BEWI – Results for the first quarter of 2024

Solid operational performance in seasonally weak quarter, positioned for growth

BEWI, a leading provider of packaging, components, and insulation solutions, today reports its results for the first quarter of 2024. The company recorded net sales of 244 million euro for the quarter, down from 296 million euro for the same quarter of 2023. The adjusted EBITDA came in at 19 million euro, compared to 28 million euro for the first quarter of 2023.

• Market conditions remained challenging, further impacting sales in a seasonally weak quarter
• Solid operational performance including
  • Continued cost - and capacity adjustments enabling sustained downstream margins, despite lower volumes
  • Ramp-up of new production line in Etten-Leur, strengthening capacity of grey EPS and use of recycled EPS
  • Launch of products with lower CO2 footprint based on recycled feedstock
• Macroeconomic indicators show signs of improvement, and regulatory drivers remain strong

“Although we are not satisfied with the results for the quarter, we are very pleased to see that the market has been picking up into the second quarter, also beyond the normal seasonality,” says Christian Bekken, CEO of BEWI ASA.

“Once again, we are pleased with the development in the I&C segment, where we succeed in maintaining the margin from the first quarter last year, despite the lower volumes,” Bekken continues.

BEWI’s work to strengthen the balance sheet continues to be a prioritised task. The group has divested properties under sale-leaseback agreements, work to optimise the working capital. At the end of the first quarter, BEWI had 78 million euro in available cash and credit, with an additional 28 million euro incoming from real estate divestments and a compensation related to a previous acquisition.

So far in the second quarter, volumes have improved. The macroeconomic indicators are showing signs of improvement, as central banks are re-considering rate cuts amid easing inflation. Further, strong regulatory drivers support BEWI’s circular business model, and the strategic choice made to strengthen the group’s position in energy efficient solutions for buildings.

“We are pleased with how we have withstood the recession in the building and construction markets, by adapting costs and capacity. As the market rebounds, we are well positioned to capitalise on higher demand. With investments already made, volumes can increase without major cost increases, leading to a noticeable strengthening of margins,” Bekken concludes.

Please find attached the full report for the first quarter of 2024, the presentation of the results and the financials spreadsheet.

CEO Christian Bekken and CFO Marie Danielsson will present the results from 10:00 am today through a live webcast. The link to the webcast is available from BEWI’s homepage www.bewi.com, and a recording of the webcast will be made available.

For further information, please contact:

Charlotte Knudsen, Chief Communications and IR Officer BEWi ASA, tel: +47 9756 1959

Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on 16 May 2024