Slides
Page 1
Leading the Nordic comeback with sustainable growth SEB Nordic Seminar January 7, 2026
Page 2
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. Disclaimer 2
Page 3
3 We’re in the business of sustainable packaging Protecting essential commodities Enabling world nutrition Reducing plastics
Page 4
World’s best companies for sustainable growth 2026 A distinction that highlights our commitment to both environmental and financial performance 4 Recognized by TIME Magazine
Page 5
Delivering peer leading returns to our shareholders since the IPO 5 -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 2021 2022 2023 2024 2025 Elopak Carton Carton Carton Aluminium Aluminium Glass Total shareholder return compared to peers since Elopak IPO in June 2021
Page 6
A sustainability frontrunner, powered by innovation 6 1 | 2 | 3 | 4 | 5 | A global market player with leading positions in fresh liquid carton packaging and a resilient business model Attractive exposure to global megatrends in growing and resilient end- markets, increased sustainability awareness and more extensive regulations Strong historical track record of meeting strategic and financial targets delivered by experienced management team with deep industry insight Accelerating growth by realizing global potential, strengthening leadership in core and leveraging plastic replacement shift Delivering above market revenue growthof 4-6 per cent p.a. with 15-17 per cent EBITDA margin and leading shareholder returns Key investment highlights
Page 7
Historical revenue development1 Revenue end markets FY24 Revenue by region FY24 909 855 2020 85 2021 2022 2023 2024 2025 LTM 940 1 024 1 132 1 157 1 173 CAGR +5% Russia Group EMEA: 73% Americas: 27% Source: Company information, management accounts. 1) Numbers in MEUR. 2021 restated for discontinued operations in Russia 76% 20% 4% Other Fresh Aseptic 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 Elopak at a glance 7
Page 8
Filling machines State of the art offeringsacross segments Packaging solutions Known for quality and innovation Aftermarket services Value added aftermarket support Revenue share: 90% Revenue share: 5%Revenue share: 5% 8 Offering system solutions known for high quality and innovation What we do and how we create value
Page 9
Since the IPO, we have grown from a fresh liquid packaging provider to a leader in sustainable, fiber-based packaging 2021: Now: Low geographical diversification with >80% of revenues from core European markets, of which ~10% from Russia Americas business model focused on sale of blanks with EBITDA of ~35 EURm 1 | 4 | Doubled EBITDA in Americas to ~76 EURm* being end- to-end solution provider Global footprint with #1 position in fresh in MENA and JV in the world’s largest dairy market in India Commercial excellence embedded in our way of working, ensuring material margin improvements Larger aseptic portfolio, including the world’s most hygienic filling solutions in chilled and ESL 2 | 3 | 1 | 4 | 2 | 3 | Commercial excellence initiated Limited aseptic portfolio and legacy fresh portfolio * LTM Q3 2025 9
Page 10
Resilient financials with above market growth, improved profitability, and strong return on capital Revenues EBTIDA and EBITDA-margin ROCE (LTM) 855 1 024 1 132 1 157 1 173 85 2021 2022 2023 2024 LTM Q3 2025 940 CAGR +8,2%* 114 119 171 176 179 13,3% 2021 11,7% 2022 15,1% 2023 15,2% 2024 15,3% LTM Q3 2025 Russia 9,0% 2021 7,0% 2022 17,0% 2023 15,9% 2024 14,8% LTM Q3 2025 *Revenue CAGR 2021 to LTM 2025 ex. Russia
Page 11
11 3 strategic priorities focused on creating change: Refocusing priorities to accelerate profitable growth Realize global growth potential Strengthen leadership in core Leverage plastic replacement shift
Page 12
Our Americas growth journey is continuing with full steam ahead Main developments 12 September 2025 Reporting the first profitable quarter from the new production plant April 2025 Grand opening and start of commercial production September 2024 Decision to expand capacity with a second production line June 2023 Decision to build a new-state-of the-art new production plant in the Little Rock, Arkansas, U.S September 2025 Decision to expand capacity with a third production line
Page 13
13 In 2022, we entered MENA with acquisition of the #1 fresh player in the region I 2025, we have continued to strengthen our position in fresh through a broader product range, while working to leverage this to become a challenger in aseptic and extended-shelf-life solutions 2023 Within 5 years #1 position fresh and challenger in aseptic and extended-shelf-life solutions EUR ~80m 2030 #1 position in fresh, and an established player in aseptic and extended-shelf-life solutions EUR ~90m #1 market position in fresh EUR 45m with production plants in Morocco and Saudi Arabia
Page 14
Revenue development 2022 to LTM Q3 2025 Within 5 years Increase offering towards becoming a full solution provider EUR ~90m 2030 Among the top 3 players EUR ~150m In 2022, we entered India through a JV with GLS, becoming EBITDA positive in 2023 with EUR 24m in revenues In 2025, we have continued to grow our position in Roll Fed and worked towards introduction of our fresh Pure-Pak® cartons in the world’s largest dairy market 14 24 0 10 20 30 40 50 Y Axis 2022 2023 2024 LTM Q3 2025 CAGR >30%
Page 15
15 We are the #1 player in fresh in Europe and a sustainability frontrunner In 2025, we have leveraged our innovation capabilities to enable future growth through launch of new material innovations and advanced modular ambient filling machines Within 5 years #1 supplier in fresh market with leading recyclable product portfolio ~EUR 840m 2030 #1 supplier in fresh market scaling our sustainable carton portfolio leveraging substrate shifts ~EUR 890m #1 supplier in fresh market EUR 801m prioritizing sustainable innovation 2023 15 New Natural White Board for Pure-Pak® cartons Modular Pure-Fill platform that can evolve with market demands
Page 16
16 2023 #1 supplier in fresh market EUR 801m 16 Within 5 years #1 supplier of fiber-based solutions based on next generation D-PAK solutions ~60 MEUR excluding inorganic growth 2030 Evolution with next generation D-PAK and new product and solutions on the market ~330 MEUR including organic and inorganic growth in home and personal care market with our D-PAK solutions First mover 2023 In 2025, we have continued to convert the home and personal care section in supermarkets across the Nordics from plastics to fiber… ..with more household products being packaged in our D-PAK cartons We are a first mover supplying top-tier players within home and personal care
Page 17
We will deliver above market revenue growth to become a EUR 2bn company by 2030, while improving profitability 17 1 132 1 173 2 000 0 500 1 000 1 500 2 000 Revenues EURm 2023 LTM Q3 2025 ~190 ~65 ~35 Global growth ~40 Leadership in Core ~60 Plastic replacement shift 3-5 years Organic and inorganic 2030 ~1 520+4-6% Americas India MENA
Page 18
4-6% organic growth p.a. ~2.0x net debt / adjusted EBITDA 15-17% adjusted EBITDA margin Revenue EBITDA Leverage Profit (3-5 years) Planet (2030) -25% (SBTi – absolute Scope 3) 100% of cartons designed for recycling C02 Recyclability 50-60% of normalized net profitDividend People (2030) <3.2 TRI frequency per 1m hours workedSafety 18 18 Our mid-term targets for the next 3-5 years
Page 19
Visit us at Elopak.com Thank you!