Elopak records strong growth in 2023, delivers on IPO targets

Elopak rounded off a highly successful 2023 with yet another strong quarter, delivering on the mid-term targets set by the company during its IPO in 2021.

2023 was a year of significant progress and achievements for Elopak, extending the many successes of previous years in implementing the company’s sustainability driven growth strategy. The Board proposes a dividend of NOK 1.46 per share for the year 2023, in line with dividend policy.

Fourth quarter 2023 highlights

• Revenues increased by 7.5 %, to EUR 287.2 million
• Organic growth was 8.4 %, or EUR 22.4 million, adjusted for currency translation effects
• Adjusted EBITDA was EUR 40.0 million, an improvement of EUR 4.1 million, reflecting a 13.9 % margin
• Strong cash flow generation and down-payment of debt. Leverage ratio reduced to 1.9x

Commenting on Elopak’s performance, CEO Thomas Körmendi said: “I am happy to report yet another quarter of strong performance and I am pleased to confirm that the Elopak team has delivered on all the 3-5 year targets set in the IPO in 2021.”

“I would like to say a big thank you to all our colleagues, customers, suppliers and partners for their fantastic contributions and collaboration throughout the year. We are entering 2024 from a strong position and I look forward to further strengthening our contribution to a more sustainable society while continuing to create shareholder value in the years to come,” Körmendi added.

Full Year 2023 highlights

• Revenues increased by 10.6 %, to EUR 1,132.0 million
• Organic growth was 9.4 %, adjusted for currency translation and acquisition effects of EUR 11.9 million
• Adjusted EBITDA was EUR 170.9 million, an improvement of EUR 51.5 million, reflecting a 15.1 % margin
• Adjusted profit attributable to Elopak shareholders was EUR 68.3 million, up 55 % compared to 2022
• Proposed dividend of NOK 1.46 per share for the year 2023, in line with the dividend policy

For the full report and quarterly presentation, please visit www.elopak.com/reports-presentations