Slides
Page 1
BEVEST Q2 2026 Company presentation
Page 2
Table of contents 2 1 2 3 Introduction Company overview Outlook
Page 3
BEVEST in brief High quality asset portfolio(1) Key metrics Note(s): (1) Nekkar acquired BEVEST’s share in FiiZK, during Q2 2026; (2) GAV (Gross Asset Value) including financial investments, receivables and cash & cash equivalents, as of 30.06.2026, share price for BEWI ASA updated per closing 21.08.2026; (3) Also holding a portfolio of smaller financial investments representing less than 1% of GAV; (4) Share of GAV excluding re ceivables, cash & cash equivalents as of 30.06.2026, update share price for BEWI ASA in line with previous note | Source(s): Company information 3 BEVEST is a long-term, hands-on investor with a high-quality asset portfolio ensuring a conservative LTV ▪ BEVEST was established in 2017 as the Bekken family’s private investment arm to hold and grow their portfolio assets ▪ Privately owned and led by the Bekken family as majority owners, with second -generation leadership actively involved in strategic direction and governance ▪ Operates as a long-term, hands-on investor with core focus areas in industrials, seafood and real estate, across the Nordics and Europe ▪ Robust asset portfolio including a ~51% ownership of BEWI ASA (publ.), ~31% ownership in Sinkaberg and a real estate portfolio through 100% owned Corvus Estate ▪ Has grown a high-quality, pan-European portfolio including controlling stakes in listed companies, with a strong record of sector-focused value creation 2017 NOK 6,029m NOK 10,252m Established Consolidated GAV(2) Consolidated Q2’26 LTM revenue 7 16 NOK 1,086m Portfolio companies(3) Countries of operation Consolidated Q2’26 LTM EBITDA Industrials Real estateSeafood Balanced and liquid asset portfolio GAV split Seafood 48% Industrials 47% Real estate 5% Listed 43% Private 57% Sector split Listed vs. private assets % of GAV(4) % of GAV(4)
Page 4
Top Sub-header bottom Bottom / footer start BEVEST is built to identify, create, and realise value in and through the following value creation levers: BEVEST’s platform drives additional value creation Distinct value creation levers Source(s): Company information 4 Value creation through active ownership and disciplined capital allocation Active ownership: Creating value through active ownership with broad industry expertise, driving operational improvements throughout all portfolio companies Deal access and strategic M&A: Disciplined acquisition strategy focused on complementary assets, gaining access to local assets flow with high upside potential that would otherwise be difficult to source – shown through Sinkaberg and Corvus Estate Financial flexibility: Maintaining a robust balance sheet, resulting in strong investment capabilities for BEWI, Sinkaberg and other platform companies – showcased by BEWI ASA’s equity raise and bond issue in 2025 Performance and execution: Significant experience from previous transactions with a proven ability to scale portfolio companies - BEVEST turning KMCP into the 4th largest listed Nordic industrial and logistics real estate company at time of listing Cash flow growth NAV growth Total shareholder return Invest in companies with long-term competitive advantages Active capital allocation Diversified portfolio with focus on stable and increasing cash flows Total return to shareholders 1 3 2
Page 5
Top Sub-header bottom Bottom / footer start ▪ Successful listing of BEVEST ASA, with the first day of trading on 27 April 2026, following the completion of the reverse takeover merger with KMC Properties ASA on 24 April 2026. ▪ Listed a NOK 1,000 million bond on Nordic ABMs Fast Entry Segment 12 January 2026, successfully uplisted to Euronext Oslo Børs 2 July 2026. ▪ BEWI ASA delivered a strong Q2 2026 with 19% revenue growth and an adjusted EBITDA margin of 13.8%, up 57.3% from Q2 2025. Corresponding figures for first half of 2026 was a revenue growth of 12,7%, and an adjusted EBITDA margin of 12.6% up by 51.6% from first half 2025. ▪ Sinkaberg delivered solid operational performance in Q2 2026 with a harvest volume of 8 736 tonnes and hence 16 626 tonnes year to date. Revenues of NOK 1 185.8 million and an EBITDA of NOK 386.6 million year to date confirms this performance. ▪ Corvus Estate acquired a fully let light industrial property in Oppdal. 1) share price for BEWI ASA updated per closing 21.08.2026 5 Q2 trading update and subsequent events Net asset value composition NOK million BEWI ASA1 2,616.3 Seafood Investment AS 2,950.0 Corvus Estate AS 293.9 Other investment and assets 110.2 Cash 58.7 Gross assets 6,029.2 Interest-bearing debt -1,630.0 Non interest-bearing debt1 -230.8 Equity attributed to hybrid capital -744.1 NAV 3,424.3 NAV per share 33.2 LTV 30.2 % Number of shares outstanding 103,210,053
Page 6
Table of contents 6 1 2 3 Introduction Company overview Outlook
Page 7
Top Sub-header bottom Bottom / footer start BEVEST has developed from a local producer to a European provider and consolidator, building on ~45 years of industrial experience Note(s): (1) Combined GAV following IPO, holding ~0.7bn in KMC Properties and ~1.6bn in BEWI ASA; (2) Total net cash proceeds to BEVEST following the divestment in Logistea; (3)[See prior definition for GAV (Gross Asset Value); (4) Nekkar acquired BEVEST’s share in FiiZK, during Q2 2026; | Source(s): Company information 2020-2026 1980 Bekken family founds BEWI on Frøya, producing styrofoam boxes for Norway’s salmon industry BEVEST AS is established as the Bekken family’s private investment arm to hold and grow their assets 2017 1 Asset in portfolio 2026 Merger between BEVEST and KMC Properties to list on Oslo Børs Six specialist investments into industrials, seafood and real estate assets(4) Value realization through a successful merger with Logistea at a combined property value of NOK ~13.1bn 2024 NOK ~1.3bn cash proceeds(2) 2025 Successful placement of a NOK 1bn 3.25-year senior secured bond issue NOK ~1bn Bond issue 2020 Becomes largest shareholder in both BEWI ASA and KMC Properties ASA following corporate restructuring and IPOs NOK ~2.3bn GAV post issues(1) Invests NOK 2.2bn in 44.4% of Sinkaberg, marking a major move into aquaculture 2023 15+ years of consecutive dividend payouts NOK ~6.0bn BEVEST GAV(3) 7
Page 8
Sustainable materials and energy efficiency Seafood and sustainable food production Real-estate and mission critical assets An integrated investment ecosystem across industry, seafood and real estate - offering exposure across growth sectors and megatrends 8 Note(s): (1) BEVEST portfolio company Corvus Estate owns c. 24% of Corvi AS which holds 19,210,328 B shares in Logistea (3.76%) | Source(s): Company information BEVEST acts as an active owner, combining platforms and leveraging industrial expertise to unlock synergies and create long-term value across industries Investment philosophy centred around: ✓ Sustainable value creation through family-rooted ownership and active involvement ✓ Long-term secular trends supporting strong growth trajectories
Page 9
Top Sub-header bottom Bottom / footer start Note(s): (1) BEWI ASA has minority interests in 5 facilities in France, 6 facilities in Germany, 1 facility in Poland and 4 R AW facilities; (2) Based on total net sales for continuing operations; (3) [Market capitalization as of August 21. 2026 (21.08.2 026)], Source(s): Company information, BEWI ASA BEWI ASA in brief Integrated, flexible and circular value chain, positioned towards global structural megatrends Strong European platform from ~45 years of business development ▪ Competitive advantage from integrated and circular value chain ▪ Diversified revenue stream, strong market positions in growing downstream markets Historical growth strategy - organic and M&A ▪ Clear and proven buy-and-build strategy with strong pipeline of attractive opportunities ▪ Initiated strategic review of automotive business (P&C) to develop this business Frontrunner in sustainability ▪ Significant and early investments in circular capabilities ▪ Strong product offering based on recycled feedstock 76 facilities in Europe(1) 55x Downstream 5x Circular 16x through minority interests ~51.1% EUR ~847m NOK ~5.1bn BEVEST owned Net sales LTM Q2 2026(2) Market cap(3) +30 30-50% ~2,900 M&A deals since 2014 Target dividend pay-out ratio FTEs continuing operations Insulation & Construction (I&C) Packaging & Components (P&C) Circular Raw BEWI ASA – a strong European platform from ~45 years of development EUR 440m of net sales (LTM Q2’26) 1,261 FTEs (Q2’26) EUR 363m of net sales (LTM Q2’26) 1,464 FTEs (Q2’26) EUR 69m of net sales (LTM Q2’26) 138 FTEs (Q2’26) 49% ownership 9
Page 10
Top Sub-header bottom Bottom / footer start Sinkaberg is a privately held salmon farmer, operating in prime farming locations Notes: (1) Including both owned and operated licenses; (2) As per the company´s bylaws; (3) Dividends for 2023, 2024 and 2025 (4) BEVEST estimates for operational EBIT divided by Sinkabergs economic volume | Source: Company Information >25% of NI To be paid as dividends(2) >21.0kt MAB(1) NOK >775m Dividends since BEVEST entered Sinkaberg(3) Harvest volume Operated Own licenses Kt, HOG NOK EBIT/kg 19.3 22.4 21.3 22.6 20.3 21.0 8.4 10.5 8.0 9.3 8.3 11.3 27.7 32.9 29.3 31.9 28.6 32.4 2020A 2021A 2022A 2023A 2024A 2025A Potential 9.5 15.8 20.5 23.2 19.2 20.9 4 2020A 2021A 2022A 2023A 2024A 2025A Core Key highlights Sinkaberg is an integrated salmon farmer with operations in Nærøysund, Bindal, Brønnøy and Herøy. The head office and processing plant are located on Marøya in Nærøysund municipality ▪ Established production platform developed over ~47 years, resulting in an attractive license portfolio and strong value chain integration ▪ Capacity of >21.0kt MAB from owned and operated licenses in prime salmon farming areas (PO7 and PO8) PO8 PO7 Sinkaberg in brief 10
Page 11
Corvus Estate – a real estate focused platform with a disciplined investment strategy Note(s): (1) Corvus Estate owns c. 24% of Corvi AS which hold 19,210,328 B shares in Logistea | Source(s): Company information Corvus Estate is a well-established real estate portfolio and a platform for owning and developing assets, and consolidating portfolios for sale ▪ Currently concentrated around Trondheim, Norway ▪ Aim to identify value in complex “combination portfolios” where the total asset value exceeds the sum of the parts ▪ Outlook of divesting non-core assets while retaining core properties to create a streamlined portfolio positioned for exit within 4-5 years ▪ Strong growth potential in becoming an owner-led platform with a flexible capital structure pursuing strategic M&A Corvus Estate in brief BEVEST is an experienced real estate investor Trondheim Light industrial Strategic partner and provider of critical infrastructure 1 Cash flow assets High cash flow generating properties with optimized balance between returns and risk 2 3 Assets for sale(1) Sale of non-core assets to fund expansion and focus on commercial properties KMCP case study BEVEST has a proven track-record of acquiring, scaling, and exiting a real estate platform – enhancing value creation through active ownership 3.1 4.0 5.4 6.2 6.9 6.9 6.8 6.2 2019 2020 2021 2022 2023 Q2-24 Combined GAV Combined NAV Q3-24 ~1.5 13.1 A transformational transaction creating the 4th largest listed Nordic industrial and logistics real estate company KMCP GAV development (NOKbn) Acq. Of Pesca Properties Storm Real Estate Becomes listed Acquisitions in DK & NO NOK 2bn acquisitions from BEWI ASA NOK 1.85bn refinancing Combination with Logistea The start Leading Nordic real estate companyDevelopment of platform 11
Page 12
BEVEST has a clear portfolio strategy that is divided into three main groups 12 Portfolio companies Key characteristics Long-term core portfolio M&A platform companiesSpecialist companies Full or partial capitalization through a sale, stock exchange listing, or… …move to long- term core portfolio Full or partial capitalization through a sale, stock exchange listing, or… • Strong secular trends • Long-term competitive advantage … move to M&A platform • Growth focus • Consolidation driver • Strategic ownership • Stable returns & dividend capacity
Page 13
Top Sub-header bottom Bottom / footer start Family-rooted ownership built on active involvement and extensive experience 1980 - 2014 Strategic development Family-rooted ownership since 1980 • Extensive industry expertise, founded BEWI ASA in 1980, built experience in value chain development, operational excellence, and efficient production • Active ownership approach with close collaboration with management • Proven track record of operational improvement and profitable growth Investment enabler Long-term perspective • Maintaining a long-term perspective in Nordic companies across industry, real estate, and seafood • Active support in developing and executing growth strategies • Investment decisions guided by a commitment to sustainable growth and value creation for future generations • Executed 40 M&A transactions, integrations, and corporate structuring • Listed BEWI ASA and KMCP on the stock exchange gained expertise in the capital markets • Focused on positioning and value creation of its portfolio companies • Access to a broad network of advisers, as well as industrial, commercial and financial contacts 13
Page 14
Top Sub-header bottom Bottom / footer start Highly experienced management team and board leveraging decades of industrial experience Key personnel for the merged company Board for the merged company Bjørnar Andrè Ulstein CEO Experience include Investment Director at BEVEST, Senior Relationship Manager, and Credit Banking at DNB Bård Skogstad CFO Extensive experience as CFO in FiiZK, RESMAN Energy Technology, Signicat, and CrayoNano Gunnar Syvertsen Chairman of Board Former CEO Heidelberg Cement Northern Europe AB and Managing Director Heidelberg Cement Norway AS. Co-chair of BEWI ASA and chair of Bekken Invest AS. Lisa Lockert Bekken Director of the Board CEO and chairman of own founding company. Experience from the retail industry Marianne Bekken Director of the Board 2nd generation Bekken family. Current sales and marketing manager at BEWI Packaging Karl-Erik Bekken Director of the Board 2nd generation Bekken family, experience include various senior positions at BEWI ASA and BEVEST +3 Investment Professionals Bent Richard Eidem Director of the Board Extensive experience from banking and financial services. Former Executive Vice President and Business Banking Norway Director at Danske Bank/Fokus Bank. Current CEO of LOKALBANK alliance Ingrid Høstmælingen Director of the Board Partner at Wikborg Rein with extensive experience from real estate transactions and commercial negotiations. Board member of Wikborg Rein and Fredriksborg Eiendom Source(s): Company information 14
Page 15
Table of contents 15 1 2 3 Introduction Company overview Outlook
Page 16
Value creation framework Create long-term value for shareholders by growing NAV and cash flow 15% - 25% Conservative LTV Conservative net loan to value level to preserve a solid balance sheet and increase the financial robustness 2% - 5% Distributions Dividend payout target of 2-5% of value adjusted equity per year 16
Page 17
Outlook: Strong portfolio momentum and clear priorities 17 1 2 3 4 Sinkaberg is continuing its high quality operational performance, with low mortality rates and high share of superior quality fish. The company has a strong balance sheet and is well positioned for growth throughout its value chain. Corvus Estate to continue expanding its portfolio through acquisitions and developments with long-term leases and solid tenants, while rotating out of non-core assets Beform and Delproduct to continue operational development, supported by strengthened industrial expertise and a focus on profitable growth BEWI ASA’s strengthened financial position and improving cash generation provide increased capital allocation flexibility, with BEVEST supporting a clear and disciplined approach to shareholder distributions, growth investments and M&A
Page 18
Appendix 18
Page 19
Top Sub-header bottom Bottom / footer start KMCP, the acquiring and remaining company to be the listed holding company of BEVEST’s portfolio companies KMC Properties renamed BEVEST Summary of the KMC Properties & BEVEST merger Key transaction considerations Note(s): (1) KMCP market capitalization as per prior to the merger (08.04.2026); (2) Assuming KMCP market cap as defined in note 1 and BEVEST’s equity value from the merger plan 19 Overview of the merger Combined company equity value: ~3,571 NOKm(2) Strengthens credibility and visibility through becoming an OSE-listed platform Dual share class structure ensures BEVEST remains well-financed with sufficient capital to finance sound and robust platforms for long- term growth Access to capital at attractive terms Bekken Invest MCAP: ~22 NOKm(1) Equity value in merger: ~3,549 NOKm >50%>50% (ListCo) Other assets Existing ownership of KMCP and BEVEST pre-merger Ownership post merger Bekken Invest Other investors >50% <50% Strengthens credibility and visibility through an OSE-listed platform Strong listed company with clear strategic direction, leveraging BEVEST’s active-owner model to drive value creation Access to public markets provides a transparent liquid platform for growth and capital access Highlights ▪ Following the sale of its portfolio to Logistea, KMCP remained a single-purpose listed vehicle with limited assets and activity ▪ The merger provided BEVEST with a listing, and transformed KMCP from an empty shell into an industrial investment company ▪ Prior to the merger, KMCP completed a retail offering to expand the shareholder base and satisfy the requirements for continued admission to Euronext Oslo Børs