Elopak ASA

Earnings Release • May 4, 2023

Q1 2023

Quarterly presentation

MAY 4, 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

The world's largest player in fresh liquid carton packaging

14 billion cartons produced in 2022

Sales to 70+ markets

2,600 employees

11 manufacturing sites

Product suite with more than 400 SKUs

Preferred choice among customers since 1957

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

Revenue by region FY22

We're in the business of sustainable packaging

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We're in the business of protecting essential commodities

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We're in the business of enabling world nutrition

Q1 2023

Business performance

CEO Thomas Körmendi

Q1 2023 Business highlights

Strong start to the year, driven by continued profitable growth in Americas and acquired business

Revenue at 283 EURm 26% YoY growth 16% organic

Strong and profitable growth in EMEA– delivering innovative solutions on both fresh and aseptic

Adjusted EBITDA of 41 EURm 16 EURm YoY growth 14.5% margin

Inflationary

pressures on

input costs will impact EBITDA margin in 2023 Excellent performance in India, with strengthened customer relationships and profitable growth - supporting EBITDA

Americas with strong

and profitable growth – positive momentum continues with portfolio strengthening and new filling machines signed in

Q1 Volatile environment continues in 2023, but we are optimistic on the longer-term market fundamentals

Financial highlights

Q1 2023 strong revenue and Adj. EBITDA growth driven by price increases in EMEA, volume in Americas, and acquired business

Business update: EMEA

Solid Q1 23 performance – growth mainly driven by pricing and inventory turn and acquired business

Revenues (EURm) - EMEA Key Commentary

• ▹ Growth in aseptic Pure-Pak® volumes in the quarter, driven by placement of filling machines in the UHT segment
• ▹ Growth in Roll-Fed Aseptic volumes in the quarter driven by increased sales in Eastern Europe
• ▹ Fresh dairy and juice volumes decreased slightly, mainly due to underlying consumption decline
• ▹ MENA production and milk consumption affected negatively by present economic climate
• ▹ Q1 2023 organic revenue growth of 21 EURm, 12% YoY
• ▹ Q1 2023 profitability was satisfactory

Business update: Americas

Quarterly revenue is up by 27% YoY, driven by volume growth from existing and new customers

Revenues (EURm) - Americas Key Commentary

• ▹ Volumes continued to grow supported by onboarding of new customers and strengthening of our product portfolio
  • Growth in dairy, juice and plant-based segments
  • Stable school milk volumes
• ▹ Average pricing compared to last year is at a higher level, driven by price mix and passthrough contracts
• ▹ High demand and momentum for our filling machines. New filling machines signed in Q1
• ▹ Q1 2023 organic growth of 12 EURm, 21% YoY
• ▹ Q1 2023 profitability was strong

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

Paperdent from Luoro, Germany The first mouthwash in D-PAK™ cartons. Opening a completely new segment for our cartons.

Grahams, UK Launched milk in Pure-Pak® cartons with tethered caps. A closure that remains attached to the carton throughout its lifetime. Preventing littering.

Two major product launches in household products in Europe Switches laundry detergent from plastic to D-PAK™ cartons and reduces carbon emission.

Liquid detergent

Liquid detergent

Liquid detergent

Nutrinor, Quebec - North America Launched fresh milk in carbon-neutral Pure-Pak® cartons with natural brown board.

Q1 2023

Financial performance

CFO Bent Kilsund Axelsen

Adjusted EBITDA, Q4 2022

EBITDA growth YoY in Q1, primarily driven by price increases in Europe, growth in Americas, and new business in MENA & India

• ▹ EMEA
  • Q1 strong revenue growth supported growth in adj. EBITDA and improved margins
  • Tailwind in Q1 from effects of pricing and board inventory turn – will not continue from Q2
  • Cumulative price increases from 2022 onwards
  • Continued high raw material prices, general inflationary pressure in all markets, and supply chain issues
  • Acquisitions in MENA and India (+4 EURm)

▹ Americas

• Q1 strong revenue growth supported growth in adj. EBITDA and improved margins
• Volume growth driven by strengthening of the portfolio, as well as onboarding of new customers
• Improvements in waste reductions and manning efficiency
• Positive FX effects

Adjusted EBITDA, Q1 2023

Cash flow Q1 2023

Strong cash generation from operations in Q1, offset by down payment of long-term debt

Financial position

Leverage ratio in the quarter decreased to 2.7x from improved EBITDA and down payment of long-term debt

Key commentary

• ▹ Net debt of EUR 367 million
  • Bank debt EUR 276 million
  • Lease liabilities EUR 91 million
• ▹ Leverage ratio main drivers in Q1:
  • LTM EBITDA increased 16 EURm to 136 EURm
  • Leased liability unchanged QoQ
  • Net bank debt decreased by 25 EURm due to improved cash from operations
• ▹ Solid financial position, moving in the right direction

Outlook 2023

• ▹ Strong start to the year, somewhat better than anticipated
• ▹ Increased liquid board cost for Elopak will take effect from Q2
• ▹ Significant inflationary pressures on costs, expected to impact our full year EBITDA margin in 2023 compared to current level

Summary

• ▹ Elopak started the year on a strong note, delivering strong profitable organic growth
• ▹ In Q1 we experienced some tailwind from fluctuation and timing effects in pricing of raw materials and our own products
• ▹ We continue to deliver on our strategic initiatives and expect to grow our top -line and strengthen our results
• ▹ We remain optimistic on the longer -term market fundamentals

Financial calendar

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

Thank you!