Interim report
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Elopak Third quarter 2026 report Third quarter 2026 report
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Third quarter 2026 summary • Group revenue increased by 6.5% year-on-year (+6.0% in constant currency), while EBITDA totaled EUR 51.9 million, with a margin of 16.8% • EMEA delivered strong performance, with revenues rising 7.5%, supported by volume g r o w t h a c r o s s P u r e ‑ P a k ® a n d R o l l F e d i n E u r o p e • Americas revenues increased 5.9%, despite growth being constrained by the board supply disruption following the Nippon Dynawave incident. Insurance recoveries recognized in the quarter partly compensated for the additional costs, with further recoveries expected • ROCE increased to 15.4% while the leverage ratio remained stable at 2.2x • Net profit attributable to Elopak shareholders was EUR 25.0 million, an increase of 38% compared with the corresponding quarter last year • Håkon Volldal will assume the role of CEO effective November 2, 2026. Reinard Dreesmann has been appointed interim EVP Region Americas Key figures Q3 YTD LTM Full year EUR million, except where indicated otherwise 2026 2025 2026 2025 2026 2025 Group Revenue 308.4 289.6 910.5 889.6 1 226.5 1 205.6 Revenue growth 6.5% (1.1%) 2.3% 1.9% 4.6% 4.2% Constant currency revenue growth 1) 6.0% 1.2% 3.9% 2.9% 5.9% EBITDA 1) 2) 51.9 49.2 134.5 137.9 180.9 184.3 Adjusted EBITDA 1) 2) 51.9 49.2 137.9 137.9 184.2 184.3 Adjusted EBITDA margin 1) 2) 16.8% 17.0% 15.1% 15.5% 15.0% 15.3% Adjusted basic and diluted EPS (in EUR) 1) 0.09 0.07 0.22 0.16 0.29 0.23 Leverage ratio 1) 2.2x 2.1x 2.0x ROCE 1) 15.4% 14.8% 15.7% EMEA Revenue 218.1 202.8 650.3 644.4 860.9 862.6 Revenue growth 7.5% (5.3%) 0.9% (2.1%) 0.1% Adjusted EBITDA 2) 44.5 42.1 120.6 123.5 157.9 160.8 Adjusted EBITDA margin 2) 20.4% 20.7% 18.5% 19.2% 18.3% 18.6% Americas Revenue 97.5 92.0 279.6 273.2 383.2 377.1 Constant currency revenue growth 4.2% 18.5% 6.2% 19.3% 22.0% EBITDA 2) 20.1 21.9 61.4 59.4 85.5 83.4 EBITDA margin 2) 20.6% 23.8% 22.0% 21.7% 22.3% 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 Third quarter 2026 report
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CEO comments: Regaining momentum despite ongoing headwinds Despite a demanding operating environment, we continued to make progress in the third quarter of 2026. Geopolitical uncertainty, raw material cost inflation and evolving consumer patterns remain challenging, but we see encouraging developments across several parts of our business. Our focus remains on serving our customers, executing with discipline and progressing our ‘Repackaging tomorrow’ strategy. Group revenue grew by 6.5% year-on-year, or 6% in constant currency, with an EBITDA- margin of 16.8%. In EMEA, we continued to see strong m o m e n t u m , w i t h P u r e ‑ P a k ® v o l u m e g r o w t h across Europe and strong development in both the UHT and fresh dairy segments, supported by recent filling machine commissioning. In Roll Fed, volumes also continued to grow, driven by the ramp-up of new customer business in Poland and positive momentum across European markets. At the same time, surcharges helped mitigate the impact of higher raw material costs. In Americas, the quarter was affected by the ongoing supply disruption following the Nippon incident. I am particularly proud of how our team in Americas and Global Sourcing has responded, working hard to secure board supply, enabling us to honor our commitments to customers. Despite our measures to secure supply, we see that the incident has affected regional market dynamics and expect this to continue into the coming quarters. I am pleased to see positive development in equipment and aftermarket revenues, supported by the continued commissioning of new filling machines, including for the school milk segment, ahead of the planned ramp-up of the third production line in Little Rock in 2027. Profitability in the Americas in the quarter was impacted by the supply disruption, including higher board and transportation costs and production inefficiencies . Excluding the temporary effects of the supply disruption, the EBITDA margin would have been around 23%. We are also closely monitoring the evolving tariff environment in North America. Packaging board imports into Canada from the U.S. and carton exports from our Canadian plant to the U.S. remain exempt from tariffs. We are working with our caps suppliers to mitigate the impact of the 50% U.S. tariff on caps imported from Canada, although we expect some near- term margin impact. 3 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Looking into the last quarter of 2026, we remain mindful of the uncertainty related to raw material costs and the operational challenges in the Americas. 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. We continue to expect most of the incremental costs to be covered by insurance, although timing of claim settlements may affect reported results. Beginning November 2, Håkon Volldal will officially assume his role as CEO. We are excited to welcome him to the team and to continue to drive positive change in the packaging industry through our ‘Repackaging tomorrow’ strategy - creating value for customers, shareholders, and society. Before closing, I would also like to take the opportunity to thank Lionel Ettedgui for his outstanding contributions to Elopak. His leadership was instrumental in growing our Americas business and bringing our first U.S. production plant to life. With Lionel moving on to his new endeavor, Reinard Dreesmann, Vice President, Strategic Projects, will step in as interim EVP Region Americas. The process of identifying a permanent successor is underway. Backed by a strong and experienced leadership team, Reinard will ensure continued focus and momentum across our commercial and operational priorities. 4 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report "Our resilient results demonstrate that we can continue to drive progress and improvements through disciplined execution and a focused strategy. I am proud of how our teams have responded. We remain firmly committed to our 'Repackaging tomorrow' strategy and to delivering value for our shareholders." 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 Third quarter 2026 report 289.6 308.4 Q3-25 Q3-26 Revenues (EUR million) 49.2 51.9 17.0% 16.8% Q3-25 Q3-26 EBITDA (EUR million) 202.8 218.1 Q3-25 Q3-26 42.1 44.5 20.7% 20.4% Q3-25 Q3-26 +7.5% Group EMEA 21.9 20.1 23.8% 20.6% Q3-25 Q3-26 -8.2% +6.5% +5.8%+5.4% 92.0 97.5 Q3-25 Q3-26 +5.9% Americas
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Group Quarter ended September 30, Year to date ended September 30, EUR million 2026 2025 Change 2026 2025 Change Cartons and closures 283.4 263.7 19.7 833.9 794.7 39.2 Equipment 8.7 11.2 (2.5) 27.7 49.7 (22.0) Aftermarket 16.1 14.4 1.7 48.1 44.3 3.8 Other 0.3 0.3 (0.1) 0.8 1.0 (0.2) Total revenues 308.4 289.6 18.7 910.5 889.6 20.9 Adjusted EBITDA 51.9 49.2 2.6 137.9 137.9 — Adjusted EBITDA margin 16.8 % 17.0 % 15.1 % 15.5 % Group revenue in the third quarter increased by 6.5% compared with the same period last year (6.0% on a constant currency basis), supported by higher Pure-Pak® and Roll Fed volumes and customer surcharges in EMEA, as well as continued growth in the aftermarket business in the Americas. EBITDA reached EUR 51.9 million in the quarter, up EUR 2.6 million year-on-year, with a margin of 16.8% (17.0%). Profitability was impacted by temporary costs related to the Nippon supply disruption in the Americas, partly offset by insurance recoveries and improved surcharge recovery in EMEA. Against a backdrop of continued market uncertainty and cost pressure, the Group maintained a strong focus on disciplined execution and cost control, continuing the efforts undertaken in previous quarters. Year-to-date, the Group revenue increased by 2.3% versus the corresponding period of 2025. Adjusted EBITDA amounted to EUR 137.9 million, in line with last year, while the adjusted EBITDA margin was 15.1%, compared with 15.5% last year. 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 Elopak Third quarter 2026 report
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EMEA Quarter ended September 30, Year to date ended September 30, EUR million 2026 2025 Change 2026 2025 Change Cartons and closures 197.9 178.8 19.1 577.7 547.1 30.6 Equipment 2.6 8.1 (5.6) 20.5 37.9 (17.4) Aftermarket 10.9 10.9 — 33.5 31.8 1.7 Other — — — 0.1 0.1 — Revenue from contracts with customers 211.4 197.9 13.5 631.8 617.0 14.9 Revenue from other group segments 6.7 5.0 1.8 18.5 27.4 (8.9) Total revenues 218.1 202.8 15.3 650.3 644.4 6.0 Adjusted EBITDA 44.5 42.1 2.5 120.6 123.5 (2.9) Adjusted EBITDA margin 20.4 % 20.7 % 18.5 % 19.2 % Revenues in EMEA increased by 7.5% in the third quarter, supported by volume growth in Pure-Pak® and Roll Fed in Europe, customer surcharges, and some impact from inventory build-up of customer-specific finished goods. Europe continued to build on the strong performance seen in the second quarter, with the most notable development in the Central and Eastern part of Europe, especially in Germany, with growth recorded in both the UHT dairy and fresh dairy segments. Growth was supported by volumes from filling machines installed over the past year, increased business with existing customers, and customers’ market share gains. In Southern Europe, intensified competition in certain segments resulted in softer volume development. Roll Fed volumes in Europe increased further in the third quarter, building on the return to growth earlier in 2026. The improvement was primarily attributable to the ramp-up of new customer business in Poland, complemented by positive developments across other European markets. In MENA, Pure-Pak® volumes were below the comparable quarter last year, reflecting price sensitivity, changing consumer preferences and intensified competition, including a tender loss. In India, volumes were slightly below the level of last year, as supply and demand imbalances continued to create volatility in the market. While filling machine commissions were stable year-on-year, equipment revenues declined as a larger share of the commissioned machines were placed under lease arrangements rather than sold. EBITDA was EUR 44.5 million (EUR 42.1 million), with a margin of 20.4% (20.7%). Customer surcharges implemented in response to higher raw material costs compensated for the increase in input costs, compared with only partial recovery in the second quarter. 7 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Americas Quarter ended September 30, Year to date ended September 30, EUR million 2026 2025 Change 2026 2025 Change Cartons and closures 85.5 84.9 0.6 256.2 247.6 8.6 Equipment 6.1 3.1 3.0 7.2 11.8 (4.6) Aftermarket 5.2 3.6 1.7 14.6 12.4 2.2 Other 0.2 0.2 — 0.5 0.5 — Revenue from contracts with customers 97.0 91.7 5.3 278.5 272.3 6.2 Revenue from other group segments 0.5 0.3 0.2 1.2 1.0 0.2 Total revenues 97.5 92.0 5.5 279.6 273.2 6.4 EBITDA 20.1 21.9 (1.8) 61.4 59.4 2.1 EBITDA margin 20.6 % 23.8 % 22.0 % 21.7 % Revenues increased in Americas during the third quarter, driven primarily by higher equipment and aftermarket revenues. Despite the supply disruption following the Nippon Dynawave incident, mitigation measures secured board supply and enabled continued carton deliveries. Reported revenues grew by 5.9% year-on-year (+4.2% on a constant currency basis). Carton revenues remained broadly stable compared with the third quarter of 2025, as constrained board supply limited volume growth and available supply was prioritized to existing customers. Market conditions in Americas remained largely unchanged, with stable demand across traditional dairy categories. The decline in the plant-based segment, driven by shifting consumer preferences and cost inflation, appears to have stabilized, although there are no clear signs of recovery of the segment. Equipment revenues increased during the third quarter, reflecting a higher number of filling machine commissions. The activity was particularly strong in the school milk segment, supporting customer onboarding ahead of the start-up of the third production line in Little Rock, planned for the second half of 2027. In the aftermarket business, revenues continued to increase year-on-year, extending the positive trend from the second quarter. The continued growth reflects the expanding installed base of filling machines built up over recent years, supporting recurring aftermarket revenue growth. Despite the supply challenges, EBITDA came in at EUR 20.1 million (EUR 21.9 million), with a margin of 20.6% (23.8%). Excluding the temporary effects of the supply disruption, the EBITDA margin would have been around 23%. Reported profitability was affected by higher board and transportation costs, elevated waste levels and other production inefficiencies following the incident. Insurance recoveries recognized during the quarter partially offset these impacts, with additional recoveries expected, although with a timing lag. Net income from joint ventures amounted to EUR 1.9 million, up from EUR 1.4 million in the same quarter last year, primarily due to a favorable foreign exchange impact from the strengthening of the U.S. dollar against the Mexican peso. 8 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Profit In the third quarter of 2026, operating profit was EUR 34.5 million, an improvement of EUR 4.7 million compared to the same period last year. The increase was driven by higher EBITDA, in combination with lower depreciation and amortization expenses resulting from non- recurring adjustments in the quarter. Net financial items for the quarter were EUR -3.9 million, compared to EUR -4.1 million in the same quarter last year. Higher net interest and financial expenses in 2026 compared to 2025 were offset by positive fair value changes on interest rate swaps. For further details, please refer to Note 4. The tax expense for the quarter was EUR 7.5 million (EUR 9.0 million), corresponding to an effective tax rate of 23% of profit before tax. Comparable quarter’s tax expense included withholding tax on dividends from Canada amounting to EUR 2.3 million. Excluding profit from joint ventures and other permanent differences, which are not included in 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 25.0 million, an increase of EUR 6.9 million compared to the same quarter last year. Year-to-date operating profit was EUR 80.5 million, EUR 1.6 million below the level reported in the corresponding period of 2025. Profit before tax increased by EUR 13.2 million, to EUR 75.3 million, primarily due to unrealized currency losses in 2025 that were not repeated in 2026. Profit attributable to Elopak shareholders increased by EUR 13.3 million, to EUR 57.7 million. Cash flow and financial position Net debt excluding lease liabilities was EUR 293.9 million as of September 30, an increase of EUR 0.4 million compared with the previous quarter. The strengthening of the NOK against EUR resulted in an increase in the carrying amount of NOK green bonds of EUR 11.5 million. The bonds are swapped to EUR; however, the cross-currency swaps used to convert the debt are not part of reported net debt. Leverage ratio remained unchanged at 2.2x, with EUR 2.6 million improvement in LTM adjusted EBITDA. 9 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Cash flow from operations amounted to EUR 35.9 million during the quarter, generated from an EBITDA of EUR 51.9 million, and partially offset by a working capital outflow of EUR 6.4 million and tax payments of EUR 8.0 million. Other adjustments totaled EUR 1.7 million, mainly related to net income from joint ventures. On the working capital side, inventory levels were reduced by EUR 6.5 million, primarily due to the supply disruption in Americas. This was more than offset by other working capital movements, including higher receivables related to finished goods in Europe and insurance recoveries in Americas, resulting in a net working capital impact of EUR -6.4 million. Net cash flow from investing activities was EUR -14.3 million, driven by new equipment and maintenance programs in Europe, as well as continued investment in the third production line in the U.S. plant. CapEx relating to filling machines in Europe was somewhat above the level from last year. Cash flow related to financing activities amounted to EUR -11.5 million, reflecting lease payments of EUR 2.2 million, interest payments of EUR 7.6 million on existing debt, and purchase of treasury shares of EUR 1.7 million. 10 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report 293 -52 6 8 2 15 -1 2 9 10 294 Net debt excl. lease liability, end of Q2 EBITDA Change in NWC Taxes paid Other CapEx Other Lease payments Interest paid and other FX Net debt excl. lease liability, end of Q3 Cash flow from operations Cash flow to investments Cash flow to financing ex loan payments 1, 2 EUR 35.9m EUR -14.3m EUR -11.5m 1 Cash flow from financing excluding changes in financial debt 2 FX relates primarily to translation of NOK bonds. The bonds are fully converted to EUR; however, the hedge instruments are not part of net debt
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Year-to-date, cash flow from operations amounted to EUR 110.4 million, cash flow to investments was EUR -52.2 million, while cash flow to financing activities, excluding changes in financial debt, was EUR -64.9 million. ROCE increased to 15.4% at the end of the third quarter from 15.0% in the preceding quarter, as growth in twelve-month adjusted EBIT to EUR 116.7 million more than offset the increase in capital employed to EUR 756.6 million following investments in European production and the U.S. plant. 11 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report Leverage ratio (x) and net debt (EURm) 372 366 397 405 404 272 264 286 293 294 100 101 111 112 110 179 184 181 182 184 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 2.1 2.0 2.2 2.2 2.2 738 736 736 742 757 109 115 111 112 117 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 14.8% 15.6% 15.1% 15.0% 15.4% ROCE (LTM)
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12 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report Consolidated financial statements
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Consolidated statement of income Quarter ended September 30, Year to date ended September 30, Full year* EUR 1 000 Note 2026 2025 2026 2025 2025 Revenues 2 308 392 289 648 910 464 889 588 1 205 588 Other operating income 36 31 36 34 49 Total income 3 308 428 289 679 910 500 889 622 1 205 637 Cost of materials (192 809) (173 582) (569 512) (547 991) (747 911) Payroll expenses (51 727) (51 570) (163 738) (157 257) (211 284) Depreciation and amortization expenses (15 483) (17 759) (48 910) (49 587) (68 139) Impairment of non-current assets — (176) (23) (1 246) (1 248) Other operating expenses 1) (13 899) (16 752) (47 783) (51 384) (69 002) Total operating expenses 1) (273 917) (259 838) (829 966) (807 465) (1 097 585) Operating profit 1) 3 34 510 29 841 80 533 82 157 108 052 Financial income 7 577 5 760 20 072 17 597 23 097 Financial expenses (14 348) (10 637) (36 233) (32 506) (43 749) Foreign exchange gain/(loss) 1) (13 536) (2 372) (25 327) (13 403) (11 180) Fair value changes on financial instruments 16 396 3 163 31 195 3 302 2 521 Net financial items 1) (3 911) (4 086) (10 294) (25 009) (29 311) Share of net income from joint ventures 1 861 1 431 5 055 4 942 6 819 Profit before tax 32 461 27 185 75 295 62 090 85 561 Income tax 5 (7 528) (9 000) (17 550) (17 235) (24 071) Profit/(loss) 24 933 18 185 57 745 44 856 61 490 Quarter ended September 30, Year to date ended September 30, Full year* EUR 1 000, except for share information Note 2026 2025 2026 2025 2025 Profit attributable to: Elopak shareholders 25 001 18 138 57 665 44 336 61 559 Non-controlling interest (68) 47 80 520 (69) Basic and diluted earnings per share attributable to Elopak shareholders (in EUR) 0.09 0.07 0.21 0.16 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 Elopak Third quarter 2026 report
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Consolidated statement of comprehensive income Quarter ended September 30 Year to date ended September 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 (31) (7) (82) (5) 23 Items reclassified subsequently to net income upon derecognition Exchange differences on translation foreign operations Elopak shareholders (2 503) (905) 3 630 (23 183) (22 641) Exchange differences on translation foreign operations non-controlling interest (99) (348) (276) (1 577) (1 650) Fair value gain/(loss) on net investment hedges during the period (2 018) 0 (2 018) 0 0 Fair value gain/(loss) on cash flow hedges during the period 1) 212 1 561 3 651 1 550 1 778 Less cumulative gain/(loss) arising on hedging instruments reclassified to profit or loss 1 (226) (436) (2 053) (471) (1 114) Other comprehensive income, net of tax (4 664) (134) 2 853 (23 685) (23 603) Total comprehensive income 20 268 18 051 60 599 21 170 37 887 Total comprehensive income attributable to: Elopak shareholders 20 435 18 352 60 794 22 227 39 605 Non-controlling interest (167) (301) (195) (1 057) (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 Elopak Third quarter 2026 report
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Consolidated statement of financial position EUR 1 000 September 30 September 30 December 31 ASSETS Note 2026 2025 2025* Development cost and other intangible assets 37 353 45 649 43 149 Deferred tax assets 15 574 20 864 16 092 Goodwill 104 653 106 753 106 919 Property, plant and equipment 309 918 270 568 282 192 Right-of-use assets 91 094 85 669 84 464 Investment in joint ventures 41 431 41 193 38 080 Other non-current assets 34 138 14 573 14 846 Total non-current assets 634 161 585 269 585 742 Inventory 160 223 193 416 178 299 Trade receivables 113 807 111 727 113 501 Other current assets 154 278 125 531 124 416 Cash and cash equivalents 49 669 39 077 62 168 Total current assets 477 977 469 750 478 384 Total assets 1 112 138 1 055 020 1 064 126 *Audited September 30 September 30 December 31 EUR 1 000 Note 2026 2025 2025* EQUITY AND LIABILITIES Attributable to Elopak shareholders 369 245 342 609 338 850 Non-controlling interest 8 686 9 543 8 881 Total equity 377 931 352 152 347 731 Pension liabilities 2 684 2 093 2 643 Deferred tax liabilities 8 790 13 378 9 582 Non-current interest bearing liabilities 248 504 280 544 322 382 Non-current lease liabilities 86 787 78 324 79 141 Other non-current liabilities 4 647 7 838 9 145 Total non-current liabilities 351 412 382 178 422 893 *Audited 15 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Consolidated statement of financial position cont. September 30 September 30 December 31 EUR 1 000 Note 2026 2025 2025* Current interest bearing liabilities 94 519 29 927 3 575 Current non-interest bearing liabilities 50 367 41 465 40 467 Trade payables 68 220 70 122 90 356 Taxes payable 12 599 13 263 4 837 Public duties payable 23 916 24 069 26 843 Current lease liabilities 22 997 21 599 21 928 Other current liabilities 110 177 120 246 105 496 Total current liabilities 382 794 320 690 293 502 Total liabilities 734 207 702 868 716 396 Total equity and liabilities 1 112 138 1 055 020 1 064 126 *Audited 16 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Consolidated statement of cash flows Quarter ended September 30, Year to date ended September 30, Full year* EUR 1 000 2026 2025 2026 2025 2025 Profit before tax 32 461 27 185 75 295 62 090 85 561 Interest on borrowings 5 669 4 520 16 057 13 588 18 377 Lease liability interest 1 925 1 897 6 002 5 795 7 667 Profit before tax and interest paid 40 054 33 602 97 355 81 474 111 605 Depreciation, amortization and impairment losses 15 483 17 935 48 934 50 833 69 388 Change in fair value of financial assets and liabilities, net (gains), losses from disposals and impairments (16 867) (3 673) (34 935) (2 936) (1 645) Net unrealized currency (gain)/loss 13 344 382 26 349 8 929 4 864 Income from joint ventures (1 861) (1 431) (5 055) (4 942) (6 819) Net gain(-)/loss on sale of non-current assets 14 (5) 14 8 109 Income taxes paid (7 952) (7 743) (17 987) (16 677) (25 621) Change in trade receivables (461) (1 780) 1 083 2 196 383 Change in other current assets (12 815) (5 141) (9 735) (119) 3 075 Change in inventories 6 547 476 17 470 588 16 021 Change in trade payables (460) 13 945 (24 207) (919) 19 770 Net payments on supply chain financing 1 527 262 9 900 1 683 685 Change in other current liabilities (684) 8 106 1 291 (11 618) (21 174) Change in net pension liabilities (12) (23) (46) (115) 441 Net cash flow from operating activities 35 857 54 912 110 429 108 384 171 079 Quarter ended September 30, Year to date ended September 30, Full year* EUR 1 000 2026 2025 2026 2025 2025 Purchase of non-current assets (14 856) (11 826) (58 567) (57 625) (85 651) Proceeds from sale of non-current assets — — — — 9 Proceeds from sale of financial assets and businesses — 253 2 259 1 422 1 422 Dividend from joint ventures 37 — 3 543 — 5 376 Change in other non-current assets 521 40 601 (1 796) (1 880) Net cash flow from investing activities (14 298) (11 533) (52 165) (58 000) (80 725) Proceeds from and repayments of borrowings (3 980) (25 574) (8 722) 27 211 44 363 Interest on borrowings and leases 1) (7 593) (6 417) (22 059) (19 384) (26 044) Lease payments 1) (2 223) (4 020) (11 117) (13 271) (17 036) Dividend paid to equity holders of Elopak ASA — — (27 401) (21 637) (43 314) Purchase of treasury shares (1 690) (1 021) (4 309) (3 063) (3 338) Net cash flow from financing activities (15 486) (37 033) (73 608) (30 144) (45 369) Effects of exchange rate changes on cash and cash equivalents (979) (1 400) 2 845 (9 216) (10 870) Net change in cash and cash equivalents 5 094 4 946 (12 498) 11 025 34 115 Cash and cash equivalents at the beginning of the period 44 575 34 131 62 168 28 052 28 052 Cash and cash equivalents at the end of the period 49 669 39 077 49 669 39 077 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 Elopak Third quarter 2026 report
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Consolidated statement of changes in equity September 30, 2026 EUR 1 000 Note Share capital Other paid-in capital Currency translation reserve Cash flow hedge reserve Net investment 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 57 665 80 57 745 Other comprehensive income for the period net of tax 3 630 3 651 (2 018) (82) (276) 4 906 Reclassification of cashflow hedge reserve to income statement (2 053) (2 053) Total comprehensive income for the period — — 3 630 1 598 (2 018) 57 583 (195) 60 599 Reclassification of cashflow hedge reserve to inventory 258 258 Transactions with owners: Dividend paid (27 401) (27 401) Share based payments (221) (1 721) (1 942) Treasury shares (78) (1 235) (1 313) Total capital transactions in the period (78) (1 456) — — — (29 122) — (30 656) Total equity 30.09 6 50 025 70 400 (38 478) 1 097 (2 018) 288 219 8 686 377 931 18 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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September 30, 2025 EUR 1 000 Note Share capital Other paid-in capital Currency translation reserve Cash flow hedge reserve Net investment 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 44 336 520 44 856 Other comprehensive income for the period net of tax (23 183) 1 550 — (5) (1 577) (23 214) Reclassification of cashflow hedge reserve to income statement (471) (471) Total comprehensive income for the period — — (23 183) 1 079 — 44 331 (1 057) 21 170 Reclassification of cashflow hedge reserve to inventory 1 643 1 643 Transactions with owners: Dividend paid (21 637) — (21 637) Share based payments 279 (1 145) (866) Treasury shares (41) (769) (810) Total capital transactions in the period (41) (490) — — — (22 782) — (23 313) Total equity 30.09 50 071 71 211 (42 649) (580) — 264 555 9 543 352 151 19 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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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 September 30, 2026 on October 26, 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 Elopak Third quarter 2026 report
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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 2.1 million for 2026 and EUR 0.8 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 September 30 Year to date ended September 30 EUR 1 000 2026 2025 2026 2025 USA 79 812 71 889 225 190 209 875 Germany 40 661 35 386 125 779 114 640 Canada 16 294 18 401 49 934 57 951 Netherlands 18 185 18 624 51 692 54 838 Norway 6 230 5 725 17 072 15 763 Other 147 211 139 624 440 798 436 521 Total revenue 308 392 289 648 910 464 889 588 Revenues specified by product and operating segment Quarter ended September 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 197 897 85 480 — 283 377 Equipment 2 584 6 089 — 8 673 Aftermarket 10 876 5 215 — 16 091 Other 32 178 40 250 Revenue from contracts with customers 211 389 96 963 40 308 392 Revenue from other group segments 6 730 502 (7 232) — Total revenues 218 119 97 465 (7 192) 308 392 Quarter ended September 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 178 820 84 889 — 263 708 Equipment 8 136 3 073 (1) 11 208 Aftermarket 10 867 3 564 — 14 430 Other 41 172 88 301 Revenue from contracts with customers 197 863 91 697 87 289 648 Revenue from other group segments 4 974 316 (5 290) — Total revenues 202 838 92 013 (5 203) 289 648 21 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Year to date ended September 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 577 727 256 163 — 833 890 Equipment 20 498 7 168 — 27 666 Aftermarket 33 504 14 595 — 48 099 Other 103 539 167 810 Revenue from contracts with customers 631 832 278 465 167 910 464 Revenue from other group segments 18 489 1 185 (19 673) — Total revenues 650 321 279 649 (19 506) 910 464 Year to date ended September 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Cartons and closures 547 092 247 560 — 794 652 Equipment 37 943 11 751 (1) 49 693 Aftermarket 31 840 12 436 — 44 276 Other 105 525 338 968 Revenue from contracts with customers 616 980 272 272 337 889 588 Revenue from other group segments 27 386 971 (28 357) — Total revenues 644 366 273 243 (28 021) 889 588 The revenues are specified by location (country) of the customer. 22 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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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 September 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 211 389 96 963 40 308 392 Revenue from other group segments 6 730 502 (7 232) — Total revenue 218 119 97 465 (7 192) 308 392 Other income 36 — — 36 Total income 218 154 97 465 (7 192) 308 428 Operating expenses 1) 2) (173 612) (79 212) (5 610) (258 435) Share of net income from joint ventures — 1 861 — 1 861 EBITDA 2) 44 542 20 114 (12 802) 51 854 Adjusted EBITDA 2) 44 542 20 114 (12 802) 51 854 Depreciation and amortization (10 186) (3 396) (1 901) (15 483) Impairment — — — — Share of net income from joint ventures — (1 861) — (1 861) Operating profit 2) 34 356 14 857 (14 703) 34 511 Purchase of non-current assets during the year 8 743 5 076 1 037 14 856 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 September 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 197 863 91 697 87 289 648 Revenue from other group segments 4 974 316 (5 290) — Total revenue 202 838 92 013 (5 203) 289 648 Other income 31 — — 31 Total income 202 869 92 013 (5 203) 289 679 Operating expenses 1) 2) (160 786) (71 520) (9 597) (241 904) Share of net income from joint ventures — 1 430 — 1 431 EBITDA 2) 42 083 21 923 (14 800) 49 206 Adjusted EBITDA 2) 42 083 21 923 (14 800) 49 206 Depreciation and amortization (11 280) (3 661) (2 818) (17 759) Impairment — — (176) (176) Share of net income from joint ventures — (1 430) — (1 431) Operating profit 2) 30 803 16 832 (17 794) 29 841 Purchase of non-current assets during the year 7 249 3 852 726 11 826 23 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Year to date ended September 30, 2026 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 631 832 278 465 167 910 464 Revenue from other group segments 18 489 1 185 (19 673) — Total revenue 650 321 279 649 (19 506) 910 464 Other income 36 — — 36 Total income 650 357 279 649 (19 506) 910 500 Operating expenses 1) 2) (531 958) (223 268) (25 806) (781 033) Share of net income from joint ventures — 5 055 — 5 055 EBITDA 2) 118 399 61 437 (45 313) 134 523 Adjusted EBITDA 2) 120 564 61 437 (44 108) 137 893 Depreciation and amortization (34 260) (8 743) (5 907) (48 910) Impairment (23) — — (23) Share of net income from joint ventures — (5 055) — (5 055) Operating profit 2) 84 115 47 638 (51 220) 80 533 Purchase of non-current assets during the year 34 621 19 637 4 309 58 567 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 September 30, 2025 EUR 1 000 EMEA Americas Other and eliminations Total Revenue from contracts with customers 616 980 272 272 337 889 588 Revenue from other group segments 27 386 971 (28 357) — Total revenue 644 366 273 243 (28 021) 889 588 Other income 34 — — 34 Total income 644 400 273 243 (28 021) 889 622 Operating expenses 1) 2) (520 904) (218 825) (16 905) (756 633) Share of net income from joint ventures — 4 942 5 4 947 EBITDA 2) 123 497 59 360 (44 924) 137 932 Adjusted EBITDA 2) 123 497 59 360 (44 924) 137 932 Depreciation and amortization (35 792) (8 118) (5 677) (49 587) Impairment (800) — (446) (1 246) Share of net income from joint ventures — (4 942) — (4 942) Operating profit 2) 86 904 46 300 (51 048) 82 157 Purchase of non-current assets during the year 25 484 26 404 5 737 57 625 24 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Reconciliation of reporting segments changes in Q3 2026 Quarter ended September 30, 2026 EUR million / (%) Before change Change After change EMEA Revenues 223.9 (5.7) 218.1 Adjusted EBITDA 41.9 2.6 44.5 Adj. EBITDA-margin 18.7 % 1.7 % 20.4 % Americas Revenues 91.9 5.6 97.5 Adjusted EBITDA 18.1 2.0 20.1 Adj. EBITDA-margin 19.7 % 0.9 % 20.6 % Other and eliminations Revenues (7.3) 0.1 (7.2) Adjusted EBITDA (8.2) (4.6) (12.8) Year to date ended September 30, 2026 EUR million / (%) Before change Change After change EMEA Revenues 666.2 (15.8) 650.3 Adjusted EBITDA 108.2 12.4 120.6 Adj. EBITDA-margin 16.2 % 2.3 % 18.5 % Americas Revenues 264.2 15.5 279.6 Adjusted EBITDA 56.1 5.4 61.4 Adj. EBITDA-margin 21.2 % 0.8 % 22.0 % Other and eliminations Revenues (19.9) 0.4 (19.5) Adjusted EBITDA (26.4) (17.7) (44.1) N o t e 0 4 Net financial items Net financial items for the quarter were EUR -3.9 million, compared to EUR -4.1 million in the same quarter last year. Net interest and financial expenses increased EUR 2.1 million compared to 2025, mainly due to higher interest rates as well as several favorable interest rate swaps maturing in the period. The increase was offset by EUR positive fair value changes on interest rate swaps as future EUR interest rate expectations has increased. 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 September 30, Year to date ended September 30, EUR 1 000 2026 2025 2026 2025 Profit before taxes 32 461 27 185 75 295 62 090 Expected Tax (expense) income at statutory rate 1) (8 115) (6 796) (18 824) (15 523) Tax effect of share profit/(loss) from joint ventures 465 358 1 264 1 235 Prior period adjustments — 112 — (197) Tax effect of other permanent differences (48) (114) (53) (142) Withholding tax 170 (2 559) 63 (2 608) Tax (expense) income recognized in profit or loss (7 528) (9 000) (17 550) (17 235) 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 Elopak Third quarter 2026 report
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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. The current outstanding green bonds is NOK 3.45 billion. The bonds are listed at Oslo Børs and Nordic ABM. Elopak’s 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 September 30, 2026 Currency Nominal interest rate Year of maturity Face value Carrying amount Unsecured bond issues NOK Nibor +1.20% p.a. 2027 68 798 69 139 Unsecured bond issues NOK Nibor +1.50% p.a. 2029 133 009 133 451 Unsecured bond issues NOK Nibor +1.20% p.a. 2030 68 798 69 016 Unsecured bond issues NOK 5.48 % 2031 45 865 46 599 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 EUR 150 million is available until June 2029 and EUR 60 million until June 2030. As of September 30, 2026 EUR 0 million was utilized. N o t e 0 7 Equity and shareholders information Dividend The Board of Directors declared in May a dividend of EUR 0.065 per share for the first half of 2026, in line with our revised dividend policy. The semi-annual dividend corresponds to around EUR 17.5 million, to be paid out in NOK on 28 October. 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 During the quarter, the Group initiated a net investment hedging program to hedge the foreign currency risk from our USD subsidiaries in Americas through swapping parts of the Group’s debt in EUR to USD. Fair value changes relating to the effective portion the EURUSD cross-currency swaps hedge instruments will be recognized directly in OCI. September 30, 2026 September 30, 2025 EUR 1 000 Assets Liabilities Total Assets Liabilities Total Currency derivatives 20 964 2 542 18 422 302 5 524 (5 222) Commodity derivatives 431 — 431 0 245 (245) Interest derivatives 5 490 1 5 489 938 2 120 (1 182) Total 26 885 2 543 24 342 1 239 7 889 (6 650) 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 Elopak Third quarter 2026 report
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N o t e 0 9 Off-balance sheet commitments and contingencies Off-balance sheet commitments were EUR 33.4 million as of September 30, 2026 compared with EUR 20.6 million as of September 30, 2025 . Commitments in the EMEA region were EUR 22.4 million as of September 30, 2026 (EUR 6.4 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 11.1 million as of September 30, 2026 (EUR 14.2 million). 27 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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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 September 30, Year to date ended September 30, EUR 1 000 2026 2025 Change 2026 2025 Change Total revenue and other operating income 308 428 289 679 6.5 % 910 500 889 622 2.3 % Currency effect (1 331) 14 004 Constant currency revenue 307 097 289 679 6.0 % 924 504 889 622 3.9 % Quarter ended September 30, Year to date ended September 30, EUR 1 000 2025 2024 Change 2025 2024 Change Total revenue and other operating income 289 679 292 827 (1.1) % 889 622 873 136 1.9 % Currency effect 6 765 9 047 Constant currency revenue 296 444 292 827 1.2 % 898 669 873 136 2.9 % 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 September 30, Year to date ended September 30, EUR 1 000 2026 2025 2026 2025 Operating profit 34 510 29 841 80 533 82 157 Depreciation, amortization and impairment 15 483 17 935 48 934 50 833 Share of net income from joint ventures 1 861 1 431 5 055 4 942 EBITDA 51 854 49 206 134 523 137 932 Total adjusted items with EBITDA impact — — 3 370 — Adjusted EBITDA 51 854 49 206 137 893 137 932 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 Elopak Third quarter 2026 report
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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 September 30, Year to date ended September 30, EUR 1 000 2026 2025 2026 2025 EBITDA 51 854 49 206 134 523 137 932 Depreciation, amortization and impairment (15 483) (17 935) (48 934) (50 833) EBIT 36 371 31 272 85 589 87 099 Total adjusted items with EBIT impact — — 3 370 — Adjusted EBIT 36 371 31 272 88 959 87 099 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 September 30, Year to date ended September 30, EUR 1 000, except number of shares 2026 2025 2026 2025 Profit attributable to Elopak shareholders 25 001 18 138 57 665 44 336 Items excluded from adjusted EBITDA net of tax — — 2 696 — Items adjusted for taxes — — — — Adjusted profit attributable to Elopak shareholders 25 001 18 138 60 361 44 336 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 September 30, EUR 1 000 2026 2025 Non-current interest bearing liabilities 1) 249 065 281 253 Current interest bearing liabilities 94 519 29 927 Cash and cash equivalents (49 669) (39 077) Net debt excluding lease liabilities 293 915 272 103 Non-current lease liabilities 86 787 78 324 Current lease liabilities 22 997 21 599 Net interest-bearing debt (Net debt) 403 699 372 026 1) Non-current interest-bearing liabilities are excluding amortized borrowing costs of EUR 0.6 million as of September 30 , 2026 and EUR 0.7 million as of September 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 Elopak Third quarter 2026 report
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Leverage ratio Quarter ended September 30, EUR 1 000 2026 2025 A - Net debt 403 699 372 026 B - Adjusted EBITDA 184 220 179 090 C - Leverage ratio = A/B 2.2 2.1 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 September 30, 2026 2026 2026 2026 2025 Q3 Q2 Q1 Q4 Operating profit 34 510 24 725 21 298 25 896 Share of net income from joint ventures 1 861 1 178 2 017 1 877 EBIT 36 371 25 903 23 315 27 773 Total adjusted items with EBIT impact — 2 066 1 304 — Adjusted EBIT 36 371 27 969 24 619 27 773 Adjustment EBIT, last 4 quarters 116 732 Net debt 403 699 405 484 397 469 365 520 Equity 377 931 359 164 369 300 347 731 Capital employed 781 630 764 647 766 769 713 251 Capital employed, average last 4 quarters 756 574 ROCE 15.4 % 30 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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Quarter ended September 30, 2025 2025 2025 2025 2024 Q3 Q2 Q1 Q4 Operating profit 29 841 26 282 26 033 19 538 Share of net income from joint ventures 1 431 976 2 535 2 716 EBIT 31 272 27 258 28 569 22 254 Total adjusted items with EBIT impact — — — — Adjusted EBIT 31 272 27 258 28 569 22 254 Adjustment EBIT, last 4 quarters 109 352 Net debt 372 026 406 044 402 429 369 453 Equity 352 152 334 383 363 128 352 652 Capital employed 724 178 740 427 765 556 722 105 Capital employed, average last 4 quarters 738 066 ROCE 14.8 % Adjusted basic and diluted earnings per share (Adjusted EPS) Quarter ended September 30, Year to date ended September 30, EUR 1 000, except number of shares 2026 2025 2026 2025 Weighted-average number of ordinary shares 268 935 153 268 939 116 268 893 474 268 944 615 Profit attributable to Elopak shareholders 25 001 18 138 57 665 44 336 Adjusted profit attributable to Elopak shareholders 25 001 18 138 60 361 44 336 Basic and diluted earnings per share attributable to Elopak shareholders (in EUR) 0.09 0.07 0.21 0.16 Adjusted basic and diluted earnings per share (in EUR) 0.09 0.07 0.22 0.16 Reconciliation of net income from joint ventures Quarter ended September 30, Year to date ended September 30, EUR 1 000 2026 2025 2026 2025 Lala Elopak S.A. de C.V. 1 131 862 3 233 2 721 Impresora Del Yaque 730 569 1 822 2 220 Elopak Nampak Africa Ltd — — — — Total share of profit joint ventures 1 861 1 431 5 055 4 942 31 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report
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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. 32 Quarter summary CEO comments Financial review Consolidated financial statements APM Additional information Elopak Third quarter 2026 report 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 February 9, 2027 Quarterly Report Q4 Elopak reserves the right to revise the dates