Elopak ASA (STU:9J7) Full Year 2025 Earnings Call Highlights: Record Revenue and Operational …

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Wed, February 11, 2026 at 12:00 AM GMT+9 3 min read

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This article first appeared on GuruFocus.

Release Date: February 10, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Elopak ASA (STU:9J7) reported a strong quarter with a 15% growth, leading to an increase in EBITDA by more than 5 million and a margin level of around 14.6%.

The Little Rock plant delivered 28% growth and became accretive to the group for the first quarter.

The company recorded the highest ever cash from operations, exceeding 63 million.

Elopak ASA (STU:9J7) broke the 1.2 billion revenue mark for the first time, driven by growth in the US and solid growth in commissioning of filling machines.

Operational excellence initiatives led to a 17% reduction in inventories and significant improvements in overdue collections.

Negative Points

The juice segment experienced a decline due to high citrus prices, affecting overall demand.

The home and personal care segment developed slower than expected, taking more time to establish a new category.

The Roll Fed market in Europe remains highly competitive with excess capacity, leading to unsustainable pricing levels.

The share of net profit from joint ventures declined due to softer demand and changes in consumer patterns in Mexico and Central America.

The company faced challenges in ramping up the Little Rock plant to the expected levels, although the speed improved towards the end of the year.

Q & A Highlights

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Q: What is the current utilization rate of Line 1, and are customers ready to receive all products? A: (CEO) The ramp-up of Line 1 was slower than planned, but we mitigated this by producing more in Canada. By the end of last year, we were close to the right ramp-up speed, and manufacturing efficiency was slightly ahead of expectations. However, we did not fully reach the planned ramp-up level for the full year.

Q: Can you elaborate on the geographical split of filling machine sales and the order book outlook for 2026? A: (CEO) We see good order intake in the US and Europe, particularly in Southern and Northern Europe. Last year, Southern Europe was strong from an order intake perspective. The split between America and EMEA can be seen in our segment reports.

Q: How is the aseptic rollout progressing in Europe, and are we seeing similar trends in the aseptic segment as in the Roll Fed market? A: (CEO) The aseptic market, particularly for our Pure-Pak in Europe, is under pressure due to high raw material costs, especially in the juice segment. However, we see higher-than-market growth in UHT sales, with good sales in non-juice related products.

Story Continues  

Q: What factors are driving the slower-than-expected growth in home and personal care volumes, and what share of total sales does this segment represent? A: (CEO) The slower growth is due to the challenge of changing long-established practices in large FMCG companies, which take time. The non-food volume is currently insignificant, and while we expected more growth in 2025, the trajectory has been slower than anticipated.

Q: Are there any indications of additional demand in the US following customers’ supply chain de-risking? A: (CEO) Yes, there is recognition that we are investing in capacity in the Americas, which is not being done by competitors. This has led to new customers approaching us, aligning with our plans for lines 1, 2, and 3.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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