Elopak ASA Q3 2026 Earnings Recap

Elopak shares rose 3.7% after the company reported record quarterly EBITDA and 6.5% revenue growth, with momentum in European cartons and closures. Results also faced a headwind from Americas supply disruptions, which management said temporarily reduced reported profitability.

Key Takeaways

• Revenue was €308 million, up 6.5%; EBITDA was approximately €52 million, a record, with a 16.8% margin.
• EMEA carton and closure revenue grew close to 11%; growth included UHT and fresh dairy, particularly in Central and Eastern Europe and Germany.
• Americas revenue grew close to 6% despite board supply constraints. The company cited filling-machine sales and increased aftermarket revenue as contributors.
• Management said Americas disruptions held back reported profitability; excluding the force majeure impact, it estimated the EBITDA margin would have been around 17.5%.
• The leverage ratio was stable at 2.2x despite the investment program.