Elopak (ELO) Q3 2026 earnings summary

Executive summary

• Q3 revenue was EUR 308.4m, up 6.5% YoY or 6.0% at constant currency; adjusted EBITDA reached a record EUR 51.9m at a 16.8% margin.

• Net profit attributable to shareholders increased 38% YoY to EUR 25.0m; ROCE rose to 15.4% and leverage remained 2.2x.

Financial highlights

• Q3 adjusted EBITDA increased 5.4% to EUR 51.9m from EUR 49.2m; margin was 16.8% versus 17.0% a year earlier.

• YTD revenue rose 2.3% to EUR 910.5m; adjusted EBITDA was EUR 137.9m, with a 15.1% margin versus 15.5%.

• Q3 operating profit was EUR 34.5m, up EUR 4.7m YoY; lower depreciation and amortization included non-recurring adjustments.

• YTD profit attributable to shareholders rose EUR 13.3m to EUR 57.7m; profit before tax increased EUR 13.2m to EUR 75.3m.

Outlook and guidance

• FY 2026 revenue is expected in line with the current run rate, with an EBITDA margin of ~15%, excluding insurance-claim timing effects.

• Q4 revenue is expected to be similar to Q3; EBITDA is expected to be lower due to seasonality and uncertainty in the Americas and Middle East.

• Americas growth is expected to remain muted in 2027 amid supply constraints and market uncertainty; the third Little Rock production line is planned to start up in H2 2027.

• 2028 targets include organic revenue growth of 4–6% p.a., EBITDA margin of 15–17%, dividends of 50–60% of normalized net profit, and net debt/EBITDA of ~2.0x.