Record revenues for Elopak

Elopak ASA, supplier of carton packaging and filling equipment, had a satisfactory end to last year and experienced revenue growth of 12%, compared to the fourth quarter of 2020. Overall, revenue growth last year was 3.5%, and revenue for the whole of 2021 of 940 mEUR is the highest Elopak has ever delivered. This gave an operating profit of 121 mEUR.

Highlights from the fourth quarter of 2021 included:

  • Revenue increased by 12% compared to fourth quarter of 2020 due to solid performance in Americas supported by aseptic growth in Europe.
  • Adjusted EBITDA of EUR 22.1 million compared with EUR 26.8 million in the fourth quarter of 2020, and an adjusted EBITDA margin of 9.3% compared to 12.6% in the fourth quarter of 2020.
  • Continued high raw material prices impacted the Q4 results.
  • The company’s financial position is strong, with a Leverage Ratio of 2.0x as of end of fourth quarter 2021.
  • The board recommends the AGM to approve a dividend of 0.75 NOK for the year 2021.

“We are pleased to deliver a good result in 2021, despite extraordinary cost increases on both the raw material side and the energy side. Last year was also historic for us, with highlights such as the listing in June and the acquisition of Naturepak in October,” says CEO Thomas Körmendi of Elopak.

Based on the IPO, the acquisition of Naturepak Beverage Packaging Co Ltd, and the environmentally friendly products Pure-TwistFlip and Pure-Pak eSense developed last year, the Elopak CEO believes that the company is well-positioned for further growth. The tethered cap Pure-TwistFlip remains attached to the carton throughout its lifetime, meaning it can potentially reduce marine litter. The cap is also Elopak’s lightest screw cap to date, helping to reduce the use of plastic. Pure-Pak eSense is an aseptic carton without aluminium, which reduces the carbon footprint by 30 percent and facilitates easier recycling.

“We see that the interest in sustainable solutions is very high, both among our existing and new customers. There is a clear trend that customers want to buy sustainable and environmentally friendly cardboard solutions rather than plastic products. Sustainability has been an integral part of Elopak for many years, and in 2021 we developed several new solutions to meet market demand,” says Thomas Körmendi.

EcoVadis, one of the world’s most recognised platforms for assessing corporate social responsibility and sustainable procurement, gave Elopak a Platinum EcoVadis rating in the fourth quarter of 2021. This means that Elopak is among the one percent most sustainable companies in all sectors. Körmendi believes last year’s work, together with the takeover of Naturepak this year, will lay the foundation for a good 2022 for Elopak.

“We delivered a good year in 2021, not least considering the raw material situation in the world. We expect this to be more normalized during the current year. At the same time, we see that the trend towards more sustainable and environmentally friendly cardboard solutions continues, both in Europe and North America. With this backdrop, I am sure that Elopak is well equipped to continue the growth and deliver an even better result in 2022,” says Thomas Körmendi.

For the full report from Elopak and quarterly presentation, visit

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