Slides
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Fourth quarter and preliminary full year 2025 results CEO Christian Bekken, CFO Marie Danielsson, CSO Stein Inge Liasjø Oslo, Norway, 12 February 2026
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This presentation, prepared by BEWI ASA (the "Company"), may contain statements about future events and expectations that areforward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented in our quarterly report. 2 Cautionary note regarding forward-looking statements Fourth quarter and full year of 2025
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Protecting people and goods for a better everyday Our vision 3
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Fourth quarter and full year of 2025 4 Recent opening of new recycling facility in Fredrikstad
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Highlights Q4 and full year 2025 Continued volume and profitability improvements • Sales growth and profitability improvements in Q4 and full year 2025 • Q4 developments in line with previous quarters o Volume increase for all segments o Packaging & Components key driver • Investments and implemented measures yield profitability improvements across segments Fourth quarter and full year of 2025 5 191 197 Q424 Q425 Net sales (EURm) EBITDA (EURm) +3% 773 796 2024 2025 +3% 19 21 10% 11% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 5 10 15 20 25 30 Q424 Q425 +10% 73 81 9% 10% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 10 20 30 40 50 60 70 80 90 100 2024 2025 +12%
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Business & market update Fourth quarter of 2025 6Fourth quarter and full year of 2025
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Fourth quarter and full year of 2025 7 Insulation & Construction (I&C) Development, production and sales of insulation solutions for the building and construction industry and infrastructure projects. Packaging & Components (P&C) Development, production and sales of food and protective packaging, and technical components to the automotive and HVAC industries. Circular Collection and recycling of used EPS, solutions for waste management, trading of used materials, and sales of recycled materials. 48% of net sales1) 40% of total adj. EBITDA2) 45% of net sales1) 66% of total adj. EBITDA2) 7% of net sales1) -6% of total adj. EBITDA2) Integrated and circular business model 1) Based on total net sales for operating segments 2) Based on total adj. EBITDA for operating segments RAW Production and sales of white and grey expanded polystyrene (EPS) raw materials, with virgin and/or recycled feedstock, and Biofoam, a fully bio-based particle foam.
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8 Insulation & Construction
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Increasing volumes in cautious markets • Increasing volumes in continued slow markets, with large variations across regions • Raw material price drop impacting net sales • Strengthened offering of products with recycled products, enabled by Circular • EBITDA impacted by change in product mix • Implemented profitability improvements Positive development in Nordics Net sales EUR million Adj. EBITDA EUR million and % 9,6 8,6 5 6 7 8 9 10 11 12 13 Q424 Q425 101,9 96,5 Q424 Q425 428,4 420,9 2024 2025 38,2 37,2 5 10 15 20 25 30 35 40 45 50 2024 2025 41% 10% 26% 23% Nordics & Baltics Germany Benelux Other -5% -10% Volumes +2% 9.4% 8.9% 8.9% 8.8%
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10 Packaging& Components
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Strong sales and EBITDA growth • Automotive key driver for Q4 improvement • Food packaging in line with a strong Q4 2024 • HVAC sales continue to grow • Strong EBITDA development Solid quarter across major end-markets Net sales EUR million Adj. EBITDA EUR million and % +13% +25% 38 % 33 % 7 % 22 % Food Automotive HVAC Other 80,2 90,7 Q424 Q425 308,3 339,1 2024 2025 11,5 14,4 3 5 7 9 11 13 15 17 Q424 Q425 43,4 51,8 5 15 25 35 45 55 2024 2025 14.4% 15.9% 14.1% 15.3%
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12 Circular
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Volume and sales growth • Increased volumes and sales for Q4 • Sales of rGPPS up 32% from 2024 to 2025, giving higher utilisation and cost efficiency • Implemented initiatives have reduced cost, effect offset by lower gross margins • Strategic inventory build-up in Q4, positioned for price increase in Q1 • EPS for recycling up 16% to ~38 400 tonnes for FY 2025 Profitability improvements offset by lower gross margin Net sales EUR million Adj. EBITDA EUR million and % +6% -0.2m 13,6 14,4 Q324 Q424 52,5 60,3 2024 2025 -1,1 -1,3 -1,6 -1,1 -0,6 -0,1 0,4 0,9 Q424 Q425 -5,1 -3,5 -5,5 -4,5 -3,5 -2,5 -1,5 -0,5 0,5 1,5 2024 2025 -8.3% -8.9% -9.7% -5.7%
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Group financials Fourth quarter of 2025 14Fourth quarter and full year of 2025
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Financial overview Q4 and full year 2025 Sales and EBITDA improvement driven primarily by the packaging business 190,7 185,3 195,8 196,6 197,2 (5,4) 10,5 0,8 0,5 Q4 2024 I&C P&C Circular Eliminations Q4 2025 Net sales Q4 15 19,1 21,0 (1,0) 2,9 0,2 0,1 Q4 2024 I&C P&C Circular Unallocated Q4 2025 Adj. EBITDA Q4 Fourth quarter and full year of 2025 10.0% 10.6% 773,2 796,2 (7,5) 30,8 7,8 (8,0) 2024 I&C P&C Circular Eliminations 2025 Net sales full year 72,7 81,3 (1,0) 8,4 1,6 (0,3) Q4 2024 I&C P&C Circular Unallocated Q4 2025 Adj. EBITDA full year 9.4% 10.2%
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P&L – consolidated income statements Amounts in EUR million Q4 2025 Q4 2024 2025 2024 Net Sales 197.2 190.7 796.2 773.2 Other operating income 1.3 1.7 2.3 2.0 Total operating income 198.5 192.5 798.6 775.2 Raw materials and consumables -64.3 -71.2 -281.9 -300.5 Goods for resale -15.8 -12.8 -49.7 -47.6 Other external costs -48.4 -46.3 -193.0 -179.0 Personnel cost -49.7 -44.7 -195.0 -178.6 Depreciation/ amortisation/ impairment -19.5 -16.5 -70.2 -63.4 Capital gain from sale of assets and other adjustments 0.3 0.3 0.3 4.7 Operating income before shares in associates and JVs 1.0 1.2 9.1 10.8 Share of income from associated companies and JVs -3.7 -0.5 -5.5 -2.4 Operating income (EBIT) -2.6 0.7 3.6 8.5 Net financial items -10.1 -12.8 -48.2 -45.3 Income tax expense -0.1 2.1 2.0 1.5 Profit/ loss for the period continued operations -12.8 -10.0 -42.5 -35.3 Profit/ loss from discontinued operations -2.2 -1.3 58.8 8.3 Profit/ loss for the period total operations -15.0 -11.3 16.2 -27.0 Fourth quarter of 2025 • Net sales of EUR 197.2 million, up 3.4% • Operating income excl. associates EUR 1.0 million (1.2) o Raw materials incl. goods for resales 42% of sales o Personnel costs increased, incl. restructuring costs and more FTEs following volume ramp up o Amortizations impacted by impairment tradenames o EBIT of EUR -2.6 million (0.7) o Share of income from associated companies including RAW , EUR -3.7 million (-0.5), incl. integration costs and amortizations of fair value adjustments • Net financial items of EUR -10.1 million (-12.8) • Net result total operation of EUR -15.0 (-11.3) Fourth quarter and full year of 2025 16
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Cash flow from operating activities Fourth quarter and full year of 2025 17 Inventory build-up at low prices to position for price increase 28,8 -20,2 23,0 49,1 33,4 -10,7 1,0 11,4 13,5 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Cash flow from total operating activities 7,0 3,2 4,3 2,2 2,1 4,1 3,8 4,3 4,7 4,6 5,5 3,5 4,7 7,1 5,3 7,1 2,4 4,1 0 2 4 6 8 10 12 14 16 18 20 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 CAPEX total operations Maintenance CAPEX Growth CAPEX Normal target: Maintenance CAPEX 2.5% of net sales 21,0 9,6 (9,8) (4,7) 3.8 (0,7) Adjusted EBITDA Lease payments Maintenance CAPEX Change in WC Taxes Free cash flow Free cash flow Q4 2025 EUR millionEUR million EUR million Financing of AR
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4,3 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Leverage: Net debt/ EBITDA ratio(1) Leverage excl. IFRS 16 Target < 2.5 excl. IFRS 16 Financial position • Long term financing secured • Bond loan EUR 250 million and RCF EUR 75 million • Financing of accounts receivables EUR 75 million • Net debt of EUR 197.4 million (excl. IFRS 16) • Cash position at EUR 65 million o EUR 75 million unutilised RCF Fourth quarter and full year of 2025 18 Long term financing secured and leverage decreasing EUR million (1) EBITDA ratio: adjusted EBITDA rolling 12-months pro-forma acquired or divested entities EUR million 31.12.25 31.12.24 Cash and cash equivalents 64.5 72.7 Non-current liabilities excl. IFRS 16 255.9 328.8 Current liabilities excl. IFRS 16 6.0 8.0 Net debt excl. IFRS 16 and other financial assets 197.4 264.0 Other financial assets 29.2 - Debt related to IFRS 16 246.3 247.0 Net debt in total 414.5 511.0
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19Fourth quarter and full year of 2025 Summary & outlook Fourth quarter of 2025
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Priorities to deliver on key financial targets Fourth quarter and full year of 2025 20 Sharpened focus, improving profitability Simplified structure – focusing on higher margin areas • Reduced ownership in RAW , divested traded packaging • Strategic development of Automotive Profitability improvements • Implemented measures – and completed investments to improve profitability • Positioned for organic and structural growth in energy efficient solutions to building sector • Positioned for growth in circular packaging and technical components Reducing leverage through improved free cash flow • Controlled CAPEX level • Increasing EBITDA Adj. EBITDA ~15% Leverage < 2.5x