BEWi (BEWI) Q4 2025 earnings summary

Executive summary

• Achieved sales and profitability growth in Q4 and full year 2025, led by Packaging & Components and supported by operational improvements and strategic investments.

• All segments contributed to volume growth, with automotive as a key driver.

• Major milestones included the merger of RAW with Unipol, divestment of traded food packaging, and securing long-term financing.

Financial highlights

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

• Adjusted EBITDA for Q4 was EUR 21.0 million (+9.6%), and for the full year EUR 81.3 million (+11.9%).

• Q4 net income was EUR -15 million; full-year net income ranged from EUR 16 million to EUR -42.5 million due to non-recurring items.

• Free cash flow for Q4 ranged from EUR 3.8 million to EUR 9.6 million; cash at hand at year-end was EUR 64.5–65 million.

• Net debt (excl. IFRS 16) at year-end was EUR 197.4 million, down from EUR 264 million.

Outlook and guidance

• Focus on higher-margin areas, continued profitability improvements, and further leverage reduction.

• Positioned for growth in energy-efficient building solutions, packaging, and automotive, supported by market recovery and megatrends.

• Confident in making the Circular segment profitable in 2026 as raw material prices rise.