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
