Sales and EBITDA growth, increased collection and strategic transactions
BEWI, a leading provider of packaging, components, and insulation solutions,
today reports its results for the fourth quarter and full year 2024. Excluding
discontinued operations, the company recorded net sales of 190.7 million euro
for the quarter from continuing operations, up from 185.1 million euro for the
same quarter of 2023, driven by higher prices and volumes. Adjusted EBITDA
reached 18.6 million euro, up 10.1 per cent from 16.9 million euro for the
fourth quarter of 2023.
"This quarter, we experienced increased volumes for our insulation business, a
trend that grows stronger into the first quarter of 2025. This gives us great
confidence in the ongoing positive market development," says Christian Bekken,
CEO of BEWI ASA.
The packaging business delivered another strong quarter, with an EBITDA of 11.5
million euro, up 15 per cent from the corresponding period of 2023. The Circular
business also demonstrated positive progress, with a record-high sales of
recycled GPPS for the quarter, and an increase in collection of used EPS of
almost 30 per cent from the previous year.
"We are proud of what we have accomplished in Circular. Last year we collected
nearly 35 000 tonnes of used EPS. That's the equivalent of 95 fully loaded
trucks every single day of the year filled with empty fish boxes, more than any
other player in the industry. We will continue our quest of collecting more
volumes, taking responsibility for the whole life cycle of our products and
developing a long-lasting competitive advantage", Bekken continues.
BEWI recently announced the merger of its RAW division with the Dutch company
Unipol, forming a leading European EPS raw material player. BEWI retains joint
control, ensuring the benefits of vertical integration while freeing up 75
million euro in cash. This enables growth both in the raw material segment as
well as in the downstream segments. Following the transactions, segment RAW is
classified as discontinued operations.
For the full year of 2024, BEWI had net sales of 773.2 million euro from
continuing operations, down by 5.8 per cent from 2023 due to lower volumes.
Adjusted EBITDA came in at 71.2 million euro, compared to 78.1 million euro in
2023.
"Although the markets we operate in are still challenging and geopolitical
tension is high, we are closing 2024 with great confidence and optimism. We have
solid market positions and streamlined operations. The recent transactions allow
us to sharpen our long-term growth strategy towards higher-margin business areas
supported by strong megatrends," Bekken concludes.
Please find attached the full report for the fourth quarter 2024, the
presentation of the results and the financials spreadsheet.
CEO Christian Bekken, CFO Marie Danielsson, and Chief Strategy Officer Stein
Inge Liasjø will present the results and recent strategic transactions from
10:00 am today at the conference centre at House of Oslo (VIA Oslo) in
Ruseløkkveien 34.
The presentation will also be broadcasted through a live webcast. The link to
the webcast is available from BEWI's homepage www.bewi.com, and a recording of
the webcast will be made available.
For further information, please contact:
Charlotte Knudsen, Chief Communications and IR Officer BEWI ASA, tel: +47 9756
1959
Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation
solutions. The company's commitment to sustainability is integrated throughout
the value chain, from production of raw materials and end goods, to recycling of
used products. With a vision to protect people and goods for a better every day,
BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with
the EU Market Abuse Regulation. The information was submitted for publication,
through the agency of the contact person set out above, at 07:00 CET on 13
February 2025