Elopak reported strong financial performance in its fourth quarter and full-year 2025 results, with consolidated revenue surpassing €1.2 billion for the first time. The company announced the figures on 10 February 2026, highlighting continued demand for beverage carton packaging and strong sales growth in the Americas.

Organic revenue growth reached 5.9% compared with 2024, while EBITDA increased to €184.7 million, producing a 15.3% margin. The results also reflect expanding production capacity and improved financial stability as the company strengthens its position in global food and beverage packaging markets.

Financial performance overview

Elopak’s 2025 results demonstrate continued growth in global carton packaging demand. The company recorded revenues above €1.2 billion for the first time, supported by steady organic expansion and improved profitability.

EBITDA rose by €8.6 million year-on-year to €184.7 million. The company also strengthened its balance sheet during the year as operational cash flow increased and leverage improved in line with medium-term financial targets.

At a glance

  • Elopak revenue exceeded €1.2 billion in 2025, the first time in the company’s history

  • Organic revenue growth reached 5.9% year-on-year

  • Q4 revenue rose 11.5% to €316 million

  • EBITDA for the year reached €184.7 million, with a 15.3% margin

  • Americas sales increased 28% in Q4 on a constant currency basis

  • Record operating cash flow of €62.7 million reported in Q4

  • Net financial debt decreased by €7.7 million

How did Elopak perform in the fourth quarter?

Elopak recorded €316 million in revenue during Q4 2025, representing 11.5% growth compared with the same period the previous year. Organic growth for the quarter reached 15%, reflecting strong customer demand and expanding production output.

EBITDA for the quarter reached €46.2 million, producing a 14.6% margin. The company also reported record operating cash flow of €62.7 million, indicating strong operational efficiency across its production facilities.

What operational developments supported the results?

A key operational milestone during the year was the continued ramp-up of Elopak’s Little Rock production plant in the United States.

The facility reached its first profitable quarter only four months after beginning commercial production. Installation of a second production line progressed during the year, and the company approved an additional $30 million investment to install a third production line.

How strong is the company’s financial position?

Elopak strengthened its financial position during 2025 as cash flow improved and debt levels declined.

Net financial debt decreased by €7.7 million, while the company’s leverage ratio improved to 2.0x, aligning with its medium-term financial targets. The board has proposed a dividend of €0.102 per share for the second half of 2025, resulting in a full-year dividend of €0.132 per share.

Industry context: demand for beverage carton packaging

Beverage cartons remain widely used across the food and dairy industry, particularly for milk, juice and liquid food products sold through supermarkets.

Packaging suppliers such as Elopak play a key role in the FMCG supply chain by providing packaging formats that support product protection, extended shelf life and improved recyclability. Demand for carton packaging has increased as manufacturers and retailers seek alternatives that align with evolving sustainability requirements.

What happens next?

Elopak is expected to continue expanding its manufacturing footprint as global demand for beverage cartons grows.

The ongoing development of the Little Rock facility and investment in additional production lines indicate that the company is preparing for further growth in North America and other international markets. Continued investment in production capacity and operational efficiency will remain central to supporting long-term expansion in the global food packaging sector, reflecting broader developments across the Norway packaging industry.

Editor’s Note: This article is based on the official fourth quarter and full-year 2025 financial results released by Elopak on 10 February 2026. The figures reflect the company’s reported revenue, profitability, and operational developments for the 2025 reporting period. All financial data and operational updates referenced in this article come from the company’s official results announcement and investor materials.