ELOPAK ASA
Sector unknown·ELO · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Plastics and polymers
Raw materials and inputs
DriverPositive impact: strengthens
“Plastic dominates grocery packaging with ~60% share.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Our future strategy aims to capitalize on the global shift away from plastic packaging.””
Annual report 2024A · The company itself
InputNegative impact: weakens
“Raw material cost also had a positive effect year-onyear, as most raw materials softened compared to high historical levels in 2023. Polymers, aluminium and energy were more favorable from improved hedges, as well as lower spot prices, although some of these effects were balanced out by increased board costs.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“On the material side Elopak is also offering renewable sourced polyethylene (PE), as opposed to fossil-based, and is actively working to increase its use across our products.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Critical raw material related to our cartons accounts for approximately 50% of the total external purchase spend, including board, polymers, aluminium, inks and solvents.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“To manage pricing volatility in Europe, Elopak also enters into derivative transactions, including commodity swaps for LDPE and aluminium, and also hedges energy prices.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Topic Interaction with strategy and business model Climate change We aim to leverage the plastic replacement shift, focusing on reducing GHG emissions, mitigating climate change and addressing the customers and consumers demand for sustainable products.”
Annual report 2024A · The company itself
Market
“This is why Elopak exists; we lead the way so that companies and consumers can adopt more sustainable packaging solutions. Through fiber-based packaging products, highly efficient filling equipment and professional technical services, we provide a natural and convenient alternative to plastics – ultimately reducing society’s reliance on fossil fuels, lowering carbon emissions and plastic waste.”
Annual report 2024A · The company itself
Chains in: Oil strengthens
Circular economy and recycling
Regulation
DriverNegative impact: weakens
“The collection, sorting and recycling infrastructure for cartons is a bottleneck for the whole industry. Implementation of technological developments are needed to ensure cartons are recycled at scale. This is a transition risk which may impact both Elopak’s costs and revenues.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Elopak has a long history of developing sustainable packaging solutions and is committed to continue improving the sustainability credentials of our cartons, which are designed for recycling. While new requirements may bring challenges, the company is well fitted to tackle any requirements presented by additional sustainability requirements and developments.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Targets Elopak’s biodiversity targets aim to ensure a sustainable supply chain for raw board, renewable polymers and aluminium by 2025 through product certifications according to most the stringent and credible standards.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Furthermore, we are collaborating with our PE suppliers to incorporate post-consumer recycled (PCR) advanced recycled PE (arPE) content into the plastic components of our cartons and closures, in compliance with forthcoming regulatory requirements.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“These materials have lower GHG emissions and help ensure resource availability for future generations, reducing reliance on fossil-based materials and supporting a circular economy.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Packaging regulation and deposit schemes
Regulation
DriverNegative impact: weakens
“Increased complexity in recyclability and recycling requirements will drive transition costs for our industry.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Leveraging our leading innovation capabilities for continued growth The harmonization of standards represents opportunities for substantial net advantages for Elopak, and for fiber-based packaging in general. By leveraging our long history of innovative capabilities, which has been a driver of new standards for the fiber-packaging industry for decades, PPWR offers us an opportunity to further strengthen our number one position in our core markets.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Risk E5.4 Being able to offer low-carbon and circular packaging to keep up with consumer trends and political requirements.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In the spring of 2025, Elopak will open a Recycling Lab in the Elopak Technology Center in Norway, which will play a crucial role in accelerating our design for recycling ambitions. The lab will enable us to make timely changes to our products during the design process, ensuring the highest standards of recyclability.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Elopak is well positioned to meet the PPWR and works across multiple dimensions Organization and capabilities Technology and product innovations Supplier collaboration initiatives Customer testing and collaboration Advocacy and industry collaborations Elopak Annual report 2024 Elopak Annual report 2024 105 105 Sustainability statement | Environmental information | E5 Resource use and circular economy Sustainability statement | Environmental information | E5 Resource use and circular economy fiber-based opening devices to replace plastic caps, and utilization of the fiber package itself as the opening mechanism (Easy Opening).”
Annual report 2024A · The company itself
United States
Geography
DriverPositive impact: strengthens
“Revenues in the United States has been the biggest growth driver for the Group in 2024, delivering growth of 8.7% or EUR 19.1 million year-on-year. This is on the back of successful school milk ramp-up at our joint venture in the Dominican Republic, as well as market share gains in the fresh segment.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Elopak Annual report 2024 15 15 Our performance | Executing on our strategy Our performance | Executing on our strategy North America Doubling production capacity to supply Pure-Pak ® cartons to awaiting US customers In March 2024, we broke ground on the construction of our new ~300,000-square-foot (~28,000-square-meter) production plant in Little Rock, Arkansas. The initial investment of USD 70 million for the land, building and first production line was announced in June 2023 as a response to the increasing demand for our high quality, innovative and sustainable solutions.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Recognizing the continued strong momentum, we committed an additional USD 25 million in September 2024 to expand the plant with a second production line after having sold all the production capacity from the first production line. Commercial production will start in the first half of 2025 and be fully ramped up by the end of the year. In addition to the initial investment, we have invested around USD 2.3 million in 2024 towards the second production line.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“This is in line with our forecast for the year, as communicated at our Capital markets day. The increase reflected our investment in global growth initiatives largely represented by the building of a new plant in the US, which amounted to EUR 55.7 million for the full year.”
Annual report 2024A · The company itself
Geography
“Realize global growth potential Strengthen leadership in core Leverage plastic replacement shift Our performance | Our strategy ’Repackaging tomorrow’ Executing on our strategy Realize global growth Elopak’ s strategic priority, ‘Realize global growth‘, focuses on accelerating growth in our margin accretive markets in North America, MENA, and India. Since 2022, we have made significant investments to strengthen our market position in these global growth markets. This includes the acquisition of NaturePak, the number one fresh player in the MENA region, establishment of the partly owned subsidiary with GLS Group to enter the Indian market, the largest market for fresh milk in the world, and the construction of our production plant in Little Rock, Arkansas, US, which will transform our ability to serve customers in the region.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Consumer spending
Macro
DriverNegative impact: weakens
“Risks Consumption of our core end-use areas milk and juice continue to decrease.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“This could result in continued high inflation and interest rates, which in turn could lead to continued soft consumption and reduced consumer spending.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“N/A Low Risk type Risk factor Description Response Material topics Risk appetite Profit Market dynamics – consumption Downward pressure in dairy and juice consumption can be observed. The uncertainty around economic recovery in certain areas, may impact market dynamics and consumption.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Consumption trends have shifted from convenience to affordability, while health and wellness remain top priorities. Elopak has strong and long-lasting customer relationships and enough breadth of portfolio and market exposure to mitigate midterm market volatility. Midto long term, Elopak’s growth strategy is a mix of conventional product-focused growth, while at the same time pursuing innovation, growth and additional value by expanding the boundaries of our traditional markets.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Packaging
Raw materials and inputs
DriverNegative impact: weakens
“Negative impact E5.2 Competition from low-carbon packaging alternatives.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Critical raw material related to our cartons accounts for approximately 50% of the total external purchase spend, including board, polymers, aluminium, inks and solvents.”
Annual report 2024A · The company itself
Market
“The rating reflects Elopak’s strong market position as the world’s largest player in fresh liquid carton packaging, resilient financial profile and strong balance sheet.”
Annual report 2024A · The company itself
Chains out: this weakens Beer and beverages
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“As Elopak faces an aging workforce, it is essential to sustain critical knowledge, in particular in the technical areas.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Travelling and doing business in high-risk countries and growth in new markets also leads to safety, business risks and capacity shortage.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Due to seasonal variations in our production facilities, temporary workers are hired in our plants in Canada, the Netherlands, Denmark, and Morocco.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Risk S1.4 In line with general trends seen in the process industry, Elopak has an overrepresentation of men in its workforce.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Sourcing from more than 6000 suppliers worldwide, Elopak has a significant indirect impact on people and the environment throughout the supply chain.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“In addition, there is increased risk for services associated with high degree of (low-skilled) labor, marginalized groups and use of recruitment agencies, such as catering and cleaning services and the logistic and transport sector.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In addition, to ensure a capable workforce for our new business organization aimed at the plastic replacement shift, we have recruited internally from our existing workforce and externally to add specific technical skillsets.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We have a diverse workforce consisting of over 50 different nationalities and we seek to promote fair treatment and full participation of all.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Own workforce Completed 2024 S1.3 Adequate wages Annual review of salary levels Ensure decent wages in line with our Remuneration policy.”
Annual report 2024A · The company itself
Asia and emerging markets
Geography
DriverPositive impact: strengthens
“Beverage carton packaging market growth (liters) Global macro-trends present new opportunities across markets Elopak | Market drivers This is Elopak | Market drivers Opportunities and risks These are the major opportunities and risks Opportunities The expected growth in emerging markets represents a significant opportunity.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In addition to the US plant, we also increased our investments in India. The installation of a second Roll Fed production line has effectively doubled our capacity in the region, enabling us to meet the growing demand for our products.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Introducing Pure-Pak ® cartons is a central part of the strategy for the Indian market, aligning with our ambition to become a full system solution provider in the world’s largest dairy market and a top 3 player by 2030.”
Annual report 2024A · The company itself
Market
“GLS Elopak offers Roll Fed packaging material under the brand Alpak ® .”
Annual report 2024A · The company itself
Geography
“Realize global growth potential Strengthen leadership in core Leverage plastic replacement shift Our performance | Our strategy ’Repackaging tomorrow’ Executing on our strategy Realize global growth Elopak’ s strategic priority, ‘Realize global growth‘, focuses on accelerating growth in our margin accretive markets in North America, MENA, and India. Since 2022, we have made significant investments to strengthen our market position in these global growth markets. This includes the acquisition of NaturePak, the number one fresh player in the MENA region, establishment of the partly owned subsidiary with GLS Group to enter the Indian market, the largest market for fresh milk in the world, and the construction of our production plant in Little Rock, Arkansas, US, which will transform our ability to serve customers in the region.”
Annual report 2024A · The company itself
Geography
“In India, we continued to deliver solid volume growth with our Roll Fed packaging portfolio.”
Annual report 2024A · The company itself
Agriculture and food production
End markets
Market
“One of the dairies that has installed the new extended shelflife machines is Hochwald Foods; a German dairy and food group that produces more than 2 billion kg of milk annually. Hochwald has installed four of the new filling machines, moving their entire chilled milk portfolio for their brand Bärenmarke, Germany’s most sought-after milk brand to our Pure-Pak ® cartons.”
Annual report 2024A · The company itself
Market
“Stakeholder group Interaction Topics raised Purpose and outcome Customers /retailers Frequent meetings on operational, commercial and top level Frequent desk-studies of public information Structured interviews Raw material sourcing and potential negative impacts Circularity Climate Product development Ensure use of renewable raw materials to reduce the stress on scarce and finite natural resources, as well as working to certify raw materials and verify all suppliers.”
Annual report 2024A · The company itself
Market
“Cartons Elopak develops and supplies fiber-based packaging under the following product brands: Pure-Pak ® cartons for chilled and ambient liquid food Roll Fed packaging material for ambient liquid food D-PAK™ cartons for non-food products for personal and home care Elopak has a diverse shelf-life portfolio, where the shelf-life varies depending on the customers process, filling, and cooling chain.”
Annual report 2024A · The company itself
Market
“By reporting Food safety as an entity-specific sub-topic, Elopak aims to provide a complete overview of its management of this material topic. Food safety is connected to the sector-agnostic disclosures covered in S4 Consumers and End-users, and we are therefore reporting on this entity-specific sub-topic alongside this standard.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Precious metals
Raw materials and inputs
InputNegative impact: weakens
“Polymers, aluminium and energy were more favorable from improved hedges, as well as lower spot prices, although some of these effects were balanced out by increased board costs.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“We focus on pollution from transportation, the sourcing and production of ink components, and the mining of bauxite.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“To manage pricing volatility in Europe, Elopak also enters into derivative transactions, including commodity swaps for LDPE and aluminium, and also hedges energy prices.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We will work together to identify best practices, share data, and develop joint initiatives to reduce pollution across the supply chain. In line with our dedication to responsible and sustainable sourcing, and to reduce our indirect impact on air and soil pollution, our ambition is to exclusively source certified aluminium as well as minimize the use of aluminium.”
Annual report 2024A · The company itself
Beer and beverages
End markets
Market
“Thomas Körmendi, CEO letter to shareholders This is Elopak Elopak at a glance From beverages to home and personal care, liquids need proper packaging solutions.”
Annual report 2024A · The company itself
Market
“N/A Low Risk type Risk factor Description Response Material topics Risk appetite Profit Market dynamics – consumption Downward pressure in dairy and juice consumption can be observed.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“Elopak is fully aware of our responsibility in the global increase of greenhouse gas emissions. We work to reduce our emissions from our operations and supply chain, and with ambitious Science-Based Targets in place, we commit to reducing our impact further.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In 2024, we have strengthened our sustainability governance by updating the Sustainability and Environmental policies to ensure they cover all relevant aspects of climate change. In addition, we have expanded the sustainability team which works directly with the carbon accounting and delivering product carbon footprints to customers.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Electricity
Raw materials and inputs
InputNegative impact: weakens
“Polymers, aluminium and energy were more favorable from improved hedges, as well as lower spot prices, although some of these effects were balanced out by increased board costs.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Elopak’s global footprint reduces risk of energy price movements and supply, and external expertise is leveraged to manage energy price risks in key locations.”
Annual report 2024A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Europe
Geography
StrategyPositive impact: strengthens
“In 2024, we continued to win new business and increased our market share across our core markets, both from fiber and plastics, as well as increased filling machine sales. This development has been driven by our high-quality, innovative, and sustainable solutions, including our tethered caps.”
Annual report 2024A · The company itself
Geography
“Realize global growth potential Strengthen leadership in core Leverage plastic replacement shift Our performance | Our strategy ’Repackaging tomorrow’ Executing on our strategy Realize global growth Elopak’ s strategic priority, ‘Realize global growth‘, focuses on accelerating growth in our margin accretive markets in North America, MENA, and India. Since 2022, we have made significant investments to strengthen our market position in these global growth markets. This includes the acquisition of NaturePak, the number one fresh player in the MENA region, establishment of the partly owned subsidiary with GLS Group to enter the Indian market, the largest market for fresh milk in the world, and the construction of our production plant in Little Rock, Arkansas, US, which will transform our ability to serve customers in the region.”
Annual report 2024A · The company itself
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“Elopak’s value chain involves multiple transportation links that impact air pollution. Upstream, trucks and ships transport raw materials to processing suppliers and then to Elopak’s facilities. Downstream, transportation from Elopak’s facilities to customers, retailers, and end-users also contributes to pollution.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“For transportation, we have continued our work on optimalization of supply chain planning and investigation of alternatives fuels. We have also reviewed how we can improve our data collection related to upstream transportation from key suppliers.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Wood and timber
Raw materials and inputs
InputNegative impact: weakens
“We use Raw material Certified raw materials 1 Energy 100% renewable electricity Knowledge Highly skilled people Infrastructure 34 locations and 12 manufacturing plants 1 FSC ® certified paperboard. ISCC+ certified renewable polymers. ASI certified aluminium.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Elopak has obligations in cooperation with ACE (The Alliance for Beverage Cartons) in which its members have committed to sourcing raw materials only from sustainably managed forests by ensuring 100% chain-of-custody certification.”
Annual report 2024A · The company itself
Automation and robotics
Technology
StrategyPositive impact: strengthens
“In 2024, waste performance improved on the back of our structured operational improvement program - Elovation.”
Annual report 2024A · The company itself
Equity and capital markets
Macro
Market
“Insights are also collected from our main stakeholders which include customers, investors, banks, unions, non-governmental organizations (NGOs), governments and national authorities.”
Annual report 2024A · The company itself
Hospitality and leisure
End markets
Market
“Cartons Elopak develops and supplies fiber-based packaging under the following product brands: Pure-Pak ® cartons for chilled and ambient liquid food Roll Fed packaging material for ambient liquid food D-PAK™ cartons for non-food products for personal and home care Elopak has a diverse shelf-life portfolio, where the shelf-life varies depending on the customers process, filling, and cooling chain.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Europe is targeting reduced emissions of 55% by 2030 and climate neutrality by 2050. In 2026, EU’s Packaging and Packaging Waste Regulation (PPWR) will become legally binding as the most ambitious packaging regulation in history.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“More and more companies realize that substituting plastic with fiber-based packaging is one small but obvious and significant step they can take to reduce their climate footprint and meet new requirements.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Although this regulation is only legally binding in Europe, Elopak applies its principles worldwide to ensure safe food contact materials. As an international company, Elopak also complies with US packaging regulations and closely monitors regulations globally.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The European Commission is also creating new regulations under The European Green Deal, which we are closely monitoring. These changes will help us develop more sustainable products without compromising food safety.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Aluminium
Raw materials and inputs
InputNegative impact: weakens
“Additionally, all aluminium sourced in 2025 will be ASI certified.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Critical raw material related to our cartons accounts for approximately 50% of the total external purchase spend, including board, polymers, aluminium, inks and solvents.”
Annual report 2024A · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“Elopak’s upstream value chain might be impacted by wildfires as a forest fire will have potential impact on access to paperboard. An extreme storm could disrupt direct operations for up to one week which may impact Elopak’s costs or lead to reduced revenues.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“On average, 75% of our Pure-Pak ® cartons are made from naturally renewable paperboard from northern hemisphere forests.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Sugar, cocoa and coffee
Raw materials and inputs
DriverNegative impact: weakens
“N/A Low Risk type Risk factor Description Response Material topics Risk appetite Profit Market dynamics – consumption Downward pressure in dairy and juice consumption can be observed. The uncertainty around economic recovery in certain areas, may impact market dynamics and consumption.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“In the juice segment, it’s a different story, as a surge in orange pulp prices has negatively affected consumption and led to softened demand across our global markets.”
Annual report 2024A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“In the MENA region, market volatility and geopolitical factors influenced performance throughout the year. The first quarter began with strong demand leading up to the Ramadan season, followed by a decline in the second and third quarters due to de-stocking effects, before stabilizing in the fourth quarter.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Outlook 2024 and the start of 2025 has been characterized by increasing geopolitical tensions and continued volatile macro-economic market with the risk of a global trade war. This could result in continued high inflation and interest rates, which in turn could lead to continued soft consumption and reduced consumer spending.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“N/A Low Geopolitical and market presence risk Some of the countries in which Elopak operates are subject to political, social, and economic instability that may affect business performance. In the light of the geopolitical instability and the imposed tariffs, our business faces challenges that could impact operations and supply chains.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Risk Elopak has a regional risk of labor right violations in Saudi Arabia, Morocco and India. Equal treatment and opportunities for all S1.4 Negative impact (actual) In line with general trends seen in the process industry, Elopak has an overrepresentation of men in its workforce. S1.5 Negative impact (potential) If Elopak’s culture does not promote diversity, equity and inclusion, it may affect employees’ development, health and well-being. S2 Workers in the value chain Working conditions S2.1 Negative impact (actual) There is a risk that suppliers and sub-suppliers do not meet satisfactory safety requirements according to Elopak standards, including exposure to certain raw materials. Other work related rights S2.2 Negative impact (potential) There is a risk that workers in the supply chain experience conditions of forced labor, and are subject to unfavorable employment terms, wages and working hours.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Risk During 2024, we witnessed continued geopolitical instability. As a global company with international supply chains, this impacted Elopak.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Elopak’s upstream value chain might be impacted by wildfires as a forest fire will have potential impact on access to paperboard.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“An extreme storm could disrupt direct operations for up to one week which may impact Elopak’s costs or lead to reduced revenues.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Inflation
Macro
DriverNegative impact: weakens
“Salary inflation was also a prevalent factor in 2024, largely driven by the recent high inflationary environment.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Outlook 2024 and the start of 2025 has been characterized by increasing geopolitical tensions and continued volatile macro-economic market with the risk of a global trade war. This could result in continued high inflation and interest rates, which in turn could lead to continued soft consumption and reduced consumer spending.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Interest rates
Macro
DriverPositive impact: strengthens
“Refinancing In early May 2024 we issued our first green bonds, raising NOK 2.5 billion for projects that will deliver environmental benefits as part of our sustainability driven growth strategy.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Outlook 2024 and the start of 2025 has been characterized by increasing geopolitical tensions and continued volatile macro-economic market with the risk of a global trade war. This could result in continued high inflation and interest rates, which in turn could lead to continued soft consumption and reduced consumer spending.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Ageing population
Geography
DriverNegative impact: weakens
“We are dependent on highly skilled and motivated employees to deliver on our growth strategy, and we risk potential loss of critical knowledge due to an aging workforce.”
Annual report 2024A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“The plastic replacement shift and underlying positive consumption trend in new end-use areas such as detergents as well as growth in plantbased drinks consumption is a major opportunity.”
Annual report 2024A · The company itself
Chains out: this mixed effect Beer and beverages
Currency exposure
Macro
DriverMixed impact: mixed
“N/A Low to moderate Currency risk Elopak’s business is exposed to fluctuations in exchange rates. Although Elopak’s reporting currency is Euro, many of the subsidiaries of Elopak operate in different geographical regions, have different functional currencies and transact in a range of currencies in addition to EUR and their respective functional currencies.”
Annual report 2024A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“N/A Moderate Cyber security risk Elopak is vulnerable to security breaches. Elopak may not be able to prevent cyberattacks, such as phishing and hacking, or prevent breaches caused by employee error.”
Annual report 2024A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Fuel
Raw materials and inputs
DriverNegative impact: weakens
“Road transportation emits nitrogen oxides (NO x ), carbon monoxide (CO), and noise pollution.”
Annual report 2024A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Global trade volumes
Macro
DriverNegative impact: weakens
“Instability of supply chains, variability in demand/supply balance, and geopolitical uncertainties may impact the company and, worst case, its ability to supply customers. For some customer agreements Elopak has mechanisms, adjusting pricing based on the cost fluctuations of certain raw materials and energy.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Critical raw material related to our cartons accounts for approximately 50% of the total external purchase spend, including board, polymers, aluminium, inks and solvents.”
Annual report 2024A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Shipping and logistics
End markets
InputNegative impact: weakens
“This method helps Elopak focus on important categories and countries, specifically raw materials, logistics and transport, filling machines and equipment, maintenance, and catering and cleaning services.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Labour regulation
Regulation
DriverNegative impact: weakens
“Risk Elopak has a regional risk of labor right violations in Saudi Arabia, Morocco and India. Equal treatment and opportunities for all S1.4 Negative impact (actual) In line with general trends seen in the process industry, Elopak has an overrepresentation of men in its workforce. S1.5 Negative impact (potential) If Elopak’s culture does not promote diversity, equity and inclusion, it may affect employees’ development, health and well-being. S2 Workers in the value chain Working conditions S2.1 Negative impact (actual) There is a risk that suppliers and sub-suppliers do not meet satisfactory safety requirements according to Elopak standards, including exposure to certain raw materials. Other work related rights S2.2 Negative impact (potential) There is a risk that workers in the supply chain experience conditions of forced labor, and are subject to unfavorable employment terms, wages and working hours.”
Annual report 2024A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“We will continue to monitor with regards to US tariffs and evaluate opportunities to optimize the supply of products to our customers in the US.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.16 bn EUR |
| Revenue growth vs. the year before, same method | 2.2 % |
| EBITDA reported by the company | 0.16 bn EUR |
| Net debt debt incl. leasing minus cash | 0.37 bn EUR |
| Diluted EPS per share | 0.23 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.