Slide 1: First quarter 2025 results
First quarter 2025 results CEO Christian Bekken, CFO Marie Danielsson, 14 May 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: Second quarter with sales and volume growth
First quarter of 2025: Second quarter with sales and volume growth • Positive momentum in building and construction industry continues from Q4 • Sales and volume-growth for all segments • Significant increase in EBITDA for Insulation • Stable results for Packaging • Solid progress on all parameters
Slide 4: Key figures for the first quarter of 2025
Key figures for the first quarter of 2025 Continuing operations • Total operations incl. Revenue Adj. EBITDA discontinued had EUR 188 million EUR 15 million adj. EBITDA EUR 18 million +2% +13% • Post-closing accounting: EBITDA will increase with share of net profit from associates Net sales 25 Adj.
Slide 5: Operational highlights: upstream segments
First quarter of 2025: Operational highlights Upstream segments RAW • Merging RAW with Unipol • Cost savings program on track • Increased production of grey material Circular • Increased collection of used EPS to ~8.7kt in Q1 • Significant increase in sales of recycled GPPS First quarter of 2025 5
Slide 6: Operational highlights: downstream segments
First quarter of 2025: Operational highlights Downstream segments Insulation & Construction • More than 5% volume growth • Markets continue positive recovery momentum Packaging & Components • Volumes of fish boxes, automotive- and HVAC components up • Strengthened automotive business, strategic revi
Slide 7: Key priorities for long-term growth remain unchanged
Key priorities for long-term growth remain unchanged 1 Increasing collection and use of recycled material 2 Optimizing capacity and cost 3 Capitalising on investments 4 Strengthening financial position 5 Evaluating strategic opportunities for growth First quarter of 2025 7
Slide 8: Group financials
First quarter of 2025 Group financials At Gressvik torg, 65 apartments and 5 000 square meters of commercial space are currently under construction. BEWI supply XPS insulation solutions for roofs, atriums, and ground areas First quarter of 2025 8
Slide 9: Financial overview for the first quarter of 2025
Financial overview for the first quarter of 2025 Organic growth for all segments Net sales Adj. EBITDA EUR million EUR million 1,8 (2,7) 2,2 (0,1) 0,7 (0,2) 3,0 1,4 188,8 187,9 187,9 15,0 186,6 183,6 13,3 Q1 2024 I&C P&C Circular Eliminations Q1 2025 Q1 2024 I&C P&C Circular Unallocated Q1 2025 Firs
Slide 10: Financial highlights upstream segments
First quarter of 2025: Financial highlights upstream segments RAW – discontinued operations Circular Net sales Net sales Net sales of EUR 72.6 million EUR million Net sales of EUR 14.2 million EUR million o +1% from Q124 o +14% from Q124 o Lower prices, but higher volumes o Higher prices and volumes
Slide 11: Financial highlights downstream segments
First quarter of 2025: Financial highlights downstream segments Insulation & Construction Packaging & Components – food trading discontinued Net sales Net sales of EUR 101.4 million Net sales Net sales of EUR 77.1 million EUR million EUR million o +3% from Q124 o +3% from Q124 o Volume increase o In
Slide 12: Consolidated income statement
Financials Consolidated income statement Amounts in EUR million Q1 2025 Q1 2024 2024 First quarter of 2025 Net Sales 187.9 183.6 773.2 • Net sales of EUR 187.9 million, up 2% Other operating income - - 2.0 Total operating income 187.9 183.6 775.2 • EBIT of EUR -2.9 million (-0.9) Raw materials and c
Slide 13: Cash flow and CAPEX
Financials Total operations, cash flow according to normal seasonal patterns Financing of AR ~55 million Cash flow Cash flow from total operations EUR million • Operating cash flow of EUR -10.7 million (-20.2) o WC increased EUR 18.5 million (23.4) following normal seasonal patterns 25,0 16,8 13,2 7
Slide 14: Net debt impacted by seasonal WC build-up
Financials Net debt impacted by seasonal WC build-up • Net debt excl. IFRS 16 at EUR 298 million Leverage: Net debt/ EBITDA ratio(1) EUR million 5,5 5,0 4,8 4,5 4,1 4,3 • Available cash and credit EUR ~63 million 3,5 3,2 2,7 o EUR ~22 million unutilised available credit 1,2 1,5 1,6 o Cash and workin
Slide 15: Summary and outlook
First quarter of 2025 Summary and outlook First quarter of 2025 15
Slide 16: Summary and outlook
Summary and outlook • Sales and volume growth across segments • Entering seasonally stronger quarters for insulation • Standing biomass of salmon indicates growth in fish box volumes • Increased collection for recycling • Target of 30% average recycled content in products • Transactions to facilitat
Slide 17: Positioned to accelerate growth in recovering markets
Positioned to accelerate growth in recovering markets ✓ Strong market fundamentals ✓ Streamlined operations ✓ Room for production ramp-up ✓ Strengthening financial position ✓ Growing M&A pipeline First quarter of 2025 17
Slide 18: Bcw/
Bcw/ for a better everyday