The annual report was approved by the board of directors of BEWI on 17 April 2024 without any changes to the preliminary accounts for the full year 2023 announced on 15 February 2024.

In the letter to the stakeholders, the chair of the board Gunnar Syvertsen, and CEO Christian Bekken comments:

"2023 was a year marked by the consequences of wars and macroeconomic uncertainty following the measures to curb the effects of inflation and rising interst rates. This led to challenging markets and a substantial decline in the activity in many industries. For BEWI, the downturn in the building and construction industry led to lower volumes and a reduced financial result. However, while effectively managing the slow markets in the short-term, we are even more confident about the long-term commercial opportunities arising from the green transition. We are well positioned to capture these opportunities with our solutions."

For the full year of 2023, BEWI reported net sales of 1 105 million euro, an increase of 5 per cent from the previous year, driven by the acquisitions completed in 2022. The group posted an adjusted EBITDA of 109 million euro, representing a decline of 19 per cent, explained by a substantial decrease in volumes and prices following the downturn in the building and construction industry the past years.

For the EU to reach its climate reduction targets, European buildings need to be more energy efficient. BEWI's broad and competitive offering of insulation - and other energy efficient solutions for buildings, combined with the group's circular business model, and strong organisation makes the group well positioned to capture growth from the opportunities arising from the green transition.

"We are proud of how the organisation has performed during a challenging year, and we would like to thank each of our employees for their dedicated efforts. We would also take the opportunity to thank all partners, customers, and shareholders for their trust and support," Syvertsen and Bekken conclude.

The full report is attached in PDF format and the European Single Electronic format (ESEF) and can be downloaded from the company's website www.bewi.com. The report includes BEWI's ESG performance, statement on corporate governance, and remuneration report. Further, the report is BEWI's Communication of Progress (COP), demonstrating the company's commitment to the United Nations Global Compact and covers the reporting requirements under the Norwegian Transparency Act, and the EU Taxonomy.

Contact:

Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 9756 1959

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.

This information is subject to disclosure under the Norwegian Securities Act section 5-12 and the requirements of Oslo Børs' Continuing Obligations.