Elopak has reported revenues of €289.7m ($338.1m) for the second quarter (Q2) of 2025, marking a 2.4% year-on-year growth when adjusted for currency effects.
This growth was primarily driven by performance in the Americas, which saw sales increase by 14% from the previous year on a constant currency basis, and the ramp-up of a new US plant.
However, revenues fell by €20.7m compared to Q1 2025, primarily attributed to timing effects related to production, stockpiling by customers in the Americas due to tariff uncertainty, and a weakening US dollar.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q2 stood at €44.7m, an increase of €0.9m from the same period last year. This resulted in an EBITDA margin of 15.4%, a slight improvement from 15.2% in Q2 2024.
The margin enhancement was mainly due to growth in higher-margin products and segments.
Elopak achieved an operating profit of €26.7m, which represents an enhancement of €0.9m over the same quarter in the previous year.
The aforementioned US plant, which is still in its ramp-up phase, nearly broke even in terms of EBITDA contribution. Excluding the new plant’s ramp-up costs, the EBITDA margin would have been 15.8%.
The plant has begun commercial production, with a target to be fully ramped up by the end of the year.
Elopak CEO Thomas Körmendi said: “We are pleased with the positive result and progress we’ve made in the second quarter despite a more uncertain and challenging market environment.
“We continue to show resilience across key markets and expect to continue the strong performance from the first half (H1) of 2025, with full-year results in line with our mid-term targets.”
Elopak also demonstrated solid cash flow generation throughout the quarter, which facilitated continued high capital expenditure and dividend payments while maintaining stable leverage.
The board has declared a dividend for H1 2025 of €0.03 per share, aligning with the company’s dividend policy.
The first instalment of the 2024 dividend of €0.08 per share was paid in May.
