(Oslo ,February 15, 2024 )Elopak rounded off a highly successful 2023 with yet another strong quarter, delivering on the mid term targets set by the company during its IPO in 2021. 2023 was a year of significant progress and achievements forElopak , extending the many successes of previous years in implementing the company's sustainability driven growth strategy. The Board proposes a dividend ofNOK 1.46 per share for the year 2023, in line with dividend policy. Q4 2023 highlights o Revenues increased by 7.5%, toEUR 287.2 million o Organic growth was 8.4%, orEUR 22.4 million , adjusted for currency translation effects o Adjusted EBITDA wasEUR 40.0 million , an improvement ofEUR 4.1 million , reflecting a 13.9% margin o Strong cash flow generation and down-payment of debt. Leverage ratio reduced to 1.9x Commenting onElopak's performance, CEOThomas Körmendi said: "I am happy to report yet another quarter of strong performance and I am pleased to confirm that theElopak team has delivered on all the 3-5 year targets set in the IPO in 2021. I would like to say 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." Full Year 2023 Highlights o Revenues increased by 10.6%, toEUR 1,132.0 million o Organic growth was 9.4%, adjusted for currency translation and acquisition effects ofEUR 11.9 million o Adjusted EBITDA wasEUR 170.9 million , an improvement ofEUR 51.5 million , reflecting a 15.1% margin o Adjusted profit attributable toElopak shareholders wasEUR 68.3 million , up 55% compared to 2022 o Proposed dividend ofNOK 1.46 per share for the year 2023, in line with the dividend policy Every quarter ahead of the earnings announcement,Elopak collects earnings estimates from the equity analysts currently coveringElopak . The consensus estimates and the methodology used are published on the Elopak IR webpages https://www.elopak.com/consensus/. The Q4 2024 results will be presented onFebruary 15, 2024 at09:00 CET atHotel Continental , Stortingsgaten 24/26,Oslo . The presentation will be held in English by CEOThomas Körmendi and CFO Bent Kilsund Axelsen. The full report and presentation are available at www.newsweb.no. A live webcast will be available following this link: https://channel.royalcast.com/landingpage/hegnarmedia/20240215_12/. For the full report and presentation, please see attachment or visit www.elopak.com/reports-presentations/. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Investor contact: Mirza Koristovic, Head of IR E-mail: investors@elopak.com Tel: +47 93 87 05 25 Media contact:George Chichester ,SABI Strategy Group E-mail: george.chichester@sabistrategy.com Tel: +44 7446858882 AboutElopak Elopak is a leading global supplier of carton packaging and filling equipment. The company's iconic Pure-Pak® cartons are made using renewable, recyclable and sustainably sourced materials, providing a natural and convenient alternative to plastic bottles that fits within a low carbon circular economy. Founded inNorway in 1957,Elopak was listed on theOslo Stock Exchange in 2021. Today it employs 2,700 people and sells in excess of 14 billion cartons annually across more than 70 countries.Elopak is aUN Global Compact participant member. We have set Science Based Targets to reduce emissions in line with the 1.5 degree trajectory, and aim to be Net-Zero by 2050. In 2023, we achieved a gold rating byEcoVadis and were rated top 2% sustainable companies in the world. For more information, go to www.elopak.com or follow us @Elopak on LinkedIn.
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