Interim report
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Elopak Second quarter 2026 report Second quarter 2026 report
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Second quarter 2026 summary • Group revenue grew 4.9% year-on-year (5.7% in constant currency). Adjusted EBITDA reached EUR 45.0 million, corresponding to a margin of 14.8% • Americas delivered 8.7% revenue growth in constant currency and an EBITDA margin of 22.9%, supported by organic growth and the continued onboarding of new customer contracts • EMEA revenue grew by 3.3%, while the EBITDA margin was 17.8%. The margin was impacted by higher raw material costs following the Middle East conflict. Customer surcharges have been implemented to mitigate the impact, with recovery expected in the coming quarters • Strong operating cash flow generation with EUR 54.8 million. The leverage ratio remained stable at 2.2x and ROCE at 15.0% • Net profit attributable to Elopak shareholders increased to EUR 15.7 million, up from EUR 9.3 million last year. The Board has declared a dividend of EUR 0.065 per share for the first half of 2026 • Håkon Volldal appointed as new CEO of Elopak ASA Key figures Quarter ended June 30, Year to date ended June 30, LTM Full year EUR million, except where indicated otherwise 2026 2025 2026 2025 2026 2025 Group Revenue 303.9 289.7 602.1 599.9 1 207.8 1 205.6 Revenue growth 4.9% 0.4% 0.4% 3.4% 2.7% 4.2% Constant currency revenue growth 1) 5.7% 2.4% 2.9% 3.8% 5.9% EBITDA 1) 2) 42.9 44.2 82.7 88.7 178.2 184.3 Adjusted EBITDA 1) 2) 45.0 44.2 86.0 88.7 181.6 184.3 Adjusted EBITDA margin 1) 2) 14.8% 15.3% 14.3% 14.8% 15.0% 15.3% Leverage ratio 1) 2.2x 2.3x 2.0x ROCE 1) 15.0% 14.6% 15.7% EMEA Revenue 224.1 216.9 432.2 441.5 853.2 862.6 Revenue growth 3.3% 0.2% (2.1%) (0.5%) 0.1% Adjusted EBITDA 2) 39.9 40.7 76.0 81.4 155.4 160.8 Adjusted EBITDA margin 2) 17.8% 18.7% 17.6% 18.4% 18.2% 18.6% Americas Revenue 87.7 82.2 182.2 181.2 378.1 377.1 Constant currency revenue growth 8.7% 15.0% 6.4% 19.8% 22.0% EBITDA 2) 20.1 17.9 41.3 37.4 87.3 83.4 EBITDA margin 2) 22.9% 21.8% 22.7% 20.7% 23.1% 22.1% 1 Definition of Alternative Performance Measures (APM), including specification for adjustments, at the end of this report 2 Internal transfer pricing adjustments have been reclassified from other operating expenses to foreign exchange gains and losses, as they do not affect segment operating performance 2 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Second quarter 2026 report
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CEO comments: Progress and resilience: staying the course in a challenging environment The second quarter of 2026 demonstrated an improvement from the softer start to the year. In a market shaped by geopolitical uncertainty, raw material cost inflation and changing consumer behavior, our focus remains on disciplined execution, cost control and progress on our ‘Repackaging tomorrow’ strategy. Group revenue grew 4.9% year-on-year, or +5.7% in constant currency, to EUR 304 million. Adjusted EBITDA was EUR 45 million, corresponding to a margin of 14.8%. In EMEA, revenue was supported by higher P u r e - P a k ® v o l u m e s i n E u r o p e , U H T dairy growth in Germany and positive Roll Fed development in Poland. Margins across the region were nonetheless pressured by increases in raw material and logistics costs driven by the ongoing Middle East conflict. To compensate for these higher costs, we have implemented customer raw material surcharges. We expect the full benefit of these measures to materialize in the periods ahead. During the quarter, there was a serious incident at Nippon Dynawave's paper mill in Longview, Washington, a supplier of liquid packaging board to Elopak. The incident has resulted in supply chain constraints in the Americas. Our teams acted decisively to secure supply continuity and minimize the impact of the incident in the short term. Board supply will remain constrained through the second half of 2026 and despite ongoing mitigating actions, potentially into 2027. The incident has further affected regional market dynamics. However, we are confident in fulfilling supply commitments to our customers. The full impact of the incident is still being analyzed. We expect that our insurance and commercial agreements will cover most of the extra costs related to securing supply continuity; however, certain timing effects related to claims settlement may arise. Despite this disruption, Americas continued to deliver profitable growth, with constant- currency revenue up 8.7% and an EBITDA margin of 22.9%. Market conditions remain mixed, with plant-based products continuing to 3 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Second quarter 2026 report
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face weaker consumer demand while traditional dairy was more stable. We continued to execute on the restructuring and cost-reduction initiatives launched in the first quarter. These are investments in a leaner, more agile organization — and together with disciplined capital allocation, they are the foundation for durable, long-term value creation. Profit attributable to Elopak shareholders increased to EUR 15.7 million, compared with EUR 9.3 million last year. For the first half of 2026, the Board has declared a dividend of EUR 0.065 per share, corresponding to a pay- out ratio of normalized net profit of 52.5%, which reflects our commitment to provide our shareholders with competitive returns, while maintaining the financial flexibility to support growth and an investment-grade balance sheet. The Board has appointed Håkon Volldal as Chief Executive Officer of Elopak, effective no later than 1 January 2027. Until then, I will continue as CEO, with a clear focus on continuity, execution and maintaining strategic momentum through the transition. Looking ahead, we expect the gradual improvements to continue through the second half of 2026, subject to raw material prices and foreign exchange volatilities. The challenging operating environment in Americas, combined with continued global market and geopolitical headwinds is expected to impact growth in the year ahead. I remain confident in our ability to deliver sustainable, profitable growth in the longer- term — and in the people that make it possible. Resilience is not simply about absorbing shocks; it is also about having the commercial capabilities to recover, adapt, and identify new opportunities. 4 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Second quarter 2026 report "We are operating in a demanding environment: volatile geopolitical situation, rising input costs and changing consumer behavior remain real challenges. Our second quarter results show that disciplined execution and strategic focus can drive progress even in difficult conditions, and we remain committed to our 'Repackaging tomorrow' strategy." Bent K. Axelsen, Interim Chief Executive Officer
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Financial review 5 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Second quarter 2026 report 289.7 303.9 Q2-25 Q2-26 Revenues (EUR million) 44.2 45.0 15.3% 14.8% Q2-25 Q2-26 Adj. EBITDA (EUR million) 216.9 224.1 Q2-25 Q2-26 40.7 39.9 18.7% 17.8% Q2-25 Q2-26 +3.3% Group EMEA 17.9 20.1 21.8% 22.9% Q2-25 Q2-26 +12.2% +4.9% -1.9%+1.7% 82.2 87.7 Q2-25 Q2-26 +6.7% Americas
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Group Quarter ended June 30, Year to date ended June 30, EUR million 2026 2025 Change 2026 2025 Change Cartons and closures 277.9 256.4 21.6 550.5 530.9 19.6 Equipment 10.3 19.0 (8.7) 19.0 38.5 (19.5) Aftermarket 15.5 14.1 1.4 32.0 29.8 2.2 Other 0.2 0.3 (0.1) 0.6 0.7 (0.1) Total revenues 303.9 289.7 14.2 602.1 599.9 2.1 Adjusted EBITDA 45.0 44.2 0.8 86.0 88.7 (2.7) Adjusted EBITDA margin 14.8 % 15.3 % 14.3 % 14.8 % Group revenue in the second quarter increased by 4.9% compared with the same period last year (+5.7% on a constant currency basis). The positive development was driven by higher cartons sales across both EMEA and Americas, partly offset by timing effects related to filling machine commissioning in both regions. Adjusted EBITDA increased to EUR 45.0 million in the quarter, an increase of 0.8 million y e a r - o n - y e a r . The adjusted EBITDA margin was 14.8%, compared with 15.3% in the second quarter of 2025. The margin decline primarily reflected higher raw material costs following the Middle East conflict, with customer surcharges only partly offsetting the impact due to timing effects. In the second quarter, we continued implementing the initiatives launched in Q1 to address the softer market development and outlook. O n e - o ff costs of EUR 2.1 million related to these initiatives, associated with EMEA and corporate functions, are presented as restructuring costs and are excluded from adjusted EBITDA, as described in the APM section of this report. Year-to-date, Group revenue grew by 0.4% versus the corresponding period of 2025 (+2.9% on a constant currency basis). Adjusted EBITDA amounted to EUR 86.0 million, EUR 2.7 million below the prior year level, while the adjusted EBITDA margin declined to 14.3% from 14.8%. Details on the performance of our operating segments are provided in the following chapters. 6 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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EMEA Quarter ended June 30, Year to date ended June 30, EUR million 2026 2025 Change 2026 2025 Change Cartons and closures 195.3 181.0 14.3 379.8 368.3 11.6 Equipment 10.3 16.3 (6.0) 17.9 29.8 (11.9) Aftermarket 10.9 10.4 0.6 22.6 21.0 1.7 Other (0.1) — (0.1) 0.1 0.1 — Revenue from contracts with customers 216.4 207.7 8.7 420.4 419.1 1.3 Revenue from other group segments 7.7 9.2 (1.5) 11.8 22.4 (10.7) Total revenues 224.1 216.9 7.2 432.2 441.5 (9.3) Adjusted EBITDA 39.9 40.7 (0.8) 76.0 81.4 (5.4) Adjusted EBITDA margin 17.8 % 18.7 % 17.6 % 18.4 % Revenues in EMEA increased to EUR 224.1 million in the second quarter of 2026 (EUR 216.9 million). The increase was primarily attributable to carton and closure revenues, which grew 7.9% year-on-year, reflecting increased v o l u m e s f r o m b o t h P u r e - P a k ® a n d R o l l F e d , together with customer surcharges implemented to mitigate the impact of higher raw material costs. Equipment revenue was lower in the quarter, reflecting fewer filling machine commissions compared with a strong second quarter of 2025. I n E u r o p e , P u r e - P a k ® v o l u m e s i n c r e a s e d y e a r - on-year, primarily driven by continued growth in the UHT dairy segment. Germany, our largest market in the region, was the main contributor as recently secured customer contracts continued to ramp up during the quarter. Volume development across the remaining product segments was largely stable. I n t h e M E N A r e g i o n , P u r e - P a k ® v o l u m e s benefited from market share gains and continued geographic expansion, contributing to growth in the fresh dairy segment. Roll Fed volumes in EMEA increased during the quarter. The positive development in Europe continued, following the return to growth in the first quarter of 2026. Volume growth was supported by the ramp-up of new customer business in Poland and positive development across other European markets. Roll Fed volumes in India were slightly below the level recorded in the second quarter of last year, although they improved from the previous quarter. Reported revenues declined by 4.3% year-on-year, while increasing by 7.9% on a constant currency basis. Improved cost performance contributed to stronger margins both compared to last year and the previous quarter. Adjusted EBITDA, excluding restructuring costs of EUR 1.1 million, was EUR 39.9 million (EUR 40.7 million), corresponding to a margin of 17.8% (18.7%). The margin decline was mainly attributable to higher raw material costs. Due to timing effects, these costs were only partly offset by customer surcharges during the quarter, with recovery expected in the coming quarters. 7 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Americas Quarter ended June 30, Year to date ended June 30, EUR million 2026 2025 Change 2026 2025 Change Cartons and closures 82.6 75.4 7.3 170.7 162.7 8.0 Equipment — 2.7 (2.7) 1.1 8.7 (7.6) Aftermarket 4.5 3.7 0.9 9.4 8.9 0.5 Other 0.2 0.1 — 0.4 0.4 — Revenue from contracts with customers 87.3 81.9 5.5 181.5 180.6 0.9 Revenue from other group segments 0.4 0.3 0.1 0.7 0.7 — Total revenues 87.7 82.2 5.5 182.2 181.2 1.0 EBITDA 20.1 17.9 2.2 41.3 37.4 3.9 EBITDA margin 22.9 % 21.8 % 22.7 % 20.7 % In Americas, revenue grew by 8.7% on a constant currency basis compared to the second quarter of 2025. Reported revenue in EUR increased by 6.7%, as the continued weakening of the USD reduced the reported growth rate, although the currency impact was less pronounced than in the previous quarter. In cartons and closures, revenue increased by 11.9% on a constant currency basis, supported by both onboarding of new business and organic growth, including customers gaining market share and increased share of wallet. Despite the volume growth, market conditions remained affected by shifting consumer preferences and cost inflation, with plant- based products continuing to face weaker demand as reported in the first quarter, while traditional dairy showed more stable development. The competitive landscape in the Americas continues to evolve, reflecting increased commercial focus and activity from major industry players. Closure sales continued to increase in the second quarter, reaching all-time high in terms of volumes and revenues. With the growing base of installed Elopak filling machines in the Americas, aftermarket revenue has continued to develop positively, and we expect this trend to continue. While equipment revenue declined during the quarter, the current order backlog supports stronger activity in the coming periods, particularly within the school milk segment, supporting the ramp-up of the announced third production line in Little Rock entering production in 2027. The EBITDA margin increased to 22.9%, up 1.1 percentage points compared to the same quarter last year. The improvement was mainly supported by higher production output and operational leverage from Little Rock. The margin development was, however, affected by production inefficiencies following the Nippon Dynawave incident. Despite the constrained board supply, we remain confident in fulfilling supply commitments to our customers. Net income from joint ventures amounted to EUR 1.2 million, compared to EUR 1.0 million last year, but below the previous quarter due to normal seasonality in the school milk business. 8 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Profit Operating profit amounted to EUR 24.7 million in the second quarter of 2026 (EUR 26.3 million), reflecting restructuring costs incurred during the quarter, and depreciation related to the U.S. plant. Net financial items for the quarter were EUR -5.1 million, compared to EUR -14.8 million in the same quarter last year. The improvement was mainly attributable to unrealized currency losses observed in 2025 that were not repeated in 2026. For further details, please refer to Note 4. The tax expense for the quarter was EUR 4.9 million (EUR 3.1 million), corresponding to an effective tax rate of 23% of profit before tax. Adjusted for profit from joint ventures and permanent differences that are not part of the taxable base, the tax expense reflects an underlying average tax rate of 25%. See Note 5 for more details. Profit attributable to Elopak shareholders was EUR 15.7 million, up from EUR 9.3 million in the same quarter last year. Year-to-date operating profit was EUR 46.0 million, a decrease of EUR 6.3 million compared with the corresponding period of 2025. Profit before tax increased by EUR 7.9 million, to EUR 42.8 million, primarily due to the financial items described above. Profit attributable to Elopak shareholders increased by EUR 6.5 million, to EUR 32.7 million. Cash flow and financial position At the end of the second quarter, net debt excluding lease liabilities stood at EUR 293.5 million, an increase of EUR 7.4 million from the end of the previous quarter. The rise was offset by an increase in LTM adjusted EBITDA, resulting in a stable leverage ratio of 2.2x. Cash flow from operations amounted to EUR 54.8 million, based on an adjusted EBITDA of EUR 45.0 million, positive working capital movements of EUR 16.3 million, and taxes paid of EUR 6.5 million. 9 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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The working capital impact was driven by an inventory reduction of EUR 5.7 million, mainly resulting from the supply disruption in the Americas. In Europe, packaging materials inventory increased moderately during the quarter, in line with expectation, returning to more normal levels. A reduction in trade receivables had a positive cash effect of EUR 5.3 million, largely reflecting timing effects. Other working capital movements, primarily related to release of prepayments, resulted in a positive impact of EUR 5.4 million. Net cash flow from investing activities was EUR -26.2 million, driven by the equipment replacement and maintenance program in EMEA, as well as continued investments in the U.S. plant and CapEx relating to filling machine leases in Europe. The period also included the final EUR 1.2 million installment from the sale of our Russian subsidiary, following the 2022 agreement to fully divest from all Russian operations. Cash flow related to financing activities amounted to EUR -39.6 million, primarily reflecting dividend payments of EUR 27.4 million, in addition to lease payments of EUR 4.6 million, and interest payments of EUR 7.6 million on existing debt. 10 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information 286 -45 -16 6 0 28 -2 5 8 27 -4 293 Net debt excl. lease liability, end of Q1 Adj. EBITDA Change in NWC Taxes paid Other CapEx Other Lease payments Interest paid and other Dividends paid FX Net debt excl. lease liability, end of Q2 Cash flow from operations Cash flow to investments Cash flow to financing ex loan payments 1 EUR 54.8m EUR -26.2m EUR -39.6m 1 Cash flow from financing excluding changes in financial debt
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Year-to-date, cash flow from operations amounted to EUR 74.6 million, cash flow to investments was EUR -37.9 million, while cash flow to financing activities was EUR -53.4 million. ROCE was 15.0% at the end of June, down slightly from 15.1% in the previous quarter. Capital employed increased to EUR 742.2 million following investments in European production and the U.S. plant, while twelve- month adjusted EBIT remained stable at EUR 111.6 million. 11 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Leverage ratio (x) and net debt (EURm) 406 372 366 397 405 302 272 264 286 293 104 100 101 111 112 175 179 184 181 182 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 2.3 2.1 2.0 2.2 2.2 732 738 736 736 742 107 109 115 111 112 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 14.6% 14.8% 15.6% 15.1% 15.0% ROCE (LTM)
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12 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Consolidated financial statements
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Consolidated statement of income Quarter ended June 30, Year to date ended June 30, Full year* EUR 1 000 Note 2026 2025 2026 2025 2025 Revenues 2 303 877 289 700 602 072 599 940 1 205 588 Other operating income — (79) — 3 49 Total income 3 303 877 289 622 602 072 599 943 1 205 637 Cost of materials (189 477) (177 680) (376 703) (374 409) (747 911) Payroll expenses (56 394) (52 211) (112 011) (105 688) (211 284) Depreciation and amortization expenses (17 011) (15 933) (33 428) (31 828) (68 139) Impairment of non-current assets — (1 034) (23) (1 070) (1 248) Other operating expenses 1) (16 269) (16 481) (33 883) (34 632) (69 002) Total operating expenses 1) (279 152) (263 339) (556 049) (547 627) (1 097 585) Operating profit 1) 3 24 725 26 282 46 023 52 316 108 052 Financial income 6 364 5 724 12 495 11 838 23 097 Financial expenses (10 126) (10 135) (21 886) (21 869) (43 749) Foreign exchange gain/(loss) 1) 3 653 (1 060) (11 791) (11 031) (11 180) Fair value changes on financial instruments (4 945) (9 296) 14 798 140 2 521 Net financial items 1) (5 054) (14 766) (6 383) (20 922) (29 311) Share of net income from joint ventures 1 178 976 3 194 3 511 6 819 Profit before tax 20 848 12 492 42 834 34 905 85 561 Income tax 5 (4 873) (3 107) (10 022) (8 235) (24 071) Profit/(loss) 15 975 9 385 32 813 26 670 61 490 Quarter ended June 30, Year to date ended June 30, Full year* EUR 1 000, except for share information Note 2026 2025 2026 2025 2025 Profit attributable to: Elopak shareholders 15 720 9 275 32 664 26 197 61 559 Non-controlling interest 255 110 149 473 (69) Basic and diluted earnings per share attributable to Elopak shareholders (in EUR) 0.06 0.03 0.12 0.10 0.23 *Audited 1) Internal transfer pricing adjustments have been reclassified from other operating expenses to foreign exchange gains and losses 13 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Consolidated statement of comprehensive income Quarter ended June 30 Year to date ended June 30 Full year* EUR 1 000 2026 2025 2026 2025 2025 Items that will not be reclassified subsequently to profit or loss Actuarial gain/(loss) on defined benefit plans, net of tax 7 29 (50) 3 23 Items reclassified subsequently to net income upon derecognition Exchange differences on translation foreign operations Elopak shareholders 3 039 (15 247) 6 133 (22 278) (22 641) Exchange differences on translation foreign operations non-controlling interest 102 (852) (177) (1 229) (1 650) Fair value gain/(loss) on cash flow hedges during the period 1) (1 227) (1 742) 3 439 (12) 1 778 Less cumulative gain/(loss) arising on hedging instruments reclassified to profit or loss 1 (862) 808 (1 827) (36) (1 114) Other comprehensive income, net of tax 1 060 (17 005) 7 518 (23 552) (23 603) Total comprehensive income 17 035 (7 619) 40 330 3 119 37 887 Total comprehensive income attributable to: Elopak shareholders 16 678 (6 877) 40 359 3 875 39 605 Non-controlling interest 357 (742) (28) (756) (1 719) 1 ) Comparatives have been restated to align the presentation of cash flow hedge movements in OCI with IFRS 9. For details refer to Note 1. *Audited 14 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Consolidated statement of financial position EUR 1 000 June 30 June 30 December 31 ASSETS Note 2026 2025 2025* Development cost and other intangible assets 39 432 48 218 43 149 Deferred tax assets 15 564 21 262 16 092 Goodwill 106 367 107 065 106 919 Property, plant and equipment 308 125 272 453 282 192 Right-of-use assets 94 257 89 726 84 464 Investment in joint ventures 40 438 39 474 38 080 Other non-current assets 21 293 14 998 14 846 Total non-current assets 625 476 593 196 585 742 Inventory 167 058 194 346 178 299 Trade receivables 113 500 110 574 113 501 Other current assets 133 539 117 284 124 416 Cash and cash equivalents 44 575 34 131 62 168 Total current assets 458 672 456 335 478 384 Total assets 1 084 149 1 049 531 1 064 126 *Audited June 30 June 30 December 31 EUR 1 000 Note 2026 2025 2025* EQUITY AND LIABILITIES Attributable to Elopak shareholders 350 311 324 539 338 850 Non-controlling interest 8 853 9 844 8 881 Total equity 359 164 334 383 347 731 Pension liabilities 2 665 2 109 2 643 Deferred tax liabilities 9 149 13 620 9 582 Non-current interest bearing liabilities 315 362 297 941 322 382 Non-current lease liabilities 88 750 81 357 79 141 Other non-current liabilities 3 879 10 390 9 145 Total non-current liabilities 419 806 405 417 422 893 *Audited 15 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Consolidated statement of financial position cont. June 30 June 30 December 31 EUR 1 000 Note 2026 2025 2025* Current interest bearing liabilities 22 098 37 921 3 575 Current non-interest bearing liabilities 48 840 41 203 40 467 Trade payables 67 274 56 716 90 356 Taxes payable 9 650 9 348 4 837 Public duties payable 26 452 26 151 26 843 Current lease liabilities 23 238 22 200 21 928 Other current liabilities 107 628 116 193 105 496 Total current liabilities 305 179 309 731 293 502 Total liabilities 724 985 715 148 716 396 Total equity and liabilities 1 084 149 1 049 531 1 064 126 *Audited 16 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Consolidated statement of cash flows Quarter ended June 30, Year to date ended June 30, Full year* EUR 1 000 2026 2025 2026 2025 2025 Profit before tax 20 848 12 492 42 834 34 905 85 561 Interest on borrowings 5 514 4 629 10 389 9 068 18 377 Lease liability interest 2 090 1 929 4 077 3 899 7 667 Profit before tax and interest paid 28 453 19 050 57 300 47 872 111 605 Depreciation, amortization and impairment losses 17 011 16 967 33 451 32 898 69 388 Change in fair value of financial assets and liabilities, net (gains), losses from disposals and impairments 2 772 10 399 (18 068) 736 (1 645) Net unrealized currency (gain)/loss (2 110) (2 191) 13 005 8 547 4 864 Income from joint ventures (1 178) (976) (3 194) (3 511) (6 819) Net gain(-)/loss on sale of non-current assets — — — 13 109 Income taxes paid (6 496) (4 778) (10 035) (8 934) (25 621) Change in trade receivables 5 302 8 111 1 543 3 976 383 Change in other current assets 7 481 10 288 3 079 5 022 3 075 Change in inventories 5 662 10 593 10 923 113 16 021 Change in trade payables (6 508) (12 806) (23 747) (14 864) 19 770 Net payments on supply chain financing 5 682 (4 184) 8 373 1 421 685 Change in other current liabilities (1 236) (7 661) 1 976 (19 724) (21 174) Change in net pension liabilities (43) (88) (34) (92) 441 Net cash flow from operating activities 54 792 42 723 74 572 53 472 171 079 Quarter ended June 30, Year to date ended June 30, Full year* (EUR 1 000) 2026 2025 2026 2025 2025 Purchase of non-current assets (27 906) (20 766) (43 711) (45 799) (85 651) Proceeds from sale of non-current assets — — — — 9 Proceeds from sale of financial assets and businesses 2 259 1 168 2 259 1 168 1 422 Dividend from joint ventures (166) — 3 506 — 5 376 Change in other non-current assets (422) (272) 80 (1 836) (1 880) Net cash flow from investing activities (26 236) (19 869) (37 867) (46 467) (80 725) Proceeds from and repayments of borrowings 15 065 19 048 (4 742) 52 785 44 363 Interest on borrowings and leases 1) (7 604) (6 558) (14 466) (12 967) (26 044) Lease payments 1) (4 643) (5 419) (8 894) (9 251) (17 036) Dividend paid to equity holders of Elopak ASA (27 401) (21 637) (27 401) (21 637) (43 314) Purchase of treasury shares — (155) (2 619) (2 042) (3 338) Net cash flow from financing activities (24 583) (14 721) (58 122) 6 889 (45 369) Effects of exchange rate changes on cash and cash equivalents 1 208 (5 019) 3 824 (7 815) (10 870) Net change in cash and cash equivalents 5 181 3 114 (17 592) 6 078 34 115 Cash and cash equivalents at the beginning of the period 39 394 31 017 62 168 28 052 28 052 Cash and cash equivalents at the end of the period 44 575 34 131 44 575 34 131 62 168 *Audited 1) Reclassification of the interest component of lease liabilities from December 2025. The comparative numbers have been restated. 17 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Consolidated statement of changes in equity June 30, 2026 EUR 1 000 Note Share capital Other paid-in capital Currency translation reserve Cash flow hedge reserve Retained earnings Non-controlling interest Total equity Total equity 01.01 50 103 71 856 (42 107) (760) 259 758 8 882 347 731 Profit for the period 32 664 149 32 813 Other comprehensive income for the period net of tax 6 133 3 439 (50) (177) 9 345 Reclassification of cashflow hedge reserve to income statement (1 827) (1 827) Total comprehensive income for the period — — 6 133 1 612 32 613 (28) 40 330 Reclassification of cashflow hedge reserve to inventory 258 258 Transactions with owners: Dividend paid (27 401) (27 401) Share based payments (379) (2 743) (3 123) Treasury shares 14 1 354 1 368 Total capital transactions in the period 14 975 — — (30 144) — (29 155) Total equity 30.06 6 50 117 72 831 (35 974) 1 110 262 227 8 853 359 164 18 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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June 30, 2025 EUR 1 000 Note Share capital Other paid-in capital Currency translation reserve Cash flow hedge reserve Retained earnings Non-controlling interest Total equity Total equity 01.01 50 112 71 701 (19 467) (3 302) 243 006 10 600 352 652 Profit for the period 26 197 473 26 670 Other comprehensive income for the period net of tax (22 278) (12) 3 (1 229) (23 516) Reclassification of cashflow hedge reserve to income statement (36) (36) Total comprehensive income for the period — — (22 278) (47) 26 200 (756) 3 119 Reclassification of cashflow hedge reserve to inventory 1 495 1 495 Transactions with owners: Dividend paid (21 637) — (21 637) Share based payments (171) (1 039) (1 210) Treasury shares (6) (31) (37) Total capital transactions in the period (6) (202) — — (22 675) — (22 883) Total equity 30.06 50 107 71 499 (41 745) (1 854) 246 531 9 844 334 383 19 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Notes to the condensed interim financial statements Note 01 Company information and basis of preparation The Elopak Group consists of Elopak ASA and its subsidiaries. Elopak ASA is a public limited company incorporated in Norway and listed on Oslo Stock Exchange. The Elopak Group is a leading global supplier of carton packaging and filling equipment, which supplies both the fresh and aseptic segments. The consolidated financial information has not been subject to audit or review. All numbers are presented in EUR 1 000 unless otherwise is clearly stated. The subtotals in some of the tables may not equal the sum of the amounts shown due to rounding. Certain amounts in the comparable periods in the note disclosures have been reclassified to conform to current period presentation. The Board of Directors approved the condensed consolidated interim financial statements for the period ended June 30, 2026 on August 17, 2026. Basis of preparation The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS), IAS 34 “Interim Financial Reporting”. The condensed interim financial statements do not include all information and disclosures required in the annual financial statement and should be read in conjunction with the Group’s Annual Report for 2025, which has been prepared according to IFRS as adopted by EU. The accounting policies applied in the preparation of the consolidated interim financial statements are consistent with those applied in the preparation of the annual IFRS financial statements for the year ended December 31, 2025. The preparation of interim financial statements requires the Group to make certain estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated by the company based on historical experience and other factors, including expectations of future events that are deemed to be reasonable under the circumstances. Actual results may differ from these estimates. The most significant judgments used in preparing these interim financial statements and the key areas of estimation uncertainty are the same as those applied in the consolidated annual report for 2025. The annual report for 2025 provides a description of the uncertainties and risks for the business. In statement of other comprehensive income, comparative figures have been restated to reflect a change in presentation of cash flow hedge movements. In prior periods, amounts related to inventory basis adjustments were included in OCI; these are now excluded in accordance with IFRS 9. 20 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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N o t e 0 2 Revenues The Group’s revenues consist of revenue from contracts with customers (99%) and rental income from lease of filling equipment (1%). Revenues are primarily derived from the sale of cartons and closures, sales and rental income related to filling equipment and service. The tables include continuing operations only. As described in the accounting policy for revenues in the annual report for 2025, and in compliance with IFRS 15, the Group recognizes revenue over time for goods without alternative use where the Group has a legally enforceable right to payment. This gives a positive effect on revenue and EBITDA in times where the inventory level of such goods is increasing and negative effect in times where the inventory level of such goods is decreasing. The impact on EBITDA for the quarter is EUR -1.2 million for 2026 and EUR -0.6 million for 2025. As a result of the update to segment structure implemented in Q1 2026, the Group has updated its disaggregation of revenue to reflect the revised operating segment structure. Comparative information has been restated for consistency. Revenues specified by geographical area Quarter ended June 30 Year to date ended June 30 EUR 1 000 2026 2025 2026 2025 USA 70 159 61 489 145 378 137 986 Germany 43 049 38 575 85 119 79 254 Canada 16 410 19 337 33 639 39 550 Netherlands 16 615 18 716 33 507 36 214 Norway 5 167 4 490 10 842 10 038 Other 152 477 147 093 293 587 296 897 Total revenue 303 877 289 700 602 072 599 940 Revenues specified by product and operating segment Quarter ended June 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 195 326 82 616 — 277 942 Equipment 10 300 4 — 10 304 Aftermarket 10 930 4 550 — 15 480 Other (107) 172 87 151 Revenue from contracts with customers 216 448 87 341 87 303 877 Revenue from other group segments 7 662 364 (8 026) — Total revenues 224 111 87 705 (7 939) 303 877 Quarter ended June 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 181 006 75 351 — 256 358 Equipment 16 306 2 675 — 18 981 Aftermarket 10 372 3 690 — 14 062 Other 33 145 123 300 Revenue from contracts with customers 207 716 81 861 123 289 700 Revenue from other group segments 9 192 306 (9 498) — Total revenues 216 908 82 167 (9 375) 289 700 21 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Year to date ended June 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 379 830 170 682 — 550 512 Equipment 17 914 1 079 — 18 992 Aftermarket 22 629 9 379 — 32 008 Other 71 361 127 559 Revenue from contracts with customers 420 443 181 501 127 602 072 Revenue from other group segments 11 759 683 (12 442) — Total revenues 432 202 182 184 (12 315) 602 072 Year to date ended June 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 368 272 162 672 — 530 944 Equipment 29 806 8 678 — 38 485 Aftermarket 20 973 8 872 — 29 845 Other 64 353 249 666 Revenue from contracts with customers 419 116 180 574 249 599 940 Revenue from other group segments 22 412 656 (23 067) — Total revenues 441 528 181 230 (22 818) 599 940 The revenues are specified by location (country) of the customer. 22 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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N o t e 0 3 Operating segments Information reported to the Group’s chief operating decision makers, the Group Leadership Team, for the purpose of resource allocation and assessment of segment performance is focused on two key geographical regions – EMEA and Americas. Key figures representing the financial performance of these segments are presented in the following note. GLS Elopak is included in EMEA. The tables include continuing operations only. Effective Q1 2026, R&D activity has been reclassified as a group function and aftermarket services have been reallocated to regional operating segments. Comparative segment information has been restated accordingly. Quarter ended June 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 216 448 87 341 87 303 877 Revenue from other group segments 7 662 364 (8 026) — Total revenue 224 111 87 705 (7 939) 303 877 Other income — — — — Total income 224 111 87 705 (7 939) 303 877 Operating expenses 1) 2) (185 345) (68 819) (7 977) (262 142) Share of net income from joint ventures — 1 178 — 1 178 EBITDA 2) 38 765 20 064 (15 916) 42 913 Adjusted EBITDA 2) 39 893 20 064 (14 977) 44 980 Depreciation and amortization (12 112) (2 731) (2 168) (17 011) Impairment — — — — Share of net income from joint ventures — (1 178) — (1 178) Operating profit 2) 26 653 16 155 (18 084) 24 725 Purchase of non-current assets during the year 20 966 4 816 2 123 27 906 1) Operating expenses include cost of materials, payroll expenses and other operating expenses 2) Internal transfer pricing adjustments have been reclassified from other operating expenses to foreign exchange gains and losses, as they do not affect segment operating performance. Quarter ended June 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 207 716 81 861 123 289 700 Revenue from other group segments 9 192 306 (9 498) — Total revenue 216 908 82 168 (9 375) 289 700 Other income (79) — — (79) Total income 216 829 82 168 (9 375) 289 622 Operating expenses 1) 2) (176 176) (65 269) (4 928) (246 373) Share of net income from joint ventures — 976 — 976 EBITDA 2) 40 653 17 875 (14 304) 44 225 Adjusted EBITDA 2) 40 653 17 875 (14 304) 44 225 Depreciation and amortization (12 398) (2 093) (1 442) (15 933) Impairment (764) — (270) (1 034) Share of net income from joint ventures — (976) — (976) Operating profit 2) 27 492 14 806 (16 016) 26 282 Purchase of non-current assets during the year 9 256 9 894 1 616 20 766 23 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Year to date ended June 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 420 443 181 501 127 602 072 Revenue from other group segments 11 759 683 (12 442) — Total revenue 432 202 182 184 (12 315) 602 072 Other income — — — — Total income 432 202 182 184 (12 315) 602 072 Operating expenses 1) 2) (358 346) (144 056) (20 196) (522 598) Share of net income from joint ventures — 3 194 — 3 194 EBITDA 2) 73 857 41 322 (32 511) 82 668 Adjusted EBITDA 2) 76 022 41 322 (31 306) 86 038 Depreciation and amortization (24 074) (5 347) (4 006) (33 428) Impairment (23) — — (23) Share of net income from joint ventures — (3 194) — (3 194) Operating profit 2) 49 759 32 781 (36 517) 46 023 Purchase of non-current assets during the year 25 878 14 561 3 272 43 711 1) Operating expenses include cost of materials, payroll expenses and other operating expenses 2) Internal transfer pricing adjustments have been reclassified from other operating expenses to foreign exchange gains and losses, as they do not affect segment operating performance. Year to date ended June 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 419 116 180 574 249 599 940 Revenue from other group segments 22 412 656 (23 067) — Total revenue 441 528 181 230 (22 818) 599 940 Other income 3 — — 3 Total income 441 531 181 230 (22 818) 599 943 Operating expenses 1) 2) (360 114) (147 304) (7 311) (514 729) Share of net income from joint ventures — 3 511 — 3 511 EBITDA 2) 81 417 37 437 (30 129) 88 725 Adjusted EBITDA 2) 81 417 37 437 (30 129) 88 725 Depreciation and amortization (24 512) (4 457) (2 859) (31 828) Impairment (800) — (270) (1 070) Share of net income from joint ventures — (3 511) — (3 511) Operating profit 2) 56 105 29 468 (33 258) 52 315 Purchase of non-current assets during the year 18 235 22 553 5 011 45 799 24 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Reconciliation of reporting segments changes in Q2 2026 Quarter ended June 30, 2026 EUR million / (%) Before change Change After change EMEA Revenues 229.1 (5.0) 224.1 Adjusted EBITDA 35.1 4.8 39.9 Adj. EBITDA-margin 15.3 % 2.5 % 17.8 % Americas Revenues 82.9 4.8 87.7 Adjusted EBITDA 18.1 1.9 20.1 Adj. EBITDA-margin 21.9 % 1.0 % 22.9 % Other and eliminations Revenues (8.1) 0.2 (7.9) Adjusted EBITDA (8.3) (6.7) (15.0) Year to date ended June 30, 2026 EUR million / (%) Before change Change After change EMEA Revenues 442.3 (10.1) 432.2 Adjusted EBITDA 66.3 9.8 76.0 Adj. EBITDA-margin 15.0 % 2.6 % 17.6 % Americas Revenues 172.3 9.9 182.2 Adjusted EBITDA 37.9 3.4 41.3 Adj. EBITDA-margin 22.0 % 0.7 % 22.7 % Other and eliminations Revenues (12.6) 0.3 (12.3) Adjusted EBITDA (18.2) (13.1) (31.3) N o t e 0 4 Net financial items Net financial items for the quarter were EUR -5.1 million, compared to EUR -14.8 million in the same quarter last year. The improvement was mainly attributable to unrealized currency losses related to USD observed in 2025 that were not repeated in 2026. In 2025, Elopak held USD cash balances for the remaining committed investments in new U.S. plant, that were negatively affected by the weakening USD against the EUR. In 2026, currency effects primarily reflected the revaluation of the NOK bonds, offset by the market-to-market changes in the matching cross-currency swaps. N o t e 0 5 Taxes The reconciliation between tax (expense) / income and accounting profit / (loss) before taxes is as follows for the continuing operations: Quarter ended June 30, Year to date ended June 30, EUR 1 000 2026 2025 2026 2025 Profit before taxes 20 848 12 492 42 834 34 905 Expected Tax (expense) income at statutory rate 1) (5 212) (3 123) (10 709) (8 726) Tax effect of share profit/(loss) from joint ventures 294 244 799 878 Prior period adjustments — (309) — (309) Tax effect of other permanent differences 136 111 (5) (28) Withholding tax (92) (30) (106) (49) Tax (expense) income recognized in profit or loss (4 873) (3 107) (10 022) (8 235) 1) The Group tax rate has been set to 25% for 2026 (25% in 2025) 25 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Note 0 6 Interest-bearing loans and borrowings The interest-bearing loans in Elopak mainly consist of senior unsecured green bonds issued under our Green Bond Framework. In December 2025, Elopak issued NOK 750 million in new 5-year senior unsecured green bonds. The bond issue has a floating rate coupon of 3 months Nibor + 1.20% p.a. The new bonds are listed at Nordic ABM under the name ELO04 PRO ESG. Elopak has after the new issue outstanding unsecured green bonds of NOK 3.45 billion. The current long-term financing covers the NOK 750 million green bond maturing in May 2027. The bonds are swapped to floating Euribor. The portfolio currently consists of four bonds with the following profiles: EUR 1 000 June 30, 2026 Currency Nominal interest rate Year of maturity Face value Carrying amount Unsecured bond issues NOK Nibor +1.20% p.a. 2027 66 310 66 605 Unsecured bond issues NOK Nibor +1.50% p.a. 2029 128 199 128 556 Unsecured bond issues NOK Nibor +1.20% p.a. 2030 66 310 66 501 Unsecured bond issues NOK 5.48 % 2031 44 207 44 312 The green bonds are initially recognized at cost, being the fair value of the consideration received net of incremental cost, and subsequently measured at amortized cost using the effective interest method. The cross-currency swaps are recognized as financial income or financial expense in profit or loss, in line with the accounting policy set out in the annual IFRS financial statements for the year ended December 31, 2025. In addition to the green bonds, Elopak has a revolving credit facility of EUR 210 million, which is available until June 2029. As of June 30, 2026 EUR 10 million is utilized. N o t e 0 7 Equity and shareholders information Dividend The Board of Directors approved a dividend of EUR 0.102 per share for the second half of the financial year 2025 on May 13, 2026. The dividend paid in May 2026 was EUR 27.4 million based on 269 014 669 outstanding shares. For the first half of 2026, the Board has declared a dividend of EUR 0.065 per share, in line with our revised dividend policy to pay semi-annual dividends. The proposed semi-annual dividend corresponds to around EUR 17.5 million, to be paid out in NOK in October of 2026. We remain committed to distribute annual dividends corresponding to 50-60% of the Group’s normalized net profit. N o t e 0 8 Financial risk management June 30, 2026 June 30, 2025 EUR 1 000 Assets Liabilities Total Assets Liabilities Total Currency derivatives 8 906 970 7 936 68 8 556 (8 489) Commodity derivatives 1 081 — 1 081 0 1 174 (1 174) Interest derivatives 1 363 881 482 1 107 2 775 (1 668) Total 11 349 1 851 9 499 1 175 12 505 (11 330) The full fair value of a derivative is classified as “Other non-current assets” or “Other non-current liabilities” if the remaining maturity of the derivative is more than 12 months and, as “Other current assets” or “Other current liabilities”, if the maturity of the derivative is less than 12 months. The fair value estimation of derivative financial instruments has been arrived at by applying a level 2 valuation methodology which uses inputs other than unadjusted quoted prices for identical assets and liabilities, with changes in fair value are therefore recognized in the income statement. No other material financial assets or liabilities are measured at fair value through profit or loss. Where eligible, derivatives used for hedging are designated in cash flow hedge accounting relationships. 26 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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N o t e 0 9 Off-balance sheet commitments and contingencies Off-balance sheet commitments were EUR 34.4 million as of June 30, 2026 compared with EUR 24.4 million as of June 30, 2025 . Commitments in the EMEA region were EUR 21.0 million as of June 30, 2026 (EUR 9.3 million), mainly relating to the acquisition of new equipment and maintenance capital expenditure. Commitments for the acquisition of property, plant and equipment relating to the new production plant in Little Rock, Arkansas were EUR 13.4 million as of June 30, 2026 (EUR 15.1 million). N o t e 1 0 Subsequent events F o l l o w i n g T h o m a s K ö r m e n d i ’ s r e s i g n a t i o n , t h e B o a r d a p p o i n t e d C F O B e n t K . A x e l s e n a s i n t e r i m C E O e f f e c t i v e 8 M a y 2 0 2 6 , w i t h O l a B u a r ø y a p p o i n t e d i n t e r i m C F O . T h e G r o u p ’ s s t r a t e g i c d i r e c t i o n remains unchanged. The Board of Directors has subsequently appointed Håkon Volldal as Chief Executive Officer of Elopak. The effective date of his appointment will be determined in due course and will be no later than 1 January 2027. The Board has declared a dividend of EUR 0.065 per share for the first half of 2026. 27 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Alternative Performance Measures (APMs) The Group prepares and reports its consolidated financial statements in accordance with IFRS® Accounting Standards. In addition, the Group presents several Alternative Performance Measures (APMs). The APMs provide supplementary information to measure the Group’s performance and to enhance comparability between financial periods. The APMs also provide measures commonly reported and widely used by investors, lenders, and other stakeholders as an indicator of the Group’s performance. These APMs are among other, used in planning for and forecasting future periods, including assessing our ability to incur and service debt including covenant compliance. APMs are defined consistently over time and are based on the Group’s consolidated financial statements (IFRS). Comparative periods have been restated to align with the current presentation of internal transfer pricing adjustments, which are now reported within foreign exchange gains and losses rather than other operating expenses. Constant currency revenue Constant currency revenue is a measure of revenue adjusted for currency effects. The Group presents this APM because management considers it to provide useful supplemental information for understanding the Group’s revenue development over time for comparability purposes. Constant currency revenue Quarter ended June 30, Year to date ended June 30, EUR 1 000 2026 2025 Change 2026 2025 Change Total revenue and other operating income 303 877 289 622 4.9 % 602 072 599 943 0.4 % Currency effect 2 367 15 147 Constant currency revenue 306 244 289 622 5.7 % 617 219 599 943 2.9 % Quarter ended June 30, Year to date ended June 30, EUR 1 000 2025 2024 Change 2025 2024 Change Total revenue and other operating income 289 622 288 384 0.4 % 599 943 580 308 3.4 % Currency effect 5 734 2 424 Constant currency revenue 295 356 288 384 2.4 % 602 367 580 308 3.8 % EBITDA EBITDA is a profitability measure defined as earnings before interests, taxes, depreciation, amortization and impairments including share of net income from joint ventures. The Group presents this APM because management considers it to provide useful supplemental information for understanding the overall picture of profit generation in the Group’s operating activities and for comparing its operating performance with that of other companies. Adjusted EBITDA Adjusted EBITDA is a measure of EBITDA adjusted for certain items affecting comparability (the Adjustment items). The Group presents this APM because management considers it to be an important supplemental measure for understanding the underlying profit generation in the Group’s operating activities and comparing its operating performance with that of other companies. Reconciliation of EBITDA and adjusted EBITDA Quarter ended June 30, Year to date ended June 30, EUR 1 000 2026 2025 2026 2025 Operating profit 24 725 26 282 46 023 52 316 Depreciation, amortization and impairment 17 011 16 967 33 451 32 898 Share of net income from joint ventures 1 178 976 3 194 3 511 EBITDA 42 914 44 225 82 669 88 725 Total adjusted items with EBITDA impact 2 066 — 3 370 — Adjusted EBITDA 44 980 44 225 86 038 88 725 EBIT EBIT is a profitability measure defined as earnings before interests and taxes. The Group presents this APM because management considers it to provide useful supplemental information for understanding the overall picture of profit generation in the Group’s operating activities and for comparing its operating performance with that of other companies. 28 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Adjusted EBIT Adjusted EBIT is a measure of EBIT adjusted for certain items affecting comparability (the Adjustment items). The Group presents this APM because management considers it to be an important supplemental measure for understanding the underlying profit generation in the Group’s operating activities and comparing its operating performance with that of other companies. Reconciliation of EBIT and adjusted EBIT Quarter ended June 30, Year to date ended June 30, EUR 1 000 2026 2025 2026 2025 EBITDA 42 914 44 225 82 669 88 725 Depreciation, amortization and impairment (17 011) (16 967) (33 451) (32 898) EBIT 25 903 27 258 49 218 55 827 Total adjusted items with EBIT impact 2 066 — 3 370 — Adjusted EBIT 27 969 27 258 52 587 55 827 Adjusted profit attributable to Elopak shareholders Adjusted profit attributable to Elopak shareholders represents the Group’s profit attributable to Elopak shareholders for certain items affecting comparability, taking into account the Adjustment items, related estimated tax effects based on a 25% statutory tax rate. The Group presents this APM because management considers it to provide useful supplemental information for understanding the Group’s profit attributable to Elopak shareholders and for comparability purposes with other companies. Adjusted profit attributable to Elopak shareholders Quarter ended June 30, Year to date ended June 30, EUR 1 000, except number of shares 2026 2025 2026 2025 Profit attributable to Elopak shareholders 15 720 9 275 32 664 26 197 Items excluded from adjusted EBITDA net of tax 1 653 — 2 696 — Items adjusted for taxes — — — — Adjusted profit attributable to Elopak shareholders 17 373 9 275 35 360 26 197 Net debt Net debt is a measure of borrowings (including liabilities to financial institutions before amortization costs and including lease liabilities) less cash and cash equivalents for the period. The Group presents this APM because management considers it as a useful indicator of the Group’s indebtedness, financial flexibility and capital structure because it indicates the level of borrowing after taking into account cash and cash equivalents within the Group’s business that could be utilized to pay down outstanding borrowings. Net debt is also used for monitoring the Group’s financial covenants compliance by management. Net debt Quarter ended June 30, EUR 1 000 2026 2025 Non-current interest bearing liabilities 1) 315 973 298 697 Current interest bearing liabilities 22 098 37 921 Cash and cash equivalents (44 575) (34 131) Net debt excluding lease liabilities 293 495 302 486 Non-current lease liabilities 88 750 81 357 Current lease liabilities 23 238 22 200 Net interest-bearing debt (Net debt) 405 484 406 044 1) Non-current interest-bearing liabilities are excluding amortized borrowing costs of EUR 0.6 million as of June 30, 2026 and EUR 0.8 million as of June 30, 2025. Net debt/adjusted EBITDA (leverage ratio) Leverage ratio is a measure of net debt to adjusted EBITDA over the last 12 months. The Group presents this APM because management considers it as a useful indicator of the Group’s ability to meet its financial obligations. Net debt/adjusted EBITDA is also used for monitoring the Group’s financial covenants compliance by management. 29 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Leverage ratio Quarter ended June 30, EUR 1 000 2026 2025 A - Net debt 405 484 406 044 B - Adjusted EBITDA 181 573 175 108 C - Leverage ratio = A/B 2.2 2.3 Capital employed Capital employed is defined as the sum of total equity and net debt. Return on capital employed (ROCE) Return on capital employed (ROCE) is defined as adjusted EBIT for the last 4 quarters divided by the average capital employed, measured for the last 4 quarters. ROCE is an important metric for the Group to measure its capital efficiency. Since it takes into account both debt and equity, management considers this to provide a holistic view of the Group’s profitability. Return on capital employed (ROCE) Quarter ended June 30, 2026 2026 2026 2025 2025 Q2 Q1 Q4 Q3 Operating profit 24 725 21 298 25 896 29 841 Share of net income from joint ventures 1 178 2 017 1 877 1 431 EBIT 25 903 23 315 27 773 31 272 Total adjusted items with EBIT impact 2 066 1 304 — — Adjusted EBIT 27 969 24 619 27 773 31 272 Adjustment EBIT, last 4 quarters 111 632 Net debt 405 484 397 469 365 520 372 026 Equity 358 966 369 300 347 731 352 152 Capital employed 764 450 766 769 713 251 724 178 Capital employed, average last 4 quarters 742 162 ROCE 15.0 % 30 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Quarter ended June 30, 2025 2025 2025 2024 2024 Q2 Q1 Q4 Q3 Operating profit 26 282 26 033 19 538 26 433 Share of net income from joint ventures 976 2 535 2 716 2 127 EBIT 27 258 28 569 22 254 28 560 Total adjusted items with EBIT impact — — — — Adjusted EBIT 27 258 28 569 22 254 28 560 Adjustment EBIT, last 4 quarters 106 641 Net debt 406 044 402 429 369 453 371 250 Equity 334 383 363 128 352 652 329 657 Capital employed 740 427 765 556 722 105 700 907 Capital employed, average last 4 quarters 732 249 ROCE 14.6 % Adjusted basic and diluted earnings per share (Adjusted EPS) Quarter ended June 30, Year to date ended June 30, EUR 1 000, except number of shares 2026 2025 2026 2025 Weighted-average number of ordinary shares 268 898 868 268 952 366 268 872 288 268 947 410 Profit attributable to Elopak shareholders 15 720 9 275 32 664 26 197 Adjusted profit attributable to Elopak shareholders 17 373 9 275 35 360 26 197 Basic and diluted earnings per share attributable to Elopak shareholders (in EUR) 0.06 0.03 0.12 0.10 Adjusted basic and diluted earnings per share (in EUR) 0.06 0.03 0.13 0.10 Reconciliation of net income from joint ventures Quarter ended June 30, Year to date ended June 30, EUR 1 000 2026 2025 2026 2025 Lala Elopak S.A. de C.V. 800 568 2 102 1 860 Impresora Del Yaque 378 409 1 092 1 652 Elopak Nampak Africa Ltd — — — — Total share of profit joint ventures 1 178 976 3 194 3 511 31 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Responsibility statement We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to June 30, 2026 has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of the Elopak Group’s assets, liabilities, financial position and result for the period. We also confirm to the best of our knowledge that the financial review includes a fair review of significant events that have occurred during the financial period and their impact on the financial statements, any significant related parties transactions and a description of the principal risks and uncertainties for the financial period. Skøyen, August 17th, 2026 Board of Directors in Elopak ASA This document is signed electronically Dag Mejdell Manuel Arbiol Pascual Anna Belfrage Sid Mehran Johari Chairperson Board member Board member Board member Marianne Ødegaard Ribe Håvard Grande Urhamar Anette Bauer Ellingsen Bent K. Axelsen Board member Board member Board member CEO (employee representative) (employee representative) 32 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information
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Additional information Contact information Christian Gjerde Head of Treasury and Investor Relations +47 980 60 909 Ola Buarøy Chief Financial Officer +47 918 02 021 Cautionary note The interim report contains certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “plans”, “targets”, “aims”, “believes”, “expects”, “anticipates”, “intends”, “estimates”, “will”, “may”, “continues”, “should” and similar expressions. Any statement, estimate or projections included in the Information (or upon which any of the conclusions contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Group and/or any of its affiliates) reflect, at the time made, the Company’s beliefs, intentions and current targets/ aims and may prove not to be correct. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. No representation or warranty is given as to the completeness or accuracy of any forward-looking statement contained in the Information or the accuracy of any of the underlying assumptions. 33 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information This is Elopak As worldwide makers of carton based packaging, we are committed to remaining our customers’ partner and the consumers’ favorite, through relentlessly developing new solutions for an expanding range of content. Applying market-leading technology, skills and natural material sourcing, we always aim to provide the highest quality products that leave the world unharmed. For more information please visit www.elopak.com Financial calendar October 27, 2026 Quarterly Report Q3 Elopak reserves the right to revise the dates