Bewi Invest AS — Earnings Release 2025

Feb 12, 2026

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Fourth quarter and preliminary full year 2025 results

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

Oslo, Norway, 12 February 2026

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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.

2 Fourth quarter and full year of 2025

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Our vision

Protecting people and goods for a better everyday

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Highlights Q4 and full year 2025

Continued volume and profitability improvements

• Sales growth and profitability improvements in Q4 and full year 2025
• Q4 developments in line with previous quarters
• o Volume increase for all segments
• o Packaging & Components key driver
• Investments and implemented measures yield profitability improvements across segments

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Integrated and circular business model

Insulation & Construction (I&C)

Development, production and sales of insulation solutions for the building and construction industry and infrastructure projects.

48%

of net sales1)

40%

of total adj. EBITDA2)

Packaging & Components (P&C)

Development, production and sales of food and protective packaging, and technical components to the automotive and HVAC industries.

45%

of net sales1)

66%

of total adj. EBITDA2)

Circular

Collection and recycling of used EPS, solutions for waste management, trading of used materials, and sales of recycled materials.

7%

of net sales1)

-6%

of total adj. EBITDA2)

RAW

Production and sales of white and grey expanded polystyrene (EPS) raw materials, with virgin and/or recycled feedstock, and Biofoam, a fully bio-based particle foam.

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Increasing volumes in cautious markets Positive development in Nordics

• Increasing volumes in continued slow markets, with large variations across regions
• Raw material price drop impacting net sales
• Strengthened offering of products with recycled products, enabled by Circular
• EBITDA impacted by change in product mix
• Implemented profitability improvements

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Strong sales and EBITDA growth

Solid quarter across major end-markets

• Automotive key driver for Q4 improvement
• Food packaging in line with a strong Q4 2024
• HVAC sales continue to grow
• Strong EBITDA development

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Volume and sales growth

Profitability improvements offset by lower gross margin

• Increased volumes and sales for Q4
• Sales of rGPPS up 32% from 2024 to 2025, giving higher utilisation and cost efficiency
• Implemented initiatives have reduced cost, effect offset by lower gross margins
• Strategic inventory build-up in Q4, positioned for price increase in Q1
• EPS for recycling up 16% to ~38 400 tonnes for FY 2025

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Financial overview Q4 and full year 2025

Sales and EBITDA improvement driven primarily by the packaging business

15 Fourth quarter and full year of 2025

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P&L – consolidated income statements

Amounts in EUR million	Q4 2025	Q4 2024	2025	2024
Net Sales	197.2	190.7	796.2	773.2
Other operating income	1.3	1.7	2.3	2.0
Total operating income	198.5	192.5	798.6	775.2
Raw materials and consumables	-64.3	-71.2	-281.9	-300.5
Goods for resale	-15.8	-12.8	-49.7	-47.6
Other external costs	-48.4	-46.3	-193.0	-179.0
Personnel cost	-49.7	-44.7	-195.0	-178.6
Depreciation/ amortisation/ impairment	-19.5	-16.5	-70.2	-63.4
Capital gain from sale of assets and other adjustments	0.3	0.3	0.3	4.7
Operating income before shares in associates and JVs	1.0	1.2	9.1	10.8
Share of income from associated companies and JVs	-3.7	-0.5	-5.5	-2.4
Operating income (EBIT)	-2.6	0.7	3.6	8.5
Net financial items	-10.1	-12.8	-48.2	-45.3
Income tax expense	-0.1	2.1	2.0	1.5
Profit/ loss for the period continued operations	-12.8	-10.0	-42.5	-35.3
Profit/ loss from discontinued operations	-2.2	-1.3	58.8	8.3
Profit/ loss for the period total operations	-15.0	-11.3	16.2	-27.0

Fourth quarter of 2025

• Net sales of EUR 197.2 million, up 3.4%
• Operating income excl. associates EUR 1.0 million (1.2)
• o Raw materials incl. goods for resales 42% of sales
• o Personnel costs increased, incl. restructuring costs and more FTEs following volume ramp up
• o Amortizations impacted by impairment tradenames
• o EBIT of EUR -2.6 million (0.7)
• o Share of income from associated companies including RAW, EUR -3.7 million (-0.5), incl. integration costs and amortizations of fair value adjustments
• Net financial items of EUR -10.1 million (-12.8)
• Net result total operation of EUR -15.0 (-11.3)

Fourth quarter and full year of 2025 16

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Cash flow from operating activities

Inventory build-up at low prices to position for price increase

CAPEX total operations

EUR million

Fourth quarter and full year of 2025

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Financial position

Long term financing secured and leverage decreasing

• Long term financing secured
• Bond loan EUR 250 million and RCF EUR 75 million
• Financing of accounts receivables EUR 75 million
• Net debt of EUR 197.4 million (excl. IFRS 16)
• Cash position at EUR 65 million
• o EUR 75 million unutilised RCF

EUR million	31.12.25	31.12.24
Cash and cash equivalents	64.5	72.7
Non-current liabilities excl. IFRS 16	255.9	328.8
Current liabilities excl. IFRS 16	6.0	8.0
Net debt excl. IFRS 16 and other financial assets	197.4	264.0
Other financial assets Debt related to IFRS 16	29.2 246.3	- 247.0
Net debt in total	414.5	511.0

Fourth quarter and full year of 2025 18

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

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Priorities to deliver on key financial targets

Sharpened focus, improving profitability

Simplified structure – focusing on higher margin areas

• Reduced ownership in RAW, divested traded packaging
• Strategic development of Automotive

Profitability improvements

• Implemented measures and completed investments to improve profitability
• Positioned for organic and structural growth in energy efficient solutions to building sector
• Positioned for growth in circular packaging and technical components

Reducing leverage through improved free cash flow

• Controlled CAPEX level
• Increasing EBITDA

Adj. EBITDA ~15%

Leverage < 2.5x

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