Elopak ASA

Earnings Release • Aug 24, 2021

ELOPAK ASA: SECOND QUARTER RESULTS 2021

ELOPAK ASA: SECOND QUARTER RESULTS 2021

Resilient performance and continued strong profitability

(Oslo, 24 Aug 2021) Elopak today issued its very first quarterly report as a listed company. For the second quarter of 2021, Elopak reported revenues of EUR 242.1 million and adjusted EBITDA of EUR 34.7 million.

Highlights from Q2 2021

- Profitability remains strong (adjusted EBITDA margin of 14.3%), despite inflationary pressure and rising raw material costs.

- Slightly lower revenues compared to the same period last year (-4%), primarily due to the stockpiling effects of the second quarter of 2020.

- European market performing well, while restrictive Covid-19 environment proves challenging in the Americas.

“We are pleased to demonstrate resilient financial performance and strong profitability in the second quarter, despite the challenges the Covid-19 pandemic continues to present for the business environment,” says Thomas Körmendi, CEO of Elopak.

In the second quarter of 2021, revenues decreased by 4% compared to the second quarter of 2020 (EUR 242.1 million vs 252.8 million). Adjusted EBITDA was EUR 34.7 million, a slight decrease from EUR 37.3 million the same period last year. Different challenges faced Elopak’s two main market segments. Although revenues declined 7% in the European market compared to the second quarter of 2020, the overall performance was pleasing. In the Americas revenue declined by 14%, impacted by loss of customers in 2020 and the pandemic.

“Overall, we are pleased with the business performance in the second quarter of 2021, although our revenues were slightly below expectations. Business operations in all our plants continue to perform well, helping to partly offset the increased cost of raw materials. We are working hard to grow the company further, both organically and through value-accretive acquisitions, and we continue our relentless efforts to deliver innovations that strengthen our sustainability credentials. Looking forward we are encouraged by positive trends in regulation and conscious consumption that are driving the plastic-to-carton conversion and opening up new opportunities for Elopak,” Körmendi says.

For the full report and quarterly presentation, please visit https://www.elopak.com/quarterly-reports-presentations/

Contact

Investors: Thomas Askeland, Head of IR, M: +47 992 34 557. Thomas.askeland@elopak.com

Media: Ingrid Lille Thorsen, Director Corporate Communication, M: +47 958 92 402 Ingrid.thorsen@elopak.com

About Elopak

Elopak is a leading global supplier of carton packaging and filling equipment. It uses renewable, recyclable and sustainably sourced materials to provide innovative packaging solutions. The company’s iconic Pure-Pak® cartons are designed with the environment, safety and convenience front of mind. They offer a natural and convenient alternative to plastic bottles and fit within a low carbon circular economy.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.