BEWi (BEWI) Q4 2025 earnings summary

Executive summary

• Achieved sales growth and improved profitability in Q4 and full year 2025, with Q4 developments consistent with prior quarters and continued volume and profitability growth across all segments.

• Volume increased across all segments, with Packaging & Components as the main growth driver.

• Major milestones included merging the RAW business with Unipol, divesting the traded food packaging business, and securing long-term group financing.

• Investments and operational measures led to profitability improvements across segments.

Financial highlights

• Net sales for Q4 2025 were EUR 197.2 million, up 3.4% year-over-year; full-year net sales reached EUR 796.2 million (+3.0%).

• Adjusted EBITDA increased 10% in Q4 and 12% for the full year, reaching EUR 21.0 million and EUR 81.3 million, respectively.

• Q4 2025 adjusted EBITDA margin was 10.6% (Q4 2024: 10.0%).

• EBIT for Q4 was EUR -2.6 million, mainly due to non-recurring items and fair value adjustments; full-year EBIT was EUR 3.6 million.

• Net result for Q4 was a loss of EUR 12.8 million; full-year net profit was EUR 16.2 million, up from a loss of EUR 27.0 million.

Outlook and guidance

• Focus on higher-margin areas and simplified structure, including reduced ownership in RAW and divestment of traded packaging.

• Expecting increased activity in key end markets in 2026, with continued focus on profitability and operational efficiency.

• Positive development anticipated in packaging, HVAC, and automotive segments, supported by long-term contracts and a lower cost base.

• Targeting adjusted EBITDA margin of ~15% and leverage below 2.5x.