Bewi Invest AS

Earnings Release • May 21, 2021

BEWI - Results for the first quarter of 2021

BEWI - Results for the first quarter of 2021

BEWI, a leading provider of packaging, components, and insulation solutions,

today reports its report for the first quarter of 2021. Preliminary results were

announced on 6 May 2021, in connection with a private placement.

BEWI recorded net sales of 148.9 million euro for the first quarter of 2021, a

42 per cent growth from the same period of 2020. The increase can mainly be

explained by improved volumes in all segments and most regions, as well as

higher sales price for segment RAW, following the increase in raw material

prices. Acquired companies contribute to approximately half of the growth for

the quarter.

"We are very pleased with the results for the first quarter this year. After

experiencing volume increases throughout 2020 and into 2021, sales prices

increased for our RAW segment this quarter, resulting in a 42 per cent growth.

The increase in sales prices follows a historically sharp increase in raw

material prices, a consequence of the shortage of Styrene in Europe" says

Christian Bekken, CEO of BEWI ASA.

BEWI delivered an adjusted EBITDA of 16.7 million euro for the first quarter, up

from 14.7 million for the first quarter last year. The company's upstream

segment, RAW, had a positive margin development due to the price increase, while

margins in the downstream segments were challenged by the higher cost of the raw

material, as adjustments in prices towards the customers have a lag of

approximately one quarter.

"The shortage of Styrene, has caused a challenging market situation for the EPS

industry, including us. However, our integrated business model, combined with

our robust procurement strategy, have once again proved to be a competitive

advantage to us," Bekken continues.

The raw prices have continued to increase into the second quarter. This has

impacted the supply of the EPS raw materials, which, combined with strong demand

cause further increase in the price of EPS. According to market analysts, EPS

contract prices is expected to increase approximately 40 per cent in the second

quarter compared to the first quarter this year. The difference (GAP) between

the prices of EPS raw materials and Styrene is expected to end 25 to 30 per cent

above the normal range of EUR 360-400 per ton. This will have full drop-through

impact on sold volumes for segment RAW.

Going forward, BEWI is well-positioned. The company has solid operational

performance, a proven business model and experience strong underlying demand.

This, combined with a pipeline of M&A opportunities and a robust financial

position, enable the company to continue pursuing growth opportunities in line

with its strategy.

Please see the full report for the first quarter of 2021 and the presentation of

the results attached.

CEO Christian Bekken and CFO Marie Danielsson will present BEWI's results

through a webinar from 08:00 CEST today. Details on how to participate could be

found on the company's website, www.bewi.com (Go to "Reports and presentation"

to find a link to the webinar).

For further information, please contact:

Charlotte Knudsen, Director of IR and Communications BEWi ASA, tel: +47 9756

1959

Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation

solutions. The company's commitment to sustainability is integrated throughout

the value chain, from production of raw materials and end goods, to recycling of

used products. With a vision to protect people and goods for a better every day,

BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

The information is such that BEWI ASA is required to disclose in accordance with

the EU Market Abuse Regulation. The information was submitted for publication,

through the agency of the contact person set out above, at 07:00 CEST on 21 May

2021