Elopak (ELO) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly revenues above EUR 300 million, with organic growth of 5.2–5.3% year-over-year, driven by strong Americas and India performance and the start of test production at the new US plant.

• Opened a new plant in Little Rock, US, on time and within budget, with commercial ramp-up starting Q2 2025.

• Partnered with Blue Ocean Closures to develop fiber-based closures, supporting sustainability initiatives.

• Strategic roadmap prioritizes global growth, sustainability leadership, and a shift from plastic to carton packaging.

• All-time high revenue and volume in Americas, with strong joint venture contributions.

Financial highlights

• Q1 2025 revenue: EUR 310.3 million (+6.3% year-over-year); EBITDA: EUR 44.6 million (margin 14.4%, 15.1% excluding US plant pre-production costs).

• Free cash flow and cash flow from operations impacted by US plant investments and temporary working capital build-up.

• Adjusted profit attributable to shareholders: EUR 16.9 million (EUR 0.06 per share), down from EUR 21.5 million (EUR 0.08 per share) in Q1 2024.

• Net financial debt increased to EUR 402 million, leverage ratio at 2.3x.

• ROCE at 15.1%, down from 17.4% year-over-year.

Outlook and guidance

• Expectation of continued strong performance for the full year 2025, with ramp-up of Little Rock plant and robust demand in Americas and India.

• Commercial production ramp-up at Little Rock plant to begin in Q2 2025.

• New US plant expected to nearly double Americas revenue long-term and support ambition to reach EUR 2 billion in revenue by 2030.

• Price increases successfully implemented in Europe for 2025 to offset inflation.