BEWi (BEWI) Q4 2024 earnings summary

Executive summary

• Achieved organic growth in all segments in Q4 2024, with insulation and fish boxes returning to volume growth and a 29% increase in EPS collected for recycling; recycled material use in production rose 77%.

• Strategic transactions, including the merger of RAW with Unipol and divestment of traded food packaging, are positioning the company for growth in higher-margin segments.

• Streamlined operations, cost reductions, and price management have stabilized margins and improved efficiency.

• Downstream segments saw volume growth and increased use of recycled materials, with insulation and construction using significantly more recycled content year-over-year.

• Solid progress toward circularity and sustainability, with industry-leading recycling initiatives.

Financial highlights

• Q4 2024 net sales from continuing operations reached EUR 191 million, up 3% year-over-year; adjusted EBITDA was EUR 19 million, up 10% with a margin of 9.7%.

• Total operations EBITDA, including discontinued segments, was EUR 20 million for the quarter.

• Net result for continuing operations was negative EUR 10.0 million, improved from negative EUR 13.3 million in Q4 2023.

• Operating cash flow for Q4 2024 was EUR 33.4 million; full-year total was EUR 85 million, with working capital down EUR 31.5 million.

• Net interest-bearing debt reduced by EUR 67 million year-over-year; year-end cash and available facilities totaled around EUR 100 million.

Outlook and guidance

• Entering 2025 with confidence in market recovery, supported by positive macroeconomic indicators and insulation volume growth.

• Strategic focus on higher-margin areas, with ambitions to double revenue in 3–5 years and a growing M&A pipeline.

• Key priorities include increasing recycled material use, optimizing capacity and cost, and capitalizing on investments.

• CapEx will remain restricted in 2025, focusing on efficiency and selective investments.

• Anticipates stronger fish box volumes in packaging in H2 2025 and continued innovation in energy-efficient and circular solutions.