Bewi Invest AS

Earnings Release • Nov 11, 2020

Interim report for BEWi ASA January to September 2020

Interim report for BEWi ASA January to September 2020

HIGHLIGHTS for the third quarter of 2020

Numbers in parentheses refer to the corresponding periods in the previous year

· BEWi ASA reported net sales of EUR 122.1 million for the third quarter

(107.4), an increase of 13.7 per cent compared to the corresponding quarter last

year

· Adjusted EBITDA was EUR 17.9 million (12.9)

· EBIT for the Group was EUR 10.6 million (5.6)

· Net profit was EUR 5.7 million (2.7)

· Acquisition of major Norwegian packaging and insulation company

· Shares admitted to trading at Merkur Market in Norway

Christian Bekken, CEO BEWi ASA:

The third quarter has been an eventful quarter for our company. We acquired the

Norwegian packaging and insulation company BDH Holding AS, divested properties

in Denmark and the shares of our Norwegian holding company, BEWi ASA, were

successfully admitted to trading on the Norwegian trading facility Euronext

Growth. Also, today we announced our intention to apply for a listing of our

shares at Oslo Børs.

The Covid-19 pandemic continues creating uncertainty and impacting our everyday

lives. As the level of impact on our operations varies across segments and

markets, our integrated and diversified business model has again proven

resilient. Despite challenging market conditions, we are delivering growth and

improved margins, and we have been fortunate to maintain nearly full production

at our facilities.

Our circular activities remain a high priority and we stay committed to reaching

our annual recycling target of 60,000 tonnes, securing full circularity. We

recently commenced operations of our new recycling facility in Portugal and we

expect to start operations in Denmark during the fourth quarter. At the same

time, our sustainability work embraces far more than our Circular division. To

further improve our work, we have strengthened our organisation with Camilla L.

Bjerkli (PhD) as our Director of Sustainability.

During the third quarter, the raw material prices increased, impacting the

results of our RAW segment positively, although prices are still at low levels.

Our insulation business is growing year over year. Volumes have been stable in

the Nordics, but decreased in the Benelux region, although a positive

development was noted towards the end of the quarter. Both our downstream

segments. Packaging & Components and Insulation continue to benefit from the

favourable raw material prices.

In August, we announced the acquisition of the Norwegian packaging and

insulation provider BEWi Drift Holding AS (BDH), in line with our strategy for

growth and diversification. BDH is an important contributor to the growth in our

Packaging & Components segment since the third quarter last year. The

integration of BDH is progressing as planned and the Group targets synergies of

EUR 2.3-4.5 million per year. The segment also delivered a satisfying

improvement in profitability.

Our divestment of certain properties in Denmark this quarter, and our recently

announced intention to divest properties in the Netherlands, supports our long

-term growth strategy by releasing capital and increasing our financial

flexibility.

On Friday 28 August, we had the first day of trading of our shares at the Merkur

Market in Oslo, marking an important milestone for us, enabling new growth

opportunities. Today, we launched our intention to transfer our shares to a full

listing at the Oslo Børs during December.

Please see the full interim report for the period January - September 2020

attached.

For further information, please contact:

Charlotte Knudsen, Director of Communication and IR, BEWi ASA tel: +47 9756 1959

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

About BEWi ASA

BEWi is a leading international provider of packaging, components and insulation

solutions. The commitment to sustainability is integrated throughout the value

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

used products.  Since the start in the Norwegian archipelago at Frøya in 1980,

the company create value for customers by offering sustainable solutions in

innovative and efficient ways. With a vision to protect people and goods for a

better every day, BEWi is leading the change towards a circular economy.

This information is subject to the disclosure requirements pursuant to the

Continuing obligations of companies admitted to trading on Merkur Market.