BEVEST (BINT) Q1 2026 earnings summary

Executive summary

• Completed merger with KMC Properties, resulting in a public listing on Euronext Oslo Børs and transforming the company into an industrial investment platform.

• Portfolio spans industrials, seafood, and real estate, with major holdings in BEWI ASA (~51%), Sinkaberg (~31%), and Corvus Estate (100%).

• Achieved 6% revenue growth and a 44% increase in adjusted EBITDA margin to 11.2% year-over-year, with a clear path to a 15% EBITDA margin driven by higher volumes and operational efficiency.

• Net sales for Q1 2026 reached NOK 2,454.6 million, up from NOK 2,268.0 million in Q1 2025; EBITDA rose to NOK 213.7 million from NOK 156.8 million.

• Net loss for continuing operations improved to NOK 111.5 million from NOK 252.6 million year-over-year.

Financial highlights

• Consolidated Gross Asset Value (GAV) at NOK 9,893m as of 31.03.2026.

• BEWI ASA reported 6% revenue growth and a 44% increase in adjusted EBITDA margin to 11.2% in Q1 2026 compared to Q1 2025.

• Sinkaberg achieved an adjusted EBITDA margin of 31.0% in Q1 2026, with harvest volumes of 7,890 tonnes despite lower salmon prices.

• Operating profit turned positive at NOK 33.5 million, compared to a loss of NOK 57.1 million in Q1 2025.

• Cash and cash equivalents increased to NOK 747.3 million from NOK 461.7 million year-over-year.

Outlook and guidance

• Public listing expected to enhance access to growth capital and support strategic initiatives.

• Focus remains on achieving a 15% EBITDA margin and leveraging increased market activity.

• Expectation of improved cash generation in the next quarter due to inventory build-up at favorable prices.

• Portfolio companies, including seafood and real estate, are well positioned for continued growth and stable cash flow.

• BEWI ASA anticipates improved activity and stronger cash generation across key markets.