Bewi Invest Asa · OSL:BINT
Bewi Invest Asa — Debt Investor Presentation (November 2025)
76 slides from Bewi Invest Asa's debt investor presentation, Nov 25, 2025
Slide 1: Credit Investor Presentation
Credit Investor Presentation 25 November 2025
Slide 2: Disclaimer (1/3)
Disclaimer (1/3) This presentation, together with its appendices (collectively, the "Presentation") has been produced by BEWI Invest AS (the "Issuer" or the "Company", and together with its subsidiaries excluding the Operating Companies (as defined in the term sheet), the "Group") solely for informa
Slide 3: Disclaimer (2/3)
Disclaimer (2/3) An investment in the Bonds involves a high level of risk, and several factors could cause the actual results or performance of the Issuer and the Group to be different from what may be expressed or implied by statements contained in this Presentation. An investment in the Bonds is o
Slide 4: Disclaimer (3/3)
Disclaimer (3/3) In relation to each Member State of the European Economic Area (each, a "Relevant State"), no offer of Bonds will be made to the public in that Relevant State other than: (a) to any legal entity which is a "qualified investor" as defined in the Prospectus Regulation; (b) to fewer th
Slide 5: Summary of risk factors
Summary of risk factors An investment in the Bonds involves inherent risks, and an investment in the Bonds is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of their investment. The following risk factors discuss
Slide 6: Issuer characteristics
Issuer characteristics Overview Confirmation work conducted in relation to the transaction Issuer overview ▪ The Issuer will sign a declaration of completeness and has participated in a bring-down due diligence call, confirming to the Managers that, inter alia, all marketing materials in all materia
Slide 7: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 8: Transaction summary
Transaction summary Summary Pro forma capitalization table (as of end of Oct. 25) ▪ BEWI Invest AS, a Norwegian investment company, is contemplating the issuance of a new NOK 1,000m senior secured bond with a tenor of 3.25 years (the “Bonds”) Capitalization table (NOKm) Pre bond ∆ Post bond ▪ The Bo
Slide 9: Transaction structure
Transaction structure Simplified transaction overview(1) Key structuring considerations ▪ Bonds supported by a total security value of NOK 4,730m through both listed assets (BEWI ASA) and Bekken Invest AS unlisted assets (Sinkaberg AS and Corvus Estate AS) corresponding to a net LTV(4) of 31% on the
Slide 10: Summary of the bond terms
Summary of the bond terms Issuer: BEWI Invest AS Guarantor: Frøya Invest AS Issue Amount: NOK 1,000m Including i) refinance all of the existing seller credit structured as preference shares, ii) a partial repayment and cancellation of the SSRCF, iii) repayment of outstanding hybrid bond interest, an
Slide 11: Security package linked to high-quality companies with robust LTVs
Security package linked to high-quality companies with robust LTVs, proven track records, and deep sector experience ▪ 45 years of industrial experience ▪ ~31% net LTV(1) ▪ More than 1.9bn in equity and 1.1bn in liquidity raised since 2021 ~40% of security package(2) ~54% of security package(2) <10%
Slide 12: Today's presenters
Today’s presenters Bjørnar André Ulstein Bård Skogstad CEO of BEWI Invest CFO of BEWI Invest ▪ CEO for the past 4 years, having first served ▪ Experience from listed and growth companies as Investment Director in aquaculture, technology, and industrials ▪ Brings +12 years of experience from ▪ Expert
Slide 13: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 14: Key credit highlights
Key credit highlights Proven track record of ▪ Founded and led by the Bekken family, with a multi-decade record of disciplined growth and successful capital markets transactions value creation through 45 1 ▪ Demonstrated ability to build, scale and realize value through IPOs, M&A, and active ownersh
Slide 15: BEWI Invest has developed from a local producer to a leading European provider
Key credit highlights | #1 - Proven track record BEWI Invest has developed from a local producer to a leading European provider and consolidator, building on ~45 years of industrial experience 2025 2024 2023 Contemplated merger of BEWI Invest and KMC Properties to list at Oslo 2020 Value realization
Slide 16: BEWI Invest is a long-term, hands-on investor with a high-quality asset portfolio
Key credit highlights | #1 - Proven track record BEWI Invest is a long-term, hands-on investor with a high-quality asset portfolio ensuring a conservative LTV BEWI Invest in brief High quality asset portfolio ▪ BEWI Invest AS was established in 2017 as the Bekken family’s private investment arm to h
Slide 17: BEWI Invest has a clear portfolio strategy divided into two main groups
Key credit highlights | #1 - Proven track record BEWI Invest has a clear portfolio strategy that is divided into two main groups Core long-term portfolio Specialist companies & M&A platforms Fundamentals Fundamentals Preserve long-term Hands-on approach to all Maintain the flexibility Specialist SME
Slide 18: Benefiting from steady structural tailwinds and improving market fundamentals
Key credit highlights | #2 – Exposed to structural megatrends Benefiting from steady structural tailwinds and improving market fundamentals across BEWI ASA’s and Sinkaberg’s core markets Megatrends improving market outlook for BEWI ASA Megatrends improving market outlook for Sinkaberg Energy efficie
Slide 19: Diversified portfolio offering exposure across growth sectors and megatrends
Key credit highlights | #2 – Exposed to structural megatrends Diversified portfolio offering exposure across growth sectors and megatrends Sustainable materials and Seafood and sustainable Real-estate and mission energy efficiency food production critical assets Market rationale Market rationale Mar
Slide 20: BEWI ASA – a strong European platform from ~45 years of business development
Key credit highlights | #3 – Strong asset backing BEWI ASA – a strong European platform from ~45 years of business development BEWI ASA in brief Integrated, flexible and circular value chain, positioned to reach target debt levels for dividend payments Strong European platform from ~45 years of busi
Slide 21: Sinkaberg – a top performing salmon farmer with low leverage
Key credit highlights | #3 – Strong asset backing Sinkaberg – a top performing salmon farmer with low leverage Sinkaberg in brief Key highlights Kt, HOG Harvest volume Superior share & survival rate(2,3) Sinkaberg is an integrated salmon farmer with 40%(1) Superior Share Superior share Norway avg. o
Slide 22: Corvus Estate – a real estate focused platform
Key credit highlights | #3 – Strong asset backing Corvus Estate – a real estate focused platform with a disciplined investment strategy Corvus Estate in brief KMCP case study & Corvus Estate KPIs Corvus Estate is a well-established real estate portfolio KMCP – Case study and a platform for owning an
Slide 23: High-quality portfolio and liquid assets provide strong asset backing
Key credit highlights | #3 – Strong asset backing High-quality portfolio and liquid assets provide strong asset backing Pro forma net asset value (NAV) break-down(1) Pro forma loan-to-value (LTV) Value (NOKm) Share of GAV (%) NOKm BEWI ASA (Pledged shares)(2) 1,883 37 % BEWI ASA (Exempted shares)(3)
Slide 24: Strong operational performance and a stable cost base
Key credit highlights | #4 – Dividend and liquidity flexibility Strong operational performance and a stable cost base Pro forma ownership adjusted financials for BEWI ASA and Sinkaberg AS(1,2) Unconsolidated financials Commentary Sales(3) Operating cash flow(3) Operating profit LTM Q3 2025 ▪ Revenue
Slide 25: Demonstrated ability to generate liquidity
Key credit highlights | #4 – Dividend and liquidity flexibility Demonstrated ability to generate liquidity Liquidity generation (2021 – Q3 2025) Key sources to liquidity NOKm equiv. Share and Debt issues + Dividends ▪ Capital markets: external liquidity sources Divestments and Reallocations Proven t
Slide 26: BEWI ASA shows resilient cash flow and strong share liquidity
Key credit highlights | #4 – Dividend and liquidity flexibility BEWI ASA shows resilient cash flow and strong share liquidity despite a challenging market Historical cash flow and net income Comments Operational cash flow Net Income Dividend NOKm equiv.(1) BEWI ASA has been through an investment pha
Slide 27: BEWI ASA is in a deleveraging phase to enable future dividend payments
Key credit highlights | #4 – Dividend and liquidity flexibility BEWI ASA is in a deleveraging phase to enable future dividend payments Deleveraging phase to enable dividend payments Markets expecting near-time operational improvement EURm Adj. EBITDA NIBD/EBITDA (excl. IFRS 16) 2020 Illustrative 4.5
Slide 28: Sinkaberg's strong operating company cash flow generation supporting dividend capacity
Key credit highlights | #4 – Dividend and liquidity flexibility Sinkaberg’s strong operating company cash flow generation supporting dividend capacity Historical cash flow and net income Comments Net income Dividends Dividend payout ratio 74% 52% 45% 47% 110% 40% 23% 23% 23% 24% 24% 24% 24% 25% 65%
Slide 29: Supportive liquidity capacity from operations and active portfolio management
Key credit highlights | #4 – Dividend and liquidity flexibility Supportive liquidity capacity from operations and active portfolio management Illustrative liquidity bridge NOKm 3 Illustrative Cash flow from investing activities 2 1. There is an option agreement with a third-party for the Cash flow f
Slide 30: BEWI Invest's long-term financial targets
Key credit highlights | #4 – Dividend and liquidity flexibility BEWI Invest's long-term financial targets Min. 15-25% NOK 400m Net Loan to Value Liquidity Return on Equity Conservative level to Solid reserves (cash Committed to preserve a solid and available credit) to delivering competitive, balanc
Slide 31: Highly experienced management team and supervisory board
Key credit highlights | #5 – Long-term, hands-on ownership Highly experienced management team and supervisory board leveraging decades of industrial experience Key personnel Supervisory Board Bjørnar Andrè Ulstein Bård Skogstad Stig Wærnes Lisa Lockert Bekken Bernt Thoresen Anne Strøm Nakstad CEO CF
Slide 32: Strong ownership built on industrial expertise and international experience
Key credit highlights | #5 – Long-term, hands-on ownership Strong ownership built on industrial expertise and international experience About Bekken Invest (53.1%) Other shareholders (46.9%) ▪ Private investment company owned by the Bekken family, focusing on long-term industrial Kastor Invest Holdin
Slide 33: Active owner driving growth and transformation through distinct value levers
Key credit highlights | #5 – Long-term, hands-on ownership Active owner driving growth and transformation through distinct value levers Core value creation principles Sinkaberg: Case study Long-term industrial perspective Value creation through an entrepreneurial vision and a hands-on active ownersh
Slide 34: Key credit highlights
Key credit highlights Proven track record High-quality, Conservative balance Several available Long-term, hands-on of value creation diversified portfolio sheet with strong levers to release ownership by through 45 years of exposed to structural asset backing and liquidity for debt industrial famili
Slide 35: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 36: BEWI ASA is a market leader in industrial solutions and packaging
BEWI ASA is a market leader in industrial solutions and packaging Leading European Earnings stability from a Listed company with provider of energy well-invested platform prudent financial policy efficient solutions and with high barriers to entry and a clear plan for packaging with multiple and eco
Slide 37: Leading European provider of energy efficient solutions and packaging
Core long-term portfolio | BEWI ASA Leading European provider of energy efficient solutions and packaging with multiple #1 local market positions Insulation & Construction (I&C) Packaging & Components (P&C) Circular Development, production and sales of insulation Development, production and sales of
Slide 38: BEWI ASA has developed from a local producer to a leading European provider
Core long-term portfolio | BEWI ASA BEWI ASA has developed from a local producer to a leading European provider and consolidator with a protected market position, building on +45 years of experience Strategic acquisitions have reinforced and diversified the business model High barriers to entry prot
Slide 39: Robust earnings and stable margins in continued operations
Core long-term portfolio | BEWI ASA Robust earnings and stable margins in continued operations Net sales(1) Comments EURm Continued operations Discontinued operations Net sales ▪ Negatively impacted by downturn in the building & construction (B&C) industry 2022-2024 284 242 372 169 ▪ Growth from acq
Slide 40: Deleveraging measures made for BEWI ASA
Core long-term portfolio | BEWI ASA Deleveraging measures made for BEWI ASA expected to support dividend payment position in the short term Net debt (excl. IFRS 16 effect) EBITDA (excl. IFRS 16 effect) Net debt / EBITDA (excl. IFRS 16 effect) EURm Illustrative EURm Illustrative LTM leverage Illustra
Slide 41: Deleveraging effect for BEWI ASA in a partial recovered B&C market scenario
Core long-term portfolio | BEWI ASA Deleveraging effect for BEWI ASA in a partial recovered B&C market scenario to support dividend payment position B&C(1) market down ~40%, recovery expected with strong EBITDA effect B&C recovery NIBD / EBITDA (excl. IFRS 16 effect) Illustrative LTM leverage Illust
Slide 42: BEWI ASA is listed on OSE with a NOK ~3.8bn market cap
Core long-term portfolio | BEWI ASA BEWI ASA is listed on OSE with a NOK ~3.8bn market cap in a liquid secondary market Share price and volume development Top 20 shareholders – post Private Placement Tranche 2(1) ▪ Commentary # Shareholder Country Shares (#) Shares % Market cap 1 BEWI Invest AS NOR
Slide 43: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 44: Sinkaberg delivers strong operational performance across the value chain
Sinkaberg delivers strong operational performance across the value chain Sinkaberg controls the Investments in RAS Solid financial entire value chain, from facilities and submerged performance enables roe to processed salmon, pens highlight its significant and stable ensuring quality and commitment
Slide 45: An integrated value chain attractive value propositions
Core long-term portfolio | Sinkaberg An integrated value chain attractive value propositions Key success factors of the company Sinkaberg is a top tier Norwegian farmer Well-positioned for further growth with «best in class» operations and biological performance, as evidenced by key indicators such
Slide 46: Stellar operational performance with high survival rates and license utilization
Core long-term portfolio | Sinkaberg Stellar operational performance with high survival rates and license utilization Best-in-class survival levels Strong utilization of licenses High degree of Superior share salmon Survival rate % of fish stock Group MAB-utilization(4) Superior share(2,3) Sinkaberg
Slide 47: Sinkaberg's operational excellence support strong earnings
Core long-term portfolio | Sinkaberg Sinkaberg’s operational excellence support strong earnings Revenue EBIT & EBIT-margin Cash flow from operations NOKm NOKm NOKm EBIT EBIT-margin 3,295 25% 22% 15% 11% 15% 3,137 608 593 2,803 815 2,560 2,504 557 364 427 294 384 349 2021 2022 2023 2024 Q3'25 LTM 202
Slide 48: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 49: Future growth set with M&A platforms and innovative companies (1/2)
Future growth set with M&A platforms and innovative companies (1/2) Description(1) Key highlights Key financials FY24 Industrials Since its inception in 2021, the company has acquired five plastic manufacturing firms, which were consolidated into BEFORM in 2024 Sector BEFORM is a leading product NOK
Slide 50: Future growth set with M&A platforms and innovative companies (2/2)
Future growth set with M&A platforms and innovative companies (2/2) Description(1) Key highlights Key financials FY24(2) Industrials With a forward-thinking approach, Kokkeriet has built a strong business that delivers lasting value to partners through sustainable, high-quality, Sector Kokkeriet dev
Slide 51: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 52: Valuation of the investment portfolio
Valuation of the investment portfolio Valuation Portfolio split(2) Value % of Private / 0.6 % 0.9 % Other assets Company Segment Valuation basis/Comment (NOKm) GAV Listed 1.0 % Industrial 2,112(1) 41.1 % Listed 15-day volume-weighted average share price of NOK 17.47 as of 31 October 2025 1.1 % Seafo
Slide 53: Net asset value bridge
Net asset value bridge Pro forma NAV bridge (as of 31.10.2025)(1) 293 73 5,510 53 29 21 27 5,144 311 55 2,536 -750 -159 -30 3,571 -1,000 2,875 -696 229 1,883 Exempted GAV Other NAV Other Derivatives Contemp- Hybrid NAV (total BEWI ASA GAV Cash Receivables (incl. cash SSRCF secured (excl. investments
Slide 54: Unconsolidated income statement
Unconsolidated income statement 2022 2023 2024 Q3’25 LTM Operating Income Net sales 7.7 6.6 5.8 1.5 Other operational income 5.3 6.2 14.9 17.1 Total operating income 13.0 12.8 20.7 18.6 Operating expenses Personnel costs -38.7 -25.7 -35.0 -36.3 Depreciation/amortisation and impairment of tangible an
Slide 55: Unconsolidated condensed balance sheet
Unconsolidated condensed balance sheet 2022 2023 2024 Q3’25 2022 2023 2024 Q3’25 Assets Equity and liabilities Non-current assets Equity Equipment, tools, fixtures and fittings 3.6 2.8 2.1 1.3 Total property, plant and equipment 3.6 2.8 2.1 1.3 Share capital 9.7 13.9 13.9 13.9 Financial assets - 899
Slide 56: Unconsolidated condensed cash flow statement
Unconsolidated condensed cash flow statement 2022 2023 2024 Q3’25 LTM 2022 2023 2024 Q3’25 LTM Operating cash flow Cash flow from financing activities Operating income (ebit) -59.8 -53.3 -45.1 -49.3 New share issue and other equity transactions, 230.0 642.1 0.7 -2.5 net of transaction costs Interest
Slide 57: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 58: Risk factors (1/7)
Risk factors (1/7) An investment in the Bonds involves inherent risks. These risks include, but are not limited to, risks attributable to BEWI Invest AS (the "Issuer" or the "Issuer") and the other members of the BEWI Invest Group (as defined below). Below is a description of risk factors which the
Slide 59: Risk factors (2/7)
Risk factors (2/7) The liquidity of the Issuer is dependent on its portfolio companies Other than cash flow from financing activities, the cash inflow of the Issuer is limited to dividend payments from its portfolio companies, realisation of investments in the portfolio companies and portfolio compa
Slide 60: Risk factors (3/7)
Risk factors (3/7) Suitable investments may not be available at favourable terms, or at all, and the Issuer may fail in pursuing suitable investments The Issuer aims to grow and expand its portfolio. However, suitable investments may not always be available, and the Issuer may not be able to fund ce
Slide 61: Risk factors (4/7)
Risk factors (4/7) The BEWI Invest Group is exposed to fluctuations in foreign currency rates As a group with international operations, the BEWI Invest Group has currency risks mainly relating to Euro, exposing it to exchange rate fluctuations. In significant transactions, the BEWI Invest Group may
Slide 62: Risk factors (5/7)
Risk factors (5/7) RISKS RELATED TO LAWS, REGULATIONS AND LITIGATION The various industries in which the BEWI Invest Group operates are affected by amendments in laws and regulations As an investment company with a portfolio of companies operating across industries, the Issuer is exposed to a wider
Slide 63: Risk factors (6/7)
Risk factors (6/7) The Issuer may incur facilities that will rank super senior to the Bonds The terms of the Bonds will permit the Issuer and any other Group (as defined in the term sheet) company to incur one or more revolving credit, guarantee, leasing and/or overdraft facilities up to an aggregat
Slide 64: Risk factors (7/7)
Risk factors (7/7) The Issuer's redemption of Bonds The terms of the Bonds will provide that the Issuer may redeem all or parts of the Bonds at various call prices during the lifetime of the Bonds. This is likely to limit the market value of the Bonds. Upon the occurrence of a put-option event (as d
Slide 65: Table of contents
TABLE OF CONTENTS 1. Transaction overview 2. Key Credit Highlights Supplementary information 3. Core long term portfolio 3A BEWI ASA 3B Sinkaberg 4. Specialist investments 5. Financials 6. Risk factors 7. Appendix
Slide 66: BEWI Invest – shareholder overview
BEWI Invest – shareholder overview Shareholders(1) Shares Ownership (excl. pref shares) Bekken Invest AS 6,963,727 53.1 % Kastor Invest Holding AS 1,429,389 10.9 % Investitude AS 634,146 4.8 % Frøy Kapital AS 535,792 4.1 % 3BH Invest AS 531,617 4.1 % Hauketoppen AS 531,617 4.1 % JMJ Invest AS 531,61
Slide 67: Corporate structure
Corporate structure Overview of legal structure Group company BEWI Invest AS Reg. no. 920 225 268 Operating company *Bewi Invest AS and Frøya Invest AS is contemplating a potential merger All entities are 100% owned in the future unless ownership is specified 70% 51.09%2 100% Seafood BEWI ASA Corvus
Slide 68: M&A platforms and specialist companies drive value creation
M&A platforms and specialist companies drive value creation through market trend exposure and access to network synergies Industrials Seafood Real estate NOK 119m / 2.3% NOK 55m / 1.1% NOK 311m / 6.0% GAV(1) GAV(1) GAV(1) FiiZk as selected example Market tailwind and strong momentum Leveraging Sinka
Slide 69: Corvus Estate – a real estate focused platform with a disciplined investment strategy
Corvus Estate – a real estate focused platform with a disciplined investment strategy… Corvus Estate in brief Corvus Estate KPIs ▪ Portfolio currently concentrated around Trondheim, Norway ▪ BEWI Invest aim to identify value in complex “combination portfolios” where the total asset value exceeds the
Slide 70: Furthering the industry expertise that built KMCP
…furthering the industry expertise that built KMCP - a leading Nordic real estate compounder Becoming leading Norwegian industrial and logistics RE company Resulting in a successful merger and value realization for BEWI Invest KMCP at time of announcement: A company suited for listed setting: 11.5 y
Slide 71: BEFORM – Proven M&A platform delivering high-quality plastic products
BEFORM – Proven M&A platform delivering high-quality plastic products BEFORM in brief Well established platform with state-of-the-art facilities and products ▪ BEFORM is a leading product developer and plastic manufacturer of Company injection-molded plastic products with production facilities in Hø
Slide 72: Delprodukt – Leading provider of mechanical services
Delprodukt – Leading provider of mechanical services Delprodukt in brief Complete provider of mechanical services Production equipment and CAM system ▪ Established in 1966, Delprodukt is a traditional full-service provider of mechanical services, offering a comprehensive range of solutions Broad ran
Slide 73: BEWI Energy – Provider of innovative and sustainable solutions for the energy sector
BEWI Energy – Provider of innovative and sustainable solutions for the energy sector BEWI Energy in brief Sustainable products for the oil- and gas industry ▪ Established in 2019, BEWI Energy provides innovative and sustainable solutions for the energy sector, enhancing safety, efficiency and cost-
Slide 74: Kokkeriet – A fresh food co-packaging company
Kokkeriet – A fresh food co-packaging company Kokkeriet in brief Brands Kokkeriet ▪ Kokkeriet develops innovative fresh food concepts tailored to customer needs through close collaboration Focus on high-quality ingredients and taste, offering products such as Company meal kits delivered to your door
Slide 75: FiiZK – Leading provider of fully integrated, large-scale closed containment systems
FiiZK – Leading provider of fully integrated, large-scale closed containment systems FiiZK Energy in brief Closed and semi-closed fish cages – Technology enabling multiple benefits ▪ Established in 2019, FiiZK pioneers large-scale closed cage solutions, Company combining the strengths of net pens an
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BEWI Invest AS — Debt Investor Presentation (November 2025) on 6ix