Bewi Invest AS — Interim / Quarterly Report 2026

May 7, 2026

First quarter of 2026

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

Oslo, Norway, 7 May 2026

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• Strengthened earnings capacity
• Profitable Circular segment
• Strong start of Q2

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Clear path to 15% EBITDA margin

In today's market conditions

Operational improvements

• ☑ Re-negotiated supplier agreements
• ☑ Increased operational efficiencies
• ☑ Organisational adjustments
• ☑ Business model enhancements

Capitalising on recent strategic investments

• ☑ Expanded vertical integration EPP
• ☑ Positioned for projects with automotive OEMs
• ☑ Increased production capacity in selected areas

First quarter of 2026

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Highlights Q1 2026

Operational improvements strengthen earnings capacity

• Sustainable positive results from measures implemented
• Volume growth in all markets
• Significant EBITDA improvement
• Continued solid progress across P&C
• Strong operational and financial performance by Circular

Net sales
198.6 million
+6%

Adj. EBITDA
22.2 million
+44%

Adj. EBITDA margin
11.2%
+3.0 percentage points

First quarter of 2026

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First quarter of 2026

Business & market update

Business & Market

10/20/2026

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BEW/

Integrated and circular business model

48%

of net sales$^{1)}$ 36%

of total adj. EBITDA$^{2)}$

Packaging & Components (P&C)

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

43%

of net sales$^{1)}$ 59%

of total adj. EBITDA$^{2)}$

59%

of total adj. EBITDA$^{2)}$

Circular

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

9%

of net sales$^{1)}$ 5%

of total adj. EBITDA$^{2)}$

5%

of total adj. EBITDA$^{2)}$

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.

First quarter of 2026

1) Based on total net sales for operating segments 2) Based on total adj. EBITDA for operating segments

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Insulation & Construction

Volumes

+4%

Nordics & Baltics

Germany

Benelux

Other

Continued volume growth

• Growth in Nordics, impact product mix and margins
• Slow start to Q1, volumes accelerated in March
• Additional price adjustments to mitigate high fluctuations
• Profitability improvements start to yield results

Net sales

EUR million

-2%

Adj. EBITDA

EUR million and %

The quarter of 2026

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Packaging & Components

Growth in all markets, structurally stronger base

• Strong markets and improved operational performance
• Recent investments had positive sales & EBITDA impact
• 49% improvement in adj. EBITDA

Food
Automotive
HVAC
Other

Net sales

EUR million

+14%

Adj. EBITDA

EUR million and %

+49%

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Circular
Collected volumes +12%

Solid operational and financial progress

• Increased collection, production, and sales of rGPPS
• Higher operational efficiency, lower cost base
• Favourable market conditions, strong underlying progress
• Significantly improved profitability and positive EBITDA

Net sales EUR million +26%

Adj. EBITDA EUR million and % +2.3m

9

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First quarter of 2026

Group financials

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BEW/

Financial overview Q1 2026

Volume growth in all segments, significant profitability improvement

Net sales Q1 2026

Adj. EBITDA Q1 2026

First quarter of 2026

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BEW/

P&L – consolidated income statements

Amounts in EUR million	Q1 2026	Q1 2025	2025
Net Sales	198.6	187.9	796.2
Other operating income	10.9	-	2.3
Total operating income	209.5	187.9	798.6
Raw materials and consumables	-63.9	-69.1	-281.9
Goods for resale	-13.7	-10.0	-49.7
Other operating costs	-9.5	-	-
Other external costs	-51.1	-48.1	-193.0
Personnel cost	-51.1	-46.0	-195.0
Depreciation/ amortisation/ impairment	-18.3	-17.3	-70.2
Capital gain from sale of assets and other adjustments	0.1		0.3
Operating income before shares in associates and JVs	2.1	-2.4	9.1
Share of income from associated companies and JVs	-0.6	-0.5	-5.5
Operating income (EBIT)	1.5	-2.9	3.6
Net financial items	-10.2	-10.5	-48.2
Income tax expense	1.3	1.0	2.0
Profit/ loss for the period from continued operations	-7.4	-12.4	-42.5
Profit/loss from discontinued operation (attributable to equity holders of the company)	-2.7	2.1	58.8
Profit/ loss for the period	-10.1	-10.3	16.2

First quarter of 2026

• Net sales of EUR 198.6 million, up 5.7%
• Operating income excl. associates EUR 2.1 million (-2.4)
• Raw materials incl. goods for resales 39% of sales
• Personnel costs increased, incl. severance costs and more FTEs following volume ramp up
• EBIT of EUR 1.5 million (-2.9)
• Share of income from ass. companies EUR -0.6 million (-0.5)
• Net financial items of EUR -10.2 million (-10.5)
• Net result cont. operation of EUR -7.4 (-12.4)

First quarter of 2026

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BEW/

Cash flow from operating activities

Kept high inventory at favourable prices, working capital release in Q2

Cash flow from total operating activities

CAPEX total operations
EUR million

Free cash flow Q1 2026
EUR million

First quarter of 2026

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BEW/

Financial position

Solid financial position and decreasing leverage despite high inventory

Leverage: Net debt/ EBITDA ratio(1)

EUR million

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

• Long term financing secured
• Net debt of EUR 202m (excl. IFRS 16)
• Cash of EUR 59m, plus EUR 75m available credit facility

EUR million	31.03.2026	31.12.25	31.03.2025
Cash and cash equivalents	59.0	64.5	41.2
Non-current liabilities excl. IFRS 16	255.2	255.9	311.8
Current liabilities excl. IFRS 16	5.5	6.0	27.1
Net debt excl. IFRS 16
and other financial assets	201.6	197.4	297.7
Other financial assets	29.7	29.2	-
Debt related to IFRS 16	251.7	246.3	262.1
Net debt in total	423.6	414.5	559.8

First quarter of 2026

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First quarter of 2026

Summary & outlook

First quarter of 2026

15

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16

On path to 15% EBITDA margin

• Simplified structure, focus on higher margin areas
• Operational improvements
• Profitable Circular segment
• Capitalising on strategic investments

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Growth from market trends and structural developments

..combined with improved profitability

Building & construction	~6% CAGR expected for new build residential during 26' – 28' in Europe^{1}
Automotive	Growth from awarded platform models and lightweighting
Seafood	SalMar guiding +6% and MOWI +15% in 2026 harvest volumes compared to 2025^{2}
HVAC	Expected CAGR of 6% in Europe between 26' and 31'^{3}

First quarter of 2026

100th Euroconstruct Country Report,
{}^{2}\mathrm{{Q4}}
company reports (MOWI based on Norwegian farming units) 3Mordor Intelligence HVAC report

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BEW/

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.

First quarter of 2026

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BEWI
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