Slide 1: Second quarter 2025 results
Second quarter 2025 results CEO Christian Bekken, CFO Marie Danielsson, CSO Stein Inge Liasjø 20 August 2025
Slide 2: Cautionary note regarding forward-looking statements
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, with
Slide 3: Strong development for packaging, cautiously positive market development for insulation
Second quarter of 2025: Strong development for packaging, cautiously positive market development for insulation • Strong development for packaging segment • Recovery of building and construction industry slower than anticipated • Solid progress for Circular • Two strategic transactions completed • E
Slide 4: Key figures for the second quarter of 2025
Key figures for the second quarter of 2025 Continuing operations Revenue Adj. EBITDA EUR 208 million EUR 22 million +0.4% +13% 25 20% 18% 20 16% 14% 15 12% 10,5 % 10,4 % 10% 9,7 % 9,2 % 22 10 19 20 8,0 % 8% 208 208 19 192 191 188 15 6% 5 4% 2% 0 0% Q224 Q324 Q424 Q125 Q225 Q224 Q324 Q424 Q125 Q225 S
Slide 5: Operational highlights: upstream segments
Second quarter of 2025: Operational highlights Upstream segments RAW (to be reported as associate from Q3) • Challenging markets and volatile raw material prices • Consolidating market through Unipol merger • Creating the leading EPS producer in Europe Circular • +44% collection, higher production a
Slide 6: Operational highlights: downstream segments
Second quarter of 2025: Operational highlights Downstream segments Insulation & Construction • Recovery progressing slower than anticipated • Variations across regions Packaging & Components • Strong quarter, fuelled by food packaging • Components business strengthened, review of Automotive ongoing
Slide 7: Key priorities for long-term growth remain unchanged
Key priorities for long-term growth remain unchanged 1 Increasing collection and use of recycled material 2 Optimising capacity and cost 3 Capitalising on investments 4 Strengthening financial position 5 Evaluating strategic opportunities for growth Second quarter of 2025 7
Slide 8: Group financials
Second quarter of 2025 Group financials The newly developed construction board, Jackoboard® Lignin, has received five awards at the 2025 Plus X Award, the world’s largest innovation awards for technology, sports, and lifestyle. Second quarter of 2025 8
Slide 9: Financial overview Q2 and 1H 2025
Financial overview Q2 and 1H 2025 Strong EBITDA development for packaging business Net sales Q2 continuing operations Adj. EBITDA Q2 continuing business 0,2 (0,4) 2,5 (6,0) 8,1 3,5 (3,8) (0,8) 211,8 21,7 207,5 208,3 208,2 19,2 203,7 Q2 2024 I&C P&C Circular Eliminations Q2 2025 Q1 2024 I&C P&C Circu
Slide 10: Financial highlights upstream segments
Second quarter of 2025: Financial highlights upstream segments RAW – discontinued operations Circular Net sales Net sales Net sales of EUR 71.5 million EUR million Net sales of EUR 16.6 million EUR million o -21% from Q224 o +18% from Q224 39,1 o Lower volumes and EPS prices o +39% sales volumes of
Slide 11: Financial highlights downstream segments
Second quarter of 2025: Financial highlights downstream segments Insulation & Construction Packaging & Components – food trading discontinued Net sales Net sales of EUR 116.7 million Net sales Net sales of EUR 84.7 million EUR million EUR million o -3% from Q224 o +11% from Q224 o EPS market price d
Slide 12: Financials: consolidated income statement
Financials Consolidated income statement Amounts in EUR million Q2 2025 Q2 2024 1H 2025 1H 2024 2024 Second quarter of 2025 Net Sales 208.2 207.5 396.2 391.1 773.2 • Net sales of EUR 208.2 million, up 0.4% Other operating income - - - - 2.0 Total operating income 208.2 207.5 396.2 391.1 775.2 • EBIT
Slide 13: Cash flow negatively impacted by working capital build-up
Financials Cash flow negatively impacted by working capital build-up Financing of AR ~55 million Cash flow Operating cash flow from total operations EUR million • Operating cash flow of EUR 1.0 million (23.0) o Lower EBIT especially in discontinued operations o WC increased EUR 7.2 million (decrease
Slide 14: Net debt impacted by seasonal WC build-up
Financials Net debt impacted by seasonal WC build-up • Net debt excl. IFRS 16 at EUR 291 million Leverage: Net debt/ EBITDA ratio(1) • RCF maturity in May 2026 -> classified as short-term • Net debt excl. IFRS increase of EUR ~25 million • WC build-up and CAPEX EUR ~45 million, offset by proceeds fr
Slide 15: Strategy recap
Second quarter of 2025 Strategy recap Second quarter of 2025 15
Slide 16: Well invested and lean platform
Well invested and lean platform Operational excellence, divestments of non-core assets, and equity raise Strengthened balance sheet - positioned to Measures taken accelerate growth 2021 2022 2023 2024 2025 Today • Expected market rebound • Capitalise on investments Investments Market development and
Slide 17: Sharpened focus to higher margin business with significant growth opportunities
Sharpened focus to higher margin business with significant growth opportunities Simplifying structure • Core business targeting energy efficient buildings and circular packaging and components • Retain advantage of diversified and integrated business model • Reducing financial exposure to volatile r
Slide 18: Positioned to accelerate growth in recovering markets
Positioned to accelerate growth in recovering markets ✓ Strong long-term market fundamentals ✓ Streamlined operations with room for production ramp-up ✓ Strengthening financial position ✓ Attractive M&A pipeline Second quarter of 2025 18
Slide 19: Summary and outlook
Second quarter of 2025 Summary and outlook Second quarter of 2025 19
Slide 20: Summary and outlook
Summary and outlook Creating solid platform for long-term growth • Sales and EBITDA growth for Q2 • Continued strong food packaging • Cautious building and construction markets • Circular segment steadily improving • Strengthening financial position, preparing for growth • Completed transactions • E
Slide 21: Bcw/
Bcw/ for a better everyday