Elopak reported a net debt of €348m as of Q3 2023. Credit: sweeann via Shutterstock.

European carton packaging and filling equipment supplier Elopak has reported a total revenue of €283.5m ($300.96m) in the third quarter (Q3) of financial year 2023 (FY23), a 4% year-on-year (YoY) growth compared to the same period in FY22.

During the quarter, the company delivered organic revenue growth of 5%, or €13.2m.

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In its Europe, the Middle East and Africa segment, Elopak posted 6% YoY organic revenue growth to €14m in Q3 FY23, and in the Americas, the company’s organic growth was 7% YoY.

Elopak reported adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €48.3m in Q3 FY23, an increase of 51% from €32m in the corresponding period a year ago.

The company had a net debt of €348m as of the end of the third quarter.

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Elopak CEO Thomas Körmendi said: “I am happy to report yet another quarter of strong and profitable growth. Our improved cash flow and solid balance sheet enable us to respond to the continued interest from multiple segments across the world in sustainable, fibre-based packaging solutions.

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“With a broadened product portfolio, we will be able to actively participate in the current plastic-to-carton packaging trend, thereby contributing to a better future.

“In Q3, we continued to develop and improve our business across geographies, and we delivered a very strong financial result. We expect to achieve full-year revenue of above €1.1bn, well above our mid-term organic growth target of 2-3%. Based on our estimated full-year revenue, we expect to deliver full-year adjusted EBITDA above €170m.”

In April this year, Elopak reported a 20% reduction in its scope 1 and 2 greenhouse gas emissions since 2020.