Half Year 2026 Elopak ASA Earnings Call Transcript
Key Points
- Revenue grew 4.9% to EUR304 million, with a 5.7% increase on a constant currency basis, driven by strong performance in Americas and EMEA.
- Adjusted EBITDA improved to EUR45 million with a margin of 14.8%, showing a 1 percentage point improvement from Q1 2026.
- EMEA carton and closure revenue grew 8%, supported by a 16% increase in Roll Fed business from new customers in Poland.
- Americas margins improved by over 1 percentage point to 22.9%, driven by operational leverage and increased production output.
- The Board declared a dividend of EUR0.065 per share, representing 52.5% of normalized net profit, in line with the dividend policy.
- Strong cash flow generation with net debt stable at EUR293 million and leverage ratio at 2.2x, despite CapEx and dividend payments.
- Higher raw material costs due to the Middle East conflict impacted profitability, with a time lag before customer surcharges take full effect.
- The Nippon Dynawave paper mill incident in May 2026 caused supply chain constraints in Americas, potentially impacting short-term growth.
- EMEA margins declined by almost 1 percentage point to 17.8% due to raw material cost timing effects.
- Equipment revenue declined in EMEA due to fewer machine commissions and a strong comparison quarter in 2025.
- Growth in Americas is expected to be impacted by softer plant-based demand and the Nippon incident, leading to a non-linear growth trajectory.
- India remains margin dilutive, with growth lower than needed to meet 2028 targets, and the Middle East conflict is hindering Pure-Pak introduction.
Good morning, and welcome to the second quarter results presentation for Elopak. My name is Christian Gjerde. I'm Head of Treasury and Investor Relations.
Today's presentation will be held by our CEO, Bent Axelsen; and our CFO, Ola Buaroy. The presentation will last for around 30 minutes, followed by a Q&A session where the people here in the audience and the people joining online can ask questions.
So with that short introduction, welcome, Bent.
Thank you, Christian. And good morning, everybody, in the room and online. Nice to be back after the summer. I'm going to just jump straight into the quarter.
This quarter really is marked by the geopolitical uncertainty, the higher raw material costs and changes in the consumer behavior. But I think against this backdrop, we have stayed focused implementing our strategy, but also keeping a tight control of our cost base. So this quarter is an improvement
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