Q3 2025 Bewi ASA Earnings Call Transcript
Key Points
- Bewi ASA (FRA:5T0) reported a 6% top-line growth and a 12% increase in EBITDA, driven by strong performance in the Packaging business.
- The company achieved its highest quarterly EBITDA since 2022, amounting to EUR23.2 million.
- Significant sales growth was observed in components for heat pumps, reversing a previous downward trend.
- The merger of RAW and Unipol has strengthened the business, making it more competitive and allowing Bewi ASA to focus on core areas with higher margins.
- The Circular business segment saw a 22% increase in sales compared to the previous year, with improvements in the collection and sales of recycled polystyrene.
- The Insulation business experienced a 6% decline in EBITDA due to higher costs, despite volume growth in most countries.
- The construction industry remains cautious, with slow progress in volume growth, impacting the Insulation segment.
- Circular business continues to struggle with negative EBITDA, although improvements have been made.
- Personnel and external costs increased by 11% year over year, driven by salary inflation, volume growth, and new facilities.
- The company reported a loss from continuing operations of EUR10.1 million, adjusted to EUR4.5 million negative after accounting for one-off financial items.
Welcome to the presentation of BEWI's results for the third quarter of 2025. My name is Christian Bekken; and with me today are Marie Danielsson, our CFO; and Stein Inge Liasjo, who leads the strategic functions at BEWI.
The main topics today are the markets we operate in, how they are developing, the results for the quarter, obviously, and what our most important priorities are going forward. Overall, we are relatively pleased with the results for the Insulation business this quarter, given the markets, and we are very pleased with the results for the packaging business.
We have a top-line growth at 6% and improved EBITDA by 12%, both as a result of a strong quarter for our Packaging business. The EBITDA of EUR23.2 million this quarter is actually the highest EBITDA we have had in a quarter since 2022. In addition, it is encouraging to see significant sales growth for components for heat pumps after a long period of downward trend.
The construction industry continues to be cautious. There are, however, many signs of
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