Solid operational improvements and strengthened earnings capacity
BEWI, a leading provider of packaging, components, and insulation solutions, today reports its results for the first quarter of 2026. Net sales came in at 198.6 million euro, up 6 per cent from the first quarter of 2025, driven by volume growth in all segments. The adjusted EBITDA was 22.2 million euro, an increase of 44 per cent year-on-year, supported mainly by the higher volumes and operational improvements.
- Volume growth in all markets
- Operational improvements supporting strengthened earnings capacity and a 44 per cent increase in adjusted EBITDA year-on-year
- Continued strong development across the Packaging & Components segment
- Positive adjusted EBITDA for Circular
- Strong start to the second quarter of 2026
"We delivered a strong first quarter with volume growth across all segments and a meaningful uplift in profitability. The operational improvements we've implemented are strengthening our earnings capacity, and we've started the second quarter with good momentum," says Christian Bekken, CEO of BEWI ASA.
For Insulation & Construction, volumes picked up in March, ending the quarter with 4 per cent higher volumes. The segment had a solid momentum in April, beyond normal seasonality. While adjusted EBITDA was stable at 8.3 million euro year-on-year, positive impacts from cost optimisations and margin management initiatives will yield improved profitability going forward.
Packaging & Components delivered solid growth and profitability improvements across product groups. Sales grew by 14 per cent, while adjusted EBITDA increased by 49 per cent to 13.9 million euro. This was supported by higher volumes, particularly within food packaging and automotive components, as well as a higher contribution from own raw material production. The segment now benefits from a structurally stronger earnings baseline.
Circular delivered solid operational and financial performance for the quarter. Increased collection, production and sales of recycled materials, combined with improved operational efficiency and a lower cost base, resulted in a positive adjusted EBITDA of 1.2 million euro, compared to a loss in the corresponding quarter last year. The improvement reflects both structural and operational progress, supported by favourable market conditions.
"Circular made particularly strong progress in the quarter, turning adjusted EBITDA positive through higher activity levels, improved efficiency and a lower cost base. This underlines the value of our circular model and the actions taken to scale it," Bekken continues.
Cash flow from operating activities was positive at 1.9 million euro, reflecting normal seasonal working capital increases and higher inventory levels secured at favourable prices. Inventory levels are expected to be reduced during the second quarter, supporting improved cash generation.
BEWI remains focused on disciplined execution of operational and strategic measures to further strengthen profitability and earnings capacity.
"We have a clear path towards our long-term financial targets, including a 15 per cent EBITDA margin and a leverage ratio below 2.5x. With a good start of the second quarter, we are well positioned to continue to improve our results", Bekken concludes.
Please find attached the report for the first quarter of 2026, the presentation of the results, and the financials spreadsheet.
CEO Christian Bekken, CFO Marie Danielsson, and Chief of Strategy Stein Inge Liasjø will present the results from 10:00 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 a leading European provider of packaging, components, and insulation solutions. Through a circular business model, the group produces raw materials and end goods, while collecting and recycling used materials into new products.
BEWI's core offering is circular packaging and energy-efficient solutions for the building sector. The group has ambitious targets for profitable growth and for decarbonising both its customer offering and own operations through increased use of recycled materials and renewable energy sources. Innovation and industry partnerships, as well as BEWI's people and culture, are integral to driving long-term value creation.
With its vision to protect people and goods for a better everyday, 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.
