Slide 1: Fourth quarter and preliminary full year 2025 results
Fourth quarter and preliminary full year 2025 results CEO Christian Bekken, CFO Marie Danielsson, CSO Stein Inge Liasjø Oslo, Norway, 12 February 2026
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: Our vision: Protecting people and goods for a better everyday
Our vision Protecting people and goods for a better everyday 3
Slide 4: Recent opening of new recycling facility in Fredrikstad
Recent opening of new recycling facility in Fredrikstad Fourth quarter and full year of 2025 4
Slide 5: Continued volume and profitability improvements
Highlights Q4 and full year 2025 Continued volume and profitability improvements Net sales (EURm) • Sales growth and profitability improvements in +3% +3% Q4 and full year 2025 • Q4 developments in line with previous quarters 191 197 773 796 o Volume increase for all segments Q424 Q425 2024 2025 o P
Slide 6: Business & market update
Fourth quarter of 2025 Business & market update Fourth quarter and full year of 2025 6
Slide 7: 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 8: Insulation & Construction
< 2 ar 3) S — 5 n < ° O 3 < (e) g acs S n &
Slide 9: Increasing volumes in cautious markets
+2% Increasing volumes in cautious markets Volumes Positive development in Nordics 23% Nordics & Baltics 41% Germany 26% Benelux 10% Other • Increasing volumes in continued slow markets, with large variations across regions Net sales EUR million -5% • Raw material price drop impacting net sales • St
Slide 10: Packaging & Components
Packaging & Components 10
Slide 11: Strong sales and EBITDA growth
Strong sales and EBITDA growth Food Solid quarter across major end-markets 22% 38% Automotive 7% HVAC 33% Other Net sales EUR million +13% • Automotive key driver for Q4 improvement • Food packaging in line with a strong Q4 2024 308,3 339,1 90,7 80,2 • HVAC sales continue to grow Q424 Q425 2024 2025
Slide 12: Circular
Circular 12
Slide 13: Volume and sales growth
Volume and sales growth Profitability improvements offset by lower gross margin • Increased volumes and sales for Q4 • Sales of rGPPS up 32% from 2024 to 2025, giving higher Net sales +6% utilisation and cost efficiency EUR million • Implemented initiatives have reduced cost, effect offset by lower
Slide 14: Group financials
Fourth quarter of 2025 Group financials Fourth quarter and full year of 2025 14
Slide 15: Financial overview Q4 and full year 2025
Financial overview Q4 and full year 2025 Sales and EBITDA improvement driven primarily by the packaging business Net sales Q4 Adj. EBITDA Q4 10.6% 0,8 0,5 (5,4) 10,5 10.0% 0,2 0,1 2,9 (1,0) 195,8 196,6 197,2 190,7 185,3 21,0 19,1 Q4 2024 I&C P&C Circular Eliminations Q4 2025 Q4 2024 I&C P&C Circular
Slide 16: P&L – consolidated income statements
P&L – consolidated income statements Amounts in EUR million Q4 2025 Q4 2024 2025 2024 Fourth quarter of 2025 197.2 190.7 796.2 773.2 Net Sales 1.3 1.7 • Net sales of EUR 197.2 million, up 3.4% Other operating income 2.3 2.0 Total operating income 198.5 192.5 798.6 775.2 • Operating income excl. asso
Slide 17: Cash flow from operating activities
Cash flow from operating activities Inventory build-up at low prices to position for price increase Free cash flow Q4 2025 Cash flow from total operating activities EUR million EUR million Financing of AR 28,8 23,0 49,1 33,4 1,0 11,4 13,5 -20,2 -10,7 (9,8) Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q42
Slide 18: Financial position
Financial position Long term financing secured and leverage decreasing • Long term financing secured Leverage: Net debt/ EBITDA ratio(1) • Bond loan EUR 250 million and RCF EUR 75 million EUR million • Financing of accounts receivables EUR 75 million • Net debt of EUR 197.4 million (excl. IFRS 16) •
Slide 19: Summary & outlook
Fourth quarter of 2025 Summary & outlook Fourth quarter and full year of 2025 19
Slide 20: Priorities to deliver on key financial targets
Priorities to deliver on key financial targets Sharpened focus, improving profitability Simplified structure – focusing on higher margin areas • Reduced ownership in RAW, divested traded packaging Adj. EBITDA ~15% • Strategic development of Automotive Profitability improvements • Implemented measure
Slide 21: BEWI – for a better everyday
BeW/ for a better everyday