Elopak (ELO) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenues exceeding EUR 1.2 billion, with 5.9% organic growth year-over-year and strong Q4 performance, especially in the Americas, which saw 28% organic growth in Q4 on a constant currency basis.

• EBITDA for the year reached EUR 184.7 million (15.3% margin), up EUR 8.6 million year-over-year, with Q4 EBITDA at EUR 46.2 million (14.6% margin).

• The Little Rock plant in the U.S. delivered its first profitable quarter, became margin accretive, and is ramping up additional lines, with further investments planned.

• Record cash flow from operations of over EUR 63 million in Q4 and EUR 171 million for the year supported deleveraging, investment, and a proposed dividend payout of 59% of normalized net profit.

• CEO announced intention to step down, with transition planned.

Financial highlights

• Q4 revenues reached EUR 316 million, up 13.1% year-over-year; full-year revenues at EUR 1,206 million, up 4.2%.

• Q4 EBITDA increased by EUR 5.3 million to EUR 46.2 million; full-year EBITDA up EUR 8.6 million to EUR 184.7 million.

• EPS doubled in Q4 to EUR 0.06; full-year adjusted EPS at EUR 0.23.

• Cash flow from operations reached a record EUR 62.7 million in Q4 and EUR 171.1 million for the year.

• Net bank debt reduced by EUR 8 million sequentially from Q3 to Q4; leverage ratio at 2.0x, meeting midterm target.

Outlook and guidance

• Expectation to deliver on mid-term targets: 4-6% organic revenue growth p.a., 15-17% EBITDA margin, 50-60% dividend payout of normalized net profit, and leverage around 2.0x net debt/EBITDA.

• CapEx for 2026 projected at the higher end of 5%-7% of revenue due to ongoing investments, especially in Americas.

• Raw material costs, particularly liquid packaging board, expected to rise in 2026, but mitigated by price adjustments and operational efficiencies.

• Focus remains on sustainable growth, operational excellence, and capital discipline amid inflationary and geopolitical headwinds.

• Americas expected to continue as a key growth driver, with further capacity expansion and customer engagement.