Slides
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Third quarter of 2026 CEO Christian Bekken, CFO Stein Inge Liasjø Oslo, Norway, 4 November 2026
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Protecting people and goods for a better everyday Our vision 2 Third quarter of 2026 Responsible ● Proud ● Stable ● Care of quality Core values
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Third quarter of 2026 3 Net sales EUR 227 million +12% EBITDA EUR 31.2 million +33% Adjusted EBITDA EUR 30.2 million +30% Adjusted EBITDA margin 13.3% +1.9 percentage points Q3 2026 highlights ✓ Sales and EBITDA growth for all segments ✓ Continued margin improvement I&C ✓ Record-high EBITDA for P&C ✓ Proven business model for Circular
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Business & market update Third quarter of 2026 4Third quarter of 2026
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Q3 2026 Sales growth and EBITDA improvement for all segments Third quarter of 2026 5 202,9 226,8 226,8 6,7 15,2 5,0 3,0 Q3 2025 I&C P&C Circular Eliminations Q3 2026 Net sales development +12% 23,2 30,2 30,2 1,1 3,7 2,5 0,3 Q3 2025 I&C P&C Circular Unallocated Q3 2026 Adj. EBITDA development +30% 11.4% 13.3%
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YTD Q3 2026 Solid development across business Third quarter of 2026 6 599,1 625,3 673,1 673,2 26,2 39,4 13,4 5,0 YTD Q3 2025 I&C P&C Circular Eliminations YTD Q3 2026 Net sales development +12% 60,4 86,5 86,6 8,1 10,6 7,6 0,2 YTD Q3 2025 I&C P&C Circular Unallocated YTD Q3 2026 Adj. EBITDA development +43% 10.1% 12.9%
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9,9 11,0 9,3 % 9,7 % 5,0 % 5,5 % 6,0 % 6,5 % 7,0 % 7,5 % 8,0 % 8,5 % 9,0 % 9,5 % 10,0 % 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 Q3 2025 Q3 2026 Insulation & Construction Third quarter of 2026 Net sales EUR million Adj. EBITDA EUR million and % 106,2 112,9 Q3 2025 Q3 2026 7 Sales growth and improved profitability • Regional and quarterly variations • Y-o-Y volumes down 9% Q3 and up 3% YTD • Improved operational efficiency • Favourable product mix development 42% 12% 25% 21% Nordics & Baltics Germany Benelux Other 324,4 350,5 YTD 2025 YTD 2026 28,6 36,7 8,8 % 10,5 % 5,0 % 6,0 % 7,0 % 8,0 % 9,0 % 10,0 % 10,0 15,0 20,0 25,0 30,0 35,0 40,0 YTD 2025 YTD 2026 +6% +8%
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Packaging& Components Third quarter of 2026 8 Record-high earnings from structurallystrong base • Sales growth for all product groups • Improved gross margins • Strong harvest volumes of Norwegian salmon Adj. EBITDA EUR million and % 44 % 27 % 7 % 22 % Food Automotive HVAC Other Net sales EUR million 14,8 18,6 17,1 % 18,2 % 5,0 % 7,0 % 9,0 % 11,0 % 13,0 % 15,0 % 17,0 % 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 18,0 20,0 Q3 2025 Q3 2026 86,6 101,8 Q3 2025 Q3 2026 248,4 287,8 YTD 2025 YTD 2026 37,4 48,0 15,1 % 16,7 % 7,0 % 8,0 % 9,0 % 10,0 % 11,0 % 12,0 % 13,0 % 14,0 % 15,0 % 16,0 % 10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0 YTD 2025 YTD 2026 +18% +16%
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Circular Third quarter of 2026 9 Proven business model, profitable development • Higher sales prices for recycled and traded materials • +49% sales of rGPPS main driver for growth and profitability • Improved gross margins, higher operational efficiency, and lower cost base Net sales EUR million Adj. EBITDA EUR million and % Collected EPS volumes thousand tonnes -0,7 1,8 -4,9 % 8,9 % -5,0 % -3,0 % -1,0 % 1,0 % 3,0 % 5,0 % 7,0 % 9,0 % -1,0 -0,5 0,0 0,5 1,0 1,5 2,0 Q3 2025 Q3 2026 15,1 20,0 Q3 2025 Q3 2026 45,9 59,3 YTD 2025 YTD 2026 -2,2 5,4 -4,8 % 9,2 % -5,0 % -3,0 % -1,0 % 1,0 % 3,0 % 5,0 % 7,0 % 9,0 % -2,5 -1,5 -0,5 0,5 1,5 2,5 3,5 4,5 5,5 YTD 2025 YTD 2026 9 281 9 314 Q3 2025 Q3 2026 28 177 34 780 YTD 2025 YTD 2026 +33% +29%
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Group financials Third quarter of 2026 10Third quarter of 2026
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Key financial considerations Third quarter of 2026 11 Clear strategic priorities drive profitable growth Sharp focus on cash flow through capital discipline Structurally increased earnings capacity Strengthened financial position Clear capital allocation priorities
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P&L – consolidated income statements Amounts in EUR million Q3 2026 Q3 2025 9m 2026 9m 2025 2025 Net Sales 226.8 202.9 673.2 599.1 796.2 Other operating income 2.3 1.0 20.5 1.0 2.3 Total operating income 229.1 203.9 693.7 600.1 798.6 Raw materials and consumables -74.5 -70.4 -226.9 -217.6 -281.9 Goods for resale -19.2 -14.6 -48.5 -33.9 -49.7 Other operating costs -0.4 - -13.9 - - Other external costs -53.3 -47.3 -161.3 -146.9 -193.0 Personnel cost -50.4 -48.1 -155.6 -142.9 -195.0 Depreciation/ amortisation/ impairment -16.9 -16.9 -52.0 -50.8 -70.2 Capital gain from sale of assets and other adjustments 0.1 0.0 0.1 0.0 0.3 Operating income before shares in associates and JVs 14.3 6.5 35.7 8.0 9.1 Share of income from associated companies and JVs 0.5 -1.3 4.5 -1.8 -5.5 Operating income (EBIT) 14.9 5.3 40.2 6.2 3.6 Net financial items -9.8 -15.8 -29.3 -38.1 -48.2 Income tax expense -2.5 0.5 -4.4 2.2 2.0 Profit/ loss for the period from continued operations 2.6 -10.1 6.5 -29.8 -42.5 Profit/loss from discontinued operation1 0.4 66.5 -5.1 61.0 58.8 Profit/ loss for the period 3.0 56.5 1.4 31.2 16.2 Third quarter of 2026 • Net sales of EUR 227 million, up 12% • Operating income excl. associates EUR 14.3 million (6.5) o Raw materials incl. goods for resales 41% of sales o Personnel costs up 5%, incl. more FTEs o EBIT of EUR 14.9 million (5.3) o Share of income from ass. companies EUR 0.5 million (- 1.3) o Net financial items of EUR -9.8 million (-15.8), where Q3 2025 was impacted by EUR 5.6 million related to the refinancing • Net result cont. operation of EUR 2.6 (-10.1) o Result for Q3 2025 included profit from sales of RAW of EUR 66.5 million Third quarter of 2026 12
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Strong financial position 509 259 150 250 109 Debt and liabilities incl. IFRS 16 and other financial assets IFRS 16 liabilities Debt and liabilities excl. IFRS 16 and other financial assets Cash and cash equivalents Total NIBD Q3 2026 • Debt mainly EUR 250 million bond loan maturing September 2029 • IFRS 16 liabilities relate to long-term property leases • EUR 184 million available liquidity • Cash of EUR 109 million • EUR 75 million unutilised credit facility Third quarter of 2026 13
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2.1x leverage per Q3 2026 Q325 Q425 Q126 Q226 Q326 Leverage: Net debt1/ EBITDA ratio2 Leverage excl. IFRS 16 Target < 2.5 excl. IFRS 16 Third quarter of 2026 14 Leverage below target of 2.5x EUR million Notes: 1) Net interest bearing debt excl. IFRS 16, 2) EBITDA ratio: Adj. EBITDA excluding IFRS 16 rolling 12-months pro-forma acquired and/or divested entities
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86,6 52,1 (31,0) (6,3) 11,6 (4,4)(4,4) Adj. EBITDA Lease payments Maintenance & growth CAPEX Change in WC Taxes Free cash flow to debt & equity Free cash flow YTD 2026 EUR million Solid free cash flow YTD Third quarter of 2026 15 60% cash conversion YTD Growth CAPEX
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4,3 4,7 2,4 1,6 2,4 2,4 4,1 1,6 1,6 1,2 Q325 Q425 Q126 Q226 Q326 Quarterly CAPEX Maintenance CAPEX Growth CAPEX Strengthened capital discipline Third quarter of 2026 16 YTD Q326 CAPEX of EUR 11 million Maintenance CAPEX limited to 10-15 and total CAPEX to EUR ~20 million CAPEX going forward CAPEX guidance
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Clear capital allocation priorities Third quarter of 2026 17 Balancing shareholder distribution, high-margin growth opportunities and M&A ▪ Board proposes NOK 1.15 per share in extraordinary dividends based on 2025 accounts Key investment criteria: ▪ Strengthen value chain and/or market position ▪ High margin, growth segments ▪ Short payback time Key M&A criteria: ▪ Value accretive ▪ Strategic fit ▪ Solid metrics Shareholder distribution Growth projects M&As
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Concluding comments Third quarter of 2026 18Third quarter of 2026
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Summary and key priorities • Continued growth and profitability improvements across group • Continuous focus on operational execution • Grow on installed capacity & competitive edge • Maintain 5-7% growth outlook in key markets Second quarter and first half of 2026 19 EUR 1 bn net sales Mid-term targets 15% adj. EBITDA margin
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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, 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. 21 Cautionary note regarding forward-looking statements Third quarter of 2026
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Appendix Third quarter of 2026 22Third quarter of 2026
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Net debt Amounts in EUR million 30.09. 2026 31.12.2025 30.09.2025 Cash and cash equivalents 108.9 64.5 72.3 Non-current liabilities excl. IFRS 16 254.4 255.9 257.2 Current liabilities excl. IFRS 16 4.5 6.0 8.9 Net debt excl. IFRS 16 and other financial assets 150.1 197.4 193.8 Other financial assets 30.8 29.2 28.5 Debt related to IFRS 16 249.6 246.3 247.1 Net debt in total 218.8 217.1 218.4 Third quarter of 2026 • Cash and cash equivalents of EUR 108.8 million • Other financial assets include the value of the contingent consideration (earnout) from the sale of the RAW business in 2025 Third quarter of 2026 23
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