Elopak Has Another Impressive Quarter
Elopak has once again demonstrated its resilience in navigating through challenging market conditions, building upon its consistent strong performance in recent quarters. Today, Elopak is proud to report its best quarter ever, showcasing the success of its strategic initiatives and the achievement of mid-term targets for revenue growth and profitability.
- Revenue Growth: Elopak achieved a 4% increase in revenues, totaling EUR 283.5 million.
- Organic Growth: The company experienced impressive organic growth of 5%, equivalent to EUR 13.2 million when adjusted for currency translation effects.
- Improved EBITDA: Elopak’s adjusted EBITDA reached EUR 48.3 million, marking a substantial improvement of EUR 16.3 million.
- Financial Strength: Elopak demonstrated strong cash flow generation and made significant progress in reducing debt, leading to a leverage ratio of 2.1x.
CEO Thomas Körmendi’s Perspective:
Elopak‘s CEO, Thomas Körmendi, expressed his satisfaction with the third-quarter performance, stating, “I am delighted to report yet another quarter of robust and profitable growth. Our enhanced cash flow and solid financial position empower us to respond to the increasing interest from various sectors worldwide in sustainable, fiber-based packaging solutions. With an expanded product portfolio, we are well-positioned to actively participate in the ongoing shift from plastic to carton packaging, contributing to a more sustainable future.”
He further added, “In Q3, we continued to develop and enhance our operations globally, resulting in a highly favorable financial outcome. We anticipate achieving full-year revenue exceeding EUR 1.1 billion, well surpassing our mid-term organic growth target of 2-3%. Based on our projected full-year revenue, we expect to deliver a full-year adjusted EBITDA of more than 170 million.”
Market Analyst Insights:
Before each earnings announcement, Elopak gathers earnings estimates from equity analysts covering the company. These consensus estimates and the associated methodology are available on Elopak’s Investor Relations webpages at https://www.elopak.com/consensus/.
The results for the third quarter of 2023 will be presented on November 2, 2023, at 09:00 CET at the Braathen Flyt Auditorium, Haakon VII’s gate 2, Oslo. The presentation, conducted in English, will be led by CEO Thomas Körmendi and CFO Bent Kilsund Axelsen.