Elopak (ELO) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong results with 2.4% organic revenue growth and an adjusted EBITDA margin of 15.8%, driven by robust Americas performance and the ramp-up of the new U.S. plant.

• Dividend policy shifted to semi-annual payouts, with EUR 0.03 per share declared for H1 2025 and the next installment in October covering all of 2024 and H1 2025.

• Strategic focus remains on global growth, strengthening the core business in Europe, and replacing plastics with sustainable solutions.

• Achieved solid financial results amid a volatile and competitive market, with continued progress in innovation and sustainability.

Financial highlights

• Group revenue grew 2.4% year-over-year in Q2 2025, mainly from Pure-Pak sales in the U.S. and growth in India.

• EBITDA for Q2 was EUR 44.7 million, with a margin of 15.4% (15.8% adjusted for U.S. plant ramp-up costs).

• Americas segment reported 14% organic growth (constant currency), with the U.S. plant nearing break-even.

• Equipment sales increased, supporting revenue but with limited margins.

• Net interest-bearing debt rose modestly due to investments and dividends; leverage ratio stable at 2.3x.

Outlook and guidance

• Full-year results expected to align with mid-term targets of 4%-6% revenue growth and 15%-17% EBITDA margin, with strong H2 2025 performance anticipated.

• U.S. plant targeted to be fully ramped-up by year-end 2025.

• CapEx is progressing as planned, in line with previous guidance.