Bewi ASA · OSL:BEWI
Bewi ASA — Q3 2026 Earnings Presentation
24 slides from Bewi ASA's earnings presentation, Nov 4, 2026
Slide 1: Third quarter of 2026
Third quarter of 2026 CEO Christian Bekken, CFO Stein Inge Liasjø Oslo, Norway, 4 November 2026
Slide 2: Our vision and core values
Our vision Protecting people and goods for a better everyday Core values Responsible ● Proud ● Stable ● Care of quality Third quarter of 2026 2
Slide 3: Q3 2026 highlights
Net sales EUR 227 million +12% EBITDA EUR 31.2 million +33% Adjusted EBITDA EUR 30.2 million +30% Q3 2026 highlights ✓ Sales and EBITDA growth for all segments Adjusted EBITDA margin 13.3% ✓ Continued margin improvement I&C +1.9 percentage points ✓ Record-high EBITDA for P&C Third quarter of 2026 ✓
Slide 4: Business & market update
Third quarter of 2026 Business & market update Third quarter of 2026 4
Slide 5: Sales growth and EBITDA improvement for all segments
Q3 2026 Sales growth and EBITDA improvement for all segments Net sales development Adj. EBITDA development 13.3% 5,0 3,0 0,3 2,5 15,2 11.4% 3,7 6,7 1,1 +12% 226,8 226,8 30,2 30,2 +30% 202,9 23,2 Q3 2025 I&C P&C Circular Eliminations Q3 2026 Q3 2025 I&C P&C Circular Unallocated Q3 2026 Third quarter
Slide 6: Solid development across business
YTD Q3 2026 Solid development across business Net sales development Adj. EBITDA development 12.9% 13,4 5,0 0,2 7,6 39,4 10,6 26,2 10.1% 8,1 673,1 673,2 86,5 86,6 625,3 599,1 +12% +43% 60,4 YTD Q3 2025 I&C P&C Circular Eliminations YTD Q3 2026 YTD Q3 2025 I&C P&C Circular Unallocated YTD Q3 2026 Thir
Slide 7: Insulation & Construction
Insulation & Construction Net sales EUR million Nordics & Baltics 21% Germany 42% Benelux 25% Other 12% +8% +6% 324,4 350,5 106,2 112,9 Sales growth and improved profitability Q3 2025 Q3 2026 YTD 2025 YTD 2026 • Regional and quarterly variations Adj. EBITDA EUR million and % • Y-o-Y volumes down 9%
Slide 8: Packaging & Components
Packaging & Components Net sales EUR million 22 % Food 44 % Automotive 7% HVAC 27 % Other +18% +16% 101,8 248,4 287,8 86,6 Q3 2025 Q3 2026 YTD 2025 YTD 2026 Record-high earnings from structurally strong base Adj. EBITDA EUR million and % • Sales growth for all product groups • Improved gross margins
Slide 9: Circular
Collected EPS volumes Circular thousand tonnes 9 281 9 314 34 780 28 177 Q3 2025 Q3 2026 YTD 2025 YTD 2026 Net sales EUR million +33% +29% 20,0 59,3 15,1 45,9 Proven business model, profitable development Q3 2025 Q3 2026 YTD 2025 YTD 2026 • Higher sales prices for recycled and traded materials Adj.
Slide 10: Group financials
Third quarter of 2026 Group financials Third quarter of 2026 10
Slide 11: Key financial considerations
Key financial considerations Clear strategic priorities drive profitable growth Structurally Sharp focus on Clear capital Strengthened increased cash flow through allocation financial position earnings capacity capital discipline priorities Third quarter of 2026 11
Slide 12: P&L – consolidated income statements
P&L – consolidated income statements Amounts in EUR million Q3 2026 Q3 2025 9m 2026 9m 2025 2025 Net Sales 226.8 202.9 673.2 599.1 796.2 Third quarter of 2026 Other operating income 2.3 1.0 20.5 1.0 2.3 • Net sales of EUR 227 million, up 12% Total operating income 229.1 203.9 693.7 600.1 798.6 • Ope
Slide 13: Strong financial position
Strong financial position • Debt mainly EUR 250 million bond loan maturing September 2029 250 • IFRS 16 liabilities relate to long-term property leases 509 • EUR 184 million available liquidity 109 • Cash of EUR 109 million • EUR 75 million unutilised credit facility 259 150 Debt and liabilities inc
Slide 14: 2.1x leverage per Q3 2026
2.1x leverage per Q3 2026 Leverage below target of 2.5x Leverage: Net debt1/ EBITDA ratio2 EUR million Q325 Q425 Q126 Q226 Q326 Leverage excl. IFRS 16 Target < 2.5 excl. IFRS 16 Notes: 1) Net interest bearing debt excl. IFRS 16, 2) EBITDA ratio: Adj. EBITDA excluding IFRS 16 rolling 12-months pro-fo
Slide 15: Solid free cash flow YTD
Solid free cash flow YTD 60% cash conversion YTD Free cash flow YTD 2026 EUR million Growth CAPEX (31,0) (4,4) (4,4) 11,6 (6,3) 86,6 52,1 Adj. Lease Maintenance & Change Taxes Free cash flow EBITDA payments growth CAPEX in WC to debt & equity Third quarter of 2026 15
Slide 16: Strengthened capital discipline
Strengthened capital discipline YTD Q326 CAPEX of EUR 11 million Quarterly CAPEX CAPEX going forward Maintenance CAPEX limited to 10-15 and total CAPEX to EUR ~20 million 4,1 2,4 1,6 1,2 4,7 1,6 4,3 2,4 2,4 1,6 Q325 Q425 Q126 Q226 Q326 CAPEX guidance Maintenance CAPEX Growth CAPEX Third quarter of 2
Slide 17: Clear capital allocation priorities
Clear capital allocation priorities Balancing shareholder distribution, high-margin growth opportunities and M&A Shareholder ▪ Board proposes NOK 1.15 per share in distribution extraordinary dividends based on 2025 accounts Key investment criteria: ▪ Strengthen value chain and/or market position Gro
Slide 18: Concluding comments
Third quarter of 2026 Concluding comments Third quarter of 2026 18
Slide 19: Summary and key priorities
Summary and key priorities • Continued growth and profitability improvements across group • Continuous focus on operational execution • Grow on installed capacity & competitive edge • Maintain 5-7% growth outlook in key markets Mid-term targets EUR 1 bn 15% net sales adj. EBITDA margin Second quarte
Slide 20: for a better everyday
Bcw/ for a better everyday
Slide 21: 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 22: Appendix
Third quarter of 2026 Appendix Third quarter of 2026 22
Slide 23: Net debt
Net debt Amounts in EUR million 30.09. 2026 31.12.2025 30.09.2025 Third quarter of 2026 • Cash and cash equivalents of EUR 108.8 million Cash and cash equivalents 108.9 64.5 72.3 • Other financial assets include the value of the Non-current liabilities excl. IFRS 16 254.4 255.9 257.2 contingent cons
Slide 24: for a better everyday
Bcw/ for a better everyday