Second consecutive quarter of sales and volume growth

BEWI, a leading provider of packaging, components, and insulation solutions, today reports its results for the first quarter of 2025. Excluding discontinued operations, the company recorded net sales of 187.9 million euro for the quarter, up from 183.6 million euro for the same quarter last year, driven by higher volumes. Adjusted EBITDA reached 15.0 million euro, up 13.2 per cent from 13.2 million euro for the first quarter of 2024.

"We are pleased to see that the activity in the building and construction industry is picking up in most regions, resulting in the second consecutive quarter with volume growth for our insulation business", says Christian Bekken, CEO of BEWI ASA.

BEWI's insulation business saw an increase in EBITDA with 21.3 per cent, recording 7.9 million euro in a seasonally weak first quarter.

The packaging business also had higher volumes and delivered stable results. The EBITDA came in at 9.4 million, in line with the first quarter of 2024, although impacted by a lag in price adjustments linked to raw material costs, and additional costs related to production ramp-up for the automotive business.

The Circular business also demonstrated solid progress for the quarter, with a notable increase in collection volumes, and a positive development in sales and EBITDA.

In February 2025, BEWI announced a merger of its RAW division with the raw materials company Unipol, forming a more competitive player in the European EPS raw materials market. BEWI will retain 49 per cent ownership, maintaining operational benefits of vertical integration, while at the same time releasing up to 75 million euro in cash. In addition, the company is divesting parts of its food packaging business (traded products), adding 20 million euro in cash. Both transactions are expected be finalised the next few months.

Going forward, the insulation business typically sees its strongest performance in the second and third quarters. For the packaging business, a higher standing biomass of salmon at the end of the first quarter this year than last year, indicates increased slaughter volumes - and in turn, higher volumes of fish boxes.

"The markets we operate in are still challenging, with increased uncertainty and growing trade tensions from the recent US tariff announcements. Still, we are cautiously optimistic about the markets ahead. We have demonstrated a strong ability to adapt to changing conditions, leaving us with a trimmed operational base, lower cost level, and plenty of room to grow organically without additional investments", Bekken concludes.

Please find attached the full report for the first quarter of 2025, the presentation of the results and the financials spreadsheet.

CEO Christian Bekken and CFO Marie Danielsson will present the results through a live webcast from 10:00 CEST today. 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 14 May 2025