Solid operational performance in seasonally weak quarter, positioned for growth

BEWI, a leading provider of packaging, components, and insulation solutions,
today reports its results for the first quarter of 2024. The company recorded
net sales of 244 million euro for the quarter, down from 296 million euro for
the same quarter of 2023. The adjusted EBITDA came in at 19 million euro,
compared to 28 million euro for the first quarter of 2023.

  · Market conditions remained challenging, further impacting sales in a
seasonally weak quarter
  · Solid operational performance including
    · Continued cost - and capacity adjustments enabling sustained downstream
margins, despite lower volumes
    · Ramp-up of new production line in Etten-Leur, strengthening capacity of
grey EPS and use of recycled EPS
    · Launch of products with lower CO2 footprint based on recycled feedstock

  · Macroeconomic indicators show signs of improvement, and regulatory drivers
remain strong

"Although we are not satisfied with the results for the quarter, we are very
pleased to see that the market has been picking up into the second quarter, also
beyond the normal seasonality," says Christian Bekken, CEO of BEWI ASA.

"Once again, we are pleased with the development in the I&C segment, where we
succeed in maintaining the margin from the first quarter last year, despite the
lower volumes," Bekken continues.

BEWI's work to strengthen the balance sheet continues to be a prioritised task.
The group has divested properties under sale-leaseback agreements, work to
optimise the working capital. At the end of the first quarter, BEWI had 78
million euro in available cash and credit, with an additional 28 million euro
incoming from real estate divestments and a compensation related to a previous
acquisition.

So far in the second quarter, volumes have improved. The macroeconomic
indicators are showing signs of improvement, as central banks are re-considering
rate cuts amid easing inflation. Further, strong regulatory drivers support
BEWI's circular business model, and the strategic choice made to strengthen the
group's position in energy efficient solutions for buildings.

"We are pleased with how we have withstood the recession in the building and
construction markets, by adapting costs and capacity. As the market rebounds, we
are well positioned to capitalise on higher demand. With investments already
made, volumes can increase without major cost increases, leading to a noticeable
strengthening of margins," Bekken concludes.

Please find attached the full report for the first quarter of 2024, the
presentation of the results and the financials spreadsheet.

CEO Christian Bekken and CFO Marie Danielsson will present the results from
10:00 am today 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 CEST on 16 May
2024