Slides
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Quarterly presentation Q3 2026
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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
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The world’s leading provider of fresh liquid carton packaging 16 billion cartons produced in 2025 Sales to 70+ markets 3,000 employees 12 manufacturing sites Product portfolio with more than 400 variations Preferred choice among customers since 1957 Elopak at a glance Carton revenue FY25 Revenue by region FY25 EMEA: 69% Americas: 31% 1 The aseptic category includes Pure-Pak® aseptic cartons (17%) and Roll Fed cartons (14%) 2 Numbers in EUR million. 2021 restated for discontinued operations in Russia 67% 31% 3% Other Fresh Aseptic1 Historical revenue development 2 CAGR +9%
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Q3 2026 Business performance Bent K. Axelsen, Interim CEO
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Q3 2026 5 Business highlights Group revenue of EUR 308.4 million, +6.5% YoY (+6.0% on a constant currency basis) EMEA with 10.7% growth in carton and closure revenues EBITDA of EUR 51.9 million with a margin of 16.8% Americas delivered revenue growth of 5.9% despite supply constraints Balance sheet remains solid with a leverage ratio of 2.2x Håkon Volldal will assume role as CEO starting November 2, 2026 Reinard Dreesmann is appointed interim EVP Region Americas
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Group: Delivering strong revenue and EBITDA growth despite supply disruptions in Americas 6 Revenues (EURm) Adj. EBITDA (EURm) and Adj. EBITDA margin (%) ▹ Strong profitability despite continued raw material cost pressure and supply disruptions ▹ Excluding temporary effects of supply disruptions, the EBITDA margin would have been around 17.5% ▹ Continued positive development in Europe, with growth in both Pure-Pak® cartons and Roll Fed cartons ▹ Recent filling machine installations are translating into volume growth, particularly across UHT and fresh dairy ▹ Americas continued to grow despite the supply disruptions 0.0%+5.4%+2.3%+6.5%
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Other key financial highlights in the Group Adjusted EBIT, LTM (EURm) ROCE (%) Adj. EPS to Elopak shareholders (EUR) Cash flow from operations (EURm) Capex (EURm) Net debt (EURm) +6.7% 7 +0.6% +37.8% +34.7% +25.6% +8.5%
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Refocusing priorities to accelerate profitable growth Strengthen leadership in core Realize global growth Leverage plastic replacement shift Offering innovative solutions across multiple packaging segments 8
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Germany: growing in Europe's largest dairy market Strengthening Elopak's position in Europe's largest dairy market, accounting for ~20% of EU milk production Pure-Pak® carton volumes strongly increased year-on-year across five major European dairy producers Customer reasons for choosing our packaging solutions include: ‒ Distinctive, premium shelf appearance ‒ Reliable filling technology ‒ Close, strategic customer partnerships Growth is driven by filling-line ramp-ups and customer share gains, demonstrating Elopak's ability to outperform a mature dairy market 9
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Q3 2026 Financial performance review Ola Buarøy, Interim CFO
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EMEA: Strong Pure-Pak® carton and Roll Fed volumes supporting revenue and EBITDA growth ▹ Customer surcharges compensated for higher raw material costs ▹ Stable margin year-on-year ▹ Year-on-year growth of 10.7% in cartons and closures ▹ Pure-Pak® carton volume growth in both the UHT and fresh dairy segments, most notably in Germany ▹ Continued Roll Fed growth in the Polish market ▹ Filling machine commissioning stable, but revenues impacted by a higher share of leasing Revenues (EURm) Adj. EBITDA (EURm) and Adj. EBITDA margin (%) -2.4%+5.8%+0.9%+7.5% 11
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Americas: Revenue growth despite supply constraints ▹ Profitability impacted by the Nippon incident, partly offset by insurance ▹ Margin excluding timing effects related to insurance claim settlements would have been around 23% ▹ Stable carton revenues as volume growth was limited by supply constraints ▹ Higher equipment revenues driven by increased filling machine commissions, particularly in school milk ▹ Continued aftermarket growth supported by an expanding installed base of filling machines Revenues (EURm) EBITDA (EURm) and EBITDA margin (%) +3.5%-8.2%+2.3%+5.9% 12
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Strong commercial performance and cost control more than offset cost pressures and supply disruptions EBITDA and EBITDA margin % quarterly (EURm) 1 ‘Impact of supply disruption’ reflects Q3 costs not covered by insurance recoveries in the quarter. Additional recoveries are expected with a time lag 2 ‘Net revenue mix’ consists of the impact from volume and prices in EMEA and the contribution changes in Americas 3 ‘Raw materials’ are only related to carton production and caps sourcing in Europe and MENA +5.4% 13 1 2 3
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Solid profitability continues to fund investment program 14 1 Cash flow from financing excluding changes in financial debt 2 FX relates to translation of NOK bonds. The bonds are fully converted to EUR; however, the hedge instruments are not part of net debt Cash flow to investments Cash flow to financing ex loan payments 1, 2 EUR 35.9m EUR -14.3m EUR -11.5m Cash flow from operations
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Cash flow from operations supported continued investments and dividend payments 15 1 Cash flow from financing excluding changes in financial debt 2 FX relates to translation of NOK bonds. The bonds are fully converted to EUR; however, the hedge instruments are not part of net debt Cash flow from operations Cash flow to investments EUR 110.4m EUR -52.2m EUR -64.9m Cash flow to financing ex loan payments 1, 2
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Robust financial position and improved return on capital Leverage ratio (x) and net debt (EURm) ROCE (LTM) ▹ ROCE improved by 0.4pp compared to the previous quarter ▹ USD 113 million invested in the new U.S. production plant to date. Remaining investments USD 15 million (three production lines) ▹ Leverage ratio remained stable at 2.2x, in line with previous quarters ▹ Bond maturing in May 2027 fully covered by existing long- term financing facilities 16
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Summary and outlook Despite the demanding operating environment, we continued to make progress in the third quarter Managing raw material costs in EMEA and the operational challenges in the Americas will continue to be a priority Full year revenues is expected to be in line with current run rate, with an EBITDA-margin around 15%, excluding any timing effects related to insurance claims 17 4-6% organic revenue growth p.a 15-17% EBITDA margin 50-60% Dividend of normalized net profit ~2.0x Leverage Net debt / EBITDA Mid-term targets (2028):
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Financial calendar Event Dates Q4 2026 February 9
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