BEWI – Results for the fourth quarter of 2021

BEWI, a leading provider of packaging, components, and insulation solutions, today reported its results for the fourth quarter of 2021.

BEWI recorded net sales of 208.2 million euro for the fourth quarter of 2021, compared to 130.2 million euro for the same quarter last year, corresponding to an increase of 60 per cent, of which 43 percentage points are organic growth driven by higher volumes and sales prices following strong demand. Adjusted EBITDA came in at 26.4 million euro for the quarter, up from EUR 16.4 million for the fourth quarter last year. The company’s upstream segment, RAW, had a positive margin development due to the higher GAP recorded (i.e., styrene gross profit), while margins in the downstream segments are lower than last year, due to the higher cost of the raw material.

“We are very pleased with the results for the quarter and for the full year of 2021, driven by solid operational performance, and continued strong demand in our markets. On top of this, we managed to successfully complete a record-high number of transactions throughout the year in line with our strategy,” says Christian Bekken, CEO of BEWI ASA.

For the full year, revenues ended at 748.2 million euro, representing 62 per cent growth, and posting an EBITDA of 109.0 million euro, up from 65.0 million euro for 2020.

In the fourth quarter, BEWI received acceptance of its offer to acquire all shares in the packaging and insulation company Jackon Holding. Like BEWI, Jackon also demonstrated a solid and profitable growth for 2021, with a 28 per cent growth in revenues and a 25 increase in EBITDA. Combined, the two companies recorded revenues of 1,146 million euro and an adjusted EBITDA of 152 million euro for 2021. The work to complete the transaction is progressing well, although still subject to regulatory approvals.

Further, BEWI completed the acquisitions of the Belgian insulation company Kemisol and the UK-based recycling company Volker Gruppe in the fourth quarter, in line with the company’s strategy to strengthen its market position in the important Benelux region and its recycling activities respectively.

Going forward, BEWI expects a continued stable or strong demand in its key markets, despite challenging market conditions in some end-markets, including shortage and/ or delay in deliveries of components, as well as cost inflation on operational costs. EPS prices are expected to remain at high levels, also implying a high GAP.

Based on the company’s financial position, investment plans and growth ambitions, the board of directors of BEWI proposes to the general meeting to pay a dividend of NOK 1.10 per share for the financial year of 2021. The proposal is line with the company’s dividend policy to pay out 30 to 50 per cent of net profit.

Please see the full report for the fourth quarter of 2021 and the presentation of the results attached.

CEO Christian Bekken and CFO Marie Danielsson will present the results through a live webcast from 08:00. The link to the webcast is available from BEWI’s homepage www.bewi.com/investors/reports-presentations/. It will be possible to post questions through the webcast, and a recording of the webcast will be made available from BEWI’s website.

For further information, please contact:

Charlotte Knudsen, Director of IR and Communications 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 24 February 2022