Norway's Elopak concluded its 2024 financial year with consolidated revenue of €1.2 billion, up 2.2% year on year, and achieved an achieved EBITDA margin of 15.2%.
In line with its dividend policy, Elopak's board has proposed a dividend of €0.13 per share for full-year 2024.
During the fourth quarter, the company recorded 6.1% growth in carton and closure revenue, primarily driven by the fresh dairy segment in Europe and the Americas.
The company generated EBITDA of €40.8 million with a margin of 14.4% during the quarter, representing an improvement of €0.7 million, or 1.7%, compared to the year-ago period.
Elopak added that a key operational achievement was the completion of a second Roll Fed production line at its plant in India, which has effectively doubled production capacity.
Volatile Conditions
Elopak CEO, Thomas Körmendi, commented on the year’s performance, stating that despite volatile macro-economic and geopolitical conditions, capacity constraints and supply chain challenges in the Americas, Elopak demonstrated resilience.
He highlighted that 2024 was dedicated to realising strategic priorities, including the commencement of construction on a new plant in the United States, the installation of additional production capacity in India, and the strengthening of the company’s leadership position through its D-PAK carton solutions.
”I am confident in our ability to continue successfully executing our 'Repackaging tomorrow' strategy, positioning us to achieve our targets in 2025 and beyond”, concluded Thomas Körmendi.
Full- Year Performance
For the full year, EBITDA reached €176.1 million, marking an improvement of €5.2 million, while revenues grew by 2.2% compared to the previous year.
Additionally, the company’s new production plant in Little Rock, Arkansas, US, is on schedule to start production in the first half of 2025, delivered on time and within budget.
In September, Elopak ASA unveiled its reshaped strategy ‘Repackaging tomorrow’ along with new mid-term targets at its capital markets day.
The year also saw the refinancing of its debt capital structure through triple-tranche inaugural green bonds and the signing of a new revolving credit facility.
