Slide 1: Second quarter and first half of 2026
Second quarter and first half of 2026 CEO Christian Bekken, CFO Stein Inge Liasjø, Oslo, Norway, 19 August 2026
Slide 2: Topics for today
Topics for today Strategy & market Q2 update Financials update Second quarter and first half of 2026 2
Slide 3: Q2 2026 highlights
Net sales 247.8 million +19% Adj. EBITDA 34.2 million +57% Adj. EBITDA margin 13.8 % +3.4 percentage points Q2 2026 highlights EBITDA ✓ Strong results across the group 36.1 million +77% ✓ Significant margin uplift I&C ✓ Solid cash generation Second quarter and first half of 2026 3
Slide 4: Sales growth and earnings improvement across group
Sales growth and earnings improvement across group Net sales development Adj. EBITDA development 13.8% 4,7 13,3 2,8 2,3 21,5 10.4% 7,1 247,8 243,0 34,2 229,7 +19% 31,1 +57% 28,8 208,2 21,7 Q2 2025 I&C P&C Circular Q2 2026 Q2 2025 I&C P&C Circular Q2 2026 Second quarter and first half of 2026 4
Slide 5: Insulation & Construction
Insulation & Construction Net sales EUR million +18% 20% Nordics & Baltics 43% Germany 25% Benelux Other 13% 138,2 116,7 106,2 96,5 99,5 Q225 Q325 Q425 Q126 Q226 Strong growth and margin uplift Adj. EBITDA +69% • Volume growth of 14%, all regions contributing EUR million and % • Measures to improve
Slide 6: Packaging & Components
Packaging & Components Net sales EUR million +16% 21 % Food 39 % Automotive 8% HVAC 32 % Other 84,7 86,6 90,7 88 97,9 Q225 Q325 Q425 Q126 Q226 Solid performance across end markets Adj. EBITDA EUR million and % +17% • Steady growth from all key end markets 15.8% • Seafood packaging largest contributo
Slide 7: Circular
Collected volumes Circular thousand tonnes +68% 12,3 13,7 8,2 9,3 9,7 Q225 Q325 Q425 Q126 Q226 Net sales EUR million + 28% 21,3 16,6 15,1 17,9 14,4 Q225 Q325 Q425 Q126 Q226 Proven business model and market tailwinds Adj. EBITDA • High virgin prices - growth in volumes and sales prices EUR million an
Slide 8: P&L – consolidated income statements
P&L – consolidated income statements Amounts in EUR million Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Net Sales 247.8 208.2 446.4 396.2 796.2 Second quarter of 2026 Other operating income 7.3 - 18.2 - 2.3 • Net sales of EUR 247.8 million, up 19% Total operating income 255.1 208.2 464.6 396.2 798.6 • Oper
Slide 9: Strategy & market update
Second quarter of 2026 Strategy & market update Second quarter and first half of 2026 9
Slide 10: Protecting people and goods for a better everyday
Our vision Protecting people and goods for a better everyday Core values Responsible ● Proud ● Stable ● Care of quality Second quarter and first half of 2026 10
Slide 11: Revenue and margins in clear recovery
Revenue and margins in clear recovery Growing from sharpened portfolio – more cost competitive and higher margins Net sales1 Adj. EBITDA1 EUR million 200 EUR million and % 20% 180 18% 160 16% 140 14% • Optimised cost and 12% 120 12% capacity 10% 9% • Sharpened portfolio 100 10% 847 796 80 8% 773 60
Slide 12: A robust portfolio, fit for a recovering market
A robust portfolio, fit for a recovering market Clear strategic priorities drive profitable growth Industry Industry leader Strategically Spare capacity, Unique compounder with strong local invested to high operating circular delivering long- market outgrow the leverage and business model term profi
Slide 13: Exposure to high-growth markets
Exposure to high-growth markets Increasing demand for energy-efficient buildings and sustainable packaging solutions MARKET EXPOSURE Energy efficient building solutions Food packaging solutions - Insulation and HVAC Key drivers: ▪ Growth in salmon farming ▪ Increased demand for recycled feedstock Ke
Slide 14: Industry leader with strong local market positions
Industry leader with strong local market positions Growing with customers through local presence and value-added solutions • Broad European coverage with 60 own facilities + JVs • Long-standing relationships based on proximity to customers • Increasing share of value-added products, deserving of pre
Slide 15: Strategically invested in areas with higher growth and margin potential
Strategically invested in areas with higher growth – and margin potential ~EUR 90-100m Energy-efficient building solutions Food packaging Automotive invested • Value added products and • Two new fish box facilities • Up-front investments for large- in growth projects system solutions co-located with
Slide 16: A circular business model – creating advantages for customers and BEWI
A circular business model – creating advantages for customers and a competitive edge for BEWI 1 • Fish boxes produced with virgin feedstock • Transporting salmon to Poland for processing 1 2 • Boxes are collected, compressed and processed • Granulates shipped to BEWI’s recycling facilities 3 3 • Gra
Slide 17: Available capacity and high operating leverage means high incremental margins
Available capacity and high operating leverage means high incremental margins Insulation & Construction: EBITDA effect of 10% volume growth - illustrative EUR million and % • Insulation & Construction currently operating at ~65-75% utilisation with high operating leverage 10% 53 volume • 7% volume i
Slide 18: Our path to 15% target EBITDA margin
Our path to 15% target EBITDA margin Competitive strength translating into higher margins Adj. EBITDA margin expansion Key driver Insulation & 10-15% Higher capacity utilisation Construction LTM Q2’26 ~10% ~15% Return on 10% 12% Packaging & 15-20% automotive Components LTM Q2’26 ~16% investments Sca
Slide 19: Outlook supporting profitable growth
Outlook supporting profitable growth Mid-term milestones in our long-term growth journey Net sales and adj. EBITDA-margin EUR million and % 1000 EUR 1 billion net sales 847 900 796 800 773 15% EUR 150 million adj. EBITDA 700 12% 600 10% Invested and positioned to grow faster 500 9% than the 5-7% mar
Slide 20: M&A will offer further growth opportunities
M&A will offer further growth opportunities Sales increased 5x last 10 years or >17% annually Revenue EUR million 1 000 847 Revenue has increased 5x over the last 10 years, or by >17% annually Recovering growth and higher profitability strengthens BEWI’s position as industry winner 170 Attractive gr
Slide 21: Financials
Second quarter of 2026 Financials Second quarter and first half of 2026 21
Slide 22: Key financial considerations
Key financial considerations Clear strategic priorities drive profitable growth Aiming to Structurally Sharp focus on Clear capital outpace a increased cash flow through allocation recovering market earnings capacity capital discipline priorities Second quarter and first half of 2026 22
Slide 23: Volume growth drives earnings improvements
Volume growth drives earnings improvements Operational improvements reinforcing this effect Adj. EBITDA EUR million 12% 3 (3) 3 4 Improving markets and positions - Volume growth and price increases 17 - From strong headwind to mild tailwind 10% Benefiting from growth investments - Increased earnings
Slide 24: Solid financial position
Solid financial position • EUR 250 million bond loan 219 maturing September 2029 • Available liquidity of EUR 167 • Cash of EUR 92 million 479 92 • Unutilised credit facility of EUR 75 million 259 • IFRS 16 liabilities relate to long- 168 term property leases Debt and IFRS 16 Debt excl. Cash and Tot
Slide 25: Quickly deleveraging towards target below 2.5x
Quickly deleveraging towards target below 2.5x Leverage: Net debt1/ EBITDA ratio2 EUR million 2,7 Q225 Q325 Q425 Q126 Q226 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-forma a
Slide 26: Sharp focus on cash flow
Sharp focus on cash flow 48% cash conversion LTM, including WC release and reduced CAPEX Free cash flow LTM Q2 2026 EUR million (44,7) Growth CAPEX 100,6 (9,7) (4,8) 19,5 (13,0) 47,9 Adj. Lease Maintenance & Change Taxes Free cash flow EBITDA payments growth CAPEX in WC Second quarter and first half
Slide 27: Targeting CAPEX at EUR ~20 million mid-term
Targeting CAPEX at EUR ~20 million mid-term Rolling 12-months CAPEX Illustrative CAPEX Maintenance CAPEX limited to 10-15 and total CAPEX to EUR ~20 million 18,9 21,9 24,2 15,2 9,7 16,9 15,2 14,3 13,0 12,2 Q225 Q325 Q425 Q126 Q226 Level going forward Maintenance CAPEX Growth CAPEX Second quarter and
Slide 28: Strong cash flow outlook
Strong cash flow outlook High cash conversion expected on incremental revenue Mid-term targets Illustrative free cash flow based on mid-term targets EUR million • Net sales of EUR 1 billion • Adj. EBITDA of EUR 150 million ~45 Cash flow outlook • Stable lease payments ~50% • CAPEX of EUR ~20 million
Slide 29: Clear capital allocation priorities
Clear capital allocation priorities Balancing shareholder distribution, high-margin growth opportunities and M&A Clear dividend policy: Shareholder ▪ Dividends distribution ▪ Share buy-backs Key investment criteria: ▪ Strengthen value chain and/or market position Growth ▪ High margin, growth segment
Slide 30: Concluding comments
Second quarter of 2026 Concluding comments Second quarter and first half of 2026 30
Slide 31: Key strategic priorities for long-term growth
Key strategic priorities for long-term growth Near-term priorities • Continue cost and efficiency optimisations • Optimise working capital and capitalise on investments • Continue improving circular business Medium term • Grow from recovery in building and construction markets • Grow beyond market b
Slide 32: Set for growth and improved profitability
Set for growth and improved profitability ~15% <2.5x 30-50% 2 Adj. EBITDA margin NIBD/Adj. EBITDA1 Dividends On path to 15% Closing in on Returning to margin for group leverage target dividend position Second quarter and first half of 2026 Notes: 1) Excluding IFRS 16, 2) % of net profit 32
Slide 33: A robust industrial company, fueled by market demands
A robust industrial company, fueled by market demands Rebuilt earnings capacity and increased financial flexibility 1 Structural tailwinds supporting a diversified and circular business model 2 Strategically invested to grow faster than the market 3 Increasing capacity utilisation set to drive margi
Slide 34: 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 35: Appendix
Second quarter of 2026 Appendix 35
Slide 36: Net debt
Net debt Amounts in EUR million 30.06. 2026 31.12.2025 30.06.2025 Second quarter of 2026 • Cash and cash equivalents of EUR 91.7 million Cash and cash equivalents 91.7 64.5 34.5 Non-current liabilities excl. IFRS 16 255.1 255.9 319.4 • Other financial assets include the value of the contingent consi
Slide 37: Bcw/
Bcw/ for a better everyday