2025

Annual report

Protecting people and goods

for a better everyday

BEWI is a leading

provider of packaging,

components and

insulation solutions

OUR CORE VALUES

Responsible • Proud • Stable • Care for quality

2021 Artbox Report Templauk same All rightr v reserved © Artbox AS 2021

We are protecting people and goods for a better everyday

OUR VISION

…by ensuring safe and circular packaging

of food and fine goods, reducing waste

…by insulating houses and buildings,

making them more energy efficient

…by reusing and recycling materials,

saving resources

BEWI annual report 2025BEWI annual report 2025

Contents

Introduction

Performance highlights 2025

Letter to stakeholders

2025 in review

Our business

Our presence

How we create value

Our strategy

Circular business model

Our performance

Key performance measures

Social performance

Environmental performance

Financial performance

Governance

General information and compliance

Governing bodies

Compensation of board and executive management

Policies and compliance

Risks and risk management

Auditor

Sustainability statements

General information

Environment

Social

Governance

107

Financial statements

115

The group

116

Parent company

168

Statement by the board and CEO

181

Auditor’s report

182

Alternative Performance Measures

186

Remuneration

190

Appendix

205

Sections Our business, Our performance, Governance,

and Sustainability statements constitute the board of

directors’ report.

BEWI annual report 2025BEWI annual report 2025

Net sales

796 EURm

+3%

Adjusted EBITDA

81 EURm

+12%

~38 400

tonnes of EPS collected

for recycling in 2025

34%

use of recycled or

non-fossile material

Taxonomy aligned

activities

57%

European footprint

76 facilities

14 countries

Integrated and circular value chain

Employees

~3 000

Our results Our organisation Our business

BEWI Circular

BEWI RAW

Customer

BEWI downstream

Continued operations, excl. RAW and traded food packaging

Including 16 facilities held through shares in associates and JVs.

Introduction | Performance highlights 2025Introduction | Performance highlights 2025

BEWI annual report 2025BEWI annual report 2025

Letter to stakeholders

Positioned for growth and profitability improvements

Leaving 2025, we are pleased with how BEWI has executed on its strategy

in a year characterised by increased geopolitical uncertainty and continued

challenging market conditions for the building and construction industry.

Our packaging and components business developed solidly, supported by

increasing slaughter volumes for Norwegian salmon and strategic investments

in automotive and HVAC components.

Through focused execution, disciplined operational

management, and investments in people, innovation

and strategic projects, we have strengthened our

competitive position and prepared the company for

profitable growth.

Executing on our strategy

Our strategy is built around energy efficient solutions

for buildings and circular packaging and closely

linked to the megatrends shaping our industry,

including the transition towards more energy- and

resource-efficient communities. We will continue to

focus on operational excellence, while accelerating

growth in our core business, supported by innova-

tion, partnerships and targeted investments.

In 2025, we made tangible progress on both priori-

ties. We launched several innovations incorporating

recycled materials and continued to improve the

efficiency of our operations. These efforts reduce

our environmental footprint and strengthen our

customer offerings.

Profitability improvement programmes continued

to focus on cost efficiency, operational performance,

and disciplined price and margin management. We

capitalised on recent investments by ramping up

volumes on new production assets, including con-

struction boards, the circular facility in Norrköping,

and newly acquired assets in the automotive

segment.

During the year, we also completed two strategic

transactions. The merger between RAW and Unipol,

and the divestment of the traded food packaging

business, sharpened our operational focus and

strengthened our financial platform. In addition, we

secured long-term financing for the group through

an equity raise and refinancing of our bond loan.

Our results in 2025 reflect these efforts. We delivered

sales growth and improved profitability, while also

advancing key environmental and social priorities,

reinforcing our conviction that strong operational

performance and sustainability go hand in hand.

Gunnar Syvertsen

Chair

Christian Bekken

CEO

Introduction | Letter to stakeholdersIntroduction | Letter to stakeholders

BEWI annual report 2025BEWI annual report 2025

Our people – the foundation

of our performance

With approximately 3 000 dedicated employees,

our people remain the foundation of BEWI’s success.

Their expertise, teamwork and commitment drive

innovation, operational excellence and continuous

improvement across the group.

In 2025, we strengthened our efforts on people

and leadership development. The BEWI School was

expanded with a new growth and talent programme,

and we held a leadership summit in May, reinforcing

alignment around strategy, culture and priorities.

Safety remains our highest priority. Through targeted

HSE campaigns, we increase knowledge and aware-

ness across the organisation. Our ambition remains

clear: an accident free working environment, every

day and every hour.

Opportunities and outlook

The ongoing geopolitical developments, which have

intensified since late 2025, are being closely moni-

tored with considerable attention and concern. The

increased uncertainty could lead to higher fluctu-

ations in raw material prices - and more cautious

markets.

For BEWI, improving profitability remains a key prior-

ity going forward.

With the actions taken over the past years, we are

well positioned for growth as markets recover. In

construction, demand is supported by strong funda-

mentals for improved energy efficiency of buildings,

combined with our solid market positions and avail-

able capacity at today’s invested base. As volumes

grow, this will translate into increased profitability.

Within packaging, our largest customers — including

some of the world’s leading salmon farmers — con-

tinue to guide on growth, while automotive contracts

and positive outlooks from HVAC customers provide

visibility and confirm growth opportunities.

We support regulatory initiatives aimed at reduc-

ing packaging waste, such as the Packaging and

Packaging Waste Regulation, and see these devel-

opments as further reinforcing the relevance of our

business model. No other player combines access to

recycled materials, innovation capabilities and end to

end operational expertise in the way BEWI does. We

also remain firm believers in the transition to a more

circular economy.

Backed by a strong organisation and a solid financial

platform, we will continue to pursue targeted prof-

itability improvements and capitalise on attractive

market opportunities aligned with our strategy. We

are confident in our ability to further strengthen

our market positions and deliver robust results and

long-term value for all stakeholders.

Finally, we would like to thank all our employees

for their dedication and commitment throughout

2025. We also thank our customers, partners and

shareholders for their continued trust and support.

Together, we will continue to Protect people and

goods for a better everyday.

Oslo/ Trondheim,

25 March 2026

Gunnar Syvertsen

Chair

Christian Bekken

CEO

Backed by a strong

organisation and a solid

financial platform, we will

continue to pursue targeted

profitability improvements

and capitalise on attractive

market opportunities

aligned with our strategy.

Introduction | Letter to stakeholdersIntroduction | Letter to stakeholders

BEWI annual report 2025

Ramp-up of a new

production facility in

Schkopau, Germany,

increasing the capacity

of EPP components to

the automotive industry.

Introduction of XPS

insulation boards, Terra,

with 45% recycled material.

Completion of transaction

to divest traded food

packaging business,

sharpening BEWI’s focus on

higher margin business with

significant growth potential.

Fully operational circular

hub in Norrköping, Sweden

- increasing the group’s

annual EPS recycling

capacity by 40% to

35 000 tonnes.

Merging BEWI RAW and

Unipol, forming a leading

European EPS raw material

producer. BEWI maintains

49% ownership and joint

control.

Successful completion of

private placement, raising

EUR 75 million in new equity,

and refinancing of EUR 250

million bond loan, securing

long-term financing for the

BEWI group.

February April July OctoberAugustJune

BEWI’s construction board

made with recycled

material and bio-based

lignin wins five German

Plus X awards.

21 new participants enter

Growth, BEWI Business

school talent development

program preparing internal

talents to take the next step

on management team level.

Introduction of GreenLine

Super EPS, insulating

boards made from recycled

grey EPS.

2025 in review

Expansion of EPP raw

material production,

strengthening BEWI’s

automotive business.

Introduction | 2025 in review

BEWI annual report 2025

Our business

Information on

pages 9-110 constitutes the board of

directors’ report, cfr. section 2-2 of the

Norwegian accounting act.

An index to support the chapter

references related to regulations is

included on page 111

Our business

BEWI annual report 2025BEWI annual report 2025

About BEWI

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.

The BEWI group (“BEWI” or “the group”) comprises

BEWI ASA (“the parent company”) and all subsidiaries

and associated companies. The parent company,

BEWI ASA, is a Norwegian public limited liability

company.

BEWI’s origins trace back to 1980 on the island

of Frøya, off Norway’s west coast, close to the

Norwegian seafood industry. Here, the group’s first

fish box facility was established, and for many years,

the sales of these fish boxes for transport of fresh

salmon formed the core of the group’s business

activities. Since then, BEWI has grown through

mergers and acquisitions, to become a pan European

business.

Today, 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, in combination

with BEWI’s people and culture are integral to driving

long-term value creation.

1010

Our business Our business

BEWI annual report 2025BEWI annual report 2025

Markets and customers

BEWI has sales to a range of different end markets. In 2025, 61 per cent of

the group’s sales were related to energy-efficient solutions for the building

sector, including sales from the Insulation & Construction segment and sales of

components to heating, ventilation, and air-conditioning (HVAC) systems (part of

the Packaging & Components segment). Food packaging accounted for 17 per

cent of the sales, components to the automotive industry 13 per cent, and other

packaging and components 9 per cent.

The past years, the activity in the building and con-

struction industry has been low in most of BEWI’s key

geographies and consequently impacted demand

and volumes for the group’s solutions for the build-

ing sector. From the last part of 2024 and throughout

2025, there have been signs of recovery in some

countries, resulting in a volume increase from 2024 to

2025 of 3 per cent for insulation. More information on

the market developments is included in the Business

segments.

61%

Energy-efficient

solutions for the

building sector

17%

Food packaging

13%

Components to

the automotive

industry

Other packaging

and components

1111

Our business Our business

BEWI annual report 2025BEWI annual report 2025

Diversified across regions

Broad European foothold with

strong local presence

In addition to being exposed to a range of industries,

BEWI has a broad European coverage with a strong local

presence. Proximity to customers is important, as the

majority of the group’s products are made from EPS,

of which 98 per cent of the volume is air.

The group is headquartered at Hammarvik at the island Frøya,

Norway. As per 31 December 2025, the group had a total of 60

majority owned production facilities in 13 countries: 13 in Norway,

eight in Sweden, five in Finland, seven in Denmark, one in Czech

Republic, two in Lithuania, three in Poland, three in Germany, three

in Belgium, six in the Netherlands, three in Spain, three in Portugal,

and three in the UK. In addition, the group has minority interests in

seven facilities in Germany, five in France, one in Finland, two in the

Netherlands and one in Poland.

Downstream

Circular

Jointly owned

Facilities

55x Downstream facilities

5x Circular facilities

4x Upstream facilities through JVs

11x Downstream facilities through shares in associates

1x Circular facility through shares in associate

1212

Our business | Our presenceOur business | Our presence

BEWI Insulation &

Construction

BEWI Packaging &

Components

BEWI Circular

BEWI annual report 2025BEWI annual report 2025

How we create value

ESRS 2, SBM-1

BEWI operates through the two downstream segments Insulation & Construction and Packaging & Components, where end goods are

manufactured, and the Circular segment, where used material is collected and recycled. In addition, the group has a 49 per cent ownership

in the EPS raw materials producer BEWI RAW. This model positions BEWI to meet the ever-changing customer needs and growing

regulatory expectations, while enhancing resource efficiency and creating long-term value for its stakeholders.

We employ

Upstream activities

We produce

BEWI’s operations

We deliver

Downstream activities/ end-markets

BEWI’s key upstream activities include the sourcing of raw

materials and energy sources required to produce heat/ steam for

the production (used to expand polystyrene). While fossil-based

feedstock remains the primary input for polymers, an increasing

share of the raw materials is recycled feedstock sourced from the

Circular segment.

Skilled employees, a wide production network, and industry

partnerships form the basis for efficient operations and products,

supporting circularity, and ensuring dependable input flows.

At BEWI’s downstream facilities, raw materials are processed into packag-

ing, components and insulation solutions. The group targets to improve

resource efficiency, including energy efficiency, renewable energy sources,

and recycled feedstock, supporting its climate targets in alignment with a

1.5°C pathway.

The Circular operation collects and recycles used EPS, which is used as

feedstock to new products. The group’s innovation work targets higher

recycled content in the customer offering, improved material utilisation,

and reduced lifecycle emissions from the operations.

BEWI’s core offering is mainly supplied to the building and

construction-, food-, automotive-, and HVAC industries in Europe.

The products contribute to improved energy efficiency of

buildings, reduced food waste, and lower emissions from

vehicles through lightweight components.

1313

Our business | How we create valueOur business | How we create value

BEWI annual report 2025BEWI annual report 2025

Our strategy

ESRS 2, SBM-3

Strategic priorities

BEWI’s strategy is anchored in its competitive advantages: people and culture, market and industry

expertise, production footprint, business model, customer relationships, and circular capabilities.

The strategic priorities build on the material impacts, risks and opportunities identified across the

value chain, and can be summarised in two:

Sustain operational excellence and

leverage on people and investments

People and leadership development: Strengthen leadership

behaviours, employee engagement, promoting diversity, equality

and inclusion.

Efficient and safe operations: Optimise resource efficiency,

while maintaining a strong focus on safety and a healthy work

environment.

Leverage on existing assets and offering: Ensure growth

and improved profitability from installed capacity, investments,

product offering, and organisational competence.

Accelerate growth from energy efficient

solutions for buildings and circular packaging

Expand offering and strengthen market positions:

Evaluate strategic partnerships and transactions, targeting a

broader offering and stronger market positions primarily within

insulation and other energy-efficient solutions for buildings.

Ambition to become a full-solutions provider, enabling

increased share of renovation projects and non-residential

buildings.

Strengthen offering of circular solutions: Increase share of

recycled and non-fossil feedstock in products through innova-

tion and close collaboration with customers and other industry

partners.

Develop our circular capabilities: Secure access to feedstock

and recycling capacity and actively contribute to developing

infrastructure and frameworks for circular value chains.

The strategy rests on three pillars guiding our actions:

Innovation is the cornerstone of future growth, driving

us to search for solutions today that remain relevant

tomorrow. It reflects our commitment to continuous

improvement across our business.

Transitioning to a circular economy is essential for

reducing greenhouse gas emissions and mitigating

climate change. At BEWI, this means using less

materials in production, extending product lifespans,

and increasing recycling efforts to enhance resource

efficiency and minimise environmental impact.

Profitable growth is about our ability to adapt to and

develop markets, secure operational excellence, leverage

on investments, and make good strategic decisions

for our stakeholders. This is supported by megatrends,

innovative solutions and a robust business model.

1 2

1414

Our business | Our strategyOur business | Our strategy

BEWI annual report 2025BEWI annual report 2025

Resilience of strategy

and business model

BEWI operates in industries influenced by the EU Green Deal and related regulatory

frameworks, such as the Packaging and Packaging Waste Regulation (PPWR), the

Construction Products Regulation (CPR) and the Energy Performance of Buildings

Directive (EPBD). These regulations are set to introduce more rigorous requirements

for circularity and energy efficiency of buildings.

The European Commission notes that the building

sector is the EU’s largest energy consumer, using over

40 per cent of total energy and producing around

one-third of greenhouse gas emissions. Therefore,

boosting energy efficiency in this area is crucial for

meeting the EU’s climate goals.

BEWI is well-placed to capitalise on these trends, with

approximately 60 per cent of its sales coming from

solutions to the building and construction markets.

The strong market exposure aligns with Europe’s

broader strategy to enhance the energy efficiency of

its building sector, offering BEWI an opportunity for

sustained structural growth.

BEWI’s circular business approach—from raw mate-

rials and manufacturing products to collecting and

recycling—gives a strategic edge with new regula-

tions. By focusing on key markets central to Europe’s

decarbonisation efforts, BEWI’s strategy shows

resilience and positions the company to remain

competitive in a circular, low-carbon economy.

1515

Our business | Our strategyOur business | Our strategy

BEWI annual report 2025BEWI annual report 2025

RAW

Production and sales of white and

grey expanded polystyrene (EPS) raw

materials, with virgin and/or recycled

feedstock, and Biofoam, a fully bio-

based particle foam.

Insulation &

Construction

(I&C)

Development, production and

sales of insulation solutions for the

building and construction industry

and infrastructure projects.

Packaging &

Components

(P&C)

Development, production and sales

of food and protective packaging,

and technical components to the

automotive and HVAC industries.

Circular

Collection and recycling of used EPS,

solutions for waste management,

trading of used materials, and sales of

recycled materials.

Based on total net sales for continuing operations

Based on total adj. EBITDA for continuing operations

Circular business model

Ownership 49%

51%

of net sales

41%

of net sales

43%

of total adj. EBITDA

61%

of total adj. EBITDA

-4%

of total adj. EBITDA

1616

Our business | Circular business modelOur business | Circular business model

BEWI annual report 2025BEWI annual report 2025

Positioned to improve energy-

efficiency of buildings

The Insulation & Construction (I&C) segment develops and manufactures insulation

solutions for the building and construction industry, including foundations, walls

and roofs, as well as infrastructure projects. The solutions are used in residential

and commercial buildings, covering new builds and renovation projects, improving

the energy efficiency of the buildings. The product portfolio is primarily based

on expanded polystyrene (EPS) and extruded polystyrene (XPS), supplemented

by other materials such as polyisocyanurate (PIR) and mineral wool (MW).

Market development

The I&C segment is exposed to the building and con-

struction industry in selected European geographies.

The Nordics and Baltics represent the largest share

of the business, accounting for 39 per cent of sales,

followed by the Benelux region with 25 per cent and

Germany with 11 per cent.

Product mix varies across regions. The Nordics

and Baltics are characterised by a higher share of

commodity products, while the Benelux region has

a greater focus on system solutions. As activity levels

recover, particularly in markets with a higher share

of system solutions, the segment is well positioned

to benefit from both volume growth and improved

product mix.

The I&C segment experiences seasonal variations

related to weather conditions and holidays. The

second quarter is typically the strongest in terms of

volumes, followed by the third quarter, while the first

and fourth quarters are considered lower seasons.

Growth in the European building and construction

activity is supported by a housing supply deficit

following several years of low residential output and

by structural growth from tightening EU energy

efficiency regulations, driving demand for both new

builds and renovation.

1 254

full-time equivalents

(FTEs)

Nordics & Baltics 41%

Germany 10%

Benelux 26%

Other 23%

Based on segment’s Q4 2025 net sales and customer location

28 insulation facilities

11 jointly owned facilities

Insulation &

Construction

(I&C)

1717

Our business | Circular business modelOur business | Circular business model

BEWI annual report 2025BEWI annual report 2025

Operational and commercial

developments

Innovation in the I&C segment is focused on

improving resource efficiency through operational

excellence and increasing the share of recycled and

non-fossil feedstock in products. In addition, in active

collaboration with customers and partners, the

segment is continuously expanding its offering of

integrated system solutions.

In April, BEWI introduced XPS insulation boards

containing 45 per cent recycled material. From

February 2026, the recycled content was increased to

55 per cent. In addition, insulation boards made from

up to 100 per cent recycled grey EPS were launched

in November.

BEWI has also previously launched construction boards

produced with recycled feedstock and bio based lignin,

a by-product from the paper industry. This product was

recognised with awards in five categories at the 2025

Plus X Award, the world’s largest innovation award for

technology, sports and lifestyle. By increasing the share

of recycled and non fossil feedstock, these innovations

strengthen BEWI’s competitive position as customers

and regulators place greater emphasis on low emission

construction materials.

Financial development

Following the downturn in the building and con-

struction markets, demand for insulation solutions

remained subdued in 2025. As a result, most of BEWI’s

facilities operated at utilisation rates of approximately

60–70 per cent, below historical levels. Despite

this, the segment largely maintained its operating

margins through strict cost control and disciplined

margin management, demonstrating the segment’s

ability to protect profitability across the cycle.

Net sales in the I&C segment amounted to EUR 420.9

million in 2025, representing a decrease of 1.8 per

cent compared to EUR 428.4 million in the previous

year. Volume growth of 3 per cent was offset by

lower EPS prices, which are impacted by raw material

prices, as well as a higher share of commodity prod-

ucts in the sales mix.

Adjusted EBITDA amounted to EUR 37.2 million, corre-

sponding to a margin of 8.8 per cent. This was broadly

in line with the prior year, when adjusted EBITDA was

EUR 38.2 million with a margin of 8.9 per cent.

Outlook

In 2025, BEWI implemented several measures within

the I&C segment aimed at strengthening profitability

going forward. Residential new builds in BEWI’s key

markets are expected to grow going forward. As utili-

sation rates are currently low, expanding construction

markets are expected to result in a high drop-through

from sales growth to EBITDA.

Net sales

421 EURm

-2%

Adjusted EBITDA

37 EURm

-3%

Selected solutions

Insulation &

Construction

(I&C)

Foundation

Roof

Wall

Construction boards

1818

Our business | Circular business modelOur business | Circular business model

BEWI annual report 2025BEWI annual report 2025

Food 40%

Automotive 30%

HVAC 8%

Other 22%

Protecting food and fine goods

Packaging & Components (P&C) develops and manufactures standard and

customised packaging solutions, including boxes for transportation of fresh

fish, and protective packaging for pharmaceuticals and electronics. Further,

the segment delivers technical components to many industries, such as

automotive components and components to heating, ventilation, and air-

condition (HVAC) systems. The end-products are composed primarily of

expanded polystyrene (EPS), expanded polypropylene (EPP), and fibre.

Market development

The P&C segment offers a diversified product portfo-

lio across multiple end markets, supporting earnings

resilience across economic cycles. In 2025, 40 per cent

of the sales related to food packaging, 30 per cent to

automotive components, 8 per cent to HVAC compo-

nents and 22 per cent to various other products.

For food packaging, the seafood industry is the

largest end-market where the group supplies EPS

fish boxes. The most important market driver is thus

harvest volumes for Atlantic salmon farming. In 2025,

these volumes grew considerably, resulting in a

favourable volume development for BEWI.

The upcoming implementation of the Packaging and

Packaging Waste Regulations (PPWR) is considered

an opportunity for BEWI to further capitalise on its

integrated and circular business model.

Volume development for BEWI’s components to

the automotive industry (made from EPP) is not

just driven by car manufacturing in Europe, but by

structural growth from increased use of lightweight

EPP components in vehicles (light weighting, i.e.

replacing heavier materials to reduce vehicle weight

and emissions). This structural trend supports increas-

ing content per vehicle over time. Furthermore, the

development is closely linked to the demand for

selected car models. In 2025, BEWI’s sales of automo-

tive components saw a solid increase.

Sales of components to HVAC systems also grew

significantly in 2025 compared to 2024. The systems

support improved energy efficiency of buildings.

1 421

full-time equivalents

(FTEs)

Based on segment’s Q4 2025 net sales and customer location

37 packaging facilities

Packaging &

Components

(P&C)

1919

Our business | Circular business modelOur business | Circular business model

BEWI annual report 2025BEWI annual report 2025

Operational and commercial

developments

BEWI has invested in expanding its own raw material

production capacity for automotive (EPP) compo-

nents and producing assets enabling delivery on

long-term projects with major OEMs, including a new

production facility in Schkopau, Germany. In 2025,

production ramped-up on these producing assets.

In 2025, two new packaging solutions from BEWI

– Jotun’s paint bucket and Posten’s air freight

box – were awarded at the annual ScanStar com-

petition organised by the Scandinavian Packaging

Association. The products are made of polypropylene

and developed closely with the customers, and were

selected due to innovative and functional design,

recyclability, and use of recycled materials, strength-

ening BEWI’s competitive position with customers

facing increasing sustainability requirements

Financial development

In 2024 and 2025, BEWI made strategic investments

in its automotive business. Furthermore, prior to the

downturn in the building and construction industry,

the group invested in increased capacity for compo-

nents to HVAC systems in collaboration with large

customers. Now, the group are capitalising on these

investments demonstrated by solid growth and profit-

ability improvements for these components in 2025.

Net sales for the P&C segment came in at EUR 339.1

million for 2025, an increase of 10.0 per cent from the

EUR 308.3 million reported for 2024. The growth came

from all key end markets, including fish boxes, and

components to the HVAC and automotive industries.

Adjusted EBITDA amounted to EUR 51.8 million for

the year, compared to EUR 43.4 million for 2024. This

was a solid 19 per cent improvement, reflecting

operating leverage from higher volumes, successful

margin management and structural improvements

following strategic investments. The adjusted EBITDA

margin ended at 15.3 per cent for 2025, up from 14.1

per cent the previous year.

Outlook

The growth in sales and EBITDA in 2025 came from

all key end-markets. The positive developments are

expected to continue in 2026, based on growth pro-

jections from key customers within food packaging

and HVAC components, as well as for the automotive

business, on the back of long-term contracts with

major OEMs and a lower cost base.

Net sales

339 EURm

+10 %

Adjusted EBITDA

52 EURm

+19%

Selected solutions

Packaging &

Components

(P&C)

Fish & seafood

Automotive

Food & dairy produce

Protective packaging

2020

Our business | Circular business modelOur business | Circular business model

BEWI annual report 2025BEWI annual report 2025

Transitioning to a circular economy

The Circular segment is responsible for BEWI’s collection and recycling of used

expanded polystyrene (EPS), supporting the group’s transition towards a more

circular business model. The segment produces recycled general purpose

polystyrene (rGPPS), which is used as raw material in the production of solutions

based on extruded polystyrene (XPS) and new EPS materials. In addition, the

segment offers services within waste management and trading of used materials.

Market development

Circular is instrumental in strengthening BEWI’s

offering of circular solutions and developing circular

capabilities, which are key strategic priorities for

the group. This includes securing waste streams by

increasing the collection of used EPS for recycling,

while also processing and selling recycled feedstock

internally and to external customers.

The market for EPS recycling is still immature, and the

availability and price sensitivity of used EPS feedstock

remain challenging. Demand for recycled materials

is influenced by activity levels in the building and

construction industry, but also increasingly by

regulatory developments such as the Packaging and

Packaging Waste Regulation (PPWR), which requires

all packaging to include at least 30 per cent recycled

content by 2030.

Prices for recycled materials correlate to some extent

with virgin EPS and GPPS raw material prices, which

declined in 2025. In contrast, prices paid for used

EPS feedstock have been relatively sticky, reflecting

structural imbalances in the recycling market.

146

full-time equivalents

(FTEs)

5 circular facilities

1 jointly owned facility

Circular

2121

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BEWI annual report 2025BEWI annual report 2025

Operational and commercial

developments

In 2024, BEWI opened a new circular hub in

Norrköping, Sweden. The hub’s strategic location

enables efficient logistics to and from BEWI’s down-

stream facilities as well as external customers in the

Nordic region. During 2025, production ramp up

continued, resulting in improved utilisation and cost

efficiency, and increasing BEWI’s rGPPS production

capacity by approximately 40 per cent to around

35 000 tonnes.

In 2025, BEWI collected 38 444 tonnes of used EPS for

recycling, representing a 16 per cent increase com-

pared to 2024. Over the same period, production and

sales of rGPPS increased by 32 per cent, reflecting

both higher collection volumes and improved opera-

tional performance.

Financial developments

In 2025, Circular implemented several measures

to improve profitability, including organisational

changes and enhancements to the business model.

Combined with increased collection and recycling

volumes and new downstream product launches,

these measures support continued growth in sales

and profitability over time.

Net sales for the Circular segment amounted to

EUR 60.3 million in 2025, an increase of 15.0 per cent

compared to EUR 52.5 million in 2024, driven primarily

by higher volumes.

Adjusted EBITDA improved to negative EUR 3.5

million in 2025, from negative EUR 5.1 million in the

prior year. The improvement reflects higher volumes,

increased gross margins and a reduced cost base.

Outlook

Demand for Circular’s solutions is expected to grow

in the coming years, driven by regulatory require-

ments such as PPWR and increased activity in the

building and construction industry. Furthermore,

the measures implemented to improve profitability

are expected to continue to yield additional results

going forward.

Net sales

60 EURm

+15%

Adjusted EBITDA

-4 EURm

+30%

Selected solutions

Circular

Waste management

Recycled raw material

Recycling

Recycled raw material

2222

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BEWI annual report 2025

Our performance

2323

Our performance Our performance

BEWI annual report 2025BEWI annual report 2025

Baseline 2023 Progress 2024 Progress 2025 Target 2030

Social

S1: Own workforce

Health and safety - reduce frequency rate

14.1 11.2 15.1 <6

Health and safety - reduce severity rate

290 121 178 <64

Learning and development - increase internal index

62% 66%

67% 80%

Diversity, equality, and inclusion - increase share of female leaders 21% 19% 22% 30%

Environmental

Progress is measured against the baseline of 2023

E1: Climate change

Reduce GHG emissions scope 1 & 2 0 -7% -19% -42%

Reduce GHG emissions scope 3 per tonne raw materials

0 -1% -4% -52%

Improve energy efficiency 0 -2% 2% -12%

E5: Resource use and circular economy

Collection of used EPS for recycling 27kt 33kt 38kt 60kt

Share of recycled and/or non-fossil raw materials 23% 32% 34% 30%

Financial

Continued operations

Adj. EBITDA margin 10% 9% 10% 15%

Taxonomy aligned revenues 49%

52% 57% > 70%

Leverage: NIBD/ Adj. EBITDA

4.1 4.5 4.3 <2.5

Frequency rate is defined as number of reported accidents per 1 million working hours

Severity rate is defined as recordable sick leave hours due to workplace accidents per 1 million working hours

Percentage of employees who rate the company’s learning and development environment as “good” or “very good” in the annual employee engagement survey

Index not fully comparable due to additional questions

Including scope 3 emissions from purchased goods and services and end-of-life treatment of sold products

Taxonomy-eligible revenues

Leverage is calculated as Net interest-bearing debt excl. IFRS 16/ Adj. EBITDA excl. IFRS 16 adjusted for non-controlling interests’ share of net income

Our targets and ambitions

– measuring the progress

BEWI applies a set of strategic performance measures

to monitor progress and support the execution of

the group’s strategy. Following the structure of the

sustainability and financial statements, the measures

are categorised into social, environmental, and

financial targets.

KPIs related to the group’s social performance are for the total operations, i.e.,

including the discontinued operations up until the completion of the trans-

actions on or around 30 June 2025.

For the environmental and financial performance, KPIs relate to the continued

operations only.

2424

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BEWI annual report 2025BEWI annual report 2025

Social performance

BEWI’s social performance reflects

the group’s strategic priority

to maintain efficient and safe

operations and to promote a

diverse, inclusive and engaging

workplace. People and leadership

development are key enablers

of long-term value creation and

execution of the group’s strategy.

In 2025, BEWI recorded progress

in selected areas, while also

identifying areas where further

improvements are required.

Health and safety

The group works to strengthen the health and safety

culture across its operations, supported by structured

initiatives, leadership involvement and ongoing

monitoring of accident frequency rates (AFR) and

accident severity rates (ASR). The efforts are part of

BEWI’s long-term objective to achieve zero workplace

accidents. For 2025, the group had a negative devel-

opment in the two KPIs. AFR was 15.1, up from 11.2 in

2024 and from 14.1 at baseline, compared to a target

of 6 in 2030. ASR was 178 compared to 121 in 2024 but

still has a progress from 290 at baseline towards the

target of below 65 in 2030. The rates are measured

as hours lost per one million working hours. The

negative development in 2025 mainly related to a few

business units. Here, targeted measures have been

implemented.

Employee development and engagement

People and leadership development is a strategic pri-

ority for BEWI, including providing opportunities for

employees to develop their competencies and skills,

strengthening employee engagement. Performance

is measured through an annual employee engage-

ment survey, and the learning and development

index in this survey where employees rate the

company’s learning and development environment

as “good” or “very good”. For 2025, the learning and

development index improved from 66 to 67, target-

ing more than 80 in 2030.

Gender, diversity and leadership

A diverse and inclusive leadership contributes to

broader perspectives, stronger decision making

and long term value creation, supporting BEWI’s

performance over time. BEWI’s strategic KPI related to

gender, targets to increase the share of female leaders

to at least 30 per cent by 2030. In 2025, the share

increased to 22 per cent, up from 19 per cent in 2024.

Outlook

It is a clear priority for the group to strengthen its

health and safety culture and further develop leader-

ship and competence programmes across the group,

supporting employee engagement and organisa-

tional resilience.

+3.9

frequency rate

+57

severity rate

2525

Our performance | Social performanceOur performance | Social performance

BEWI annual report 2025BEWI annual report 2025

Environmental performance

In 2025, BEWI strengthened its

environmental performance with

a more focused operational scope.

It remains a strategic priority to

optimise resource efficiency, reduce

emissions and advance circular

solutions across the value chain,

supported by improved data quality

and strengthened environmental

disclosures.

In February 2026, the group’s near-term climate

reduction targets were validated by the Science Based

Targets initiative (SBTi), confirming that the targets

are aligned with climate science and the 1.5-degree

scenario outlined in the Paris Climate Agreement.

Progress in decarbonisation

while scaling operations

In 2025, scope 1 and 2 emissions were reduced

by 19 per cent compared to the baseline year. The

decrease was primarily driven by a higher share of

renewable electricity and additional power purchase

agreements (PPAs). Increased production volumes for

all segments and a higher share of EPP and moulded

packaging, both more energy-intensive product

categories, negatively impacted energy intensity and

resulted in an increase in the energy-intensity metric

by 2 per cent compared to the baseline year.

Total scope 3 greenhouse gas emissions increased

by 3 per cent compared to 2024, primarily driven by

a 6 per cent rise in raw material volumes reflecting

higher production volumes. Despite higher volumes,

physical scope 3 emissions intensity improved by 4

per cent compared to baseline, reflecting continued

progress in material efficiency and increased use of

recycled raw materials.

Increased collection and use

of recycled feedstock

BEWI’s circular capabilities are a strategic advantage

to the group, enabling the downstream units to

provide its customers with a broad offering based on

recycled feedstock.

In 2025, BEWI increased its collection of used EPS for

recycling to 38 444 tonnes, up by 16 per cent from

2024, and by 41 per cent since the baseline year. The

higher collection also enabled the group to increase

the share of recycled and non-fossil feedstock in its

products to 34 per cent for 2025, above the target of

at least 30 per cent in 2030.

Outlook

BEWI remains committed to enhancing circularity,

reducing emissions, and improving resource

efficiency. Through innovation, collaboration, and

sustainable solutions, the group is positioning itself

for a low carbon and resource-efficient future.

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BEWI annual report 2025BEWI annual report 2025

Financial performance

In 2025, BEWI recorded volume

growth for all segments, and increased

sales and profitability compared to

2024, driven primarily by a strong

performance in the Packaging

and Components (P&C) segment.

Market conditions in the building

and construction industry remained

challenging, with signs of gradual

recovery particularly in the Nordics

and Baltics.

Cost reduction initiatives, supply chain efficiency

measures and strategic transactions completed

during the year contributed to strengthening the

group’s financial and strategic position. At the same

time, lower gross margins in parts of the portfolio

offset some of the operational improvements.

Net sales amounted to EUR 796.2 million for 2025,

representing 3.0 per cent growth from the EUR

773.2 million reported for 2024. While all segments

had higher volumes, sales for the Insulation &

Construction (I&C) segment were quite stable

from the previous year due to lower prices linked

to reduced raw material prices. Both the P&C and

Circular segments demonstrated solid growth, deliv-

ering 10 and 15 per cent respectively.

Taxonomy aligned revenues were 57 per cent

of the group’s net sales, up from 52 per cent for 2024

and from 49 per cent eligible revenues in the baseline

year. Details on the taxonomy alignment are included

in the Environmental information of the Sustainability

statements.

Adjusted EBITDA came in at EUR 81.3 million for the

full year of 2025, an increase of 12 per cent from EUR

72.7 million for 2024, mainly explained by a strong

improvement for the P&C segment, while Circular

also noted a substantial improvement.

In the third quarter of 2025, a reclassification was done

in the statement of income so that Share of income from

associates and joint ventures were no longer included in

operating expenses and EBITDA. Comparative periods

were adjusted accordingly.

Adjusted EBITDA margin for the group landed at

10.2 per cent for 2025, up from 9.4 per cent for 2024.

Increased sales of packaging and components con-

tributed to the improvement, as well as profitability

improvements implemented across the group.

Operating income (EBIT) came in at EUR 3.6

million for the year, compared to EUR 8.5 million for

the previous year. The decrease in EBIT, despite the

increase in EBITDA, is explained by positive one-off

items in 2024, while 2025 was impacted by higher

negative contributions from shares in associates and

higher depreciations.

10%

adj. EBITDA margin

57%

Taxonomy aligned

revenues

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BEWI annual report 2025BEWI annual report 2025

Cash flow and financial position

The group maintained a strong focus on cash flow and

balance sheet efficiency in 2025, supported by disci-

plined capital allocation and continued optimisation

of working capital. Strategic and financial transactions

completed during the year reduced complexity and

strengthened BEWI’s financial flexibility going forward.

Total assets amounted to EUR 1 145.1 million on

31 December 2025, with an equity of EUR 459.9

million (40 per cent), compared to EUR 1 182.0 million

and an equity of EUR 384.6 million (33 per cent) at

year-end 2024.

Net debt was EUR 197.4 million, compared to EUR

264.0 million at the end of 2024. In addition, the

group had lease obligations (IFRS 16) (and receivables

generating non-cash items) amounting to EUR 217.1

million (247.0).

Cash and cash equivalents were EUR 64.5 million on

31 December 2025 compared to EUR 72.7 million at

year-end 2024.

Cash flow from operating activities amounted

to EUR 15.3 million for 2025, including an increase

in working capital of EUR 20.2 million. For 2024, the

corresponding figures were EUR 85.2 million and a

decrease in working capital of EUR 52.4. The increase

in working capital in 2025 was mainly related to the

group’s decision to stock up its inventory when raw

material prices were low towards the end of the year,

as well as the increased volumes of automotive com-

ponents, while the reduction in working capital in

2024 mainly was driven by the financing of accounts

receivables, which added EUR 54.7 million.

Cash flow used for investing activities was a

positive EUR 10.1 million, as the divestment of shares

in RAW and the traded food packaging business con-

tributed EUR 45.4 million cash inflow. This was partly

offset by the cash outflow from capital expenditures.

For 2024, the cash flow for investing activities was

EUR 5.5 million, then positively impacted by sale and

leaseback transactions of properties, resulting in a

cash inflow of EUR 39.8 million.

Cash flow from financing activities amounted

to a negative EUR 27.1 million for the year. A private

placement of EUR 75 million impacted cash flow

positively, whereas the proceeds were used to reduce

utilisation of credit facilities. In addition, the period

was impacted by repayment of leasing liabilities. For

2024, the cash flow from financing activities was a

negative EUR 81.5 million.

Capital expenditure (CAPEX) ended at EUR 35.9

million for the year. Of this, EUR 18.9 million related to

strategic investments, where approximately 75 per

cent were related to the automotive business. This

compares to EUR 32.5 million in total CAPEX in 2024.

Going concern

The annual financial statements for 2025 have been

prepared on the assumption that BEWI is a going

concern pursuant to section 3-3a of the Norwegian

Accounting Act. With reference to the group’s results

and financial position, as well as forecasts for the

years ahead, the conditions required for continuation

as a going concern are hereby confirmed to exist.

Dividend

BEWI’s objective is to generate competitive long-term

total shareholder return. The dividend policy states

that the company should target yearly dividend

payments of approximately 30 to 50 per cent of the

group’s net income for the year. For the financial year

of 2025, the board has not proposed any dividend.

Outlook

BEWI enters 2026 with a sharpened focus on core

activities, a strengthened financial position and

targeted profitability measures in place. Continued

growth is expected within packaging and compo-

nents, supported by long term customer contracts

and a lower cost base, while a gradual recovery

in construction markets is anticipated to support

improved performance over time.

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Our performance | Financial performanceOur performance | Financial performance

BEWI annual report 2025

Governance

BEWI aims to maintain a high standard of

corporate governance. Good corporate

governance strengthens the confidence

in the group and contributes to long-term

value creation by determining the division

of roles and responsibilities between

shareholders, the board of directors

and executive management.

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Governance

BEWI annual report 2025BEWI annual report 2025

General information

The board of directors (the board) of BEWI ASA (the company) has the overall

responsibility to ensure a high standard of corporate governance.

BEWI ASA is a Norwegian public limited liability

company listed on the Euronext Oslo Børs (Oslo

Stock Exchange). The group’s corporate governance

principles are based on the Norwegian Code of

Practice for Corporate Governance (the Code) issued

by the Norwegian Corporate Governance Board

(NCGB). BEWI follows the latest version of the Code,

adopted on 28 August 2025.

BEWI is subject to section 2-9 of the Norwegian

Accounting Act and the Issuers Rules of Euronext

Oslo Børs, covered by the Oslo Rulebook II chapter

4.4, requiring the company to provide an annual

statement on corporate governance covering all

chapters of the Code. The statement is included in

the Appendix.

BEWI’s governance structure is based on applicable

laws and regulations, in addition to the group’s

governing documents, with delegation of respon-

sibility to divisions, local units, and group functions

such as finance, tax and accounting, legal and

compliance, human resources, procurement, and

sustainability. To maintain coherent practice across

the group, BEWI sets requirements in the form of

policies and guidelines made available to all relevant

employees. BEWI’s strategic direction is described in

the section Our business.

In addition, BEWI’s Norwegian subsidiaries are

required to publish an annual report of its compli-

ance with the Norwegian Transparency Act. This

report is published as a separate report and made

available at the group’s website.

XPS roof insulation

Hamburg, Germany

Photo: WZB Wachsmuth & Ziesche

Bauunternehmung GmbH

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BEWI annual report 2025BEWI annual report 2025

BEWI’s governance structure

General meetings

Approves BEWI’s Articles of Association; Elects members to and resolves on remuneration to the board; Elects external auditor and

approves auditor remuneration; Elects members to and resolves on remuneration for the nomination committee; Approves annual

accounts and the report of the board; Approves dividend proposal; Deals with other matters listed in the notice convening the meeting.

Board of directors

Approves rules of procedures for board and sub-committees; Ensures adherence to governance principles, including approval of policies;

Approves strategy, business plans and budgets; Oversees operations, financial- and ESG accounts; Appoints board sub-committees;

Reviews and approves annual and quarterly reports.

CEO and executive management team

The CEO and executive management team are responsible for promoting BEWI’s objectives and securing the company’s assets,

organisation and reputation.

External

auditor

PwC is BEWI’s responsible auditor

Remuneration

committee

Prepares and recommends proposal for the

compensation of the CEO, and reviews and advises the

CEO on the compensation of other members of the

executive management team.

Audit

committee

Supports the board in supervision of internal control,

compliance and system of risk management;

Oversees integrity of financial statement, sustainability

statement, reporting processes, internal control and risk

management; Oversees qualification and independence

of external auditor.

Nomination

committee

Recommends members to the board to be elected

by shareholders at general meeting; Recommends

members of the nomination committee; Recommends

remuneration of the board and the nomination

committee. The nomination committee’s mandate is

approved by the general meeting.

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Governing bodies

General meetings

BEWI’s highest decision-making body is the general

meeting of shareholders. All shareholders have

the right to participate in the general meetings,

and each share gives one vote. The annual general

meeting is held each year within the end of June. The

general meeting approves the company’s Articles of

Association, elects the directors of the board of direc-

tors and determines the remuneration of the board

and committees. It elects the company’s external

auditor and approves the auditor’s remuneration. It

also approves the group’s annual report, including the

financial and sustainability statements, the statutory

report according to Norwegian requirements, and the

dividend proposed by the board. The general meeting

elects the nomination committee and determines

their remuneration and deals with any other matters

listed in the notice convening the meeting.

Nomination committee

The nomination committee gives recommendations

to the general meeting for the election of directors to

the board and the chairperson of the board, as well

as to members of the nomination committee. The

committee also presents proposals for remuneration

of the board and the nomination committee.

Article 8 of the company’s articles of association

stipulates that the company shall have a nomination

committee, consisting of two to four members,

where the majority of the members shall be

independent of the board and management. The

members, including the chairperson, are elected by

the general meeting for a term of two years unless

the general meeting decides otherwise in connec-

tion with the election.

In 2025, the nomination committee of BEWI consisted

of André Michaelsen as chair, and Rune Juliussen,

Marianne Bekken, and Svein Jensen as members.

The members were elected at the company’s annual

general meeting on 4 June 2024 for a period up to

the annual general meeting in 2026.

Board of directors

ESRS 2, GOV-1

The responsibilities and work of the board

The board of directors’ (the board) primary respon-

sibilities are to (i) participate in the development and

approval of the group’s strategy, (ii) perform neces-

sary monitoring functions and (iii) act as an advisory

body for the executive management team.

The board is responsible for the group’s adherence

to governance principles, including internal control,

audit matters, double materiality assessment, and risk

management systems. The board oversees operations

and monitors progress on strategic, financial, and

non-financial targets.

The board prepares an annual plan for its work. The

chairperson is responsible for ensuring that the board’s

work is performed in an effective and correct manner.

The instructions governing the board’s working

practices include how individual directors and the

CEO shall act in relation to matters in which they

have a personal interest. Information is also included

in chapter 9 of the Corporate Governance statement

included in the Appendix.

Important tasks managed by the board

ESRS 2, GOV-2

The board meets as often as necessary to perform

its duties. In 2025, the board had 20 meetings, and all

directors attended all meetings.

Monthly: Monthly management reports are made

available to the board. The reports include financial

and non-financial metrics, in addition to information/

progress on prioritised projects.

Quarterly: The board reviews and approves the

group’s quarterly reports prior to publishing to the

external audiences and reviews the group’s progress

on KPI’s related to material topics.

Annual: The board annually reviews and approves:

(i) procedures for the board, sub-committees of the

board and the CEO, (ii) key policies and procedures

(May), (iii) the group’s annual report (March), (iv) the

annual double materiality assessment (DMA), (v) risk

management system and risk assessment. The board

annually evaluates its work.

The board discusses the group’s adherence to the

established strategy regularly and has at least one

board meeting dedicated to reviewing and evaluat-

ing the strategy.

ESRS 2, GOV-1

Sub-committees of the board

The board has established an audit committee and

remuneration committee consisting of members

appointed by and among the directors of the board.

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BEWI annual report 2025BEWI annual report 2025

The overview below includes memberships of the

sub committees. In 2025, both committees consisted

of two members, one female and one male.

Audit committee

Pursuant to the Norwegian Public Limited Liability

Companies Act section 6-41 and the listing rules

of the Oslo Stock Exchange, covered by the Oslo

Rulebook II chapter 3.1 the company shall have

an audit committee. The audit committee shall

consist of at least two members, whereof at least

one member must have accounting or auditing

proficiency and at least one member must be

independent of the company’s business. BEWI’s audit

committee is appointed by the board.

The committee’s main task is to assist the board

with addressing and preparing issues concerning,

amongst other, procurement of audit services,

monitoring the work of the auditors, the company’s

internal control – and risk management systems, and

the financial and non-financial/ sustainability report-

ing. More information on the group’s internal control

is included in chapter 10 of the board’s statement on

corporate governance in the Appendix.

In 2025, the committee had six meetings and both

members participated in all meetings.

Remuneration committee

The company shall have a remuneration committee

appointed by the board. The remuneration commit-

tee shall evaluate and propose the compensation of

BEWI’s CEO, and review and advise the CEO on the

compensation of other members of the executive

management team.

In 2025, the committee reviewed a proposed

amendment to the composition of the performance

indicators for the short-term incentive scheme for

the management of the company. The committee

had four meetings during 2025 and both members

participated in all meetings. Details about the group’s

incentive schemes are included in the Remuneration

report.

ESRS 2, GOV-2

Composition of the board

In 2025, the board consisted of six directors, whereof

three female and three male, in line with the require-

ments of the Norwegian Public Limited Companies

Act (NPLCA) section 6-11 a. At the company’s extraor-

dinary general meeting held on 22 December 2025,

an additional male director was elected to the board.

The directors are elected by the general meeting for

a period of two years based on proposal from the

nomination committee.

None of the directors are elected by and among the

company’s employees in Norway, cf. section 6-4 of

the NPLCA, as there are less than 30 employees in the

parent company, BEWI ASA.

All directors of the board can independently evaluate

the cases presented to them, and the board func-

tions well as a body of colleagues. The board acts in

the interests of all shareholders and independently

of any special interests. Four of seven of the directors

are independent of the owners, five of seven are

independent of executive management, and all

directors are considered independent of material

business contacts. An overview of the education,

background and independency is included in the

table below and on the company’s website.

ESRS 2, GOV-1 (c)

Competency of the board

The board annually reviews the required com-

petencies for its composition. In addition to the

competences on sustainability-related matters held

by the board members, the board (through the audit

committee among others) have at least quarterly

meetings with sustainability experts in the company,

such as the Chief Sustainability Officer, to discuss and

review the company’s material impacts, risks and

opportunities (IROs).

Relevant experience topic

Summary of

competencies

Industry experience



Strategic planning



Operative management



Business leadership



Governance & compliance



Financing and capital markets



Risk management



IT and cybersecurity



HR/remuneration



Environment and climate



The summary of competency includes the number of board members

with practiced competence within the relevant competence area, i.e.

where the board member considers the area as a primary skillset.

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Gunnar Syvertsen Kristina Schauman Andreas M. Akselsen Anne-Lise Aukner Rik Dobbelaere Pernille Skarstein Christian Begby

Chair of the board Director Director Director Director Director Director

Education

M.Sc. Engineering, Norwegian

University of Science and

Technology (NTNU).

M.Sc. Business Administration,

Stockholm School of Economics,

Sweden.

M.Sc. Business Administration,

BI Norwegian School of

Management, Bachelor of Sc.

Mechanical engineering, Østfold

University College, Norway.

Law degree from the University

of Oslo, Norway.

M.Sc. Engineering and MBA from

Catholic University in Leuven,

Belgium.

MA in Economics and business

administration, Norwegian

School of Economics (NHH).

M.Sc. Business Administration,

University of Mannheim,

Germany.

Professional background

CEO Heidelberg Cement

Northern Europe AB, Managing

Director Heidelberg Cement

Norway AS, Managing Director

Norcem AS, and other executive

positions in Heidelberg Cement

AG in Africa and the US.

CEO and founder of Calea AB.

Previously CFO of OMX AB,

Carnegie Investment Bank and

Apoteket AB. Senior positions at

Investor AB, ABB, and Stora Enso.

Managing director of HAAS AS.

Previously various positions

in Jackon Holding from 2004,

including M&A, strategy and

business development, and

financing. Assignments within

real estate, early phase invest-

ment and restructuring projects.

Managing director and CEO

of Nexans Norway and CEO of

Nexans Sweden. Experience

from management of tech-

nology and knowledge-based

companies and management of

industrial companies.

CEO of BEWI ASA from 2018 to

2020, and CEO of Synbra Holding

B.V. prior to the merger with

BEWI. Senior positions in global

industry companies, including

Bombardier, and Raychem

Corporation.

Investment director of Kverva

AS. Broad experience from the

financial markets and exten-

sive background as Head of

Investments at Alfred Berg Asset

Management, Carnegie Asset

Management and C WorldWide

Asset Management.

CEO of Carnegie AS from 2012

to 2025. Prior to this experience

from various management posi-

tions and operating roles within

corporate finance and research

at Carnegie and SEB Enskilda.

Other relevant directorships

Chair of the board of Bekken

Invest AS, the majority owner

of BEWI Invest AS, the majority

owner of BEWI ASA.

Directorships in portfolio compa-

nies of BEWI Invest, the majority

owner of BEWI ASA.

Board member of AFRY AB,

Sdiptech AB, Ahlstrom Oyi,

Eleda Group AB, and Uniwater

TopCo AB. Member of NASDAQ

Stockholm’s Disciplinary

Committee.

Board member of HAAS AS,

Ayfie International AS, Pronofa

ASA, Eily AS, Odlo Næring AS,

Lammenes Næringspark AS,

Karlshusjordet Boligutleie AS,

and LCA.NO AS.

Chair of the board in

Fontenehuset Oslo Sør STI, and

board member of Fontenehuset

Ullensaker STI.

Board member of selected

subsidiaries of the BEWI group.

Board of directors

3434

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BEWI annual report 2025BEWI annual report 2025

Christian Bekken Marie Danielsson Jonas Siljeskär Petra Brantmark Karl Erik Olesen Stein Inge Liasjø

Chief Executive Officer (CEO) Chief Financial Officer (CFO) Chief Operating Officer (COO) Chief Legal Officer (CLO) EVP and Head of Downstream Chief Strategy Officer

Education

Financial and administrative

programmes

M.Sc. Economics, Stockholm

University, Sweden.

Degree in Engineering, Dalarna

University, Sweden, and a degree

in lean management from

Toyota Nagoya.

Master of Laws, Uppsala

University Sweden.

Business economics and man-

agement

Cand. mag in finance and com-

munications from Universities of

Trondheim and Oslo

Key experience and relevant directorships

Various positions within produc-

tion and sales at BEWI, CEO Smart

Bolig.

Director of the board of Bekken

Invest AS, the majority shareholder

of BEWI Invest, the majority

shareholder of BEWI ASA.

Director of the supervisory board

of BEWI RAW.

Auditor KPMG, Vice President

Financial Control and Taxes,

Haldex AB.

Managing Director BEWI RAW,

production manager Thermisol

AB, director of production

Tomoku Hus AB, Chief Operating

Officer Gustafs Inredningar,

Senior Legal Counsel at

Swedfund International AB and

Associate at Linklaters Law Firm.

Head of sales SCA and DS

Smith. Previous roles in BEWI

includes Manging director of

BEWI Denmark and EVP BEWI

Insulation & Construction.

Leadership roles in Aker Solutions

ASA, incl. VP communications,

VP finance in a subsidiary, and

President and country manager

China. Strategy and communica-

tions director in Enova SF.Previous

roles in BEWI includes Managing

director of BEWI Norway and EVP

BEWI Packaging & Components.

Director of the supervisory board

of BEWI RAW.

Executive management team

The board appoints the Chief Executive Officer (CEO) and the CEO is responsible for the executive management of the group. The executive management team has a shared responsibility for promoting BEWI’s objectives and securing the

company’s assets, organisation and reputation, and undertakes the day-to-day management of the group. The team prepares monthly updates to the board, including financial and non-financial metrics, and status on selected projects.

In 2025, BEWI’s executive management team consisted of two female and four male leaders. Information on the composition of the executive management team is included in the table below, as well as in the Remuneration report.

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Board of directors other details

Attendance board

meetings 2025

Shares Independence Committees

Name Position Nationality Year of birth Gender Elected

Term

expires Private Related parties Owners Management Business contacts Audit Remuneration

Gunnar Syvertsen

Chair Norwegian 1954 Male 20/20 2014 2026 180 506 30 329

  

Kristina Schauman

Director Swedish 1965 Female 20/20 2016 2026 5 952 217 500

   

Andreas M. Akselsen

Director Norwegian 1977 Male 20/20 2022 2027 - 33 429 900

 

Anne-Lise Aukner Director Norwegian 1956 Female 20/20 2020 2026 - -

   

Rik Dobbelaere Director Belgian 1954 Male 20/20 2021 2027 98497

 

Pernille Skarstein

Director Norwegian 1966 Female 20/20 2023 2027 20 906 501

 

Christian Begby

Director Norwegian 1963 Male N/A 2025 2027 250 000

  

Gunnar Syvertsen and Kristina Schaman holds shares through their private investment companies GIS AS and Calea AB respectively.

Andreas Akselsen is the owner of 45 per cent of HAAS AS, the second largest shareholder of BEWI ASA, holding 33 420 000 shares per 31.12.2025. 9 000 shares are owned through Andreas’ wholly-owned company Godthåb Holding AS.

Pernille Skarstein is a director of Kverva AS, the owner of Kverva Industries AS, which is a related party to Pernille. Kverva Industries held 20 906 501 BEWI shares at 31 December 2025. In addition, Kverva AS is a party to total return swap agreement with a third party under which Kverva AS has a financial exposure to 9 092 220 shares

Christian Begby was elected by the extraordinary general meeting held on 22 December 2025. No board meetings were held after this date.

Executive management other details

Name Place of residence Year of birth Position Employed in BEWI since Current position since Shares

Options

Shares related parties

Christian Bekken

Trondheim, Norway 1982 Chief Executive Officer (CEO) 2002 2020 84 986 166 666 120 856 448

Marie Danielsson Solna, Sweden 1975 Chief Financial Officer (CFO) 2015 2015 185 452 166 666 -

Jonas Siljeskär Norrtälje, Sweden 1972 Chief Operating Officer (COO) 2010 2020 124 126 166 666 -

Petra Brantmark Solna, Sweden 1981 Chief Legal Officer (CLO) 2020 2020 17 450 166 666 5 458

Karl Erik Olesen Hobro, Denmark 1963 Chief Operations Officer Downstream 2014 2024 83 252 166 666 -

Stein Inge Liasjø Trondheim, Norway 1973 Chief Strategy Officer 2021 2024 5 000 166 666 -

As per 31 December 2025.

Member of the Bekken family, the majority owner of BEWI Invest, which is the majority owner of BEWI ASA. As of 31 December 2025, BEWI Invest held 120 846 648 shares. In addition, Christian Bekken’s spouse Lisa Lockert Bekken held 9 800 shares.

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Compensation of board and

executive management

Board remuneration

The general meeting determines the remuneration

for the directors of the board based on a proposal

from the nomination committee. The remuneration

shall not be performance-related nor include share

option elements.

The general meeting of 2024 approved the board’s

remuneration until the general meeting in 2025,

while the general meeting of 2025 approved the

remuneration until the general meeting of 2026.

The board shall be informed if individual board

members perform tasks for the company other than

exercising their role as board members. Work in sub

committees is compensated in addition to the remu-

neration received for board membership.

As of 31 December 2025, two of the board members

had agreements to perform advisory work for the

company in addition to their assignment as board

members. Details about the board remuneration are

outlined in the Remuneration report.

Guidelines for remuneration of persons

with managerial responsibilities

The board prepares guidelines for executive remu-

neration in accordance with section 6-16a of the

NPLCA.

The remuneration is an important instrument for

harmonising the group’s interests with the interests

of the executive management. The remuneration

guidelines shall be approved by the general meeting

at least every fourth year, and any material variations

shall be subject to approval by the general meeting.

The current guidelines were approved by the annual

general meeting on 21 May 2025.

The purpose of the guidelines for executive remu-

neration is to have a remuneration scheme with

incentives contributing to the group’s business

strategy, and long-term targets. The remuneration

scheme shall encourage a strong and sustainable

performance-based culture, creating shareholder

value over time and responsible business practices

aligned with BEWI’s values. The remuneration shall be

in line with the level of peers within the industry but

not market leading.

Annual base salary

The executives are compensated based on individual

criteria, including each executive’s role, experience,

and competence. All executives are evaluated yearly

as part of the group’s Performance and Development

Dialogue (PDD). The total compensation level targets

at attracting and retaining executives, maintaining a

competitive compensation level.

BEWI applies standard employment contracts and

standard terms and conditions regarding notice

period and severance pay, which shall be deductible

to other income.

Internal board assignments and similar internal positions

are not remunerated separately. External assignments

shall be approved by the CEO or by the board.

Pension scheme

Executives are members of the standard pension

and insurance schemes on the same terms and

conditions as non-executives in the country of

employment. Executives are not entitled to early

retirement.

Pay after termination of employment

The Chief Executive Officer and the Chief Operating

Officer of the group are entitled to 12- and 6-months’

severance pay respectively. Other executives are not

entitled to pay after termination of employment.

Other types of remuneration

Executives may receive benefits in line with relevant

market practice, such as free phone, PC, broadband,

newspapers, company car, and parking.

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Variable pay

BEWI has a variable incentive pay programme includ-

ing the executive management team, as well as other

key executives. The objective of the programme is

to encourage achievement of the group’s strategy

and targets. The variable pay programme is based on

defined and measurable criteria, including financial

and non-financial targets, and is maximised to 50 per

cent of the annual base salary. More information on

the criteria is available in Remuneration report.

Share option plan for executive employees

In 2025, BEWI had two share option programmes

for the executive management and key employees.

The first programme, adopted by the board on

19 November 2020, expired in November 2025. The

second programme was launched on 15 November

2024, with a similar setup, whereby participants are

invited on an annual basis.

The purpose of the share option plans is to

further align the interests of the company and its

shareholders. The awards of options shall give an

interest in the company parallel to that of the share-

holders, enhancing the interests of the executives

to the company’s continued long-term success and

progress and motivate for individual contributions.

The share option shall enable the company to attract

and retain the executive employees and other key

employees. Further details about the programme are

included in the Remuneration report.

Annual remuneration report

BEWI publishes an annual remuneration report in

accordance with NPLCA Section 6-16b. The report

shall be subject to an advisory vote by the general

meeting in accordance with NPLCA Section 5-6 (4).

If the shareholders vote against the remuneration

report, the company will explain, in the following

remuneration report, how the vote of the sharehold-

ers has been taken into account.

The remuneration report for 2025, part of BEWI’s

annual report, includes details about the variable

pay programme and the long-term incentive

programme. In addition, the notes to the financial

statements includes an overview of the remuneration

to the executive management.

Temporary derogation from the

applicable remuneration guidelines

The board can only derogate from the remuneration

guidelines in exceptional circumstances, and only

in situations where the derogation is necessary to

serve the long-term interests and sustainability

of the company, cfr. NPLCA section 16-6a (4). Any

derogation shall be explained and motivated by

the company’s and the shareholders’ interests in

retaining the executives under extraordinary circum-

stances. Any derogation shall be considered by the

board as required in the specific situation and for the

individual employee. The remuneration report shall

include information on remuneration awarded under

such exceptional circumstances.

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Policies and compliance

BEWI’s management system is based on a set of steering documents and policies.

The system, which is aligned with the group’s strategy, outlines the principles for

how BEWI shall operate.

The Code of Conduct, adopted by the board, pro-

vides a framework for how BEWI and its employees

are expected to act and behave. It lays out key

principles for high ethical standards based on the

UN Global Compact’s 10 principles for human rights,

employee rights and social matters, the external

environment and anti-corruption efforts. BEWI’s Code

of Conduct applies to all employees in all group

companies. In addition, the group has established a

separate Code of Conduct for suppliers.

The group has established separate policies, includ-

ing but not limited to on anti-corruption, gifts and

events, compliance with competition law, sanctions,

and privacy, and has a set of whistleblowing guide-

lines and a whistle-blowing channel provided by an

external partner to ensure anonymity.

The policies are partly internal and partly publicly

available from the group’s website. All policies are

available to the employees.

The policies are reviewed and approved annually,

either by the board or by the executive management,

to ensure alignment with the group’s strategy, the

latest double materiality assessment, and industries’

best practice.

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Risks and risk management

At BEWI, risk management is an integral part of the daily operations, and business opportunities are seen in the context of

both risks and opportunities. Operating in diverse and competitive markets, BEWI incorporates macroeconomic and regulatory

developments, and the risk assessments are aligned with those of the group’s double materiality assessment.

Risk governance and reporting structure

The board is responsible for ensuring that BEWI main-

tains effective internal controls and risk management

systems. The audit committee supports the board’s

supervisory role, and the executive management is

responsible for the group’s risk management frame-

work.

BEWI assesses risks and opportunities across all

material activities within its operations and value

chain. The results from the group’s double materiality

assessment (DMA) are aligned with the group’s enter-

prise risk management (ERM). The DMA, ERM, and

the group’s top ten risks are reviewed by the board

annually. In addition, specific risk topics are subject to

more frequent updates. Consolidated risks are moni-

tored and discussed with the executive management

at least once a year.

Risk process

Risk assessments are completed at least once a year

by business segments and/ or local units, as wells

as by group functions, to identify risks, evaluate

probability and impact, and the effectiveness of risk

response, to ensure appropriate actions to mitigate

unwanted risks. Business segments, local units and

group functions are responsible for their respective

risks and identified actions. Monitoring and follow

ups shall help ensure that identified risks are priori-

tised and managed within the given mandates.

Major risks are managed according to the group’s risk

appetite and consolidated at group level through the

annual process, while mitigating actions progress on

an ongoing basis.

Risk factors, impacts and risk responses

An overview of BEWI’s top ten risks, including the

potential impact on the group and mitigating

actions, is included below, categorised in operational,

strategic, external, and financial risks.

Despite BEWI’s best efforts, the risk-mitigating initia-

tives may fail or prove to be inadequate to mitigate

all risks. As risks increase, decrease or change, and

new risks emerge over time, the information con-

tained in this section should be carefully considered

by investors.

BEWI defines risks as exposures that, if

materialised, will negatively impact the

group’s ability to reach strategic goals

within a defined period. Risks are a natural

part of business operations and can be

managed and controlled to realise strategic

plans, meet business objectives and ensure

compliance with laws, regulations and

industry best practice.

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BEWI annual report 2025BEWI annual report 2025

The risks described below are considered the most important risks relevant for the BEWI group, comprising BEWI ASA, subsidiaries and associated companies.

Strategic risks

Risk Risk description Impact on BEWI Mitigation actions

Increased competition Increased competition from low-cost producers, substitute

materials, new market entrants and differentiated technologies.

Potential threat to BEWI’s market position, resulting in reduced sales

and margins.

Innovation and customer-oriented product development, cost and

capacity efficiency, maintaining competitive pricing and market

relevance.

Industry transition and

market shifts

Structural market changes driven by relevant regulations, such as

circular economy, energy performance and packaging waste and

evolving customer sustainability expectations.

Failure to align with structural market and regulatory

developments may reduce demand for certain products, limit

growth opportunities and impact long-term revenue and margin

development.

Collaboration with customers and industry partners to anticipate

market developments, investments in innovation and circular

capabilities, ensuring access to recycled feedstock.

Operational risks

Risk Risk description Impact on BEWI Mitigation actions

Cyber security breaches Malicious cyber incidents, including unauthorized access,

ransomware or data breaches targeting BEWI’s IT or operational

systems to compromise system integrity and disrupt business

operations.

Could lead to halt in production and/or logistics across the group,

financial losses, data compromise, regulatory exposure and

reputational damage.

Group-wide information security framework, security monitoring,

employee awareness training, access control management, and

established incident-response procedures.

Operational IT Failure, malfunction or obsolescence of critical IT systems,

operational technology or production control systems may disrupt

operational processes and affect production efficiency and delivery

capability.

System failures may disrupt production processes, reduce

operational efficiency and delay deliveries, impacting revenue and

margins.

Standardisation and mapping of PLCs and IT infrastructure,

renewal and upgrade plans, strengthened IT competence,

and implementation of group-wide IT governance and system

guidelines.

Environmental incident Environmental incidents, including spillage or leakage, causing harm

to nature or human health.

Environmental incidents may result in remediation costs, operational

disruptions and reputational damage that could negatively affect

customer relationships and employer attractiveness.

Preventive risk monitoring and cooperation with authorities,

implementation of Operation Clean Sweep at all production

facilities.

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Financial risks

Risk Risk description Impact on BEWI Mitigation actions

Availability of competitive

financing

Market changes resulting in lack of investors’ appetite to invest in

BEWI.

Lack of financing that hinders growth opportunities in accordance

with the set strategy.

Cash-flow forecasting and building long-term relationships with

banks and capital markets, diversifying financing sources and

managing debt maturity profile.

Raw material and energy

volatility

Volatility in the availability and pricing of critical raw materials

(including EPS and recycled feedstock) and energy.

Volatility in raw material and energy markets may impact production

stability, increase production costs, reduce margin stability and limit

flexibility in capital allocation and investment planning

Multi-sourcing and alternative suppliers, vertical integration,

increased use of recycled EPS, long-term energy agreements and

price-indexed customer contracts.

Macroeconomic developments Macroeconomic volatility and uncertainty, including inflation, high

interest rates, reduced construction activity, tariffs and geopolitical

tensions affecting demand and cost levels.

Delayed projects, reduced sales volumes and pricing pressure

may lower sales and margins. Increased volatility may shift focus

toward short-term cost control and make long-term planning more

challenging.

High level risk management including monitoring raw material

prices, inventories, market development, strict cost control. The

group’s diverse end-markets, business portfolio and geographical

footprint mitigate impacts for BEWI.

External risks

Risk Risk description Impact on BEWI Mitigation actions

Geopolitical conflicts Geopolitical tensions, trade restrictions, sanctions or regional

conflicts that may disrupt supply chains, limit market access and

increase operational uncertainty.

Geopolitical disruptions may limit access to markets or suppliers,

increase cost levels and create volatility in revenue and operating

performance.

Close monitoring, diversified supplier and customer base, flexible

sourcing and continuous scenario planning.

Change in regulatory

frameworks

Tightening climate and environmental regulations, including

requirements related to GHG emissions, circular economy, recycled

content, product design, extended producer responsibility, carbon

pricing and energy taxation.

New or stricter regulatory requirements may increase compliance

costs, require operational adjustments and influence product

demand and profitability.

Increased collection and recycling of used EPS, activities to improve

energy efficiency and increase share of renewable energy sources

and recycled feedstock. Proactive regulatory monitoring and price

adjustment reflecting higher regulatory or tax costs.

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Auditor

BEWI ASA’s auditor is PricewaterhouseCoopers AS (PwC). The auditor is appointed

by the annual general meeting and is independent of the company. The board

annually receives written confirmation from the auditor that the requirements with

respect to independence and objectivity are met.

The auditor draws up an annual plan each year for

the execution of its auditing activities, including

financial and sustainability audits. The plan is shared

with the board and the audit committee. The board

considers if the auditor to a satisfactory degree also

carries out a control function. The auditor meets

with the audit committee quarterly and has at least

an annual review of the company’s internal control

activities.

The auditor meets with the board without the CEO

or any other member of the executive management

team present at least once a year. Whenever neces-

sary, the board shall meet with the auditor to review

the auditor’s view on the company’s accounting

principles, risk areas, internal control routines, etc.

The auditor may only be used as an advisor to the

company if such use does not affect or question the

auditors’ independence and objectiveness as auditor.

The audit committee shall approve any agreements

in respect of such counselling assignments in accord-

ance with BEWI’s internal policies.

The board presents a review of the auditor’s compen-

sation as paid for auditory work required by law and

remuneration associated with other specific assign-

ments to the annual general meeting.

PIR panels

Kaunas, Lithuania

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BEWI annual report 2025BEWI annual report 2025

Sustainability

statements

General information

Environment

Social

Governance

107

4444

Sustainability statements Sustainability statements

BEWI annual report 2025BEWI annual report 2025

General

information

Basis for preparation

Interest and views of stakeholders

Double materiality assessment

ESRS disclosure requirements

ESRS data points from other EU legislation

4545

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ESRS 2, BP-1

Basis for preparation

The sustainability statements present BEWI’s gov-

ernance and performance to material sustainability

matters, providing stakeholders with a fair and

balanced picture of relevant impacts, risks and

opportunities (IROs), the management of these, and

the results for 2025.

The sustainability statements have been prepared

in accordance with the Corporate Sustainability

Reporting Directive (CSRD), and the European

Sustainability Reporting Standard (ESRS). The state-

ments cover the period 1 January to 31 December

2025 and have been prepared on a consolidated

basis and align with the financial statements.

Scope of consolidation

Joint ventures where BEWI does not have operational

control and minority-owned entities are excluded

from the consolidated data unless otherwise noted.

Value chain

The statements include IROs across the group’s

operations as well as its upstream and downstream

activities. The minimum disclosure requirements

regarding policies, actions, targets, and metrics are

described in the sections addressing the relevant

topical standards.

No information corresponding to intellectual property,

know-how or the results of innovation has been

omitted from the sustainability statements.

ESRS 2, BP-2

Disclosures in relation to

specific circumstances

Critical or material events occurring on or after

1 January 2026 and up until the publication date are

covered in the statements. Operations acquired during

the reporting year are included for the full year, as well

as in historical data, unless stated otherwise. Data from

discontinued or closed operations are included for

the portion of the reporting period during which they

were operational, unless otherwise noted.

Time horizons

Time horizons applied are consistent with the

ESRS definitions:

• Short term: within one year

• Medium term: one to five years

• Long term: Beyond five years

Sources of estimation and

outcome uncertainty

The basis for calculation and presentation of sustaina-

bility metrics is described in relation to the respective

metrics, alongside with specifications of any uncer-

tainty, data sources, and whether the figures are

based on estimates, third-party data, sector averages

or year-to-date calculations. For metrics derived from

year-to-date estimates, any deviations between esti-

mated and actual values are corrected and reflected

in the reporting for the subsequent year.

None of the statements use forward-looking infor-

mation. However, the double materiality assessment

(DMA) uses forward-looking information, such as

forecasts, projections and estimates, to evaluate

potential medium and long-term IROs.

Changes in the preparation or

presentation of sustainability information

The structure of the material topics has been revised

to alignment with the European Sustainability

Reporting Standards (ESRS) framework.

Entity specific measures previously included under E2

and S2 have been removed to enhance consistency

with ESRS requirements.

To strengthen the quality and consistency of BEWI’s

climate reporting, the base year for scope 1, 2, and 3

emissions was aligned and updated to 2023.

BEWI’s EU Taxonomy reporting follows the latest

Delegated Acts and KPI templates, and BEWI applies

the OPEX materiality exemption.

Treatment of discontinued operations

In 2025, BEWI completed two transactions, resulting

in reduced ownership in BEWI RAW to 49 per cent,

and divestment of the group’s traded food pack-

aging business called BEWI Food. Both transactions

started in 2024 and were reported as discontinued

operations in the group’s accounts from the fourth

quarter of 2024. The BEWI RAW transaction was

completed on 8 July 2025, while the divestment of

BEWI Food was completed on 30 June 2025.

For 2025, sustainability information is included for

these entities from 1 January and until completion of

the transactions.

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The data is consolidated in accordance with the

group’s general consolidation principles and prepared

on a line-by-line basis for the period of control. To

strengthen transparency and comparability, data relat-

ing to discontinued operations is included in reported

totals and presented consistently with the group’s

approach to continued and discontinued operations.

Reporting errors in prior periods

No material errors have been identified in prior

reporting periods; however, minor corrections have

been made and are described under basis for calcu-

lations in the topical chapters.

Use of phase-in provisions

BEWI has applied the phase-in provisions permitted

under ESRS and has omitted certain disclosures in

accordance with these transitional provisions. An

overview of the applied phase-ins and omitted

disclosures is presented in the ESRS Disclosure

requirements table.

Incorporation by reference

The following information is incorporated by

reference to other parts of the annual report.

List of disclosure requirements incorporated by reference

The role of the administrative, management and supervisory bodies GOV-1 Governance p. 31-33

Information provided to and sustainability matters adressed by the

administrative, management, and supervisory bodies

GOV-2 Governance p. 33-36

Strategy, business model and value chain SBM-1 Our buisness p. 13, 16-22

Material impacts, risks and opportunities and their interaction with

strategy and business model

SBM-3 Our buisness p. 14-15

List of datapoints incorporated by reference

Net revenue Financial statements p. 116

List of subsidiaries exempted from individual or consolidated sustainability

reporting pursuant to Articles 19a(9) or 29a(8) of Directive 2013/34/EU

BP-1 5b ii) Financial statements p. 172-174

ESRS 2, GOV-5

Risk management and internal controls

The board is responsible for overseeing BEWI’s

internal control framework and monitoring its effec-

tiveness. Sustainability reporting is embedded in the

group’s broader governance and risk-management

framework, with established procedures for identi-

fying and assessing risks related to data quality and

reporting compliance. The audit committee assist

the board with addressing and preparing issues

concerning the group’s internal control – and risk

management systems, and the financial and non-fi-

nancial/ sustainability reporting.

BEWI applies a structured risk-assessment method-

ology that evaluates data completeness, accuracy,

reliability and compliance across business units.

Risks include inconsistent or incomplete site-level

data, limited data availability in parts of the value

chain and manual data-handling processes that may

increase the risk of errors. These risks are addressed

through defined accounting policies, reporting

guidelines and clear roles and responsibilities.

Sustainability data are collected through the group’s

sustainability reporting system and supplemented by

data from the ERP system, supplier information from

due diligence processes and the BEWI Partner plat-

form, and business-conduct data from BEWI Learn

and the whistleblower channel.

Internal controls are performed monthly, quarterly

and annually by the local business units and the

group sustainability controller. Findings are used

to implement corrective actions and strengthen

processes, supporting continuous improvement.

Identified risks and findings are reported to the

audit committee through quarterly updates and the

annual audit cycle. The executive management and

the board monitor KPIs throughout the year.

The sustainability statements have been approved

by the board. BEWI’s external auditor, PwC, has

performed a limited assurance of the sustainability

statements. For more information, see the auditor’s

limited assurance statement.

ESRS 2, GOV-3

Sustainability-related performance

in incentive schemes

To secure alignment between the group strategy

and executive incentives, climate-related KPIs are

embedded in the executive remuneration frame-

work, linking variable pay to performance against

greenhouse gas reduction targets across scope 1,

2 and relevant scope 3 categories, in line with the

group’s climate transition plan.

The board oversees the design and application of

sustainability-linked incentive mechanisms, ensuring

that performance conditions are aligned with BEWI’s

long-term objectives.

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Further details on the executive remuneration frame-

work are provided in the Remuneration report.

ESRS 2, GOV-4

Sustainability due diligence

BEWI’s due diligence framework follows a risk-based

approach, focusing on identifying, preventing, and

mitigating potential adverse impacts on people, the

environment, and ethical business conduct.

The board has the overall responsibility for the due

diligence framework. The framework is approved by

the executive management team and implemented

and monitored by the sustainability and compliance

teams, ensuring that due diligence remains a con-

tinuous process integrated into corporate strategy,

decision-making, and daily operations.

Further information on BEWI’s due diligence

approach and related processes is provided in the

topical chapters.

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Statement of sustainability due diligence

The following table provides a mapping of how BEWI applies the core elements of due diligence processes and where they are presented in the sustainability statement.

Core elements of due diligence Section in the annual report Page

a) Embedding due diligence in governance, strategy

and business model

ESRS 2 GOV-1 p. 32-33

ESRS 2 GOV-2 p.33-36

ESRS 2 GOV-3 p. 47

ESRS 2 SBM-3 E1 p. 66-67

S1 p. 94, 97

S2 p. 102

b) Engaging with affected stakeholders in all steps of

the due diligence

ESRS 2 SBM-2 p. 50

ESRS S1-2 p. 50

ESRS S1-3 p. 50

ESRS S2-2 p. 103-104

ESRS S2-3 p. 104

ESRS 2 MDR-P E1-2 p. 68

E2-1 p. 77

E5-1 p. 81

S1-1 p. 94, 97

S2-1 p. 102-103

G1-1 p. 108-109

c) Identifying and assessing adverse impacts ESRS 2 IRO-1 p. 56

E1 p. 56

E2 p. 57

E3 p. 57

E4 p. 57

E5 p. 57

G1 p. 58

ESRS 2 SBM-3 E1 p. 66

E2 p. 77

E5 p. 81

S1 p. 94, 97

S2 p.102

G1 p.108

Core elements of due diligence Section in the annual report Page

d) Taking actions to adress those adverse impacts ESRS E-1 p. 65

ESRS 2 MDR-A E1-3 p. 68

E2-2 p. 77-78

E5-2 p. 77

S1-4 p. 94, 98

S2-4 p. 105-106

G1-4 p.109

e) Tracking the effectiveness of these efforts and

communicating

ESRS 2 MDR-T E1-4 p. 68-69

E2-3 p. 78-79

E5-3 p. 83-84

S1-5 p. 94, 98

S2-5 p.106

ESRS 2 MDR-M E1-4 p. 72-74

E2-3 p. 78-79

E5-3 p. 82-84

S1-6 p. 89

S1-8 p.100

S1-9 p. 99

S1-14 p. 95

S1-16 p. 100

S1-17 p. 97

S2-5 p.106

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ESRS 2, SBM-2

Interest and views

of stakeholders

BEWI engages with its key stakeholders at the

corporate and business segment levels to understand

their concerns and expectations. These insights

inform BEWI’s DMA to assure alignment with stake-

holder interests and perspectives.

The Chief Sustainability Officer is responsible for

consolidating this information and ensuring that

stakeholder views and interests are reflected in the

DMA. These insights are then communicated to the

executive management team and the board to guide

strategic decision-making. The table gives an over-

view of how BEWI engages with key stakeholders, the

purpose for those engagements and their response.

Stakeholders How BEWI engage Purpose of engagement Topic raised BEWI’s response

Owners and

capital markets

• Quarterly and annual reports

• Investor calls and questionnaires

• Capital markets day

• ESG ratings

• Understanding expectations

• Attracting responsible investors

• Enhancing transparency

• Climate targets and transition plan

• CSRD and financial reporting

• EU Taxonomy

• Material risks and opportunities

• Alingment with EU Taxonomy

• Alignment with 1.5-degree target (SBTi)

• Action plan to improve ESG

performance

Employees • General meetings

• Surveys and workplace assessment

• Employee training

• Personal development dialogues

• Grievances channels

• Understand employees` perceptions

• Raising awareness of internal policies

• Creating an inclusive and safe

workplace

• Increasing employee retention

and attraction

• Health and safety

• Learning and development

• Strategy and communication

• Cost reductions

• Annual policy update

• BEWI Growth

• BE Heard survey

• BE Safe campagin

• Informs DMA and strategic priorities

Customers • Customers support and guidance

• Periodic meetings and reviews

• Business partner due diligence

• Understanding customers`

expectations

• Ensuring product quality

• Support customers to reach their

targets

• Product quality

• Regulatory environment

• Climate mitigation and circular

economy

• Microplastics

• Climate data and EPDs

• Enviornmental Product Declarations

• Product improvements

• Circular product offering

• Certification OCS

• Alignment with 1.5-degree target (SBTi)

• Informs DMA and strategic priorities

Suppliers • Supplier Due Diligence

• Dialogue and meetings

• On-site assessments

• Grievances channel

• Compliance with Supplier code

of conduct

• Increase knowledge on IRO in supply

chain

• Protecting human and labor rights

• Decarboniseing supply chain

• Understanding suppliers needs and

concern

• Workers rights

• Health and safety

• Collection of EPDs

• Informs DMA and strategic priorities

• Informed procurement decisions

• Supplier improvements plan

Authorities • Participation in public hearings and

regulatory processes

• Participation in studies and

conferences

• Ensuring regulatory compliance

• Sharing industry best practice

• Circular economy Act

• Packaging Waste Directive

• Constrution Products Regulation

• Informs DMA and strategic priorities

• Aligning business model and strategy

Civil society • Open dialogue and partnerships

• Engagement in seminars

• Contribution to research projects

• Grivances channels

• Understanding expectations and

concern

• Enhancing transparency

• Microplastics

• Circular economy

• Informs DMA and action plans

• Aligning business model and strategy

The industry • Membership in associations

• Joint initiatives and programs

• Developing industry standards

• Sharing industry best practice

• Climate mitigation

• Circular economy

• Alignment on reporting standards

• Alignment on circular economy

• Partnership on strategic priorities

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Double materiality assessment

ESRS 2, SBM-3

Material impacts, risks and opportunities

BEWI’s material IROs are identified through the

group’s DMA, which evaluates how sustainability

matters affect the business and how the business

affects people and the environment. This assessment

provides a structured understanding of where BEWI’s

material impacts occur across the value chain, the

sustainability-related risks that may influence financial

performance, and the strategic opportunities emerg-

ing from the transition to a circular and low-carbon

economy. It forms the foundation for BEWI’s strategic

priorities, target setting and ESRS-aligned disclosures.

BEWI’s value chain gives rise to material IROs across

environmental, social and governance topics. In line

with the ESRS framework, the group has identified

material sustainability matters related to climate

change (E1), pollution (E2), resource use and circular

economy (E5), own workforce (S1), workers in the

value chain (S2) and business conduct (G1).

A total of 16 IROs have been assessed as material,

with 3 assessed as material from both an impact and

financial perspective.

Material IROs did not have a material impact on

BEWI’s financial position, performance or cash flows

during the reporting period, reflecting that key transi-

tion measures and related investments—particularly

those supporting the group’s circular business model,

have already been implemented and are embedded

in BEWI’s strategy and operations.

Revision of scope and materiality

The DMA were updated in 2025 to reflect BEWI’s

revised operational structure and scope of consol-

idation following the reduction of ownership in

BEWI RAW to 49 per cent and the divestment of the

traded food packaging business. As a result, topics

previously assessed as material, including substances

of concern and pollution to air and water (E2), are

no longer considered material for BEWI’s continued

operations, as the related impacts have largely shifted

upstream in the value chain, reflecting the updated

business scope and risk exposure.

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ESRS reference Sustainability matter BEWI’s impacts, risks and opportuities

Materiality Location in value chain Time horizon

Impact Risk Opportunity Upstream

Own

operations Downstream

Short-

term

Medium-

term

Long-

term

E1: Climate change

Climate

mitigation

Energy consumption: BEWI’s direct (Scope 1) and indirect (Scope 2) emissions

primarily arise from fuel and electriciy consumption at its production sites, contribu-

tiong to the release of greenhouse gases and adversely have a actual and negative

impact on climate change.

   

Emissions from raw materials: BEWI’s operations depend on the procurement of

fossil-based raw materials (Scope 3, Category 1), which generate greenhouse gas

emissions contributing to climate change. Increasingly stringent carbon regulations

may affect profitability and supply chain stability in medium-term, representing a

financial risk for the Group.

    

End of Life treatment of sold products: Emissions arise from the disposal and treat-

ment of BEWI’s products after use (Scope 3, Category 12), particularly when expanded

polystyrene (EPS) and extruded polystyrene (XPS) waste is incinerated.

   

Energy

consumption

Supporting the decarbonisation of buildings: BEWI creates a positive impact and

financial opportunity through its portfolio of energy-efficient insulation solutions that

reduce energy consumption and greenhouse gas emissions in buildings. By enabling

lower operational emissions across the construction sector, these products play a key

role in the transition to a low-carbon built environment in medium and long term.

     

E2: Pollution

Substance of

concern

Use of substance of concern: As a chemical manufacturing operation BEWI RAW are

using raw materials that contains volatile organic compounds (VOC) that are listed as

substances of concern. These substances can potentially contribute to the formation

of ground-level ozone if released to the atmosphere and have a negative impact on

air quality if not managed correctly.

   

Microplastics

Spills of microplastics: As a plastic manufacturer, BEWI is exposed to inherent risks

related to the unintentional relese of plastic pellets and fine plastic particles. Pellet

spills may occur at production sites, during storage, handling or transport, or in

downstream operations if materials are not properly managed. Such releases can lead

to microplastic pollution, whith potential adverse impacts on ecosystems.

     

Pollution to air

and water

Pollution of air and water: BEWI RAW use raw materials that contains volatile organic

compounds (VOC) in production of Expanded Polystyrene (EPS). If not adequately

controlled, VOC emission to air may contribute to the formation of ground-level ozone,

while releases to water can affect local water quality.

   

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ESRS reference Sustainability matter BEWI’s impacts, risks and opportuities

Materiality Location in value chain Time horizon

Impact Risk Opportunity Upstream

Own

operations Downstream

Short-

term

Medium-

term

Long-

term

E5: Resource

use and circular

economy

Resource

inflows, including

resource use

Use of non-renewable raw materials: BEWI relies on styrene and other fossil-based

raw materials that are non-renewable. The extraction and processing of these

resources have an actual negative impact through the depletion of finite natural

resources and associated environmental pressures, includeing energy use and

upstream emissions.

   

Waste

Waste generation in own production: BEWI’s operations generate solid waste.

Depending on the waste types and final treatment facilities, waste could result in

environmental impacts through landfill use, emissions from incineration, or potential

soil and water contamination if not properly managed and dispoed.

   

Collection of used EPS for reuse and recycling: BEWI collects post-consumer

EPS waste for reuse and recycling, contributing to reduced waste to landfill and

incineration and supporting the transition to a circular economy. The activity gener-

ates positive environmental impact by improving resource efficiency and reducing

demand for virgin raw materials. At the same time, it represents a financial opportunity

by enabling the provision of circular solutions to the market while strengthening

access to recycled feedstock. Over the medium to long term, increased collection

and recycling of EPS is expected to support compliance with evolving regulatory

requirements, enhance material circularity across the value chain, and contribute to

the group’s decarbonisation ambitions.

     

S1: Own workers

Working conditions

own workers

Health and safety: BEWI`s operation involve manufacturing and has an inherent

health and safety risks of incidents on employees that could occur during operation of

heavy equipment and exposure to chemicals. If not adequately managed, these risks

may result in work-related injuries, accidents or adverse health effects.

   

Equal treatment

and opportunities

for all

Career progression and skills development: If training and development oppor-

tunities are insufficient, uneven accessible or not aligned with role requirements, this

may negatively impact employee career progression, skills development and motiva-

tion, potentially leading to reduced engagement, lower retention and constraints on

organisational capacity.

   

Diversity, equality and inclusion: Insufficient attention to diversity, equality, and

inclusion, or failure to prevent workplace harassment, may negatively impact employee

well-being and trust. Such conditions may result in increased ascenteeism and turnover,

lower productivity, and potential legal or reputatinal consequences for BEWI.

   

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ESRS reference Sustainability matter BEWI’s impacts, risks and opportuities

Materiality Location in value chain Time horizon

Impact Risk Opportunity Upstream

Own

operations Downstream

Short-

term

Medium-

term

Long-

term

S2: Workers in

the value chain

Working conditions

in the value chain

Working conditions: Due to the scale and complexity of BEWI's operations, there

is a risk of adverde impacts on working conditions within its value chain. Particularly

in logistics and in the recycling sector. These areas may involve higher exposure to

health and safety risks, informal labour practices, and limited regulatory oversight.

Insufficient monitoring and due diligence could result in human rights violations,

reputational damage and operational disruptions.

   

G1: Business conduct

Corporate culture

Corporate culture: A strong corporate culture and ethical conduct are vital as it

impacts BEWI`s reputation, operational integrity, stakeholder relationships, and

strategic goals. In today’s regulatory environment, with increasing scrutiny on environ-

mental impact, labor practices, and supply chain transparency, a robust culture and

ethical practices help reduce risks of fines, litigation, and other regulatory challenges.

   

Protection of

whistle-blowers

Protection of whistle-blowers: BEWI has a direct impact on the whistleblower

through its treatment of whistleblowers. Raising concerns about business conduct

could pose a significant burden on the whistleblower. Whistleblower protections

are vital for BEWI as they promote transparency, accountability, and ethical practices,

reinforcing a culture of integrity. By safeguarding employees who report unethical or

illegal activities, BEWI can manage risks related to compliance, strengthen corporate

governance, safeguard its reputation and fostering a safe, inclusive workplace.

     

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Sustainability topics Material topics Metrics Baseline year Targets 2030 Actions and resouces Policies

E1: Climate change

Energy consumption Reduction in scope 1 and 2 2023 42%

• Energy efficiency

• Renewable energy

• Corporate strategy

• Environment policy

• Climate transition plan

Emissions from raw materials Reduction in scope 3 2023 51.6%

• Use of recycled raw materials

• Material efficiency

• Design for reuse and recycling

Supporting the decarbonisation of buildings Alignment with EU Taxonomy 2023 70% • Assessment -Taxonomy eligibility

E2: Pollution

Use of substance of concern No target - -

• Operation clean sweep

• ISO 14001

Spills of microplastics Operation Clean Sweep certification 2024 100%

Pollution to air and water No target - -

E5: Resource use and

circular economy

Use of non-renewable raw materials Share of recycled raw materials 2023 30%

• Use of recycled raw materials

• Design for recycling

• Material efficiency

• Collection and recycling

Waste generation in own operation Share of waste sent to recyling 2023 80%

End of life treatment of sold products

Collection of used EPS 2023 60kt

Collection of used EPS for reuse and recycling

S1: Own workforce

Health and safety

Severity rate 2024 65 • Safety committee

• Human resource policy

Frequency rate 2024 6 • Safety training

Career progression and skills development Internal engagement index 2024 80%

• Talent review

• BE-Heard survey

• PDD

• Human rights due diligence

• Whistleblower channel

Diversit, equality and inclusion Share of female leaders 2024 30%

S2: Workers in the

value chain

Working conditions Share of supplier assessed 2024 100%

• Supplier assessment

• Human Right due diligence

• Screening of sanctions and ethics

• Internal and external audits

• Training

• Supplier Code of Conduct

G1: Business conduct

Corporate culture No target - - • Annual training • Code of Conduct

• Anti-corruption policy

• Sanction policy

• Privacy policy

• Gift and event policy

• Competition law compliance policy

Protection of whistleblowers No target - - • Whistleblower channel

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ESRS 2, IRO-1

Description of the processes to

identify and assess IROs

BEWI’s process for identifying and assessing material

IROs is conducted through a DMA.

The DMA follows a structured approach to be

consistent and aligned with the risk management

processes:

• Identification of IROs

• Assessment and scoring

• Calibration and validation of results

• Management review and approval

Identification of IROs

Impacts: To identify impacts, BEWI has assessed its

activities, business relationships, stakeholders’ views,

and the context in which these take place. Internal

experts have been involved to provide insights from

day-to-day operations. A long list of impacts has

been developed and structured to align with sustain-

ability matters defined in ESRS 1.

Risks and opportunities: The long list of risks and

opportunities is derived from the impact assessment

and supplemented by existing assessments, including

enterprise risk, climate (TCFD), nature (TNFD) and

salient human rights risks. The results have been

reviewed and validated with internal experts,

executive management and business segment

leadership for completeness and accuracy.

Assessment and scoring

Impact materiality: Scale, scope, and irremediable

character have been used in the scoring of the severity

of actual impacts. For potential impacts, an additional

parameter of likelihood was included. The severity

is determined on the basis of scale (how grave the

impact is), scope (how widespread the impact is),

and irremediable character (the extent to which the

impact can be remediated). The threshold for human

rights was lowered based on ESRS 1 (45) requirements.

Financial materiality: When scoring risks and

opportunities, the potential magnitude of financial

effect (EBITDA, CAPEX, OPEX) constituted 50 per cent

of the score, while the remaining half was based on

the likelihood of occurrence.

Scoring parameters:

• Magnitude of financial effects: minor, low,

moderate, or high.

• Likelihood of occurrence: rare, low, possible,

likely, almost certain, and actual.

• Time horizons: short-, mid-, or long-term.

Given the complexity of scenarios, quantitative

assessments in monetary terms were supplemented

with qualitative evaluations. The materiality threshold

was set at high, meaning that risks and opportunities

scored as high, are considered material.

Calibration and validation

A workshop with the executive management and

business segments was conducted to do the final

assessment and scoring focusing on IROs scored as

borderline. Throughout this process, the initial eval-

uations of magnitude and likelihood properties of

each IRO were evaluated and documented.

Using the inputs gathered during the assessment, a

materiality matrix was developed in alignment with

the ESRS requirements. A consolidated overview of

material IROs was presented and discussed with the

executive management before being submitted to

the audit committee and the board for review and

approval.

Management review and approval

Material topics are reviewed annually by the executive

management and board to guide BEWI’s strategy and

are supported by specific targets and KPIs to track

progress. Progress is monitored monthly within the

local business units and reported quarterly to the

executive management and the board.

Embedding sustainability in strategy

and enterprise risk management

Material IROs are incorporated into the Enterprise Risk

Management (ERM) framework, ensuring that sustain-

ability-related risks and opportunities are assessed

alongside financial and operational considerations.

Further information on governance and risk manage-

ment is provided in the Governance section.

Process for assessing IROs

E1-IRO-1

Climate change

Climate-related IROs are identified across BEWI’s own

operations, as well as upstream and downstream

activities based on the group’s greenhouse gas

emissions profile, in line with the Greenhouse Gas

Protocol and ESRS. The assessment covers scope 1,

2 and relevant scope 3 categories and is informed

by Life Cycle Assessments (LCAs) to identify material

emission sources and assess emission-reduction

opportunities across the value chain.

Physical climate risks are assessed for all production

facilities in line with the EU Taxonomy Climate

Delegated Act (Appendix A), using geospatial data

to evaluate site-level exposure to acute and chronic

climate-related hazards. The assessment also considers

exposure at critical supplier locations where relevant.

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Transition climate risks are assessed in accordance

with the TCFD framework, considering current and

expected regulatory developments, market dynam-

ics, technological changes and evolving customer

requirements.

E2-IRO-1; IRO-2

Pollution

Pollution-related IROs are identified using the LEAP

approach, in line with EFRAG implementation guid-

ance. The assessment covers BEWI’s own operations

and relevant upstream and downstream activities.

The identification process includes screening pol-

lutants to air, water and soil in accordance with ESRS

E2 Appendix B, and assessing the effectiveness of

existing mitigation, control and monitoring measures.

Data sources include emissions data assessed against

Best Available Techniques (BAT) and permit condi-

tions, monitoring of local receiving environments

in line with the EU Water Framework Directive, ISO

14001 and Operation Clean Sweep (OCS) risk assess-

ments, as well as insights from the WWF Biodiversity

and Water Risk Filter and BEWI’s LEAP analysis.

Ongoing monitoring of regulatory developments

and structured stakeholder dialogue are applied to

identify emerging pollution-related risks and oppor-

tunities.

E3.-IRO-1

Water and marine resources

Water- and marine-related IROs are identified and

assessed through site-level environmental manage-

ment systems implemented in accordance with ISO

14001 and applicable local regulatory requirements.

These systems apply to BEWI’s production sites

and include the identification and assessment of

water abstraction, water consumption and water

discharges, as well as potential impacts on freshwater

and marine receiving environments. Particular con-

sideration is given to sites located in water-stressed

areas or environmentally sensitive locations.

As part of these assessments, BEWI screens for

water-intensive activities, evaluates water-scarcity

risks at site and basin level, and assesses pollution-re-

lated risks affecting surface water, groundwater and

marine environments. Engagement with relevant

stakeholders, including local authorities, water

utilities and neighbouring communities, is integrated

into site-level assessments through regulatory inter-

action and ongoing dialogue.

In addition, water-related risks across the value chain

are screened at group level using the WWF Water

Risk Filter to identify sites or key suppliers potentially

exposed to physical, regulatory or reputational

water risks.

Based on the outcomes of site-level assessments,

value-chain screening and stakeholder engagement,

BEWI has not identified any material water- or

marine-related IROs, including water scarcity.

Consequently, ESRS E3 is assessed as not material and

is therefore excluded from detailed reporting.

E4. IRO -1

Biodiversity and ecosystems

BEWI applies the LEAP approach to identify and

assess biodiversity- and ecosystem-related IROs and

dependencies across its own operations and value

chain. The assessment is supported by the ENCORE

tool, which is used to identify dependencies on

ecosystem services and potential pressures related

to land use, emissions and resource use arising from

BEWI’s activities.

The assessment builds on BEWI’s environmental

management systems (ISO 14001), site-specific

environmental impact assessments (EIAs) and environ-

mental permits, and includes screening of potential

pollutants and substances of concern in accordance

with ESRS E2 Appendix B, REACH and PlastChem

guidance. Site-level assessments consider proximity

to protected areas, areas of high biodiversity value

and sensitive ecosystems, and include dialogue with

relevant local stakeholders and potentially affected

communities through regulatory consultations and

environmental permitting processes to capture local

ecosystem-related concerns.

Potential systemic biodiversity risks are assessed at

group level by considering cumulative and indirect

impacts across the value chain, including land-use

change, resource extraction and pollution pressures

associated with key raw materials. Dependencies on

ecosystem services, such as water regulation and raw

material availability, are also assessed in line with ESRS

requirements.

Based on site-level assessments, supplier screening

and value-chain analysis, BEWI has not identified any

material biodiversity- or ecosystem-related IROs or

dependencies. BEWI’s operations and key suppliers

are primarily located in industrial areas with low eco-

logical sensitivity, are subject to robust environmental

permitting, and do not indicate significant interaction

with protected areas or critical habitats. Accordingly,

ESRS E4 is assessed as non-material and is excluded

from the scope of detailed reporting.

E5. IRO-1

Resource use and circular economy

Resource use and circular economy related IROs

are identified and assessed across BEWI’s value

chain, covering raw material sourcing, production,

product use and end-of-life. The assessment includes

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mapping of material flows, evaluation of resource

efficiency and potential resource scarcity, and assess-

ment of circularity performance, including recycled

content, durability and design for reuse and recycling.

The assessment is informed by alignment with the

EU Taxonomy criteria for sustainable activities and

by monitoring regulatory developments, including

the Packaging and Packaging Waste Regulation

(PPWR), the Construction Products Regulation (CPR),

EU Waste Framework Directive and the Ecodesign

for Sustainable Products Regulation (ESPR). These

regulations introduce increased requirements related

to circular design, recycled content and end-of-life

management. Where relevant, the identification of

IROs is supplemented by targeted dialogue with

relevant stakeholders across the value chain to

capture operational, regulatory and market-related

considerations.

G1. IRO -1

Business conduct

Business conduct related IROs are identified through

systematic assessments covering corruption and

bribery, fraud, competition law, data protection and

privacy, and human rights. The assessments are

integrated into BEWI’s enterprise risk management

and compliance framework to support that ethical

and governance considerations are embedded in

decision-making and day-to-day operations across

the group.

Due diligence of suppliers and customers is con-

ducted through the BEWI Partner platform and

is supported by whistleblowing and grievance

mechanisms applicable across the value chain. These

mechanisms enable the identification, prevention

and mitigation of actual and potential misconduct

and non-compliance. Insights from the assessments

and reporting channels are used to strengthen con-

trols, policies and procedures, supporting continuous

improvement of BEWI’s business conduct practices.

EPS foundation system

and floor insulation

Bunkeflostrand, Sweden

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ESRS 2, IRO-2

ESRS disclosure requirements

General disclosures

ESRS 2 General disclosures Page

BP-1 General basis for preparation of the sustainability statement p. 46

BP-2 Disclosures in relation to specific circumstances p. 46

GOV-1 The role of the administrative, management and supervisory bodies p. 32-33

GOV-2 Information provided to and sustainability matters addressed by the undertaking’s

administrative, management and supervisory bodies

p. 32-33

GOV-3 Integration of sustainability-related performance in incentive schemes p. 47

GOV-4 Statement on sustainability due diligence p. 48-49

GOV-5 Risk management and internal controls over sustainability reporting p. 47

SBM-1 Strategy, business model and value chain p. 13, 20-22

SBM-2 Interests and views of stakeholders p. 50

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and

business model

p. 51-55

IRO-1 Description of the process to identify and assess material impacts, risks and opportu-

nities

p. 56-58

IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement p. 59-61

Environmental disclosures

ESRS 1 Climate change Page

E1. GOV-3 Integration of sustainability-related performance in incentive schemes p. 47

E1-1 Transition plan for climate change mitigation p. 65-66

E1. SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and

business model

p. 66-67

E1. IRO -1 Description of the processes to identify and assess material climate-related impacts,

risks and opportunities

p. 56-57

E1-2 Policies related to climate change mitigation and adaptation p. 68

E1-3 Actions and resources in relation to climte change policies p. 68

E-4 Targets related to climate change mitigation and adaptation p. 65,

68-69, 72

E1-5 Energy consumption and mix p. 70-71

E1-6 Gross Scopes 1, 2, 3 and total GHG emissions p. 73-75

E1-9 Anticipated financial effects from material physical and transiton risks and potential

climate-related opportunities

Phase in

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ESRS 2 Polution Page

E2. IRO-1 Description of the processes to identify and assess material pollution-related IROs p. 77

E2-1 Policies related to pollution p. 77

E2-2 Actions and resources related to pollution p. 77-78

E2-3 Targets related to pollution p. 78-79

E2-4 Pollution of air, water and soil p. 78

E2-5 Substances of concern and substances of very high concern p. 79

E2-6 Antifipated financial effects from pollution-related IROs Phase in

ESRS 3 Water and marine resources Page

E3. IRO-1 Description of processes to identify and assess material biodiversity and ecosystem-

related impacts, risks, dependencies and opportunities

p. 57

ESRS 4 Biodiversity and ecosystems Page

E4. IRO-1 Description of processes to identify and assess material biodiversity and ecosystem-re-

lated impacts, risks, dependencies and opportunities

p. 57

ESRS E5 Resource use and circular economy Page

E5. IRO -1 Description of the processes to identify and assess material resource use and circular

economy-related impacts, risks and opportunities

p. 57-58

E5-1 Policies related to resource use and circular economy p. 81

E5-2 Action and resources related to resource use and circular economy p. 81-82

E5-3 Targets related to resource use and circular economy p. 83-84

E5-4 Resource inflows p. 82

E5-5 Resource outflows p. 82-83

E5-6 Anticipated financial effect from material resouce use and circular economy-related risks

and opportunities

Phase in

Social disclosures

ESRS S1 Own workforce Page

S1. SBM-2 Interests and views of stakeholders p. 50

S1. SBM-3 Material impacts, risks and opportunities and their interaction with strategy and

buiness model

p. 53-55, 94

S1-1 Policies related to own workforce p. 94

S1-2 Processes for engaging with own workers and workers representatives about impacts p. 94, 97

S1-3 Process to remediate negative impacts and channels for own workers to raise concerns p. 97

S1-4 Taking action on material impacts on own workforce, and approaches to mitigating

material IROs related to own workforce, and effectiveness of those actions

p. 94

S1-5 Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 94-96

S1-6 Characteristics of the undertakings employees p. 99-100

S1-7 Characteristics of non-employees in the undertaking’s own workforce p. 99-100

S1-8 Collective bargaining coerage and social dialogue p. 97, 100

S1-9 Diversity metrics p. 99

S1-13 Traning and skills development metrics Phase in

S1-14 Health and safety metrics p. 94-96

S1-16 Remuneration metrics (pay gap and total remuneration) p. 100

S1-17 Incidents, complaints and severe human rights impacts p. 97-98

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ESRS S2 Workers in the value chain Page

S2. SBM-3 Material impacts, risk and opportunities and their interaction with strategy and

business model

p. 102-103

S2-1 Policies related to value chain workers p. 102-103

S2-2 Processes for engaging with value chain workers about impacts p. 103-104

S2-3 Processes to remediate negative impacts and channels for value chain workers to raise

concerns

p. 105

S2-4 Taking action on material impacts on value chain workers, and approaches to managing

IROs related to value chain workers, and effectiveness of those actions

p. 105-106

S2-5 Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 106

Governance disclosures

ESRS G1 Business conduct Page

G1. GOV - 1 The role of administrative, supervisory and management bodies p. 108

G1. IRO -1

Description of the processes to identify and assess material impacts, risks and

opportunities p. 58

G1-1

Policies in place to manage its material IROs related to business conduct and

corporate culture p. 108-109

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ESRS 2, IRO-2

ESRS data points from other EU legislation

The table gives an overview of all the datapoints that derive from other EU legislation as listed in ESRS 2 appendix B, including where the data points can be found in the report and which datapoint that are assesses as material or not.

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

ESRS 2 GOV-1 21 (d) Board's gender diversity

 

p. 34, 36

21 (e) Percentage of board members who are

independent



p. 36

ESRS 2 GOV-4 30 Statement on due diligence



p. 48-49

ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil

fuel activities

  

Not applicable

40 (d) ii Involvement in activities related to

chemical production

 

Not applicable

40 (d) iii Involvement in activities related to

controversial weapons

 

Not applicable

40 (d) iv Involvement in activities related to

cultivation and production of tabacco



Not applicable

ESRS E1-1 14 Transition plan to reach climate neutrality

by 2050



p. 65-66

16 (g) Undertakings excluded from Paris-aligned

Benchmarks

 

P. 66

ESRS E1-4 34 GHG emission reduction targets

  

p. 68-69

ESRS E1-5 38 Energy consumption from fossil sources

disaggregated by sources (only high

climate impact sectors)



p. 70

37 Energy consumption and mix



p. 71

40-43 Energy intensity associated with activities

in high climate impact sectors



p. 71

ESRS E1-6 44 Gross Scope 1, 2, 3 and total GHG emissions

  

p. 73-74

53-55 Gross GHG emissions intensity

  

p. 75

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

ESRS E1-7 56 GHG removals and carbon credits



Not applicable

ESRS E1-9 66 Exposure of the benchmark portfolio to

climate-related physical risks



p. 66-67

66 (a);

66 (c)

Disaggregation of monetary amounts by

acute and chronic physical risk; Location of

significant assets at material physical risk



Phase in

67 (c) Breakdown of the carrying value of its real

estate assets by energy-efficiency classes



Phase in

69 Degree of exposure of the portfolio to

climate-related opportunities



Phase in

ESRS E2-4 28 Amount of each pollutant listed in Annex

II of the E-PRTR Regulation emitted to air,

water and soil



Not applicable

ESRS E3-1 9 Water and marine resources



Not material

13 Dedicated policy



Not material

14 Sustainable oceans and seas



Not material

ESRS E3-4 28 (c) Total water recycled and reused



Not material

29 Total water consumption in m

per net

revenue on own operations



Not material

ESRS E4,

SMB-3

(ESRS 2)

16 (a) i List of material sites in its own operations

(i) specifiying the activities negatively

affecting biodiversity sensitive areas



Not material

16 (b) Whether it has identified material negative

impacts with regards to land degradation,

desertification or sil sealing



Not material

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Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

16 (c) Wheter it has operations that affect

threatened species



Not material

ESRS E4-2 24 (b) Sustainable land/ agriculture practices or

policies



Not material

24 (c) Sustainable oceans/seas practices or

policies



Not material

24 (d) Policies to adresses deforestation



Not material

ESRS E5 37 (d) Non-recycled waste



p. 82-83

39 Hazardous waste and radioactive waste



p. 82-83

ESRS S1,

SMB-3

(ESRS 2)

14 (f) Risk of incidents or forced labour



Not material

14 (g) Risk of incidents or child labour



Not material

ESRS S1 -1 20 Human rights policy commitments



p. 97

21 Due Diligence policies on issues adressed

by the fundamental Internatinal Labour

Organisation Conventions 1 to 8

 

p. 98

22 Processes and measures for preventing

trafficking in human beings



Not material

23 Workplace accident prevention policy or

management system



p. 94

ESRS S1 -3 32 (c) Grevance/complaints handling

mechanisms



p. 97

ESRS S1 -14 88

(b); (c)

Number of fatalitites and number and rate

of work-related accidents

  

p. 95

88 (e) Number of days lost to injuries, accidents,

fatalities or illness



p. 95

ESRS S1 - 16 97 (a) Unadjusted gender pay gap

  

p. 100

97 (b) Excessive CEO pay ratio



p. 121-123

ESRS S1 - 17 103 (a) Incidents of discrimination



p. 97-98

104 (a) Non-respect of UNGP`s on Business and

Human Rights and OECD

  

p. 97, 102-103

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

ESRS S2,

SBM-3

(ESRS 2)

11 (b) Significant risk of child labour or forced

labour in the value chain



p. 102

ESRS S2 - 1 17 Human rights policy commitments



p. 102-103

18 Policies related to value chain workers



p. 102-103

19 Non-respect of UNGP`s on Business

and Human Rights principles and OECD

guidelines

  

p. 102-103

19 Due diligence policies on issues adressed

by the fundamental international Labor

Organisation Conventions 1 to 8

 

p. 103-104

ESRS S2 - 4 36 Human rights issues and incidents

connected to its upstream and

downstream value



p. 106

ESRS S3 - 1 16 Human rights policy commitments



Not material

17 Non-respect of UNGPs on Business and

Human Rights, ILO principles or and OECD

guidelines

  

Not material

ESRS S3 - 4 36 Human rights issues and incidents

connected to its upstream and

downstream value



Not material

ESRS S4 - 1 16 Policies related to consumers and end-users



Not material

17 Non-respect of UNGPs on Busniess and

Human Rights and OECD guidelines

  

Not material

ESRS S4 - 4 35 Human rights issues and incidents

connected to its upstream and

downstream value



Not material

ESRS G1 - 1 §10 (b) United Nations Convention against

Corruption

p. 108-109

§10 (d) Protection of whistle-blowers



p. 109

ESRS G1 - 4 §24 (a) Fines for violation of anti-corruption and

anti-bribery laws

  

Not material

§24 (b) Standards of anti-corruption and anti-

bribery



Not material

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Environmental

information

E1 Climate change

E2 Pollution

E5 Resource use and circular economy

EU taxonomy for sustainable activities

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E1 Climate change

E1-1

Transition plan for climate

change mitigation

BEWI’s climate transition plan is aligned with a

1.5 °C pathway, consistent with the objectives of

the Paris Agreement. The group has set near-term

science-based targets covering scope 1, 2 and 3

emissions. For scope 3, the targets include category

1 (purchased goods and services) and category 12

(end-of-life of sold products), which together repre-

sent the majority of BEWI’s scope 3 emissions and

are therefore central to the group’s decarbonisation

strategy and transition planning.

Decarbonisation levers and actions

To achieve progress towards these targets, BEWI has

identified a set of key decarbonisation levers and

associated climate-mitigation actions, as further

detailed under action and resources (E1-3). These

include improving energy efficiency and optimising

production processes, increasing the share of

renewable electricity through sourcing and power

purchase agreements (PPAs), expanding the use of

recycled and renewable raw materials, and scaling

the collection and recycling of post-consumer

materials to strengthen circular material flows.

Locked-in emissions and

structural constraints

A share of BEWI’s future emissions is considered

locked-in, primarily related to energy use and process

emissions from existing manufacturing assets that

cannot be fully decarbonised in the medium term.

These emissions are addressed through increased

renewable energy sourcing, continuous process

optimisation and incremental technology upgrades.

As older assets are replaced over time, the level

of locked-in emissions is expected to decline,

supporting progress towards the group’s long-term

science-based targets.

Value chain dependencies

While supplier emissions are not classified as

locked-in, BEWI’s ability to reduce scope 3 category

1 emissions are dependent to a large degree on

the pace of decarbonisation among key upstream

raw-material suppliers. Delayed progress from

upstream suppliers would constrain reductions

in BEWI’s upstream emissions in the medium and

long term. Similarly, reductions in scope 3 category

12 (end-of-life treatment of sold products) are

influenced by the availability and performance of

downstream waste-management and recycling

infrastructure, as well as regulatory developments

Decarbonisation levers scope 3

Per cent

100

2030

Target

SuppliersEOLRecycled

materials

2023

Baseline

Emissions CO

e Reduction Group target

100%

-12%

-8%

48%

-51.6%

-32%

Decarbonisation levers scope 1 and 2

Per cent

100

2030

Target

Renewable

energy

Energy

efficiency

2023

Baseline

Emissions CO

e Reduction Group target

100%

-12%

-30%

58%

-42%

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and market uptake of circular solutions. While BEWI

actively supports improved collection, recycling

and circular design, limited progress in downstream

systems could constrain emission reductions in

category 12 over the medium and long term.

Capital allocation and financial planning

BEWI has made significant capital investments to

support its transition plan, particularly through the

development of circular capabilities in its Circular

segment. These investments include recycling capac-

ity and infrastructure. Transition-related investments

are tracked and disclosed as EU Taxonomy-aligned

CAPEX where applicable.

At present, no material CAPEX is expected to be

required to execute the transition plan. Going

forward, BEWI will optimise and scale on existing

assets. Climate-related investments are integrated

into financial planning, through forecasting and

budgeting processes to align climate targets with

capital allocation and long-term value creation.

The climate transition plan is approved by the board

and integrated into the group’s strategic priorities.

Performance against climate targets is monitored

monthly as part of management reporting and

operational follow-up.

BEWI is not excluded from the EU Paris-aligned

Benchmarks under Regulation (EU) 2016/1011.

ESRS 2, SBM-3

Impacts, risks and opportunities

BEWI has identified four material impacts, one

financial risk, and one financial opportunity related

to climate change and the transition to a low-carbon

economy.

Greenhouse gas emissions from

energy use in production

Energy consumption in production processes,

particularly for the generation of steam, represents a

material source of emissions in BEWI’s own operations.

Greenhouse gas emissions

from raw materials

A material climate impact arises from greenhouse

gas emissions associated with purchased raw

materials, representing an upstream contribution to

BEWI’s overall footprint

. In addition, these emissions

give rise to a material financial transition risk, as

stricter climate regulation and increasing carbon

prices may lead to higher costs for carbon-intensive

raw materials and affect input prices and availability

over time.

Greenhouse gas emissions from

end-of-life treatment

A material downstream impact arises from the end-

of-life treatment of sold products, driven primarily by

greenhouse gas emissions associated with incinera-

tion and landfill.

Improving energy efficiency of buildings

BEWI’s insulation systems improve the energy

efficiency of buildings, reducing lifecycle energy

consumption and associated emissions, represent-

ing a positive impact and a financial opportunity.

This is supported by regulatory frameworks such

as the Energy Performance of Buildings Directive

(EPBD). The IRO is embedded in the group strategy

supporting the ambition to achieve 70 per cent

taxonomy-aligned revenue.

ESRS 2, SBM-3: E1, SBM-3 and IRO-1

Resilience of strategy and business model

BEWI has adapted the Task Force on Climate-related

Financial Disclosures (TCFD) framework to structure

its assessment and management of climate-related

IROs. The results of these assessments inform the

annual DMA and are integrated into the groups

strategic planning and operations.

BEWI’s approach consists of two main components:

• Physical climate risk assessment, evaluating how

climate-related hazards may affect BEWI’s opera-

tions and assets

• Transition risks and opportunity assessment,

addressing regulatory, technological, market and

consumer trends linked to the transition towards a

low-carbon and circular economy

Physical climate risks

Physical climate risks have been assessed in accord-

ance with the EU Taxonomy Climate Delegated Act,

covering both historical weather impacts and future

climate scenarios based on local and regional climate

model projections for BEWI’s production facilities.

The assessment includes both acute risks (such as

extreme precipitation, storm surges, and cold waves)

and chronic risks (such as gradual temperature

increases and changing precipitation patterns).

Results indicate limited exposure to physical climate

hazards. The most relevant risks identified were storm

surges, river flooding, and cold waves, affecting a

small number of production sites.

Further assessments are ongoing to evaluate poten-

tial long-term impacts and to develop resilience

measures for facilities located in higher-risk areas.

While current exposure levels are assessed to be

below the materiality threshold, BEWI recognises

the importance of continuous monitoring and plans

to further enhance its physical risk methodology,

particularly to better capture risks within the supply

chain and under future climate scenarios.

Following the transaction to merge BEWI RAW with Unipol and consequently reducing BEWI’s ownership in RAW to 49 per cent, upstream emissions from

styrene monomer production are no longer within BEWI’s operational boundary. However, emissions associated with purchased raw materials continue to

represent a material upstream impact and remain included under Scope 3, category 1.

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Climate-related hazards

Cronic Risk Acute Risk

Temperature-related

Changing temperature (air, freshwater, marine water)



Heat wave



Heat stress  Cold wave/frost 

Temperature variability  Wildfire 

Permafrost thawing 

Wind-related

Changing wind patterns  Cyclone, hurricane, typhoon 

Storm (including blizzards, dust and sandstorms) 

Tornado 

Water-related

Changing precipitation patterns and types

(rain, hail, snow/ice)  Drought 

Precipitation or hydrological variability  Heavy precipitation (rain, hail, snow/ice) 

Ocean acidification  Flood (coastal, fluvial, pluvial, ground water) 

Saline intrusion 

Sea level rise 

Water stress 

Solid mass-related

Coastal erosion  Avalanche 

Soil degradation  Landslide 

Soil erosion  Subsidence 

Solifluction 

Low Medium



Hazard not relevant to include due to geographical location of assets

Transition risks and opportunities

Transition risks and opportunities have been identi-

fied and assessed through climate scenario analysis,

in line with ESRS E1 requirements. The analysis draws

on recognised external reference scenarios, including

the International Energy Agency (IEA) Stated Policies

Scenario (STEPS), scenarios developed by the central

banks and Supervisors Network for Greening the

Financial System (NGFS), and the IPCC SSP5-8.5

pathway. The assessment covers BEWI’s own opera-

tions and its value chain.

Three reference scenarios were applied to assess

potential impacts over the short, medium and long

term:

• an orderly transition aligned with a 1.5-degree

pathway and net zero by 2050;

• a disorderly transition reflecting a delayed transi-

tion towards a 2-degree outcome by 2030; and

• a worst-case scenario representing a 3–4-degree

“hot house world” by 2080.

The results of the scenario analysis have been

incorporated into BEWI’s DMA and form the basis for

identifying and prioritising climate-related transition

risks and opportunities under ESRS E1. The insights

directly inform strategic planning, investment

decisions and the development of BEWI’s climate

transition plan.

Positioned for growth in the

low carbon transition

BEWI is well positioned to benefit from a global

shift towards a 1.5 °C pathway. Demand for ener-

gy-efficient insulation and circular packaging are set

to grow, creating market opportunities. The pace

of this growth, however, depends on regulatory

enforcement and customers’ willingness to adopt

low-carbon and circular alternatives.

Progress towards a circular economy also hinges on

effective waste-collection and recycling systems.

Weak policy frameworks could limit BEWI’s ability to

meet its strategic targets. Conversely, stricter regu-

lations or carbon pricing on fossil-based materials

could increase raw-material costs - risks the group

mitigates through price adjustments, increased use

of recycled feedstock and development of its circular

capabilities.

BEWI evaluates transition risks and opportunities to

embed climate considerations in business planning

and strategic decision-making.

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MDR- P, E1-2

Policies

BEWI’s management of climate-related IRO’s is

embedded in its strategy and governance frame-

work, rather than set out in a stand-alone climate

policy. Climate change mitigation is central to the

group’s commitment to align its scope 1, 2, and 3

emissions with the 1.5 °C pathway by 2030.

The transition plan defines BEWI’s decarbonisation

pathway and is implemented through measurable

targets and metrics addressing key levers such as

energy efficiency, renewable-energy sourcing, and

use of recycled materials. Climate considerations are

integrated into the ERM process, investment plan-

ning, and EU Taxonomy-aligned CAPEX reporting,

ensuring consistency between sustainability objec-

tives and financial performance.

BEWI’s environmental policy formalises the group’s com-

mitment to climate mitigation and adaptation, while

the Supplier Code of Conduct extends these principles

throughout the value chain. The Chief Sustainability

Officer oversees implementation and annual policy

review to maintain alignment with the DMA and

approval by the executive management or the board.

MDR-A; E1-3

Actions and resources

BEWI’s actions to mitigate climate change are guided

by its commitment to developing circular value

chains. Climate actions are structured around key

decarbonisation levers, addressing both operational

and value-chain emissions.

Decarbonisation in own operation

In 2025, BEWI’s scope 1 and 2 emissions accounted

for 12 per cent and 2 per cent respectively of the

group’s total greenhouse gas emissions. Key focus

areas include improving energy efficiency and

increasing the share of renewable energy in the

energy mix.

Energy efficiency

BEWI works to improve energy efficiency to reduce

operational costs and GHG emissions. In 2025, BEWI

continued implementing its energy-mapping pro-

gramme across production facilities to benchmark

performance and identify efficiency opportunities.

Renewable energy sources

BEWI invests in renewable energy solutions and is

actively pursuing, power purchase agreements (PPAs),

and renewable-energy procurement in regions where

such sources are available and commercially viable.

Decarbonisation in value chain

Scope 3 emissions account for 86 per cent of BEWI’s

total greenhouse gas emissions. Purchased goods

and services represent the largest share at 55 per

cent, while end-of-life treatment of sold products

accounts for 29 per cent. As these emissions arise

outside BEWI’s direct operational control, achieving

meaningful reductions depends on effective collabo-

ration across the value chain and the development of

circular solutions at scale.

Building circular capacity

Emissions from purchased raw materials is the largest

contributor to BEWI’s climate footprint. The group

invests in process innovation and material develop-

ment to increase the share of recycled content in its

production.

End-of-life and closed-loop systems

To reduce these emissions, the group has expanded

its circular business, including strengthened systems

for collection and recycling of used EPS and XPS. This

contribute to reduced emissions by diverting waste

from incineration and landfill, to using a growing share

of materials as new feedstock, supporting closed-loop

material flows and reduced reliance on virgin materials.

Engagement with suppliers

BEWI engages with suppliers in its most carbon-in-

tensive value-chain segments. Collaboration focuses

on encouraging the adoption of science-based

targets, improving climate transparency, and

collecting supplier-specific Environmental Product

Declarations (EPDs). This strengthens data quality and

enables more precise tracking of progress toward

BEWI’s emission-reduction targets.

MDR-T; MDR-M; E1-4

Targets and metrics

BEWI has set greenhouse gas emission reduction

targets covering scope 1, 2 and 3, aligned with a 1.5

°C pathway in line with the Paris Agreement and the

Science Based Targets initiative (SBTi).

In 2025, BEWI submitted its 2030 near-term targets to

the SBTi for validation. The targets were developed

in accordance with SBTi criteria and the Greenhouse

Gas Protocol and were validated in February 2026,

using 2023 as the base year.

The Scope 3 target boundary includes Category 1

(purchased goods and services) and Category 12

(end-of-life treatment of sold products). BEWI has

committed to reducing greenhouse gas emissions

from these categories by 51.6 per cent per tonne of

raw material used by 2030, compared with a 2023

baseline. These categories represent the areas where

the Group has the greatest potential to influence

value-chain emissions, particularly through increased

use of recycled and renewable raw materials and

improved end-of-life treatment of sold products.

Other Scope 3 categories are currently excluded

due to limited emission relevance and/or limited

reduction leverage but are monitored and reassessed

over time.

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E1-4: Targets related to climate change mitigation and adaptation

Emissions, tonnes CO

e Target CO

Intensity ratio,

kg CO

/ kg raw materials Target intensity

Baseyear 2023 2024 2025 ∆% vs 2024 2030 2025/Baseyear Baseyear 2023 2024 2025 ∆% vs 2024 2030 2025/Baseyear

Continued operations

Scope 1 87 815 83 474 88 001 5%

Scope 2 market-based 40 731 35 701 15 491 -57%

Total scope 1-2 market-based 128 546 119 175 103 492 -13% -42% -19%

Scope 3.1 and 3.12 557 068 532 871 549 146 3% 3.13 3.10 3.01 -3% -51.6% -4%

Total scope 1-3 market-based 685 614 652 046 652 638 0%

Discontinued operations

Scope 1 7 919 4 506 -43%

Scope 2 market-based 6 737 3 609 -46%

Total scope 1-2 market-based 14 656 8 115 -45%

Scope 3.1 and 3.12 474 482 206 090 -57% 2.76 1.13 -59%

Total scope 1-3 market-based 489 138 214 205 -56%

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E1-5

Energy consumption and mix

In 2025, BEWI’s total energy consumption increased

by 8 per cent compared with 2024, primarily driven

by higher production volumes. Although energy-ef-

ficiency improvements were implemented during

the year, BEWI’s energy-intensity metric increased.

Energy consumption and energy intensity are influ-

enced by both production volumes and changes

in product mix. In 2025, the ramp-up of the new

circular facility in Nörrkoping, together with growth

in automotive and EPP raw materials (which are

more energy-intensive per kilogram of raw material)

contributed to higher energy intensity. This effect

was partially offset by energy-efficiency initiatives

but resulted in an overall increase in energy inten-

sity of 4 per cent compared with the previous year.

Consumption of purchased electricity from

renewable sources increased by 77 per cent

, while

consumption of self-generated renewable energy

increased by 9 per cent. As a result, the share of

renewable energy in BEWI’s total energy consump-

tion increased by 30 per cent compared with 2024.

Of BEWI’s total renewable electricity consumption, 52 per cent was covered by contractual instruments with bundled energy attribute certificates, while 49 per

cent was sourced through unbundled instruments.

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E1-5: Energy consumption and mix

Energy consumption and mix 2024 2025 ∆% vs 2024

Continued operations

1 Fuel consumption from coal and coal products (MWh) 0 0

Fuel consumption from crude oil and petroleum products (MWh) 1 975 2 210 12%

Fuel consumption from natural gas (MWh) 424 378 457 009 8%

Fuel consumption from other fossil sources (MWh) 0 0

Consumption of purchased or acquired electricity, heat, steam, and cooling

from fossil sources (MWh) 73 913 52 229 -29%

Total fossil energy consumption (MWh) 500 266 511 448 2%

Share of fossil sources in total energy consumption (%) 82% 77% -6%

Consumption from nuclear sources (MWh) 14 696 14 204 -3%

Share of consumption from nuclear sources in total energy consumption (%) 2% 2% -11%

Fuel consumption from renewable sources, including biomass (also com-

prising industrial and municipal waste of biologic origin, biogas, renewable

hydrogen, etc.) (MWh) 41 261 39 788 -4%

Consumption of purchased or acquired electricity, heat, steam, and cooling

from renewable sources (MWh) 52 575 93 173 77%

The consumption of self-generated non-fuel renewable energy (MWh) 2 139 2 335 9%

Total renewable energy consumption (MWh) 95 975 135 296 41%

Share of renewable sources in total energy consumption (%)

16% 20% 30%

Total energy consumption (MWh)

610 937 660 948 8%

Discontinued operations

Total energy consumption (MWh) 93 106 50 298 -46%

Total operations

Total energy consumption (MWh) 704 043 711 245 1%

Renewable energy consumption (MWh) 2024 2025 ∆% vs 2024

Continued operations

Bio oil 6 276 0 -100%

Green electricity certificates 52 575 93 173 77%

Solar panels 2 139 2 335 9%

Woodchips 34 985 39 788 14%

Total renewable energy consumption (MWh) 95 975 135 296 41%

Discontinued operations

Total renewable energy consumption (MWh) 23 333 12 308 -47%

Total

Total renewable energy consumption (MWh) 119 308 147 604 24%

E1-5: Energy intensity based on net revenue

Renewable energy consumption (MWh) 2024 2025 ∆% vs 2024

Target 2030

energy

efficiency %

Target 2030

energy

efficiency

Continued operations

Total energy consumption from activities in high

climate impact sectors per net revenue from activities

in high climate impact sectors (MWh/EUR) 0.00079 0.00083 5%

Net revenue from activities in high climate impact

sectors used to calculate energy intensity (MEUR) 773 796 3%

Net revenue (other) (MEUR) 0 0

Total net revenue (MEUR) 773 796 3%

Entity specific KPI

Energy intensity ratio, MJ / kg raw materials 13.42 13.99 4% 12% 12.02

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E1-6

Progress on targets

In 2025, total greenhouse gas emissions amounted

757 179 tonnes CO

e, representing an increase of

3 per cent compared to 2024.

Scope 1 and 2 greenhouse gas emissions

During the reporting period, BEWI achieved a 13

per cent reduction in scope 1 and 2 (market-based)

greenhouse gas emissions compared with 2024. This

reduction was driven by an increased share of renew-

able electricity following additional power purchase

agreements (PPAs), resulting in a 57 per cent reduction

in Scope 2 (market-based) emissions.

Total emissions remain closely linked to production

volumes and product mix. During the year, higher

overall production volumes combined with an

increased share of EPP and moulded packaging pro-

duction (which are more energy-intensive) affected

energy intensity and contributed to an increase in

scope 1 and 2 (location-based) emissions compared

with the previous year

Scope 3 greenhouse gas emissions

Scope 3 greenhouse gas emissions increased by 3

per cent compared with 2024. Emissions were pri-

marily driven by category 3.1 (Purchased goods and

services), which accounted for 55 per cent of total

scope 3 emissions, followed by category 12 (End-of-

life treatment of sold products) at 29 per cent.

The increase was mainly attributable to a 6 per cent

rise in raw material volumes, reflecting increased

production volumes for all segments. This was partly

offset by an increased share of recycled raw materials.

Despite higher volumes, physical scope 3 emissions

intensity improved by 3 per cent compared with

2024, demonstrating continued progress in material

efficiency and circular raw material sourcing.

Solar panels

BEWI Peniche, Portugal

Percentage of contractual instruments for continued operation was 61 percent for 2025 an increase of 61 percent compared to 2024.

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E1-6: Gross scope 1, 2, 3 and total greenhouse gas emissions

Retrospective Milestones and target years

Baseyear 2024 2025 ∆% vs 2024 2025 2030 (2050)

Annual % target

/ Base year

Continued operations

Scope 1 GHG emissions

Gross scope 1 GHG emissions (tCO

eq) 87 815 83 474 88 001 5% -42%

-19%

Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% 0%

Scope 2 GHG emissions

Gross location-based scope 2 GHG emissions (tCO

eq) 57 261 56 044 60 378 8%

Gross market-based scope 2 GHG emissions (tCO

eq) 40 731 35 701 15 491 -57% -42%

-19%

Significant scope 3 GHG emissions

Total gross indirect (scope 3) GHG emissions (tCO

eq) 641 255 618 062 653 687 6%

1 Purchased goods and services 364 502 344 119 358 957 4% -51.6%

-4%

Capital goods 856 856 917 7%

Fuel and energy-related activities (not included in scope 1 or scope 2) 25 348 23 075 23 751 3%

Upstream transportation and distribution 36 155 42 392 60 936 44%

5 Waste generated in operations 413 338 312 -8%

6 Business travelling 1 163 673 708 5%

7 Employee commuting 2 642 2 654 2 032 -23%

8 Upstream leased assets 1 0 0

9 Downstream transportation 14 865 1 244 44%

10 Processing of sold products 4 340 4 335 4 427 2%

11 Use of sold products 1 0 0

End-of-life treatment of sold products 192 566 188 752 190 189 1% -51.6%

-4%

Downstream leased assets 0 0 0

14 Franchises 0 0 0

15 Investments 13 268 10 003 10 216 2%

Total GHG emissions

Total GHG emissions (location-based) (tCO

eq) 786 331 757 580 802 066 6%

Total GHG emissions (market-based) (tCO

eq) 769 800 737 236 757 179 3%

Combined scope 1 and 2 target

Combined scope 3.1 and 3.12 target, intensity ratio, kg CO

/ kg raw materials

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Retrospective Milestones and target years

Baseyear 2024 2025 ∆% vs 2024 2025 2030 (2050)

Annual % target

/ Base year

Discontinued operations

Scope 1 GHG emissions

Gross scope 1 GHG emissions (tCO

eq) 0 7 919 4 506 -43% N/A

Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% 0%

Scope 2 GHG emissions

Gross location-based scope 2 GHG emissions (tCO

eq) 0 18 500 9 737 -47%

Gross market-based scope 2 GHG emissions (tCO

eq) 0 6 737 3 609 -46% N/A

Significant scope 3 GHG emissions

Total gross indirect (scope 3) GHG emissions (tCO

eq) 0 673 999 294 809 -56%

1 Purchased goods and services 0 474 482 206 090 -57%

Capital goods 0 46 23 -50%

Fuel and energy-related activities (not included in scope 1 or scope 2) 0 3 761 2 022 -46%

Upstream transportation and distribution 0 11 441 4 679 -59%

5 Waste generated in operations 0 158 69 -56%

6 Business travelling 0 140 57 -59%

7 Employee commuting 0 2 277 117 -95%

8 Upstream leased assets 0 0 0

9 Downstream transportation 0 233 95 -59%

10 Processing of sold products 0 181 461 81 657 -55%

11 Use of sold products 0 0 0

End-of-life treatment of sold products 0 0 0

Downstream leased assets 0 0 0

14 Franchises 0 0 0

15 Investments 0 0 0

Total GHG emissions

Total GHG emissions (location-based) (tCO

eq) 0 700 418 309 052 -56%

Total GHG emissions (market-based) (tCO

eq) 0 688 654 302 924 -56%

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E1-6: Greenhouse gas intensity based on net revenue

GHG intensity per net revenue 2024 2025 ∆% vs 2024

Continued operations

Total GHG emissions (location-based) per net revenue (tCO

eq/EUR) 0.00098 0.00101 3%

Total GHG emissions (market-based) per net revenue (tCO

eq/EUR) 0.00095 0.00095 0%

Net revenue from activities in high climate impact sectors used to

calculate energy intensity (MEUR) 773 796 3%

Net revenue (other) (MEUR) 0 0

Total net revenue (MEUR) 773 796 3%

Basis for calculation

E1-5: Energy consumption and renewable energy

Energy consumption is reported by energy source in MWh.

Data are based exclusively on metered records and sup-

plier invoices resulting in low uncertainty.

Energy intensity is calculated as total energy consumption

in high-impact sectors, expressed in Megawatt hour

(MWh per million EUR net revenue and per kilogram of

raw material input. Reporting both indicators provides a

more stable measure of performance, given fluctuations in

market prices and production volumes. For revenue,

see Financial statements.

E1-6: Gross scope 1, 2, 3 and total greenhouse

gas emissions

BEWI’s climate disclosures cover consolidated scope

1, 2 and 3 greenhouse gas (GHG) emissions and apply

the same operational control boundary as the financial

statements. Emissions are reported in accordance with

the GHG Protocol. Emission factors are primarily based on

supplier-specific data, including Environmental Product

Declarations (EPDs), where available and reliable (approx-

imately 60 per cent). Where primary data are unavailable,

emissions are calculated using recognised emission factor

databases, including Ecoinvent, DEFRA and IEA, to support

consistency and comparability of reported emissions.

Scope 1 and 2 emissions

Scope 1 emissions are derived from direct energy con-

sumption at BEWI’s sites. All figures are based on primary

metered or invoice, combined with energy-carrier-specific

emission factors.

Scope 2 emissions include purchased electricity and

externally supplied heat and steam, calculated using the

location-based method with country-specific grid factors.

Market-based emissions are based on renewable power

purchase agreements and residual-mix emissions for

non-renewable electricity. Uncertainty in scope 1 and 2 is

considered low, due to the extensive availability of primary

data and validated emission factors.

Scope 3 emissions

Category 1: Purchased goods and services

Emissions are calculated based on raw material inputs,

packaging and water consumption. Emission factors reflect

upstream production and processing and are selected in

accordance with a data-quality hierarchy. Only materials

exceeding the 1 per cent significance threshold are

included in the calculation.

Category 2: Capital goods

Capital goods emissions are estimated using generic

emission factors for machinery production (primarily steel

and manufacturing processes). Total emissions are annu-

alised over the expected lifetime of equipment, based on

the average age profile of BEWI’s machinery.

Category 3: Fuel- and energy-related activities

(not included in scopes 1 or 2)

Upstream emissions from fuels and purchased energy are

calculated by applying relevant well-to-tank, generation

and transmission/distribution emission factors to the scope

1 and 2 activity data.

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Category 4: Upstream transportation and distribution

Emissions are calculated based on transport activities paid

for by BEWI and include shipments by road, rail, sea and air.

Emissions are estimated using spend-based data, applying

mode-appropriate emission factors for road, rail, sea and

air freight.

Category 5: Waste generated in operations

Emissions are calculated by multiplying waste

volumes—reported across 17 waste categories—by

treatment-specific emission factors for recycling, landfill

and incineration.

Category 6: Business travel

Where available, actual emissions reported by travel

agencies are used. Otherwise, emissions are estimated by

number of flights per category (domestic, European or

intercontinental) combined with standard emission factors.

Category 7: Employee commuting

Emissions are estimated using average commuting

distances and modal split assumptions, combined with

relevant emission factors, in line with GDPR restrictions on

employee-level data.

Category 8: Upstream leased assets

Since BEWI controls the operation of leased production

sites, emissions are included in scopes 1 and 2. No addi-

tional emissions are reported under scope 3.

Category 9: Downstream transportation and

distribution

Only a small share of outbound transport not paid for by

BEWI is included. Calculations use the same methodology

as category 4.

Category 10: Processing of sold products

For raw materials sold externally, emissions are calculated

by multiplying total kilograms sold by BEWI’s average

scope 1 and 2 intensity per kilogram of raw material.

Category 11: Use of sold products

No use-phase emissions occur for BEWI’s products, and

emissions are reported as zero.

Category 12: End-of-Life treatment of sold products

Emissions are calculated by applying country-specific

waste treatment distributions to BEWI’s sales volumes,

combined with emission factors for the respective waste

treatment routes (recycling, landfill, incineration).

Category 13: Downstream leased assets

BEWI has no downstream leased assets; emissions are zero.

Category 14: Franchises

BEWI does not operate franchises; emissions are zero.

Category 15: Investments

For minority-owned companies (Hirsch France SAS, Hirsch

Porozell GmbH, BEWI RAW Holding BV, and Remondis

Technology Spólka z o.o.), emissions are calculated using

the equity-share method, applying BEWI’s ownership

percentage to the investee’s scope 1 and 2 emissions.

As a substantial share of emissions from the BEWI RAW

investment is already captured in BEWI ASA’s scope 3.1 the

inclusion of investees’ scope 3 emissions in scope 3.15 is

deemed non-material and would result in double counting.

GHG intensity metrics

BEWI reports both economic GHG intensity (tCO₂e per euro

of revenue) and physical intensity (tCO₂e per kilogram of

raw material). These metrics are derived from consolidated

climate accounts and financial statements and reflect the

group’s activities in climate-intensive sectors, primarily

manufacturing (C), construction (F) and administrative

services (N). All calculations are based mainly on primary

activity data, and the level of uncertainty is consistent with

the broader scope 1 to 3 uncertainty assessment.

Adjustments for discontinued operations and

internal transactions

To avoid double counting, emissions from internal sales

of raw materials from BEWI RAW to other BEWI entities

are set to zero at group level. Following the reduction of

ownership in RAW, and consequently no longer holding

operational control of the entity, emissions for continuing

operations include the upstream emissions from internally

procured raw materials under scope 3, category 1. Scope 1

and 2 emissions from discontinued operations are pre-

sented under scope 3, category 15.

Restatements and prior-period corrections

Scope 1 & 2 restatement: Total scope 1 and 2 emissions

have been reduced by 887 tonnes of CO₂ compared

with the figures published in the 2024 annual report.

The change reflects updates to CO₂ emission factors and

corrections to the allocation of Guarantees of Origin (GoO),

improving the accuracy and consistency of the underlying

energy data.

Scope 3 restatement: During the reporting year, BEWI revised

the calculation methodology for category 4 (Upstream

transportation and distribution), transitioning from suppli-

er-specific data to a spend-based approach in accordance

with the GHG Protocol. The methodological change

improved completeness and consistency of data coverage

but resulted in higher estimation uncertainty. Consequently,

reported emissions for the comparative period increased by

44 per cent. Prior-period figures have not been restated, and

the increase reflects the change in methodology rather than

underlying operational performance.

BEWI has updated its scope 3.12 emission factors and

refined the allocation of country-specific waste treatment

methods. As a result, the reported 2024 emissions under

scope 3.12 have been significantly revised, leading to an

increase of 101 501 tonnes of CO₂ compared to the figures

presented in the annual report for 2024.

In addition, BEWI has corrected minor categorisation

errors identified in the 2024 sustainability statement. These

corrections mainly relate to scope 1 emissions and reclas-

sification from natural gas to LNG. Furthermore, district

heating has been reclassified from renewable energy to

fossil energy.

When combining continued and discontinued operations,

total scope 3 emissions increased by 293 902 tCO₂e.

Beyond the restatements described above, 186 255 tCO₂e

of this increase results from a revised treatment of internal

sales from BEWI RAW to BEWI ASA. These transactions

are now treated as external sales to ensure comparability

following the diluted ownership structure in 2025 and the

resulting change in control assessment.

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E2 Pollution

ESRS 2, SBM-3

Impacts, risks, and opportunities

BEWI has identified three material topics related to

pollution: potential emissions to air and water, use

of substances of concern, and risks associated with

microplastics and pellet loss across the value chain.

Emissions to air and water

Potential impacts from emissions to air and water

were historically linked to the BEWI RAW operations.

As a result of the reduced ownership in RAW to 49

per cent, these emissions no longer form part of

BEWI’s pollution footprint in own operations. Any

potential emissions associated with activities carried

out in RAW are now located upstream in the value

chain and addressed through supplier requirements

and engagement.

Use of substance of concern

Potential impacts related to substances of concern

are related to BEWI RAW’s operations, where styrene

and pentane—both classified as volatile organic

compounds (VOCs) were used in the production

of expandable polystyrene (EPS). If not adequately

controlled, these substances could pose risks to air

quality, water bodies and surrounding ecosystems.

Therefore, the use of substances of concern is no

longer associated with BEWI’s own operations.

Any remaining material impacts are now located

upstream in the value chain through raw-material

suppliers.

Potential spills of microplastics

As a plastics manufacturer, BEWI is exposed to pollu-

tion-related risks linked to microplastics, in particular

the potential loss of plastic pellets during production,

handling, logistics or recycling activities. Unintended

releases could contribute to environmental

microplastic pollution if not effectively prevented.

MDR-P; E2-1

Policies

BEWI’s environmental policy requires all production

facilities to identify, control, and monitor potential

sources of pollution in line with ISO 14001 and the

Operation Clean Sweep (OCS) programme. The

policy focuses on pollution prevention, incident

avoidance, and continuous improvement in environ-

mental performance.

Environmental expectations extend across BEWI’s

value chain through the Supplier Code of Conduct,

which sets requirements for pollution management,

and environmental due diligence among suppliers

and business partners.

Governance and oversight of environmental policies

are integrated in BEWI’s sustainability and risk man-

agement framework, as described in the section

about sustainability due diligence.

MDR-A; E2-2

Action and resources

All BEWI’s production facilities operate management

systems to maintain effective monitoring, control

and mitigation of pollution-related impacts in line

with applicable regulatory requirements and permit

conditions.

Substance of concern

Actions to manage substances of concern include

defined operational controls, safe-handling pro-

cedures, employee training and compliance with

REACH and national permitting requirements. Where

relevant, substitution or minimisation measures are

implemented based on technical feasibility and

regulatory developments.

Emission to water and air

Styrene and pentane, used in BEWI RAW’s opera-

tions, contain VOCs that can contribute to air and

water pollution. To prevent emissions, BEWI RAW

has thermal treatment of off gases that removes

styrene and pentane emitted during the production.

All RAW’s production facilities have wastewater

treatment systems to remove VOCs before the water

discharges, ensuring compliance with environmental

regulations.

Emissions are assessed through direct measurements

and standardised calculations, guided by permit and

reporting requirements. At a minimum, production

facilities adhere to environmental permits, which

specify monitoring locations, frequency, methodol-

ogy and legal reporting requirements.

Microplastics

Own operation: BEWI has signed the Operation Clean

Sweep (OCS) pledge, committing to prevent the loss

of plastic pellets and other primary microplastics

across its operations. The group’s approach is based

on five core principles: conducting systematic risk

assessments, identifying and analysing root causes of

pellet loss, implementing preventive and corrective

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measures, and ensuring regular performance

monitoring supported by training for employee and

contractors.

In 2025, the new EU regulation on preventing pellet

loss entered into force, introducing harmonised

requirements for microplastic management across

the plastics value chain. BEWI is certifying its facilities

in accordance with the OCS certification scheme to

support full compliance with the regulation.

To improve monitoring and prevention, BEWI is

implementing the bow-tie methodology to quan-

tify and track potential microplastic leakages. This

approach enables systematic identification of causes,

barriers and controls.

Value chain: BEWI has identified microplastic pollution

as a material impact across its upstream and down-

stream activities.

BEWI encourages raw material suppliers and

transport partners to adopt and implement OCS prin-

ciples. Compliance is followed up through the BEWI

Partner supplier evaluation platform and integrated

into supplier due diligence processes.

BEWI collaborates with customers and partners to

improve sorting, collection, and recycling systems,

ensuring that products are handled responsibly at

end-of-life to reduce the risk of plastic leakage into

the environment.

MDR-T; MDR-M; E2-3

Targets and metrics

BEWI’s management of emissions and pollution is

guided by its environmental policy and commitment

to improvement, regulatory compliance, and preven-

tion of adverse environmental impacts.

Pollution to air and water

Targets for emissions to air and water are defined

through site-specific environmental permits issued

by competent authorities for each production facility.

These permits set legally binding emission limit values

and monitoring requirements, which are updated in

line with evolving Best Available Techniques (BAT)

and applicable regulatory frameworks.

BEWI adapts its processes, treatment systems and

technologies to comply with updated permit require-

ments and to reduce emissions to air and water.

Actual emissions are monitored and measured in

accordance with permit conditions and are reported

to relevant authorities as required, providing over-

sight of compliance and environmental performance.

E2-4: Pollution to air and water

Continued Discontinued

2024 2025 ∆% vs 2024 2024 2025 ∆% vs 2024

Pollution to air (tonnes)

Pentane 0.9 0.9 0% 351.4 158.1 -55%

Styrene 0.0 0.0 6.7 3.0 -55%

Total 0.9 0.9 0% 358.1 161.1 -55%

Pollution to water (tonnes)

Styrene 0.0 0.0 0.0 0.0 -55%

Formic acid 0.0 0.0 0.0 0.0

Isocyanate 0.0 0.0 0.0 0.0

Total 0.0 0.0 0.0 0.0 -55%

Prevented pollution (tonnes)

Pentane 0.0 0.0 392.5 176.6 -55%

Styrene 0.0 0.0 1 349.0 607.1 -55%

Total 0.0 0.0 1 741.5 783.7 -55%

Efficiency of burning units (%)

Pentane 0% 0% 38% 38% 0%

Styrene 0% 0% 38% 38% 0%

Total 0% 0% 76% 76% 0%

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Substance of concern

BEWI has not set a quantitative target for reducing

the use of substances of concern. Instead, the man-

agement of such substances is addressed through

site-level controls and continuous improvement

processes. Production facilities work to substitute or

minimise the use of substances of concern where

technically and economically feasible, supported

by process optimisation, supplier engagement and

compliance with applicable regulatory requirements.

E2-5: Substances of concern

Continued operations Discontinued operations

Amounts in tonnes unless otherwise stated 2024 2025 ∆% vs 2024 2024 2025 ∆% vs 2024

Total use in products

Pentane 47 64 35% 11 718 5 642 -52%

Styrene 0 0 155 658 47 622 -69%

Formic acid 12 11 -13% 0 0

Isocyanate 750 971 29% 0 0

Total integrated in procured materials

Pentane 3 353 3 452 3% 0 0 -100%

Styrene 101 259 103 625 2% 14 556 6 921 -52%

Formic acid 0 0 0 0

Isocyanate 0 0 0 0

Total amount that leave production facilities as

emissions

Pentane 1 739 1 791 3% 352 158 -55%

Styrene 0 0 7 3 -55%

Formic acid 0 0 0 0

Isocyanate 0 0 0 0

Total integrated in sold products

Pentane (H225, H304, H336, H411) 5 139 5 307 3% 12 070 5 800 -52%

Styrene (H226, H332, H315, H319, H361d, H372, H304, H412) 101 259 103 625 2% 170 221 54 546 -68%

Formic acid (H226, H290, H302, H314, H318, H331) 12 11 -13% 0 0

Isocyanate (H225, H310+H311, H315, H317, H318, H330,

H334, H335, H361) 750 971 29% 0 0

Microplastics

BEWI has a target to achieve certification for all

production facilities under the OCS programme by

the end of 2026. The programme establishes oper-

ational controls and preventive measures to avoid

plastic pellet loss during production, handling and

logistics. Implementation of OCS supports compli-

ance with regulatory requirements on microplastics,

including the EU restriction on intentionally released

microplastics, and contributes to the mitigation of

pollution-related impacts on waterways and sur-

rounding ecosystems.

Progress on targets

Pollution to air and water

Following completion of the transaction resulting

in reduced ownership of the RAW operations in July

2025, the majority of BEWI’s emissions are located

upstream in the value chain and are linked to the

production of raw materials used by the group. These

impacts are addressed through supplier engagement

and procurement requirements.

Substance of concern

Following reduced ownership in the RAW operation,

BEWI’s activities do not involve the use of substances

of concern. Consequently, material impacts are

located upstream in the value chain. During the

reporting period, no material changes were identified

in relation to substances of concern within BEWI’s

operations.

Microplastics

Progress towards the OCS certification target is

monitored through site-level implementation

and certification status. As of the end of 2025, 40

per cent of BEWI’s production facilities were OCS

certified, compared with 5 per cent in 2024. Progress

is reported annually to the executive management

and board, ensuring oversight and accountability for

achieving the 2026 target.

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Basis for calculations

E2-4: Pollution of air, water and soil

Emissions to air are quantified using a combination of

direct measurements, continuous monitoring and calcula-

tion-based estimates. All calculations follow the methods

prescribed in site permits and EU legislation, including

Directive 2010/75/EU on industrial emissions and the

associated BAT Conclusions for waste-gas management in

the chemical sector (Commission Implementing Decision

(EU) 2022/2427).

For styrene and pentane, BEWI calculated the efficiency of

installed combustion and abatement units by comparing

prevented emissions with total potential emissions (pre-

vented + actual).

One production site uses formic acid and isocyanate for

PIR-board manufacturing. Emissions to air and soil are

regulated under Lithuanian National Ambient Air Pollution

Legislation and monitored through five-yearly measure-

ments. All reported data for continuing operations are

based on primary sources and therefore assessed as having

low uncertainty.

E2-5: Substances of concern

BEWI identifies substances of concern using the criteria

defined in the PlastChem State of the Science on Plastic

Chemicals report. Reported volumes include substances

used directly in BEWI’s production processes and those

embedded in procured materials.

The total amount of substances of concern integrated

into sold products is calculated as: substances used in

BEWI’s own production, substances contained in procured

materials and emissions released during manufacturing.

Data are sourced from primary measurements, monitoring

systems and regulatory reporting. Overall uncertainty is

considered low, consistent with ESRS principles of accuracy

and reliability.

Restatements and prior-period corrections

No restatements have been made for pollution-related

data. The reported information is based on the same

methodologies, assumptions and data sources as applied

in the previous reporting period, ensuring consistency and

comparability over time.

EPS roof insulation

Schiphol Amsterdam,

the Netherlands

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E5 Resource use and circular economy

ESRS 2, SBM-3

Impacts, risks, and opportunities

BEWI has identified three material impacts and one

financial opportunity related to resource use and the

circular economy.

Use of non-renewable raw materials

BEWI relies on fossil-based raw materials, primarily

polystyrene and polypropylene, which contributes

to the depletion of non-renewable resources and

generates greenhouse gas emissions during extrac-

tion and production.

Waste generation

BEWI’s operations generate solid waste that, if not

properly managed, could contribute to landfill use,

emissions, and other environmental impacts.

Collection and recycling

BEWI collects and recycles post-consumer EPS,

reducing the reliance on virgin resources. Growing

regulatory requirements for recycled content

and recyclability under the PPWR, CPR, and ESPR

strengthen demand for circular solutions. Circularity

has become a strategic differentiator, allowing BEWI

to offer verified, low-carbon materials and capture

long-term growth in circular markets aligned with

the transition to a low-carbon, resource-efficient

economy.

MDR-P; E5-1

Policies

BEWI’s strategy, supported by its environmental

policy, governs the management of resource use and

circular economy across its operations. The policy is

built on four key principles: designing recyclable and

reusable products, increasing resource efficiency and

the use of recycled and renewable materials, facilitat-

ing the recycling of waste and end-of-life products to

close material loops, and ensuring the safe handling

and disposal of hazardous waste to protect people

and the environment.

These principles are embedded throughout the value

chain through BEWI’s Supplier Code of Conduct,

which requires suppliers to apply resource-efficient

production practices, minimise waste, and support

sustainable consumption in line with circular-econ-

omy objectives.

Governance and oversight of environmental and

circularity-related policies are integrated into

BEWI’s broader sustainability and risk-management

framework, as described in the section on sustaina-

bility due diligence.

MDR-A; E5-2

Actions and resources

The transition to a circular economy is defined as

a strategic driver of growth in BEWI’s downstream

operations. Actions are grouped into resource inflows

and outflows.

Resource inflows

Recyclability

BEWI integrates design for recyclability into all

product development processes to enable that new

products can be efficiently recycled at end-of-life.

Engineering and R&D teams work closely with

customers and recyclers to select mono-material

solutions, avoid additives that hinder recycling, and

maintain compatibility with established mechanical

recycling systems.

BEWI enhances transparency on circular performance

through RecyClass certification, an independent

verification of recyclability and REDcert certification

at multiple sites, confirming traceable use of recycled

materials and compliance with established circularity

criteria.

Resource efficiency

BEWI works to improve resource efficiency across its

operations by optimising processes, materials, and

product design. Production teams systematically

adjust product density and moulding parameters

to reduce raw material use while maintaining high

performance and quality standards.

Use of recycled content

Effort has been invested in increasing the share of

recycled content while maintaining production

efficiency and high product quality. Close collabora-

tion between the group’s engineering, recycling, and

product development teams enables that recycled

materials are integrated into production, reducing

waste and overall resource consumption.

Resource outflows

Waste management

BEWI aims to eliminate landfill disposal and achieve

80 per cent recycling of operational waste generated

from its operations. To support this, a waste man-

agement programme has been implemented across

production sites. The programme focuses on waste

mapping, improved sorting, and establishing sepa-

rate collection streams for material fractions.

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Site teams receive guidance on correct waste han-

dling, and progress is followed up through regular

reporting and performance reviews. Where internal

reuse is not possible, BEWI cooperates with external

recycling partners to support that residual materials

are recovered wherever feasible.

Collection and recycling

BEWI collects and recycles post-consumer waste,

primarily EPS, reducing reliance on virgin materials

and lowering lifecycle emissions. Collaboration with

suppliers, customers, and industry associations,

improves sorting and collection systems. Continued

development of recycling capacity and technology

enable efficient processing and reintroduction of

recycled materials into production.

MDR-M; E5-4

Resource inflows

BEWI’s resource inflows consist of raw materials, pack-

aging, water and energy used in own operations. The

group reports total resource inflows by material type,

distinguishing between virgin and recycled materials,

renewable and non-renewable resources.

Resource inflows are closely linked to BEWI’s circular

business model, where increasing the share of

recycled feedstock is a strategic priority. Recycled

EPS collected through BEWI’s circular operations

constitute an important part of the material inflow

and support reduced reliance on virgin fossil-based

resources.

E5-4: Resource inflows

Continued operations Discontinued operations

Amounts in tonnes, unless otherwise stated 2024 2025 ∆% vs 2024 2024 2025 ∆% vs 2024

Total weight of raw materials and products 171 949 182 609 6% 201 663 67 179 -67%

Renewable raw materials 34 938 40 553 16% 15 140 5 820 -62%

Non-renewable raw materials 137 011 142 056 4% 186 522 61 360 -67%

Share renewable raw materials 20% 22% 10% 8% 9% 13%

Recycled raw materials 19 327 20 954 8% 6 972 3 436 -51%

Non-recycled raw materials 152 622 161 655 6% 194 690 63 743 -67%

Share recycled raw materials 11% 11% 2% 3% 5% 67%

Water consumption (1 000 liters) 814 329 827 881 2% 238 150 105 055 -56%

Entity specific:

Used EPS and XPS collected for reuse and recycling 33 133 38 444 16% 0 0

MDR-M; E5-5

Resource outflows

Product outflow

BEWI’s resource outflows comprise finished products

and non-product outputs, including hazardous and

non-hazardous waste generated across operations.

In line with the group’s strategy, the management

of resource outflows focuses on product design,

material selection and process efficiency to reduce

material intensity, increase recyclability, increase

the share of recycled content and extend product

lifetimes.

BEWI primarily manufactures insulation, packaging

and technical components that are lightweight,

durable and designed for recycling at end of life.

These product categories are described in further

detail in the segment presentation in Our business.

Resource outflows are monitored at site and group

level as part of BEWI’s environmental management

processes, and the results are used to inform material

development, circular design initiatives and develop-

ments of recycling capacity.

Recyclability and durability

BEWI’s core products are designed for high recy-

clability. Depending on product application and

collection conditions, recyclability rates reach up to

100 per cent. Clean post-consumer materials can be

mechanically recycled multiples times without losing

material properties, supporting closed-loop material

flows.

Product durability further contributes to reduced

resource consumption and waste generation over

time. Insulation products used in construction typ-

ically have service lives of 30–50 years, supporting

long-term material efficiency. Packaging solutions

are designed to provide effective product protection

with low breakage rates and short use phases, while

automotive and technical components maintain

required strength and functionality throughout

vehicle lifetimes.

Waste

Waste generated in operations consist mainly of

polymer residues, process scrap, packaging waste

and limited amounts of hazardous waste. All waste

streams are managed in accordance with the waste

hierarchy, prioritising reduction, reuse and material

recovery over disposal. BEWI does not generate

by-products or wastewater streams beyond those

regulated through local permits, and these are not

material within the ESRS E5 scope.

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E5-5: Waste

Continued operations Discontinued operations

Amounts in tonnes, unless otherwise stated 2024 2025 ∆% vs 2024 2024 2025 ∆% vs 2024

Total waste generated 8 627 9 527 10% 3 131 1 456 -53%

Hazardous waste diverted from disposal 87 231 166% 4 1 -75%

Hazardous waste diverted from disposal due to

preparation for reuse 0 0 0 0

Hazardous waste diverted from disposal due to

recycling 87 231 166% 4 1 -75%

Hazardous waste diverted from disposal due to

other recovery operations 0 0 0 0

Non-hazardous waste diverted from disposal 4 745 4 316 -9% 361 132 -63%

Non-hazardous waste diverted from disposal due

to preparation for reuse 74 162 119% 159 42 -74%

Non-hazardous waste diverted from disposal due

to recycling 4 671 4 154 -11% 202 90 -55%

Non-hazardous waste diverted from disposal due

to other recovery operations 0 0 0 0

Hazardous waste directed to disposal 68 168 147% 901 402 -55%

Hazardous waste directed to disposal by inciner-

ation 40 108 170% 65 26 -60%

Hazardous waste directed to disposal by landfilling 28 60 114% 836 376 -55%

Hazardous waste directed to disposal by other

disposal operations 0 0 0 0

Non-hazardous waste directed to disposal 3 727 4 812 29% 1 865 921 -51%

Non-hazardous waste directed to disposal by

incineration 3 194 4 501 41% 1 865 921 -51%

Non-hazardous waste directed to disposal by

landfilling 533 311 -42% 0 0

Non-hazardous waste directed to disposal by other

disposal operations 0 0 0 0

Non-recycled waste 3 795 4 980 31% 2 766 1 323 -52%

Percentage of non-recycled waste 44% 52% 19% 88% 91% 3%

Total amount of hazardous waste 155 399 157% 905 403 -55%

Total amount of radioactive waste 0 0

Amounts in tonnes, unless otherwise stated 2024 2025

Waste to recycling 4 832 4 547

Waste to incineration 3 234 4 609

Waste to landfilling 561 371

Total 8 627 9 527

2024 2025 Target 2030

Waste to recycling 56% 48% 80%

Waste to incineration 37% 48% 20%

Waste to landfilling 7% 4% 0%

Total 100% 100% 100%

MDR-T; MDR-M; E5-3

Targets and metrics

BEWI has established voluntary targets and KPIs to measure progress in the transition toward a circular and

resource-efficient business model.

These targets are closely linked to the group’s climate transition plan, addressing emissions associated with raw

material production (scope 3, category 1) and end-of-life treatment of sold products (scope 3, category 12).

Performance is monitored monthly at the business-segment level and reported quarterly to the executive management

team and the board. Progress is also integrated into remuneration schemes, aligning incentives with objectives.

Amounts in tonnes, unless otherwise stated 2024 2025 ∆% vs 2024 Target

Targets

Collected used EPS 33 133 38 444 16% 60 000

Share of recycled and renewable raw materials 32% 34% 7% 30%

Share of waste sent to recycling 56% 48% -15% 80%

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Progress on targets

Resource inflows

During the reporting period, total raw material con-

sumption increased by 6 per cent, reflecting higher

production volumes. The share of renewable raw

materials increased by 10 per cent, while the share of

recycled content increased by 2 per cent, resulting in

a combined share of recycled and non-fossil materials

of 34 per cent. This development supports reduced

reliance on fossil based raw materials and improved

circularity of resource inflows.

Waste

Total waste generated increased by 10 per cent

compared with the previous year. Waste sent to

landfill accounted for 4 per cent, incineration for 48

per cent, and recycling for 48 per cent of total waste.

The share of waste directed to recycling decreased

compared with 2024, primarily reflecting changes in

waste composition and operational volumes.

Collection of used EPS

Collection of used EPS amounted to 38 444 tonnes,

representing an increase of 16 per cent compared

with 2024. Higher collection volumes contribute

directly to reduced end-of-life impacts, increased

circular material flows and lower demand for virgin

raw materials.

Basis for calculations

E5-4: Resource inflows

Resource inflows include raw materials that represent

more than 1 per cent of total consumption across BEWI’s

consolidated activities. Production facilities report monthly,

and data is derived from primary sources, ensuring low

uncertainty.

Recycled raw materials refers to post-consumer materials

reintroduced into production after completing a previous

lifecycle. Internal resource flows are reported separately

as reuse of production waste and excluded from the

calculation.

E5-5: Resource outflows

Recyclability

Recyclability refers to the share of a product’s material

content that can be recovered and reprocessed into

new products through established mechanical recycling

processes. BEWI assesses recyclability based on material

composition and the technical recyclability of EPS, XPS and

EPP under standard industry conditions.

Durability

Durability is based on average lifetimes for each product

category. All products are fully recyclable, however, actual

recyclability depends on how they are used, collected and

treated in the market, as well as the availability of suitable

recycling infrastructure.

Recycled content

Recycled content is calculated based on the actual amount

of recycled raw materials used in production, measured in

kilograms or tonnes. Data is from primary sources with low

level of uncertainty.

Waste

Waste data is collected from reports provided by waste

handling companies, which detail the volumes of both

normal and hazardous waste. This data is categorised into

18 distinct waste fractions, along with their respective

treatment methods. Data is from primary sources with low

levels of uncertainty.

Percentage of non-recycled waste

The percentage of non-recycled waste is calculated

as the share of total operational waste (hazardous and

non-hazardous) that is not recovered through recycling or

reuse. Waste volumes are based on primary data reported

by production sites and verified through waste-handling

documentation from external partners.

Total waste

Total wastes reflect all hazardous and non-hazardous

waste generated across BEWI’s consolidated operations.

Amounts are reported in tonnes and derived from site-

level measurements and waste-management records

provided by certified waste contractors.

Restatements and prior-period corrections

During 2025, BEWI conducted a quality review of pre-

viously reported data. As a result, certain raw materials

were reclassified from fossil-based to non-fossil sources.

Consequently, the 2024 resource inflow figures have been

restated, leading to an increase of 21 561 tonnes of renew-

able materials and a corresponding decrease of 25 680

tonnes of non-renewable materials.

The above amounts include the revised treatment of inter-

nal sales from BEWI RAW to BEWI ASA. These transactions

are now treated as external sales to ensure comparability

following the diluted ownership structure in 2025 and the

resulting change in control assessment.

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EU taxonomy for sustainable activities

Taxonomy performance 2025

In 2025, BEWI achieved taxonomy-aligned turnover of

57 per cent for continued operations, compared with

52 per cent aligned in 2024. The increase is mainly

explained by higher production volumes.

Aligned CAPEX for 2025 accounted for 33 per cent

for continued operations, compared with 37 per

cent in 2024. The reduction is mainly explained by

sale-and-leaseback transactions in 2024 that did not

recur in 2025.

Taxonomy KPI

Financial year 2025

KPI (Amounts in EUR million)

2025

Proportion of

Taxonomy-

eligible activities

Taxonomy-

aligned activities

Proportion of

Taxonomy-

aligned activities

Breakdown by environmental objectives

of Taxonomy-aligned activities

Propotion of

enabling activities

Propotion of

transitional activities

Not assessed

activities considered

non-material

Taxonomy-aligned

activities in previous

financial year (N-1)

Proportion of

Taxonomy aligned

activities in previous

financial year (N-1)

Total

Climate Change

Mitigation

Climate Change

Adaptation

Water

Circular Economy

Pollution

Biodiversity

Turnover 805 57% 457 57% 56% 0% 0% 1% 0% 0% 0% 0% 0% 399 52%

CapEx 63 33% 21 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 29 37%

OpEx 19 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 16 84%

Entity specific:

Discontinued operations:

Turnover 109 69% 75 69% 69% 0% 0% 0% 0% 0% 0% 0% 0% 108 44%

CapEx 0 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1 25%

OpEx 3 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 3 52%

Total operations:

Turnover 914 58% 532 58% 57% 0% 0% 1% 0% 0% 0% 0% 0% 507 50%

CapEx 63 33% 21 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 30 36%

OpEx 22 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 19 76%

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Methodology and regulatory framework

Applicable delegated acts

The taxonomy assessment follows the Climate

Delegated Act (2021/2139), the Complementary

Climate Delegated Act (2022/1214), the Environmental

Delegated Act (2023/2486), and the amendments

adopted in 2023. All economic activities across the

group were screened against these regulations to

determine whether they are eligible under the EU

Taxonomy framework.

Basis for EU Taxonomy reporting

BEWI prepares its consolidated financial statements

in accordance with IFRS. The EU Taxonomy assess-

ment is based on the same scope of consolidation

and covers the group’s continuing operations.

Discontinued operations are disclosed separately to

maintain transparency and full reconciliation with the

consolidated financial statements.

In line with EU Taxonomy guidance, the materiality

of OPEX has been assessed. Taxonomy-relevant

OPEX, representing the denominator of the OPEX KPI,

amounted to EUR 22 million, compared with total

operating expenses of EUR 833 million. The amount

reconciles to the financial statements after adjust-

ments for depreciation, gains or losses from disposal

of assets, one-off items and restructuring costs.

Based on this assessment, the EU Taxonomy OPEX

KPI is not considered material to the Group’s business

model. In accordance with European Commission

guidance, the OPEX materiality exemption has there-

fore been applied, as taxonomy-eligible operating

expenditure represents only a limited share of total

operating expenses.

Internal process and governance

The taxonomy assessment is coordinated at group

level, with data collection carried out by business

units and production facilities. Each production

facility provides documentation on process

characteristics, technical product performance,

environmental compliance, certifications, and

relevant operational data.

All data submissions have undergone a three-stage

validation procedure:

• BU-level verification of activity classification and

technical documentation

• Group-level sustainability review for consistency

with delegated acts

• Financial and internal control ensuring accurate

financial mapping and alignment with applicable

IFRS disclosures

To strengthen the robustness and transparency of

reporting, BEWI has enhanced internal controls and

documentation routines. Documentation procedures

have been improved to support audit readiness

and maintain traceability of all evidence required for

alignment, applied consistently across the group.

Finance-led reconciliation ensuring consistency

between taxonomy KPIs and financial figures.

Identification of taxonomy-eligible activities

BEWI has identified six taxonomy-eligible activities.

The most material activity is manufacturing of ener-

gy-efficient equipment for buildings (activity 3.5),

which includes production of EPS and XPS insulation

products, as well as related raw materials. These

products contribute directly to reducing the energy

consumption of buildings.

Two key activities relate to BEWI Circular: Collection

and transport of non-hazardous waste (activity 5.5)

and material recovery from non-hazardous waste

(activity 5.9). These activities correspond to BEWI’s

operations for collecting, compacting, reprocessing

and supplying recycled material.

Additional eligible activities include plastics pro-

duction (activity 3.17), automotive and mobility

components (activity 3.18) and the manufacture

of plastic packaging goods that support circularity

(activity 1.1).

Assessment of taxonomy-aligned activities

Substantial contribution

For each eligible activity, BEWI assessed compli-

ance with the Technical Screening Criteria (TSC).

Documentation included product performance

parameters such as thermal conductivity levels for

insulation materials, recycling rates and material

recovery efficiencies for circular activities, and pro-

cess-level emissions data for plastics-related activities.

Compliance with the TSC was determined only when

documentation clearly demonstrated that BEWI’s per-

formance met or exceeded the required thresholds.

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Substantial contribution

BEWI has identified six activities in the Climate Delegated Act that fulfil the technical screening criteria and have a substantial contribution.

Sustainability themes Eligible activities BEWI's activities Technical screening criterias

Climate change mitigation

3.5: Manufacture

of energy efficient

equipment for buildings

Production of insulation products

Windows (U-value ≤ 1.0 W/m²K)

Doors (U-value ≤ 1.2 W/m²K)

External wall systems with u-value lower or equal to 0.5 W/m

Roofing systems with u-value lower or equal to 0.3 W/m

Insulating products with a lamba value lower or equal to 0.06 W/m

Production of components

to HVAC solutions

Space heating and domestic hot water systems

Cooling and ventilation systems

3.17: Manufacture of

plastics in primary form

Products produced with 100

per cent recycled content

The plastic in primary form is fully manufactured by mechanical recycling of plastic waste

3.18: Manufacture

of automotive and

mobility components

Production of automotive

components for zero emission

vehicles or driver-powered vehicles

Vehicles designated as categories M

and M

(164) where the direct (tailpipe) CO

emissions of the vehicles are zero

5.5: Collection and transport

of non-hazardous waste in

source segregated fractions

Activities related to collection

and transport of waste for

reuse and recycling

All separately collected and transported non-hazardous waste that is segregated at source is intended for preparation for reuse or recycling operations

5.9: Material recovery from

non-hazardous waste

Production of recycled GPPS and EPS

The activity converts at least 50%, in terms of weight, of the processed separately collected non-hazardous waste into secondary raw materials that are suitable

for the substitution of virgin materials in production processes

Transition to

circular economy

1.1: Manufacture of plastic

packaging goods

Plastic packaging made from

recycled or biobased raw materials

and producs design for reuse

Use of circular feedstock: until 2028, at least 35% of the packaging product by weight consists of recycled post-consumer material for non-contact sensitive

packaging and at least 10% for contact sensitive packaging(1). From 2028, at least 65% of the packaging product by weight consists of recycled post-con-

sumer material for non-contact sensitive packaging and at least 50% for contact sensitive packaging

Design for reuse: the packaging product has been designed to be reusable within a reuse system(2) and fulfils the requirements for the use of circular feed-

stock, as set in point 1.a with 35% and 10% targets for recycled feedstock applying as of 2028 and 65% and 50% targets applying as of 2032. The system for

reuse is established in a way that ensures the possibility of reuse in a closed-loop or open-loop system

Use of bio-waste feedstock: at least 65% of the packaging product by weight consists of sustainable bio-waste feedstock(4). Agricultural based bio-waste used

for the manufacture of plastic packaging complies with the criteria laid down in Article 29, paragraphs 2 to 5, of Directive (EU) 2018/2001. Forest based bio-

waste used for the manufacture of plastic packaging complies with the criteria laid down in Article 29, paragraphs 6 and 7, of that Directive.

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Do No significant Harm (DNSH)

DNSH requirements have been reviewed for all six

environmental objectives. BEWI has assessed issues

such as adaptation to climate risks, water use and dis-

charge, pollution prevention, circularity, and potential

impacts on biodiversity.

Site-level environmental permits, ISO 14001 doc-

umentation, compliance monitoring data, audit

reports and risk assessments were used. Activities

were classified as aligned only when DNSH compli-

ance was demonstrated with complete and verifiable

documentation.

Minimum Safeguard

BEWI assessed compliance with Article 18: Minimum

Safeguards at group level, using the Platform on

Sustainable Finance’s Final Report on Minimum

Safeguards as the methodological reference.

The assessment covered BEWI’s governance systems,

including:

• Human rights and labour rights due diligence

processes

• Supplier code of conduct and contract clauses

• Anti-corruption policies and whistleblowing

procedures

• ESG oversight mechanisms embedded in the

group’s governance

Evidence included policy documents, internal audit

reports, whistleblower statistics, training records and

due diligence procedures. Alignment was confirmed

where processes met the expectations outlined in

the Minimum Safeguards framework.

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Environmental

objective Reference

Eligible

activities Generic and spesific requirements Disclosure in topical chapters Alignment

Climate change

mitigation

- -

Climate change

adaptation

Appendix A CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

Activities have been assessed for generic criterias in Appendix A. Assets resilience towards different chronic and extream climate hazards is assessed in

line with criteria (a). For production facilities where physical climate risks have been identified, adaptation plans are being developed in line with criteria

(b) and (c). All production facilities with eligible activities are assessed as aligned.

E1: Climate change

E1: IRO-1



Sustainable use

and protection of

water and marine

resources

Appendix B CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

Taxonomy eligible activities have been assessed for siginificant impacts on water bodies, focusing on water quality and water stress, in accordance with

the generic criteria outlined in Appendix B. Where applicable, BEWI has implemented appropriate management systems, such as ISO 14001, to mitigate

potential negative impacts. All production facilites with eligible activities are assessed as aligned.

E3: IRO-1



The transition to a

circular economy

- CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

Significant efforts are dedicated to enhancing resource efficiency though initiative such as design for recycling, improving energy efficiency, incrasing

durability and promoting resue and recycling. Though its circular busness segment, BEWI collect waste for reuse and recycling, enabling the use of

recycled raw materials and substanitally reducing waste generation. Consequently, all eligible activities has been assessed as aligned with the specific

requirements outlined for activity 3.5 and 3.18 under the climate migigation framework.

E5: Resource use and

circular economy

E5: IRO 1



Pollution prevention

and control

Appendix C CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

Eligible activities have been assessed with criteria outlined in Appendix C. None of the substances listed in the criteria are used in BEWI's production. The

specific requirements for activities 5.5 and 5.9 under the topic climate mitigation, as well as 1.1, 2.3 and 2.7 under the circular economy framework, are

fulfilled through the implementation of Operatin Clean Sweep management system and ISO 14001. Additionaly, BEWI's chemical production facilities are

leagally required to conduct Environmental Impact Assessments, ensuring that potential pollution impacts are prevented, mitigated, and adressed. All

production facilities with eligible activities are assessed as aligned.

E2: Pollution

E2: IRO-1



The protection

and restoration of

biodiversity and

ecoystems

Appendix D CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

Eligible activities have been evaluated for the proximity of production facilities to biodiversity-sensitive areas in accordance with Directive 2011/92/EU.

Additionally, the first two stages of the LEAP approach, as outlined in the TNFD framework, were applied to assess these activities. The evaluation con-

cluded that none of the eligible activities have a material impact on biodiversity or ecosystems. As a result, all eligible activities are considered aligned

with the criteria specified in Appendix D.

E2: Pollution

E4: IRO-1



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Minimimum social

safeguard Reference

Eligible

activities Generic requirements Disclosure in topical chapters Alignment

Human Rights

(including labour

and consumer

rights)

Article 18 CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

BEWI has implemented due diligence systems aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business

and Human Rights. All eligible activities have been assessed as aligned with the requirements outlined in Article 18.

S1: Own workforce

S2: Workers in value chain



Bribery, bribe

solicitation and

extortion

Article 18 CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

BEWI has developed and implemented internal controls, ethics policies, and compliance programs to prevent and detect bribery, in alignment with

the OECD Guidelines. The internal ethics policies include guidelines, practical examples and approval schemes, and annual trainings are conducted to

ensure awareness and compliance amongst employees. Neither BEWI nor its senior management has been convicted of bribery. All eligible activities

have been assessed as aligned.

G1: Business conduct

G1: IRO-1



Taxation Article 18 CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

BEWI complies with tax laws and regulations in all countries where it operates. Tax governance and compliance are integral to daily operations, with

tax risk management serving as a core element to ensure thorough identification and evaluation of potential risks. This includes the use of local tax

consultants to comply with local tax legislation and to identify potential tax risks that could have both a local and a group-wide impact, but also the

co-operation with tax advisors from global consultancy firms at group level to, inter alia, ensure adherence to OECD’s transfer pricing guidelines and

OECD’s Pillar II regulations as implemented in the EU’s GloBE Directive. All eligible activities have been assessed as aligned.

G1: Business conduct

G1: IRO-1



Fair competition Article 18 CCM: 3.5, 3:17,

3.18, 5.5, 5.9

CE: 1.1

BEWI has established systems to promote employee awareness and provide training for senior management on competition-related issues. In addition,

BEWI has implemented mandatory guidelines and annual trainings to ensure awareness and compliant market conduct amongst employees. BEWI had

no breaches of anti-competition laws in 2025, and it's eligible activities are assessed as aligned.

G1: Business conduct

G1: IRO-1



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Reported KPI Turnover

Financial year 2025

Economic activities (Amounts in EUR million)

2025

Taxonomy-

eligible KPI

Taxonomy

aligned KPI

Taxonomy

aligned KPI

Environmental objective of Taxonomy aligned activities

Code

Climate

Change

Mitigation

Climate

Change

Adaptation

Water

Circular

Economy

Pollution

Biodiversity

Enabling

activity

Transitional

activity

Propotion of

Taxonomy

aligned in

Taxonoy

eligible

Manufacture of energy efficiency equipment for buildings CCM 3.5 48% 386 48% 48% 0% 0% 0% 0% 0% E 100%

Manufacture of plastics in primary form CCM 3.17 1% 10 1% 1% 0% 0% 0% 0% 0% T 100%

Manufacture of automotive and mobility components CCM 3.18 2% 19 2% 2% 0% 0% 0% 0% 0% E 100%

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 4% 32 4% 4% 0% 0% 0% 0% 0% 100%

Material recovery from non-hazardous waste CCM 5.9 0% 1 0% 0% 0% 0% 0% 0% 0% 100%

Manufacture of plastic packaging goods CE 1.1 1% 10 1% 0% 0% 0% 1% 0% 0% 100%

Sum of alignment per objective 56% 0% 0% 1% 0% 0%

Total KPI Turnover 57% 457 57% 56% 0% 0% 1% 0% 0% 100%

Entity specific:

Discontinued operations:

Sum of alignment per objective 69% 0% 0% 0% 0% 0%

Total KPI Turnover 69% 75 69% 69% 0% 0% 0% 0% 0% 100%

Total operations:

Sum of alignment per objective 57% 0% 0% 1% 0% 0%

Total KPI Turnover 58% 532 58% 57% 0% 0% 1% 0% 0% 100%

Basis for calculation

BEWI’s taxonomy-aligned turnover corresponds to net sales, as defined in Note 2 to the consolidated financial statements.

The turnover KPI (%) is calculated as taxonomy-aligned turnover in relation to the group’s net sales. Internal revenues are

excluded to avoid double counting, and external revenues are allocated to a single activity only.

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Reported KPI CapEx

Financial year 2025

Economic activities (Amounts in EUR million)

2025

Taxonomy-

eligible KPI

Taxonomy

aligned KPI

Taxonomy

aligned KPI

Environmental objective of Taxonomy aligned activities

Code

Climate

Change

Mitigation

Climate

Change

Adaptation

Water

Circular

Economy

Pollution

Biodiversity

Enabling

activity

Transitional

activity

Propotion of

Taxonomy

aligned in

Taxonoy

eligible

Manufacture of energy efficiency equipment for buildings CCM 3.5 27% 17 27% 27% 0% 0% 0% 0% 0% E 100%

Manufacture of plastics in primary form CCM 3.17 1% 0 1% 1% 0% 0% 0% 0% 0% T 100%

Manufacture of automotive and mobility components CCM 3.18 0% 0 0% 0% 0% 0% 0% 0% 0% E

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 1% 1 1% 1% 0% 0% 0% 0% 0% 100%

Material recovery from non-hazardous waste CCM 5.9 2% 1 2% 2% 0% 0% 0% 0% 0% 100%

Manufacture of plastic packaging goods CE 1.1 2% 2 2% 0% 0% 0% 2% 0% 0% 100%

Sum of alignment per objective 31% 0% 0% 8% 0% 0%

Total KPI CapEx 33% 21 33% 31% 0% 0% 8% 0% 0% 100%

Entity specific:

Discontinued operations:

Sum of alignment per objective 0% 0% 0% 0% 0% 0%

Total KPI CapEx 0% 0 0% 0% 0% 0% 0% 0% 0%

Total operations:

Sum of alignment per objective 31% 0% 0% 2% 0% 0%

Total KPI CapEx 33% 21 33% 31% 0% 0% 2% 0% 0% 100%

Basis for calculation

Taxonomy-aligned CAPEX comprises investments in intangible and tangible fixed assets, and the capitalisation of lease

contracts recognised as right-of-use assets. The investments must be directly attributable to the sales and/or production of

the taxonomy-aligned activities identified, whether existing or planned. A CAPEX KPI in per cent is calculated by relating the

taxonomy-aligned CAPEX to the group’s total acquisitions of intangible and tangible fixed assets plus the amount of right-of-

use assets capitalised in the group during the reporting period, as presented in notes 12 and 13 to the consolidated financial

statements. BEWI has considered right-of-use assets related to buildings to be reported on the activities the buildings support.

Buildings used for administration are non-significant and are also included in the applicable activity.

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Social

S1 Own workforce: Health and safety

S1 Own workforce: Equal treatment and

opportunities for all

S2 Workers in the value chain

102

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S1 Own workforce: Health and safety

including permanent and temporary employees, agency staff and contractors under BEWI’s direct or indirect control (more than 50 per cent ownership)

ESRS 2, SBM-3

Impacts, risks and opportunities

Occupational health and safety

A material impact arises from occupational health and

safety risks inherent in BEWI’s manufacturing opera-

tions, including risks associated with heavy machinery

and industrial processes. These risks affect BEWI’s

workforce and other workers operating under BEWI’s

direct or indirect control

, including permanent and

temporary employees, agency staff and contractors.

MDR- P, S1-1

Policies

BEWI’s Code of Conduct and health and safety policy

outlines the commitment to ensuring safe and

healthy working conditions. The policies apply to all

employees, including part-time, non-permanent, and

temporary staff and establish minimum requirements

for risk management, training, and incident prevention.

Local managers are responsible for implementing

and overseeing the policies within their respective

areas, supported by documented management

systems. The Chief Human Resource Officer oversees

the overall compliance and effectiveness, while the

executive management team reviews and approves

the policies annually. An overview of policies is

shown in the section sustainability due diligence.

S1-2

Workforce engagement

The group promotes open dialogue and active partic-

ipation from employees to strengthen risk awareness

and support effective preventive measures.

Each production site has safety representatives who

participate in local health and safety committees and

collaborate with management to identify hazards,

review incident reports, and propose corrective

actions.

Feedback from employees is gathered through

regular toolbox talks, safety walks, and annual

engagement surveys, allowing BEWI to monitor

safety perceptions, capture improvement ideas, and

reinforce shared ownership of safety outcomes.

MDR-A, S1-4

Actions and resources

BEWI’s health and safety management system is

built on due diligence and supported by ISO 9001,

ISO 14001 and ISO 45001 certifications. The system

emphasises systematic risk reduction, prevention and

employee competence development.

Incident management and learning

All injuries and near-misses are investigated to

determine root causes. Findings and lessons learned

are shared across sites and corrective actions are

implemented to prevent recurrence.

Training and competence development

Training programmes are provided according to

role and local regulatory requirements. Introduction

training is mandatory for all new employees and con-

tractors before they start working, complemented by

periodic courses.

Health and safety committee

A health and safety committee, chaired by the Chief

Human Resources Officer and comprising representa-

tives from operations and local business units, meets

quarterly to review performance, incidents, and

improvement measures.

Awareness and culture

In 2025, BEWI carried out quarterly health and safety

campaigns focusing on risk awareness, best practice

sharing, and strengthening the safety culture. The

campaigns provided local teams with tools and

guidance to foster a strong, proactive health and

safety culture.

BEWI monitors performance using the accident

frequency rate (AFR) and accident severity rate (ASR)

to evaluate trends in workplace injuries and lost-time

incidents.

MDR-T, S1-5

Targets and metrics

BEWI has a 2030 target to reduce the frequency of

workplace accidents to 5-6 per 1 million working

hours and to lower the severity rate to below 65 per

million working hours. To achieve this, the group has

established interim objectives aimed at the con-

tinuous reduction of both accident frequency and

severity rates through 2030.

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S1-14: Healt and safety

2024 2025

Target

2030

Percentage of people in own workforce who are covered by HSM system based on legal

requirements and (or) recognised standards or guidelines 87% 83%

Number of fatalities in own workforce as result of work-related injuries and work-related ill health 0 0

Number of fatalities as result of work-related injuries and work-related ill health of other workers

working on BEWI's sites 0 0

Number of recordable work-related accidents for own workforce 74 86

Rate of recordable work-related accidents for own workforce per 1 million working hours 11.2 15.1 6

Number of cases of recordable work-related ill health of employees 0 0

Severity rate 121 178 <64

Number of days lost to work-related injuries and fatalities from work-related accidents,

work-related ill health and fatalities from ill health related to employees 796 993

MDR-M; S1-14, S1-16

Progress on targets

In 2025, BEWI had a negative development of

accidents in a few business units. Targeted plans

and activities have been put in place to increase

awareness and reduce the number of accidents. The

Chief Operating Officer function in BEWI has been

strengthened and will during 2026 increase focus on

health and safety.

BEWI is strengthening preventive measures,

employee training and management oversight to

reduce workplaces accidents. Progress is monitored

at site and group level and reported monthly to the

executive management team and the board.

83 per cent of BEWI’s employees are covered by

HMS system based on legal requirements and (or)

recognised standards or guidelines. In 2025, there

was no fatalities as result of work-related injuries and

work-related ill health, neither for BEWI’s employees

nor others working at BEWI’s facilities. It was recorded

86 work-related accidents in own workforce in 2025.

993 days were registered lost to work-related acci-

dents. The most frequent category of accidents was

related to slip, trip and fall accidents (38), equipment

accidents (19) and struck by or caught in between

objects (14). Health and safety campaigns and

measures are taken to address the most frequent

categories.

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The frequency rate for own workforce per 1 million

working hours were 15.1, compared to 11.2 in 2024

and a target of 6 for 2030. The severity rate for own

workforce per 1 million working hours were 178 in

2025, up from 121 in 2024. The target for the severity

rate is 64 by 2030.

Basis for calculations

Data on health and safety performance is collected

through BEWI’s health and safety management systems

and consolidated in the group’s sustainability reporting

system. BEWI has not identified any

substantial uncertainties in the reported data.

Accident frequency

Accident frequency (rate of recordable work-related acci-

dents) is calculated as the number of workplace accidents

per 1 000 000 working hours.

Severity

Severity reflects the number of lost days due to accidents

per 1 000 000 working hours.

Lost time injuries

The day after the occurring accident counts as first

absence day.

Number of working hours

Reported as possible working hours in the organisation.

Restatements and prior-period corrections

In the 2024 sustainability statements, the frequency and

severity were multiplied by 200 000. Due to the size of

BEWI, this multiplicator is corrected to 1 000 000.

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S1 Own workforce: Equal treatment and opportunities for all

ESRS 2, SBM-3

Impacts, risks and opportunities

Career progression and skills development

Access to relevant training and development

opportunities for employees represents a material

social impact for BEWI. Where training is insufficient,

employee career progression, skills development and

motivation may be negatively affected. Over time,

such impacts may result in reduced engagement,

lower retention rates and constraints on BEWI’s

organisational capacity.

Diversity, equality and inclusion

The way diversity, equality and inclusion (DEI) are

embedded across BEWI’s workforce constitutes a

material social impact. Inadequate attention to DEI,

or failure to prevent discrimination or harassment

in the workplace, may negatively affect employee

wellbeing. These impacts may lead to increased

absenteeism and turnover, reduced productivity, and

potential legal or reputational consequences.

MDR- P, S1-1

Policies

BEWI’s Code of Conduct and human resource policy

define the group’s commitment to human rights,

equal opportunities, diversity and inclusion. These

policies apply to all employees and are aligned with

the UN guiding principles of business and human

rights, the OECD guidelines for multinational enter-

prises and relevant ILO conventions.

The policies prohibit harassment, discrimination,

and unfair treatment, while ensuring freedom of

association, protection against child and forced

labour, and fair compensation. All managers and

employees are expected to uphold these principles

in their daily work.

Local HR managers are responsible for implementing

and monitoring the policies at site level, while the

Chief Human Resources Officer maintains group-wide

consistency and alignment with evolving regulatory

and social expectations.

An overview of BEWI’s overarching sustainability

governance and policy structure is presented in the

section sustainability due diligence.

S1-2

Workforce engagement

BEWI’s annual employer survey, BE-Heard, is a

tool for monitoring and strengthening employee

engagement. The BE-heard index, measured on a

scale from 0 to 100, is built on four pillars: employee

engagement, leadership, organisational capabilities

and goals and strategy. The index increased from 62

in 2024 to 64 in 2025. Employee engagements are

further supported through formal structures such as

work councils and social dialogue. In total, 61 per cent

of BEWI’s employees were covered by a collective

agreement, and 75 per cent in a system with a social

dialogue or local works council.

S1-3

Grievance mechanisms

Processes and channels for own employees

BEWI encourages employees to raise concerns through

direct dialogue with their line manager or local HR

teams. In addition, BEWI maintains an independent

whistleblowing channel managed by a third party,

providing a secure and anonymous platform to report

potential breaches of company policy, discrimination,

or unethical behaviour without fear of retaliation.

All reports are handled confidentially and reviewed

by the Chief Legal Officer and Chief Human

Resources Officer, with oversight from the chair of the

audit committee. Further information about BEWI’s

whistleblowing procedures is available in Governance

information.

Remediating negative impacts

In 2025, no cases of negative impacts on employees

were identified through BEWI’s grievance and

whistleblowing mechanisms. Consequently, no

remediating actions were required or implemented.

In 2026, BEWI will launch a targeted internal aware-

ness campaign focusing on increasing employees’

knowledge of the whistleblower channel and other

available grievance channels.

S1-17

Social and human rights related complaints

For 2025, BEWI recorded three incidents of discrimi-

nation, including cases of harassment compared to

two in 2024. The number of complaints filed through

channels for own employees to raise concerns or to

the National Contact Points for OECD Multinational

Enterprises was two (WB). In 2024 BEWI had zero

cases through the whistleblower channel. The total

amount of fines, penalties, and compensation for

damages as a result of the incidents and complaints

disclosed above were zero.

BEWI registered no severe human rights incidents

connected to its own workforce in 2025 or 2024, and

no cases of non-respect of the UN Guiding Principles

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or OECD Guidelines. The company also recorded no

fines, penalties or compensation related to incidents

of discrimination, harassment or related complaints.

MDR-A, S1-4

Actions and resources

BEWI’s approach to equal treatment and opportu-

nities is guided by international frameworks and

underpinned by structured processes for employee

engagement, development, and continuous

improvement.

Diversity, equity, and inclusion

(DEI) initiatives

BEWI conducts an annual employee survey (BE

Heard) to measure engagement, motivation, and

perception of inclusion and leadership effectiveness.

In the 2025 survey, a section regarding discrimination

were included to increase awareness regarding DEI

and provide input to future activities.

Insights from the survey inform actions aimed

at strengthening inclusivity, representation, and

employee well-being.

In 2026, workshops and training activities are planned

for managers within the area of unconscious bias and

how it impacts the workplace.

Awareness initiatives are part of the annual calendar,

such as International Women’s Day, Pride Month,

and Mental Health Awareness Week. These initiatives

are communicated through group-wide channels

to maintain consistent messaging and broad

reach. Local entities are encouraged to organise

context-relevant activities, such as events and

internal discussions, and to share engagement and

experiences to promote learning and awareness

throughout the organisation.

In 2024, BEWI launched the “Walk and Talk” pro-

gramme, encouraging physical activity, connection,

and inclusion across teams.

Training and development

All employees participate in an annual Performance

and Development Dialogue (PDD), resulting in an

individual development plan that aligns employee

aspirations with business needs. Outcomes from

PDDs feed into the annual talent review process,

which supports succession planning and leadership

development.

BEWI Business School

BEWI Business School comprises several programmes

and initiatives:

• The Growth Programme, a nine-month learning

initiative preparing emerging talents for future

leadership roles.

• The Senior Leadership Programme, focusing on stra-

tegic leadership and the BEWI leadership framework

(Leading Business, Leading People, Leading Myself).

• BEWI Learn, a digital learning platform for practical

learnings for BEWI’s managers.

Human rights due diligence and assessments

BEWI conducts an annual salient human rights assess-

ment, which includes the evaluation of DEI practices,

fair treatment, and workplace equality. Identified

improvement areas form the basis of action plans

developed in collaboration with local management.

Recruitment and internal mobility

BEWI has implemented a new digital recruitment

platform to broaden candidate reach, promote equal

access to internal positions, and support transparent

career development.

MDR-T, S1-5

Targets and metrics

BEWI monitors progress on diversity, equality, and

inclusion (DEI) through a combination of quantitative

and qualitative indicators, integrated into its annual

reporting and talent management processes. These

indicators track gender balance, employee engage-

ment, access to training, and career development

opportunities across the group.

Targets

BEWI has established the following targets to guide

its efforts toward equal treatment and opportunities:

Gender balance

• Target: 30 per cent women in management

positions by 2030.

Employee engagement and development

• Target: employee learning and development index

score of 80 by 2030, measured through the annual

employee survey.

Metrics and monitoring

BEWI tracks the following metrics on an annual basis:

• Gender distribution across management levels and

business units

• Results from the employee survey on engagement,

inclusion, and learning

Performance data are reviewed by the executive

management team and the board, ensuring oversight

and accountability for progress against DEI goals.

MDR-M; S1-16, S1-9

Progress on targets

During 2025, BEWI’s executive management team

comprised of two women and four men, corre-

sponding to a 33 per cent share of women which is

the same as in 2024. For the majority of the year, the

board consisted of three women and three men.

On 22 December 2025, a new male member was

appointed by the extraordinary general meeting,

thus the composition was 43 per cent female and 57

per cent male at the end of the year. Representation

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of women in management has increased steadily

over the past years, supported by targeted recruit-

ment, leadership development programmes, and

structured succession planning.

At the end of 2025, BEWI’s workforce comprised of

76 per cent men and 24 per cent women. Among

management positions, 78 per cent were held by

men and 22 per cent by women. Overall, the gender

mix in BEWI were stable compared to 2024 with 76

per cent men and 24 per cent woman while women

in management positions increased from 19 per cent

to 22 per cent.

The employee learning and development index in

the group’s employee survey reached 67 in 2025, up

from 66 the previous year and from 62 the baseline

year 2023. Continued investment in training initiatives

through the BEWI Business School and wider rollout

of the Performance and Development Dialogue

(PDD) have strengthened learning outcomes and

participation rates across business units.

S1-6: Headcount by gender

Number of employees

(head count) 2024

Number of employees

(head count) 2025

Male 2 471 2 299

Female 768 729

Total employees 3 239 3 028

S1-6: Headcount by country

Number of employees

(head count) 2024

Number of employees

(head count) 2025

Germany 567 500

Netherlands 621 442

Norway 403 367

Poland 310 322

Other 1 338 1 397

Total 3 239 3 028

S1-6: Total FTE and headcount characteristics

Male Female Other Not disclosed Total

Headcount 2024

Number of employees 2 471 768 0 0 3 239

Number of permanent employees 2 294 696 2 990

Number of temporary employees 177 72 249

Number of non-guaranteed hours employees 0 0 0

Headcount 2025

Number of employees 2 299 729 0 0 3 028

Number of permanent employees 2 117 651 2 768

Number of temporary employees 182 78 260

Number of non-guaranteed hours employees 0 0 0

S1-6: Headcount contract type by region

East Nordic West Total

Headcount 2024

Number of employees 447 1 150 1 642 3 239

Number of permanent employees 347 1 120 1 523 2 990

Number of temporary employees 100 30 119 249

Headcount 2025

Number of employees 469 1 041 1 518 3 028

Number of permanent employees 365 992 1 411 2 768

Number of temporary employees 104 49 107 260

Region Nordic includes Norway, Denmark, Sweden, and Finland. Region West includes the Netherlands, United Kingdom, Germany, Spain, and Portugal.

Region East includes Poland, Lithuania, Czech Republic, Canada, and the United States of America.

S1-9: Employees by age

2024 2025

Headcount under 30 years old 472 421

Headcount between 30 and 50 years old 1 520 1 437

Headcount over 50 years old 1 247 1 170

Total 3 239 3 028

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S1-8: Collective bargaining coverage and social dialogue

Collective Bargaining Coverage Social dialogue

Employees – EEA Employees – Non-EEA

Workplace

representation

(EEA only)

Coverage Rate

(for countries with

>50 empl. representing

>10% total empl.)

(estimate for regions

with >50 empl. repre-

senting >10% total empl)

(for countries with

>50 empl. representing

>10% total empl)

0 -19% PL

20 -39% DE NL

40 -59%

60 -79% NL SE

80 -100% SE, NO DE, PL, NO

Characteristics of employees

and non-employees

The number of employees was 6.5 per cent lower

at the end of 2025 compared to 2024, due to organ-

isational adjustments, and targeted redundancy

programmes.

During the year, 524 employees left the company,

corresponding to 16 per cent of own workforce. In

2024, 548 employees left the company which equals

to 16 per cent.

The number of non-employees totalled 258, com-

prising 66 women and 191 men, primarily consisting

of self-employed individuals or workers engaged

through employment agencies. In 2024 the total

number of non-employees totalled 280, comprising

71 woman and 209 men.

The gender pay gap in BEWI was 13 per cent in 2025,

down from 15 per cent in 2024, while the annual total

remuneration ratio was 8 per cent, in line with 2024.

As S1 8 is subject to a phase in under Appendix C,

and 2025 constitutes the first year of mandatory

application, comparative information is not required

in accordance with ESRS 1 §136.

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Basis for calculations

BEWI operates local payroll, HR, and management systems,

from which data is entered into the group’s sustainability

reporting system on a monthly basis. This reporting

covers full-time equivalents (FTEs), headcount, sick

leave, near misses, and workplace accidents. Headcount

and FTE figures are based on the December reporting

period. Additional information on average employee

numbers and remuneration is provided in note 6 of the

financial statement and in the remuneration report. An

expanded employee data collection is conducted annually,

supplemented by the aggregation of findings from the

third-party whistleblower channel. Risk assessments are

performed through the HR due diligence process. BEWI

has not identified any substantial uncertainties in the

reported data.

Own workforce

Own workforce comprises all individuals who have an

employment relationship with the company, including

permanent and temporary employees, whether full-time

or part-time. Workers who are not employed directly by

the company, such as agency workers and self-employed

individuals, are referred to as non-employees.

Headcounts

Headcount refers to the total number of employees within

the BEWI organisation, including both full-time and part-

time employees. Further details can be found in note 6 of

the financial statement.

Full-time equivalents

Full-time equivalents (FTE) are defined as the actual

contractual hours available according to the organisation’s

standard working hours. Overtime is not included when

reporting FTE.

Employee turnover

Number of employees who left the company divided by

headcount of own workers at year-end.

Discrimination

Any reported work-related incidents of discrimination on

the grounds of gender, racial or ethnic origin, nationality,

religion or belief, disability, age, sexual orientation, or other

relevant forms of discrimination involving internal and/or

external stakeholders across operations in the reporting

period. This includes incidents of harassment as a specific

form of discrimination.

Collective bargaining coverage

The proportion of employees whose working conditions

(such as wages, hours, and benefits) are governed by a

collective bargaining agreement negotiated between

employers and workers’ representatives or unions.

Social dialogue

Any communication, consultation, negotiation, or

joint action between employers, employees, and their

representatives aimed at improving workplace relations,

working conditions, and decision-making processes,

including through local work councils or similar bodies.

Top management

Top management is defined as members of BEWI’s execu-

tive management team.

Gender pay gap

Gender pay gap is calculated as ((average gross male

monthly pay - average gross female monthly pay)/average

gross male monthly pay) x 100).

Annual total remuneration ratio

Annual total remuneration ratio of the highest paid individ-

ual divided by the median annual total remuneration for

all employees (excluding the highest-paid individual). The

basis for calculation is monthly salaries for all employees

employed at year-end. Employees with hourly salaries has

been recalculated to monthly salaries based on country

specific monthly working hours.

Restatements and prior-period corrections

The 2024 headcount figures reflect all employees recorded

as of December 2024; accordingly, both BEWI RAW and

BEWI Food are included in the 2024 totals.

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S2 Workers in the value chain

SMB-3

Impacts, risks and opportunities

In 2025, the total number of suppliers decreased

by 26 per cent compared with 2024, reflecting

continued supplier consolidation. BEWI collaborates

with more than 7 700 suppliers, with 87 per cent of

total procurement spend concentrated among 452

suppliers, primarily within raw materials, transport

and energy.

While the group maintains strong oversight of its

immediate suppliers, visibility into tier 2 and tier 3

suppliers remains limited. This lack of transparency,

combined with the scale of operations, inherently

increases the risk of human rights breaches, ranging

from minor to severe violations.

Through its human rights due diligence processes,

BEWI has identified salient human rights risks within

its value chain.

Working conditions

The risk of poor working conditions is high in the

logistics sector, where demands for flexibility can

lead to wage pressures and degraded working

conditions. Issues such as inadequate rest periods,

insufficient overtime pay, and limited access to

proper facilities are prevalent concerns.

Health and safety

Beyond tier 1 suppliers, health and safety concerns

are a potential risk, particularly in the chemical and

waste sectors. These industries often involve hazard-

ous materials and exposure to toxic substances which

heighten the likelihood of accidents, injuries and

long-term health issues for workers.

These salient human rights issues are critical for BEWI

given its operations and reliance on raw materials

and logistics. Ensuring stringent health and safety

standards and working conditions across its supply

chain are essential to safeguarding workers and

aligning with ethical standards. BEWI’s scope extends

beyond direct suppliers to include lower tiers, as well

as on-site workers not directly employed by BEWI

but potentially affected by its operations. Workers

engaged in joint ventures are included in the report-

ing of the majority-owned companies.

MDR-P; S2-1; G1-2

Policies

BEWI’s Supplier Code of Conduct sets out manda-

tory requirements for all suppliers and contractual

partners and is grounded in internationally recog-

nised standards, including the OECD Guidelines for

multinational Enterprises, the UN Guiding Principles

on Business and Human Rights (UNGPs), and the ILO

Core Conventions. These standards guide BEWI’s

expectations regarding human rights, labour rights

and responsible business conduct throughout the

value chain.

Commitment to human rights and

decent working conditions

Suppliers must respect internationally recognised

human rights and safe, fair and equitable working

conditions for all workers in their operations and

supply chains, in line with OECD and UNGP expecta-

tions for value-chain due diligence.

Human rights due diligence

Suppliers are required to conduct human rights

and labour-rights due diligence across their own

operations, supply chains and subcontractors, iden-

tify adverse impacts, and implement measures to

prevent, mitigate and remedy risks.

Business ethics

The Supplier Code of Conduct includes requirements

related to anti-corruption, data protection, fair com-

petition, conflicts of interest, import/export controls

and economic sanctions, ensuring responsible and

lawful business conduct.

Grievance mechanisms

Suppliers must maintain accessible and trusted

grievances mechanism for workers, rights holders

and other stakeholders to rise concern without fear of

retaliation. These mechanisms must be aligned with

OECD and UNGP effectiveness criteria.

Non-compliance with the Supplier Code of Conduct

may lead to contract termination. However, BEWI

always seeks to collaborate with its suppliers to

improve their performance through dialogue and

knowledge sharing.

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BEWI requires all suppliers to formally acknowledge

and accept the Supplier Code of Conduct, being

embedded in supplier contracts and purchase doc-

uments. In addition, suppliers assessed through the

group’s digital supplier engagement platform (BEWI

Partner), must confirm that they have read, under-

stood, and accepted the Supplier Code of Conduct.

The Supplier Code of Conduct is reviewed annually

to maintain alignment with relevant regulations. The

procurement department oversees efforts, progress

and implementation of due diligence procedures.

Managing directors are responsible for enforcing

these policies and procedures within their respective

organisations.

BEWI organises human rights trainings to enhance

awareness and compliance with its policies. Further

details on governance and management of these

policies are described in the Governance section.

S2-2

Processes for engaging with

value chain workers

BEWI works to mitigate potential negative impacts,

enhance supply chain resilience, and contribute

to good working conditions in its value chain. To

achieve this, the group has established a due dili-

gence process to engage with business partners and

suppliers to identify potential human rights violations

in the value chain.

Salient human rights assessment

BEWI conducts an annual assessment to identify

and prioritise its salient human rights issues across

operation and the value chain. The process combines

internal and external insights to a risk-based approach:

Data collection

Information is gathered from internal audits, supplier

self-assessments, industry initiatives, and stakeholder

reports.

Evaluation

Internal experts assess each issue based on severity

(scale, scope, and irremediable nature of potential

impacts) and likelihood (probability of occurrence).

Prioritisation

Issues are ranked according to severity and likelihood,

focusing on the most significant risks to people.

Action planning

For each salient issue, BEWI develops tailored action

plans with measures to prevent or mitigate risks and

address root causes. Key performance indicators

(KPIs) are established to monitor progress.

Continuous improvement

Regular reviews evaluate the effectiveness of actions

and allow for adjustments in response to emerging

risks or changing operating conditions.

Due diligence of customers

and business partners

BEWI conducts due diligence on all new customers

and business partners prior to entering into con-

tractual agreements. For compliance with sanctions,

trade restrictions, and ethical standards, the group

maintains a structured and risk-based screening

process including:

• Sanctions screening: Systematic checks of potential

and existing partners against international sanc-

tions databases.

• Risk categorisation: Classification of partners by

risk level, considering factors such as geographic

exposure, sector sensitivity, ownership structure,

and historical compliance record.

• Ongoing monitoring: Periodic re-assessments

of existing business partners to identify emerg-

ing risks and alignment with ethical and legal

standards. For any identified risks, BEWI develops

tailored engagement plans to address concerns,

which may include targeted audits, increased

reporting requirements, or, if necessary, termina-

tion of the business relationship.

Due diligence of suppliers

BEWI evaluates suppliers to assess alignment with

its Supplier Code of Conduct. The framework is

designed to identify, assess and mitigate potential

human rights risks within its supply chain while pro-

moting accountability and continuous improvement

among suppliers. The process includes:

• Annual desktop assessment

Review of direct suppliers, assessing severity and

likelihood of human rights impacts based on

spend, sector, country, and the group’s salient

human rights issues.

• Supplier screening

Suppliers identified as medium or high-risk in the

desktop assessment are registered in BEWI Partner,

the group’s digital supplier assessment platform.

These suppliers complete a self-assessment ques-

tionnaire covering, supply chain management,

human and labour rights, health and safety,

business ethics, and environmental practices.

Based on the responses, a risk analysis determines

necessary actions to maintain compliance with

BEWI’s Supplier Code of Conduct and whether tier

2 suppliers require additional screening.

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• Engagement and follow-up

If further actions are needed, BEWI collaborates

with suppliers to develop engagement plans with

timelines for improvements. Follow-up question-

naires are issued within a year to monitor progress

and address any remaining concerns.

• On-site assessment

High-risk suppliers are subject to on-site assess-

ments, during which BEWI conducts a physical

visit to the supplier’s production facility. Using

a structured checklist, the assessment reviews

general working conditions and evaluates health

and safety practices, labour and human-rights

risks, and environmental management. These

assessments are carried out by BEWI personnel or,

when appropriate, independent third parties. The

findings form the basis for corrective action plans

and follow-up to support that identified issues are

addressed effectively.

Screening Supplier assessment Approved Monitoring

• Spend

• Sector

• Location

• Experience

• Sanctions

• Business ethics

• Supplier self-assessment

• Risk assessment

• Supplier visits

Conditional

approval

Improvement

plan

Monitoring

sanctions

and ethics

Supplier

meetings

and visits

Supplier

assessment

(3 year)

Supplier due diligence process

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S2-3

Processes to remediate negative

impacts and channels to rise concerns

BEWI addresses concerns and grievances within

its value chain through a framework grounded in

transparency, trust and effective remediations. The

responses are proportionate and tailored to the

specific grievance raised.

Whistleblowing channel

To facilitate the reporting of concerns, BEWI provides

a whistleblowing channel accessible at the group’s

website and supplier platform. The channel is mon-

itored by an independent third party to maintain

impartiality and confidentiality in handling reports.

Remediation framework

BEWI uses a structured remediation framework

designed to promptly investigate and resolve griev-

ances. When adverse impact is identified, the group

collaborates with stakeholders to provide or facilitate

appropriate remedies, ensuring responses are pro-

portionate to the specific grievances.

MDR-A; S2-4

Actions and resources

BEWI monitors progress on material social impacts

through monthly and annual reporting, including

tracking the number of suppliers assessed, audited,

and followed up. Each business unit is responsible for

implementing its own action plans to manage salient

risks, maintain robust due-diligence processes and

evaluate the effectiveness of corrective measures.

Facilities for drivers

A mapping of all BEWI sites was conducted in

2024 to assess the availability and quality of on-site

facilities for drivers, both during and outside regular

business hours. This work continued in 2025 to close

remaining gaps and verify that all locations provide

adequate facilities that meet BEWI’s standards for

driver welfare.

Supplier risk assessment

In 2025, 85 per cent of suppliers classified as

medium- and high-risk were assessed. Ten suppliers

were identified as high risk, and all suppliers were

assessed. All assessed suppliers met the applicable

requirements, and no suppliers were disqualified due

to high-risk findings.

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Supplier engagement

During the reporting period, three supplier visits

were conducted, comprising two internal on-site

visits and one external audit. The findings primarily

related to documentation gaps and procedural

improvements and resulted in targeted follow-up

actions and corrective measures where required.

and led to targeted follow-up actions and corrective

measures where required.

Compliance with international guidelines

There were no reported incidents of non-compliance

with the UN Guiding Principles, ILO Conventions,

or OECD Guidelines for Multinational Enterprises in

BEWI’s upstream or downstream value chain during

2025 and 2024. No supplier terminations or material

human-rights remediation cases were recorded.

No capital expenditure (CAPEX) or operational

expenditure (OPEX) were identified for addressing

material impacts during 2025.

MDR-T; MDR-M

Targets and metrics

BEWI is committed to maintaining high standards

of business ethics, transparency and accountability

throughout its supply chain. To support this, the

group has established a set of key performance

indicators with voluntary targets to monitor the

implementation and effectiveness of its supplier

due-diligence processes.

When setting targets, BEWI has not directly involved

workers in the value chain, primarily due to the

absence of established mechanisms for engaging

workers across different tiers of the supply chain.

The current focus is therefore on ensuring that

due-diligence procedures are consistently applied

and effectively implemented across operations and

suppliers.

Targets

100% of medium- and high-

risk suppliers screened

BEWI aims for all suppliers classified as medium or

high risk are registered, screened and periodically

reassessed through BEWI Partner, the group’s digital

supplier due-diligence platform, by 2030. The target

supports systematic identification, prioritisation and

mitigation of risks in line with the OECD Guidelines

for Multinational Enterprises and the UN Guiding

Principles on Business and Human Rights (UNGPs).

100% of high-risk suppliers have

an on-site assessment

All suppliers identified as high risk are to undergo

on-site assessments by 2030 to verify compliance

with BEWI’s Supplier Code of Conduct and relevant

international standards.

Progress on targets

During the year, ten suppliers were classified

as high risk, all of which were registered and

screened through BEWI Partner, in line with the

2030 target. Screening coverage of medium-risk

suppliers increased to 85 per cent, representing an

improvement compared with the previous year and

demonstrating progress towards full coverage.

In support of the on-site assessment target, two

internal on-site audits and one external audit of

high-risk suppliers were conducted during the

reporting period.

Basis for calculations

The number of suppliers is based on each business

unit’s supplier list covering the period from January to

December.

Data on supplier assessments is derived from BEWI Partner,

the group’s digital supplier due-diligence platform. The

number of suppliers screened includes both approved

suppliers (with minimal or no remarks) and non-approved

suppliers. The percentage of suppliers screened in BEWI

Partner covers suppliers identified as medium or high risk

through the initial risk screening.

The percentage of suppliers audited is calculated based on

suppliers identified as high risk.

Restatements and prior-period corrections

No restatements have been made. The reported informa-

tion is based on consistent methodologies, assumptions

and data sources applied in the previous reporting period.

Workers in the value chain

Entity specific:

Targets 2024 2025 Target 2030

Medium- and high-risk suppliers screened 79% 85% 100%

High-risk suppliers on-site assessment 28% 30% 100%

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Governance

G1 Business conduct

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G1 Business conduct

SBM-3

Material impacts, risks and opportunities

BEWI has identified two material impacts related to

business conduct that may have a potential negative

effect on ethical performance and governance

practices.

Corporate culture

A strong corporate culture based on integrity and

responsible behaviour is essential to BEWI’s long-term

success. Ethical business practices are fundamental

to maintaining reputation, stakeholder trust, and

operational continuity. With increasing regulatory

requirements across environmental, labour, and

supply-chain practices, BEWI recognises that failure to

uphold ethical standards could expose the group to

legal, financial, or reputational risks.

Whistleblower protection and transparency

Effective whistleblower mechanisms are critical for

transparency and integrity. BEWI acknowledges that

reporting concerns can be sensitive and strives to

maintain a culture where employees and partners

feel safe to raise potential issues without fear of retal-

iation. BEWI’s approach to whistleblowing reinforces

its broader commitment to an open, responsible,

and compliant culture, helping to identify risks early

and strengthen trust across its operations and value

chain.

ESRS 2 GOV-1

Governance bodies and corporate culture

The board of BEWI holds the overall responsibility for

ensuring a high standard of business conduct and

for overseeing BEWI’s governance, compliance, and

ethical performance.

The Chief Legal Officer (CLO) is responsible for the

implementation and maintenance of group-wide

compliance policies, ensuring that relevant gov-

ernance frameworks are understood and applied

consistently across all business areas. The CLO

provides regular updates to the board and executive

management on compliance status, policy adher-

ence, and material governance risks.

Each managing director within BEWI is responsible

for implementing the group’s policies within their

respective organisation through appropriate systems,

processes, and procedures. They are required to

ensure that all relevant employees are aware of,

understand, and comply with these policies.

To ensure accountability, each managing director

provides a written confirmation to the CLO verifying

that:

• They have received, read, and understood the

relevant policies

• All pertinent employees have been informed of

the content and confirmed their understand-

ing; and

• Adequate processes and controls are in place

to secure ongoing compliance within their

operations.

Functions assessed as being most at risk of corrup-

tion and bribery within BEWI include management,

procurement, sales and commercial contracting,

as these functions engage directly with suppliers,

customers and other external parties. These activities

involve decision-making and financial transactions

that may create exposure to undue influence. As a

result, these functions are subject to enhanced pro-

cedural requirements and targeted business conduct

training in line with BEWI’s anti-corruption policy.

G1-1; MDR-P

Policies

The board has adopted a set of core policies that

define BEWI’s expectations for ethical business

conduct and regulatory compliance across all

operations. These include the Code of Conduct,

anti-corruption policy, sanctions policy, and privacy

policy, which together establish the overarching

principles of responsible behaviour, integrity, and

respect for laws and stakeholders.

The executive management has implemented

additional supporting policies—such as the gifts and

events policy and the competition law compliance

policy—to provide practical guidance on how to

apply the board-approved principles in day-to-day

operations.

Together, these policies form the cornerstone of

BEWI’s governance and compliance framework,

ensuring that all employees, suppliers, and business

partners act in accordance with the Group’s values,

ethical standards, and applicable regulations.

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BEWI’s Code of Conduct, anti-corruption policy,

sanctions policy, and privacy policy are publicly

available on the group’s website, while all policies are

accessible internally via the BEWI intranet. The Code

of Conduct is provided in English and translated into

the local languages of jurisdictions where English

proficiency is considered moderate. Other business

conduct policies are currently available in English,

with plans to translate the anti-corruption policy into

relevant local languages to support full accessibility

and understanding across the organisation.

Regular training programmes, compliance moni-

toring, and reporting mechanisms, including the

whistleblowing channel, supports implementation,

oversight and continuous improvement of BEWI’s

governance and ethical standards.

Reporting and handling concern

and protection of whistleblowers

BEWI’s whistleblowing channel is a key element of

the group’s efforts to foster a culture of transparency,

integrity, and accountability. It enables the reporting

of serious concerns or suspected breaches related to

laws, regulations, or BEWI’s internal policies and Code

of Conduct.

The whistleblowing guidelines are available in the

local language of each jurisdiction where BEWI

operates, ensuring accessibility across all locations.

The service is open to both internal and external

stakeholders and can be accessed via internal chan-

nels or the group’s website, as applicable.

To safeguard independence and confidentiality, the

whistleblowing system is administered by an external

third party, allowing for anonymous submissions and

secure handling of reports. All notifications are ini-

tially reviewed by BEWI’s Chief Legal Officer and Chief

Human Resources Officer, with updates provided to

the chair of the audit committee to maintain appro-

priate oversight and governance.

Although no formal training on the whistleblowing

system has yet been conducted, BEWI strives to

maintain a culture in which employees feel safe to

speak up and report concerns directly to manage-

ment. Leaders are expected to actively encourage

openness and handle reports objectively and

without retaliation. Reports made outside the whis-

tleblowing system are managed by individuals not

involved in the case, to guarantee impartiality.

At present, BEWI does not have additional formal

grievance mechanisms beyond the whistleblowing

system. However, the group regularly reminds all

employees of the whistleblowing procedures and

key business conduct policies through biannual

internal communications distributed to all staff with a

company email address.

G1. MDR-A

Actions and resources

To strengthen organisational competence in ethical

business conduct and anti-corruption, BEWI provides

mandatory online training for all employees in rele-

vant roles, including executive management, local

management teams, general managers, sales and

marketing staff, and group functions.

Training modules cover BEWI’s Code of Conduct,

anti-corruption policy, competition law compliance

policy, human rights due diligence, and GDPR

requirements. These trainings are part of the

onboarding process and must be repeated annually

or bi-annually, depending on role and risk exposure.

The courses include both theoretical and practical

components, explaining the purpose and scope of

each policy and providing real-life case examples

where participants are asked to choose compliant

actions based on given scenarios. This approach

helps employees understand BEWI’s policies and

apply them in daily business decisions.

Training completion rates are monitored and

reported to executive management, ensuring

accountability and continuous improvement in

compliance awareness across the organisation.

MDR-T; MDR-M

Targets and metrics

In line with its governance policies, BEWI is com-

mitted to conducting business with integrity,

transparency, and accountability. To maintain

continuous oversight of ethical performance, each

business unit within the group monitors and reports

on concerns or suspected misconduct raised through

internal channels monthly.

The chair of the audit committee is informed of all

whistleblowing cases reported through the whis-

tleblowing channel, ensuring proper oversight and

independence in the follow-up process.

Currently, BEWI has no overarching quantitative

targets related to corporate culture or whistleblower

protection. However, the group evaluates qualitative

indicators and governance metrics—such as the

number of reported cases, employee awareness levels,

and training participation rates—to identify opportu-

nities for improvement and to further strengthen the

group’s culture of integrity and openness.

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Signatures from the board

of directors and CEO

The board of directors and the CEO of BEWI ASA have today considered and approved the annual report

for BEWI ASA (“company”) and the BEWI group (“group”) for the period 1 January to 31 December 2025

and as of 31 December 2025.

Trondheim, Norway, 25 March 2026

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Begby

Director

Christian Bekken

CEO

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Index of the board of directors’ report

The below index shows an overview of chapters/ sections of the annual report that constitutes BEWI’s board of directors’ report

Regulation Content Chapter/ section reference Page reference

Norwegian accounting act

Section 2-2 (1) Information regarding the nature and location of the business, including information on any branch offices. Our business p. 9

Section 2-2 (2), (3) and (4) Review of the development and results of the company’s operations and position together with a description of the key risks and uncertainty factors facing the

company, hereunder also information on research and development activities.

To the extent that it is necessary to understand the development, results or position of the person liable for accounting, the analysis must contain both financial

and non-financial key performance indicators relevant to the business in question, including information on environmental conditions and conditions that apply to

employees.

Our business

Our performance

Risks and risk management

Sustainability statements

p. 9

p. 23

p. 40

p. 44

Section 2-2 (5) A description that provides a basis for assessing the company’s further outlook, including whether the results for the year agree with previously stated target results

and expected developments and give reason for any discrepancy.

Circular business model

Our performance

p. 16

p. 23

Section 2-2 (6) Information regarding any financial risk that is significant to the evaluation of the company’s assets, liabilities, financial position and results. Risks and risk management p. 40

Section 2-2 (7) Disclosure of key intangible resources, how the company's business model fundamentally depends on such resources, and how these resources serve as a source of

value creation for the organisation.

Our business p. 9

Section 2-2 (8),

cfr. section 4-5

Information regarding the going concern assumption. Our performance p. 28

Section 2-2 (9) Proposal for the allocation of profit or settlement of loss. Financial statements p. 115

Section 2-2 (10) Information about the work environment, along with an overview of implemented measures relevant to the working environment and including information on

injuries, accidents and sick leave rates.

Sustainability statements/ Social p. 93

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Section 2-2 (11) Information on matters relating to the business, hereunder its factor inputs and products, which may result in a not insignificant impact on the external environment.

The information should include any negative environmental impacts the business could have, and measures implemented or planned implemented to prevent or

reduce any impacts.

Our business

Risks and risk management

Environmental information

p. 9

p. 40

p. 64

Section 2-2 (12) Information on whether insurances covering the board members’ and CEO’s potential liabilities towards the company and third parties are maintained, including

information on the relevant insurance coverage.

Appendix: Statement on corporate

governance

p. 205

Section 2-2 (13), 1. Shareholders information: A description of any provisions in the articles of association that restrict the right to trade in the shares of the company. Not applicable

Section 2-2 (13), 2. Shareholders information: A description of who exercises the rights connected to shares in any employee share schemes where authority is not exercised directly by

the employees covered by the scheme.

Not applicable

Section 2-2 (13), 3. Shareholders information: Any agreements between shareholders which are known to the company and which restrict the possibilities of trading in or exercising

voting rights connected to the shares.

Not applicable

Section 2-2 (13), 4. Shareholders information: Any significant agreements to which the company is a party, the terms of which take effect, alter or terminate as a result of a takeover bid,

and a description of those terms.

Not applicable

Section 2-4/ CSRD Sustainability reporting according to European Sustainability Reporting Standards (ESRS). Sustainability statements p. 44

Section 2-9 Report on corporate governance. Appendix: Statement on corporate

governance

p. 205

Norwegian companies act

Section 6-16 a Statement on remuneration Governance p. 37

Section 6-16 b Remuneration report Remuneration report p. 190

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To the General Meeting of BEWI ASA

Independent Sustainability Auditor’s Limited Assurance Report

Limited Assurance Conclusion

We have conducted a limited assurance engagement on

the consolidated sustainability statement of BEWI ASA (the

«Company») included in Sustainability statements of the

Board of Directors’ report (the «Sustainability Statement»),

as at 31 December 2025 and for the year then ended.

Based on the procedures we have performed and the

evidence we have obtained, nothing has come to our

attention that causes us to believe that the Sustainability

Statement is not prepared, in all material respects, in

accordance with the Norwegian Accounting Act section

2-3, including:

• compliance with the European Sustainability Reporting

Standards (ESRS), including that the process carried out

by the Company to identify the information reported

in the Sustainability Statement (the «Process») is in

accordance with the description set out in subsections

“Description of the processes to identify and assess

IROs” and “Process for assessing IROs” within the

General information section; and

• compliance of the disclosures in “EU taxonomy for

sustainable activities” within the Environmental infor-

mation section of the Sustainability Statement with

Article 8 of EU Regulation 2020/852 (the «Taxonomy

Regulation»).

Basis for Conclusion

We conducted our limited assurance engagement in

accordance with International Standard on Assurance

Engagements (ISAE) 3000 (Revised), Assurance

engagements other than audits or reviews of historical

financial information («ISAE 3000 (Revised)»), issued by the

International Auditing and Assurance Standards Board.

We believe that the evidence we have obtained is suffi-

cient and appropriate to provide a basis for our conclusion.

Our responsibilities under this standard are further

described in the Sustainability Auditor’s Responsibilities

section of our report.

Our Independence and Quality Management

We have complied with the independence and other

ethical requirements as required by relevant laws and

regulations in Norway and the International Code of Ethics

for Professional Accountants (including International

Independence Standards) issued by the International Ethics

Standards Board for Accountants (IESBA Code), which is

founded on fundamental principles of integrity, objectivity,

professional competence and due care, confidentiality and

professional behaviour.

The firm applies International Standard on Quality

Management 1, which requires the firm to design,

implement and operate a system of quality management

including policies or procedures regarding compliance

with ethical requirements, professional standards and

applicable legal and regulatory requirements.

Responsibilities for the Sustainability Statement

The Board of Directors and the Managing Director

(Management) are responsible for designing and imple-

menting a process to identify the information reported in

the Sustainability Statement in accordance with the ESRS

and for disclosing this Process in subsections “Description

of the processes to identify and assess IROs” and “Process

for assessing IROs” within the General information section

of the Sustainability Statement. This responsibility includes:

• understanding the context in which the Group’s

activities and business relationships take place and

developing an understanding of its affected stake-

holders;

• the identification of the actual and potential impacts

(both negative and positive) related to sustainability

matters, as well as risks and opportunities that affect,

or could reasonably be expected to affect, the Group’s

financial position, financial performance, cash flows,

access to finance or cost of capital over the short-,

medium-, or long-term;

• the assessment of the materiality of the identified

impacts, risks and opportunities related to sustaina-

bility matters by selecting and applying appropriate

thresholds; and

• making assumptions that are reasonable in the circum-

stances.

Management is further responsible for the preparation

of the Sustainability Statement, in accordance with the

Norwegian Accounting Act section 2-3, including:

• compliance with the ESRS;

• preparing the disclosures in “EU taxonomy for sustain-

able activities” within the Environmental information

section of the Sustainability Statement, in compliance

with the Taxonomy Regulation;

• designing, implementing and maintaining such

internal control that Management determines is nec-

essary to enable the preparation of the Sustainability

Statement that is free from material misstatement,

whether due to fraud or error; and

• the selection and application of appropriate sustaina-

bility reporting methods and making assumptions and

estimates that are reasonable in the circumstances.

113113

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BEWI annual report 2025BEWI annual report 2025

Inherent limitations in preparing the

Sustainability Statement

In reporting forward-looking information in accordance

with ESRS, Management is required to prepare the

forward-looking information on the basis of disclosed

assumptions about events that may occur in the future

and possible future actions by the Group. Actual outcomes

are likely to be different since anticipated events frequently

do not occur as expected.

Sustainability Auditor’s Responsibilities

Our responsibility is to plan and perform the assurance

engagement to obtain limited assurance about whether

the Sustainability Statement is free from material mis-

statement, whether due to fraud or error, and to issue a

limited assurance report that includes our conclusion.

Misstatements can arise from fraud or error and are con-

sidered material if, individually or in the aggregate, they

could reasonably be expected to influence decisions of

users taken on the basis of the Sustainability Statement as

a whole.

As part of a limited assurance engagement in accordance

with ISAE 3000 (Revised) we exercise professional judge-

ment and maintain professional scepticism throughout the

engagement.

Our responsibilities in respect of the Sustainability

Statement, in relation to the Process, include:

• Obtaining an understanding of the Process, but not

for the purpose of providing a conclusion on the

effectiveness of the Process, including the outcome of

the Process;

• Considering whether the information identified

addresses the applicable disclosure requirements of

the ESRS; and

• Designing and performing procedures to evaluate

whether the Process is consistent with the Company’s

description of its Process set out in subsections

“Description of the processes to identify and assess

IROs” and “Process for assessing IROs” within the

General information section.

Our other responsibilities in respect of the Sustainability

Statement include:

• Identifying where material misstatements are likely to

arise, whether due to fraud or error; and

• Designing and performing procedures responsive to

where material misstatements are likely to arise in the

Sustainability Statement. The risk of not detecting a

material misstatement resulting from fraud is higher

than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresenta-

tions, or the override of internal control.

Summary of the Work Performed

A limited assurance engagement involves performing

procedures to obtain evidence about the Sustainability

Statement. The procedures in a limited assurance

engagement vary in nature and timing from, and are less

in extent than for, a reasonable assurance engagement.

Consequently, the level of assurance obtained in a limited

assurance engagement is substantially lower than the

assurance that would have been obtained had a reasona-

ble assurance engagement been performed.

The nature, timing and extent of procedures selected

depend on professional judgement, including the identi-

fication of disclosures where material misstatements are

likely to arise in the Sustainability Statement, whether due

to fraud or error.

In conducting our limited assurance engagement, with

respect to the Process, we:

• Obtained an understanding of the Process by:

– performing inquiries to understand the sources of

the information used by management (e.g., stake-

holder engagement, business plans and strategy

documents); and

– reviewing the Company’s internal documentation

of its Process; and

• Evaluated whether the evidence obtained from our

procedures with respect to the Process implemented

by the Company was consistent with the description of

the Process set out in subsections “Description of the

processes to identify and assess IROs” and “Process for

assessing IROs” within the General information section.

In conducting our limited assurance engagement, with

respect to the Sustainability Statement, we:

• Obtained an understanding of the Group’s report-

ing processes relevant to the preparation of its

Sustainability Statement by:

– Obtaining an understanding of the Group’s control

environment, processes, control activities and

information system relevant to the preparation

of the Sustainability Statement, but not for the

purpose of providing a conclusion on the effec-

tiveness of the Group’s internal control; and

– Obtaining an understanding of the Group’s risk

assessment process;

• Evaluated whether the information identified by the

Process is included in the Sustainability Statement;

• Evaluated whether the structure and the presentation

of the Sustainability Statement is in accordance with

the ESRS;

• Performed inquiries of relevant personnel and

analytical procedures on selected information in the

Sustainability Statement;

• Performed substantive assurance procedures on

selected information in the Sustainability Statement;

• Where applicable, compared disclosures in the

Sustainability Statement with the corresponding dis-

closures in the financial statements and other sections

of the Board of Directors’ report;

• Evaluated the methods, assumptions and data for

developing estimates and forward-looking informa-

tion;

• Obtained an understanding of the Company’s process

to identify taxonomy-eligible and taxonomy-aligned

economic activities and the corresponding disclosures

in the Sustainability Statement;

• Evaluated whether information about the iden-

tified taxonomy-eligible and taxonomy-aligned

economic activities is included in the Sustainability

Statement; and

• Performed inquiries of relevant personnel, analytical

procedures and substantive procedures on selected

taxonomy disclosures included in the Sustainability

Statement.

Trondheim, 25 March 2026

PricewaterhouseCoopers AS

Kjetil Smørdal

State Authorised Public Accountant – Sustainability Auditor

(This document is signed electronically)

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BEWI annual report 2025BEWI annual report 2025

Financial

statements

The group

116

Parent company

168

Statement by the board and CEO

181

Auditor’s report

182

Alternative Performance Measures

186

115115

Financial statements Financial statements

BEWI annual report 2025BEWI annual report 2025

The Group

Consolidated statement of profit or loss

117

Consolidated statement of comprehensive income

118

Consolidated statement of financial position

119

Consolidated statement of changes in equity

121

Consolidated cash flow statement

122

Accounting principles and notes to the accounts

123

Note 01 General information

123

Note 02 Summary of key accounting principles

123

Note 03 Financial risk management

126

Note 04 Critical accounting estimates and significant judgements

132

Note 05 Net sales distribution and segment information

133

Note 06 Employee remuneration etc.

135

Note 07 Remunerations to auditors

137

Note 08 Leasing

137

Note 09 Financial income and expense

138

Note 10 Exchange differences – net

139

Note 11 Income tax

139

Note 12 Intangible assets

141

Note 13 Tangible assets

144

Note 14 Changes to the group structure

145

Note 15 Discontinued operations

147

Note 16 Business acquisitions

149

Note 17 Shares in associates and joint ventures

149

Note 18 Financial instruments per category

151

Note 19 Accounts receivable

152

Note 20 Inventory

153

Note 21 Prepaid expenses and accrued income

153

Note 22 Share capital

153

Note 23 Cash flow hedge reserve

154

Note 24 Share-based incentive programme

155

Note 25 Earnings per share

157

Note 26 Borrowings

157

Note 27 Pensions and similar obligations to employees

161

Note 28 Other provisions

164

Note 29 Accrued expenses and deferred income

164

Note 30 Contingent liabilities

164

Note 31 Pledged assets

165

Note 32 Related parties

165

Note 33 Adjustments for non-cash items, etc.

167

Note 34 Subsequent events

167

116116

Financial statements | The groupFinancial statements | The group

Consolidated statement of profit or loss

million EUR	Note	2025	2024
Revenues
Net sales	5	796.2	773.2
Other operating income		2.3	2.0
Total revenue		798.6	775.2
Operating expenses
Raw materials and consumables	20	-281.9	-300.5
Goods for resale	20	-49.7	-47.6
Other external costs	7, 8, 10	-193.0	-179.0
Personnel costs	6	-195.0	-178.6
Depreciation/amortisation and impairment tangible and intangible assets	12, 13	-70.2	-63.4
Capital gain/loss from sale of asset, adjustment purchase price acquired
companies and sale of business		0.3	4.7
Total operating expenses		-789.5	-764.3
Operating income before share of income from associated comp. and JV		9.1	10.8
Share of income from associated companies and joint ventures		-5.5	-2.4
Operating income (EBIT)		3.6	8.5
Financial income		2.2	3.8
Financial expense		-50.3	-49.1
Financial income and expense - net	9, 10	-48.2	-45.3
Income before taxes		-44.6	-36.8
Income tax	11	2.0	1.5
Profit/loss for the period from continuing operations		-42.5	-35.3
Profit/loss from discontinued operations (attributable to equity holders of the company)	15	58.8	8.3
Profit/loss for the period		16.2	-27.0

million EUR	Note	2025	2024
Profit/loss for the year attributable to:
Parent company shareholders		15.6	-29.6
Non-controlling interests		0.6	2.6
		16.2	-27.0
Profit/loss for the year attributable to shareholders arises from:
Continuing operations		-43.0	-37.6
Discontinued operations		58.6	8.0
		15.6	-29.6
Earnings per share	25
Average number of shares:		207 464 087	191 722 290
Diluted average number of shares:		207 464 087	191 722 290
Earnings per share (EPS), basic (EUR)		0.08	-0.15
Earnings per share (EPS), diluted (EUR)		0.08	-0.15
Earnings per share (EPS), basic (NOK) 1		0.88	-1.80
Earnings per share (EPS), diluted (NOK) 1		0.88	-1.80

EPS in NOK is calculated using average rates for the period

117117

Financial statements | The groupFinancial statements | The group

Consolidated statement of comprehensive income

million EUR (except numbers for EPS)	Note	2025	2024
Other comprehensive income:
Items that may be reclassified to profit or loss
Exchange rate differences, continuing operations		-8.7	21.3
Exchange rate differences, discontinued operations		-4.9	2.0
Cash flow hedges	23	3.3	-3.2
Items that will not be reclassified to profit or loss
Exchange rate difference, parent company		-2.5	-21.1
Remeasurements of net pension obligations		0.0	-1.3
Income tax pertinent to remeasurements of net pension obligations		0.0	0.3
Other comprehensive income after tax		-12.7	-2.0
Total comprehensive income for the period		3.5	-29.0

million EUR (except numbers for EPS)	Note	2025	2024
Total comprehensive income attributable to:
Parent company shareholders		2.9	-31.8
Non-controlling interest		0.6	2.8
		3.5	-29.0
Total comprehensive income attributable to shareholders arises from:
Continuing operations		-51.0	-42.0
Discontinued operations		53.9	10.2
		2.9	-31.8

118118

Financial statements | The groupFinancial statements | The group

Consolidated statement of financial position

million EUR	Note	31 Dec 2025	31 Dec 2024
ASSETS
Non-current assets
Intangible assets
Goodwill		200.5	205.4
Other intangible assets		116.4	125.5
Total intangible assets	12	316.9	330.9
Tangible assets
Land and buildings		227.6	220.6
Plant and machinery		166.4	170.1
Equipment, tools, fixtures and fittings		21.0	22.1
Construction in progress and advance payments		6.7	6.5
Total tangible assets	13	421.7	419.4
Financial assets
Shares in associates and joint ventures	17	102.9	9.0
Net pension assets		2.0	1.9
Receivables joint ventures		3.0	0.0
Other receivables	14, 17	26.3	0.1
Other shares and participations		0.0	0.0
Total financial assets		134.2	11.0
Deferred tax assets	11	18.2	15.0
Total non-current assets	18	891.0	776.3

million EUR	Note	31 Dec 2025	31 Dec 2024
Current assets
Inventory
Raw material and consumables		34.8	29.8
Work-in-progress		8.6	6.7
Finished goods and goods for resale		41.7	43.1
Total inventory	20	85.1	79.6
Other current receivables
Accounts receivable	19	64.9	63.2
Current tax assets		1.3	2.0
Other current receivables		15.3	15.0
Prepaid expenses and accrued income	21	22.0	21.4
Other financial assets	3	1.0	1.6
Cash and cash equivalents		64.5	36.8
Total other current receivables excluding asset classified as held for sale	18	169.0	139.9
Assets classified as held for sale	15	-	186.1
Total current assets		254.2	405.7
TOTAL ASSETS		1 145.1	1 182.0

119119

Financial statements | The groupFinancial statements | The group

Consolidated statement of financial position

million EUR	Note	31 Dec 2025	31 Dec 2024
EQUITY AND LIABILITIES
Equity
Share capital	22	22.1	18.3
Additional paid-in capital		394.0	323.0
Reserves		-29.4	-16.7
Accumulated profit (including net profit/loss for the year)		62.0	46.3
Equity attributable to parent company shareholders		448.6	370.8
Non-controlling interests		11.3	13.8
Total Equity		459.9	384.6
Liabilities
Non-current liabilities
Pensions and similar obligations to employees	27	1.2	1.6
Provisions	28	0.0	-
Deferred tax liability	11	44.6	47.2
Bond loan	26	245.7	249.4
Other interest-bearing liabilities	26	227.9	291.9
Other financial interest-bearing liabilities	26	0.0	0.2
Total non-current liabilities	18	519.5	590.2

million EUR	Note	31 Dec 2025	31 Dec 2024
Current liabilities
Other current interest-bearing liabilities	26	34.5	33.4
Other financial liabilities	3	3.1	3.6
Accounts payable		54.7	47.8
Current tax liabilities		2.4	0.6
Other current liabilities		15.2	17.1
Accrued expenses and deferred income	29	55.9	52.5
Total current liabilities excluding liabilities relating to assets classified as held for sale	18	165.7	155.1
Liabilities directly associated with assets classified as held for sale	15	-	52.1
Total liabilities		685.2	797.4
TOTAL EQUITY AND LIABILITIES		1145.1	1 182.0

Trondheim, Norway, 25 March 2026

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Begby

Director

Christian Bekken

CEO

120120

Financial statements | The groupFinancial statements | The group

Consolidated statement of changes in equity
				Retained earnings
		Additional		(incl profit for the		Non-controlling	Total
million EUR	Share capital	paid-in capital	Reserves	year)	Total	interest	equity
Opening balance as of 1 January 2025	18.3	323.0	-16.7	46.3	370.8	13.8	384.6
Net profit for the year	-	-	-	15.6	15.6	0.7	16.2
Other comprehensive income	-	-	-12.7	-	-12.7	0.0	-12.7
Total comprehensive income	-	-	-12.7	15.6	2.9	0.7	3.5
Transactions with owners, recognised directly in equity
New share issue	3.8	72.2	-	-	76.0	-	76.0
Issue cost	-	-1.2	-	-	-1.2	-	-1.2
Dividend	-	-	-	-	-	-1.6	-1.6
Acquisition of non-controlling interest	-	-	-	-0.3	-0.3	-0.4	-0.6
Sale of non-controlling interest	-	-	-	-	-	-1.1	-1.1
Share-based incentive programme	-	-	-	0.4	0.4	-	0.4
Total transactions with shareholders, recognised directly in equity	3.8	71.0	0.0	0.1	74.9	-3.1	71.8
Closing balance as of 31 December 2025	22.1	394.0	-29.4	62.0	448.6	11.3	459.9
Opening balance as of 1 January 2024	18.3	323.0	-14.5	76.5	403.2	12.5	415.7
Net profit for the year	-	-	-	-29.6	-29.6	2.6	-27.0
Other comprehensive income	-	-	-2.2	-	-2.2	0.2	-2.0
Total comprehensive income	-	-	-2.2	-29.6	-31.8	2.8	-29.0
Transactions with owners, recognised directly in equity
Dividend	-	-	-	-	-	-0.9	-0.9
Acquisition of non-controlling interest	-	-	-	-	-	-1.7	-1.7
Sale of non-controlling interest	-	-	-	-	-	0.4	0.4
Change in non-controlling interest	-	-	-	-0.6	-0.6	0.6	0.0
Share-based incentive programme	-	-	-	0.0	0.0	-	0.0
Total transactions with shareholders, recognised directly in equity	-	-	-	-0.6	-0.6	-1.6	-2.2
Closing balance as of 31 December 2024	18.3	323.0	-16.7	46.3	370.8	13.8	384.6

121121

Financial statements | The groupFinancial statements | The group

Consolidated cash flow statement

million EUR	Note	2025	2024
Operating cash flow
Operating income (EBIT)		62.0	20.0
Of which from continuing operations		3.6	8.5
Of which from discontinued operations		58.4	11.5
Adjustments for non-cash items, etc.	33	18.7	66.5
Interest paid and financing costs		-46.9	-46.5
Interest received		2.7	4.4
Income tax paid		-1.0	-11.5
Operating cash flow before changes in working capital		35.4	32.8
Cash flow from working capital changes
Increase/decrease in inventories		-9.9	12.5
Increase/decrease in operating receivables		-17.8	43.7
Increase/decrease in operating liabilities		7.6	-3.8
Cash flow from change in working capital		-20.2	52.4
Cash flow from operating activities		15.3	85.2
Cash flow from investment activities
Purchase of property, plant and equipment and intangible assets	12, 13	-35.9	-32.5
Acquisitions of business	16	-0.6	-2.6
Disposals of property, plant and equipment		1.2	40.4
Divestment of business	14	45.4	-
Divestment of associated companies		0.0	0.2
Cash flow from investment activities		10.1	5.5

million EUR	Note	2025	2024
Cash flow from financing activities
Proceeds from borrowings	26	246.9	-
Repayment of borrowings and lease liabilities	26	-347.2	-80.6
New share issue, net of transaction costs	22	74.8	-
Dividend to non controlling interest		-1.6	-0.9
Cash flow from financing activities		-27.1	-81.5
Cash flow for the period		-1.7	9.2
Opening cash and cash equivalents		72.7	63.6
Exchange difference in cash		-6.5	-0.1
Closing cash and cash equivalents		64.5	72.7
Of which included in assets classified as held for sale		-	35.9

122122

Financial statements | The groupFinancial statements | The group

The group

Accounting principles and notes to the accounts

Note 01 General information

BEWI ASA (the parent company) and its subsidiaries

(together, the group) produce, market and sell packaging,

components and insulation solutions. The parent company

conducts its business through subsidiaries in Sweden,

Finland, Denmark, Norway, the Netherlands, Belgium,

Portugal, Spain, Poland, Germany, UK, France, Lithuania,

Czech Republic, Switzerland, Austria, US, Canada and

through associated companies in Germany, France and

Poland.

The parent company is a public limited company regis-

tered in Norway, with head office located in Trondheim,

Norway, and address Dyre Halses gate 1A, 7042 Trondheim.

BEWI ASA’s registration number is 925 437 948.

The board of directors approved these consolidated

accounts on 25 March for publishing on 26 March 2026.

Note 02 Summary of key accounting principles

The key accounting policies applied in these consolidated

accounts are stated below. The policies have consistently

been applied for all periods unless otherwise specified.

All amounts are reported in million Euro, (million EUR),

unless otherwise specified. The information in brackets

concerns previous years.

2.1 Basis for preparation

The consolidated accounts for the BEWI ASA group (“BEWI

ASA”) have been prepared in accordance with IFRS®

Accounting Standards and interpretations from the IFRS

Interpretations Committee (IFRS IC), as adopted by the EU.

Preparing reports compliant to IFRS requires certain

critical estimates to be made, and management need to

make judgements when applying the group’s accounting

policies. Complex areas, areas where judgements materi-

ally affects the accounting outcome and assumptions and

estimates that are significant to the consolidated accounts,

are stated in note 4.

No new IFRS standards or amendments to standards have

been added in 2025 that have required changes in the

accounting or measurement policies.

2.2 Segment reporting

Operating segments are identified in a manner consistent

with the internal reporting provided to the chief operating

decision-maker, which is the executive management.

The group has identified three segments to be reported:

Insulation & Construction, Packaging & Components and

Circular.

2.3 Associated companies

Holdings in associated companies are reported using the

equity method.

2.4 Translation of foreign currencies

Functional currency and presentation currency

The units of the group use their local currencies as

functional currency as they have been defined as the

currencies used in the primary economic environment

in which the respective units mainly are active. In the

consolidated accounts, Euro (EUR) is utilised as the group’s

presentation currency.

The parent company’s functional currency is NOK. The

majority of BEWI’s operations are conducted in countries

where EUR is the functional currency.

123123

Financial statements | The groupFinancial statements | The group

Transactions and balance sheet items

In general, exchange rate gains and losses arising from

payments of transactions in foreign currency and from

translations of monetary assets and liabilities in foreign

currency are reported in operating income. However,

exchange rate gains and losses arising from borrowings

and cash and cash equivalents are reported as financial

income and expenses.

2.5 Intangible assets

Goodwill

Goodwill is monitored per cash generating unit. Goodwill

is tested for impairment annually or more frequently

should certain events or changes to conditions indicate a

possible impairment need. The carrying value of goodwill

is compared to the recoverable amount, which is the

higher of fair value less costs of disposal and value in use.

Any impairment is immediately reported as an expense

and is not reversed.

Patents/ Licences/ IT

Patents, licences & IT carry a useful life and are reported

at the acquisition cost less accumulated amortisation and

impairment.

Customer relations, trademarks and technology

Customer relations, trademarks and technology assets

have all been acquired through business combinations and

measured at fair value on the acquisition date. Customer

relations and technology have a fixed useful life and are for

subsequent periods reported at the acquisition cost less

accumulated amortisation and impairment. The useful life

of trademarks acquired through business combinations is

evaluated and determined in each acquisition. Net cash

flows generated by trademarks are not expected to cease

in the foreseeable future unless they are product names.

Many of the trademarks in the groups balance sheet have

therefore until now been assessed as having an indefinite

useful life. However, in 2025 nine trademarks with a book

value of EUR 26.2 milion have been reassessed as being

attributable to product names with finite useful lives and

as such subject to amortisations. Trademarks and goodwill

are tested annually for impairment as described above.

Trademarks are for subsequent periods reported at the

acquisition cost less any write-down from impairment.

Useful lives for the group’s intangible assets:

Patents/Licences 5 yr.

Customer relations 8–16 yr.

Technology 6.5–10 yr.

Product names 15-20 yr.

2.6 Tangible assets

Depreciation is recognised on a straight-line basis over the

useful life to the calculated residual value. Such deprecia-

tions are carried out according to the following:

Buildings 10–65 yr.

Frameworks, foundations 64–84 yr.

Frame supplements, interior walls 50 yr.

Heating, sanitary, electricity, front, roof 40 yr.

Interior surface finish/rental preparation 10 yr.

Ventilation 20 yr.

Elevator/transportation 25 yr.

Control system and surveillance 15 yr.

Other property components 50 yr.

Ground installations (facilities) 20 yr.

Plant and machinery 5–18 yr.

Equipment, tools, fixtures and fittings 3–10 yr.

2.7 Inventory

The inventory is reported at the lower of the cost and

net realisable value. Cost is determined using the first-in-

first-out method. Cost also includes expenses relating to

the acquisition, as well as for bringing the goods to their

current location and condition. Cost for the company’s

semi-finished or finished products is the sum of the direct

production costs and the production overhead (based on

normal production capacity).

2.8 Financial instruments

Financial instruments are included in several balance sheet items.

2.8.1 Classification

The group classifies its financial assets and liabilities in the

following categories:

Financial assets at fair value through profit or loss

Financial assets at fair value through profit and loss are

shares and participation rights other than in subsidiaries,

associates and joint ventures. Derivatives are recognised

at fair value through profit or loss. Positive fair values of

derivatives are reported as financial assets.

Financial assets measured at amortised cost

Financial assets measured at amortised cost are financial

instruments where the business model is to collect interest

and principal on the instrument. These are measured at

amortised cost in accordance with the effective interest

method. Accounts receivables are included in this cate-

gory, however due to the short maturity they are measured

at nominal amounts less estimated credit losses.

Financial liabilities at fair value through profit and loss

Financial liabilities at fair value through profit and loss are normally

limited to derivatives and earnouts from business acquisitions.

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost include

bond loans, liabilities to credit institutions, liabilities regard-

ing financial leasing and account payables.

The classification is made in accordance with the purpose of

obtaining the financial asset or liability upon recognition.

2.8.2 Recognition and initial measurement

Financial assets are initially recognised at fair value plus

transaction costs for all financial assets not at fair value

through profit or loss. Financial assets at fair value through

profit or loss are initially recognised at fair value and trans-

action costs are expensed. Financial assets are recognised

when the group becomes a party to the contractual

provisions of the instrument. Regular purchases and sales

of financial assets are recognised on the settlement date.

Financial assets are removed from the balance sheet when

the right to obtain cash flows from the instrument has

expired and the group has transferred all essential risk and

benefits in conjunction with the ownership. Financial liabili-

ties are recognised when the group becomes bound to the

contractual obligations of the instrument. Financial liabilities

are removed from the balance sheet when the obligation

under the agreement is completed or otherwise extin-

guished. Loans and receivables and other financial liabilities

are, after the acquisition date, reported at the amortised cost

calculated using the effective interest method.

2.8.3 Impairments of financial instrument

At each balance sheet date, financial assets measured

at amortised cost are assessed for impairment based

on Expected Credit Losses (ECL). ECLs are the difference

between all contractual cash flows that are due in

accordance with the contract and all the cash flows that

the group expects to receive, discounted at the original

effective interest rate. Allowances for trade receivables are

always equal to lifetime ECL.

2.9 Current and deferred tax

The period’s tax expenses include current and deferred

tax. The current tax expense is calculated on the basis of

124124

Financial statements | The groupFinancial statements | The group

the tax regulations in force on the balance sheet day in the

countries in which the parent company and its subsidiaries

are active and generate taxable revenue. Deferred tax is

reported, in accordance with the balance sheet method,

for all temporary differences between the tax value of

assets and liabilities and the carrying amount of the

consolidated accounts. Deferred tax is calculated with the

application of the tax rates in force on the balance sheet

day and the rates expected to be in force when the tax

asset is realised, or the tax liability is cleared. Deferred tax

assets on carry forwards are reported to the extent likely

that future fiscal surplus will be available, against which the

deficits may be exploited.

2.10 Employee remuneration

Pension commitments

The group has several post-employment benefit plans,

including defined benefit plans, of which the majority of

the pension schemes are defined contribution plans. A

defined contribution plan is a pension plan according to

which the group pays a fixed fee to a separate legal entity.

The group carries no legal or constructive obligations

to pay additional fees should the entity lack sufficient

resources to remunerate all employees what they are due

as a result of their service, in the current or prior periods.

The fee is reported as a personnel cost when matured. A

defined benefit plan is a pension plan without defined

contribution. Defined benefit plans normally set out an

amount for the employee to receive upon retirement,

normally based on one or several factors such as age,

period of service and salary. The group provides defined

benefit plans for a limited number of people in the UK.

These plans are further described in note 26. In addition,

the group provides other long-term benefits in the

Netherlands for long-term service (Jubilee fund), calculated

in the same manner as a defined benefit plan. The liability

reported on the balance sheet in conjunction with the

defined benefit pension plan is the present value of the

defined benefit commitment at the end of the reporting

period less the plan assets’ fair value. The defined benefit

pension commitment is calculated annually by independ-

ent actuaries using the projected unit credit method. The

present value of the defined benefit liability is determined

through discounting future estimated cash flows using

the interest rate for investment grade corporate bonds or

housing bonds issued in the same currency as the benefits,

with terms comparable to the pension commitment

in question. The net interest is calculated by applying

discounted interest charges to defined benefit plans and

for the fair value of the plan assets. The current service

cost is included in the personnel costs and the net interest

among financial items. Revaluation gains and losses as

a result of adjustments in accordance with experience

and changes to actuarial estimates are reported in other

comprehensive income for the period during which they

arise. They are part of the profit carried forward in the

changes to consolidated equity and the balance sheet.

Costs for service in prior periods are reported in the

income statement.

Share-based incentive programme

BEWI ASA has a share-based incentive programme, enti-

tling the participants to subscribe for shares in BEWI ASA

during a three-year period.

The fair value of the share options issued is determined

at the grant date in accordance with the Black & Scholes

valuation model, taking into consideration the terms and

conditions that are related to the share price.

The value is recognised in the income statement as a

personnel cost allocated over the vesting period with a

corresponding increase in equity.

The recognised cost corresponds to the fair value of the

estimated number of share options that are expected to

vest. This cost is adjusted in subsequent periods to reflect

the actual number of vested options and shares.

2.11 Revenue recognition and net sales

BEWI sells products for insulation to the construction

industry as well as packaging solutions to the manufactur-

ing industry and food producers. Virtually all of these sales

transactions meet the definition of a point in time revenue

recognition. The sales are reported as revenue when the

product is delivered to a customer. Delivery is deemed to

have taken place when the products have arrived at the

location defined by the shipment terms.Net sales in the

Income Statement consist of sale of goods and services in

the ordinary course of business, traded goods sold, and

deduction of customer discounts and bonuses.

2.12 Leases

The group has decided to apply the practical expedients

for short-term leases and low-value assets. This means

that contracts with shorter maturities than 12 months

and leases of low value (value of assets when it is new of

less than EUR 5 000) are not included in the calculation of

right-of-use assets or leasing liabilities but continue to be

reported with straight-line expense over the lease term.

Examples of low value assets are computers, printers and

copiers.

2.13 Government grants

Government grants are recognised in profit or loss on

a systematic basis over the periods in which the related

expenses, which the grants are intended to compensate

for, are recognised. Government grants are recognised as

a reduction of such related expenses. Government grants

received for investments are recognised in the balance

sheet as a reduction of the booked value of the asset.

2.14 Cash flow statement

Cash flow statement is prepared using the indirect

method. The reported cash flow solely contains transac-

tions giving rise to payments .

2.15 New accounting standards

IASB has issued the following new standard with effective

date of January 1, 2027.

In April 2024, IASB issued a new standard, IFRS 18 that will

replace IAS 1 Presentation of Financial Statements. The

standard sets out the requirements for the presentation

and disclosure of information in the financial statements to

ensure better comparability, consistency and faithful rep-

resentation of an entity’s assets, liabilities, equity, income,

and expenses. The new standard’s biggest impact is on

the statement of profit or loss (income statement), where it

includes more specific guidance on how the statement of

profit or loss shall be presented mandating certain income

and expense classification and subtotals to be presented.

Impact at transition: The standard is effective for the annual

periods beginning on or after January 1, 2027. The Company

will apply the new standard as from January 1, 2027. At

transition, the Company will apply the new presentation

and disclosure requirements retrospectively for all periods

presented. As the standard only impacts the presentation

and disclosure requirements, and not the measurement of

any items presented in the financial statements, there will be

no effect on retained earnings at transition date.

The Company is still assessing the detailed impact that the

transition to IFRS 18 will have on the financial statements.

125 125

Financial statements | The group Financial statements | The group

Note 03 Financial risk management

3.1 Financial risk factors

The group is through its activities exposed to several different risks: market risks (currency risk, interest rate risk and price risk),

credit risk and liquidity risk. The group’s comprehensive financial risk management is focused on the unpredictability of the

financial markets and strives to minimise any adverse effect on the consolidated profits. The use of derivative financial instru-

ments has so far mainly been limited to mitigation of currency exposure on intra-group borrowing and lending and the cash

flow risk from variable interest on the long-term borrowing. The risk management is controlled by the central finance depart-

ment and the treasury function within that department. The finance department identifies, evaluates and hedges financial risks

in close cooperation with the group’s operative units.

Currency risk

The group operates in the Nordic countries, in continental Europe, in the UK and in North America and is mainly exposed to cur-

rency risk arising from currency exposure to the Swedish Krona (SEK), the Danish Krone (DKK) and the Norwegian Krone (NOK).

Currency risks arise from both transaction exposure and translation exposure. Transaction exposure should, when possible, be

centralised and managed by the group’s central treasury function.

Transaction exposure

Transaction exposure arises when revenues and costs are incurred in different currencies and exposes the group to changes in

net cash flow due to fluctuations in exchange rates. This is applicable to both operational cash flows and to financial commit-

ments that will end in a cash outflow or inflow. Transaction exposure also arises on fair value changes on existing balance sheet

items in foreign currency, such as trade receivables and liabilities and borrowing and lending, when these items are revalued on

the balance sheet date or when settled. The largest transaction exposure to operational cash flows is attributable to raw mate-

rial purchases in Sweden and Norway, which are done in EUR. As DKK is pegged to the EUR, Denmark is not subject to that same

exposure. In addition, there is also a minor exposure between other currency pairs where sales or purchases are concluded in

foreign currencies. The largest fair value exposure on the balance sheet is related to intra-group loans, mainly EUR denominated,

from Sweden to its subsidiaries. However, the main sources of funding for the group, the bond loan and the RCF facility, are

denominated in EUR to match the intragroup loans to subsidiaries predominately located in the Euro area. The currencies in

which the group’s interest-bearing liabilities are denominated are presented in note 26.

The following measures are taken by BEWI to reduce the transaction exposure:

• For raw material purchases from the Euro area into the Nordics, price and currency clauses are in general incorporated into

customer agreements.

• Intra-group trade receivables and liabilities should be settled within a limited time-frame.

• The group’s external borrowing should be matched to the currency of intra-group lending to subsidiaries.

• Bank balances in foreign currency should be exchanged to local currency as soon as possible.

Transaction exposure to operational cash flows are only occasionally and to a limited extent hedged by using derivatives.

However, to the extent that there is a major net exposure in any currency from borrowing and lending, that balance sheet

exposure should be hedged by using forward contracts or swaps. Net balance sheet exposure has been managed by a

combination of short-term derivatives and long-term derivatives, depending on the nature of the exposure. Hedge

accounting has not been applied for these hedges.

The net fair value of derivate contracts used for hedging transaction exposure, as of 31 December, and for which hedge

accounting has not been applied is presented in the table below. The derivative assets are reported as Other financial assets

in the balance sheet and the derivative liabilities as Other financial liabilities.

million EUR 0-6 months 7-12 months 2-3 yr. 3-4 yr. 4-5 yr.

As of 31 Dec 2025

Derivative asset – fair value through income statement 0.2 0.8 - - -

Derivative liability – fair value through income statement -0.4 -2.6 - - -

Total -0.2 -1.8 - - -

As of 31 Dec 2024

Derivative asset – fair value through income statement 0.0 - 1.6 - -

Derivative liability – fair value through income statement -0.3 - - - -

Total -0.3 - 1.6 - -

The impact from transaction exposure on consolidated profit or loss is presented in note 10.

Translation exposure

Translation exposure arises when the income statements and balance sheets of foreign operations are translated to EUR, the

presentation currency of the group’s financial statements. The reported net sales and profit of the group, as well as the net

assets of the group, are consequently exposed to changes in exchange rates between EUR and the currencies of the group’s

foreign operations. The translation exposure is not hedged, but the group strives to have a balance in major currencies between

net debt, equity and EBITDA to reduce volatility in the balance sheet and key financial ratios.

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A sensitivity analysis shows that if EUR would have fluctuated by 5 per cent against all other currencies in the group, the impact

on adjusted EBITDA would have been +/- EUR 1.9 million in 2025 (EUR 1.2 million). This assumes that all other variables are

held constant and ignores any compensating effects from transaction exposure, for example the impact from raw material

purchases.

Interest rate risk

Interest rate risk is the risk that changes in market interest rates will have a negative impact on cash flow or fair value of financial

assets and liabilities. Cash flow risk arises from changes in variable interest rates, whereas fair value risk arises from changes in

fixed interest rates. It is the policy of the group to limit the interest rate risk to cash flow risk by restricting the allowed average

interest duration for both borrowing and financial investments. However, it is possible to deviate from that principle when

deemed adequate, for example due to large unfavourable moves in market interest rates. The group’s borrowing is primarily

exposed to changes in Euribor through the bond loan, and short term interest rates in SEK and NOK, as further outlined in Note

26 Borrowings. Due to the substantial increase in the Euribor a few years ago, the group entered into two interest rate swaps

in 2024, to hedge the cash flow risk from the bond loan interest payments, by swapping 70% of the variable interest to fixed

interest until the bond loan maturity date on 3 September 2026. The details of this hedge are further outlined under the section

Hedge accounting below. In connection with the bond refinancing in September 2025, the hedge relationship was broken and

there were no hedges against interest rate risk by the end of 2025 in the group. The group’s lending to joint ventures, is exposed

to changes in Euribor, as described in Note 17 Shares in associates and joint ventures.

In the event that the interest rate would fluctuate up or down by 50 basis points, all other variables held constant, the impact

on net profit would have been +/- EUR 1.1 million in 2025 (EUR 1.4 million).

Price risk

The group is exposed to price risks in relation to shareholdings other than shares held in group companies or associated com-

panies and joint ventures. Such other shareholdings are measured at fair value, but the modest value of these holdings in the

consolidated statements of financial position, makes the risk limited. The corporate bonds are listed on Nasdaq Stockholm, and

the group is therefore exposed to fluctuations in the market value if the repurchase clause in the bond agreement would be

utilised.

Credit risk

Credit risk refers to the risk that a counterparty in a financial transaction may not fulfil its obligations. It is a risk applicable to

trade receivables, lending and to cash and cash equivalents. Credit risks are managed by the central treasury function, except

for credit risks related to accounts receivables, which are managed locally by the subsidiaries or business units.

Each subsidiary or business unit shall monitor and analyse the credit risks for each new customer before standard terms for

payment and delivery are offered. If customers are credit rated by independent credit rating agencies, these credit ratings

are utilised. In the event that no independent credit rating exists, the group company undertakes a risk assessment of the

customer’s creditworthiness, in which the customer’s financial position is considered, as well as previous experience and other

factors. Individual risk limits are determined on the basis of internal or external credit ratings. In case no relevant credit risk can

be assessed and no credit limit established, only prepayments are accepted. The application of credit limits is monitored regu-

larly. The credit-term is normally 30 days, but both shorter and longer terms are applied, depending on the customer and local

practices. A breakdown of maturity for accounts receivables, as well as description of the principles for estimating credit losses,

are presented in note 19 Accounts receivables.

To minimise the credit risk for cash and cash equivalents, only banks and financial institutions with strong credit rating from

independent credit rating agencies are accepted. The maximum credit risk exposure corresponds to the financial assets

presented in note 18 Financial instruments per category.

Liquidity risk

Liquidity risk is the risk that the group does not have access to adequate financing on acceptable terms at any given point in

time. This requires a combination of short-term monitoring of cash flow and securing short and long-term financing of the

group.

Cash flow forecasts are prepared by the group’s operating companies and are closely monitored by the treasury department.

The group should always have a sufficient liquidity reserve to meet the short-term operating needs. In order to balance seasonal

effects in operating cash flow, and managing other short term funding needs mainly related to change in working capital, the

group has secured a EUR 75.0 million revolving credit facility (RCF). The existing RCF was entered into in connection with the

bond refinancing in 2025 and replaced a EUR 111.5 million RCF that was due in 2026 (EUR 123.5 million on 1 January 2025 and

gradually reduced to EUR 111.5 million at the time of the refinancing). The facility is provided by two banks and matures on

29 August 2028. As part of this facility, one of the participating banks is providing an overdraft facility. In September 2024, the

group also entered into a receivables purchase agreement (RPA) with one of the banks granting the RCF. On 31 December 2025,

EUR 40.7 million was utlised under the RPA.

For the long-term financing of the group, BEWI has issued a EUR 250 million four year bond, within a frame of EUR 325

million, that matures on 12 September 2029. The existing bond replaced a EUR 250 million sustainability linked bond that was

redeemed in September 2025. A detailed description of the terms for the bond loans is given in note 26 Borrowings. In addition

to the

centrally negotiated borrowings, there are also a few liabilities to credit institutions and overdraft facilities in companies

acquired, that have not been subject refinancing post acquisition.

127127

Financial statements | The groupFinancial statements | The group

The amounts in the table below are the agreed, undiscounted cash flows, including both principal and interest.

As of 31 Dec 2025

million EUR <1 yr. 1–2 yr. 2–5 yr. >5 yr.

Bond loans - - 250.0 -

Liabilities to credit institutions 1.9 1.0 2.3 0.7

Overdraft 1.6 - - -

Accounts payables 54.70 - - -

Liabilities leases 41.6 40.7 98.9 195.6

Total 99.8 41.7 351.2 196.2

As of 31 Dec 2024

million EUR <1 yr. 1–2 yr. 2–5 yr. >5 yr.

Bond loans - 251.9 - -

Liabilities to credit institutions 8.4 70.4 1.6 0.5

Overdraft 1.4 - - -

Accounts payables 77.0 - - -

Other non-current liabilities 0.2 - - -

Liabilities leases 40.6 37.3 100.1 214.0

Total 127.6 359.6 101.7 214.5

The undiscounted cash flow for liabilities leases correspond to the future lease payments reflected in the calculation of the

discounted lease liability in accordance with IFRS 16.

Hedge accounting

In 2024, the group entered into interest swaps, by swapping variable interest on the bond loan at that time to fixed. The swaps

had similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount.

The group did not hedge 100% of its bond loan, and so the hedged item was identified as a proportion of the outstanding

bond loan up to the notional amount of the swaps. Since all critical items matched, there was an economic relationship and

hedge accounting was applied to these cash flow hedges. In connection with the bond refinancing in September 2025, the

hedge was broken and hedge accounting consequently no longer applied and fair value changes previously recognised in OCI

were brought to profit and loss.

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness

assessments, to ensure that an economic relationship exists between the hedged item and the hedging instrument. Hedge

ineffectiveness for interest rate swaps were tested by comparing, for example, the maturity, currency and interest terms of the

swap against those of the hedged loan. No hedge ineffectiveness was indentified for interest rate swaps or FX forwards in 2025

and 2024.

The derivative liabilities arising from cash flow hedges for which hedge accounting has been applied are recognised as Other

financial liabilities and specified in the table below.

As of 31 dec 2025

million EUR 0-6 months 7-12 mån 2-3 years

Derivative liability – fair value through OCI

Interest rate swaps - - -

FX forwards - - -

Total - - -

As of 31 dec 2024

million EUR 0-6 months 7-12 mån 2-3 years

Derivative liability – fair value through OCI

Interest rate swaps - - 3.3

FX forwards - - -

Total - - 3.3

128128

Financial statements | The groupFinancial statements | The group

A reconciliation of the group’s hedging reserve is presented in the tables below.

million EUR

Interest

rate swaps FX forwards Total

As of 31 dec 2024 -3.3 - -3.3

Reclassified from OCI to profit and loss 3.3 - 3.3

As of 31 dec 2025 - - -

million EUR

Interest

rate swaps FX forwards Total

As of 31 dec 2023 - -0.1 -0.1

Change in fair value through OCI -3.3 - -3.3

Transferred to the cost of inventory - 0.1 0.1

As of 31 dec 2024 -3.3 - -3.3

3.2 Fair value

The table below presents the fair value of financial instruments measured at fair value though profit and loss, or, which is the

case with the bond loans, fair value of financial instruments measured at amortised cost. The carrying amount of the group’s

other financial assets and liabilities is considered to constitute a good approximation of fair value, since they carry floating

interest rates or are of a current nature.

As of 31 Dec 2025

Carrying

amount million EUR Level 1 Level 2 Level 3 Total

Financial assets measured at amortised cost

Discounted receivable - - 26.2 26.2 26.2

Total - - 26.2 26.2 26.2

Financial assets measured at fair value through profit and loss

Participation in other companies - - 0.0 0.0 0.0

Derivative asset - 1.0 - 1.0 1.0

Total - 1.0 0.0 1.0 1.0

Financial liabilities measured at amortised cost

Bond loan 250.6 - - 250.6 245.7

Total 250.6 - - 250.6 245.7

Financial liabilities measured at fair value through profit and loss

Derivative liability - 3.0 - 3.0 3.0

Total - 3.0 - 3.0 3.0

129129

Financial statements | The groupFinancial statements | The group

As of 31 Dec 2024

Carrying

amount million EUR Level 1 Level 2 Level 3 Total

Financial assets measured at fair value through profit and loss

Participation in other companies - - 0.5 0.5 0.5

Derivative asset - 1.6 - 1.6 1.6

Total - 1.6 0.5 2.1 2.1

Financial liabilities measured at amortised cost

Bond loan 248.1 - - 248.1 249.4

Total 248.1 - - 248.1 249.4

Financial liabilities measured at fair value through other comprehensive income

Derivative liabilities - 3.3 - 3.3 3.3

Total - 3.3 - 3.3 3.3

Financial liabilities measured at fair value through profit and loss

Derivative liability - 0.3 - 0.3 0.3

Other financial non-current liabilities - - 0.2 0.2 0.2

Total - 0.3 0.2 0.5 0.5

Level 1 – Listed prices (unadjusted) on an active market for identical assets and liabilities.

Level 2 – Other observable data for the asset or liability that is listed prices included at level 1, either directly (as price) or

indirectly (derived from price).

Level 3 – Data for the asset or liability that is not based observable market data.

Level 3 – Changes during the period, million EUR

Participation in other

companies Discounted receivable

Other financial

non-current liabilities

As of 31 Dec 2024 0.5 - 0.2

Fair value adjustment through profit and loss 0.0 - 0.1

Paid during the year - - -0.3

Divestment of RAW -0.5 25.3 -

Interest capitalised - 0.8 -

As of 31 Dec 2025 0.0 26.2 -

Level 3 – Changes during the period, million EUR

Participation in other

companies

Other financial

non-current liabilities

As of 31 Dec 2023 0.5 0.4

Settlement - -0.2

As of 31 Dec 2024 0.5 0.2

130130

Financial statements | The groupFinancial statements | The group

3.3 Capital management

The group’s capital is defined as capital employed, which comprises total equity and net debt. The objective for the capital

structure is to guarantee the group’s capacity to continue its operations and to support a profitable growth through a combi-

nation of M&A activities and organic growth, with the aim to continue generating return to shareholders and benefits to other

stakeholders. This should be achieved through an optimal capital structure that reduces the cost of capital. In order to maintain

or adjust the capital structure, the group may: alter the dividend to shareholders, reimburse capital to shareholders, issue new

shares, raise new loans or dispose of assets. The capital is assessed on the basis of the return on capital employed. Net debt is

defined as interest-bearing liabilities less cash and cash equivalents. Net debt is calculated both with and without the effect

from IFRS 16 Leases, as the covenants stated in the revolving credit facility agreement and the bond loan agreement are based

on a net debt calculation excluding the effect of IFRS 16. For the sake of calculating capital employed, net debt includes the

effect of IFRS 16. For more information on the components of interest-bearing liabilities, please refer to note 26. Return on

capital employed is calculated as rolling 12 months adjusted EBITA (earnings before interest, tax and amortisations after adding

back items affecting comparability) as a percentage of average capital employed during the same period, where the average is

calculated with each quarter during the measurement period as a measuring point.

million EUR 31 Dec 2025 31 Dec 2024

Total interest-bearing liabilities (A) 508.2 583.7

Cash and cash equivalents (B) 64.5 72.7

Net debt including IFRS 16 (A-B) 443.7 511.0

Effect of IFRS 16 leasing liabilities (C) 246.3 247.0

Net debt excluding IFRS 16 (A-B-C) 197.4 264.0

Total equity (D) 459.9 384.6

Capital employed (A-B+D) 903.6 895.6

Average capital employed (E) 907.4 946.1

Adjusted EBITA (F) 26.3 33.4

Return on capital employed (F/E) 2.9% 3.5%

The lower net debt including IFRS 16 leasing liabilities in 2025 compared to 2024 is explained by the new share issue in 2025.

For that same reason, net det excluding IFRS 16 leasing liabilities is also lower in 2025 than in 2024. Average capital employed in

2025 is, however, in line with that of last year, as the new share issue also increased equity, thereby offsetting the impact from

the new share issue on net debt. Return on capital employed decreased slightly from 3.5% in 2024 to 2.9% in 2025, explained by

a lower EBITA for total operations, i.e. including divested operations.

131131

Financial statements | The groupFinancial statements | The group

Note 04 Critical accounting estimates and significant judgements

Estimates and assessments are continuously evaluated and are prepared on the basis of historical experience and other factors,

including expectations regarding future events deemed reasonable under existing condition.

4.1 Critical accounting estimates

The group makes estimates and assumptions about the future. Accounting estimates will, by definition, rarely be equivalent to

the actual result. The estimates and assumptions contain a significant risk for material adjustments to carrying amounts of assets

and liabilities during the following financial years are outlined below.

a) Consideration of impairment need of goodwill and trademarks

The group examines annually whether any impairment need for goodwill or trademarks is at hand, in accordance with the

accounting principle set out in note 2. Recoverable amounts have been determined on the basis of calculations of values in use.

These calculations include certain estimates to be carried out (see note 12 Intangible assets).

b) Leases

In determining the lease term, an estimation of each contract, including whether to include an extension option or not, is made.

Contracts for production facilities, which is the major part of the leasing in the group, normally runs for 10-17 years. The determi-

nation of lease terms and how to treat extension options affect both the leasing liability and the right-of-use asset. A description

of lease-terms is found in Note 8 Leasing.

Determination of the rates at which the lease liabilities are discounted affects the lease liability and interest expense. It deter-

mines the discounting of lease liabilities and right-of-use assets recognised in the consolidated statement of financial position,

as well as the split between interest expense and depreciation recognised in the consolidated statement of profit or loss over

the lease term. How the group estimates its incremental borrowing rate, to measure lease liabilities at the present value of lease

payments, is described in Note 26 Borrowings.

4.2 Significant judgements

a) Judgements when assessing derecognition

Assessing whether accounts receivable sold under receivables purchase agreements qualify for derecognition from the balance

sheet includes critical judgements as to whether substantially all risks and rewards of ownership have been transferred. This

includes judgement of the extent to which credit risk, credit insurance, currency risk and late payment risk attributable to the

receivables have been transferred to the purchasing party.

b) Judgements when assessing sale and leaseback transactions

Assessing whether a sale and leaseback transaction meets the requirements to be recognised as a sale of an asset at a point in

time, includes judgement of whether the relevant performance obligations are satisfied. The relevant performance obligations

are satisfied when control of the asset is obtained by the buyer.

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Financial statements | The groupFinancial statements | The group

Note 05 Net sales distribution and segment information

Operating segments are reported in a manner that corresponds with the internal reporting submitted to the chief operating

decision maker. The executive management constitutes the chief operating decision maker for the BEWI group and takes

strategic decisions in addition to evaluating the group´s financial position and earnings.

Group management has determined the operating segments based on the information that is reviewed by the executive man-

agement and used for the purposes of allocating resources and assessing performance. The executive management assesses

the operations based on four operating segments: RAW, Insulation & Construction, Packaging & Components and Circular. Sales

between segments take place on market terms.

million EUR

Insulation &

Construction

Packaging &

Components Circular Unallocated

Elimination

continuing operations

Total –

continuing operations

Discontinued

operation

Elimination

discontinued operations Total operations

2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024

Internal net sales 2.5 2.4 5.1 1.5 16.4 12.2 0.0 0.0 -24.1 -16.0 0.0 0.0 68.5 137.1 -68.5 -137.1 0.0 0.0

External net sales 418.3 426.0 334.0 306.9 43.9 40.3 0.0 0.0 796.2 773.2 117.7 242.2 914.0 1 015.4

Net sales 420.9 428.4 339.1 308.3 60.3 52.5 0.0 0.0 -24.1 -16.0 796.2 773.2 186.3 379.2 -68.5 -137.1 914.0 1 015.4

Raw material, consumables and

goods for resale -189.0 -202.0 -113.7 -111.0 -40.3 -36.2 0.0 -0.1 11.5 1.2 -331.6 -348.1 -147.6 -293.2 68.5 136.6 -410.6 -504.6

Adj. EBITDA 37.2 36.5 51.8 43.4 -3.5 -4.9 -4.2 -3.9 81.3 71.2 2.2 20.0 83.5 91.2

EBITDA 36.3 35.8 52.0 47.3 -4.1 -5.3 -4.8 -5.9 79.3 71.9 58.4 19.2 137.7 91.1

EBITA 10.5 13.8 25.0 23.1 -7.6 -9.5 -5.7 -6.8 22.1 20.5 58.4 12.7 80.5 33.3

Share of income from associates and

joint ventures -1.1 -1.7 - - 0.1 0.2 -4.5 - -5.5 -2.4 - - -5.5 -2.4

EBIT 2.6 7.8 20.8 19.2 -8.4 -10.4 -11.5 -8.0 3.6 8.5 58.4 11.5 62.0 20.0

Net financial items -48.2 -45.3 -48.7 -48.1

Income before tax -44.6 -36.8 13.3 -28.1

133133

Financial statements | The groupFinancial statements | The group

Specification of impact from specific amounts on the segmentation 2025 2024

Share of income from associated companies and joint ventures

Adjusted EBITDA, EBITDA, EBITA and EBIT for Insulation & Construction -1.1 -1.7

Adjusted EBITDA, EBITDA, EBITA and EBIT for Packaging & Components 0.0 -

Adjusted EBITDA, EBITDA, EBITA and EBIT for Circular 0.1 0.2

Adjusted EBITDA, EBITDA, EBITA and EBIT for Unallocated -4.5 -

Capital gain/loss from sale of assets

EBITDA, EBITA and EBIT for Insulation & Construction -0.2 -0.7

EBITDA, EBITA and EBIT for Packaging & Components 0.1 -4.0

EBITDA, EBITA and EBIT for Circular - 0.0

EBITDA, EBITA and EBIT for Unallocated 0.0 0.9

Restructuring costs

EBITDA, EBITA and EBIT for Insulation & Construction -0.9 -0.6

EBITDA, EBITA and EBIT for Packaging & Components -0.8 -0.3

EBITDA, EBITA and EBIT for Circular -0.6 0.0

Impairment tangible assets

EBITA and EBIT for Insulation & Construction -1.5 -1.1

EBITA and EBIT for Packaging & Components 0.0 -0.5

EBITA and EBIT for Circular 0.0 -0.1

Impairment other intangible assets except goodwill

EBIT for Insulation & Construction -0.4 -

EBIT for Packaging & Components -0.1 -

EBIT for Unallocated -0.7 -

Net sales per country (Customers’ geography) 2025 2024

Norway 146.6 140.8

Netherlands 114.4 112.4

Germany 99.6 84.9

UK 81.6 86.5

Sweden 72.8 72.0

Denmark 64.3 69.2

Portugal & Spain 46.4 48.0

Finland 38.1 35.9

Belgium 26.9 29.5

France 22.4 24.7

Baltics 19.9 18.4

Poland 17.1 10.7

Czech Republic 12.2 9.4

Slovakia 3.7 4.0

Switzerland 2.9 3.3

Romania 2.2 3.4

Italy 1.0 2.2

Austria 0.9 1.2

Iceland 0.7 0.6

Faroe Islands 0.3 0.3

Total Other 22.3 15.8

Total continuing operations 796.2 773.3

Discontinued operations 117.8 242.1

Total operations 914.0 1 015.4

134 134

Financial statements | The group Financial statements | The group

Note 06 Employee remuneration etc.

million EUR 2025 2024

Salary and other remuneration

-139.4 -130.3

Social security expenses

-25.6 -23.5

Pension costs – defined contribution plans -6.8 -6.9

Pension costs – defined benefit plans -0.1 0.0

Total remuneration to employees -171.9 -160.7

The costs in the table above reflect costs for own employees.

whereof 0.3 (-0.0) is a cost for sharebased payments.

whereof 0.1 (0.0) is reversal of previously recognized social security expenses attributable to sharebased payments.

Average number of full time employees (FTE) with geographical breakdown by country

2025 2024

Average FTE total Whereof men Average FTE total Whereof men

Sweden 272 195 269 196

Finland 116 91 116 91

Denmark 232 156 229 156

Norway 346 304 352 267

the Netherlands 386 338 380 323

Belgium 85 73 91 7

Portugal 212 130 201 115

Spain 82 78 78 75

Poland 291 192 279 189

Germany 468 361 426 338

UK 197 149 203 156

France 12 11 11 9

Lithuania 108 90 88 66

Czech Republic 25 21 23 19

Canada 4 2 7 3

Switzerland - - 1 1

Austria - - 4 4

US 2 - 3 3

Total 2 838 2 191 2 761 2 018

135 135

Financial statements | The group Financial statements | The group

Remuneration to senior executives

The senior executives comprise of the board of directors, CEO of BEWI ASA and managers in the executive

management

directly reporting to the CEO and remunerations for those applies to:

BEWI ASA 1 Jan 2025–31 Dec 2025 1 Jan 2024–31 Dec 2024

million EUR

Basic salary

incl. benefits/

board fees

Variable

remuneration

Retirement

compensation

Basic salary

incl. benefits/

board fees

Variable

remuneration

Retirement

compensation

Board of directors

6 members of the board, whereof 3 women

Gunnar Syvertsen (chairman) 0.06 - - 0.06 - -

Kristina Schauman 0.04 - - 0.03 - -

Anne-Lise Aukner 0.03 - - 0.03 - -

Rik Dobbelaere 0.03 - - 0.03 - -

Andreas Mjølner Akselsen 0.03 - - 0.03 - -

Pernille Skarstein 0.03 - - 0.03 - -

Total 0.22 - - 0.21 - -

CEO

Christian Bekken 0.28 0.04 0.01 0.27 0.04 0.01

Other Senior Executives

1.41 0.12 0.24 1.25 0.18 0.29

Total 1.69 0.16 0.25 1.53 0.23 0.29

Consultancy services board members

Gunnar Syvertsen 0.07 - - 0.07 - -

Rik Dobbelaere 0.12 - - 0.12 - -

The executive management has been decreased with one employee as from 1 November 2024. The costs are reflected in the numbers above from this date.

Share-based incentive programme

In November 2020, the parent company BEWI ASA implemented a share-based incentive programme, entitling the participants

to subscribe for shares in BEWI ASA during a three-year period. In November 2024 an additional share-based incentive pro-

gramme was launched. The purpose of both programmes is to further align the interests of the company and its shareholders

by providing incentives in the form of awards to employees to motivate them to contribute materially to the success and

profitability of the company. The features of the programmes are further described in note 24.

Severance pay

Subject to the CEO’s employment agreement, there is a mutual notice period of 6 months in the agreement. If the agreement is

terminated by the company, the employee is in addition to the notice period entitled to 12 months severance pay. The sever-

ance pay is deductible against income or compensation from other employment.

136136

Financial statements | The groupFinancial statements | The group

Note 07 Remunerations to auditors

million EUR 2025 2024

PwC

– The audit assignment -0.9 -0.8

– Audit activities other than the audit assignment -0.3 -0.1

– Tax advice 0.0 -

– Other services -0.1 -0.1

Total -1.3 -1.0

Other accounting firms than PwC

– The audit assignment -0.4 -0.2

– Audit activities other than the audit assignment 0.0 -

– Tax advice 0.0 -0.1

– Other services -0.1 0.0

Total -0.6 -0.4

Audit activities other than the audit assignment from PwC mainly include costs related to the ESG reporting.

Note 08 Leasing

Lease-terms and extension options

The group leases buildings (e.g. production facilities, warehouses, offices), machinery (e.g. gas facilities, compressors, moulding

machines) and equipment (e.g. cars, trucks, fork-lifts). Contracts for production facilities normally run for 10-17 years, but there

are exceptions with both shorter and longer lease terms. Separate warehouses are normally leased for 1–2 years, with a few

exceptions. In case a warehouse rent is paid based on usage, for example pallet space used, it is treated as variable and not

subject to capitalisation in accordance with IFRS 16. Office space is normally leased for three years. Based on the assumption

that a business cycle lasts for eight years and that predictions beyond that period are difficult, extension options for contracts

for production facilities expiring after that time-frame are not considered when assessing the lease-term, unless specific condi-

tions are present. Extension options for warehouses and offices are not reflected.

The lease term for other assets vary, but normally range between 3–5 years. Purchase options are considered in the capitalised

amount if deemed reasonably certain that such an option will be exercised, but this is not common. Extensions options are

reflected when it is deemed reasonable that they will be exercised.

Discount rate, liability and carrying amount

Discount rates applied and total leasing liability are described in note 26 Borrowings. Maturity dates for the undiscounted values

are presented in note 3 Financial risk management. Carrying amounts and depreciations of the assets capitalised are presented

in note 12 Intangible assets and note 13 Tangible assets.

Lease expenses for lease contracts capitalised in accordance with IFRS 16

million EUR 2025 2024

Depreciations and amortisations -25.8 -24.0

Interest expense -17.4 -16.2

Total -43.1 -40.1

137137

Financial statements | The groupFinancial statements | The group

Lease expenses for lease contracts not capitalised in accordance with IFRS 16

million EUR 2025 2024

Lease expense short-term leases -1.1 -1.2

Lease expense low-value assets -0.1 -0.1

Lease expense variable leases -0.8 -1.0

Total -1.9 -2.3

Cash flow from leases

million EUR 2025 2024

Recognised in operating cash flow

Operating income -1.9 -2.3

Interest paid -17.4 -16.2

Cash flow from financing activities

Repayment of borrowings -23.5 -21.1

Total -42.8 -39.6

In 2024, three real estate properties were divested to the Swedish listed company Logistea AB in sale and leaseback transactions.

The transactions gave rise to a capital gain of EUR 4.5 million. The lease terms run for 17 years, with options to extend the lease

terms for another five years.

Note 09 Financial income and expense

million EUR 2025 2024

Interest revenue 2.2 3.7

Other financial income 0.0 0.1

Total financial income 2.2 3.8

Interest expenses -43.6 -47.0

Costs related to refinancing -5.6 -

Revaluation bond -0.4 -1.2

Fair value change derivatives -1.6 1.1

Exchange rate losses 0.8 -2.1

Total financial expense -50.3 -49.1

Total financial income and expense - net -48.2 -45.3

EUR -1.8 million (EUR -1.9 million) of the interest expenses were attributable to amortisation of financing cost.

Net financial income and expense per category of financial instrument

million EUR 2025 2024

Financial assets and liabilities measured at fair value through profit and loss -1.6 1.1

Financial assets and liabilities measured at amortised cost -46.6 -46.4

-48.2 -45.3

138138

Financial statements | The groupFinancial statements | The group

Note 10 Exchange differences – net

Exchange differences have been reported in the income statement as follows:

million EUR 2025 2024

Other external costs 0.2 -0.3

Fair value change derivatives 0.0 0.0

Total exchange difference in other operating expenses 0.2 -0.3

Exchange rate losses 0.8 -2.1

Fair value change derivatives -1.6 1.1

Total financial income and expense (note 9) -0.8 -1.0

Exchange differences - net -0.6 -1.3

Note 11 Income tax

Tax income and expense in income statement

million EUR 2025 2024

Tax income(+)/expense(-) comprises;

Current tax income(+)/expense(-) this year -3.3 -5.3

Adjustment recognised in current year in relation to current tax of prior years 0.6 3.2

Deferred tax income(+)/expense(-) 5.6 3.2

Total tax income(+)/expense(-) 2.9 1.1

Income tax is attributable to:

Profit from continuing operations 2.0 1.5

Profit from discontinuing operations 0.9 -0.4

Total tax income(+)/expense(-) 2.9 1.1

OECD Pillar Two model rules

The group is within the scope of the OECD Pillar Two model rules, an international tax reform which aims to ensure that large

multinational groups pay a minimum tax on income arising in each jurisdiction in which they operate. Thus, BEWI becomes

liable to pay top-up taxes on profits in each jurisdiction where the effective tax rate calculated according to the GloBE rules

is below the minimum tax rate of 15%. Pillar Two legislation has been enacted in Norway and applies as from financial year

2024. Transition rules called “safe harbour” applies for the FY2024-2026. The group is within safe harbour for all tax jurisdictions

but two for the FY 2025. In those tax jurisdictions a full ETR calculation has been estimated that shows that no top-up tax is

required. Therefore no additional tax has been imposed.

139139

Financial statements | The groupFinancial statements | The group

The income tax attributable to the income before taxes differs from the theoretical amount that would have arisen from the

application of the local tax rates on income before tax in the group companies, as follows:

million EUR 2025 2024

Profit/loss before tax from continuing operations -44.6 -36.8

Profit/loss before tax from discontinued operatons 57.9 8.7

Profit/loss before tax from total operations 13.3 -28.1

Tax income(+)/expense(-) calculated at norwegian corporate income tax rate -2.9 6.2

Difference between corporate tax rate in Norway and other countries -0.9 -0.2

Effect of revenue that is exempt from taxation 14.6 0.2

Effect of non-deductible expenses -2.7 -2.1

Effect of tax losses and tax offsets not recognised as deferred tax assets -4.5 -7.2

Effect of previously unrecognised deferred tax attributable to tax losses carry forward, tax

credits and temporary differences -0.2 0.3

Effect of utilisation of tax losses carry forward -0.5 0.0

Effect of write-downs and reversals of deferred tax assets 0.0 0.1

Effect on deferred tax balances due to change in tax rate 0.0 0.0

Effect of witholding tax 0.0 0.0

Adjustment recognised in current year in relation to current tax of prior years 0.6 3.2

Other -0.7 0.6

Total tax income(+)/expense(-) in profit or loss 2.9 1.1

Recognised in other comprehensive income

million EUR 2025 2024

Deferred tax

Tax on remeasurement of defined benefit obligation 0.0 0.3

Total 0.0 0.3

Deferred tax assets and liabilities 2025

million EUR

Opening

balance

Through

acquired

business

Through

divested

business

Reclassi-

ficaton

Reported

in profit/

loss

Reported

in other

compre-

hensive

income

Exchange

differences

Closing

balance

Deferred tax in balance sheet is attributable to:

Tax losses carry forward 8.4 - - - 0.5 - 0.0 8.8

Intangible assets -31.7 - 4.3 - 3.1 - 0.2 -24.2

Tangible assets -10.1 - 1.6 - 1.1 - 0.1 -7.3

Inventories -0.6 - -0.1 - 0.4 - 0.0 -0.3

Untaxed reserves -1.3 - 0.1 - 0.2 - 0.0 -1.0

Pension assets and liabilities 0.0 - - - 0.0 0.0 0.0 0.0

Provisions 0.0 - - - 0.0 - 0.0 0.0

Other -2.7 - - - 0.3 - 0.0 -2.4

Total net deferred tax assets and liabilities -37.9 - 5.9 - 5.6 0.0 0.3 -26.4

of which from continuing operations -32.3

of which from discontinued operations -5.6

140140

Financial statements | The groupFinancial statements | The group

Deferred tax assets and liabilities 2024

million EUR

Opening

balance

Through

acquired

business

Through

divested

business

Reclassi-

ficaton

Reported

in profit/

loss

Reported

in other

compre-

hensive

income

Exchange

differences

Closing

balance

Deferred tax in balance sheet is attributable to:

Tax losses carry forward 3.8 - - 2.2 2.6 - -0.2 8.4

Intangible assets -32.7 - - - 0.8 - 0.2 -31.7

Tangible assets -11.7 - - - 1.7 - -0.1 -10.1

Inventories -0.7 - - - 0.1 - 0.0 -0.6

Untaxed reserves -1.2 - - - -0.1 - 0.0 -1.3

Pension assets and liabilities 0.0 - - - -0.3 0.3 0.0 0.0

Provisions 0.0 - - - 0.0 - 0.0 0.0

Other -1.2 - - - -1.6 - 0.1 -2.7

Total net deferred tax assets and liabilities -43.6 - - 2.2 3.2 0.3 0.0 -37.9

of which from continuing operations -32.3

of which from discontinued operations -5.6

In the final 2023 tax return for BEWI ASA, unutilised tax losses carried forward increased by NOK 2.2 million, which is the basis for

a reclassification of EUR 2.2 million.

Deferred tax assets are reported for tax losses carry forward or temporary differences to the extent that they are likely to be

utlised against future taxable profits, and amounted to EUR 8.8 million EUR (8.4 million). The main part has no due date. Tax

losses carry forward corresponding to a tax value of EUR 18.5 million (EUR 14.9 million) were not recognised as deferred tax

assets, the main part of which have no due date. The tax losses carry forward by the end of 2025 were attributable to Sweden,

Germany, Finland, Norway, Spain and Poland. In addition, tax credits attributable to deferred interest deductions corresponding

to a tax value of EUR 9.8 million (EUR 7.6 million) falling due between 2027 and 2031, were not recognised as deferred tax assets.

Note 12 Intangible assets

million EUR Goodwill Trademark

Customer

relations Technology

Patents,

licences & IT Total

Financial year 2025

Carrying amount brought forward 205.4 44.9 59.4 5.2 15.9 330.9

Exchange differences -1.9 -0.2 -0.5 -0.1 0.0 -2.7

Acquisitions - - - 0.2 4.9 5.1

Reclassifications - - - - 1.0 1.0

Adjustment asset held for sale -3.0 -0.3 -0.5 - - -3.7

Writedown - -0.5 - - -0.7 -1.2

Disposals - - - - 0.0 0.0

Amortisations continuing operations 0.0 -1.1 -7.8 -1.3 -2.4 -12.5

Carrying amount carried forward 200.5 42.9 50.7 4.0 18.7 316.9

As of 31 December 2025

Acquisition costs 201.5 46.0 102.6 14.9 35.0 400.1

Accumulated amortisations/write-downs -1.0 -3.1 -51.9 -10.8 -16.3 -83.2

Carrying amount 200.5 42.9 50.7 4.0 18.7 316.9

141141

Financial statements | The groupFinancial statements | The group

million EUR Goodwill Trademark

Customer

relations Technology

Patents,

licences & IT Total

Financial year 2024

Carrying amount brought forward 244.5 47.3 72.0 7.0 16.6 387.3

Exchange differences -1.8 -0.4 -1.0 -0.1 0.0 -3.2

Acquisitions - - - 0.1 3.6 3.6

Through acquired business - - - - - -

Divestment of business - - - - - -

Reclassifications - - - - 0.0 0.0

Assets held for sale from discontinued

operations -37.3 -1.3 -3.1 -0.1 -1.7 -43.6

Amortisations discontinued operations - - -0.6 -0.2 -0.5 -1.3

Writedown - - - - - -

Disposals - - - 0.0 0.0 0.0

Amortisations continuing operations - -0.6 -7.9 -1.4 -2.0 -12.0

Carrying amount carried forward 205.4 44.9 59.4 5.2 15.9 330.9

As of 31 December 2024

Acquisition costs 206.4 46.5 103.6 14.8 29.1 400.4

Accumulated amortisations/write-downs -1.0 -1.5 -44.1 -9.6 -13.2 -69.5

Carrying amount 205.4 44.9 59.4 5.2 15.9 330.9

Considerations of impairment need for goodwill and trademark

Goodwill and a portion of the trademarks have an indefinite useful life and are for each each cash generating unit monitored by

the executive management. Goodwill and trademarks divided by cash generative unit are summarised as follows:

Goodwill

million EUR 31 Dec 2025 31 Dec 2024

RAW - 29.9

Automotive 6.4 6.2

Insulation & Construction 101.8 102.1

Packaging & Components 69.5 79.8

Circular 22.9 24.8

Whereof classified as assets held for sale - -37.3

Total 200.5 205.4

142142

Financial statements | The groupFinancial statements | The group

Trademarks

million EUR 31 Dec 2025 31 Dec 2024

RAW - 0.6

Automotive 2.8 2.8

Insulation & Construction 25.2 26.4

Packaging & Components 12.5 13.7

Circular 2.4 2.7

Whereof classified as assets held for sale - -1.3

Total 42.9 44.9

The executive management has assessed that revenue growth, operating margin, discount rate and long-term growth are

the most critical assumptions in the impairment assessment for all cash generating units. The recoverable amount has been

assessed based on estimates of the value in use. The estimates are based on future projected cash flow before tax for the

coming three years, as outlined in the annual three-year strategic plans approved by the executive management of the group.

The estimates are based on the executive management’s experience, historical data and assessment of market growth and

market recovery from last years’ recession. The recovery is mostly projected to be seen in the cash generating unit for Insulation

& Construction, which has suffered the most from the downturn in the building and construction industry in recent years. The

projections also reflect return on recent strategic growth capital expenditure, especially in the cash generating unit for the

automotive business, as well as an increasing demand in the coming years for recycled EPS from Circular. Operating margins are

in the long run expected to be in line with historic averages and CAPEX to average 2.5 per cent of net sales. The discount rate

after tax amounts to 7.5 per cent (8.0 per cent) for all cash generating units. The long-term sustainable growth rate has been

estimated at 2 per cent (2 per cent) for all cash generating units and has been assessed in accordance with industry forecasts. A

weakening of any of the critical assumptions included in the strategic plans or a weakening of the revenue growth, operating

margin, discount rate or long-term growth beyond the plan period, or an increase in the discount rate that, individually, is

reasonably probable, shows that a margin still exists between the recoverable amount and the carrying amount in all cash gen-

erating units except Circular. An increase in the discount rate of 1 percentage points or reduced cash flow of 10 per cent would,

for example, not change the outcome of the tests for the other cash generating units than Circular. However, an increase in the

discount rate of 1 percentage point, a 5 percent reduction of net sales or a 1 percent lower operating margin would indicate a

non-cash impairment in Circular. Management therefore concluded that no impairment of goodwill and other intangible assets

was identified at year-end 2025, but will carefully monitor the performance going forward in order to observe any changes

to the assumptions applied in the impairment test for Circular that might lead to a revised conclusion. Risks related to climate

change has not impacted the tests negatively. During 2025, trademarks of EUR 0.5 million and IT infrastructure of EUR 0.7 million

no longer in use were written down. Tangible fixed assets of EUR 1.5 million were written down in 2025 (EUR 1.7 million), based

on an individual assessment for those assets.

143 143

Financial statements | The group Financial statements | The group

Note 13 Tangible assets

million EUR

Buildings and

land

Plant and

other technical

machinery

Equipment,

tools, fixtures

and fittings

Construction

in progress

and advance

payments for

property, plant

and equipment Total

Financial year 2025

Carrying amount brought forward 220.6 170.0 22.1 6.5 419.4

Exchange differences 1.5 1.0 0.3 0.1 2.8

Acquisitions 4.5 19.9 4.1 1.7 30.2

Capitalised leases 21.8 3.5 3.3 - 28.7

Writedown -1.1 -0.3 0.0 - -1.5

Reclassifications 1.9 1.9 -3.2 -1.6 -1.0

Disposals 0.0 -0.6 -0.1 0.0 -0.8

Depreciations -21.6 -28.8 -5.5 - -55.9

Carrying amount carried forward 227.6 166.4 21.0 6.7 421.7

As of 31 December 2025

Acquisition costs 338.6 473.6 70.5 6.8 889.6

Accumulated depreciations/write-downs -111.0 -307.2 -49.5 -0.1 -467.9

Carrying amount 227.6 166.4 21.0 6.7 421.7

Amounts above attributable to leases:

Depreciations 2025 -20.8 -1.6 -3.3 - -25.8

Carrying amount 31 December 2025 202.7 7.7 6.4 - 216.9

million EUR

Buildings and

land

Plant and

other technical

machinery

Equipment,

tools, fixtures

and fittings

Construction

in progress

and advance

payments for

property, plant

and equipment Total

As of 1 January 2024

Acquisition costs 311.0 430.8 60.1 36.0 837.9

Accumulated depreciations/write-downs -66.3 -248.1 -38.1 -0.1 -352.6

Carrying amount 244.6 182.8 22.0 35.9 485.3

Financial year 2024

Carrying amount brought forward 244.6 182.8 22.0 35.9 485.3

Exchange differences -3.7 -2.9 -0.3 0.0 -6.9

Acquisitions 3.3 14.6 4.3 7.0 29.2

Capitalised leases 42.7 4.9 3.8 - 51.4

Through acquired business - 0.7 - - 0.7

Writedown -1.7 - - - -1.7

Reclassifications 7.4 27.3 0.5 -34.3 0.8

Assets held for sale from discontinued

operations -26.8 -26.6 -1.9 -0.8 -56.2

Depreciations discontinued operations -2.1 -4.0 -0.5 - -6.5

Disposals -24.9 -0.8 -0.3 -1.1 -27.2

Depreciations continuing operations -18.2 -26.1 -5.4 - -49.7

Carrying amount carried forward 220.6 170.1 22.1 6.5 419.4

As of 31 December 2024

Acquisition costs 308.9 448.0 66.2 6.6 829.8

Accumulated depreciations/write-downs -88.3 -278.1 -43.9 -0.1 -410.4

Carrying amount 220.6 170.1 22.1 6.5 419.4

Amounts above attributable to leases:

Depreciations 2024 -19.1 -3.3 -3.6 - -26.0

Carrying amount 31 December 2024 207.3 19.1 7.5 - 233.9

144144

Financial statements | The groupFinancial statements | The group

Note 14 Changes to the group structure

Sale and deconsolidation of RAW business on 8 July 2025

In December 2024, BEWI agreed on the main terms, and on 5 February 2025 entered into an agreement with EcoEnergy Group

BV, an international investment firm and the owner of Unipol Holland BV, to combine their respective RAW material businesses

to create a leading EPS producer in Europe. The transaction was completed on 8 July 2025. BEWI contributed its RAW segment

and EcoEnergy Group BV its raw facility in Unipol Holland BV into a new RAW group. The total value of the BEWI RAW trans-

action was up to EUR 75 million, subject to adjustments for net working capital and net debt. EUR 30 million was settled on

completion, and the remainder is a contingent consideration subject to an earn-out agreement, to be paid out in tranches over

a number of years. An assessment of the likelihood of the contingent consideration to be paid out has been made. The dis-

counted value of the portion deemed likely to be paid was measured at EUR 25.3 million at closing. After the transaction, BEWI

owns 49 per cent in the new RAW group. The shares in the new RAW group were initially measured at fair value.

Sale and deconsolidation of traded food packaging business on 30 June 2025

On 24 October 2024, BEWI announced an agreement to merge its traded food packaging business with STOK Emballage

(STOK). The transaction was completed on 30 June 2025. The consideration included a cash component and a minority share

ownership in the combined company. The share component has initially been valued at zero, since the number of shares to be

received is subject to an earn-out component not controlled by BEWI.

Gain from sale of RAW business as of 31 December 2025

million EUR 2025

Fair value of consideration paid in cash at closing 30.0

Fair value of shares 99.8

Fair value of contingent consideration 25.3

Total consideration 155.1

Derecognition book value of net assets (equity) -94.1

Reclassification og negative FX translation differences from OCI to profit/loss 3.6

Gross gain from sale 64.6

Transaction costs -1.8

Net gain from deconsilidation of RAW business (as reported) 62.8

Loss from sale of traded Food packaging business as of 31 December 2025

million EUR 2025

Fair value of consideration paid in cash at closing 21.3

Total consideration 21.3

Derecognition book value of net assets (equity) -27.4

Reclassification og negative FX translation differences from OCI to profit/loss 0.3

Gross loss from sale -5.8

Transaction costs -0.8

Net loss from deconsilidation of Food packaging business (as reported) -6.6

145145

Financial statements | The groupFinancial statements | The group

Disclosure relating to the disposals, RAW business and Food packaging business

Recognised amount of divested assets and liabilities

million EUR 2025 2024

Goodwill 40.5 -

Other intangible assets 7.0 -

Property, plant and equipment 56.6 -

Financial assets 0.6 -

Deferred tax assets 0.3 -

Inventory 43.9 -

Current receivables 43.7 -

Cash and cash equivalents 3.5 -

Non-current liabilities -15.8 -

Current liabilities -57.4 -

Total identifiable net assets 122.8 -

Liabilities to non-controlling interest -1.3 -

Net assets attributable to parent company shareholders 121.5 -

Net cash flow from diviested business

Fair value of consideration paid in cash at closing 51.3 -

Transaction costs -2.5 -

Cash and cash equivalents in divested business -3.5 -

Total net cash flow from divested business 45.4 -

146146

Financial statements | The groupFinancial statements | The group

Note 15 Discontinued operations

In December 2024, BEWI agreed on the main terms and on 5 February 2025 entered into an agreement with EcoEnergy Group

BV, an international investment firm and the owner of Unipol Holland BV, to combine their respective RAW material businesses

to create a leading EPS producer in Europe. The transaction was completed on 8 July 2025.

After the transaction, BEWI owns 49 per cent in the new RAW group. The new RAW group will be recognised in accordance with

the equity method. BEWI’s share of net profit in the new RAW group will be reported on one line. In the consolidated statement

of financial position, BEWI’s holding in the RAW group will also be reported on one line. Initially, the book value will correspond

to the fair value of BEWI’s share-holding, but over time book value will change with, among other things, share of income and

dividends from the RAW group.

On 24 October 2024, BEWI entered into agreement to merge its traded food packaging business with STOK Emballage (STOK).

The traded food packaging business, that consisted of BEWI Food AS and BEWI Iceland ehf, was reported under the P&C

segment and included net sales of approximately EUR 70 million. The transaction combining BEWI’s traded food packaging

business with STOK was completed on 30 June 2025.

The RAW business and the traded food packing business were both operations that could be clearly distinguished operationally

and for financial reporting purposes. RAW was a separate segment and the traded food packaging business has generated

separate cash flows in geographically separable areas that constitute a substantial portion of the Packaging & Component

segment. As a consequence, both RAW and the traded food packaging business are considered discontinued operations,

meaning that both revenues/expenses and assets/liabilities are separated from the rest of the operations in the statement of

income and in the statement of financial position. As the proceeds from the transactions exceed the book value of net assets to

be divested, no impairment has been recognised as a result of the classification.

Financial performance

The financial performance presented below are for the six months ended 30 June 2025 (2025 column) and the year ended

31 December 2024.

2025 2024

Before

elim. Elim Disc. op.

Before

elim. Elim Disc. op.

Net sales 186.3 -68.5 117.7 379.2 -137.1 242.2

Other operating income 0.0 - 0.0 7.6 - 7.6

Total revenue 186.3 -68.5 117.7 386.8 -137.1 249.7

Raw materials and consumables -114.5 66.6 -47.9 -240.7 136.5 -104.2

Goods for resale -33.1 2.0 -31.1 -52.9 0.5 -52.3

Other external costs -22.0 - -22.0 -44.8 - -44.8

Personnel cost -14.6 - -14.6 -28.8 - -28.8

Depreciation/amortisation and impairment of tangible and

intangible assets 0.0 - - -7.8 - -7.8

Capital gain/loss from sale of assets, adjustment purchase price

acquired companies and sale of business 0.0 - 0.0 -0.4 - -0.4

Total operating expenses -184.2 68.5 -115.7 -375.3 -137.1 -238.4

Operating income (EBIT) 2.1 - 2.1 11.4 - 11.4

Financial income 0.9 - 0.9 0.5 - 0.5

Financial expenses -1.5 - -1.5 -3.3 - -3.3

Financial income and expense - net -0.6 - -0.6 -2.8 - -2.8

Profit before tax from discontinued operation 1.5 - 1.5 8.7 - 8.7

Income tax 0.9 - 0.9 -0.4 - -0.4

Profit from discontinued operation 2.4 - 2.4 8.3 - 8.3

Result from the sale of the subsidary 56.2 - 56.2 - - -

Net profit for the period from discontinued operatons 58.8 - 58.8 - - -

147147

Financial statements | The groupFinancial statements | The group

2025 2024

Exchange differences on translation of discontinued operation -4.9 2.0

Other comprehensive income from discontinued operation -4.9 2.0

Net cash flow from operating activites -2.3 23.6

Net cash flow from investing activites 45.3 -2.6

Net cash flow from financing activities -1.3 -1.9

Net increase/decrease in cash from discontinued operation 41.9 19.1

In the event of the RAW business achieve certian performance criteria during the period from 1 of July 2025 to 30 of June 2029

additional cash consideration up to EUR 44.9 million will be received. At the time of the sale, the fair value of the consideration

was determined to be EUR 25.4 million.

Assets classified as held for sale

31 Dec 2025 31 Dec 2024

Goodwill - 37.3

Other intangible assets - 6.3

Land and buildings - 26.8

Plant and machinery - 26.6

Equipment, tools fixtures and fittings - 1.9

Construction in progress - 0.8

Other financial non-current assets - 0.5

Deferred tax assets - 0.3

Inventory - 39.2

Accounts receivables - 7.4

Current tax assets - 0.2

Other current receivables - 0.9

Prepaid expenses and accrued income - 2.0

Cash and cash equivalents - 35.9

Total assets of disposal group held for sale - 186.1

Liabilities directly associated with assets classified as held for sale

31 Dec 2025 31 Dec 2024

Pensions and similar obligations to employees - 0.3

Other provisions - 0.2

Deferred tax liability - 5.9

Other interest-bearing liabilities, non-current - 7.0

Other interest-bearing liabilities, current - 1.8

Accounts payables - 29.2

Current tax liabilities - 0.1

Other current liabilities - 1.9

Accrued expenses and deferred income - 5.7

Total liabilities of disposal group held for sale - 52.1

148148

Financial statements | The groupFinancial statements | The group

Note 16 Business acquisitions

Cash flow from acquisition of business

million EUR 2025 2024

Cash consideration -0.6 -2.6

Cash in acquired business - -

Total cash out/-inflow -0.6 -2.6

Business acquisitions during the year

Volker Gruppe Ltd

BEWI acquired 10% of Volker Gruppe Ltd in August 2025. The price was EUR 0.6 million.

Business acquisitions 2024

BEWI Automotive Germany GmbH

As announced in July 2024, BEWI signed an agreement to acquire assets related to the production of EPP-based components

from the insolvent group Philippine & Co GmbH Technische Kunststoffe KG (Philippine TK). The acquisition was completed in

the fourth quarter and increases BEWI’s capacity within the production of EPP components for the automotive business.

The agreement includes acquisition of equipment from two facilities, inventory, customer stock, and personnel, in addition to

IPR and certificates. This includes the operations on the Schkopau site (near Leipzig).

The company is consolidated as a subsidiary as from 1 October 2024.

Izoblok S.A.

BEWI acquired 8.86% of the shares, 6.64% of the votes, in Izoblok S.A in June 2024. This increases BEWI’s ownership in Izoblok

S.A. to 73.14% of the shares, 79.85% of the votes.

The combined price for these acquisitions were EUR 2.6 million.

Note 17 Shares in associates and joint ventures

Name

Carrying

amount

31 Dec 2024

Through

acquired

business Sold Dividend

Share of

income

Exchange

difference

Carrying

amount

31 Dec 2025

HIRSCH Porozell GmbH 3.6 - - - -0.8 0.0 2.9

HIRSCH France SAS 5.0 - - - -0.4 - 4.6

Remondis Technology

Spólka z o.o 0.3 - - -0.2 0.1 - 0.2

BEWI RAW Holding BV

Group - 99.8 - - -4.5 - 95.3

Total 9.0 99.8 - -0.2 -5.5 0.0 103.0

Name

Carrying

amount

31 Dec 2023

Through

acquired

business Sold Dividend

Share of

income

Exchange

difference

Carrying

amount

31 Dec 2024

HIRSCH Porozell GmbH 4.5 - - - -1.0 0.1 3.6

HIRSCH France SAS 5.6 - - - -0.6 - 5.0

Energijägarna &

Dorocell AB 0.9 - -0.7 - -0.1 - -

Remondis Technology

Spólka z o.o 0.4 - - -0.3 0.2 - 0.3

Total 11.4 - -0.7 -0.3 -1.5 0.1 9.0

Non-current receivables joint venture

million EUR 31 Dec 2025 31 Dec 2024

As of January 1 - -

Loans granted 3.0 -

As of December 31 3.0 -

BEWI holds a receivable from RAW of EUR 3.0 million, carrying an interest of 12 month Eurobor plus a margin of 3.9 per cent.

149149

Financial statements | The groupFinancial statements | The group

Summarised financial information for associates and joint ventures

2025 Net sales EBITDA

Depreciations

and amorti-

zation

Operating

profit (EBIT) Net interest Income tax Net profit

HIRSCH Porozell GmbH 79.8 1.6 -4.6 -3.0 -0.2 0.9 -2.2

HIRSCH France SAS 62.8 3.0 -4.0 -1.0 -0.6 0.6 -1.1

Remondis Technology

Spólka z o.o 3.6 0.6 -0.1 0.5 0.0 -0.1 0.4

BEWI RAW Holding BV

Group (8 July 2025 -

31 December 2025) 157.4 -2.3 -6.7 -9.0 -1.5 0.4 -9.2

Dec 31, 2025

Non-current

assets

Current

assets

excluding

cash

Cash and cash

equivalents

Non-current

financial

liabilities

Other

non-current

liabilities

Current

financial

liabilities

Other

current

liabilities

HIRSCH Porozell GmbH 34.0 13.1 3.4 4.0 9.3 0.8 8.5

HIRSCH France SAS 29.6 14.3 3.0 4.4 9.2 0.2 17.8

Remondis Technology

Spólka z o.o 0.0 0.6 0.1 - 0.0 0.0 0.0

BEWI RAW Holding BV

Group 251.6 43.5 6.3 24.9 30.5 5.5 41.1

The balance sheet items in the table above are adjusted to reflect adjustments made by BEWI when the associates are included

in the consolidated accounts by applying the equity method. The balance sheets in the statutory accounts for these companies

will therefore deviate to the table above for some of the items.

Discounted receivable contingent consideration

EUR 26.2 million of Other receivables in the consolidated statement of financial position is related to contingent consideration

from the divestment of the RAW business in 2025. This contingent consideration is subject to an earn-out agreement to be

paid out in tranches over a number of years. An initial assessment of the likelihood of payment of each tranche was made at

closing of the RAW transaction. The likelihood of payment will be continuously assessed throughout the earn-out period. The

discounted value of the portion deemed likely to be paid was initially measured at EUR 25.3 million. The discount rate used is

8.0% and the accumulated interest is capitalised over the earn-out period.

Discounted receivable contingent consideration

million EUR 31 Dec 2025 31 Dec 2024

Carrying amount brought forward - -

Initial recognition 25.3 -

Interest capitalised 0.8 -

Exchange rate differences 0.1 -

Carrying amount carried forward 26.2 -

HIRSCH Porozell GmbH (34 per cent ownership)

In connection with the acquisition of Synbra in 2018, 66 per cent of Synbra’s shares in the German company Isobouw GmbH

was divested to Hirsch Servo Group. At the same time, BEWI obtained 34 per cent in the newly incorporated company Hirsch

Porozell GmbH, which acquired Saint Gobain’s insulation operations at four sites in Germany. The other 66 per cent is held by

Hirsch Servo Group. In 2019, Isobouw GmbH was merged into Hirsch Porozell GmbH and the combined company now operates

six insulation production sites in Germany.

Hirsch France SAS (34 per cent ownership)

On 31 December 2019, BEWI, together with Hirsch Servo Group, closed a deal in which six insulation production sites in France

and 49.9 per cent of the shares in the French company Issosol SAS were acquired from Placopatre SA, a subsidiary of Saint

Gobain. The acquisitions were done through a newly incorporated French company, Hirsch France SAS, 34 per cent owned by

BEWI and 66 per cent owned by Hirsch Servo Group.

Remondis Technology Spólka z o.o (34 per cent ownership)

BEWI owns 34 per cent in the Polish recycling company Remondis Technology Sp. z.o.o since the acquisition of BEWi Drift

Holding AS in 2020. The company is, among other things, collecting and reusing EPS for recycling in extruders and selling the

end products to BEWI’s RAW business.

BEWI RAW Holding BV

In December 2024. BEWI agreed on the main terms, and on 5 February 2025 entered into an agreement with EcoEnergy Group

BV, an international investment firm and the owner of Unipol Holland BV, to combine their respective RAW material businesses

to create a leading EPS producer in Europe. The transaction was completed on 8 July 2025.

BEWI contributed its RAW segment and EcoEnergy Group BV its raw facility in Unipol Holland BV into a new RAW group.

BEWI owns 49 per cent in the new RAW group. The shares in the new RAW group were initially measured at fair value.

150150

Financial statements | The groupFinancial statements | The group

Note 18 Financial instruments per category

31 December 2025

million EUR

Financial assets

measured at fair value

through profit and loss

Financial assets

measured at

amortised cost Total

Balance sheet assets

Other long-term receivables - 3.1 3.1

Discounted receivable contingent considiration - 26.2 26.2

Participations in other companies 0.0 - 0.0

Accounts receivable - 64.9 64.9

Current derivative assets 1.0 - 1.0

Cash and cash equivalents - 64.5 64.5

Total 1.0 158.6 159.6

31 December 2025

million EUR

Financial liabilities

measured at fair value

through profit and loss

Financial liabilities

measured at

amortised cost Total

Balance sheet liabilities

Non-current bond loan - 245.7 245.7

Non-current liabilities to credit institutions - 3.4 3.4

Non-current liabilities leases - 224.5 224.5

Current liabilities to credit institutions - 1.6 1.6

Overdraft facillity - 1.6 1.6

Current liabilities leases - 31.4 31.4

Current derivative liability 3.0 - 3.0

Accounts payable - 54.6 54.6

Total 3.0 562.7 565.7

31 December 2024

million EUR

Financial assets

measured at fair value

through profit and loss

Financial assets

measured at

amortised cost Total

Balance sheet assets

Other long-term receivables - 0.1 0.1

Participations in other companies 0.0 - 0.0

Accounts receivable - 63.2 63.2

Accounts receivable - asset held for sale - 7.4 7.4

Current derivative assets 1.6 - 1.6

Cash and cash equivalents - 36.8 36.8

Cash and cash equivalents - asset held for sale - 35.9 35.9

Total 1.6 143.4 145.0

31 December 2024

million EUR

Financial liabilities

measured at fair value

through profit and loss

Financial liabilities

measured at

amortised cost Total

Balance sheet liabilities

Non-current bond loan - 249.4 249.4

Non-current liabilities to credit institutions - 70.3 70.3

Non-current liabilities leases - 221.5 221.5

Current liabilities to credit institutions - 4.0 4.0

Overdraft facillity - 1.4 1.4

Current liabilities leases - 28.0 28.0

Current derivative liability 3.6 - 3.6

Accounts payable - 47.8 47.8

Accounts payable - asset held for sale - 29.2 29.2

Total 3.6 651.7 655.3

151151

Financial statements | The groupFinancial statements | The group

Note 19 Accounts receivable

million EUR 31 Dec 2025 31 Dec 2024

Accounts receivables 66.2 64.2

Deducted: provisions for impairment for doubtful receivables -1.3 -1.0

Accounts receivables - net 64.9 63.2

The ageing analysis of all account receivables is clear from below:

million EUR 31 Dec 2025 31 Dec 2024

Not yet matured 45.3 42.4

1–30 days 13.3 15.7

31–60 2.7 2.8

> 61 days 4.8 3.2

Deducted: provisions for impairment for doubtful receivables -1.3 -1.0

Accounts receivables - net 64.9 63.2

31 Dec 2025 31 Dec 2024

Matured account receivables not part of the provisions for impairment for doubtful receivables 19.5 20.8

The group is applying the simplified approach for estimating credit losses. Estimated life-time cash shortfalls is the basis for

calculating credit losses for accounts receivables. For this purpose, accounts receivables are grouped based on certain char-

acteristics. The principles for writing off accounts receivables are based on prerequisites such as insolvency, failed legal and

other collection processes, credit risk assessments based on credit information provided by credit agencies, identified payment

behavior, company specific information such as changes in company management or lost contracts and macro-economic

outlook for industries and countries. Credit losses on accounts receivables are reported in operating income (EBIT). Reversals of

prior credit losses are also reported in operating income.

Carrying amounts, per currency, for account receivables and other receivables are the following:

million EUR 31 Dec 2025 31 Dec 2024

SEK 1.7 2.9

EUR 39.6 31.5

GBP 8.8 14.0

NOK 6.5 7.4

DKK 6.8 6.2

ISK 0.0 0.0

USD 1.3 0.9

CAD 0.2 0.1

PLN 0.1 0.1

Other 0.0 0.1

64.9 63.2

In September 2024, BEWI entered into a receivables purchase agreement (RPA) with one of the banks granting the revolving

credit facility, as further outlined in note 26 Borrowings. The RPA is an uncommitted facility with a frame of EUR 75.0 million,

giving BEWI the right to sell accounts receivable meeting certain criteria related to, among other things, credit insurance, credit

limits, credit terms and currency. At the time of the sale, BEWI receives 90 per cent of the nominal value of the accounts receiva-

ble upfront and the remaining portion when the customer has paid the receivable to the bank. Benefits from credit insurances

have also been transferred to the bank accordingly. Substantially all risks and rewards of ownership of the receivables are

transferred to the bank and the portion of the receivables sold therefore qualify for derecognition from the balance sheet. The

remaining 10 per cent of the nominal amount of the receivable sold is recognised as an other current receivable on the balance

sheet and amounted to EUR 4.5 million (EUR 6.1 million) as of 31 December 2025. By the end of 2025, a majority of the accounts

receivable in Norway, Sweden, Denmark, Finland and the Netherlands were sold, impacting all segments except Circular. As

of 31 December 2025, EUR 45.2 million (EUR 60.8 million) of accounts receivable outstanding were sold, reducing the accounts

receivable recognised on the face of the balance sheet with that same amount.

152152

Financial statements | The groupFinancial statements | The group

Note 20 Inventory

The expenditure for inventory carried as an expense forms part of the items raw materials and consumables and goods for

resale in the income statement and amounts to EUR 331.6 million (EUR 348.1 million).

EUR 0.3 million (EUR 0.1 million) was expensed as write-downs of inventory in 2025. The group reversed EUR 0.0 million (EUR 0.0

million) in 2024 of earlier write-downs of the inventory. The expense and reversed amount is reported in the item raw materials

and consumables in the income statement.

Note 21 Prepaid expenses and accrued income

million EUR 31 Dec 2025 31 Dec 2024

Prepaid energy tax expenses 0.4 0.5

Accrued bonus and discounts 2.0 1.8

Other items 19.7 19.2

Total 22.0 21.4

Note 22 Share capital

The number of shares as of 31 December 2025 amounted to 236 522 290, each with a par value of NOK 1. Each share entitles to

one vote. All shares issued by the Parent Company are fully paid.

Fully paid

ordinary shares Type of change

Date of

decision

Changes in

number of

Change in

share capital

Total number

of shares

Total share

capital (NOK)

Par

value

(NOK)

As of 31 Dec 2023 191 722 290 191 722 290

- - - - - -

As of 31 Dec 2024 191 722 290 191 722 290

New share issue 21 Aug 2025 38 344 458 38 344 458 230 066 748 230 066 748 1.00

New share issue 11 Sept 2025 6 455 542 6 455 542 236 522 290 236 522 290 1.00

As of 31 Dec 2025 236 522 290 236 522 290

A private placement consisting of two tranches, totalling 44 800 000 shares, was placed during 2025. Pursuant to the authorisa-

tion granted by the company’s annual general meeting on 21 May 2025, the board of directors on 20 August 2025 resolved to

issue the first tranche consisting of 38 344 458 new shares, representing 20 per cent of the outstanding shares in the company

at that time. On 11 September 2025, an extraordinary general meeting of the company resolved to issue the second tranche,

corresponding to 6 455 542 new shares, representing 2.8 per cent of the current outstanding shares in the company.

153153

Financial statements | The groupFinancial statements | The group

Largest shareholders

Name Shares Per cent

BEWI Invest AS

120 846 648 51.09%

HAAS AS 33 420 000 14.13%

Kverva Industrier AS 20 906 501 8.84%

UBS AG 11 960 560 5.06%

M 2 Asset Management AB 6 346 462 2.68%

J.P. Morgan SE 5 684 147 2.40%

Interactive Brokers LLC 2 373 559 1.00%

Union Bancaire Privee, UBP SA 2 165 467 0.92%

Skeie Alpha Invest AS 2 072 644 0.88%

The Bank of New York Mellon 1 465 374 0.62%

Other 29 280 928 12.38%

Total 236 522 290 100.00%

The majority of BEWI Invest AS are owned by members of the Bekken family.

Note 23 Cash flow hedge reserve

million EUR Currency forwards

Interest rate

swaps

Total Hedge

reserve

Opening balance 1 January 2024 -0.1 - -0.1

Change in fair value of hedging instrument recogised in OCI (+) 0.1 -3.3 -3.2

Reclassified from OCI to profit or loss (-) - - -

Deferred tax (-) - - -

Closing balance 31 December 2024 - -3.3 -3.3

Opening balance 1 January 2025 - -3.3 -3.3

Change in fair value of hedging instrument recogised in OCI (+) - - -

Reclassified from OCI to profit or loss (-) - 3.3 3.3

Deferred tax (-) - - -

Closing balance 31 December 2025 - - -

Reference to Note 3 Financial risk management, chapter Interest rate risk.

154154

Financial statements | The groupFinancial statements | The group

Note 24 Share-based incentive programme

In November 2020, the board of directors exercised the authorisation given by the Extraordinary General Meeting on

16 November and launched a share-based incentive programme (LTI 2020) to a maximum of 25 key employees in the company,

involving a maximum of 2 875 000 share options, and entitling the participants in the programme to subscribe for the same

number of shares in the company during a three-year period. The programme expired in November 2025.

In June 2024, authorisation was given to the board of directors by the Annual General meeting to launch a share-based

incentive programme (LTI 2024-LTI 2026) to a number of employees in the company. The program will run for 3 years, with an

annual allocation to participants. Each annual allocation will follow the same grant and vesting structure. Decisions on

participants and allocation will be made separately each year and 2024 years’ allocation (LTI 2024) consists of 26 participants

and 1 233 333 options. 2025 years allocation (LTI 2025) consists of 26 participants and 1 166 663 options. The number of share

options outstanding as of 31 December 2025 represents 1 per cent of the number of shares outstanding as of that date.

The purpose of these programmes is to further align the interests of the company and its shareholders by providing incentives

in the form of awards to employees to motivate them to contribute materially to the success and profitability of the company.

The programmes also enable the company to attract and retain such employees. Settlement of the options may, at the discretion

of the board of directors, be done by issuing new shares or by using, if available, shares bought back by the company.

LTI 2024: At grant date 15 November 2024, 1 233 333 were granted to 26 key employees. The share options entitle the participants

to subscribe for shares at a pre-set strike price, which is adjusted for dividends paid. Strike price at grant date was NOK 25.57,

equal to 110 per cent of the average share price during ten days preceding the grant date on 15 November 2024. As of

31 December 2025, strike price was NOK 25.57. The gain per option may however not exceed NOK 50 at the time of exercise.

The number of exercisable options will be reduced proportionally so that the maximum gain does not exceed the maximum

gain per option multiplied by the numbers of options granted. This gain is calculated based on the average share price five days

prior to the period of exercise.

LTI 2025: At grant date 15 November 2025, 1 166 663 were granted to 26 key employees. The share options entitle the participants

to subscribe for shares at a pre-set strike price, which is adjusted for dividends paid. Strike price at grant date was NOK 17.72, equal

to 110 per cent of the average share price during ten days preceding the grant date on 15 November 2025. As of 31 December

2025, strike price was NOK 17.72. The gain per option may however not exceed NOK 50 at the time of exercise. The number of

exercisable options will be reduced proportionally so that the maximum gain does not exceed the maximum gain per option

multiplied by the numbers of options granted. This gain is calculated based on the average share price five days prior to the

period of exercise.

In the event the company is not capable of delivering shares (for reasons being lack of approval in the general meeting

or lack of board authorisation to issue shares or lack of own shares in the Company) following an exercise of options, the

company shall fulfil its obligations under the programme towards participants other than Swedish residents by way of making

a cash payment equal to the excess, if any, of the share price over the strike price, multiplied by the number of exercisable

options.

Both programmes vest in three tranches during a three-year period, as presented in the table below. The options are exercisable

during certain window periods decided by the board of directors, normally following the release of the quarterly reports for the

fourth and second quarters. Options that are not exercised within 5 years from the date of grant will lapse and become void.

Percentage of option

programme vesting

LTI 2024 LTI 2025

Vesting date Expiry date Vesting date Expiry date

20% 15 November 2025 15 November 2029 15 November 2026 15 November 2030

30% 15 November 2026 15 November 2029 15 November 2027 15 November 2030

50% 15 November 2027 15 November 2029 15 November 2028 15 November 2030

The fair value of each option at grant date for LTI 2024 was calculated at NOK 7.39 per option and for LTI 2025 NOK 3.77 per option.

The Black-Scholes model was used for calculation of fair value and the following assumptions were used:

LTI 2025 LTI 2024

Number of options 1 166 663 1 233 333

Number of potential shares 1 166 663 1 233 333

Contractual life 5 years 5 years

Strike price 17.72 25.57

Share price 16.10 25.80

Expected lifetime 3.30 years 3.30 years

Volatility 31.28% 33.04%

Interest rate 3.86% 3.72%

Dividend 0.00 0.00

155155

Financial statements | The groupFinancial statements | The group

The total value of the options granted in 2024 was EUR 0.8 million and the total value of the options granted in 2025 was EUR 0.4

million. EUR 0.3 million (0.0) of that was recognised as personnel costs during the year. In addition, EUR 0.1 million (0.0) was reversed

previouly recognized social security expenses.

The change in the number of options outstanding during the year is presented in the table below:

LTI 2020 LTI 2024 LTI 2025

Outstanding as of 1 January 1 967 952 1 233 329 -

Granted during the year - 1 166 663

Adjusted - -

Exercised - -

Terminated -58 333 -

Expired -1 967 952 -

Outstanding as of 31 December - 1 174 996 1166 663

Vested but not exercised - 234 999 -

No options were exercised during 2025.

156156

Financial statements | The groupFinancial statements | The group

Note 25 Earnings per share

million EUR 2025 2024

Profit for the period attributable to parent company shareholders (million EUR) 15.6 -29.6

Average number of shares 207 464 087 191 722 290

Effect on options to employees - -

Diluted average number of shares 207 464 087 191 722 290

Basic & diluted earnings per share - EUR

From continuing operations -0.21 -0.20

From discontinuing operations 0.28 0.04

Total basic earnings per share - EUR 0.08 -0.15

Basic & diluted earnings per share - NOK

From continuing operations -2.43 -2.30

From discontinuing operations 3.32 0.51

Total basic earnings per share - NOK 0.88 -1.80

EPS in NOK is calculated using the average rate in the period.

Reconciliation of earnings used in calculating earning per share, million EUR 2025 2024

Basic and diluted earnings per share - EUR

Profit from continuing operations -42.5 -35.3

-Less profit from continuing operations attributable to non-controlling interest -0.6 -2.6

Profit from continuing operations attributable to ordinary equity holders -43.1 -38.0

Profit from discontinued operation 58.8 8.3

Profit used in calculation basic and diluted earnings per share 15.6 -29.6

During 2025 the number of shares outstanding increased from 191 722 290 to 236 522 290 in two share issues. Earning per share

is calculated by dividing profit attributable to parent company shareholders by the weighted number of ordinary shares during

the period.

Note 26 Borrowings

Interest-bearing liabilities

million EUR Dec 31, 2025 Dec 31, 2024

Non-current

Bond loan 245.7 249.4

Liabilities to credit institutions 3.4 70.3

Liabilities leases 224.5 221.6

Liabilites leases that are classified as held for sale - 7.0

Other non-current liabilities - 0.2

Total non-current interest-bearing liabilies 473.6 548.5

Current

Liabilities to credit institutions 1.6 4.0

Liabilities leases 31.4 28.0

Liabilites leases that are classified as held for sale - 1.8

Overdraft 1.6 1.4

Total current interest-bearing liabilies 34.5 35.2

Total interest-bearing liabilies 508.2 583.7

Specification of net debt

Net debt by the end of the reporting period, million EUR Dec 31, 2025 Dec 31, 2024

Interest-bearing liabilities 508.2 583.7

Other financial assets 29.2 -

Cash and cash equivalents 64.5 36.8

Cash and cash equivalents that are classified as held for sale - 35.9

Net debt including IFRS 16 impact and other financial assets 414.5 511.0

Subtracting liabilites capitalised in accordance with IFRS 16 and other fin. assets

Non-current liabilites leases -217.7 -219.8

Current liabilites leases -28.6 -27.2

Other financial assets (disconted receivables, generating non-cash interest) 29.2 -

Total -217.1 -247.0

Net debt excluding IFRS 16 197.4 264.0

157157

Financial statements | The groupFinancial statements | The group

Change in net debt, million EUR Dec 31, 2025 Dec 31, 2024

Change in interest-bearing liabilities -75.5 -27.5

Change in other financial assets -29.2 -

Change in cash and cash equivalents - -

Impact from cash flow for the period 1.7 -9.2

Impact from exchange differences 6.5 0.1

Change in net debt including IFRS 16 -96.5 -36.6

Adding back change in IFRS 16 leasing liabilities 0.7 -30.5

Adding back other financial assets (discounted receivables,

generating non-cash interest) 29.2 -

Change in net debt excluding IFRS 16 -66.6 -67.1

Change in interest-bearing liabilities Bond loan

Liabilities

to credit

institutions

Liabilities

leasing

Other

financial

non-current

liabilities Overdraft Total

Interest-bearing liabilities as of

31 December 2024 249.4 74.3 258.4 0.2 1.4 583.7

Cash flow affecting changes

Borrowings 244.8 1.7 - - 0.2 246.7

Repayment of loans -250.0 -73.3 - -0.2 - -323.5

Repayment of leasing liabilities - - -23.5 - - -23.5

Total cash flow in financing activities -5.2 -71.6 -23.5 -0.2 0.2 -100.3

Change in interest-bearing liabilities Bond loan

Liabilities

to credit

institutions

Liabilities

leasing

Other

financial

non-current

liabilities Overdraft Total

Changes not affecting cash flow

Through divested business - - -8.0 - - -8.0

Capitalised leasing - - 28.7 - - 28.7

Revaluation of bond 0.4 - - - - 0.4

Recognised as interest paid and financing

costs in the cash flow statement -1.6 - - - - -1.6

Amortisation financing costs 1.8 - - - - 1.8

Financing costs expensed at refinancing 0.9 - - - - 0.9

Exchange differences - 2.3 0.3 - - 2.6

Total changes not affecting cash flow 1.5 2.3 21.0 0.0 0.0 24.8

Total change -3.7 -69.3 -2.5 -0.2 0.2 -75.5

Interest-bearing liabilities as of

December 31, 2025 245.7 5.0 255.9 0.0 1.6 508.2

The EUR 250.0 million in proceeds from the bond loan raised in 2025 are presented net of capitalised financing costs of EUR 5.2

million, of which EUR EUR 4.4 million were incurred in connection with the bond issuance and EUR 0.8 million were related to

the old bond redeemed and incurred in 2025 prior to the bond issuance. A EUR 1.9 million premium, attributable to the sustain-

ability linked EPS collection target not reached, was paid to the bond holders at redemption of the old bond. EUR 1.6 million of

that premium had been recognised as a revaluation of the bond until the date of redemption. The cash flow impact from the

EUR 1.9 million premium has been reported on the line Interest paid and financing costs in the cash flow statement.

158158

Financial statements | The groupFinancial statements | The group

Change in interest-bearing liabilities Bond loan

Liabilities

to credit

institutions

Liabilities

leasing

Other

financial

non-current

liabilities Overdraft Total

Interest-bearing liabilities as of

31 December 2023 247.9 132.4 226.1 0.4 4.4 611.2

Cash flow affecting changes

Borrowings - - - - - -

Repayment of loans -1.6 -54.7 - -0.2 -3.0 -59.5

Repayment of leasing liabilities - - -21.1 - - -21.1

Total cash flow in financing activities -1.6 -54.7 -21.1 -0.2 -3.0 -80.6

Changes not affecting cash flow

Capitalised leasing - - 58.3 - - 58.3

Revaluation of bond 1.2 - - - - 1.2

Amortisation financing costs 1.9 - - - - 1.9

Exchange differences - -3.4 -4.9 - - -8.3

Total changes not affecting cash flow 3.1 -3.4 53.4 0.0 0.0 53.1

Total change 1.5 -58.1 32.3 -0.2 -3.0 -27.5

Interest-bearing liabilities as of

31 December 2024 249.4 74.3 258.4 0.2 1.4 583.7

Cash outflow from capitalised financing costs incurred in 2024, related to the bond loan, have been classified as cash outflow

from repayment of loans in the cash flow statement and in the table above.

Bond loans

Frame Amount outstanding Date of issuance Maturity/redemtion date

EUR 250 million - 3 September 2021 12 and 25 September 2025

EUR 325 million EUR 250 million 12 September 2025 12 September 2029

In September 2025, the EUR 250 million bond loan with maturity date on 3 September 2026 was redeemed. A new 250

million bond loan was issued on 12 September. The new bond loan, issued under a frame of up to EUR 325 million matures on

12 September 2029. The main terms for the bonds outstanding during the year are presented in the table below.

Nominal interest Average interest

Bond loan Frame Interest terms 2025 2024 2025 2024

EUR 250 million EUR 250 million Euribor 3 m + 3.15% 5.15-5.64% 6.08-7.11% 6.77% 9.26%

EUR 250 million EUR 325 million Euribor 3 m + 4.00% 6.03-6.08% - 6.72% -

Liabilities to credit institutions, overdraft and factoring debt

In connection with the refinancing of the bond lending described above, BEWI entered into a EUR 75.0 million revolving credit

facility agreement (RCF), which replaced a EUR 111.5 million RCF that was due in 2026 (EUR 123.5 million on 1 January 2025

and gradually reduced to EUR 111.5 million at the time of refinancing). The new RCF, which is granted by two banks, matures

on 29 August 2028. As part of this facility, one of the participating banks is providing an overdraft facility. Interest on utilised

amounts on the RCF’s amount ranged between 5.3% - 6.3% during the year. As at 31 December 2025, nothing of the overdraft

was utlised (EUR 0.0 million). Interest on utilised overdraft during the year ranged between 4.0% - 6.4%.

In September 2024, BEWI entered into a receivables purchase agreement (RPA) with one of the two banks granting the RCF.

The RPA is an uncommitted facility with a frame of EUR 75 million. On 31 December 2024, EUR 40.7 million was utilised under

the RPA facility. The utilised portion of the RPA is subject to an interest charge, which is recognised as a financial expense in the

statement of income. Interest on the utilised portion of the RPA during the year ranged from 3.4% - 6.2%.

Interest-bearing liabilities in acquired subsidiaries are normally settled and refinanced internally after the acquisition. However, in a

specific cases liabilities to credit institutions in acquired companies, including overdraft facilities, have not been subject to refinanc-

ing post acquisition. Such liabilities to credit institutions have carried an interest in the range of 2.0% - 12.0% during 2025.

159159

Financial statements | The groupFinancial statements | The group

Liabilities leases

For leases capitalised in accordance with IFRS 16, the interest rates used for discounting the future lease payments have been

based on the Group’s bond trading and Euro benchmark spreads, adjusted for the fact that the lease liabilities are repaid over

the lease-term in contrast to the bonds that are repaid in full at maturity. Each company or relevant business unit has been

given a credit rating, derived from certain financial KPI’s, based on Moody’s methodology. These ratings have been applied

to the spreads to arrive at the discount rates. Depending on the lease-term, the rating and when the lease commenced, the

discount rates vary from 2.3-16.8% for contracts maturing within 1-3 years to 4.4-12.9% for contracts maturing after 10 years.

million EUR Dec 31 2025 Dec 31 2024

Revolving credit facility (equivalent amount in million EUR) 75.0 123.5

Credit facility utilised - 67.7

Covenants and security provided

The revolving credit facility agreement and the terms and conditions for the bond loans state certain covenants that the

group has to comply with, referred to as Leverage Ratio and Interest Coverage Ratio. Leverage Ratio is defined as net debt to

EBITDA and Interest Coverage Ratio as EBITDA to net finance charges, where both EBITDA and net finance charges are adjusted.

EBITDA is adjusted for non-recurring items, as defined in the loan agreements. The impact of IFRS 16 on net debt and EBITDA

is excluded in the covenant calculation. Compliance with the covenants is calculated each quarter-end with the respect to

the revolving credit facility agreement, whereas compliance in the bond loan agreement is triggered by certain events, such

as new financial indebtedness or dividend payments from the parent company. The group has been in compliance with the

loan agreements in both 2025 and 2024. Management believes that the group will be in compliance with the loan agreements

during the next 12 months. Should the group not meet the covenants and be in compliance with the loan agreement for

the revolving credit facility, any utilisation of that facility would be classified as current in the balance sheet. Events triggering

compliance with the bond covenants are normally within control of the group. The revolving credit facility is a super senior

credit facility and the bond loan is subordinated the revolving credit facility.

For the RCF and the bond loan collateral has been lodged in the form of pledged shares in subsidiaries. Some liabilities to credit

institutions and overdraft facilities not refinanced post acquisition of subsidiaries are subject to securities granted in the form of

mortgages and pledges. The value at the balance sheet day of the securities provided, is presented in note 31 Pledged assets.

Currency exposure

Carrying amounts per currency (in millions) for the group’s interest-bearing liabilities are as follows:

31 Dec 2025 31 Dec 2024

million EUR Incl. IFRS 16 Excl. IFRS 16 Incl. IFRS 16 Excl. IFRS 16

SEK 43.0 0.0 107.6 67.8

EUR 349.9 253.6 349.2 255.9

NOK 70.6 7.0 80.0 9.1

DKK 28.9 0.0 28.1 -

GBP 14.8 0.5 17.3 2.8

Other 1.0 0.8 1.5 1.1

508.2 261.9 583.7 336.7

Maturity

The tables below presents the maturity of the discounted cash flows of the group’s interest-bearing liabilities.

As of December 31 2025 < 1 yr. 1–2 yr. 2–5 yr. > 5 yr.

Bond loans - - 245.7 -

Liabilities to credit institutions 1.6 0.8 2.0 0.6

Liabilities leases 31.4 30.4 69.6 124.5

Other financial non-current liabilities - - - -

Overdraft 1.6 - - -

Total 34.6 31.2 317.3 125.1

As of December 31 2024 < 1 yr. 1–2 yr. 2–5 yr. > 5 yr.

Bond loans - 249.4 - -

Liabilities to credit institutions 4.0 68.5 1.3 0.5

Liabilities leases 29.9 29.0 67.0 132.5

Other financial non-current liabilities 0.2 - - -

Overdraft 1.4 - - -

Total 35.5 346.9 68.3 133.0

160160

Financial statements | The groupFinancial statements | The group

Note 27 Pensions and similar obligations to employees

The group provides defined benefit pension plans in the UK. The defined benefit pension plans in the UK, which are closed

for new participants, originate from the acquisition of Synbra and are related to Synbra’s previous operations in the UK. Due

to contractual obligations, the group had to pay a lump sum to the UK funds in 2018, following the change of ownership of

Synbra. As a result, the fair value of plan assets in one of the funds exceed the present value of the pension obligation and a net

pension asset is recognised on the balance sheet. The net pension asset is not subject to asset ceiling limitations.

The defined benefit pension obligations, calculated in accordance with the Projected Unit Credit Method, are, among other

things, based on dicount rates and inflation.

In addition to the defined benefit pension plans, the group also provides other long-term benefits in the Netherlands through

a so called Jubilee plan, which entitles the participants salary benefits for long-term service. The Jubilee plan is calculated in

accordance with the Projected Unit Credit Method and is presented below as Other long-term benefits.

The amounts reported on the balance sheet have been calculated as follows:

Defined benefit pension plans Other long-term benefits

million EUR 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024

Present value of funded obligations -27.5 -29.9 - -

Fair value of plan assets 29.3 31.1 - -

1.7 1.2 - -

Present value of unfunded obligations - - -0.9 -0.9

Net asset(+)/liability(-) as of 31 December 1.7 1.2 -0.9 -0.9

Net pension asset

United Kingdom 2.0 1.9 - -

2.0 1.9 - -

Pension obligations and other long-term benefits

Netherlands - - -0.9 -0.9

Finland - - - -

United Kingdom -0.3 -0.7 - -

-0.3 -0.7 -0.9 -0.9

161161

Financial statements | The groupFinancial statements | The group

The amounts reported on the balance sheet and changes in the defined benefit pension plans during the year are as follows:

Defined benefit pension plans Other long-term benefits

31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024

Costs of service during the current year 0.0 0.0 0.0 -0.1

Past service cost - - - -

Net Interest income/expense 0.1 0.1 0.0 0.0

Total reported in the income statement 0.1 0.1 -0.1 -0.1

Return on plan assets excluding amounts included

in interest expenses/income -0.3 -3.3 - -

Actuarial gains/losses from changes in

demographic assumptions -0.1 0.0 - -

Actuarial gains/losses from changes in financial

assumptions 0.6 1.8 - -

Experience based gains/losses -0.1 0.3 - -

Total reported in other comprehensive income 0.1 -1.3 - -

Defined benefit pension plans Other long-term benefits

Change in present value of the obligation 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024

As of 1 January -29.9 -32.5 -0.9 -1.0

Liabilitiy from discontinued operation - 1.2 - 0.1

Current service cost 0.0 0.0 0.0 -0.1

Past service cost - - - -

Interest cost -1.5 -1.5 0.0 0.0

Actuarial gains/losses 0.4 2.1 - -

Benefits paid 2.1 2.2 0.1 0.1

Settlements 0.0 - 0.0 0.0

Exchange rate differences 1.4 -1.4 - -

As of 31 December -27.5 -29.9 -0.9 -0.9

Defined benefit pension plans Other long-term benefits

Change in fair value of plan assets 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024

As of 1 January 31.1 34.1 - -

Assets held for sale, discontinued operations - -1.0 -

Interest income 1.6 1.6 - -

Return on plan assets excluding amounts included

in interest expenses/income -0.3 -3.3 - -

Contributions by the employer 0.5 0.5 - -

Benefits paid -2.1 -2.2 - -

Settlements 0.0 - - -

Exchange rate differences -1.5 1.5 - -

As of 31 December 29.3 31.1 - -

The most critical assumptions for the defined benefit pensions were: 31 Dec 2025 31 Dec 2024

United Kingdom

Discount rate 5.35-5.4% 5.35-5.50%

Salary increase n/a n/a

Inflation (based on CPI and RPI assumption) 2.70-3.10% 2.95-3.50%

Pension increase (based on CPI and RPI assumptions) 1.90-2.95% 2.00-3.30%

The range in assumed inflation in the United Kingdom reflects different assumptions used for CPI versus RPI. The range in

assumed pension increase in the UK reflects different limits linked to years in which the pension was accrued and different

inflation metrics applied for those limits.

162162

Financial statements | The groupFinancial statements | The group

The most critical assumptions for other long-term benefits were: 31 Dec 2025 31 Dec 2024

Discount rate 3.60% 3.15%

Salary increase 2.00% 2.19%

The sensitivity in the net defined benefit pension asset/liability for changes in essential assumptions are presented below

(minus equals decrease in net asset/increase in net liability).

Change in fair value of net assets/ net liability, million EUR Change

Increase in

assumption

Decrease in

assumption

Discount rate 0.50% 1.2 -1.3

Salary increase 0.50% 0.0 0.0

Pension increase 0.25% -0.4 0.4

For the financial year of 2026, the defined pension plan fees are expected to amount to EUR 0.5 million.

Plan asset allocation 31 Dec 2025 31 Dec 2024

Bonds 10.3 12.4

Equities 4.5 4.5

Hedge funds and alternatives 14.1 13.6

Insurance contracts - -

Real estate 0.0 0.0

Cash 0.4 0.6

29.3 31.1

Analysis of expected undiscounted payments of defined benefits 31 Dec 2025 31 Dec 2024

Within 1 year 3.5 3.3

1–2 years 2.2 2.3

3–5 years 6.4 6.9

5 years or more 39.5 42.5

163163

Financial statements | The groupFinancial statements | The group

Note 28 Other provisions

million EUR

Restoration of

environment

Restructuring

measures Staff benefits Guarantee Total

As of 1 January 2024 0.1 2.3 0.0 0.1 2.5

Reported in the income statement:

– additional provisions - - - - -

Reclassification -0.1 - -0.0 0.0 -0.1

Exchange differences - 0.0 - -0.0 0.0

Utilised durig the year - -2.3 - -0.1 -2.4

As of 31 December 2024 - - - - -

million EUR

Restoration of

environment

Restructuring

measures Staff benefits Guarantee Total

As of 1 January 2025 - - - - -

Reported in the income statement:

– additional provisions - - - 0.0 0.0

Reclassification - - - - -

Exchange differences - - - - -

Utilised durig the year - - - - -

As of 31 December 2025 - - - 0.0 0.0

million EUR 31 Dec 2025 31 Dec 2024

Long-term provision 0.0 -

Short-term provision - -

Total provision 0.0 -

Note 29 Accrued expenses and deferred income

million EUR 31 Dec 2025 31 Dec 2024

Accrued wage debt 5.3 5.0

Accrued social security fees 3.1 2.9

Accrued holiday pay including social security fees 13.2 12.6

Accrued customer bonuses 15.1 13.2

Accrued interest 1.0 1.7

Other items 18.2 17.2

Total 55.9 52.5

Note 30 Contingent liabilities

There are no material contingent liabilites as at the reporting date.

164164

Financial statements | The groupFinancial statements | The group

Note 31 Pledged assets

The carrying amount of assets pledged as security for current and non-current borrowings are:

million EUR 31 Dec 2025 31 Dec 2024

Non-current

Property mortgages

Freehold land and buildings - 1.2

Current

Floating charge

Cash and cash equivalents 0.1 0.0

Inventory 7.5 6.9

Receivables 0.4 2.8

Plant and equipment 7.6 3.7

Business morgage 0.8 1.7

Total 16.4 16.3

For the RCF and the bond loan collateral has been lodged in the form of pledged shares in subsidiaries. The group has also

lodged collateral in the form of business mortgage and pledged specific assets, securing EUR 6.5 million in other interest-bear-

ing liabilites in the subsidaries. The pledged asset above are securitys for these loans.

Note 32 Related parties

Christian Bekken, CEO of BEWI ASA, is together with other members of the Bekken family major shareholders of BEWI ASA

through Bekken Invest AS and BEWI Invest AS. Companies owned by the Bekken family are related parties to BEWI ASA.

Other related parties are companies were BEWI holds minority shareholdings, including Hirsch France SAS, Hirsch Porozell

GmbH and Remondis Technology Spólka z o.o. (34%) and the JVs BEWI RAW Holding BV. Transactions with the related parties’

companies are presented in the tables below.

Information on remuneration of the executive management and the board of directors is found in note 6.

Shares and options related to the BEWI ASA share held by the board and management as of 31 December 2025 is presented in

the table below.

Board of Directors

Person Title Shares Options

Shares held by

related parties

Gunnar Syvertsen Chair 180 506 - 30 329

Kristina Schauman Director 5 952 - 217 000

Anne-Lise Aukner Director - - -

Rik Dobbelaere Director 98 497 - -

Andreas M. Akselsen

Director - - 33 429 000

Pernille Skarstein

Director - - 20 906 501

Christian Begby Director - - 250 000

Andreas M. Akselsen is the owner of 45 per cent of HAAS AS, the second largest shareholder of BEWI ASA, holding 33 420 000 shares per 31.12.2025. 9 000 shares

are owned through Andreas M. Akselsen´s wholly-owned company Godthåb Holding AS.

The shares are owned by Kverva Industries AS, a company owned by Kverva AS, which is a related party to Pernille Skarstein. Kverva held 20 906 501 BEWI shares

at 31 December 2025.

In addition, Kverva AS is a party to total return swap agreement with a third party under which Kverva AS has a financial exposure to 9 092 220 shares.

165165

Financial statements | The groupFinancial statements | The group

Executive Management

Person Title Shares Options

Shares held by

related parties

Christian Bekken

Chief Executive Officer 84 986 166 666 120 856 448

Jonas Siljeskär Chief Operations Officer 124 126 166 666 -

Marie Danielsson Chief Finacial Officer 185 452 166 666 -

Petra Brantmark Chief Legal Officer 17 450 166 666 5 458

Stein Inge Liasjø Chief Strategy Officer 5 000 166 666 -

Karl-Erik Olesen EVP and Head of Downstream 83 252 166 666 -

Christian Bekken is part of the Bekken family, the majority owner of BEWI Invest AS, the majority owner of BEWI ASA, holding 20 846 648 shares on 31.12.2025.

In addition, Christian Bekken´s wife Lisa Lockert Bekken owns 9 800 shares.

Transactions impacting the income statement

million EUR 2025 2024

Sale of goods to:

HIRSCH Porozell GmbH 0.9 0.0

Energijägarna och Dorocell AB - 0.8

Bekken owned companies - -

BEWI RAW BV 2.3 0.2

Total 3.2 1.0

Other income from:

BEWI RAW BV 1.8 -

Total 1.8 -

Purchase of goods from:

HIRSCH France SAS 0.1 -

Remondis Technology Spólka z o.o. 0.1 -

BEWI RAW BV 61.4 -

Total 61.6 -

million EUR 2025 2024

Rental expenses to:

Bekken owned companies 6.6 23.3

Total 6.6 23.3

Other external costs to:

Bekken owned companies 0.3 0.1

Total 0.3 0.1

The transactions were conducted on normal market terms.

Transactions impacting the balance sheet

million EUR 31 Dec 2025 31 Dec 2024

Non-current receivables

BEWI RAW BV 3.0 -

Total 3.0 -

Current receivables

HIRSCH Porozell GmbH 0.1 0.1

BEWI RAW BV 0.9 -

Total 1.0 0.1

Current liabilities

Bekken owned companies 0.7 -

BEWI RAW BV 6.5 -

Total 7.3 -

In 2024, three real estate properties were divested to the Swedish listed company Logistea AB in sale and leaseback transactions.

The transactions gave rise to a capital gain of EUR 4.5 million. The lease terms run for 17 years, with options to extend the lease

terms for another five years. The properties, valued at EUR 37.1 million, were located in Belgium, Poland and Germany.

166166

Financial statements | The groupFinancial statements | The group

Note 33 Adjustments for non-cash items, etc.

million EUR 31 Dec 2025 31 Dec 2024

Depreciations, amortisations and write-downs 70.2 71.1

Change in pension liabilities -0.6 -0.8

Change in other provisions -0.2 -1.9

Share of income from associates and joint ventures, net of dividend received 5.7 1.5

Effect of share-based incentive programme 0.4 -

Capital gain/loss from sale of assets and business -56.8 -3.4

Total 18.7 66.5

Note 34 Subsequent events

There have been no material events after the end of the period (31 December 2025) impacting the balance sheet or the

financial results of the group.

167167

Financial statements | The groupFinancial statements | The group

Parent company

Income statement of the parent company

169

Statement of financial position of the parent company

170

Statement of financial position of the parent company

171

Cash flow statement for the parent company

172

Accounting principles and notes to the accounts

173

Note 01 General information

173

Note 02 Summary of key accounting principles for the parent company

173

Note 03 Net sales

174

Note 04 Remuneration to auditors

174

Note 05 Employee remuneration etc.

174

Note 06 Interest income, interest expense and similar items

175

Note 07 Income tax on the profit for the year

176

Note 08 Shares in subsidiaries, associates and joint ventures

176

Note 09 Receivables and liabilities

178

Note 10 Cash and bank balances

179

Note 11 Share capital

179

Note 12 Equity

179

Note 13 Related parties

180

Note 14 Contingent liabilities

180

168168

Financial statements | Parent companyFinancial statements | Parent company

Income statement of the parent company

million NOK Note 2025 2024

Operating income

Net sales 3 6.7 5.1

Total operating income 6.7 5.1

Operating expenses

Other external costs 4 -68.6 -54.4

Personnel costs 5 -18.7 -17.2

Other operating costs 0.0 -1.0

Total operating expenses -87.3 -72.7

Operating profit -80.6 -67.6

Financial income 490.4 729.3

Financial expense -335.0 -387.8

Financial income and expense - net 6 155.4 341.5

Profit before taxes 74.9 273.9

Income tax 7 -52.8 -2.6

Net profit for the year 22.0 271.3

169169

Financial statements | Parent CompanyFinancial statements | Parent Company

Statement of financial position of the parent company

million NOK Note 31 Dec 2025 31 Dec 2024

ASSETS

Non-current assets

Financial assets

Shares in subsidiaries 8 4 445.7 5 301.2

Shares in associates and joint ventures 8 1 175.4 -

Other financial assets 9 309.4 -

Receivables from group companies 9 2 296.1 2 358.7

Total financial assets 8 226.7 7 659.8

Deferred tax assets 7 - 52.8

Total non-current assets 8 226.7 7 712.7

Current assets

Current receivables

Receivables from group companies 9 1 425.6 366.4

Accounts receivable 1.9 0.4

Prepaid expenses and accrued income 1.2 11.4

Total current receivables 1 428.7 378.4

Cash and cash equivalents 10 2.3 2.9

Total current assets 1 431.0 381.3

TOTAL ASSETS 9 657.7 8 094.0

170170

Financial statements | Parent CompanyFinancial statements | Parent Company

Statement of financial position of the parent company

million NOK Note 31 Dec 2025 31 Dec 2024

EQUITY AND LIABILITIES

Equity

Restricted equity

Share capital (236 522 290 shares) 11, 12 236.5 191.7

Total restricted equity 236.5 191.7

Non-restricted equity

Additional paid-in capital 12 5 271.1 4 434.4

Profit or loss brought forward 12 443.3 172.0

Net profit or loss for the year 12 22.0 271.3

Total non-restricted equity 5 736.4 4 877.8

Total equity 5 973.0 5 069.5

Non-current liabilities

Non-current bond loan 9 2 905.5 2 949.6

Total non-current liabilities 2 905.5 2 949.6

Current liabilities

Liabilities to group companies 9 756.2 50.9

Accounts payable 7.9 4.2

Other short-term liabilities 1.7 0.7

Accrued expenses and deferred income 13.6 19.1

Total current liabilities 779.3 74.9

TOTAL EQUITY AND LIABILITIES 9 657.7 8 094.0

Trondheim, Norway, 25 March 2026

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Begby

Director

Christian Bekken

CEO

171171

Financial statements | Parent CompanyFinancial statements | Parent Company

Cash flow statement for the parent company

million NOK Note 2025 2024

Operating cash flow

Income before financial items -80.6 -67.6

Adjustments for non-cash items, etc - -

Interest paid and financing costs -247.2 -247.7

Interest received 184.5 173.5

Dividend received - 543.5

Operating cash flow before changes to working capital -143.3 401.7

Cash flow from working capital changes

Increase/decrease in current receivables -996.9 -64.1

Increase/decrease in operating debt -71.9 180.9

Total change to working capital -1 068.8 116.8

Operating cash flow -1 212.0 518.5

Cash flow from investment activities

Divestment of subsidiary 354.9 -

Other financial investments 66.6 -498.0

Cash flow from investment activities 421.5 -498.0

million NOK Note 2025 2024

Cash flow from financing activities

Borrowings, net of transaction costs 11 2 885.1 -19.7

Repayment of borrowings -2 976.7 -

New share issue, net of transaction costs 881.4 -

Cash flow from financing activities 789.9 19.7

Cash flow for the period -0.6 0.8

Opening cash and cash equivalents 2.9 2.1

Closing cash and cash equivalents 2.3 2.9

172172

Financial statements | Parent CompanyFinancial statements | Parent Company

Parent company

Accounting principles and notes to the accounts

Note 01 General information

The parent company is a public limited company registered in Norway, with head office located in Trondheim, Norway, and address Dyre Halses gate 1A, 7042 Trondheim.

Note 02 Summary of key accounting principles for the parent company

The key accounting principles used in this annual report are

stated below. The principles have consistently been used for

all reported financial years, unless otherwise specified.

The annual report for the parent company is prepared

in accordance with the Norwegian Accounting Act and

generally accepted accounting principles in Norway. The

accounts are stated below, for which the parent company

applies accounting principles differing from those of the

group, as described in note 2 to the consolidated accounts.

The annual report has been prepared in accordance with

the cost value principle.

The preparation of reports requires the use of certain critical

accounting estimates. It also requires management to

exercise its judgement in the process of applying the parent

company’s accounting principles. The areas involving a

higher degree of judgement or complexity or areas for which

assumptions and estimates are significant to the annual

report, are stated in note 4 to the consolidated accounts.

The parent company is through its activities exposed to

several different financial risks: market risk (currency risk

and interest rate risk), credit risk and liquidity risk. The

parent company’s comprehensive financial risk manage-

ment is focused on the unpredictability of the financial

markets and strives to minimise any adverse effect on

the consolidated profits. For more information regarding

financial risks, see note 3 to the consolidated accounts.

The parent company applies accounting principles differ-

ing from those of the group for the areas are stated below:

Layout

The income statement and statement of financial position

is compliant with the layout stipulated in the Norwegian

Accounting Act. The statement of changes to equity

observes the layout of the consolidated accounts, but

must contain the columns stated in the Norwegian

Accounting Act. Furthermore, differences arise relating

to designations, in comparison with the consolidated

accounts, mainly concerning the financial income/expense

and equity.

Shares in subsidiaries, associates and Joint

Ventures

Shares in subsidiaries, associates and Joint Ventures are

reported at acquisition cost less any impairment. The

acquisition cost includes any cost related to the acquisition

and any additional purchase price.

A calculation of the recoverable amount is undertaken, in

the event of an indicator of impairment of the shares in a

subsidiary. Should the recoverable amount be below the

carrying amount, impairment is made. Impairments are

reported in Profit from participations in group companies.

Financial instruments

Financial instruments are reported at acquisition cost.

Financial assets acquired for short-term holding will in

173173

Financial statements | Parent CompanyFinancial statements | Parent Company

subsequent periods be reported at the lower of acquisition

cost or market value.

Note 03 Net sales

The parent company’s revenue derive solely from one business area and is mainly related to intra-group administrative services.

Note 04 Remuneration to auditors

million NOK 2025 2024

The audit assignment -2.0 -1.6

Audit activites other than the audit assignment -3.1 -0.6

Other services -1.0 0.8

Total remuneration to auditors -6.1 -3.0

For 2024 and 2025, audit activities other than the audit assignment from PwC and other services mainly includes costs related to

the ESG reporting.

Note 05 Employee remuneration etc.

million NOK 2025 2024

Salary and other remuneration -14.9 -13.8

Social security expenses -2.0 -2.3

Pension costs - defined contribution plans -1.4 -1.0

Total remuneration to employees -18.3 -17.2

The company is obliged to have an occupational pension scheme in accordance with the Act on Mandatory Occupational

Pensions. The company pension schemes satisfy the requirement of this Act.

Salary and other remunerations and pension costs for CEO´s and other senior executives

million NOK 2025 2024

Salary and other remuneration -3.5 -6.2

Bonus -0.4 -0.8

Pension costs -0.1 -0.3

Total remuneration -4.0 -7.3

174174

Financial statements | Parent CompanyFinancial statements | Parent Company

Average number of employees

2024

Average number

of employees Whereof men

Norway 7 5

2025

Average number

of employees Whereof men

Norway 9 6

BEWI has two share-based incentive programmes. During 2024 a new long-term incentive program was implemented, entitling

the participants to subscribe for shares in BEWI ASA during a new three-year period. The purpose of the programme is to

further align the interests of the company and its shareholders by providing incentives in the form of awards to employees

to motivate them to contribute materially to the success and profitability of the company. The features of the programme are

further described in note 24 to the group.

The CEO of BEWI ASA was during 2024 and 2025 granted 83 333 new share option each year as a part of the program imple-

ment 2024 for the years 2024-2026.

Severence pay

Subject to the CEO’s employment agreement, there is a mutual notice period of 6 months in the agreement. If the agreement is

terminated by the company, the employee is in addition to the notice period entitled to 12 months severance pay. The sever-

ance pay is deductible against income or compensation from other employment.

Note 06 Interest income, interest expense and similar items

million NOK 2025 2024

Interest income, group companies 184.5 173.5

Interest income - non cash 9.7 -

Dividend income - 543.5

Result from sale of subsidarie 242.8 -

Group contribution 53.4 12.3

Total interest income and similar profit or loss items 490.4 729.3

Interest expense -192.4 -246.2

Interest expense, group companies -45.9 -43.0

Exchange loss -9.5 -49.4

Impariment of share in subsidaries -50.4 -

Other financial expenses -36.9 -49.2

Total interest expense with similar profit or loss items -335.0 -387.8

Total financial income and expense - net 155.4 341.5

175175

Financial statements | Parent CompanyFinancial statements | Parent Company

Note 07 Income tax on the profit for the year

The income tax attributable to the income before taxes differs from the theoretical amount that would have arisen from the

application of the tax rate in Norway for the income of the parent company as follows:

million NOK 2025 2024

Income before taxes 74.9 273.9

Income tax calculated using the Norwegian tax rate (22%) -16.5 -60.3

Tax effects attributable to:

Revenue exempt from taxation 47.9 119.6

Non-deductible costs -2.7 -12.4

Deductible expenses not recognised in income statement -81.5 -49.4

Total tax reported -52.8 -2.6

Unutilised interest carried forward, for which no deferred tax assets have been recognised, amounts to NOK 258.3 million

(224.8). Unutilised loss carried forward, for which no deferred tax assets have been recognised, amounts to NOK 387.7 million

(0.0). No deferred tax-assets are recognised in the closing balanse for 2025. Deferred tax-asset from the opening balanse are

expenced by NOK 52.8 million, tax-asset arising from 2025, NOK 28.6 million are not recognised.

Deferred tax assets and liabilities 2025

million NOK

Opening

balance Reclassification

Reported

in profit/

loss

Reported in

equity/OCI

Closing

balance

Tax losses carry forward 57.5 - -57.5 - -

Long-term liabilities -4.7 - 4.7 - -

Other 0.0 - 0.0 - -

Total net deferred tax assets and liabilities 52.8 - -52.8 - -

Note 08 Shares in subsidiaries, associates and joint ventures

Subsidiaries

million NOK 31 Dec 2025 31 Dec 2024

As of January 1 5 301.2 6 165.4

Acquisition of subsidiaries 869.7 -

Sale of subsidiaries -1 674.8 -

Adjustment acquisition value subsidiaries - -49.2

Impariment share of subsidiaries -50.4

Dividend from subsidiaries -815.0

As of December 31 4 445.7 5 301.2

Name Reg. no.

Reg. office/

country

Ownership votes

and capital (%)

Carrying amount

31 Dec 2025

Carrying amount

31 Dec 2024

Directly owned

BEWI Synbra Group AB 556972 -1128 Solna, Sweden 100 1 618.1 2 487.5

BEWI Poland Spotka zoo 0000722895 Poland 100 182.3 182.3

BEWI Circular Holding AS 928 989 682 Norway 100 210.3 234.7

Jackon Holding AS 989 087 177 Norway 100 2 192.3 2 127.9

UAB BEWI Lithuania 160 421 364 Lithuania 100 242.8 268.8

Sum directly owned 4 445.7 5 301.2

176176

Financial statements | Parent CompanyFinancial statements | Parent Company

Subsidary Reg. no. Reg. office / country

Ownership

votes (%)

Ownership

capital (%)

Indirectly owned

BEWI Austia GmbH 616054 Austria 100 100

BEWI Circular Belgium bvba BE 0465.783.904 Belgium 100 100

BEWI Circular Holding Belgium BE 00641.986.778 Belgium 100 100

BEWI Circular Trading Belgium bvba BE 0875.717.582 Belgium 100 100

Jackon Insulation N.V H.T.R.058089 Belgium 100 100

Kemisol NV BE 0464.536.859 Belgium 100 100

N.V. Internationaal Vervoer Brants Vallet BE 0400.670.970 Belgium 100 100

N.V. Kem-Products NV BE 0448.483.062 Belgium 100 100

Berga Recycling Inc. 7789815 Canada 100 100

BEWI Circular Czechia s.r.o 27877574 Czech Republic 100 100

BEWI Circular Denmark A/S 41 40 69 84 Denmark 100 100

BEWI Denmark A/S 31 86 7304 Denmark 100 100

BEWI Insulation Denmark A/S 20 04 79 41 Denmark 100 100

BEWI Finland Oy 23525547 Finland 100 100

Jackon Insulation France S.a.r.l 501839-N France 100 100

Bewi Automotive Germany GmbH HRB 187767 Germany 100 100

Bewi Automotive Trading GmbH HRB 185768 Germany 100 100

Izoblok GmbH HRB 508966 Germany 79.85 73.14

Jackon Insulation GmbH DE126959786 Germany 100 100

Besto Verpakkingsindustrie BV 5034571 Netherlands 100 100

BEWI IsoBouw Productie Oldenzaal BV 6010160 Netherlands 100 100

Genevad Netherlands BV 70824312 Netherlands 100 100

IsoBouw Systems BV 17046081 Netherlands 100 100

Moramplastics BV 9036097 Netherlands 100 100

Poredo BV 71961577 Netherlands 100 100

Poredo Holding BV 18051893 Netherlands 100 100

Poredo Logistics BV 88096645 Netherlands 100 100

BEWI IsoBouw Productie Someren BV 17023362 Netherlands 100 100

Synbra BV 20080670 Netherlands 100 100

Synbra Holding BV 20095683 Netherlands 100 100

Subsidary Reg. no. Reg. office / country

Ownership

votes (%)

Ownership

capital (%)

Synbra International BV 20095676 Netherlands 100 100

Synprodo BV 18115693 Netherlands 100 100

Synprodo Produktie BV 10012456 Netherlands 100 100

BEWI Circular AS 922724369 Norway 100 100

BEWI Packaging Norway AS 928 878 090 Norway 100 100

BEWI Insulation Norge AS 913 019 334 Norway 100 100

BEWI Norway AS 995 172 895 Norway 100 100

Jackon Skurup Eiendom AS 993 370 096 Norway 100 100

Izoblok S.A 00000388347 Poland 79.85 73.14

BEWI Circular Portugal, LDA 515767832 Portugal 66 66

Plastimar SA 508413770 Portugal 100 100

Aislamientos y Envases S.L B03173820 Spain 80 80

BEWI I&P Spain Holding S.L.U B72746423 Spain 100 100

Plasexpandido SL B36900157 Spain 100 100

BEWi Automotive AB 559102-5332 Sweden 100 100

BEWI Automotive Holding AB 556669-9434 Sweden 100 100

BEWi Circular Sweden AB 556628-9178 Sweden 100 100

BEWI i Öst AB 556541-7788 Sweden 100 100

BEWI Insulation Sverige AB 556383-5742 Sweden 100 100

BEWi Packaging AB 556961-3309 Sweden 100 100

Genevad Holding AB 556707-1948 Sweden 100 100

Norplasta AB 556649-7821 Sweden 100 100

Jackon Insulation Switzerland AG CH 400.3.034.347-2 Switzerland 100 100

BEWI Insulation & Construction (UK) Ltd 12644570 United Kingdom 100 100

Jackon Holding UK Ltd 1033313 United Kingdom 100 100

Jackon UK Ltd 8235666 United Kingdom 100 100

Synbra Holding UK Ltd 9502640 United Kingdom 100 100

Volker Gruppe Ltd NI627429 United Kingdom 61 61

BEWI Packaging & Components (UK) Ltd 12644682 United Kingdom 100 100

Jablite Group Ltd 124 6 41113 United Kingdom 100 100

Berga Circular Holding US Inc 6770534 USA 100 100

Berga Recycling USA Inc Delaware USA 100 100

177177

Financial statements | Parent CompanyFinancial statements | Parent Company

Associates

Name Reg. no. Reg. office / country

Proportion of

shares held by

the parent (%)

Directly owned

BEWI RAW Holding BV

96699930 Netherlands 49

Indirectly owned

BEWI RAW BV 20033648 Netherlands 49

BEWI RAW Oy 1094747-6 Finland 49

BEWI RAW GmbH DE191394004 Germany 49

Unipol Holland B.V 16056880 Netherlands 49

HIRSCH France SAS 92044 France 34

HIRSCH Porozell GmbH FN 117255i Germany 34

Remondis Technology SP Zoo 0.34 Poland 34

Other shares and participations

Name Reg. no. Reg. office / country

Proportion of

shares held by

the parent (%)

Indirectly owned

Polystyrene Loop Cooperatief U.A. 68399812 Netherlands 13.8

STOK Group TopCo ApS 44 71 76 89 Denmark 5.71

Note 09 Receivables and liabilities

million NOK 31 Dec 2025 31 Dec 2024

Balance sheet assets

Financial assets measured at amortised cost

Non-current receivables from group companies 2 296.1 2 358.7

Current receivables from group companies 1 425.6 366.4

Total 3 721.8 2 725.1

Balance sheet liabilities

Financial liabilities measured at amortised cost

Bond loan 2 905.5 2 949.6

Current liabilities to group companies 756.2 50.9

Total 3 661.7 3 000.5

The company has no liabilities with maturity over five years.

Bond loans

Frame Amount outstanding Date of issuance Maturity/redemtion date

EUR 250 million

EUR 325 million

EUR 250 million

3 September 2021

12 September 2025

12 and 25 September 2025

12 September 2029

In September 2025, the EUR 250 million bond loan with maturity date on 3 September 2026 was redeemed. A new EUR 250

million bond loan was issued on 12 September. The new bond, issued under a frame of up to EUR 325 million, matures on

12 September 2029. The main terms for for the bond outstaning during the year are presented in the table above.

The bond is recognised under the effective interest method at amortised cost after deduction for transaction costs. Interest

terms as well as nominal interest rate and average interest rates recognised during the year are presened in the table

below.

Bond loan Interest terms Nominal interest 2025 Average interest 2025

EUR 250 million

Euribor 3 m + 3.15%

Euribor 3m + 4.00%

5.15-5.64%

6.03-6.08%

6.77%

6.72%

178178

Financial statements | Parent CompanyFinancial statements | Parent Company

Note 10 Cash and bank balances

million NOK 31 Dec 2025 31 Dec 2024

Restricted cash 1.6 2.1

Other cash and bank balances 0.6 0.6

Total 2.3 2.9

Note 11 Share capital

For information regarding the share capital, see note 22 to the consolidated accounts.

Note 12 Equity

Restricted equity Non-restricted equity

million NOK Share capital

Additional

paid-in capital

Accumulated

profit (incl net

profit/loss for

the year) Total

Balance carried forward as of 31 December 2023 191.7 4 434.4 172.0 4 798.1

Net profit for the year - - 271.3 195.8

Balance carried forward as of 31 December 2024 191.7 4 434.4 443.3 5 069.5

New share issue, net of transaction costs 44.8 851.2 - 896.0

Issue costs - -14.6 - -14.6

Net profit for the year - - 22.0 22.0

Balance carried forward as of 31 December 2025 236.5 5 271.1 465.3 5 973.0

179179

Financial statements | Parent CompanyFinancial statements | Parent Company

Note 13 Related parties

Christian Bekken, CEO of BEWI ASA, is together with other members of the Bekken family a majority shareholder of the company

through BEWI Invest AS and Bekken Invest AS. More information on related party transactions is reported in note 32 to the

consolidated accounts. Information on remuneration of management and the board of directors is found in note 6 of the

consolidated accounts.

Note 14 Contingent liabilities

million NOK 31 Dec 2025 31 Dec 2024

Guarantees to suppliers 681.2 664.3

681.2 664.3

BEWI ASA has on behalf of its subsidiaries granted suppliers to pay outstanding trade liabilities in case the subsidiary fails to pay.

The amount stated above is the maximum amount according to the guarantee.

180180

Financial statements | Parent CompanyFinancial statements | Parent Company

Statement by the board

of directors and CEO

The board of directors and the CEO have today considered

and approved the annual report for BEWI ASA (“the company”)

and the BEWI group (“the group”) for the period 1 January to

31 December 2025 and as of 31 December 2025.

The consolidated financial statements have been prepared in accordance with

IFRS as adopted by EU, European Single Electronic Format (ESEF) regulations as

well as additional information requirements as per the Norwegian Accounting

Act. The financial statements for the company have been prepared in accordance

with the Norwegian Accounting Act and generally accepted accounting practice

in Norway.

We confirm, to the best of our knowledge, that

• The 2025 financial statements for the company and the group have been

prepared in accordance with applicable accounting standards

• The 2025 consolidated financial statements have been prepared in accord-

ance with the requirements of the Commission Delegated Regulation (EU)

2019/815 on the European Single Electronic Format (ESEF Regulation) and

regulation pursuant to section 5-5 of the Norwegian Securities Trading Act

• The information in the financial statements gives a true and fair view of the

company’s and the group’s assets, liabilities, financial position and result as of

31 December 2025

• The annual report for 2025 meets the information requirements of the

Norwegian accounting act with regard to the report of the board of directors,

statement on corporate governance, and report on sustainability pursuant to

the Norwegian Accounting Act section 2-6 and the EU Taxonomy article 8

• The annual report for the company and the group; – gives a true and fair view

of the company’s and the group’s development, performance and financial

position, and – includes a description of the principal risks and uncertainty

factors facing the company and the group

Trondheim, Norway, 25 March 2026

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Begby

Director

Christian Bekken

CEO

181181

Financial statements | Statement by the board and CEOFinancial statements | Statement by the board and CEO

To the General Meeting of BEWI ASA

Independent Auditor’s report

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of BEWI ASA,

which comprise:

• the financial statements of the parent company BEWI

ASA (the Company), which comprise the statement of

financial position as at 31 December 2025, the income

statement and cash flow statement for the year

then ended, and notes to the accounts, including a

summary of significant accounting policies, and

• the consolidated financial statements of BEWI ASA

and its subsidiaries (the Group), which comprise the

statement of financial position as at 31 December 2025,

the statement of profit or loss, statement of compre-

hensive income, statement of changes in equity and

cash flow statement for the year then ended, and

notes to the accounts, including material accounting

policy information.

In our opinion:

• the financial statements comply with applicable

statutory requirements,

• the financial statements give a true and fair view of the

financial position of the Company as at 31 December

2025, and its financial performance and its cash

flows for the year then ended in accordance with the

Norwegian Accounting Act and accounting standards

and practices generally accepted in Norway, and

• the consolidated financial statements give a true and

fair view of the financial position of the Group as at

31 December 2025, and its financial performance and

its cash flows for the year then ended in accordance

with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the

Audit Committee.

Basis for Opinion

We conducted our audit in accordance with International

Standards on Auditing (ISAs). Our responsibilities under

those standards are further described in the Auditor’s

Responsibilities for the Audit of the Financial Statements

section of our report. We are independent of the Company

and the Group as required by relevant laws and regulations

in Norway and the International Ethics Standards Board for

Accountants’ International Code of Ethics for Professional

Accountants (including International Independence

Standards) (IESBA Code) as applicable to audits of financial

statements of public interest entities, and we have fulfilled

our other ethical responsibilities in accordance with these

requirements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for

our opinion.

To the best of our knowledge and belief, no prohibited

non-audit services referred to in the Audit Regulation

(537/2014) Article 5.1 have been provided.

We have been the auditor of BEWI ASA for 6 years from the

election by the general meeting of the shareholders on

29 July 2020 for the accounting year 2020.

Key Audit Matters

Key audit matters are those matters that, in our profes-

sional judgment, were of most significance in our audit

of the financial statements of the current period. These

matters were addressed in the context of our audit of

the financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate

opinion on these matters.

The Group’s business activities are largely unchanged

compared to last year. We have not identified regulatory

changes, transactions or other events that qualified as new

key audit matters. Impairment testing of goodwill and

intangible assets with an indefinite useful life has the same

characteristics and risks this year as the previous year and

has been an area of focus also for the 2025 audit.

182182

Financial statements | Auditor’s reportFinancial statements | Auditor’s report

Key Audit Matters How our audit addressed the Key Audit Matter

Impairment testing of goodwill and intangible assets with an indefinite useful life

Goodwill and trademarks are significant assets in the Group’s statement of financial position. The carrying amount of goodwill

and trademarks amount to EUR 200.5 million and EUR 42.9 million respectively on 31 December 2025. No impairment was

recognised in 2025.

Impairment testing requires determination of recoverable amounts of goodwill and trademarks, which are dependent on

estimated cash flows with underlying forward-looking assumptions. We focused on this area due to the significance of the

amounts involved and because the impairment test requires significant application of management judgement related to

assumptions such as projected future revenues, costs and the discount rate used.

The Group’s principles and methods for valuation of goodwill and trademarks are described in notes 2.5, 4.1 and note 12 to the

consolidated financial statements.

We obtained an understanding of management’s process related to assessment of valuation of goodwill and trademarks.

We obtained and reviewed management’s documentation for impairment testing and considered whether the valuation model

applied by management contained the elements and methodology required by IFRS. We also assessed the valuation methodology

and tested the mathematical accuracy of the model.

We examined how management identified cash generating units (CGUs) and compared this to how goodwill and trademarks are

monitored internally.

We performed sensitivity analyses and underlying calculations that would be impacted by changes on key assumptions in the impair-

ment assessment and found the impairment assessment to be sensitive to changes in WACC, revenue growth and EBITDA ratios.

We evaluated the reasonableness of the key assumptions applied by management, as well as management’s analysis of the sensitivity

of changes to significant assumptions that could result in a need for impairment against Board approved strategic plans. Further, we

challenged management’s expectations of the underlying assumptions against, among other, external evidence and historic results.

In assessing whether management used appropriate forward-looking EBITDA ratios and revenue growth in their valuation models, we

examined the forecasted EBITDA ratios and revenue growth towards historical achieved for each CGU, and towards strategic plans. The

discount rate used was compared to empirical data and expectations about the future returns, relevant risk premium and gearing ratio.

We assessed management’s forecasting accuracy by comparing prior year budgets and forecasts to actual results where the CGUs

were comparable with historic results.

We also considered whether the information provided in notes 2.5, 4.1 and 12 met the IFRS requirements.

183183

Financial statements | Auditor’s reportFinancial statements | Auditor’s report

Other Information

The Board of Directors and the Managing Director (man-

agement) are responsible for the information in the Board

of Directors’ report and the other information accom-

panying the financial statements. The other information

comprises information in the annual report, but does not

include the financial statements and our auditor’s report

thereon. Our opinion on the financial statements does

not cover the information in the Board of Directors’ report

nor the other information accompanying the financial

statements.

In connection with our audit of the financial statements,

our responsibility is to read the Board of Directors’ report

and the other information accompanying the financial

statements. The purpose is to consider if there is material

inconsistency between the Board of Directors’ report

and the other information accompanying the financial

statements and the financial statements or our knowledge

obtained in the audit, or whether the Board of Directors’

report and the other information accompanying the

financial statements otherwise appears to be materially

misstated. We are required to report if there is a material

misstatement in the Board of Directors’ report or the other

information accompanying the financial statements. We

have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our

opinion that the Board of Directors’ report

• is consistent with the financial statements and

• contains the information required by applicable

statutory requirements.

Our opinion on the Board of Directors’ report applies corre-

spondingly to the statement on Corporate Governance.

Our opinion on whether the Board of Directors’ report

contains the information required by applicable statutory

requirements, does not cover the Sustainability Statement,

on which a separate assurance report is issued.

Responsibilities of Management

for the Financial Statements

Management is responsible for the preparation of financial

statements of the Company that give a true and fair view

in accordance with the Norwegian Accounting Act and

accounting standards and practices generally accepted

in Norway, and for the preparation of the consolidated

financial statements of the Group that give a true and fair

view in accordance with IFRS Accounting Standards as

adopted by the EU. Management is responsible for such

internal control as management determines is necessary to

enable the preparation of financial statements that are free

from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is

responsible for assessing the Company’s and the Group’s

ability to continue as a going concern, disclosing, as

applicable, matters related to going concern. The financial

statements of the Company use the going concern basis of

accounting insofar as it is not likely that the enterprise will

cease operations. The consolidated financial statements of

the Group use the going concern basis of accounting unless

management either intends to liquidate the Group or to

cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the

Financial Statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is

not a guarantee that an audit conducted in accordance

with ISAs will always detect a material misstatement when

it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in aggregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial

statements.

As part of an audit in accordance with ISAs, we exercise

professional judgment and maintain professional scepti-

cism throughout the audit. We also:

• identify and assess the risks of material misstatement of

the financial statements, whether due to fraud or error.

We design and perform audit procedures responsive to

those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The

risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of

internal control.

• obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness

of the Company’s and the Group’s internal control.

• evaluate the appropriateness of accounting policies

used and the reasonableness of accounting estimates

and related disclosures made by management.

• conclude on the appropriateness of management’s

use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a

material uncertainty exists related to events or condi-

tions that may cast significant doubt on the Company’s

and the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are

required to draw attention in our auditor’s report to the

related disclosures in the financial statements or, if such

disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future

events or conditions may cause the Company and the

Group to cease to continue as a going concern.

• evaluate the overall presentation, structure and

content of the financial statements, including the

disclosures, and whether the financial statements

represent the underlying transactions and events in a

manner that achieves a true and fair view.

• obtain sufficient appropriate audit evidence regarding

the financial information of the entities or business

activities within the Group to express an opinion on

the consolidated financial statements. We are respon-

sible for the direction, supervision and performance of

the group audit. We remain solely responsible for our

audit opinion.

184184

Financial statements | Auditor’s reportFinancial statements | Auditor’s report

We communicate with the Board of Directors regarding,

among other matters, the planned scope and timing of

the audit and significant audit findings, including any

significant deficiencies in internal control that we identify

during our audit.

We also provide the Audit Committee with a statement

that we have complied with relevant ethical requirements

regarding independence, and to communicate with them

all relationships and other matters that may reasonably

be thought to bear on our independence, and where

applicable, actions taken to eliminate threats or safeguards

applied.

From the matters communicated with the Board of

Directors, we determine those matters that were of most

significance in the audit of the financial statements of the

current period and are therefore the key audit matters. We

describe these matters in our auditor’s report unless law

or regulation precludes public disclosure about the matter

or when, in extremely rare circumstances, we determine

that a matter should not be communicated in our report

because the adverse consequences of doing so would

reasonably be expected to outweigh the public interest

benefits of such communication.

Report on Other Legal

and Regulatory Requirements

Report on Compliance with Requirement on

European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of BEWI

ASA, we have performed an assurance engagement to

obtain reasonable assurance about whether the financial

statements included in the annual report, with the file

name BEWI-2025-12-31-0-en.zip, have been prepared, in all

material respects, in compliance with the requirements of

the Commission Delegated Regulation (EU) 2019/815 on

the European Single Electronic Format (ESEF Regulation)

and regulation pursuant to Section 5-5 of the Norwegian

Securities Trading Act, which includes requirements

related to the preparation of the annual report in XHTML

format, and iXBRL tagging of the consolidated financial

statements.

In our opinion, the financial statements, included in the

annual report, have been prepared, in all material respects,

in compliance with the ESEF regulation.

Management’s Responsibilities

Management is responsible for the preparation of the

annual report in compliance with the ESEF regulation. This

responsibility comprises an adequate process and such

internal control as management determines is necessary.

Auditor’s Responsibilities

For a description of the auditor’s responsibilities when

performing an assurance engagement of the ESEF report-

ing, see: https://revisorforeningen.no/revisjonsberetninger

Trondheim, 25 March 2026

PricewaterhouseCoopers AS

Kjetil Smørdal

State Authorised Public Accountant

(This document is signed electronically)

185185

Financial statements | Auditor’s reportFinancial statements | Auditor’s report

Reconciliation alternative performance measures

Alternative performance measures not defined by IFRS

million EUR (except percentage) 2025 2024

Operating income (EBIT) 3.6 8.5

Share of income from associated companies and joint ventures -5.5 -1.5

Operating income before share of income from

associated companies and joint ventures 9.1 10.0

Amortisations 13.0 12.0

EBITA 22.1 22.0

Items affecting comparability 2.0 -0.7

Adjusted EBITA 24.1 21.3

EBITA 22.1 22.0

Depreciations 57.2 51.4

EBITDA 79.3 73.4

Items affecting comparability 2.0 -0.7

Adjusted EBITDA – continuing operations 81.3 72.7

Adjusted EBITA Rolling 12 months – discontinued operations 2.2 13.6

Adjusted EBITA Rolling 12 months – total operations 26.3 34.9

Average capital employed 907.4 946.4

Return on average capital employed (ROCE)% 2.9% 3.7%

Items affecting comparability

million EUR 2025 2024

Severance, integration and restructuring costs -2.5 -0.9

Transaction costs -1.0 -2.1

Capital gains/losses 0.3 3.8

Other 1.2 -0.1

Total -2.0 0.7

186186

Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Adjusted EPS

million EUR (except average number of shares) 2025 2024

Profit/loss used in calculation basic earnings per share 15.6 -29.6

Reversing adjustment items before tax

Items affecting comparability – continuing operations 2.0 -0.7

Items affecting comparability – discontinued operations -56.2 0.8

Depreciations/amortisations attributable to fair value adjustments in

business combinations – continuing operations 11.7 10.6

Depreciations/amortisations attributable to fair value adjustments in

business combinations – discontinued operations - 1.3

Items affecting comparability in financial items 5.9 1.2

-36.6 13.2

Reversing tax impact on adjustment items

Items affecting comparability -0.5 1.4

Depreciations/amortisations attributable to fair value adjustments in

business combinations – continuing operations -1.0 -2.4

Depreciations/amortisations attributable to fair value adjustments in

business combinations – discontinued operations - -0.3

Fair value changes in financial items - -

-1.5 -1.3

Total impact on profit/loss for the period -38.1 11.9

Attributable to non-controlling interests 0.0 1.6

Adjusted profit attributable to the parent company shareholders -22.5 -16.1

Average number of shares 207 464 087 191 722 290

Adjusted earnings per share, basic -0.11 -0.08

187187

Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Revenue bridge: Change in net sales from corresponding periods in 2025

million EUR I&C % P&C % Circular % Unallocated %

Intra-group

revenue

Total

net sales –

continuing

operations %

Discontinued

operations %

Intra group

revenue –

discontinued

operation

Net sales

– total

operations %

2024 428.4 308.3 52.5 0.0 -16.0 773.2 379.2 -137.1 1 015.4

Acquisitions - - 3.1 1.0% - - - - -0.1 3.0 0.4% - - - 3.0 0.3%

Divestments - - - - - - - - - - - -179.7 -47.4% - -179.7 -17.7%

Currency 0.2 0.0% 0.8 0.3% -0.5 -0.9% - - -0.2 0.3 0.0% 0.1 0.0% - 0.4 0.0%

Organic growth -7.7 -1.8% 26.9 8.7% 8.3 15.8% - -- -7.7 19.8 2.6% -13.3 -3.5% 68.5 75.0 7.4%

Total increase/ decrease -7.5 -1.8% 30.8 10.0% 7.8 15.0% - - -8.0 23.0 3.0% -192.9 -50.9% 68.5 -101.4 -10.0%

2025 420.9 339.1 60.3 0.0 -24.1 796.2 186.3 -68.5 914.0

EBITDA bridge: Change in adjusted EBITDA from corresponding periods in 2025

million EUR I&C % P&C % Circular % Unallocated %

Adjusted

EBITDA –

continuing

operations %

Discontinued

operations %

Adjusted

EBITDA –

total

operations %

2024 38.2 43.4 -5.1 -3.9 72.7 20.0 92.7

Acquisitions - - - - - - - - - - - - - -

Divestments - - - - - - - - - - -4.5 -22.3% -4.5 -4.8%

Currency 0.1 0.1% 0.1 0.2% 0.0 0.3% 0.1 -1.3% 0.2 0.2% 0.0 0.1% 0.2 0.2%

Organic growth -1.1 -2.8% 8.3 19.1% 1.6 31.9% -0.3 8.5% 8.5 11.7% -13.4 -67.1% -4.9 -5.3%

Total increase/ decrease -1.0 -2.6% 8.4 19.2% 1.6 31.6% -0.3 7.2% 8.7 11.9% -17.9 -89.3% -9.2 -9.9%

2025 37.2 51.8 -3.5 -4.2 81.3 2.2 83.5

188188

Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Definitions of alternative performance measures not defined by IFRS

Organic growth Organic growth is defined as growth in net sales for the reporting period compared to the same

period last year, excluding the impact of currency and acquisitions. It is a key ratio as it shows the

underlying sales growth.

EBITDA Earnings before interest, tax, depreciation, and amortisation. EBITDA is a key performance indicator

that the group considers relevant for understanding the generation of profit before investments in

fixed assets.

EBITDA margin EBITDA as a percentage of net sales. The EBITDA margin is a key performance indicator that the

group considers relevant for understanding the profitability of the business and for making

comparisons with other companies.

EBITA Earnings before interest, tax, and amortisations. EBITA is a key performance indicator that the

group considers relevant, as it facilitates comparisons of profitability over time independent of

corporate tax rates and financing structures but including depreciations of fixed assets used in

production to generate the profits of the group.

EBITA margin EBITA as a percentage of sales. The EBITA margin is a key performance indicator that the group

considers relevant for understanding the profitability of the business and for making comparisons

with other companies.

EBIT Earnings before interest and tax. EBIT is a key performance indicator that the group considers

relevant, as it facilitates comparisons of profitability over time independent of corporate tax rates

and financing structures. Depreciations are included, however, which is a measure of resource

consumption necessary for generating the result.

Items affecting

comparability

Items affecting comparability include transaction costs related to acquisition of companies, includ-

ing the release of negative goodwill from acquisitions, severance costs and other normalisations

such as divestment of real estate, closing of facilities, unscheduled raw material production stops

and other.

Adjusted (adj.)

EBITDA

Normalised earnings before interest, tax, depreciation, and amortisation (i.e., items affecting com-

parability and deviations are added back). Adjusted EBITDA is a key performance indicator that the

group considers relevant for understanding earnings adjusted for items that affect comparability.

Adjusted (adj.)

EBITDA margin

Normalised EBITDA before items affecting comparability as a percentage of net sales. The adjusted

EBITDA margin is a key performance indicator that the group considers relevant for understanding

the profitability of the business and for making comparisons with other companies.

Adjusted (adj.) EBITA Normalised earnings before interest, tax, and amortisations (i.e., items affecting comparability and

deviations are added back). EBITA is a key performance indicator that the group considers relevant,

as it facilitates comparisons of profitability over time independent of corporate tax rates and

financing structures but including depreciations of fixed assets used in production to generate the

profits of the group.

Adjusted (adj.) EBITA

margin

Normalised EBITA before items affecting comparability as a percentage of sales. The EBITA margin

is a key performance indicator that the group considers relevant for understanding the profitability

of the business and for making comparisons with other companies.

ROCE Return on average capital employed. ROCE is a key performance indicator that the group consid-

ers relevant for measuring how well the group is generating profits from its capital in use. ROCE is

calculated as rolling 12 months adjusted EBITA as a percentage of average capital employed during

the same period. Capital employed is defined as total equity plus net debt, and the average is

calculated with each quarter during the measurement period as a measuring point.

Net debt Interest-bearing liabilities excluding obligations relating to employee benefits, minus cash and

cash equivalents. Net debt is a key performance indicator that is relevant both for the group’s

calculation of covenants based on this indicator and because it indicates the group’s financing

needs.

Adjusted (adj.)

EPS

Earnings per share (EPS) adjusted for items affecting comparability, depreciations/amortisations

attributable to fair adjustments in business combinations and fair value adjustments in financial

items, Including tax on those items. Adjusted EPS is a key performance indicator considered

relevant for the group as it presents the EPS generated by the actual operations of the group.

189189

Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Remuneration

report

190190

Remuneration Remuneration

Overview

This remuneration report is prepared by the board of directors (“the board”) of BEWI

ASA (the “company”) in accordance with Section 6-16b of the Norwegian Public

Limited Liabilities Companies Act as applicable per 1 January 2021 (“NPLCA”) and the

administrative regulation regarding remuneration of the executive management.

The report contains information regarding remuneration of the board and executive

management for the financial year of 2025.

The report is based on BEWI’s guidelines for remuneration, which was approved by

the general meeting on 21 May 2025.

191191

Remuneration Remuneration

Remuneration of the board of directors

Board composition

In 2025, the board consisted of Gunnar Syvertsen (chair), Kristina Schauman, Anne-Lise Aukner, Rik Dobbelaere, Pernille Skarstein,

and Andreas M. Akselsen. In addition, Christian Begby was elected new director of the board at the extraordinary general

meeting held 22 December 2025.

Gunnar Syvertsen, Kristina Schauman, and Anne-Lise Aukner were re-elected for a period of two years at the company’s general

meeting on 4 June 2024. Andreas M. Akselsen, Rik Dobbelaere, and Pernille Skarstein were re-elected for a period of two years at

the general meeting on 21 May 2025. Christian Begby was elected until the annual general meeting in 2027.

Remuneration

The board’s remuneration is determined by the general meeting after receiving a proposal from the nomination committee.

The remuneration is comprised of fixed payment for board directorship and work in sub-committees. Directors of the board

are also reimbursed for travelling expenses. The company is responsible for payment of social security taxes, as well as cost for

directors’ and officer’s liability insurance.

Actual fees paid to the board of directors in 2025 and 2024

BEWI ASA 1 Jan 2025 - 31 Dec 2025 1 Jan 2024 - 31 Dec 2024

million EUR

Basic

salary incl.

benefits/

board fees

Variable

remuner-

ation

Retirement

compen-

sation

Basic

salary incl.

benefits/

board fees

Variable

remuner-

ation

Retirement

compen-

sation

Board of Directors

Gunnar Syvertsen (chair) 0.06 0.06

Kristina Schauman 0.04 0.03

Anne-Lise Aukner 0.03 0.03

Rik Dobbelaere 0.03 0.03

Andreas Mjølner Akselsen 0.03 0.03

Pernille Skarstein 0.03 0.03

Total 0.22 0.21

Consultancy services board members

Gunnar Syvertsen 0.07 0.07

Rik Dobbelaere 0.12 0.12

192192

Remuneration Remuneration

Remuneration to the executive management

Executive management

BEWI considers members of its executive management to be covered by the term Directors (Norwegian “ledende personer”)

under the NPLCA section 6-16a. The company’s executive management consisted of the following positions/ persons in 2025:

• Chief Executive Officer Christian Bekken

• Chief Operating Officer Jonas Siljeskär

• Chief Financial Officer Marie Danielsson

• Chief Legal Officer Petra Brantmark

• EVP and Head of downstream Karl Erik Olesen (from 1 November 2024)

• Chief Strategy Officer Stein Inge Liasjø (from 1 November 2024)

Remuneration composition and framework

The remuneration principles and compensation elements are described in the guidelines for salary and other remuneration of

executive employees. The elements include a (i) fixed base salary, (ii) pension, (iii) non-financial benefits (“fringe benefits”), (iv)

variable pay and (v) a long-term incentive programme (referred to as share option plan)

Directors do not receive remuneration for directorships in group companies.

Tables below contains an overview of the total remuneration which the directors have received from the company in 2025 and

2024.

Remuneration paid to executive management in 2025 and 2024

BEWI ASA 1 Jan 2025 - 31 Dec 2025

million EUR

Basic

salary

Short term

variable pay

Long term

variable pay

Other

benefits

Retirement

compensation

Total com-

pensation

Proportion of fixed

remuneration

CEO

Christian Bekken 0.28 0.04 0.01 0.33 88%

Other executives

Jonas Siljeskär 0.33 0.03 0.01 0.08 0.45 93%

Marie Danielsson 0.33 0.02 0.01 0.07 0.43 95%

Petra Brantmark 0.21 0.01 0.01 0.05 0.28 96%

Stein Inge Liasjø 0.23 0.02 0.01 0.26 92%

Karl-Erik Olesen 0.31 0.04 0.02 0.03 0.40 90%

Total 1.69 0.16 0.05 0.25 2.15 93%

193193

Remuneration Remuneration

BEWI ASA 1 Jan 2024 - 31 Dec 2024

million EUR

Basic

salary

Short term

variable pay

Long term

variable pay

Other

benefits

Retirement

compensation

Total com-

pensation

Proportion of fixed

remuneration

CEO

Christian Bekken 0.27 0.04 0.01 0.32 88%

Other executives

Jonas Siljeskär 0.31 0.05 0.01 0.08 0.45 89%

Marie Danielsson 0.31 0.05 0.05 0.41 88%

Petra Brantmark 0.18 0.04 0.01 0.05 0.28 86%

Stein Inge Liasjø

0.03 0.03 100%

Karl-Erik Olesen

0.04 0.04 100%

Total 1.14 0.18 0.02 0.19 1.53 88%

Stein Inge Liasjø and Karl-Erik Olesen were included in the executive management from 1 November 2024.

Share-option plan

In 2025, BEWI had two share option programmes for the executive management and key employees. The first programme,

adopted by the board on 19 November 2020, expired in November 2025, after which all outstanding options lapsed. The

second programme was launched on 15 November 2024, with a similar setup, whereby participants are invited on an annual

basis.

Both programmes are based on the approval by the general meeting to authorise the board to issue new shares to employees

under a long-term incentive programme. The aggregate number of options under the programmes shall never exceed three (3)

per cent of the outstanding shares of the company, including options already outstanding.

The strike price is set as the market price at the time of the grant of the options plus 10 per cent, to ensure that only value cre-

ation from allocation onwards is rewarded. The options vest with 20 per cent after one year, 30 per cent after two years, and 50

per cent three years after granted, provided the participant is still employed. The options lapse and become void after a period

of 5 years. If the employee resigns from his or her position with the company, all unvested options will lapse and becomes void.

The maximum profit gain from awarded options under the plan, is capped according to an agreement between the employee

and the company.

Depending on the company’s financial position or financial targets, the board reserves the right to extend the expiry dates by

an additional two years.

194194

Remuneration Remuneration

Long term incentive programme (share-option plan)

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

expired this year

Share options

awarded and

unvested

Share options

subject to

holding period

Christian Bekken 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 75 000 - - -75 000 - -

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 125 000 - - -125 000 - -

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 16 667 - - - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 25 000 - - - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 41 667 - - - - 41 667

3 15.11.2025-

15.11.2026

15.11.2025 15.11.2026 15.11.2030 15.11.2026-

15.11.2030

17.72 - 16 667 - - - 16 667

3 15.11.2025-

15.11.2027

15.11.2025 15.11.2027 15.11.2030 15.11.2027-

15.11.2030

17.72 - 25 000 - - - 25 000

3 15.11.2025-

15.11.2028

15.11.2025 15.11.2028 15.11.2030 15.11.2028-

15.11.2030

17.72 - 41 667 - - - 41 667

283 333 83 333 - -200 000 - 166 667

195195

Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

expired this year

Share options

awarded and

unvested

Share options

subject to

holding period

Jonas Siljeskär 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 75 000 - - -75 000 - -

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 125 000 - - -125 000 - -

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 16 667 - - - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 25 000 - - - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 41 667 - - - - 41 667

3 15.11.2025-

15.11.2026

15.11.2025 15.11.2026 15.11.2030 15.11.2026-

15.11.2030

17.72 - 16 667 - - - 16 667

3 15.11.2025-

15.11.2027

15.11.2025 15.11.2027 15.11.2030 15.11.2027-

15.11.2030

17.72 - 25 000 - - - 25 000

3 15.11.2025-

15.11.2028

15.11.2025 15.11.2028 15.11.2030 15.11.2028-

15.11.2030

17.72 - 41 667 - - - 41 667

283 333 83 333 - -200 000 - 166 667

196196

Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

expired this year

Share options

awarded and

unvested

Share options

subject to

holding period

Marie Danielsson 1 19.11.2020-

19.11.2021

19.11.2020 19.11.2021 19.11.2025 19.11.2021-

19.11.2025

22.96 50 000 - - -50 000 - -

1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 75 000 - - -75 000 - -

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 125 000 - - -125 000 - -

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 16 667 - - - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 25 000 - - - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 41 667 - - - - 41 667

3 15.11.2025-

15.11.2026

15.11.2025 15.11.2026 15.11.2030 15.11.2026-

15.11.2030

17.72 - 16 667 - - - 16 667

3 15.11.2025-

15.11.2027

15.11.2025 15.11.2027 15.11.2030 15.11.2027-

15.11.2030

17.72 - 25 000 - - - 25 000

3 15.11.2025-

15.11.2028

15.11.2025 15.11.2028 15.11.2030 15.11.2028-

15.11.2030

17.72 - 41 667 - - - 41 667

333 333 83 333 - -250 000 - 166 667

197197

Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

expired this year

Share options

awarded and

unvested

Share options

subject to

holding period

Petra Brantmark 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 28 952 - - -28 952 - -

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 62 500 - - -62 500 - -

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 16 667 - - - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 25 000 - - - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 41 667 - - - - 41 667

3 15.11.2025-

15.11.2026

15.11.2025 15.11.2026 15.11.2030 15.11.2026-

15.11.2030

17.72 - 16 667 - - - 16 667

3 15.11.2025-

15.11.2027

15.11.2025 15.11.2027 15.11.2030 15.11.2027-

15.11.2030

17.72 - 25 000 - - - 25 000

3 15.11.2025-

15.11.2028

15.11.2025 15.11.2028 15.11.2030 15.11.2028-

15.11.2030

17.72 - 41 667 - - - 41 667

174 785 83 333 0 -91 452 0 166 667

198198

Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

expired this year

Share options

awarded and

unvested

Share options

subject to

holding period

Karl-Erik Olesen 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 37 500 - - -37 500 - -

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 62 500 - - -62 500 - -

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 16 667 - - - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 25 000 - - - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 41 667 - - - - 41 667

3 15.11.2025-

15.11.2026

15.11.2025 15.11.2026 15.11.2030 15.11.2026-

15.11.2030

17.72 - 16 667 - - - 16 667

3 15.11.2025-

15.11.2027

15.11.2025 15.11.2027 15.11.2030 15.11.2027-

15.11.2030

17.72 - 25 000 - - - 25 000

3 15.11.2025-

15.11.2028

15.11.2025 15.11.2028 15.11.2030 15.11.2028-

15.11.2030

17.72 - 41 667 - - - 41 667

183 333 83 333 - -100 000 - 166 667

199199

Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

expired this year

Share options

awarded and

unvested

Share options

subject to

holding period

Stein Inge Liasjø 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 18 750 - - -18 750 - -

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 31 250 - - -31 250 - -

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 16 667 - - - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 25 000 - - - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 41 667 - - - - 41 667

3 15.11.2025-

15.11.2026

15.11.2025 15.11.2026 15.11.2030 15.11.2026-

15.11.2030

17.72 - 16 667 - - - 16 667

3 15.11.2025-

15.11.2027

15.11.2025 15.11.2027 15.11.2030 15.11.2027-

15.11.2030

17.72 - 25 000 - - - 25 000

3 15.11.2025-

15.11.2028

15.11.2025 15.11.2028 15.11.2030 15.11.2028-

15.11.2030

17.72 - 41 667 - - - 41 667

133 333 83 333 - -50 000 - 166 667

1 391 452 500 000 - -891 452 - 1 000 000

Plan 1 refers to the plan adopted by the board on 19 November 2020. Plan 2 refers to the plan adopted by the board on 20 August 2024. Plan 3 refers to the plan adopted by the board 15 November 2025

Plan 1: 20 per cent on 19 November 2021, 30 per cent on 19 November 2022 and 50 per cent on 19 November 2023. Plan 2: 20 per cent on 15 November 2025, 30 per cent on 15 November 2026 and 50 per cent on 15 November 2027.

Plan 3: 20 per cent on 15 November 2026, 30 per cent on 15 November 2027 and 50 per cent on 15 November 2028. The options are only exercisable during certain windows as decided by the board, normally after the publication of the results of the full year and/ or half year.

Strike price at the time of award for the plan adopted on 19 November 2020 was NOK 24.48. By 31 December 2024 the strike price was NOK 22.96 (NOK 22.96 at 31 December 2023). The strike price is adjusted for, inter alia, dividends paid.

200200

Remuneration Remuneration

Compliance with remuneration guidelines

The executives are compensated based on individual criteria, including each executive’s role, experience, and competence. All

executives are evaluated yearly as part of the company’s Performance and Development Dialogue (PDD). The total compen-

sation level targets at attracting and retaining executives, and to maintain a compensation level which for each individual is

competitive compared to market conditions for the relevant position and individual.

Internal board assignments and similar internal positions are not remunerated separately. External assignments shall be

approved by the CEO or by the board.

Variable pay

The variable incentive pay programme for the executive management team is built on four criteria with the objective to

encourage achievement of strategic targets. The programme is based on defined and measurable criteria, as included below.

For 2025, the variable incentive pay program was capped at 50 per cent of the annual base salary for all directors.

Criteria:

1. Adjusted EBITDA: 50 per cent of maximum is based on the group’s adjusted EBITDA targets, calculated with a linear scale

from 90 per cent to 105 per cent of budgeted target.

2. Health & safety: 10 per cent of maximum is related to health and safety targets with focus on number of accidents

(frequency rate) and absence due to accidents (severity rate).

3. Annual reduction of scope 1, 2, and 3 emissions: 10 per cent of maximum

4. Personal objectives: 30 per cent of maximum is related to personal objectives.

For the Chief Executive Officer, the objectives are set and evaluated by the chair of the board, while the personal objectives for

the other members of the executive management team are set and evaluated by the CEO.

Table 4: Remuneration to directors according to the variable pay programme

Name Function EBITDA Health & Safety

Annual reduction

of scope 1, 2 and 3 Personal objectives Total Maximum

Christian Bekken Chief Executive Officer 0.00% 0.00% 2.50% 8.75% 11.25% 50.00%

Jonas Siljeskär Chief Operating Officer 0.00% 0.00% 2.50% 11.50% 14.00% 50.00%

Marie Danielsson Chief Financial Officer 0.00% 0.00% 2.50% 10.00% 12.50% 50.00%

Petra Brantmark Chief Legal Officer 0.00% 0.00% 2.50% 5.00% 7.50% 50.00%

Stein Inge Liasjø Chief Strategy Officer 0.00% 0.00% 2.50% 8.75% 11.25% 50.00%

Karl-Erik Olsen EVP and Head of Downstream 0.00% 0.00% 2.50% 8.75% 11.25% 50.00%

201201

Remuneration Remuneration

Compliance with remuneration guidelines

All bonuses under the variable incentive pay programme were accrued for in the 2025 financial statements and are in line with

the remuneration guidelines.

At the annual general meeting in May 2025, 1.13 per cent of the votes casted were against the report.

Comparative information on the changes of remuneration and

group performance

Table below contains information on the annual change in remuneration for each director, as well as the comparable information

regarding salary increases based on applicable collective agreement in Norway, Kjemisk Teknisk overenskomst (avtale nr.106)

Table 5: Information on annual change of remuneration and average salary increase

Name Job title 2025 2024 2023 2022 2021 2020

Christian Bekken Chief Executive Officer 3% 10% -19% 9% 38% -4%

Jonas Siljeskär Chief Operations Officer -1% 12% -14% 0% 8% 48%

Marie Danielsson Chief Finacial Officer -1% 8% -13% 7% -14% 112%

Petra Brantmark Chief Legal Officer -2% 19%

Stein Inge Liasjø

Chief Strategy Officer

Karl-Erik Olesen

EVP and Head of Downstream

Company performance

Net sales Annual percentage change -10% -8% 5% 41% 62% 8%

Adj. EBITDA Annual percentage change -8% -16% -19% 27% 68% 25%

Adj.EBITDA margin (%) 9.1% 9.0% 9.8% 12.7% 14.6% 14.0%

Salary increase according to collective agreement

Kjemisk Teknisk overenskomst (avtale nr. 106). 4.07% 4.92% 4.43% 4.24% 2.11% 1.72%

Due to large changes in the BEWI organization as a consequence of mergers and divestures, comparable salary data of own employees has not been reported.

Stein Inge Liasjø and Karl-Erik Olesen were included in the executive management from 1 November 2024, thus no comparable data for full year 2025 versus 2024.

Company performance includes the performance of discontinued entities until the date of completion of the divesting transactions.

202202

Remuneration Remuneration

Statement by the board of directors

The board of directors has today considered and adopted the remuneration report of BEWI ASA for the financial year 2025. The

report has been prepared in accordance with section 6-16b of the Norwegian Public Limited Liability Companies Act and will

be presented for an advisory vote at the annual general meeting in 2026.

Trondheim, Norway, 25 March 2026

The board of directors of BEWI ASA

Gunnar Syvertsen

Chair of the board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Begby

Director

Christian Bekken

CEO

203203

Remuneration Remuneration

To the General Meeting of BEWI ASA

Independent auditor’s assurance report on report on salary and other remuneration to directors

Opinion

We have performed an assurance engagement to obtain reasonable assurance that BEWI ASA report on salary and other remu-

neration to directors (the remuneration report) for the financial year ended 31 December 2025 has been prepared in accordance

with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.

In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-16 b of the

Norwegian Public Limited Liability Companies Act and the accompanying regulation.

Board of directors’ responsibilities

The board of directors is responsible for the preparation of the remuneration report and that it contains the information

required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and for

such internal control as the board of directors determines is necessary for the preparation of a remuneration report that is free

from material misstatements, whether due to fraud or error.

Our Independence and Quality Management

We are independent of the company as required by laws and regulations and the International Ethics Standards Board for

Accountants’ Code of International Ethics for Professional Accountants (including International Independence Standards)

(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We apply the

International Standard on Quality Management (ISQM) 1 «Quality Management for Firms that Perform Audits or Reviews of

Financial Statements, or Other Assurance or Related Services Engagements», and accordingly, maintain a comprehensive system

of quality control including documented policies and procedures regarding compliance with ethical requirements, professional

standards and applicable legal and regulatory requirements.

Auditor’s responsibilities

Our responsibility is to express an opinion on whether the remuneration report contains the information required in section

6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and that the information

in the remuneration report is free from material misstatements. We conducted our work in accordance with the International

Standard for Assurance Engagements (ISAE) 3000 – «Assurance engagements other than audits or reviews of historical financial

information».

We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures included

obtaining an understanding of the internal control relevant to the preparation of the remuneration report in order to design

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the company’s internal control. Further we performed procedures to ensure completeness and accuracy of the information

provided in the remuneration report, including whether it contains the information required by the law and accompanying

regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Trondheim, 25 March 2026

PricewaterhouseCoopers AS

Kjetil Smørdal

State Authorised Public Accountant

(electronically signed)

204204

Remuneration Remuneration

Appendix

205205

Appendix Appendix

Appendix 1 The board of directors’ statement on corporate governance for 2025 in relation to the

Norwegian Code of Practice

This section provides a detailed overview of how

BEWI ASA (“BEWI” or the “company”) follows

the Norwegian Code of Practice for Corporate

Governance (the Code) dated 28 August 2025

issued by the Norwegian Corporate Governance

Board (NCGB). Information in accordance with the

Norwegian Accounting Act, Section 2-9 is also

included. This report should be reviewed together

with the Governance section. The Code covers 15

topics, and this statement covers each of these topics

and describes BEWI’s adherence to the Code.

1. Implementation and reporting

on corporate governance

Compliance and regulations

The board of directors (the board) of BEWI has the

overall responsibility for ensuring that the company

has a high standard of corporate governance. The

board has adopted corporate governance principles,

and other policies related to corporate governance,

which are assessed and adopted yearly. BEWI ASA is

a Norwegian public limited liability company listed

on the Euronext Oslo Børs and is subject to section

2-9 of the Norwegian Accounting Act (available at

www.lovdata.no) and the Issuers Rules of Oslo Børs,

covered by the Oslo Rulebook II chapter 4.4 (available

at www.oslobors.no).

Adherence to the Code is based on a comply or

explain principle, meaning that any deviation from

the Code shall be explained. This includes to explain

what alternative solution the company has selected.

BEWI has, to the board’s best assessment, one

deviation from the Code, related to chapter 6 about

general meetings:

The Code states that the board should ensure that

the chair of the company’s nomination committee

attends the general meeting. In BEWI, all matters

covered by the general meetings in 2025 were deter-

mined to be approved prior to the meeting by way

of registered voting instructions, and the company

therefore considered it unnecessary for the chair of

the nomination committee to attend.

2. Business activity

BEWI is a provider of packaging, components, and

insulation solutions. An overview of the business is

included in the section Our business. The operations

comply with the business objective set forth in the

company’s articles of association section 3, available

on BEWI’s website, www.bewi.com

The board has defined clear objectives and strategic

priorities for the company, including long-term

financial and sustainability targets, to ensure value

creation for the shareholders and other stakeholders.

The objectives are evaluated annually.

Sustainability is integrated in the group’s strategy,

informed by the annual double materiality assess-

ment performed in 2025 in alignment with the

Corporate Sustainability Reporting Directive (CSRD).

The board has adopted a Code of Conduct, setting

out key principles for the ethical conduct of the

business. The principles are used to integrate consid-

erations to human rights, employee rights and social

matters, the external environment and anti-corrup-

tion efforts, and is supported by separate policies on

anti-corruption, compliance with competition law,

sanctions, privacy, and whistleblowing guidelines.

3. Equity and dividends

Capital structure

The board considers BEWI’s capital structure to be

appropriate to the company’s objectives, strategy,

and risk profile, with an appropriate balance between

equity and other sources of financing. The capital

structure is considered on an ongoing basis.

Dividends

BEWI has a dividend policy where the long-term

policy is to pay out between 30 and 50 per cent of

the company’s underlying net profit after tax, as

dividends. When deciding on the annual dividend,

the board considers the company’s financial position,

investment plans as well as the needed financial

flexibility for strategic growth.

The board do not propose any dividend distribution

based on the financial year of 2025 and did not

propose dividend distribution in 2025 based on the

financial year of 2024.

Board authorisations

Authorisations to the board to increase the share

capital and buy own shares are given for periods

206206

Appendix Appendix

until the next annual general meeting (AGM) of the

company.

As of 31 December 2025, the board of BEWI had three

authorisations:

1. Authorisation to increase the share capital by up

to NOK 38 344 458 to strengthen the equity of

the company, finance future growth, acquisitions,

increase the liquidity and spread of ownership in

respect of the company’s shares or for other pur-

poses as the board decides.

2. Authorisation to increase the share capital by up to

NOK 5 751 668 in connection with the company’s

incentive programmes.

3. Authorisation to acquire own shares up to a

nominal value of 19 172 229 (equal to 10 per

cent of the company’s share capital at the time

of the authorisation). The shares shall either be

cancelled or be used for the company’s incentive

programme, investments or as settlement in

acquisitions.

All authorisations are valid until the annual general

meeting in 2026, however expiring on 30 June

2026 at the latest.

4. Equal treatment of shareholders and transactions

with close associates

In the event of capital increases based on author-

isations issued by the general meeting, where the

existing shareholders’ rights will be waived, the

reason for this will be provided in a public announce-

ment in connection with the capital increase.

Any transactions, agreements or arrangements

between the company and its shareholders, directors

of the board, members of the executive manage-

ment team or close associates of any such parties will

be conducted in compliance with the procedures

set out in the Norwegian Public Limited Liability

Companies Act. The board shall arrange for a valua-

tion to be obtained from an independent third party

unless the transaction, agreement or arrangement

in question is considered immaterial. Directors of the

board and members of the executive management

team shall immediately notify the board if they have

any material direct or indirect interest in any transac-

tion entered by the company.

Trading own shares

Any transaction which the company carries out in

its own shares will be carried out through the stock

exchange, and at prevailing stock exchange prices.

If there is limited liquidity in the company’s shares,

BEWI will consider other ways to ensure equal treat-

ment of its shareholders.

5. Shares and negotiability

BEWI has only one class of shares and all shares have

equal rights. Each share has a face value of NOK 1.00

and carries one vote.

The company emphasise equal treatment of its share-

holders and the shares are freely transferable.

6. General meetings

BEWI’s highest decision-making body is the general

meeting of shareholders. All shareholders have the

right to participate in the general meetings. Article 7

of the company’s articles of associations sets out the

main principles of the general meeting.

The notices calling the general meetings are made

available to shareholders no later than 21 days prior

to the meetings. The notices include information

about resolutions and supporting information is

sufficiently detailed to allow shareholders to form a

view on all matters to be considered at the meeting.

All shareholders are given the opportunity to vote

in advance. The shareholders may vote on each of

the proposals to be considered, including voting for

individual candidates in elections. A proxy form is

attached to the notice calling the meeting(s), includ-

ing a suggested person who can act as a proxy for

shareholders.

The board is represented at the general meetings.

General meetings are opened by the chair of the

board, or the person appointed by the board. The

board proposes an independent person to chair the

meeting.

In 2025, BEWI held its annual general meeting on

21 May 2025. In addition, the company held two

extraordinary general meetings on 11 September

2025 and 22 December 2025. At the meeting in

September, Tranche 2 of the group’s private place-

ment was approved. At the meeting in December, a

new director of the board was elected.

For 2026, the annual general meeting is scheduled to

be held on 28 May.

7. Nomination committee

Article 8 of the company’s articles of association

stipulates that the company shall have a nomination

committee, consisting of two to four members,

where the majority of the members shall be

independent of the board and management. The

members, including the chairperson, are elected by

the general meeting for a term of two years unless

decided by the general meeting.

Information about the work of the nomination com-

mittee is included in the Governance section.

207207

Appendix Appendix

Shareholders are given the opportunity to submit

proposals to the nomination committee for candi-

dates for election to the board. Information about

how and when the proposals should be submitted

are available at the company’s website.

In 2025, the nomination committee of BEWI consisted

of André Michaelsen as chair, and Rune Juliussen,

Marianne Bekken, and Svein Jensen as members. All

members of the nomination committee were elected

at the company’s annual general meeting in 2024 for

a period up to the annual general meeting in 2026.

Instructions for the nomination committee was

adopted by the extraordinary general meeting of

the company in August 2020, with latest updates

adopted at the annual general meeting of 2024.

8. Board of directors: composition

and independence

According to article 5 of BEWI’s articles of associa-

tions, the board shall consist of a minimum of three

and a maximum of eight directors elected by the

general meeting for a period of two years, unless

otherwise decided by the general meeting. The

general meeting elects the chair of the board.

For most of 2025, the board of BEWI consisted of

six directors, whereof three female and three male,

in line with the requirements of the Public Limited

Companies Act. Furthermore, at the company’s

extraordinary general meeting held on 22 December

2025, an additional male director was appointed.

Information about the composition, independence,

and competencies of the board is included in the

Governance section of this report and is also available

from the company’s website www.bewi.com.

9. The work of the board of directors

The board shall ensure that the company has proper

management with clear internal distribution of

responsibilities and duties. A clear division of work

has been established between the board and the

executive management team. The CEO is responsible

for the executive management of the company.

Instructions to the board and the CEO are reviewed

and approved at least annually. The board has the

overall responsibility for the management of the

group and the supervision of its day-to-day man-

agement and business activities. The board prepares

an annual plan for its work with special emphasis

on goals, strategy, and implementation. Information

about the work of the board is included in the

Governance section.

Sub-committees of the board

Audit committee

Pursuant to the Norwegian Public Limited Liability

Companies Act and the listing rules of the Oslo

Stock Exchange, BEWI shall have an audit committee,

consisting of at least two members, of which at least

one member must have accounting or auditing

proficiency and at least one member must be

independent of the company’s business. The audit

committee is appointed by the board.

Information about the responsibilities, work, meet-

ings, and composition of BEWI’s audit committee is

included in the Governance section. In 2025, BEWI’s

audit committee consisted of Kristina Schauman

(chair) and Gunnar Syvertsen.

Remuneration committee

BEWI shall have a remuneration committee

appointed by the board. The remuneration commit-

tee shall evaluate and propose the compensation of

BEWI’s CEO, and review and advise the CEO on the

compensation of other members of the executive

management team.

Information about the responsibilities, work,

meetings, and composition of BEWI’s remuneration

committee is included in the Governance section.

In 2025, the remuneration committee consisted of

Anne-Lise Aukner (chair) and Gunnar Syvertsen.

10. Risk management and internal control

The board is responsible for ensuring that BEWI has

sound internal control and systems for risk manage-

ment that are appropriate in relation to the extent

and nature of the company’s activities. The internal

control and the systems shall also encompass the

company’s corporate values and ethical guidelines.

BEWI’s systems assess risks and opportunities across

all material activities, within own operations and

throughout the value chain. Risk assessment within

material topics are integrated into the company`s

annual Double Materiality Assessment (DMA). This

assessment informs the Enterprise Risk Management

(ERM), ensuring that sustainability considerations are

aligned with the overall risk management. The DMA

is included in the Sustainability statements, while the

ERM is available in the Governance section.

The board annually reviews and approves the DMA

and ERM, which guide the company’s strategic initia-

tives. Additionally, policies, procedures and strategic

priorities are reviewed annually, upholding rigorous

due diligence, mitigate risks, and leverage identified

opportunities.

Internal control of financial and sustainability

reporting is achieved through day-to-day follow-up

by management and supervision by the company’s

audit committee on a quarterly and annual basis in

relation to the company’s reporting.

The objective of the risk management and internal

control is to manage exposure to risks, to ensure

successful conduct of the company’s business and to

support the quality of its financial and sustainability

208208

Appendix Appendix

reporting. The board has approved routines for

internal control and risk management.

11. Board remuneration

The general meeting determines the board’s remu-

neration based on proposals from the nomination

committee. The remuneration to the directors of the

board shall not be performance-related nor include

share option elements.

The board’s remuneration for the period from the

general meeting in 2025 to the general meeting in

2026, including extra compensation for work in sub

committees, was approved by the company’s annual

general meeting on 21 May 2025.

The board shall be informed if individual directors of

the board perform tasks for the company other than

exercising their role as board directors.

As of 31 December 2025, two of the directors of the

board had agreements to perform advisory work

for the company in addition to their assignment as

board directors.

A full overview of the compensation to the board is

included in the Remuneration report.

12. Remuneration of

executive management

The company’s senior executive remuneration

guidelines are based primarily on the principle that

executive pay should be competitive and motivating,

to attract and retain key personnel with the neces-

sary competence.

Pursuant to Section 6-16a of the Norwegian Public

Limited Companies Act (NPLCA), the board prepares

guidelines for determination of salaries and other

benefits payable to senior executives. The guidelines

are, in line with the said statutory provision, as well

as section 5-6 (3) of the same act approved by the

general meeting. If the guidelines are materially

altered, the guidelines will be laid before and

approved by the general meeting. The guidelines

will be approved by the general meeting at least

every four years. The guidelines are included in the

Governance section of this report.

In addition to the guidelines, the board prepares a

remuneration report pursuant to section 6-16b of

NPLCA. The report is considered by the company’s

general meeting and shall be subject to an advisory

vote by the general meeting in accordance with

NPLCA section 5-6 (4). The report is included in the

annual report.

13. Information and communication

The board of BEWI has established guidelines for

the company’s disclosure of financial and other

information, as well as the company’s contact with

shareholders other than through general meetings.

Investor relations

Communication with shareholders, investors and

analysts is a high priority for BEWI. The objective is

to ensure that the financial markets and sharehold-

ers receive correct and timely information, thus

providing a sound foundation for a valuation of the

company. All market players shall have access to the

same information, and all information is published

in English. All notices sent to the stock exchange are

made available on the company’s website and at

www.newsweb.no.

BEWI’s ambition is to comply with the latest version

of the Oslo Børs Code of Practice for IR (the IR Code),

including recommendations on the reporting of

information to investors on the company’s websites.

The board of BEWI has adopted a policy on handling

of inside information and other disclosure obligations,

as well as an information policy. Included in the pol-

icies are, among others, guidelines on trading in the

share by key employees, including clearance prior to

trading, and division of roles and responsibilities. The

CEO, CFO and Chief Communications and Investor

Relations Officer are responsible for communicating

with shareholders between general meetings.

Financial information

The company holds investor presentations in asso-

ciation with the publication of its quarterly results.

The presentations are open to all and provide an

overview of the group’s operational and financial

performance in the previous quarter, as well as an

overview of the general market outlook. The pres-

entations are also made available on the company’s

website.

Quiet period

BEWI maintains a silent period of 30 days prior to the

day of the company’s publication of interim reports.

During this period, representatives of the company

minimise its contact with financial media, analysts,

and investors and not comment on any financial

development.

Restricted trading periods

Persons defined as primary insiders of BEWI, as well as

related parties of the primary insiders, are not allowed

to acquire or sell shares in the company or related

financial instruments during the period of 30 days

prior to the company’s publication of the quarterly

results.

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Appendix Appendix

According to the Market Abuse Regulations (MAR),

the restrictions relate to the required reporting. BEWI

is obligated to report annual and half-yearly results

according to the NCLA. In addition, as the company

has a bond loan listed at Nasdaq, Stockholm, Sweden,

the company is also required to announce results for

the first and third quarter of the year. BEWI publishes

a financial calendar on its website, setting out the

expected dates of publication for its reports.

14. Take-over situations

In a take-over process, should it occur, the board

and the executive management team each have an

individual responsibility to ensure that the company’s

shareholders are treated equally and that there are no

unnecessary interruptions to the company’s business

activities. The board has a particular responsibility in

ensuring that the shareholders have sufficient infor-

mation and time to assess the offer.

In the event of a take-over process, the board shall

ensure that:

• the board will not seek to hinder or obstruct

any takeover bid for the company’s operations

or shares unless there are particular reasons for

doing so;

• the board shall not undertake any actions intended

to give shareholders or others an unreasonable

advantage at the expense of other shareholders or

the company;

• the board shall not institute measures with the

intention of protecting the personal interests of

its directors at the expense of the interests of the

shareholders; and

• the board shall be aware of the particular duty it

has for ensuring that the values and interests of the

shareholders are protected.

In the event of a take-over bid, the board will, in

addition to complying with relevant legislation and

regulations, seek to comply with the recommen-

dations in the Code. This could include obtaining a

valuation and fairness opinion from an independent

expert. On this basis, the board shall draw up a

statement containing a well-grounded evaluation of

the bid and make a recommendation as to whether

or not the shareholders should accept the bid. The

evaluation shall specify how, for example, a take-over

would affect long-term value creation of BEWI.

15. Auditor

The auditor is appointed by the annual general

meeting and is independent of BEWI. Each year

the board receives a written confirmation from

the auditor that the requirements with respect to

independence and objectivity have been met.

The auditor draws up an annual plan each year for

the execution of their auditing activities, including

financial and sustainability audits. The plan is shared

with the board and the audit committee. The board

specifically considers if the auditor to a satisfactory

degree also carries out a control function. The auditor

meets with the audit committee quarterly and has

at least an annual review of the company’s internal

control activities.

The auditor meets with the board without the CEO

or any other member of the executive management

present at least once a year. Whenever necessary,

the board shall meet with the auditor to review the

auditor’s view on the company’s accounting princi-

ples, risk areas, internal control routines, etc.

The auditor may only be used as a financial advisor to

the company provided that such use of the auditor

does not have the ability to affect or question the

auditors’ independence and objectiveness as auditor

for the company. The audit committee shall approve

any agreements in respect of such counselling assign-

ments in accordance with BEWI’s internal policies.

At the annual general meeting, the board shall

present a review of the auditor’s compensation as

paid for auditory work required by law and remuner-

ation associated with other specific assignments.

The auditor for BEWI ASA is PWC.

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Appendix Appendix

Appendix 2 Abbreviations

Abbreviation Meaning

CRP Climate Reduction Plan

CSDDD Corporate Sustainability Due Diligence Directive

CSRD Corporate Sustainability Reporting Directive

DEFRA Department for Environment, Food & Rural Affairs

DMA Double Materiality Assessment

DNSH Do No Significant Harm

EOL-treatment End-Of-Life Treatment

EPD Environmental Product Declaration

EPP Expanded PolyPropylene

EPS Expanded PolyStyrene

ESG Environment, Social and Governance

ESRS European Sustainability Reporting Standard

FTE Full Time Equivalent

GHG GreenHouse Gas

GPPS General Purpose PolyStyrene

Abbreviation Meaning

IRO Impact, Risk and Opportunities

LCA Life-Cycle Assessment

LEAP Locate Evaluate Assess Prepare

OCS Operation Clean Sweep

PE PolyEthylene

PP PolyPropylene

PS PolyStyrene

SBTi Science-Based Targets Initiative

SC Substantial Contribution

TCFD Taskforce on Climate-Related Financial Disclosures

TNFD Taskforce on Nature-Related Financial Dislosures

TSC Technical Screening Criteria

TTW Tank-To-Wheel

WTW Well-To-Wheel

XPS Extruded PolyStyrene

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Appendix Appendix

artbox.no

BEWI ASA

Dyre Halses gate 1A

7042 Trondheim, Norway

BEWI.com

Chief Communications and

Investor Relations Officer

Charlotte Knudsen

Tel: +47 975 61 959

Chief Sustainability Officer

Camilla Louise Bjerkli

Tel: +47 984 487 56

Publication

26 March 2026

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