Bewi Invest Asa · OSL:BINT
Bewi Invest Asa — Investor Presentation (November 2025)
50 slides from Bewi Invest Asa's investor presentation, Nov 25, 2025
Slide 1: Company Presentation
Company Presentation 25 November 2025
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been produced by BEWI Invest AS (the "Company", and together with its subsidiaries excluding certain operating companies, the "Group") solely for information purposes. This Presentation is for information purposes only and does not in itself cons
Slide 3: Table of Contents
TABLE OF CONTENTS 1. Company Presentation Supplementary information 2. Core long term portfolio 2A BEWI ASA 2B Sinkaberg 3. Specialist investments 4. Financials 5. Appendix
Slide 4: BEWI Invest has developed from a local producer to a leading European provider and consolidator
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 through Børs a successful merger with Logistea a
Slide 5: BEWI Invest is a long-term, hands-on investor with a high-quality asset portfolio
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 hold and grow their portfolio assets Industrials S
Slide 6: BEWI Invest has a clear portfolio strategy divided into two main groups
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 SMEs with the Target niche sectors with Assess and o
Slide 7: Benefiting from steady structural tailwinds across BEWI ASA's and Sinkaberg's core markets
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 efficiency Population growth and urbanization Stricter building regul
Slide 8: Diversified portfolio offering exposure across growth sectors and 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 Market rationale ✓ Exposure through insulation and sustainable ✓
Slide 9: BEWI ASA – a strong European platform from ~45 years of business development
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 business development ▪ Largest vertically integrated E
Slide 10: Sinkaberg – a top performing salmon farmer with low leverage
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. operations in Nærøysund, Bindal, Brønnøy and Herøy.
Slide 11: 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 KMCP case study & Corvus Estate KPIs Corvus Estate is a well-established real estate portfolio KMCP – Case study and a platform for owning and developing assets, and consolidating portfolios
Slide 12: Valuation of the investment portfolio
Valuation of the investment portfolio Valuation Portfolio split(1) Value % of Private / 0.6 % 0.9 % Other assets Company Segment Valuation basis/Comment 1.0 % (NOKm) GAV Listed 1.1 % Industrial 2,112 41.1 % Listed 15-day volume-weighted average share price of NOK 17.47 as of 31 October 2025 6.0 % Se
Slide 13: Strong operational performance and a stable cost base
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 from the core long-term assets, BEWI ASA and Sinkaberg, continu
Slide 14: Demonstrated ability to generate liquidity
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 track record of raising capital at HoldCo level through private p
Slide 15: BEWI ASA shows resilient cash flow and strong share liquidity despite a challenging market
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 phase Investment phase Measures taken ▪ since 2015 prioritizing gro
Slide 16: Sinkaberg's strong operating company cash flow generation supporting dividend capacity
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% 43% ▪ 15+ years history of paying annual dividends to its NOKm o
Slide 17: BEWI Invest's long-term financial targets
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, balance sheet and reduce financial risk attractive returns increase th
Slide 18: Highly experienced management team and supervisory board
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 CFO Chairman of Board Director of the Board Director of the B
Slide 19: Strong ownership built on industrial expertise and international experience
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 Holding AS (10.9%) ownership ▪ Family-owned investment holding of
Slide 20: Active owner driving growth and transformation through distinct value levers
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 ownership approach Accelerate growth Since investing in Sinkaberg
Slide 21: Table of Contents
TABLE OF CONTENTS 1. Company Presentation Supplementary information 2. Core long term portfolio 2A BEWI ASA 2B Sinkaberg 3. Specialist investments 4. Financials 5. Appendix
Slide 22: 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 23: Leading European provider of energy efficient solutions and packaging with multiple #1 local market positions
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 24: BEWI ASA has developed from a local producer to a leading European provider and consolidator
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 25: 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 26: BEWI ASA is listed on OSE with a NOK ~3.8bn market cap in a liquid secondary market
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 27: Table of Contents
TABLE OF CONTENTS 1. Company Presentation Supplementary information 2. Core long term portfolio 2A BEWI ASA 2B Sinkaberg 3. Specialist investments 4. Financials 5. Appendix
Slide 28: 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 29: 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 30: 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 31: 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 32: Table of Contents
TABLE OF CONTENTS 1. Company Presentation Supplementary information 2. Core long term portfolio 2A BEWI ASA 2B Sinkaberg 3. Specialist investments 4. Financials 5. Appendix
Slide 33: 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 34: 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 35: Table of Contents
TABLE OF CONTENTS 1. Company Presentation Supplementary information 2. Core long term portfolio 2A BEWI ASA 2B Sinkaberg 3. Specialist investments 4. Financials 5. Appendix
Slide 36: 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 37: 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 38: 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, 230.5 642.1 0.7 -2.5 net of transaction costs Interest
Slide 39: Table of Contents
TABLE OF CONTENTS 1. Company Presentation Supplementary information 2. Core long term portfolio 2A BEWI ASA 2B Sinkaberg 3. Specialist investments 4. Financials 5. Appendix
Slide 40: 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 41: 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 42: M&A platforms and specialist companies drive value creation through market trend exposure
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 43: 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 44: Furthering the industry expertise that built KMCP - a leading Nordic real estate compounder
…furthering the industry expertise that built KMCP - a leading Nordic real estate compounder Becoming a 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
Slide 45: 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 46: 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 47: 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 48: 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 49: 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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