BEWi (BEWI) Q4 2024 earnings summary

Executive summary

• Achieved organic growth in all segments, with insulation business showing volume growth for the first time since the downturn, continuing into Q1 2025.

• Increased collection of used EPS for recycling by 29% year-over-year, with recycled material use up 77%.

• Strategic transactions include merging RAW with Unipol (49% ownership retained), divestment of traded food packaging business, and strategic review of automotive business.

• Markets are recovering, with volume growth across regions and increased use of recycled materials, especially in insulation and packaging.

• Recent transactions and joint ventures are facilitating growth in higher-margin business areas.

Financial highlights

• Q4 2024 revenue from continuing operations reached EUR 191 million, up 3% year-over-year; adjusted EBITDA was EUR 19 million, a 10% increase.

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

• Operating cash flow for Q4 2024 was EUR 33.4 million; full-year operating cash flow was EUR 85.2 million.

• CAPEX for Q4 2024 was EUR 9.2 million, with a full-year total of EUR 32.5 million.

• Full year 2024 net sales (continuing operations): EUR 773.2 million (-5.8% YoY); adjusted EBITDA: EUR 71.2 million (-8.8% YoY).

Outlook and guidance

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

• Ambition to double revenue in the next 3–5 years, focusing on insulation as a key growth driver.

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

• Strategic focus on higher-margin areas and innovation in energy-efficient and circular packaging solutions.

• Expectation of stronger fish box volumes in packaging segment in H2 2025.