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olivLaw · European equity research

Ekopak EKOP.BR

Belgium · Euronext Brussels · ISIN BE0974380124 · Vertical: Listed companies from Belgium

2.53EUR0.00% · 1 dayClose 06 Nov 2026

Ekopak, a Belgian company, supplies industrial process water and wastewater treatment, mainly through its Water-as-a-Service (WaaS) model and its non-WaaS activity. The integration of Global Water & Energy in September 2023 extended the group into North America and Southeast Asia, which makes its trajectory relevant now. Consolidated revenue reached 36.033 mn EUR in 2023.

At the close of 06 Nov 2026, Ekopak (EKOP.BR) stock was 2.53 EUR (+0.00% on the day), with market capitalisation 37.1 m EUR, beta 0.76, 52-week range 2.30–6.60 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
37.1 m EUR
shares as of 31 Dec 2023
P/E (TTM)
unavailable
Diluted EPS TTM -0.21 · TTM to 31 Dec 2023
E/P (TTM)
-8.30%
TTM to 31 Dec 2023
Dividend yield
unavailable
Beta (2y)
0.76
Volatility (1y) 53%
52-week range
2.306.60

Price history

Loading chart…

Technical reading

RSI (14)
36.6
weak (30–45)
Bollinger (20, 2)
2.35 – 2.70
in the upper half of the band · %B 0.52 · band width 13.9%
SMA 50 / 200
3.04 / 4.18
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.11 / -0.15
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+0.2%−0.6%+0.8 pp—
3 months−39.8%−4.2%−35.6 pp—
6 months−43.2%+4.3%−47.5 pp—
Year to date−52.3%+7.5%−59.8 pp—
1 year−38.0%+9.9%−47.9 pp+6.8%
3 years−86.6%+49.8%−136.4 pp−6.1%
5 years−85.8%+42.8%−128.6 pp—
Max drawdown (1y)
−65.2%
18 Feb 2026 → 20 Oct 2026
Max drawdown (5y)
−89.3%
19 Aug 2022 → 20 Oct 2026
Compound annual growth (5y)
−32.3%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202120222023
Revenue11.3 m17.7 m36.0 m
Revenue YoYunavailable+57.4%+103.5%
Net income-700.0 k-2.0 m-3.1 m
Net income YoYunavailableunavailableunavailable
Diluted EPS-0.05-0.13-0.21
Diluted EPS YoYunavailableunavailableunavailable
net %-6.2%-11.2%-8.5%
Free cash flow-10.6 m-13.3 m-11.7 m

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
12.7 m EUR
Financial debt
39.5 m EUR
Net debt
26.8 m EUR
Equity
53.5 m EUR
Total assets
129.4 m EUR
Debt / equity
0.74x
Current ratio
1.40x
ROE
-5.6%
ROA
-2.9%
FCF margin
-32.4%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2021
11.3 m
2022
17.7 m
2023
36.0 m

esef· 16 Apr 2024verified

Operating income
2021
-611.0 k
2022
-2.3 m
2023
-3.4 m

esef· 16 Apr 2024verified

Depreciation & amortisation
2021
953.0 k
2022
1.8 m
2023
6.6 m

esef· 16 Apr 2024verified

EBITDA
2021
342.0 k ≈
2022
-459.0 k ≈
2023
3.2 m ≈

esef· 16 Apr 2024derived

Interest expense
2021
166.0 k
2022
277.0 k
2023
880.0 k

esef· 16 Apr 2024verified

Pre-tax income
2021
-748.0 k
2022
-2.5 m
2023
-4.0 m

esef· 16 Apr 2024verified

Income tax
2021
-48.0 k
2022
-535.0 k
2023
-921.0 k

esef· 16 Apr 2024verified

Net income
2021
-700.0 k
2022
-2.0 m
2023
-3.1 m

esef· 16 Apr 2024verified

Diluted EPS
2021
-0.05
2022
-0.13
2023
-0.21

esef· 16 Apr 2024verified

Balance sheet · EUR

Cash
2021
42.1 m
2022
32.5 m
2023
12.7 m

esef· 16 Apr 2024verified

Inventories
2021
2.2 m
2022
4.8 m
2023
8.4 m

esef· 16 Apr 2024verified

Current assets
2021
50.3 m
2022
47.2 m
2023
42.9 m

esef· 16 Apr 2024verified

Goodwill
2021
1.0 m
2022
2.1 m
2023
20.4 m

esef· 16 Apr 2024verified

Intangibles (excl. goodwill)
2021
245.0 k
2022
4.6 m
2023
32.1 m

esef· 16 Apr 2024verified

Total assets
2021
67.4 m
2022
80.9 m
2023
129.4 m

esef· 16 Apr 2024verified

Accounts payable
2021
3.8 m
2022
7.2 m
2023
12.5 m

esef· 16 Apr 2024verified

Short-term debt
2021
522.0 k
2022
1.9 m
2023
5.3 m

esef· 16 Apr 2024verified

Long-term debt
2021
2.2 m
2022
10.8 m
2023
34.1 m

esef· 16 Apr 2024verified

Current liabilities
2021
5.7 m
2022
10.7 m
2023
30.7 m

esef· 16 Apr 2024verified

Total liabilities
2021
8.8 m
2022
24.2 m
2023
75.9 m

esef· 16 Apr 2024verified

Equity
2021
58.6 m
2022
56.7 m
2023
53.5 m

esef· 16 Apr 2024verified

Shares outstanding at year end
2021
14.0 m
2022
15.3 m
2023
14.6 m

esef· 16 Apr 2024derived

Cash flow · EUR

Operating cash flow
2021
-414.0 k
2022
-3.9 m
2023
575.0 k

esef· 16 Apr 2024verified

Capex
2021
10.2 m
2022
9.5 m
2023
12.2 m

esef· 16 Apr 2024verified

Free cash flow
2021
-10.6 m ≈
2022
-13.3 m ≈
2023
-11.7 m ≈

esef· 16 Apr 2024derived

Investing cash flow
2021
-11.4 m
2022
-14.7 m
2023
-45.6 m

esef· 16 Apr 2024verified

Financing cash flow
2021
52.6 m
2022
9.0 m
2023
25.2 m

esef· 16 Apr 2024verified

Computed indicators

Growth

Revenue growth (YoY)
103.5%
computed by olivLawFY 2023
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
8.9%
computed by olivLawFY 2023
EBIT margin
-9.4%
computed by olivLawFY 2023
Net margin
-8.5%
computed by olivLawFY 2023
FCF margin
-32.4%
computed by olivLawFY 2023

Returns

ROE
-5.6%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
-2.9%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
-4.9%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
-3.4%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
26.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
8.4x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
-3.9x
computed by olivLawFY 2023

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
575.0 k EUR
computed by olivLawFY 2023
Capital expenditure
12.2 m EUR
computed by olivLawFY 2023
Free cash flow
-11.7 m EUR
computed by olivLawFY 2023
FCF conversion
unavailable
insufficient data
Cash conversion
18.0%
computed by olivLawFY 2023

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
37.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
63.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2023
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-8.3%
computed by olivLawFY 2023
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
1.0x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
20.0x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBIT
unavailable
insufficient data
EV/Sales
1.8x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-31.5%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 56.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.53 EUR

06 Nov 2026Source: olivLaw, closing series

Market cap: 37.1 m EUR

Key indicators

Market capitalisation
37.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
unavailable
insufficient data
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
20.0x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROE
-5.6%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
-8.5%
computed by olivLawFY 2023
Revenue growth (YoY)
103.5%
computed by olivLawFY 2023
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 16 Apr 2024
verified 83derived 3

The data is older than the freshness threshold.

Score by group

56% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · insufficient data
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-4.9%7 (vs peers)19%
Net margin · Quality-8.5%13 (vs peers)11%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet8.4x0 (vs peers)19%
Interest coverage · Balance sheet-3.9x0 (on a fixed band)11%
Current ratio · Balance sheet1.4x50 (on a fixed band)7%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation20.0x25 (vs peers)19%
FCF yield · Valuation-31.5%0 (on a fixed band)15%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet10/100 · 3/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality9/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation14/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ekopak (EKOP.BR). Latest full fiscal year: 2023; data up to 2023-12-31.

Figures computed from the financial statements: revenue 36.0 m EUR in 2023; YoY growth 103.5%; net margin -8.5%; ROE -5.6%; net debt/EBITDA 8.4x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -4.9%
  • Net margin: -8.5%
  • Net debt / EBITDA: 8.4x
  • Interest coverage: -3.9x
  • EV/EBITDA: 20.0x
  • FCF yield: -31.5%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from Belgium · same country · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 16.6x
EV/EBITDA
20.0x
vertical median 5.1x
above median (+291.2%)
P/S
1.0x
vertical median 1.1x
below median (−8.8%)
P/B
0.7x
vertical median 1.3x
below median (−45.9%)
ROE
-5.6%
vertical median 8.4%
below median (−166.8%)
Net margin
-8.5%
vertical median 4.3%
below median (−299.1%)
EBIT margin
-9.4%
vertical median 8.2%
below median (−215.1%)
Revenue YoY
103.5%
vertical median 0.0%
above median
Net debt/EBITDA
8.4x
vertical median 0.5x
above median (+1,756.4%)
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELI.BRElia Group12.0 bn23.49.6%13.6%−2.0%+29% / +35%
LOTB.BRLotus Bakeries11.4 bn66.420.9%12.7%+10.0%+82% / +76%
GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert10.6 bn82.30.8%2.1%+1.0%+6% / +9%
DIE.BRD'ieteren Group9.5 bn22.7—5.3%−1.5%+19% / +14%
ACKB.BRAckermans & Van Haaren8.8 bn22.18.4%7.6%+18.6%+22% / +77%
COLR.BRColruyt Group4.4 bn14.59.4%2.9%+3.1%+10% / −7%
DEME.BRDeme Group4.1 bn12.015.5%8.3%+1.3%+18% / +69%
AZE.BRAzelis Group2.9 bn15.96.6%4.3%+1.5%+27% / −43%
MELE.BRMelexis2.2 bn12.630.7%18.4%−3.3%+1% / −37%
BEKB.BRNV Bekaert SA2.0 bn30.23.1%1.8%−6.4%+8% / −6%
FAGR.BRFagron1.8 bn22.016.7%9.2%+14.3%+14% / +39%
KIN.BRKinepolis Group1.3 bn33.119.3%7.0%−4.5%+58% / +9%
JEN.BRJensen Group710.7 m17.315.1%9.1%+13.3%+28% / +112%
BAR.BRBarco556.0 m9.07.9%6.7%−9.9%−49% / −59%
IBAB.BRIon Beam Applications479.6 m38.910.7%2.1%+24.5%+45% / +50%
DECB.BRDeceuninck337.1 m24.34.3%1.7%−4.5%+7% / +7%
CAMB.BRCampine270.8 m12.228.6%6.1%+13.4%−12% / +160%
CFEB.BRAannemingsmaatschappij Cfe269.3 m11.29.9%2.0%−5.3%+24% / +49%
MOUR.BRMoury Construct265.2 m10.921.3%13.1%−4.0%+13% / +79%
EVS.BREvs Broadcast Equipment243.5 m6.020.8%21.7%+14.3%−49% / −36%
ECONB.BREconocom Group205.3 m39.51.2%0.2%+4.3%−4% / −37%
BPOST.BRBpost176.2 m2.76.3%1.5%−2.6%−53% / −81%
IMMO.BRImmobel172.2 m—-7.4%-25.2%−32.8%−24% / −36%
MONNI.BRKeyware Technologies166.0 m157.43.5%4.5%−5.9%−8% / −20%
HYSG.BRHybrid Software Group PLC121.3 m—-2.5%-5.5%+7.2%−4% / +13%

1- and 3-year price returns: for EKOP.BR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ekopak, a Belgian company, supplies industrial process water and wastewater treatment, mainly through its Water-as-a-Service (WaaS) model and its non-WaaS activity. The integration of Global Water & Energy in September 2023 extended the group into North America and Southeast Asia, which makes its trajectory relevant now. Consolidated revenue reached 36.033 mn EUR in 2023 1.

    SWOT

    Strengths

    • Strong organic growth in 2023 and a high margin in the WaaS segment 1.
    • Broad geographic footprint following the GWE acquisition and presence on several continents 1.
    • Focus on R&D, cloud software and data to optimise installations 1.

    Weaknesses

    • Group adjusted margin remains modest against medium-term objectives, and corporate costs weigh on the result 1.
    • Pronounced seasonality in the second half of the year makes quarterly results harder to predict 1.
    • Rapid integration of a large acquired entity with different systems and culture is a significant task for management 1.

    Opportunities

    • Extending the WaaS model to non-WaaS clients could increase recurring revenue and margins 1.
    • North America and Southeast Asia offer growth potential, particularly through the WaaS Asia joint venture 1.
    • Industry circularity requirements could generate higher demand for water reuse solutions 1.

    Threats

    • If the GWE integration runs into difficulties, the expected synergies could be delayed or reduced 1.
    • Currency fluctuations and transfer pricing issues could affect international results 1.
    • Competition from established suppliers could pressure margins in the non-WaaS segment 1.

    Risks

    • Integration riskhigh

      Integrating a large acquired entity can delay synergies and raise operating costs 1.

    • Currency riskmedium

      Activity outside the euro zone exposes the company to exchange-rate movements and transfer pricing complexity 1.

    • Seasonalitymedium

      Concentration of revenue in the second half of the year can make quarterly results more volatile 1.

    • Dependence on WaaS contractsmedium

      The contractual value of WaaS projects depends on executing individual projects, which can create volatility 1.

    • Attracting talentlow

      In a difficult labour market, rapid team growth could put pressure on recruitment and retention 1.

    Investment thesis

    What would need to be true (bull case)

    • Strong organic growth and the GWE integration could open new markets and support long-term revenue growth 1.
    • The high margin of the WaaS segment could improve group profitability if extension to non-WaaS clients succeeds 1.
    • The consolidated balance sheet is described by the company as solid, with a leverage level it considers conservative 1.

    What would break the thesis

    • Group adjusted margin remains below the medium-term objective, and corporate costs could limit progress 1.
    • Dependence on seasonality and on executing large projects could produce uneven quarterly results 1.
    • If the GWE integration takes longer than expected, the 2024 and 2028 objectives could prove hard to reach 1.

    What to watch

    • Delivery of revenue against the 2024 guidance2024
    • Evolution of the adjusted margin and progress toward the medium-term objective2028
    • Pace of the GWE integration and operational synergiesnext annual report
    • Development of the WaaS Asia joint venture and North American activitynext annual report

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Ekopak defines its purpose as 100% water circularity in industry and continuity of drinking water available for the world 1. The company runs two models: the WaaS segment, where it supplies contract-based water treatment units, and the non-WaaS segment, covering direct sales of installations. Headcount rose from 121 to 241 employees in 2023 1, and R&D and cloud software are pillars of the strategy.

    More than a third of group revenue comes from outside Europe, on a pro forma basis including GWE 1. The company aims to become a full solution partner for the chemical, pharmaceutical and food industries, not only an equipment supplier.

    The structure also includes the WaaS Asia joint venture, set up in 2023 to speed up entry into the Asian market 1. Currency exposure and transfer pricing therefore become important administrative topics.

    Segments

    WaaS

    The WaaS segment generated revenue of 3.316 mn EUR in 2023, with an adjusted EBITDA margin of 65% 1. The company describes this margin as in line with its medium-term objective for the segment 1.

    non-WaaS

    The non-WaaS segment brought revenue of 32.717 mn EUR in 2023, forming the majority of consolidated revenue 1. The contribution of GWE, consolidated from September 2023, explains a significant part of this segment's growth 1.

    Corporate

    The corporate segment carried negative adjusted costs that weighed on the consolidated result, though they declined from the prior year 1. The company links this discipline to operational cost management.

    Market context

    The industrial water treatment market is changing quickly, and Ekopak is developing its strategy to meet future demand 1. Presence in France, the Philippines and Thailand, alongside Belgium, shows an expanding geographic profile 1.

    For 2024 the company expects revenue between 70 and 75 mn EUR, and its medium-term objective for 2028 is 35-42 mn EUR in revenue 1. If these targets hold, they could signal a meaningful shift in product mix.

    Trends

    • Geographic expansiontailwind

      The integration of GWE extended activity into North America and Southeast Asia, which could open new markets for WaaS 1.

    • Digitalisation and datatailwind

      The company invests in cloud software and data analysis to optimise its installations, which could support long-term margins 1.

    • Greater seasonalityheadwind

      The company anticipates a stronger seasonal dependence, with part of revenue shifting into the second half of the year 1.

    • Integration cost pressuremixed

      The legal and operational integration of GWE, together with currency management, could add complexity and administrative cost 1.

    Competitive position

    Competition in industrial water treatment includes global equipment suppliers and water service operators, though the analysed sources do not explicitly identify all rivals 1. Ekopak's differentiation rests on the WaaS model and circularity solutions.

    Competitive position depends on the ability to combine GWE technology with the existing commercial network, which could give an edge with chemical and pharmaceutical clients 1.

    • Global Water & Energy (GWE)

      Company acquired in September 2023, with complementary water treatment expertise and clients in North America and Southeast Asia 1.

    • Global industrial water treatment providers

      The analysed sources do not name them specifically, so this category needs separate verification.

    • Industrial water service operators

      Competition in the WaaS segment likely comes from providers offering service contracts, but the list is not detailed in the sources.

    • Water treatment equipment manufacturers

      Direct competition for the non-WaaS segment, where the company sells installations.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Ekopak · 31 Dec 2023

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Ekopak (EKOP.BR): stock, results, valuation and forecast · olivLaw