Bewi Invest AS

Earnings Release • May 16, 2024

BEWI - Results for the first quarter of 2024

BEWI - Results for the first quarter of 2024

Solid operational performance in seasonally weak quarter, positioned for growth

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

today reports its results for the first quarter of 2024. The company recorded

net sales of 244 million euro for the quarter, down from 296 million euro for

the same quarter of 2023. The adjusted EBITDA came in at 19 million euro,

compared to 28 million euro for the first quarter of 2023.

· Market conditions remained challenging, further impacting sales in a

seasonally weak quarter

· Solid operational performance including

· Continued cost - and capacity adjustments enabling sustained downstream

margins, despite lower volumes

· Ramp-up of new production line in Etten-Leur, strengthening capacity of

grey EPS and use of recycled EPS

· Launch of products with lower CO2 footprint based on recycled feedstock

· Macroeconomic indicators show signs of improvement, and regulatory drivers

remain strong

"Although we are not satisfied with the results for the quarter, we are very

pleased to see that the market has been picking up into the second quarter, also

beyond the normal seasonality," says Christian Bekken, CEO of BEWI ASA.

"Once again, we are pleased with the development in the I&C segment, where we

succeed in maintaining the margin from the first quarter last year, despite the

lower volumes," Bekken continues.

BEWI's work to strengthen the balance sheet continues to be a prioritised task.

The group has divested properties under sale-leaseback agreements, work to

optimise the working capital. At the end of the first quarter, BEWI had 78

million euro in available cash and credit, with an additional 28 million euro

incoming from real estate divestments and a compensation related to a previous

acquisition.

So far in the second quarter, volumes have improved. The macroeconomic

indicators are showing signs of improvement, as central banks are re-considering

rate cuts amid easing inflation. Further, strong regulatory drivers support

BEWI's circular business model, and the strategic choice made to strengthen the

group's position in energy efficient solutions for buildings.

"We are pleased with how we have withstood the recession in the building and

construction markets, by adapting costs and capacity. As the market rebounds, we

are well positioned to capitalise on higher demand. With investments already

made, volumes can increase without major cost increases, leading to a noticeable

strengthening of margins," Bekken concludes.

Please find attached the full report for the first quarter of 2024, the

presentation of the results and the financials spreadsheet.

CEO Christian Bekken and CFO Marie Danielsson will present the results from

10:00 am today through a live webcast. 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 16 May

2024