BEWI ASA: Q2 and 1H 2025 result, contemplating equity issue

Strong development for packaging, cautiously positive market development for
insulation. Contemplated equity issue to strengthen financial position

BEWI, a leading provider of packaging, components, and insulation solutions,
today reports its results for the second quarter and first half of 2025.
Excluding discontinued operations, the company recorded net sales of 208 million
euro for the quarter, in line with the 208 million euro reported for the same
quarter last year. Adjusted EBITDA reached 22 million euro, up 13 per cent from
the same quarter of 2024.

BEWI contemplates an equity issue to raise gross proceeds of the NOK equivalent
of EUR 75 million to strengthen the balance sheet and for general corporate
purposes.

"We are pleased to deliver such strong results for the packaging business. At
the same time, we experience improvements in the building and construction
industry, but the recovery is slower and more modest than anticipated", says
Christian Bekken, CEO of BEWI ASA.

BEWI's insulation business experiences a cautiously positive market so far this
year, with a modest decline in sales for the second quarter isolated. Markets
dominated by commodity products, including the Nordics and Baltics, have
recovered more than Benelux and Germany, where more specialised solutions are
sold, resulting in a lower EBITDA margin for the segment compared to the second
quarter of 2024.

The packaging business is growing and serves as a stabiliser to the group's
total portfolio, contributing with higher profitability. For the second quarter
of 2025, the segment delivered 36 per cent higher EBITDA compared to the same
quarter last year, led by higher volumes of fish boxes. The segment also
delivered higher volumes of components to HVAC systems and the automotive
industry.

By July, BEWI had concluded the merger of its raw materials business with Unipol
and sold its traded food packaging business to STOK. The transactions sharpen
the group's strategic focus, aligning the business around core operations and
supporting improved profitability and long-term value creation for shareholders.

"We are confident in our strategy and the long-term potential for our solutions,
where megatrends support increased demand for circular packaging and energy
efficient solutions. When the market recovers, we expect to benefit from our
efficient and well invested operational platform", Bekken continues.

The long-lasting low activity in the building and construction industry has
impacted BEWI's results and balance sheet. Therefore, to strengthen the balance
sheet and for general corporate purposes, BEWI is now contemplating an equity
issue to raise gross proceeds of the NOK equivalent of 75 million euro. In
addition, the company is working on securing long term financing which may
include inter alia a refinancing of the outstanding senior unsecured bond issue.

"With a well invested and efficient operation as a starting point, the equity
issue will enable a solid financial platform to capture the expected long-term
growth in our core markets," Bekken concludes.

DNB Carnegie, a part of DNB Bank ASA ("DNB Carnegie") and Nordea Bank Abp,
Norwegian branch ("Nordea") have been retained as joint bookrunners (together,
the "Managers") for the equity issue.

BEWI Invest AS (owning 51.09% of the shares and votes) and Kverva Industrier AS
(owning 8.84% of the shares and votes) have indicated interest to subscribe for
their pro rata share of EUR 75 million and HAAS AS (owning 17.04% of the shares
and votes) have indicated interest to subscribe for NOK 15 million. In addition,
the Managers have through a limited wall crossing exercise of other large
existing shareholders and selected potential new long-term investors received
significant additional support for the transaction. The equity issue is expected
to be launched and completed as a private placement after close of markets in
the near term.

Following the signing of a non-binding term sheet in the third quarter of 2025,
BEWI is in early stages of due diligence for a potential acquisition. The
discussions are still in early stages and there can be no certainty as to
whether the potential acquisition will be carried out. The potential acquisition
is subject to satisfactory due diligence, agreement on binding transaction
agreements, financing, corporate approvals including board approvals and
approval by the general meeting, as well as other conditions such as applicable
regulatory approvals.

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

CEO Christian Bekken, CFO Marie Danielsson, and CSO Stein Inge Liasjø 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.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5
-12. This stock exchange announcement was published by Charlotte Knudsen, at the
date and time as set out above

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