Slide 1: Third quarter 2025 results
Third quarter 2025 results CEO Christian Bekken, CFO Marie Danielsson, CSO Stein Inge Liasjø Oslo, Norway, 12 November 2025
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: Highlights Q3 2025: Improving profitability in cautious construction markets
Highlights Q3 2025 Improving profitability in cautious construction markets Net sales (EURm) • Growth in sales and EBITDA from strong packaging +6% business 208 203 192 191 • Food packaging and HVAC markets developing positive, 188 while insulation markets remain cautious Q324 Q424 Q125 Q225 Q325 •
Slide 4: Business & market update
Third quarter of 2025 Business & market update Third quarter of 2025 4
Slide 5: Integrated and circular business model
Integrated and circular business model 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 polystyrene (
Slide 6: I&C: Business update Q3 2025
I&C: Business update Q3 2025 51% of group sales Positive volume development in markets remaining cautious Net sales Net sales Adj. EBITDA • Positive volume development for most EUR million 13 EUR million and % 11,0 % -1% 10,5 % 12 regions 11 9,8 % 8,9 % 10,0 % 9,4 % 9,5 % 10 9,3 % 9,0 % 8,2 % • Stre
Slide 7: I&C: Market drivers
I&C: Market drivers 51% of group sales An expected rebound in the building and … in combination with structural increase in demand, Net sales construction market… expected to trigger higher growth rates for insulation -1% relative to construction in general Building permits development Volumes Build
Slide 8: P&C: Business update Q3 2025
P&C: Business update Q3 2025 42% of group sales Strong sales and EBITDA development Net sales Adj. EBITDA Net sales EUR million 17 EUR million and % 20,0 % • Solid quarter across end-markets 17,1 % +13% 15 13 16,4 % 14,4 % 15,6 % 18,0 % 16,0 % • High volumes of fish boxes from strong 12,2 % 14,0 % 8
Slide 9: P&C: Market drivers
P&C: Market drivers 42% of group sales Food Heat pumps Net sales • EPS fish boxes for transport of salmon • Components to heating, ventilation and air- +13% and other seafood majority of revenues condition (HVAC) systems such as heat HVAC pumps • Driven primarily by harvest volumes of 8% Atlantic sa
Slide 10: Circular: Business update Q3 2025
Circular: Business update Q3 2025 7% of group sales Positive development in challenging markets Net sales Net sales Adj. EBITDA • EPS for recycling increased to EUR million 2 EUR million and % -4,9 % 0,0 % +22% -2,0 % 1,5 ~9 300t for Q3 and ~39 200 LTM 1 -8,0 % -1,9 % -4,0 % -6,0 % 0,5 -8,3 % -8,0 %
Slide 11: Group financials
Third quarter of 2025 Group financials Third quarter of 2025 11
Slide 12: Financial overview Q3 2025
Financial overview Q3 2025 Sales and EBITDA improvement driven by the packaging business Net sales Q3 continuing operations Adj. EBITDA Q3 continuing operations 11.4% 2,8 (0,1) (0,1) 10,0 0,9 10.8% (1,4) 2,2 (0,7) 202,8 202,9 200,1 23,2 191,5 190,1 20,7 Q3 2024 I&C P&C Circular Eliminations Q3 2025
Slide 13: Financials
Financials Consolidated income statement Amounts in EUR million Q3 2025 Q3 2024 9M 2025 9M 2024 2024 Third quarter of 2025 Net Sales 202.9 191.5 599.1 582.5 773.2 • Net sales of EUR 202.9 million, up 6.0% Other operating income 1.0 - 1.0 - 2.0 Total operating income 203.9 191.5 600.1 582.5 775.2 • E
Slide 14: Cash flow from operating activities
Cash flow from operating activities Cash flow from total operating activities Free cash flow Q3 2025 EUR million EUR million Financing of AR 7,4 14,2 28,8 23,0 49,1 33,4 1,0 11,4 -20,2 -10,7 (10,3) Q123 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 1,7 (4,3) 23,2 20 (0,8) CAPEX total operations 18 16
Slide 15: 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 excl. IFRS 16 at EUR 194 million 4,6 •
Slide 16: Summary & outlook
Third quarter of 2025 Summary & outlook Third quarter of 2025 16
Slide 17: Delivering on strategic priorities
Delivering on strategic priorities Sharpened focus to higher margin business and improving profitability Simplified structure • Reduced ownership in RAW and divested traded packaging • Strategic review Automotive • Core offering energy efficient solutions for buildings and circular packaging Profita
Slide 18: Conclusions
Conclusions ✓ Improving profitability at current volumes ✓ Stable and strong packaging business ✓ Secured long-term financing ✓ Strong long-term market fundamentals Third quarter of 2025 18
Slide 19: Bcw/
Bcw/ for a better everyday