Food and Beverage Business

Elopak Achieves Strong Growth and Meets IPO Targets in 2023

Elopak Achieves Strong Growth and Meets IPO Targets in 2023 beverage packaging, Carton, food and drink packaging, food and drink sustainable packaging, Food packaging Food and Beverage Business

Elopak wrapped up a highly successful 2023 with yet another strong quarter, meeting the mid-term targets set by the company during its IPO in 2021.

2023 was a year of significant progress and achievements for Elopak, building on the successes of previous years in implementing the company’s sustainability-driven growth strategy. The Board proposes a dividend of NOK 1.46 per share for the year 2023, in line with dividend policy.

Highlights from the fourth quarter of 2023 include:

    • Revenues increasing by 7.5%, to EUR 287.2 million
    • 8.4% organic growth, or EUR 22.4 million, adjusted for currency translation effects
    • Adjusted EBITDA of EUR 40.0 million, an improvement of EUR 4.1 million, reflecting a 13.9% margin
    • Strong cash flow generation and down-payment of debt, resulting in a reduced leverage ratio of 1.9x

CEO Thomas Körmendi commented on Elopak’s performance, stating, “I am happy to report yet another quarter of strong performance and I am pleased to confirm that the Elopak team has delivered on all the 3-5 year targets set in the IPO in 2021.”

“I would like to extend a big thank you to all our colleagues, customers, suppliers, and partners for their fantastic contributions and collaboration throughout the year. We are entering 2024 from a strong position and I look forward to further strengthening our contribution to a more sustainable society while continuing to create shareholder value in the years to come,” Körmendi added.

Highlights from the full year 2023 include:

    • Revenues increasing by 10.6%, to EUR 1,132.0 million
    • 9.4% organic growth, adjusted for currency translation and acquisition effects of EUR 11.9 million
    • Adjusted EBITDA of EUR 170.9 million, an improvement of EUR 51.5 million, reflecting a 15.1% margin
    • Adjusted profit attributable to Elopak shareholders at EUR 68.3 million, up 55% compared to 2022
    • Proposed dividend of NOK 1.46 per share for the year 2023, in line with the dividend policy


Elopak collects earnings estimates from equity analysts covering the company every quarter ahead of the earnings announcement. The consensus estimates and the methodology used are published on the Elopak IR webpages:



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