Elopak (ELO) Q2 2026 earnings summary

Executive summary

• Revenue grew to EUR 304 million, up 4.9% year-over-year (5.7% constant currency), with improvement from a softer start to the year.

• Adjusted EBITDA reached EUR 45 million, with a margin of 14.8%.

• Net profit attributable to shareholders rose to EUR 15.7 million from EUR 9.3 million last year.

• Board declared a dividend of EUR 0.065 per share for H1 2026, representing 52.5% of normalized net profits.

• Håkon Volldal was appointed as new CEO, effective no later than January 2027.

Financial highlights

• Americas delivered 8.7% revenue growth (constant currency), with carton and closure revenue up 8.4% group-wide.

• EMEA revenue grew 3.3% to EUR 224.1 million, with carton and closure up 8% and Roll Fed business up 16% due to new customers in Poland.

• Adjusted EBIT for Q2 2026 was EUR 112 million, up 4.7% year-over-year.

• Cash flow from operations YTD was EUR 75 million, up 39.5% year-over-year.

• Adjusted EPS rose 87.3% to EUR 0.06.

Outlook and guidance

• Gradual improvements expected through H2 2026, subject to raw material prices and FX volatility.

• Challenging operating environment in Americas and global geopolitical headwinds expected to impact growth in the year ahead.

• Full benefit from customer surcharges to offset raw material costs is expected in coming quarters.

• Mid-term targets: 4-6% organic revenue growth p.a., 15-17% EBITDA margin, 50-60% dividend payout, ~2.0x net debt/EBITDA.

• Reconfirmed ambition to deliver EUR 480 million revenue in Americas by 2028, though growth will not be linear due to supply constraints and plant-based consumption decline.