Bewi Invest AS

Earnings Release • Aug 20, 2025

BEWI ASA: Q2 and 1H 2025 result, contemplating equity issue

BEWI ASA: Q2 and 1H 2025 result, contemplating equity issue

Strong development for packaging, cautiously positive market development for

insulation. Contemplated equity issue to strengthen financial position

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

today reports its results for the second quarter and first half of 2025.

Excluding discontinued operations, the company recorded net sales of 208 million

euro for the quarter, in line with the 208 million euro reported for the same

quarter last year. Adjusted EBITDA reached 22 million euro, up 13 per cent from

the same quarter of 2024.

BEWI contemplates an equity issue to raise gross proceeds of the NOK equivalent

of EUR 75 million to strengthen the balance sheet and for general corporate

purposes.

"We are pleased to deliver such strong results for the packaging business. At

the same time, we experience improvements in the building and construction

industry, but the recovery is slower and more modest than anticipated", says

Christian Bekken, CEO of BEWI ASA.

BEWI's insulation business experiences a cautiously positive market so far this

year, with a modest decline in sales for the second quarter isolated. Markets

dominated by commodity products, including the Nordics and Baltics, have

recovered more than Benelux and Germany, where more specialised solutions are

sold, resulting in a lower EBITDA margin for the segment compared to the second

quarter of 2024.

The packaging business is growing and serves as a stabiliser to the group's

total portfolio, contributing with higher profitability. For the second quarter

of 2025, the segment delivered 36 per cent higher EBITDA compared to the same

quarter last year, led by higher volumes of fish boxes. The segment also

delivered higher volumes of components to HVAC systems and the automotive

industry.

By July, BEWI had concluded the merger of its raw materials business with Unipol

and sold its traded food packaging business to STOK. The transactions sharpen

the group's strategic focus, aligning the business around core operations and

supporting improved profitability and long-term value creation for shareholders.

"We are confident in our strategy and the long-term potential for our solutions,

where megatrends support increased demand for circular packaging and energy

efficient solutions. When the market recovers, we expect to benefit from our

efficient and well invested operational platform", Bekken continues.

The long-lasting low activity in the building and construction industry has

impacted BEWI's results and balance sheet. Therefore, to strengthen the balance

sheet and for general corporate purposes, BEWI is now contemplating an equity

issue to raise gross proceeds of the NOK equivalent of 75 million euro. In

addition, the company is working on securing long term financing which may

include inter alia a refinancing of the outstanding senior unsecured bond issue.

"With a well invested and efficient operation as a starting point, the equity

issue will enable a solid financial platform to capture the expected long-term

growth in our core markets," Bekken concludes.

DNB Carnegie, a part of DNB Bank ASA ("DNB Carnegie") and Nordea Bank Abp,

Norwegian branch ("Nordea") have been retained as joint bookrunners (together,

the "Managers") for the equity issue.

BEWI Invest AS (owning 51.09% of the shares and votes) and Kverva Industrier AS

(owning 8.84% of the shares and votes) have indicated interest to subscribe for

their pro rata share of EUR 75 million and HAAS AS (owning 17.04% of the shares

and votes) have indicated interest to subscribe for NOK 15 million. In addition,

the Managers have through a limited wall crossing exercise of other large

existing shareholders and selected potential new long-term investors received

significant additional support for the transaction. The equity issue is expected

to be launched and completed as a private placement after close of markets in

the near term.

Following the signing of a non-binding term sheet in the third quarter of 2025,

BEWI is in early stages of due diligence for a potential acquisition. The

discussions are still in early stages and there can be no certainty as to

whether the potential acquisition will be carried out. The potential acquisition

is subject to satisfactory due diligence, agreement on binding transaction

agreements, financing, corporate approvals including board approvals and

approval by the general meeting, as well as other conditions such as applicable

regulatory approvals.

Please find attached the full report for the second quarter and first half of

2025, the presentation of the results and the financials spreadsheet.

CEO Christian Bekken, CFO Marie Danielsson, and CSO Stein Inge Liasjø 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.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation (MAR) and is subject to the disclosure requirements

pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5

-12. This stock exchange announcement was published by Charlotte Knudsen, at the

date and time as set out above