Bewi Invest AS

Earnings Release • May 14, 2025

BEWI - Results for the first quarter of 2025

BEWI - Results for the first quarter of 2025

Second consecutive quarter of sales and volume growth

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

today reports its results for the first quarter of 2025. Excluding discontinued

operations, the company recorded net sales of 187.9 million euro for the

quarter, up from 183.6 million euro for the same quarter last year, driven by

higher volumes. Adjusted EBITDA reached 15.0 million euro, up 13.2 per cent from

13.2 million euro for the first quarter of 2024.

"We are pleased to see that the activity in the building and construction

industry is picking up in most regions, resulting in the second consecutive

quarter with volume growth for our insulation business", says Christian Bekken,

CEO of BEWI ASA.

BEWI's insulation business saw an increase in EBITDA with 21.3 per cent,

recording 7.9 million euro in a seasonally weak first quarter.

The packaging business also had higher volumes and delivered stable results. The

EBITDA came in at 9.4 million, in line with the first quarter of 2024, although

impacted by a lag in price adjustments linked to raw material costs, and

additional costs related to production ramp-up for the automotive business.

The Circular business also demonstrated solid progress for the quarter, with a

notable increase in collection volumes, and a positive development in sales and

EBITDA.

In February 2025, BEWI announced a merger of its RAW division with the raw

materials company Unipol, forming a more competitive player in the European EPS

raw materials market. BEWI will retain 49 per cent ownership, maintaining

operational benefits of vertical integration, while at the same time releasing

up to 75 million euro in cash. In addition, the company is divesting parts of

its food packaging business (traded products), adding 20 million euro in cash.

Both transactions are expected be finalised the next few months.

Going forward, the insulation business typically sees its strongest performance

in the second and third quarters. For the packaging business, a higher standing

biomass of salmon at the end of the first quarter this year than last year,

indicates increased slaughter volumes - and in turn, higher volumes of fish

boxes.

"The markets we operate in are still challenging, with increased uncertainty and

growing trade tensions from the recent US tariff announcements. Still, we are

cautiously optimistic about the markets ahead. We have demonstrated a strong

ability to adapt to changing conditions, leaving us with a trimmed operational

base, lower cost level, and plenty of room to grow organically without

additional investments", Bekken concludes.

Please find attached the full report for the first quarter of 2025, the

presentation of the results and the financials spreadsheet.

CEO Christian Bekken and CFO Marie Danielsson will present the results through a

live webcast from 10:00 CEST today. The link to the webcast is available from

BEWI's homepage www.bewi.com, and a recording of the webcast will be made

available.

For further information, please contact:

Charlotte Knudsen, Chief Communications and IR Officer 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 14 May

2025