Elopak ASA reports improved financial performance from the softer start to the year, despite continued geopolitical uncertainty, raw material cost inflation, and changing consumer behavior.

Second quarter 2026 summary

• Group revenue grew 4.9% year-on-year (5.7% in constant currency). Adjusted EBITDA reached EUR 45.0 million, corresponding to a margin of 14.8%
• Americas delivered 8.7% revenue growth in constant currency and an EBITDA margin of 22.9%, supported by organic growth and the continued onboarding of new customer contracts
• EMEA revenue grew by 3.3%, while the EBITDA margin was 17.8%. The margin was impacted by higher raw material costs following the Middle East conflict. Customer surcharges have been implemented to mitigate the impact, with recovery expected in the coming quarters
• Strong operating cash flow generation with EUR 54.8 million. The leverage ratio remained stable at 2.2x and ROCE at 15.0%
• Net profit attributable to Elopak shareholders increased to EUR 15.7 million, up from EUR 9.3 million last year. The Board has declared a dividend of EUR 0.065 per share for the first half of 2026
• Håkon Volldal appointed as new CEO of Elopak ASA

Commenting on Elopak’s performance, interim CEO Bent K. Axelsen said: “We are operating in a demanding environment: volatile geopolitical situation, rising input costs and changing consumer behavior remain real challenges. Our second quarter results show that disciplined execution and strategic focus can drive progress even in difficult conditions, and we remain committed to our ‘Repackaging tomorrow’ strategy.”

Ahead of the quarterly earnings announcement, Elopak collects earnings estimates from the equity analysts currently covering Elopak. The consensus estimates and the methodology used are published on Elopak’s Investor Relations website: www.elopak.com/investor-relations/share-information/analyst-coverage/.

SIG and partners join forces to deliver systemic solutions to ocean-bound packaging waste

SIG and its project partners Plastic Bank, the Wuppertal Institute for Climate, Environment and Energy, and decision context have launched “Recycle for Good – Prevent Marine Litter”, an ambitious initiative to reduce packaging waste littering in Southeast Asia. The project targets to prevent at least 10,000 tons of waste from entering the ocean and is funded through ZUG (Zukunft – Umwelt – Gesellschaft), on behalf of the German Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety (BMUKN).

The 3-year project is designed to prevent ocean-bound plastic by strengthening collection and recycling systems for all types of packaging, including beverage cartons and plastics, in Thailand, Indonesia and the Philippines.

Implementation across Southeast Asia with clear targets

The project is running until November 2028. It aims to prevent at least 10,000 tons of packaging waste from entering the ocean while directly engaging around 100,000 people, including students, teachers, households, and informal waste collectors, in improved waste segregation and recycling practices. Implementation takes place in close cooperation with local recyclers, Producer Responsibility Organisations (PROs), schools, and public authorities.

Driving behaviour change through education

A core pillar of Recycle for Good – Prevent Marine Litter is behaviour change, with a strong focus on schools as catalysts for community action. By empowering pupils as change agents, the project promotes waste segregation at source and responsible disposal practices, extending beyond schools into households and local communities and helping to establish long-term recycling habits.

Digital tools to support long-term engagement

This behavioural approach is supported by Plastic Bank’s digital platform, which is being further developed and tailored specifically for use in schools. Through gamification features such as rewards, challenges, and collective goals, the platform incentivises correct segregation and collection of packaging waste across all relevant material streams, including beverage cartons and flexible packaging. The solution is designed to support habit formation, collaboration, and sustained engagement rather than short-term behavioral change.

Scientific, analytical and strategic expertise

The Wuppertal Institute for Climate, Environment and Energy contributes scientific expertise through sustainability research and analysis, environmental impact evaluation, and the development of policy and system insights related to plastic waste management.

Decision context provides strategic analysis and data-driven decision support for behaviour change initiatives and in modelling of their impact, helping to inform evidence-based decision-making and maximising the project’s effectiveness.

The SIG Foundation contributes its social-impact expertise as a strategic, non-operational partner. It strengthens the project’s social dimension, provides administrative support, and contributes to project-related communication.

Strengthening infrastructure and inclusive value chains

In parallel, the project invests in local recycling infrastructure, including the upgrading and establishment of facilities capable of processing used beverage cartons and flexible plastics. By strengthening recycling capacity and integrating informal waste collectors into formal value chains, Recycle for Good improves the economic viability of recycling and supports inclusive livelihoods within local waste management systems.

Advancing systemic solutions and policy frameworks

The initiative also contributes to the advancement of Extended Producer Responsibility (EPR) systems by demonstrating practical, scalable recycling models and sharing data and learnings with Producer Responsibility Organisations and policymakers in the focus countries. This helps create the conditions for long-term, system-level solutions that extend beyond the project’s duration.

Funding and joint commitment

“Recycle for Good – Prevent Marine Litter” is funded through the “Marine Debris Framework – Regional hubs around the globe” (Marine:DeFRAG) initiative, managed by ZUG (Zukunft – Umwelt – Gesellschaft), on behalf of the German Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety (BMUKN). The project is co-implemented by the partners and reflects a shared commitment to strengthening circular economy solutions, reducing marine litter, and building resilient recycling ecosystems in Southeast Asia.