2.0

2) Leverage ratio per March 31, 2022 is calculated based on last twelve months adjusted EBITDA of EUR 115,524 thousand

Adjusted EPS

(EUR 1,000 except number of shares)	2022	2021	2021
Weighted-average number of ordinary shares	269,219,014	250,635,350	260,786,305
Profit	-17,348	10,951	33,809
Adjusted profit	8,806	11,582	38,992
Basic and diluted earning per share (in EUR)	-0.06	0.04	0.13

	Quarter ended 31 Mar		Year ended 31 Dec
(EUR 1,000 except number of shares)	2022	2021	2021
Weighted-average number of ordinary shares	269,219,014	250,635,350	260,786,305
Profit	-17,348	10,951	33,809
Adjusted profit	8,806	11,582	38,992
Basic and diluted earning per share (in EUR)	-0.06	0.04	0.13
Adjusted basic and diluted earning per share (in EUR)	0.03	0.05	0.15

Reconciliation of net income from joint ventures

Total share of net income joint ventures	912	882	3,575
Elopak Nampak Africa Ltd	-20	-	-137
Impresora Del Yaque	265	104	1,124
Lala Elopak S.A. de C.V.	668	778	2,589
(EUR 1,000)	2022	2021	2021

	Quarter ended 31 Mar		Year ended 31 Dec
(EUR 1,000)	2022	2021	2021
Lala Elopak S.A. de C.V.	668	778	2,589
Impresora Del Yaque	265	104	1,124
Elopak Nampak Africa Ltd	-20	-	-137
Total share of net income joint ventures	912	882	3,575
Share of net income joint ventures continued operations	912	882	3,575
Share of net income continued operations	912	882	3,575

Reconciliation of EBITDA and adjusted EBITDA

	Quarter ended 31 Mar		Year ended 31 Dec
(EUR 1,000)	2022	2021	2021
Operating profit	-14,737	17,158	54,076
Depreciation, amortisation and impairment adjusted	13,567	13,496	56,450
Impairment fixed and long term assets Ukraine/Russia	13,537	-	-
EBITDA	12,368	30,654	110,526
Total adjusted items with EBITDA impact	13,681	820	6,820
Share of net income from joint ventures (continued operations) 2) 3)	912	882	3,575
Adjusted EBITDA	26,961	32,357	120,921

2) Share of net income and impairment on investment from joint ventures included in adjusted figures

3) See reconciliation of net income from joint ventures

Responsibility statement

We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to March 31, 2022 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of the Elopak Group's assets, liabilities, financial position and result for the period. We also confirm to the best of our knowledge that the financial review includes a fair review of significant events that have occurred during the financial period and their impact on the financial statements, any significant related parties transactions and a description of the principal risks and uncertainties for the financial period.

Elopak Group Consolidated Financial Statements

Skøyen, May 4, 2022 Board of Directors in Elopak ASA

Jo Olav Lunder Chairperson

Sanna Suvanto-Harsaae Board member

Erlend Sveva Board member

Anna Belfrage Board member

Anette Bauer Ellingsen Board member

Sid Johari

Board member

Thomas Körmendi CEO

Trond Solberg Board member

Additional information

CONTACT INFORMATION

Thomas Askeland Head of IR +47 992 34 557

Bent Axelsen Chief Financial Officer +47 977 56 578

Cautionary note

The interim report contains certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. Any statement, estimate or projections included in the Information (or upon which any of the conclusions contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Group and/or any of its affiliates) reflect, at the time made, the Company's beliefs, intentions and current targets/aims and may prove not to be correct. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. No representation or warranty is given as to the completeness or accuracy of any forward-looking statement contained in the Information or the accuracy of any of the underlying assumptions.

FINANCIAL CALENDAR

May 12, 2022 Annual General Meeting August 18, 2022 Quarterly Report - Q2 October 26, 2022 Quarterly Report – Q3

Elopak reserves the right to revise the date