BEWi (BEWI) Investor presentation summary

Transaction overview

• Issuing €250m senior secured bonds with a 4-year tenor to refinance existing bonds and for general corporate purposes.

• New €75m revolving credit facility signed, with DNB and Nordea as lenders.

• Pro-forma net debt/EBITDA (excl. IFRS 16) is 4.8x, with €82m cash and €75m undrawn RCF, totaling €157m liquidity.

• Security package includes first priority share pledges in key subsidiaries, shared with the super senior RCF.

• Listing planned on Nasdaq Stockholm within 60 days of issue; failure triggers bondholder put option.

Company profile and strategy

• Leading European provider of packaging, components, and insulation, with 45 years of business development.

• Largest vertically integrated EPS producer in Europe, with a strong circular value chain and diversified revenue.

• Listed on Oslo Stock Exchange since 2020; majority owned by the Bekken family via BEWI Invest (~51%).

• Strategic focus on operational excellence, circular solutions, and leveraging investments for growth.

• Management team and board have deep industry experience and a track record of M&A execution.

Market and business overview

• Operates in four segments: Insulation & Construction (I&C), Packaging & Components (P&C), Circular, and RAW (JV with Unipol).

• I&C segment targets growth from market rebound and structural demand for insulation, supported by EU Green Deal.

• P&C segment benefits from stable food packaging demand, growth in salmon farming, and automotive EPP adoption.

• Circular segment is a frontrunner in EPS recycling, with significant investments in collection and processing.

• Recent M&A activity sharpened focus on core business and added cash for further growth.