Slide 1: First quarter of 2026
First quarter of 2026 CEO Christian Bekken, CFO Marie Danielsson, CSO Stein Inge Liasjø Oslo, Norway, 7 May 2026
Slide 2: Strengthened earnings capacity, profitable Circular, strong start of Q2
Strengthened earnings capacity Profitable Circular segment Strong start of Q2 First quarter of 2026 2
Slide 3: Clear path to 15% EBITDA margin
Clear path to 15% EBITDA margin In today’s market conditions Re-negotiated supplier agreements Operational Increased operational efficiencies improvements Organisational adjustments Business model enhancements Expanded vertical integration EPP Capitalising on recent strategic Positioned
Slide 4: Highlights Q1 2026
Highlights Q1 2026 Operational improvements strengthen earnings capacity • Sustainable positive results from measures implemented Net sales 198.6 million • Volume growth in all markets +6% Adj. EBITDA • Significant EBITDA improvement 22.2 million +44% • Continued solid progress across P&C Adj. EBITD
Slide 5: Business & market update
First quarter of 2026 Business & market update First quarter of 2026 5
Slide 6: Integrated and circular business model
Integrated and circular business model Insulation & Construction Packaging & Components Circular RAW (I&C) (P&C) Development, production and sales of Development, production and sales of Collection and recycling of used EPS, Production and sales of white and grey insulation solutions for the buildin
Slide 7: Insulation & Construction
Insulation & Construction Volumes +4% 25% 34% Nordics & Baltics Germany Benelux 28% 13% Other Net sales EUR million -2% 101,4 116,7 106,2 96,5 99,5 Continued volume growth Q125 Q225 Q325 Q425 Q126 • Growth in Nordics, impact product mix and margins Adj. EBITDA EUR million and % • Slow start to Q1, v
Slide 8: Packaging & Components
Packaging & Components 22 % Food 37 % Automotive 8% HVAC 33 % Other Net sales EUR million +14% 77,1 84,7 86,6 90,7 88,0 Q125 Q225 Q325 Q425 Q126 Growth in all markets, structurally stronger base Adj. EBITDA EUR million and % +49% • Strong markets and improved operational performance • Recent investm
Slide 9: Circular
Circular Collected volumes +12% Net sales EUR million +26% 16,6 15,1 17,9 14,2 14,4 Solid operational and financial progress Q125 Q225 Q325 Q425 Q126 • Increased collection, production, and sales of rGPPS Adj. EBITDA EUR million and % +2.3m • Higher operational efficiency, lower cost base -8.0% 6.8%
Slide 10: Group financials
First quarter of 2026 Group financials First quarter of 2026 10
Slide 11: Financial overview Q1 2026
Financial overview Q1 2026 Volume growth in all segments, significant profitability improvement Net sales Q1 2026 Adj. EBITDA Q1 2026 11.2% 3,7 (1,9) (0,1) 2,3 10,9 (1,9) 8.2% 4,6 (0,1) 196,9 198,7 198,6 22,2 187,9 186,0 15,5 Q1 2025 I&C P&C Circular Eliminations Q1 2026 Q1 2025 I&C P&C Circular Una
Slide 12: P&L – consolidated income statements
P&L – consolidated income statements Amounts in EUR million Q1 2026 Q1 2025 2025 796.2 Net Sales 198.6 187.9 First quarter of 2026 Other operating income 10.9 - 2.3 • Net sales of EUR 198.6 million, up 5.7% Total operating income 209.5 187.9 798.6 Raw materials and consumables -63.9 -69.1 -281.9 • O
Slide 13: Cash flow from operating activities
Cash flow from operating activities Kept high inventory at favourable prices, working capital release in Q2 Free cash flow Q1 2026 Cash flow from total operating activities EUR million EUR million Financing of AR Financing of AR 23,0 49,1 33,4 1,0 11,4 13,5 1,9 -20,2 -10,7 (10,1) Q124 Q224 Q324 Q424
Slide 14: Financial position
Financial position Solid financial position and decreasing leverage despite high inventory Leverage: Net debt/ EBITDA ratio(1) • Long term financing secured EUR million • Net debt of EUR 202m (excl. IFRS 16) • Cash of EUR 59m, plus EUR 75m available credit facility 4,0 EUR million 31.03.2026 31.12.2
Slide 15: Summary & outlook
First quarter of 2026 Summary & outlook First quarter of 2026 15
Slide 16: On path to 15% EBITDA margin
On path to 15% EBITDA margin • Simplified structure, focus on higher margin areas • Operational improvements 16 • Profitable Circular segment • Capitalising on strategic investments First quarter of 2026 16
Slide 17: Growth from market trends and structural developments
Growth from market trends and structural Net sales EUR million developments 5-7% CAGR 773 796 ..combined with improved profitability ~6% CAGR expected for new Building & build residential during 26’ – 28’ construction in Europe1 2024 2025 … Illustration Growth from awarded platform Automotive Adj. E
Slide 18: 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 19: BeW/
BeW/ for a better everyday