Hello, and welcome to the presentation of BEWi's result for the third quarter. My name is Christian Bekken, and I am the CEO of BEWi. With me today, as always, our CFO, Stein Inge Liasjø, who will take us through the financials. To those of you following us through the webcast, if you have any question, please contact us after the presentation by phone or email to Charlotte. I would also like to pause and also say thank you to all of the employees in BEWi. As always, you have done hard work, good work, and I am proud of what we have achieved in the quarter. I would like to start with our vision, protecting people and goods for a better every day. It gives us direction and purpose, and it connects our different businesses. We make a wide range of products. What they have in common is that they protect people and goods, and they have important functions in the society. This also means that the underlying demand for our product is growing. Our fish boxes ensure safe transportation of fresh seafood and help reduce food waste. As an example, we deliver fish boxes that carry 3.5 billion meals each year, 3.5 billion. Insulation solutions make buildings more energy efficient, which is extra nice when energy prices are high, like they are now, and maybe more importantly, keeping our houses warm. Child seats for cars make traveling safer for children. To sum up, we shall be the leading provider of packaging components and insulation solutions, and we will do it in a Circular way. Moving to the highlights for the quarter. There are four main points I would like to take away today. First, we are delivering sales growth and higher EBITDA in all segments. Second, Insulation & Construction continues to improve its margins. Third, Packaging & Components delivered its highest EBITDA ever. Fourth, we have demonstrated that we have a profitable business model for Circular. We deliver year-on-year sales growth for the eighth consecutive quarter. Sales increased by 12% to EUR 227 million. EBITDA increased by 33% to EUR 31.2 million, while adjusted EBITDA was EUR 30.2 million. That gives us an adjusted EBITDA margin of 13.3%, up from 11.4% for the same quarter last year, and well underway towards our target of 15%. All three segments contributed to the earning improvement. In Insulation & Construction, we improved profitability despite lower volumes in the quarter. This reflects the measure we have implemented over the past years, giving us a more cost-efficient operation. We are also seeing a shift in activity towards more infrastructure and renovation projects. Packaging & Components delivered its highest EBITDA ever, and the sales growth was broad, coming from product groups, fish boxes, automotive components, HVAC, and other components. Then we have Circular, who continues to deliver good results. So far this year, Circular has an EBITDA of EUR 5.4 million, up from a negative EUR 2.2 million for the same period last year. More importantly, this will continue going forward as well. With stable lease payments and disciplined CapEx, this gives us a solid cash flow. Our financial leverage is now down to 2.1x, so the overall picture is clear. We are growing, we are improving profitability across the group, and the improvement in earnings is translating into cash flow. With that, I hand over to you, Stein Inge. Thank you, Christian. Let me start with the development across our three segments. As Christian mentioned, we delivered another quarter of growth in both sales and EBITDA, with all three segments contributing to the improvement. The market development is somewhat mixed in the third quarter, particularly within building and constructions in the Nordics. Packaging & Components continues to deliver on a high level, and Circular confirms the profitable development we have seen so far this year. As mentioned before, Circular is in a scale-up phase, and the business model is proving itself. Looking at the development compared to the third quarter last year, sales increased by 12% to EUR 227 million, and adjusted EBITDA by 30% to EUR 30 million. This lifts the margin from 11.4% to 13.3%. Packaging & Components made the largest contribution in euro, while Circular has the highest percentage growth in sales and EBITDA. Insulation & Construction also improved earnings despite lower volumes in the quarter. I will get back to that. The important point is that the earnings improvement is broad-based across the group. Looking at the first nine months, the trend is even more visible. Sales are up 12%, while adjusted EBITDA has increased by 43%, from EUR 60 million- EUR 87 million. With reference to last year, we passed the full-year result for 2025 early September this year, and margin is up from 10.1%- 12.9%. Again, all three segments are contributing to the earnings improvement. The important takeaway is earnings are growing significantly faster than sales, reflecting measures we have implemented to reduce cost, improve operational efficiency, and focus on margin management across the group. Moving on to Insulation & Construction, where the development has been somewhat mixed this quarter. Volumes were down 9% compared to the third quarter last year, mainly reflecting weaker markets in the Nordics. The majority of products in the Nordics are commodity products, meaning standard insulation boards, and here it is fair to say that we experience volatile markets. Three months ago, we told you about an increase in volumes of 14% in Q2. Now they are down 9%. The start of Q4 has so far been better than last year, but of course, it is too early to conclude on how this quarter ends. Looking at the first nine months, volumes are up 3% compared to last year, and despite the lower volumes in the quarter, sales increased by 6% and EBITDA by 11%. The margin improved from 9.3%- 9.7%. Year to date, sales are up 8%, while EBITDA is up 28% with a margin improvement from 8.8%- 10.5%. The important point is that profitability continues to improve despite high volatility between regions and quarters. We are seeing positive effects of a more efficient operations and a lower cost base. It is really about many smaller efforts, the sum that sums up to larger impacts. We have a structured approach to margin management and a more favorable product mix, such as higher volumes from building systems, underfloor heating, and infrastructure projects. Packaging & Components delivered another strong quarter. Sales increased by 18% with growth from all product groups, including food packaging, automotive, HVAC components, and several other smaller end markets. EBITDA increased by 25%, reaching a record-high result for the segment of EUR 18.6 million. The margin improved from 17.1% last year to 18.2%. Year- to- date, sales are up 16% and EBITDA is up 28%, resulting in a margin increase from 15.1%- 16.7%. Our customers in the salmon farming business are reporting high harvest volumes, and this translates into good volumes for the Norwegian fish box business, where we are able to handle large volumes without similar increase in cost. Last week, we visited our facility on Senja, which is fully integrated with SalMar's processing plant. We have a small and highly efficient operation there, supported, of course, by our investment in automation. The fish boxes are delivered directly into the production line without any manual handling. This is a good example of how the expertise and efficiency of our colleagues, combined with the investments we've made over the past few years, are now delivering results. The key message for this segment is stability and quality of earnings, with growth across the different product groups. Moving on to Circular, where the positive development continues. We are very pleased to see that the business model works, and it's positive both for Circular and for Insulation & Construction. Sales increased by 33% in the third quarter, and here you should note that we have two major revenue streams, of which sales of recycled EPS is approximately half. The rest is trading of other materials. The most important driver for growth this quarter is the 49% volume increase for the recycled feedstock. We continue to see high prices for virgin EPS, supporting both prices and demand for recycled material. Higher volumes mean increased utilization and improved gross margins. Combined with a lower cost base, this leads to significant improved earnings. EBITDA came in at EUR 1.8 million for the quarter, and the margin went from negative 4.9% to a + 8.9%. Looking at the first nine months, the change is even more visible. EBITDA has improved from -EUR 2 million to + EUR 5 million. The important point is that Circular has developed into a profitable part of the group and an important part of our integrated business model. Let's move into the group financials. Let me start by repeating the key messages from the third quarter. First, we have built a structurally stronger earnings platform. Second, we remain focused on cash flow and capital discipline. Third, our balance sheet has strengthened significantly. Finally, we have clear priorities for capital allocation. This gives us significantly greater financial flexibility than we had just a short time ago. Let me briefly comment on the income statement. EBIT increased significantly compared to the third quarter last year and came in at EUR 14.9 million. The contribution from associates and joint ventures was positive at EUR 0.5 million this quarter, compared to a negative contribution last year. Net financial expenses were significantly lower than last year, coming in just below EUR 10 million. Here you need to keep in mind that in the same period last year, that was impacted by costs related to the refinancing process. Profit after tax was therefore positive at EUR 2.6 million, compared to a loss of EUR 10 million for the third quarter last year. Looking at the year to date, the strong improvement in EBITDA is also driving a significant improvement in EBIT to EUR 40 million, and we are reporting a positive profit after tax for the first nine months. The key message here is that the operational improvement is also clearly flowing through to the bottom line. Moving on to the balance sheets, we now have a strong financial position. At the end of September, we had EUR 109 million in cash and an undrawn credit facility of EUR 75 million, giving us a total available liquidity of EUR 184 million. Net interest-bearing debt, excluding IFRS 16 and other financial assets, has been reduced to EUR 150 million, down from EUR 197 million at year end. As you know, our main financing is the EUR 250 million bond loan maturing in September 2029. In addition, we have lease liabilities related to our production facilities. This is perhaps the clearest illustration of how much our financial position has improved. Leverage is now 2.1x EBITDA, below our target of 2.5x. We were at 2.7x at the end of second quarter, so the positive development has continued through quarter three. This reflects a combination of stronger earnings, disciplined CapEx, and a continued strong focus on working capital, and we are now below our long-term leverage target. At the same time, we maintain a disciplined approach to capital allocation. Cash flow remains one of our key priorities. Lease payments are relatively stable at around EUR 10 million per quarter, while our investment level is significantly lower than in previous years. We also continue to actively manage working capital, including inventory levels and improved supplier terms. So far this year, we have generated EUR 52 million in free cash flow before servicing any debt. This has benefited from the positive working capital effect in the first half of the year. The important message is that the improvement in earnings is increasingly translating into cash. CapEx is also an important part of the cash flow story. CapEx were EUR 3.6 million for the third quarter and EUR 10.7 million for the first nine months. As we said in Q2, the major growth investments have already been made in our operation. Our focus now is to get more out of the capacity and investments already in place. This means that we can grow without a corresponding increase in capital requirements. We have previously communicated an expected CapEx level going forward of approximately EUR 20 million, of which EUR 10 million-EUR 15 million is maintenance CapEx. For 2026 full year, we expect to end up at 10%-20% lower than the EUR 20 million communicated. With a stronger balance sheet and increased cash generation, capital allocation is becoming increasingly important. We are balancing three key areas: shareholder distribution, growth projects, and M&As. Importantly, our leverage target of below 2.5x remain a firm financial principle, and any shareholder distribution, growth investments, or acquisitions must be balanced against maintaining leverage below this level. When it comes to dividends, the board has today proposed a cash dividend of NOK 1.15 per share based on the 2025 accounts, which will be dealt with by an extraordinary general meeting early December this year. This amounts to a total of approximately NOK 270 million. If we calculate the leverage ratio as per the end of third quarter, including this payment, the leverage would be 2.5x. The second is growth projects. Here, we will remain selective. Projects should strengthen our value chain or market position, target attractive segments, and have a short payback period. The third is M&A. Also here, we will remain disciplined. Acquisitions must have a clear strategic fit, be value accretive, and supported by solid financial metrics. This is the same framework as we communicated in Q2. Our strong financial position does not mean that we intend to deploy more capital. It gives us more flexibility and more options, while our requirements for returns and capital discipline remain unchanged. With that, I will hand it back to you, Christian. Thank you, Stein Inge. Let me finish with a few overall comments on where we stand today and our priorities going forward. We have delivered year-on-year sales growth for the eighth consecutive quarters on a row. At the same time, we have significantly improved profitability with all three segments contributing. We will continue to focus on operational improvements. Here, we shall be best in class. We have capacity to grow, and we have invested in areas where we believe we have a competitive advantage. We repeat that we believe in an annual growth of 5%-7% in our key markets, and our target remains unchanged, EUR 1 billion in sales, a 15% adjusted EBITDA margin. We are already below our leverage target, and we are making very good progress towards our sales and margin targets as well. With that, thank you for listening in, and I will see you next time.
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