Elopak ASA

Investor Presentation • Feb 15, 2024

Q4 2023

Quarterly presentation

FEBRUARY 15, 2024

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 2023

Sales to 70+ markets

2,700 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 FY23

Revenue by region FY23

We're in the business of sustainable packaging

We're in the business of protecting essential commodities

We're in the business of enabling world nutrition

We're in the business of replacing plastics

I

2023

Business performance

CEO Thomas Körmendi

2023 - a year of significant achievements

Despite challenges in global markets;

• ▹ Strong growth across strategic priorities and significant interest in our offering
• ▹ A new production plant in the US will be built to meet increased market demand
• ▹ 2023 marks the achievement of all 3-5 year targets set in the 2021 IPO
• ▹ Improved our adj. profit attributable to Elopak shareholders by 55%
• ▹ Improved our adj. EBITDA by 43%

Last quarter of 2023 was yet another one of strong performance

Business highlights

Revenue at 287 EURm 7% YoY growth 8% organic

Adjusted EBITDA of 40 EURm 4 EURm YoY growth 13.9% margin

Americas: Signed major contracts, and decided Little Rock, Arkansas (US) as new production plant location

EMEA: Solid revenue growth. Commissioned several new filling machines

Strong cash flow generation. Leverage ratio reduced to 1.9x Confidence in the longer term market fundamentals.

Financial highlights

Q4 2023 strong revenue growth from filling machine sales

• ▹ Q4 2023 organic* revenue growth of 22 EURm, 8% YoY
• ▹ FY 2023 organic* revenue growth of 96 EURm, 9% YoY

Group adjusted EBITDA (EURm)

• ▹ Strong EBITDA growth in Q4, very strong in FY 2023
• ▹ Inflation continues to impact consumption and input costs

Business update: EMEA

Solid Q4 23 performance – growth mainly driven by increased sale of filling machines

• ▹ Strong increase in sale of filling machines a leading indicator of future growth
• ▹ Stable Pure-Pak® carton volumes in the quarter, despite macro-headwinds currently impacting consumption
• ▹ Roll Fed packaging growth mainly supported by India, as well as market share gains in parts of the European market
• ▹ Stable volumes in MENA compared to last year improved fundamentals in the dairy segment

Business update: Americas

Continued growth from increased filling machine sales and fresh dairy segment

• ▹ Revenue growth from increase in filling machine placements and Pure-Pak® fresh dairy volumes
• ▹ Increase in supply of school milk to the US market in a time of abrupt school milk supply shortage
• ▹ Continued market share growth despite macro-headwinds currently impacting consumption and product mix
• ▹ Decision to purchase the land for our new production plant in Little Rock, Arkansas (US) and improved the long term project

Five profitable growth drivers steer Elopak's future direction

Today	Fresh opportunity	Aseptic growth	Broaden	Plastic to carton	Commercial	Mid to long
	in North America	roadmap	geographic footprint	conversion	excellence	term goal
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

Taking a look at the growing global market for yoghurt products

World's largest franchise brand of yogurt chooses Elopak cartons

• ▹ Yoplait yoghurt is now offered in 750 ml Pure-Pak® Sense cartons in France
• ▹ One carton replaces 6 plastic pots of yoghurt and reduces packaging material with 50%
• ▹ 85% of consumers asked preferred cartons over plastic pots for their spoonable Yoplait yogurts

Introducing the next generation filling equipment for the European market

• ▹ The new filling machine has exceptional hygiene characteristics and is developed to fill a wide range of chilled products
• ▹ Possible to extend shelf life up to 60 days; contributing to reduced food waste
• ▹ Built with high precision, ensuring efficient switches between products and reducing waste during the filling process

Financial performance

CFO Bent Kilsund Axelsen

Adjusted EBITDA, Q4 2023

Margin growth in Q4 driven by solid profitability in Americas, as EMEA is affected by negative IFRS15 impact

EMEA

• ▹Volume and pricing contribute positively
• ▹Raw material prices and input cost increased
• ▹Negative impact from IFRS15 of 3.2 EURm
• ▹Increased sale of filling machine at lower margins
• ▹Inflation continues to impact operating costs

Americas

• ▹Volume growth from existing and new customers
• ▹Strong performance from both JV's
• ▹Good profitability from filling machine sales
• ▹Continued strong operations and cost control

Adjusted EBITDA, Q4 2023

EBITDA development supported mainly by growth in Americas

Adjusted EBITDA and EBITDA Margin % Quarterly (EURm)

*Raw materials are only related to carton production and caps sourcing in Europe and MENA ** Currency effects related to EURUSD, EURINR and EURMAD

Cash flow FY 2023

Strong cash from operations funding dividends and plant investments, as well as down-payment of debt

Financial position

Leverage ratio ahead of mid-term target of 2.0x

Key commentary

Net debt of 333 EURm

• ▹ Bank debt 231 EURm
• ▹ Lease liabilities 102 EURm

Leverage ratio improved from 3.3x at YE 2022 to 1.9x in Q4 mainly from:

• ▹ LTM EBITDA increased 51 EURm to 171 EURm
• ▹ Lease liability increased 11 EURm from new tethered caps contracts
• ▹ Net bank debt decreased 70 EURm from solid cash from operations

Dividend Proposal of NOK 1.46 Per Share

• ▹Attractive and predictable shareholder distribution for 2023
• ▹Annual dividend pay-out ratio of 50% of the Group's Adjusted net profit

Dividend Policy: Elopak will initially target an annual dividend pay-out ratio of approximately 50-60% of the Group's Adjusted net profit. The proposal to pay a dividend in any year is, in addition to the legal restrictions as set out in Section 5.2 "Legal constraints on the distribution of dividends", further subject to any restrictions under the Group's borrowing arrangements or other contractual arrangements in place at the time. Please see https://www.elopak.com/dividend-policy/ for more information.

Outlook 2024

• ▹ Geopolitical conditions can potentially influence the volatility of raw material prices
• ▹ Macroeconomic conditions directly influence consumer behavior and consumption patterns
• ▹ We remain confident in the long term fundamentals of our business and expect to continue to deliver on our targets

Summary

• ▹ 2023 was a year of significant progress and achievements for Elopak; delivering on all original IPO targets
• ▹ In Q4, we continued to improve our business further and delivered strong growth and solid profitability
• ▹ Realizing our new production plant in the US will be a high priority
• ▹ We are well positioned and excited to face the challenges and opportunities in the year ahead

Financial calendar

Event	Dates
Annual Report 2023	April 10
Q1 2024	May 8
Annual General Meeting	May 13
Ex Dividend	May 14
Q2 2024	August 15
Q3 2024	October 30

Want to learn more about what we do? Visit us at the Economist Sustainability Week (London, March 4-6!

Thank you!