Elopak today reported a 26% revenue growth in Q3, driven by successful price initiatives in EMEA and another strong performance in Americas. Adjusted EBITDA grew by 7%, despite higher input costs.
Highlights from Q3 2022:
Reported revenue increased by 26%, to EUR 272.4 million, driven by growth in EMEA and Americas
Organic growth was 15.2% adjusted for currency translation of EUR 13.9 million and new revenue from acquired businesses of EUR 12.1
Price increases in the quarter compensated for the continued rise in raw material costs of approximately EUR 17 million
Adjusted EBITDA was EUR 32.0 million, which is an improvement of EUR 2.0 million
Improved leverage ratio in the quarter from 3.6x to 3.3x as of third quarter 2022
Commenting on Elopak’s performance in the quarter, CEO Thomas Körmendi said: “I am pleased to announce yet another quarter of strong revenue growth for Elopak. These results demonstrate how we continue to make tangible progress in delivering on our sustainability-driven growth strategy. Key achievements in Q3 include a very strong performance in Americas, successful implementation of price increases on our products in EMEA, first installation at customer site of our new aseptic Pure-Fill machine, and a better than expected start to our new business in India. Equally important is that our organic growth is profitable. The margin recovery in Q3 compared to the previous quarter means that we have been successful in mitigating the continued high raw material costs with price increases on our products. We expect revenue in Q4 to take us above EUR 1 bn for full year 2022 and adjusted EBITDA in Q4 to be in line with Q3.”
As of September 30, 2022, Year to date revenue increased by 18%, to EUR 756.6 million. Year to date adjusted EBITDA was EUR 83.5 million, reflecting a 11.0% margin.