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.

Revenue end markets FY24 Revenue by region FY24

EMEA: 73% Americas: 27%

Elopak at a glance

The world's leading provider of fresh liquid carton packaging

16 billion cartons produced in 2024

Sales to 70+ markets

2,850 employees

12 manufacturing sites

Product portfolio with more than 400 variations

Preferred choice among customers since 1957

We're in the business of sustainable packaging

Protecting essential commodities
Enabling world nutrition
Reducing plastics

Business performance

CEO Thomas Körmendi

Our Americas growth journey is continuing with full steam ahead

Main developments

June 2023

Decision to build a new-state-of the-art new production plant in the U.S

September 2024

Decision to expand capacity with a second production line

April 2025

Grand opening and start of commercial production

September 2025

Reporting the first profitable quarter

Today, we are announcing the decision to further expand capacity with a third production line resulting in a broader product portfolio to the U.S. market

With the three production lines we will reach our Americas revenue targets presented at our CMD

New line will produce a mix of smaller Pure-Pak® carton formats, including school milk, to better serve and grow with our customers
‒ Run-rate revenue and EBITDA will, due to product mix be lower than the first two lines, however, still accretive for the Group
‒ Investment backed by a long-term strategic customer commitment for a material part of the production capacity
Investment frame for the third line is 30 MUSD
‒ Full investment frame for the new plant is 128 MUSD, of which 86 MUSD has been invested to date
Production on line two and three will be ramped up more in parallel, reflecting customer and product mix expectations

^* Revenue contribution from Little Rock line based on EUR/USD rate around time of announcement of 1.08 in September 2024.

Group: Strong profitability powered by strategic expansion in Americas

▹ Organic revenue growth of 1.2% and 2.9% for the quarter and year-to-date, respectively

▹ Growth driven by Pure-Pak® cartons and closures in Americas, supported by dairy recovery in MENA and aseptic growth in southern Europe

▹ Highest quarterly EBITDA to date of EUR 49.1 million, corresponding to a margin of 17%
▹ New U.S. plant delivered first positive EBITDA since opening in Q2 25

Other key financial highlights in the Group

Cash flow from operations, YTD (EURm)

Capex, YTD (EURm)

Net financial debt (EURm)

Financial performance review

CFO Bent Kilsund Axelsen

EMEA: Resilient performance despite continued soft consumption

▹ Stable Pure-Pak® revenues, despite changing consumption patterns
▹ Continued strong competition in Roll Fed

▹ Pure-Pak® and closure margins in Europe have improved YoY mainly from pricing and product mix effects
▹ Margins positively impacted by one-off of 1.5 MEUR

Americas: Improved asset utilization enables continued growth

▹ Strong Pure-Pak® and closure sales growth in the U.S., supported by new U.S. plant and strong performance in Canada
▹ Equipment revenues decline from filling machine mix

▹ Margins benefitting from favorable mix and scale of production
▹ Lower net income from joint ventures due to softer demand and change in consumption patterns

Strategic expansion and product mix effects strengthen profitability - with 17% EBITDA margin

^* Net revenue mix consists of the impact from volume and prices in EMEA and the contribution changes in Americas

^**Raw materials are only related to carton production and caps sourcing in Europe and MENA

^*** FX effect related to EURUSD, EURINR and EURMAD

Record high cash flow from operations in the quarter drives deleveraging

¹ Cash flow from financing excluding changes in financial debt

² Net payments on supply chain financing reclassified from financing to operations in Q2 2025

³ FX relates to translation of NOK bonds. The bonds are fully converted to EUR, however the hedge instruments are not part of net debt

Strong cash flow enables continued investments and dividend payment while maintaining a solid balance sheet