Bewi Invest AS

Investor Presentation • May 14, 2025

First quarter 2025 results

CEO Christian Bekken, CFO Marie Danielsson,

14 May 2025

Cautionary note regarding forward-looking statements

This presentation, prepared by BEWI ASA (the "Company"), may contain statements about future events and expectations that are forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements.

The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented in our quarterly report.

First quarter of 2025: Second quarter with sales and volume growth

• Sales and volume-growth for all segments
  • Significant increase in EBITDA for Insulation
  • Stable results for Packaging
  • Solid progress on all parameters for Circular
• Closing of strategic transactions

Key figures for the first quarter of 2025

Continuing operations

Revenue EUR 188 million +2%

Net sales EUR million

Adj. EBITDA EUR 15 million +13%

Adj. EBITDA EUR million and %

0

5

10

15

20

25

18% 20%

• Total operations incl. discontinued had adj. EBITDA EUR 18 million
• Post-closing accounting: EBITDA will increase with share of net profit from associates

First quarter of 2025: Operational highlights

Upstream segments

RAW

• Merging RAW with Unipol
• Cost savings program on track
• Increased production of grey material

Circular

• Increased collection of used EPS to ~8.7kt in Q1
• Significant increase in sales of recycled GPPS

First quarter of 2025: Operational highlights

Downstream segments

• Insulation & Construction
• More than 5% volume growth
• Markets continue positive recovery momentum

Packaging & Components

• Volumes of fish boxes, automotive- and HVAC components up
• Strengthened automotive business, strategic review ongoing
• Merging traded food packaging with STOK, closing expected Q2

Key priorities for long-term growth remain unchanged

• 1 Increasing collection and use of recycled material
• 2 Optimizing capacity and cost
  • 3 Capitalising on investments
  • 4 Strengthening financial position
• 5 Evaluating strategic opportunities for growth

First quarter of 2025

Group financials

At Gressvik torg, 65 apartments and 5 000 square meters of commercial space are currently under construction. BEWI supply XPS insulation solutions for roofs, atriums, and ground areas

Q1 2024 I&C P&C Circular Eliminations Q1 2025

EUR million

15,0 0,7 (0,1)

Q1 2024 I&C P&C Circular Unallocated Q1 2025

Net sales

EUR million

First quarter of 2025: Financial highlights upstream segments

RAW – discontinued operations Circular

Net sales EUR million

Adj. EBITDA

Net sales of EUR 72.6 million

o +1% from Q124

• o Lower prices, but higher volumes
• o Increased share of grey EPS

Adj. EBITDA of EUR 1.3 million

• o Official styrene prices -4% and EPS prices -6%, reducing GAP
• o Reduced fixed cost

Net sales

1,1 11,3	2,6 11,5	4,3	4,1	2,9 11,3
		8,0	9,5
Q124	Q224	Q324	Q424	Q125
External sales Internal sales

1,5 Adj. EBITDA EUR million and %

-2 -1,5 -1 -0,5 0 0,5 1

8,0 % 13,0 % 18,0 %

EUR million Net sales of EUR 14.2 million

• o +14% from Q124
• o Higher prices and volumes
• o Increased internal sales

Adj. EBITDA of EUR -1.1 million o Up EUR 0.7 million from Q124 o Improved volumes and prices

First quarter of 2025: Financial highlights downstream segments

Net sales EUR million

Adj. EBITDA

Net sales of EUR 101.4 million o +3% from Q124 o Volume increase

Insulation & Construction Packaging & Components – food trading discontinued

Net sales of EUR 77.1 million

• o +3% from Q124
• o Increased volumes of fish boxes, automotive- and HVAC components

EUR million and %

Adj. EBITDA of EUR 7.9 million

o +21% from Q124

-1,0 % 1,0 % 3,0 % 5,0 % 7,0 % 9,0 % 11,0 % 13,0 % 15,0 %

• o Increased volumes, cost control, margin management
• o Excl. shares in associates,
• EBITDA margin of 8.2%

Adj. EBITDA EUR million and %

Net sales EUR million

Adj. EBITDA of EUR 9.4 million

• o -2% from Q124
• o Margin impacted by lag in adjustment of sales prices and ramp-up in automotive

Financials

Consolidated income statement

Amounts in EUR million	Q1 2025	Q1 2024	2024
Net Sales	187.9	183.6	773.2
Other operating income	-	-	2.0
Total operating income	187.9	183.6	775.2
Raw materials and consumables	-69.1	-69.7	-300.5
Goods for resale	-10.0	-11.5	-47.6
Other external costs	-48.1	-44.8	-179.0
Personnel cost	-46.0	-44.5	-178.6
Depreciation/ amortisation/ impairment	-17.3	-15.1	-63.4
Share of income from associated comp.	-0.5	-0.1	-2.4
Capital gain/loss from sale of assets and other adjustments		1.2	4.7
Operating income (EBIT)	-2.9	-0.9	8.5
Net financial items	-10.5	-10.8	-45.3
Income tax expense	1.0	1.2	1.5
Profit/ loss for the period continued operations	-12.4	-10.4	-35.3
Profit/ loss from discontinued operations	2.1	2.1	8.3
Profit/ loss for the period total operations	-10.3	-8.3	-27.0

First quarter of 2025

• Net sales of EUR 187.9 million, up 2%
• EBIT of EUR -2.9 million (-0.9)
  • o Raw materials incl. goods for resale ~42% of sales
  • o Personnel costs slightly up from Q1 last year
• Net financial items of EUR -10.5 million (-10.8)
  • o Reduced debt and lower interest rates
• Income tax expense of EUR 1.0 million (1.2)
• Net result
  • EUR -12.4 million (-10.4) for continuing operations
  • EUR -10.3 million (-8.5) for total operations

Financials

Total operations, cash flow according to normal seasonal patterns

CAPEX total operations EUR million

Cash flow

• Operating cash flow of EUR -10.7 million (-20.2)
  • o WC increased EUR 18.5 million (23.4) following normal seasonal patterns

CAPEX

• EUR 9.4 million (8.7) in Q1 2025
  • o EUR 4.8 million related to customer projects within Automotive
• Continue to keep CAPEX at low level in 2025

Financials

Net debt impacted by seasonal WC build-up

Leverage: Net debt/ EBITDA ratio(1) EUR million

ROCE

(1) EBITDA ratio: adjusted EBITDA rolling 12-months pro-forma acquired entities,

(2) ROCE: Rolling 12 months adjusted EBITA as a percentage of average capital employed during the same period. Capital employed is defined as total equity plus net debt

• Net debt excl. IFRS 16 at EUR 298 million
• Available cash and credit EUR ~63 million
  • o EUR ~22 million unutilised available credit
• o Cash and working capital release from transactions expected at EUR ~75 million

EUR million	31.03.25	31.12.24	31.03.24
Cash and Cash equivalents	41.2	72.7	42.5
Non-current liabilities excl. IFRS 16	311.8	328.8	376.6
Current liabilities excl. IFRS 16	27.2	8.0	15.0
Net debt excl. IFRS 16	297.7	264.0	349.1
Debt related to IFRS 16	262.1	247.0	225.0
Net debt in total	559.8	511.0	574.1

Summary and outlook First quarter of 2025

Summary and outlook

• Sales and volume growth across segments
  • Entering seasonally stronger quarters for insulation
  • Standing biomass of salmon indicates growth in fish box volumes
• Increased collection for recycling
  • Target of 30% average recycled content in products
• Transactions to facilitate growth

Positioned to accelerate growth in recovering markets

✓Strong market fundamentals

• ✓Streamlined operations
• ✓Room for production ramp-up
• ✓Strengthening financial position

✓Growing M&A pipeline