Bewi Invest AS

Investor Presentation • Aug 20, 2025

Second quarter 2025 results

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

20 August 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.

Second quarter of 2025: Strong development for packaging, cautiously positive market development for insulation

• Strong development for packaging segment
• Recovery of building and construction industry slower than anticipated
• Solid progress for Circular
• Two strategic transactions completed
• Equity issue

Key figures for the second quarter of 2025

Continuing operations

Revenue EUR 208 million +0.4%

Adj. EBITDA EUR 22 million +13%

0

5

10

15

20

25

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Second quarter of 2025: Operational highlights

Upstream segments

• RAW (to be reported as associate from Q3)
• Challenging markets and volatile raw material prices
• Consolidating market through Unipol merger
• Creating the leading EPS producer in Europe

Circular

• +44% collection, higher production and sales volumes
• Improving prices and lower cost base

Second quarter of 2025: Operational highlights

Downstream segments

Insulation & Construction

• Recovery progressing slower than anticipated
• Variations across regions

Packaging & Components

• Strong quarter, fuelled by food packaging
• Components business strengthened, review of Automotive ongoing
• Merger of traded food packaging with STOK completed

Key priorities for long-term growth remain unchanged

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

Second quarter of 2025

Group financials

The newly developed construction board, Jackoboard® Lignin, has received five awards at the 2025 Plus X Award, the world's largest innovation awards for technology, sports, and lifestyle.

Second quarter of 2025 8

Second quarter of 2025

Net sales Q2 continuing operations

Net sales 1H continuing business

Financial overview Q2 and 1H 2025

Strong EBITDA development for packaging business

391,1 390,3 400,6 396,2 396,2 (0,8) 10,3 4,3 (8,7) 1H 2024 I&C P&C Circular Eliminations 1H 2025

Adj. EBITDA Q2 continuing business

Adj. EBITDA 1H business

Second quarter of 2025: Financial highlights upstream segments

RAW – discontinued operations Circular

Net sales

EUR million

Adj. EBITDA

10 EUR million and %

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

Net sales of EUR 71.5 million

o -21% from Q224

• o Lower volumes and EPS prices
• o Increased share of grey EPS

Adj. EBITDA of EUR -2.9 million

• o Lower volumes and sales prices,
• o Q224 positively impacted by
• compensation of EUR 7.6 million

Net 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 16.6 million

• o +18% from Q224
• o +39% sales volumes of rGPPS
• o Increased internal sales

Adj. EBITDA of EUR -0.3 million

• o Up EUR 0.2 million from Q224
• o Improved volumes and contribution
• o Continuous improvement Y-o-Y

Second quarter of 2025: Financial highlights downstream segments

Net sales EUR million

Adj. EBITDA EUR million and %

Net sales of EUR 116.7 million o -3% from Q224

o EPS market price decrease

Net sales EUR million

Insulation & Construction Packaging & Components – food trading discontinued

15,6 %

0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 12,0 % 14,0 % 16,0 % 18,0 % 20,0 %

Net sales of EUR 84.7 million

• o +11% from Q224
• o Increased volumes of fish boxes, automotive- and HVAC components

Adj. EBITDA of EUR 10.2 million

o -8% from Q224

-1,0 % 1,0 % 3,0 % 5,0 % 7,0 % 9,0 % 11,0 % 13,0 % 15,0 % o Change in product mix, higher share of commodity products

Q224 Q324 Q424 Q125 Q225

Adj. EBITDA of EUR 13.2 million

• o +36% from Q224
• o Volumes and improved margins in almost all regions
• o Largest improvement from higher fish box volumes

Financials

Consolidated income statement

Amounts in EUR million	Q2 2025	Q2 2024	1H 2025	1H 2024	2024
Net Sales	208.2	207.5	396.2	391.1	773.2
Other operating income	-	-	-	-	2.0
Total operating income	208.2	207.5	396.2	391.1	775.2
Raw materials and consumables	-78.1	-85.0	-147.1	-154.8	-300.5
Goods for resale	-9.3	-11.8	-19.3	-23.2	-47.6
Other external costs	-51.5	-46.2	-99.6	-91.0	-179.0
Personnel cost	-48.9	-45.8	-94.9	-90.3	-178.6
Depreciation/ amortisation/ impairment	-16.5	-15.5	-33.8	-30.7	-63.4
Share of income from associated comp.	-0.1	-0.3	-0.5	-0.4	-2.4
Capital gain/loss from sale of assets and other adjustments	0.0	2.5	0.0	3.7	4.7
Operating income (EBIT)	3.8	5.5	0.9	4.6	8.5
Net financial items	-11.8	-9.9	-22.3	-20.7	-45.3
Income tax expense	0.7	-1.2	1.7	0.0	1.5
Profit/ loss for the period continued operations	-7.3	-5.7	-19.7	-16.1	-35.3
Profit/ loss from discontinued operations	-7.6	7.1	-5.5	9.2	8.3
Profit/ loss for the period total operations	-14.9	1.4	-25.2	-6.9	-27.0

Second quarter of 2025

• Net sales of EUR 208.2 million, up 0.4%
• EBIT of EUR 3.8 million (5.5)
  • o Raw materials incl. goods for resale ~42% of sales
  • o Personnel costs up from Q2 last year
• Net financial items of EUR -11.8 million (-9.9)
  • o Increased interest expenses from additional leasing contracts and negative exchange differences.
• Income tax of a positive EUR 0.7 million (-1.2)
• Net result of EUR -7.3 (-5.7)

Financials

Cash flow negatively impacted by working capital build-up

Cash flow

• Operating cash flow of EUR 1.0 million (23.0)
  • o Lower EBIT especially in discontinued operations
  • o WC increased EUR 7.2 million (decrease 6.0)

CAPEX

• EUR 10.9 million (7.8) in Q2 2025
  • o EUR 5.9 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

(1) EBITDA ratio: adjusted EBITDA rolling 12-months

• Net debt excl. IFRS 16 at EUR 291 million
• RCF maturity in May 2026 -> classified as short-term
• Net debt excl. IFRS increase of EUR ~25 million
  • WC build-up and CAPEX EUR ~45 million, offset by proceeds from sale of food trading of EUR ~20 million
• Proceeds from RAW's merger (30) and new equity (75) to significantly strengthen financial position

EUR million	31.12.24	30.06.25	Post RAW	Post equity
Cash and Cash equivalents	72.7	39.7	66.7	73.4
Non-current liabilities excl. IFRS 16	328.8	262.2	262.2	262.2
Current liabilities excl. IFRS 16	8.0	68.3	68.3	0.0
Net debt excl. IFRS 16	264.0	290.8	263.8	188.8
Debt related to IFRS 16	247.0	248.5	245.9	245.9
Net debt in total	511.0	539.3	509.7	434.7

Strategy recap Second quarter of 2025

Second quarter of 2025 15

Well invested and lean platform

Sharpened focus to higher margin business with significant growth opportunities

Simplifying structure

• Core business targeting energy efficient buildings and circular packaging and components
  • Retain advantage of diversified and integrated business model
  • Reducing financial exposure to volatile raw materials business

Organic growth • Food packaging continue strong

• Market recovery for building and construction industry
• Capitalise on investments and operational improvements

Strategic opportunities

• Relevant opportunities must meet requirements for core business, strengthening market positions and product offering, and circular capabilities

Positioned to accelerate growth in recovering markets

• ✓Strong long-term market fundamentals
• ✓Streamlined operations with room for production ramp-up
• ✓Strengthening financial position
• ✓Attractive M&A pipeline

Summary and outlook Second quarter of 2025

Summary and outlook

Creating solid platform for long-term growth

• Sales and EBITDA growth for Q2
  • Continued strong food packaging
  • Cautious building and construction markets
  • Circular segment steadily improving
• Strengthening financial position, preparing for growth
  • Completed transactions
  • Equity issue
  • Organic growth from market rebound, investments, operational excellence