Bewi Asa · OSL:BEWI
Bewi Asa — Debt Investor Presentation (September 2025)
69 slides from Bewi Asa's debt investor presentation, September 2025
Slide 1: Credit Investor Presentation September 2025
Credit Investor Presentation September 2025
Slide 2: Disclaimer (1/3)
Disclaimer (1/3) Acceptance of limitations: The information in this presentation (the “Presentation”) is furnished by BEWI ASA, Norwegian Reg. No. 925 437 948 (the “Company” and together with its direct and indirect subsidiaries the “Group”) solely for the recipient’s information in connection with
Slide 3: Disclaimer (2/3)
Disclaimer (2/3) Conflicts of interest: The Joint Bookrunners, their clients and their Representatives may hold shares, options or other securities of the Group and may, as principal or agent, buy or sell such securities and have, or may in the future, engage in financing transaction and other trans
Slide 4: Disclaimer (3/3)
Disclaimer (3/3) Target market: Solely for the purposes of the manufacturers’ (as used herein, “Manufacturers” refers to the Joint Bookrunners) product approval process, the target market assessment in respect of the Bonds has led to the conclusion that the target market for the Bonds is: Type of cl
Slide 5: 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 6: Summary of Risk Factors
Summary of Risk Factors RISKS RELATED TO THE GROUP’S BUSINESS ACTIVITIES AND INDUSTRY RISKS RELATED TO THE BONDS • Competitive landscape RISKS RELATED TO THE NATURE OF THE BONDS • Limitations on freedom of operation • Credit and Refinancing Risk • Disruption in IT systems • Dependency on subsidiarie
Slide 7: Issuer characteristics
Issuer characteristics Issuer characteristics Confirmation / verification of work conducted Issuer overview • The Issuer has participated in a bring-down due diligence call, confirming to the Managers that, inter alia, all marketing materials in all material aspects are correct and complete and that
Slide 8: Table of contents
TABLE OF CONTENTS 1 Transaction overview 9 - 14 2 Introduction to BEWI 15 - 23 3 Business and market overview 24 - 31 4 Financials 32 - 35 5 Risk factors 36 - 47 6 Appendix 48 - 68
Slide 9: Transaction overview
Chapter 1 Transaction overview
Slide 10: Summary of key terms
Summary of key terms Issuer BEWI ASA Status Senior Secured Security Share pledge in BEWiSynbra Group AB (publ) and Jackon Holding AS, shared with the SSRCF Issue Amount EUR 250m Borrowing Limit EUR 325m Tenor 4 years Amortization Bullet payment at maturity Issue Price 100% of par Interest Rate 3 mon
Slide 11: Simplified transaction structure
Simplified transaction structure Simplified post-refinancing transaction structure1) Commentary Security package BEWI Invest AS HAAS AS Kverva Industrier AS Other • The Bonds will be secured by first priority share pledges in BEWiSynbra 51.09% 14.13% 8.84% 25.94% Group AB (publ) and Jackon Holding A
Slide 12: Today's presenters
Today’s presenters Christian Bekken Marie Danielsson CEO of BEWI ASA CFO of BEWI ASA • Joined the company in 2002, appointed CEO in 2014 • Joined the company as CFO in 2015 • Former CEO of Smart Bolig, with various production and sales roles at BEWI • Former Auditor at KPMG and Vice President of Fin
Slide 13: Transaction in brief
Transaction in brief Summary Pro-forma capitalisation (as of Q2 2025) • BEWI is contemplating the issuance of new 4-year senior secured bonds of EUR 250m (the “Bonds” or the New bond, equity EURm 30 June 20252) PF Capitalisation “Bond Issue”) and RCF New senior secured bonds - 250.0 250.0 • The proc
Slide 14: Leverage expected to decrease by ~1.2x from measures already made
Leverage expected to decrease by ~1.2x from measures already made Net debt (excl. IFRS 16) effect from measures EBITDA (excl. IFRS 16) effect from measures already Net debt / EBITDA (excl. IFRS 16) effect from measures already made made already made EURm EURm LTM leverage (NIBD / EBITDA) excl. IFRS
Slide 15: Introduction to BEWI
Chapter 2 Introduction to BEWI
Slide 16: Protecting people and goods for a better everyday
Our vision Protecting people and goods for a better everyday Our mission To create value by offering sustainable solutions for packaging, components, and insulation in innovative and efficient ways. 16
Slide 17: BEWI is a leading provider of energy-efficient solutions for buildings and food packaging
BEWI is a leading provider of energy-efficient solutions for buildings and food packaging Sales split BEWI at a glance Broad European foothold with %-of group sales in Q2’25 1) strong local presence • Strong European platform from ~45 years of business development 14% 55x Downstream o Largest vertic
Slide 18: Development in BEWI since the last bond tap issue
Development in BEWI since the last bond tap issue Operational excellence, PMI, divestments of non-core assets, and equity raise Strengthened balance sheet - positioned to Last bond tap issue Measures taken accelerate growth 2021 2022 2023 2024 2025 Today • Expected market rebound • Capitalise on inv
Slide 19: Clear path towards reaching target leverage levels
Clear path towards reaching target leverage levels B&C1) market down ~40%, recovery expected with strong group EBITDA effect NIBD and leverage scenarios development (excl. operational cash-flow) Illustrative indexed B&C market volumes from ’21 NIBD (excl. IFRS 16) - EURm -40% See prev. page for ~100
Slide 20: Strategic priorities for BEWI group
Strategic priorities for BEWI group Sustainability embedded in corporate strategy – driving change and value 1 Sustain operational excellence and leverage on current offering and investments • People and leadership development Circular • Efficient and safe operations economy • Leverage on producing
Slide 21: Business and Market overview
Chapter 3 Business and Market overview
Slide 22: Integrated, flexible and circular value chain
Integrated, flexible and circular value chain RAW Insulation & Construction Packaging & Components Circular 49% ownership (I&C) (P&C) Production and sales of white and grey Development, production and sales of Development, production and sales of Collection and recycling of used EPS, expanded polyst
Slide 23: Megatrends creating opportunities
Megatrends creating opportunities Energy efficiency Sustainability and climate mitigation • Stricter regulations • Recycling and reusability, bio-based demand • Insulation key driver in reaching targets • Take-back systems and access to waste streams • Drives demand for HVAC • Legislation and cultur
Slide 24: I&C: Ready to capture growth from strong market fundamentals and well-invested platform
I&C: Ready to capture growth from strong market fundamentals and well-invested platform Segment overview Financial profile • Insulation solutions, mainly for the building and construction • Many and large acquisitions in 2021 and 2022 Sales split industry, incl. foundations, walls, roofs, industrial
Slide 25: I&C: Market drivers
I&C: Market drivers Combination of an expected rebound in … in combination with structural increased demand for insulation solutions will trigger the building and construction market… higher growth rates for insulation relative to construction in general Building permits development The EU Green dea
Slide 26: P&C: Stable earnings and cash generation
P&C: Stable earnings and cash generation Segment overview Financial profile1) • Standard and customized packaging solutions, including food and • Many acquisitions in 2021 and 2022, in addition to Sales split protective packaging, and technical components, incl. to automotive industry and to heating
Slide 27: P&C: Market drivers
P&C: Market drivers Food Automotive Heat pumps (HVAC) Strong growth within Atlantic salmon farming Increasing energy prices making heat pumps a more Structural growth of EPP into Electric Vehicles driving increased demand for fish boxes competitive heating option EPP in Cars (kg/car) Standard Develo
Slide 28: Circular: Frontrunner in the European EPS industry within recycling
Circular: Frontrunner in the European EPS industry within recycling Segment overview Financial profile • Circular is responsible for BEWI’s collection and recycling of used • Invested significantly in circular infrastructure and capabilities, including collection points and material machinery, recyc
Slide 29: Financials
Chapter 4 Financials
Slide 30: Development in revenue and EBITDA (2021 – Q2'25 LTM)
Development in revenue and EBITDA (2021 – Q2’25 LTM) Stable margins in challenging markets Net sales – continued and discontinued operations Comments EUR million • Net sales Net sales Discontinued operations • Negatively impacted by downturn in the building & construction (B&C) industry 2022-2024 •
Slide 31: Debt service capacity, with substantial additional headroom expected as B&C market recovers
Debt service capacity, with substantial additional headroom expected as B&C market recovers Illustrative cash flow bridge based on LTM and in a partial recovery scenario Commentary EUR million • Nearly 3 years of downturn in the B&C industry, resulting in significantly reduced volumes for I&C, and p
Slide 32: Summary of the investment opportunity
Summary of the investment opportunity 1 2 3 4 A leading European player Strong growth potential Pioneering the industry’s Earnings stability from with multiple #1 local from mega trends and change towards a circular revenue diversification market positions market recovery economy 5 6 7 Listed compan
Slide 33: Risk factors
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Slide 34: Risk Factors (1/11)
Risk Factors (1/11) An investment in corporate bonds always involves a certain degree of risk. A number of factors affect and may come to affect BEWI ASA (the “Issuer”) and its direct and indirect subsidiaries’ and joint venture’s (together with the Issuer, the “Group”) operations, earnings, financi
Slide 35: Risk Factors (2/11)
Risk Factors (2/11) Limitations on freedom of operation Within certain markets, the Group may have or may in the future have, a significant market share. As a result, the Group may be subjected to increased scrutiny under applicable competition laws and regulations. Consequently, there is a risk tha
Slide 36: Risk Factors (3/11)
Risk Factors (3/11) Fluctuations in cost and availability and quality of raw materials The largest component of the Group's cost of sales is raw material costs I&C and P&C purchase EPS raw materials from RAW JV. RAW JV purchases styrene to produce EPS. Styren is purchased on the international market
Slide 37: Risk Factors (4/11)
Risk Factors (4/11) The manufacturing of the Group's products includes multiple technical processes and is reliant on complex machinery. The plants are subject to the risk of breakdowns, government shutdowns or suspensions, inefficiencies, operational human errors, sabotage, technical failures, fire
Slide 38: Risk Factors (5/11)
Risk Factors (5/11) The Group may also not be successful in expanding or improving its product portfolio or may lack the expertise or financial resources in the development of new products. In addition, competitors may develop new materials with favourable physical characteristics, or which comply m
Slide 39: Risk Factors (6/11)
Risk Factors (6/11) Regulations, standards and health and safety regulations In 2018 the substance styrene, which is one of the raw material chemicals used by the joint venture owned by the Group, was classified by the International Agency for Research on Cancer as group 2A meaning that it is probab
Slide 40: Risk Factors (7/11)
Risk Factors (7/11) Risks related to the Issuer’s financial situation The Group may have difficulty accessing financing in sufficient time, on acceptable terms, or at all The Group primarily finances its operations through equity, own cash flow and interest-bearing debt, mainly consisting of the Bon
Slide 41: Risk Factors (8/11)
Risk Factors (8/11) RISKS RELATING TO THE BONDS Risks related to the nature of the Bonds Credit risk and refinancing risk Investors in the Bonds assume a credit risk towards the Group. The Company’s ability to service its debt under the Bonds and the payments to Bondholders under the Terms and Condi
Slide 42: Risk Factors (9/11)
Risk Factors (9/11) Security arrangements As continuing security for the due and punctual fulfilment of the Company’s obligations under the Bonds, the Company shall as first ranking security pledge to the agent and the Bondholders (represented by the agent) shares in certain Group Companies. Each se
Slide 43: Risk Factors (10/11)
Risk Factors (10/11) Even though if the Bonds are admitted to trading on the corporate bond list of Nasdaq Stockholm or any other regulated market in accordance with the above, the Bonds, which have a nominal value of EUR 100,000, may not always be actively traded and there is a risk that there will
Slide 44: Risk Factors (11/11)
Risk Factors (11/11) Risks relating to the Bondholders’ rights and representation The rights of Bondholders depend on the Agent’s actions By subscribing for, or accepting the assignment of, any Bond, each Bondholder accepts the appointment of the Agent (being, on the first issue date, Nordic Trustee
Slide 45: Appendix
Appendix = W/
Slide 46: Listed on OSE with a NOK ~4.5bn market cap and supportive shareholders
Listed on OSE with a NOK ~4.5bn1) market cap and supportive shareholders Market cap development (NOKbn)1) m shares Top 20 shareholders – post Private Placement Tranche 12) NOKbn Market cap (NOKbn) Volume (m shares) 40 # Shareholder Country Shares (#) Shares % 15 10 1 BEWI INVEST AS NOR 115,263,441 5
Slide 47: Experienced management team backed by long-term family ownership
Experienced management team backed by long-term family ownership • Listed on Oslo Stock Exchange with a market capitalization of ~NOK 4.51) billion • All of the current management team have been an integral part of the M&A-journey over the previous Christian Bekken Marie Danielsson Jonas Siljeskär K
Slide 48: Experienced board of directors
Experienced board of directors Gunnar Syvertsen Kristina Schauman Andreas M. Akselsen Anne-Lise Aukner Rik Dobbelaere Pernille Skarstein Chairman Board Member Board Member Board Member Board Member Board Member • Education: M.Sc. Engineering, • Education: M.Sc. Business • Education: M.Sc. Business •
Slide 49: BEWI developed from a local producer to a leading European provider and consolidator
BEWI developed from a local producer to a leading European provider and consolidator, building on +45 years of industrial experience 1,105 1,050 1,015 Net sales1) EUR million 748 463 430 381 195 170 102 170 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 M-Plast (FI), Investment in insulation
Slide 50: Recent M&A activity
Recent M&A activity Sharpened focus to higher margin business with significant growth opportunities • Simplifying structure – core business targeting energy efficient buildings and circular packaging and components • Strategic opportunities must meet requirements for core business, strengthening mar
Slide 51: BEWI RAW and Unipol have joined forces
BEWI RAW and Unipol have joined forces Aiming at becoming the most efficient EPS producer in Europe • Combination to strengthen position • Larger and more cost-effective ~400 000 3rd • Broad product offering with grey and recycled EPS capacity largest in Europe • BEWI Downstream largest customer • B
Slide 52: Robust JV with significant dividend capacity
Robust JV with significant dividend capacity Generating solid earnings over time • Combined 2024 revenues of EUR ~400 million BEWI RAW – 10yr historical EBITDA EUR million and % 80 22,0% • Combined 2024 volumes ~20% below avg. last 5 yrs 70 74 75 17,0% 60 Avg. EBITDA margin P&C ~15 % • Synergies and
Slide 53: Well-invested platform with significant barriers to entry and high earnings capacity
Well-invested platform with significant barriers to entry and high earnings capacity High barriers to entry and economies of scale protect Strategic acquisitions have reinforced and diversified the business model market position M&A Investments Insulation Packaging Circular Significant investments r
Slide 54: EPS has attractive product characteristics that enable reduced waste and energy consumption
EPS has attractive product characteristics that enable reduced waste and energy consumption Characteristics of EPS EPS products have characteristics that can contribute to major environmental gains Durable Example of environmental gains from EPS products Versatile Reduced food waste Lower energy con
Slide 55: Key credit highlights
Key credit highlights 1. Leading European provider of energy efficient solutions and packaging with multiple #1 local market positions 2. Strong growth potential from mega trends and market recovery 3. Earnings stability from revenue diversification 4. Pioneering the industry’s change towards a circ
Slide 56: European EPS market projects steady ~4% CAGR
European EPS market projects steady ~4% CAGR Increasing demand for EPS Development of white and grey EPS Development of end-user market ~4% 17% 17% 3% 3% 28% 29% Expected CAGR in the Forecasted increase European EPS market primarily driven by from 2023 to 2029 the B&C market 79% 80% 72% 71% 2023 202
Slide 57: Strong growth within Atlantic salmon farming driving increased demand for fish boxes
Strong growth within Atlantic salmon farming driving increased demand for fish boxes and higher P&C volumes Development in global supply of farmed Atlantic Salmon, 1,000 tonnes wfe1) Commentary Norway RoW ▪ BEWI is exposed to the fish farming industry, CAGR: being one of the biggest supplier of fish
Slide 58: EPP growth in the Automotive Sector
EPP growth in the Automotive Sector EPP Production forecasted to grow EPP Growth into Electric Vehicles EPP in Cars (kg/car) EPP Production Market Outlook • Expanded polypropylene (EPP) use in cars is Standard 80 000 increasing due to numerous benefits for both Premium vehicle performance and sustai
Slide 59: European heat pump market
European heat pump market Increasing gas prices making heat pumps a more competitive heating option 2024 was a year of challenges for the heat pump industry Annual number of sales of heat pumps in 19 European countries 3.0m • Overall, the trends for the past few years show that the market grew for a
Slide 60: Attractive platform with demonstrated history of M&A value creation
Attractive platform with demonstrated history of M&A value creation and significant investments made in recent years M&A has been an integral part of the BEWI growth journey Adj. EBITDA (EURm) Net debt / adj. EBITDA (excl. IFRS 16) With Q2’25 PF ’23 and ’24 affected by cyclically EBITDA margin (%) l
Slide 61: Net debt excl. IFRS 16 expected to decrease closer to prior levels
Net debt excl. IFRS 16 expected to decrease closer to prior levels with measures already taken Net debt (EURm) Net debt excl. IFRS 16 IFRS 16 debt Related to e.g. Jackon Net debt / adj. EBITDA (excl. IFRS 16) acquisition (50) 4.8x (75) 4.0.x 202 437 (10) (~23) ~372 188 ~155 169 191 111 Related to e.
Slide 62: Consolidated condensed P&L statement
Consolidated condensed P&L statement EURm Q2 2025 Q2 2024 1H 2025 1H 2024 2024 Net sales 208.2 207.5 396.2 391.1 773.2 Other operating income - - - - 2.0 Total revenue 208.2 207.5 396.2 391.1 775.2 Raw materials and consumables (78.1) (85.0) (147.1) (154.8) (300.5) Goods for resale (9.3) (11.8) (19.
Slide 63: Consolidated condensed BS statement
Consolidated condensed BS statement Assets Equity and Liabilities EURm 30 Jun 2025 30 Jun 2024 31 Dec 2024 EURm 30 Jun 2025 30 Jun 2024 31 Dec 2024 Non-current assets Equity Goodwill 200.4 244.1 205.4 Share capital 18.3 18.3 18.3 Other intangible assets 120.5 138.0 125.5 Additional paid-in capital 3
Slide 64: Consolidated condensed CF statement
Consolidated condensed CF statement EURm Q2 2025 Q2 2024 1H 2025 1H 2024 2024 Operating income (EBIT) (4.5) 13.5 (4.2) 16.0 20.0 Of which from continuing operations 3.8 5.5 0.9 4.6 8.5 Of which from discontinued operation (8.3) 8.0 (5.1) 11.4 11.5 Adjustment for non-cash items, etc. 23.8 15.1 41.4 3
Slide 65: Group legal structure (I/IV)
Group legal structure (I/IV) BEWI ASA (925 437 948) 49% BEWI Circular Holding AS BEWiSynbra Group AB BEWI Poland spółka zoo UAB BEWI Lithuania BEWI RAW Holding BV Jackon Holding AS (928989682) (publ) (556972-1128) (0000722985) (160421364) (96699930) (NO989087177) See separate slide (II/IV) See separ
Slide 66: Group legal structure (II/IV)
Group legal structure (II/IV) BEWiSynbra Group AB (publ) (556972-1128) Genevad Holding AB 34% 34% BEWI Automotive BEWI Circular BEWI Circular Genevad BEWI Denmark A/S BEWI I Öst AB BEWI Norway AS BEWi Packaging AB BEWi Automotive AB Hirsch France SAS Hirsch Porozell Poredo Holding BV Holding AB (556
Slide 67: Group legal structure (III/IV)
Group legal structure (III/IV) Genevad Netherlands B.V. (70824312) Synbra Holding B.V. (20095683) SYNBRA Synbra B.V. International B.V. (20080670) (20095676) Besto Verpakkings- Synprodo Moramplastics Stramit B.V. Ertecee B.V. Isobouw Systems Synprodo B.V. industrie B.V. Produktie B.V. B.V. (dormant)
Slide 68: Group legal structure (IV/IV)
Group legal structure (IV/IV) Jackon Holding AS (NO989087177) BEWI Insulation Norge AS BEWI Finland Oy BEWI Insulation Sverige AB BEWI Insulation Danmark Jackon Skurup Eiendom As Jackon Holding UK Ltd (NO913019334) (FI23525547) (SE556383-5742) A/S (DK20047941) (993 370 096) (1033313) Jackon Insulati
Slide 69: Bcw/
Bcw/ for a better everyday