Bewi Invest AS

Investor Presentation • Sep 30, 2021

Capital Markets Update

30 September 2021

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.

Presenters Continuing our growth

CEO Christian Bekken

Efficient operations COO Jonas Siljeskär

Becoming circular Director of Sustainability Camilla Bjerkli

Innovation across the value chain R&D Director Ville Nurminen

Financial perspectives CFO Marie Danielsson

Continuing our growth

Christian Bekken CEO

Protecting people and goods for a better everyday

As a European provider of insulation and packaging & components solutions we are dedicated to creating value to customers, the society and our owners

Sustainable solutions in circular value chains

Our products add value to the society

100% recyclable materials

Strong growth journey driven by M&A

Broad European foothold – local presence

Diversified across geographies and end-markets

40+ years of growth and M&A

• Strong market positions and attractive expansion opportunities
• First mover advantages and high barriers to entry
• Long-standing customer relationships
• ~2,000 committed employees with local market knowledge, ~3,000 incl. jointly owned
• Leader in innovation and circular solutions

1) Q2 2021 LTM 9

• Enhance innovation through knowledge sharing across segments, regions and end-markets

• Sourcing of raw material a competitive advantage

• Model enable stable earnings in volatile markets

• Integrated value chain crucial to become a circular company

• Well-positioned as a long-term provider of highvalue products including non-virgin materials

Integrated business model enable robust earnings

Net sales LTM1) Adj. EBITDA LTM1)

Extensive industry knowledge throughout the value chain

Creating high value in specialised end-markets

Packaging

sectors

& Components

Manufacturing of standard and customised packaging solutions and technical components for customers in many industrial

Joint product development with customers locally

Downstream revenue split LTM Q2'21 EUR million

Insulation

Manufacturing of an extensive range of insulation products for the construction and infrastructure sectors

Established as a leading European provider Multiple #1 positions in European markets Market position Market share Insulation 25- 30% Denmark 2 40 – 45% Netherlands 20 – 25% Sweden Packaging & Components 60 - 65% 40 – 45% 70 – 75% 1 3 1 1 1 Market position Market share

Portugal

Finland

Strong market position

Continuing our growth

The opportunity

Operating in growth markets

25% volume growth expected the next five years

CONSTRUCTION

Market leader in the Netherlands through M&A

40% - 45% market share in a high growth market

Insulation segment

LTM Q2'21 Sales and Volume

Advanced market in the Netherlands, with a high degree of value-added products

• Less competition on specialised solutions
• High growth and high margin opportunity
• Expansion opportunities in similar markets

Nordic market more commoditised

• High competition and lower margins
• Potential for increased degree of value-added products

Continue to consolidate and innovate across regions

Further strengthening the position in Benelux

Progressing to final negotiations for acquisition of insulation company

• The Benelux region make up more than 50% of total sales for insulation segment, including a highdegree of value-added products
• Acquisition target is a well-established company
  • Broad product offering, including standard solutions and specialised products
  • Historic revenue of EUR 20-25 million with solid EBITDA margins
• Expect to acquire 100% of the shares by the end of October at normal multiples
• Conditional to the parties entering a final agreement

AUTOMOTIVE

Light vehicles driving use of EPP

Electrical vehicles set to strengthen growth trend

• Automotive production currently affected by semiconductor shortage
• Increasing use of EPP foam reduces weight, increases fuel efficiency and improves safety
• Electric vehicles set to drive growth due to even lower weight requirements
• EU's End-of-Life Vehicle directive incentivises use of recyclable materials

AUTOMOTIVE

European market leader through IZOBLOK

>20% market share for automotive EPP components in Europe

• Expansion to increase presence in the automotive components industry
• Adds upstream capabilities to produce EPP beads
• Geographical expansion into Germany and Poland
• Increased R&D capabilities
• Strong synergy potential in relation to BEWI's EPP business

P&C driven by customisation and recycling

BEWI increasingly becoming a circular packaging solutions provider

• Increasing demand for consumer goods and e-commerce sales driving demand for packaging solutions
  • Growth at GDP+
• End-consumer demand characteristics shifting towards increased focus on customization and environmental aspects
• EU directives¹ are supporting increased recycling of plastic packaging solutions

Attracting and retaining market shares

Complementary solutions meeting demand characteristics

• A 'one-stop-shop' for customers, creating high value through a collection of solutions
  • Strong local presence enhancing collaboration and reducing transportation cost
  • Long standing customer relationships of 20+ years
• Offering complementary materials
  • Investing in paper-based solutions to offer our customers complementary packaging
• Acquisition of Honeycomb in Denmark complementing BEWI with sustainable and protective packaging solutions from fibre
  • Broadening product offering with protective paper packaging
  • 100% recyclable and biodegradable

Fish boxes Honeycomb panels

20

Firm principles of inorganic growth

40+ years of well executed M&A and integration

• Geographical expansion
• Strengthening market position
• Broadening product offering
• Leading recycling consolidator
• Synergy realisation

Strong market position Attractive markets to explore or further expand into

21

Continuous screening of attractive opportunities

Combination of add-on and transformational M&A

14 acquisitions since Synbra merger in 2018 Well-established M&A processes Thorough due diligence 8-10 companies under evaluation always Add-on acquisitions are typically well-run companies with potential for synergy realisation

Additional opportunities for larger, transformative M&A

Continuing our growth

Our ambitions

Robust platform for continued expansion

Targeting ROCE¹ increase from ~15% to 20%

Adj. EBITDA ambition

EUR million

• Continued organic growth and M&A going forward
• Building on current strengths while expanding into new areas
• Current operational and financial framework facilitates profitable growth through 2026
  • Roughly doubling revenues
  • More than doubling EBITDA
  • Targeting ROCE of ~20%

Efficient operations

Jonas Siljeskär COO

Integrated business model enable circularity

Raw materials and procurement

• Sourcing of virgin and recycled raw materials
• Beads production
• Sales and distribution
• Research and development
• Continuous improvements

Production

• Enabling recycling of products
• Beads conversion process
• Sales and distribution
• Local logistics management
• Product design
• Customer collaboration

Recycling

• Collection of used material/ products
• Setting up collection-hubs
• Compression
• Extrusion
• Logistics
• Customer collaboration

RAW - Efficient production of raw materials

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Sourcing of virgin and recycled raw material – both externally and internally

• Strategically located raw material production ensure European coverage
  • Close to petrochemical hubs
• Two facilities provide redundancy, securing delivery
• Continuous efficiency improvements
• Platform and logistics system capable of handling demanding orders and peak volumes
• Investing in increasing capacity to ~230-250kt for more optimal production cycles
• Further integration of recycled materials in production lines
  • Creating specialised high-value products

Improving margins delivering value-added solutions

Always strive to be an integrated part of the customers' operations

Commodity products

Selling commodity products, competing on price, volume and availability

Specialised products

Joint development with customers to develop new applications and materials

Integrated solutions

Dedicated people assisting customers on-site daily, including transport and logistics solutions

Value adding

Specialisation and customer integration vary

Experience differences in core insulation markets

The Netherlands

~50% of Insulation revenue

• Specialised market enabling upselling of standard products
  • 40-45% market share

  • 15% EBITDA margins

Nordics

~50% of Insulation revenue Competitors Competitors

• Commodity market characteristics with many players involved

  • 4 market position

  • <10% EBITDA margins

BEWI is an integrated supplier in the clients' value chains BEWI is a commodity supplier to a large standardized market

Insulation - Setting market standards

Developing value added products for our customers

SlimFort: Façade insulation

PowerKist: On-site foundation installation

• Developing new solutions with a customer centric approach
• Increasing focus on high valueadded products
  • Enabling upselling of commodity products
• Insulation production hub in Norrköping in collaboration with Sweden's largest plastics recycling station
• Currently 17 own facilities producing insulation, and 13 through minorities
• Specialized products enabling upselling of standard products
• Developing specialised products in commodity markets
• Realising synergies from acquisitions
  • Developing Norrköping production hub

30

P&C – Jointly developing products with customers

Tailormade design and production to meet customers' need

Design

Prototyping

Production

Specialised need

Collaboration Innovation teams locally with customers

Material development

Building on BEWI's collective group competence

Moulding

Experienced, flexible and large-scale molding operation

Delivery

Delivery of products for production lines or applications

31

A large variety of products with different lifetimes

~700,000 Volvo cars was produced in 2019, a large share of which contained BEWI's components

~50,000 tanks produced annually (by e.g. Nibe, Bosch and Enertech) contain BEWI's insulation

BEWI produces more than 100,000 filling and shock absorbers for Husqvarna razor and cutting saws each year

More than 10 million fish boxes produced annually, equal to ~ 1 billion meals

Packaging for all types of seafood, from frozen fish blocks to ready-made portion packs and transport packaging.

A large variety of protective components such as bike helmets and seats

BEWI produces Child seats for cars, with high demands on security

Packaging for the grocery industry, in mold label options and sustainable returnable packaging in focus

Industrial applications Agriculture Medical Protective Foam Retail E-commerce Protective Packaging

Developing components with car manufacturers

Critical components in the automotive production lines

Shock absorbers	Headrests
Bumpers	Floor components

Safety critical and energy efficient components

• Long development processes to develop long lifetime product lines
  • 3-5 years design for 5-7 years production
• High importance
  • Safety critical and energy efficient components
• Sustainable development
  • Increased demand for recyclable plastics and recycled material
  • Light weight EPP reduce fuel consumption
• Superior product quality
  • Easily joined to other materials
  • Reduce assembly time

• Continuous work to increase collaboration with existing customers

• Joint developments
• Specialising materials
• First mover in guaranteeing recycled products for customers
  • 25% recycled material commitment to Volvo

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Offering specialised packaging solutions

A large range of different materials

Insulates	Stackable
Shock absorbing	Low weight

Protecting products during shipment

• Specialised solutions meeting customers' needs
• Product specialisation result in longer product lifetimes
• Investments in specialised equipment increase stickiness
• Highly diversified customer base, including seafood, medical, electronics and technical components
• Development of tailored add-on solutions beyond packaging
• Specialising materials for different customer applications
• Diversifying material, including protective paper packaging and other packaging materials
• Increasing use of recycled materials in products

34

Food packaging - customer integrated operations

Working in tandem with customers locally

BEWI Box developed with customer

Dedicated sales and service people assisting the customer on-site

Facility at Frøya in close proximity to customers

BEWI working integrated in the customers value chain

Continuous and time-critical operations

How the integrated business model enable circularity

A closed loop for BEWI's fish boxes

• Fish boxes produced at a foam conversion plant at Frøya, Norway and delivered to salmon farmers/ slaughters
• Salmon is shipped to Poland for processing

• Morpol receives ~5 million fish boxes annually, the equivalent of ~2,500 tons of EPS
• Fish boxes are compressed and processed to granulates
• Granulates are shipped to BEWI's RAW facility in Porvoo, Finland

• RAW facility in Porvoo receives EPS granulates
• EPS granulates are converted into beads
• Beads are shipped to Frøya or other locations

Recycling capabilities are our license to grow

Efficient collection, handling and logistics of used materials

Continuous focus on

Reducing use of raw materials Increasing lifetime of products Making sure products are recyclable

Innovation

Digitalized waste handling system, automation and monitoring of streams

Transformation

On-place handling, collection and recycling EPS, plastics, paper, cardboard and HDPE

Collaboration

Initiatives to collaborate with other recycling players to optimize recycling streams

We operate where our customers are located

Key strategic priorities

Innovation in search for more sustainable materials, products, solutions and production processes

Innovation A circular economy

A circular economy aiming at being the most sustainable provider of packaging, components and insulation solutions. By managing the entire value chain, BEWI is committed to closing the loop

Profitable growth

Profitable growth through organic initiatives and M&A opportunities, strengthening recycling operations, enabling geographic expansion and further strengthening of market positions

Becoming circular

Camilla Louise Bjerkli Director of Sustainability

Key strategic priorities

Innovation in search for more sustainable materials, products, solutions and production processes

Innovation A circular economy

A circular economy aiming at being the most sustainable provider of packaging, components and insulation solutions. By managing the entire value chain, BEWI is committed to closing the loop

Profitable growth

Profitable growth through organic initiatives and M&A opportunities, strengthening recycling operations, enabling geographic expansion and further strengthening of market positions

Our strategic sustainability approach

Based on three pillars

Becoming circular To be a circular business built on renewable energy

Actively engage in partnerships Being an active and responsible partner so that we together with our stakeholders can achieve a circular economy, operating within our planet's planetary boundaries

Contribute to an inclusive society Create a positive social impact for everyone across the BEWI value chain.

The global circularity gap is growing

Only 8.6% of the global economy is circular1

• A massive circularity gap needs to be closed
• Circular economy holds the promise for systemic transformation of our society
• Closing the circularity gap is needed to reach the Paris agreement target

BEWI is an industry leading recycler

Ambitious commitment to recycling

2018 – BEWI Circular established ~EUR 10 million invested since establishment

2020 – Expansion and ramp-up

Recycling acquisition in the Netherlands Establishment of recycling company in Portugal and Circular Denmark

Key future Circular targets

2019 – Acquisitions and launches Acquisitions in Denmark and Belgium Launch of the world's first 100% recycled EPS and the Use-ReUse programme

2021 – Commercialization Current recycling capacity of ~20kt 8 own recycling facilities, 1 jointly owned Recycling consolidation part of key growth strategy

Becoming circular

By 2030, our ambition is to be a circular business built on renewable energy.

To achieve our goals, we must succeed with three processes:

Lean – Increased efficiency throughout our value chain

Making more of less using renewable energy

Energy efficiency and transition to non-fossil energy sources

Material reduction and increased recycled content

Transition to non-fossil transportation

Keep - Increasing the lifetime of our products

Long-lasting products and reuse of raw materials

New business models

• Delivering rental solutions to secure circularity
• Increasing reuse and establishing closed loops

100% recyclable Reuse products

• Eliminating non-recyclable contents from production
• Improving designs to enable circularity

• Reshaping used materials to fit new designs eliminating waste and new raw materials

Close – Enabling efficient recycling processes

Developing solutions and designs that ensure products are recycled

• Investments in collection hubs to secure efficient collection of used EPS
• Cooperation with customers and municipalities to secure sorting and collection
• Investments in green fields and actively looking for M&A opportunities

Mechanical recycling

• Green Line 100% recycled EPS
• Increasing our extruder capacity enabling additional ~30kt production capacity in Etten-Leur in the Netherlands

Collection Dissolution and chemical recycling

• To ensure circularity of used materials dissolution and chemical recycling is needed for some fractions
• Positioning to improve dissolution and chemical recycling processes through collaboration initiatives

Circular development supported by regulators

EU directives regulating the use of plastics in different applications

• CONSTRUCTION Energy Performance and Buildings • Member states required to implement renovation strategies, and roadmaps for transformation of building stock to near net-zero, with mid-term goals for 2030 and 2040
  • Aims at reduction of waste arising from end-of-life vehicles, by achieving reuse, recycling and recovery performance targets and preventing use of heavy metals
• Single-Use Packaging directive & Packaging and waste Directive • Ban on specific B2B single-use food packaging¹ , and all member states for end producer responsibility schemes, with a target of recycling of plastic packaging of 55% by 2030

1) Cotton buds, cutlery, plates, stirrers, straws, EPS food containers, food containers, packets and wrappers, beverage cups, light weight plastic bags, balloons and wet wipes Source: EUMEPS "The EPS Packaging Industry and its contribution to the EU Circular Economy Action Plan 2030" ⁵⁰

PACKAGING

AUTOMOTIVE¹

End-of-life Vehicle

Directive

Directive

Strategic sustainability approach

Sustainability Mission

By partnering with likeminded customers, suppliers and other stakeholders we are committed to creating innovative technologies and solutions to become circular

Innovation across the value chain

Ville Nurminen R&D Director

Key strategic priorities

Innovation in search for more sustainable materials, products, solutions and production processes

Innovation A circular economy

A circular economy aiming at being the most sustainable provider of packaging, components and insulation solutions. By managing the entire value chain, BEWI is committed to closing the loop

Profitable growth

Profitable growth through organic initiatives and M&A opportunities, strengthening recycling operations, enabling geographic expansion and further strengthening of market positions

Integrated R&D resources across Europe

Employees are our most valuable asset

• R&D in Etten-Leur in the Netherlands and Porvoo in Finland
• EPP development both in Germany and Poland

• Design and development in all business units
• Strong departments in the Netherlands and Denmark

• Insulation development hub in Someren in the Netherlands

Targeting to get all business units to work together to develop best of breed products solutions for our customers

BEWI is Europe's largest vertically integrated player

Comprehensive R&D resources

• Involved in all parts of the value chain
  • Idea generation and specialised solutions reflecting combined upstream and downstream knowledge
• Equipment assets ranging from lab-scale and pilot-scale to production-scale assets
  • Acquisitions adding equipment and know-how
• Focus on continuous improvements across the value chain
  • Process improvements in Etten-Leur increased capacity from 65kt to 90kt without major investments

#1 integrated player in Europe

Capacity, kt/year¹

Improving products and solutions for our customers

Working to become the preferred supplier across segments

Enhancing commodity products

Utilising decades of industry experience and competence from an integrated value chain

Developing specialised products

In collaboration with our customers in end markets utilising upstream knowledge and large equipment base

Innovating integrated solutions

Developing new solutions to best serve our customer base with focus on developing efficient circular solutions

Development of advanced materials

Enhancing commodity products

• Recyclability
• Insulation value
• Fire behaviour
• Strength
• Mechanical properties
• Special features

• Increase use of recycled content
• Enhancing mechanical properties

• Only company to do costefficient extrusion foaming
• Autoclave process

EPS XPS EPP BioFoam

• Polylactic acid based biodegradable polymer foam
• Renewable alternative for EPS

Efficient production

Broadening offering across P&C and Insulation

Packaging

Developing specialized products

Fish Boxes

From standard to specialised products

Automotive parts Customized components

Window frames UV protected & EPS-based

XIRE Non-burnable EPS

SlimFort Specialised façade insulation

GreenLine 100% recycled EPS

All products in BEWI offering followed up for improvements

A variety of solutions for efficient recycling

Innovating integrated solutions

Direct

Utilizing cut off production waste

Mechanical

Extrusion of recycled material back to EPS or XPS beads

Dissolution

Dissolving polystyrene to solvent and separate impurities

Chemical

Depolymerization back to monomer and cracking hydrocarbon compounds

Working towards a carbon neutral ecosystem

BEWI working on development of several solutions

Well established mechanical recycling process

Joint effort with Circular, upstream and downstream

Mechanical recycling process

Separate collection of EPS waste

• Introduced first partially recycled grey EPS in 2017
  • 25% of recycled content achieved in Porvoo extrusion in 2021
• Development 100% recycled (RE) grades stared in 2019
  • 100% recycled insulation and packaging grades released in 2020
• Currently all BEWI's XPS lines use recycled PS
• Planning start-up of Etten-Leur 25-30kt extruder in 2023 to increase recycling capacity

Dissolution allows more contaminated feedstock

Investigating new recycling solutions to increase reuse of raw materials

• A separation process removing impurities and other plastics from EPS
• Invested in Polystyvert in Canada in June, 2021
  • Full scale project in Montreal started in 2021
  • Possibility for further development in Europe
  • Targeting to develop food approval technology
• Collaboration with major European EPS producers in PSloop project
  • Targeting to separate former flame retardant agent (HBCD) from EPS insulation waste

Chemical recycling brakes down EPS

Looking for partners to develop advanced recycling solutions

• Investigations of suitable partner for depolimerization started in 2019
• Test volumes of recycled styrene and renewable pentane in 2021
• Ongoing discussions with large petrochemical partners in order to get access to recycled styrene
  • BEWI will supply EPS waste in partnerships

Ongoing depolymerization of PS initiatives

We innovate sustainable solutions

Strong focus on innovation and collaboration

Smart and ambitious people

Sustainable R&D strategy

Integrated development through the value chain

Strategical R&D acquisitions

Financial perspectives

Marie Danielsson CFO

Scaling and capturing market positions

Revenue up 38% p.a. past 3.5 years, combining M&A and organic growth

• Created a robust platform for continued expansion
• Step change with the Synbra acquisition in 2018
• Expanded into several new geographies and verticals in 2019-2021
• Improved margins reflecting both stronger markets and synergies from acquisitions
• Continuing growth and M&A going forward
  • European expansion with increased focus on consolidating recycling capacity

Revenue & Adj. EBITDA margin development EUR million

Strong growth in EBITDA

Scale advantages – stronger markets - operational leverage

• Higher volumes and increased end-user prices in most segments and regions

83

• Significant contribution from acquired companies and realisation of synergies

Insulation Paper (P&C)

14% 26% 32% 2% EUR 599m RAW Circular P&C Automotive (P&C) Internal

2% 0%

Revenue last 12 months to Q2'21

Pursuing clear growth opportunities across products, technologies and geographies:

• Insulation in the Benelux region
• Food packaging in Norway
• Automotive rebound across Europe
• Complementary paper packaging solutions
• Capacity growth through BEWI Circular - further strengthening position as the leading recycling consolidator

Building on current strengths while expanding into new areas

~1/3 organic and ~2/3 through M&A

24%

External

Aiming to roughly double revenue through 2026

Percentages before elimination of internal RAW sales 70

Aiming to more than double EBITDA through 2026

Broader profit base - overall stable margins - higher capital efficiency

2026 Adj. EBITDA ambition EUR million

Margin improvement potential in existing assets

• Growth in high-margin segments in Insulation
• Margin recovery potential in Automotive
• Building a profitable Circular business
• Integrated value chain stabilises margin volatility

Stable long-term EBITDA margin outlook

• M&A targets typically operate at margins below BEWI average - but with synergy potential and healthy longterm outlook

• Expanding extrusion capacity to increase recycling capacity

Circular

RAW

• Increase collection and conversion capacity

• Increased integration following

acquisition activities

Insulation

• Margin potential in Nordics
• Volume potential in Benelux
• M&A initiatives

P&C • Food packaging Norway

• Continued consolidation of European automotive EPP component market
• Grow paper packaging

Broadening the profit base

Enabling stable margins and higher capital efficiency

EPS price GAP well above normal range

Business plan based on stable raw material prices

Expanding to new markets and products Opportunities for both add-on acquisitions and larger M&A

• Geographical expansion
• Strengthening market position
• Broadening product offering
• Leading recycling consolidator
• Synergy realisation

M&A investments of EUR 300-350m in current 5 year business plan

Proven ability to lift margins in M&A targets

Extracting significant synergy potential over time

• Well-run companies with clear synergy potential, and healthy long-term outlook
• BEWI has overall improved margins since 2018, despite taking on 14 acquisitions¹
• Still unutilized margin potential in several of the acquired companies

Growth plans require continued CAPEX

Normalised level of ~2.5% of revenue

CAPEX development EUR million, %

Normalized capex level of ~2.5% of revenue excluding M&A-related and greenfield

Identified greenfield projects lifting accumulated capex by ~EUR 40-50 million in 2022-24

• New packaging hub on Hitra
• Expanding extrusion capacity to increase recycling capacity
• ICT-/ digitalisation project across the organisation

Increasing return on capital employed

Targeting ROCE increase towards 20% by 2026

ROCE¹ development

Investing in high-return projects

• Investments in upstream production capacity to further increase robustness of operations
• R&D investments securing development of innovative high-value products
• Continuous screening and execution of acquisition opportunities with synergy potential and healthy long-term outlook

Fully funded business plan

Strong balance sheet - ample liquidity - declining leverage

Leverage target unchanged despite growth ambitions Retaining leverage target of <2.5x EBITDA (excl. IFRS 16)

Leverage

• EBITDA increase set to continue
• Strong cash position and proven ability to convert cash
  • ~70% average cash conversion last 2.5 years1

Remaining in position to pay attractive dividends

Maintaining dividend capacity while executing on organic growth opportunities and pursuing M&A opportunities

Target dividend payout ratio of 30-50% of underlying net profit remains intact

Concluding remarks

Christian Bekken CEO

A strong foundation for further growth

Operating in a large and fragmented market

Solid underlying growth in several business segments

BEWI set to be the leading consolidator in Europe

Growing organically with a strong focus on innovation

Sustainability challenges throughout the business

Improving financial metrics

Moving towards an 100% circular business model

Doubling EBITDA on stable margins and improved ROCE1

Set to continue growth journey next five years

Capital Markets Update

Q&A