BEWi (BEWI) Q1 2025 earnings summary

Executive summary

• Achieved second consecutive quarter of sales and volume growth, with net sales up 2.4% year-over-year to EUR 187.9 million and adjusted EBITDA up 13.2% to EUR 15.0 million.

• Insulation & Construction segment saw a 5% increase in volumes and 3% higher sales, with EBITDA up 21% and margin improvement.

• Packaging & Components delivered stable results, with higher fish box and automotive component volumes, but margins impacted by production ramp-up.

• Circular segment showed solid progress, with a notable increase in collection and sales volumes, and improved EBITDA, though still negative.

• Strategic transactions closed and operational improvements ongoing, including cost savings, increased recycled material use, and announced merger of RAW division with Unipol and divestment of traded food packaging business.

Financial highlights

• Net sales from continuing operations: EUR 187.9 million, up 2.4% year-over-year.

• Adjusted EBITDA for continuing operations was EUR 15 million, up 13.2% from Q1 2024; margin 8.0%.

• EBIT was EUR -2.9 million (vs. EUR -0.9 million in Q1 2024); net result for continuing operations was EUR -12.4 million (EUR -10.4 million in Q1 2024).

• Operating cash flow was EUR -10.7 million, improved from EUR -20.2 million in Q1 2024, reflecting normal seasonal patterns.

• CAPEX totaled EUR 9.4 million, with EUR 4.8 million related to strategic and automotive customer projects.

Outlook and guidance

• Entering seasonally stronger quarters for insulation; positive momentum in building and construction expected to continue.

• Higher salmon biomass in Norway supports growth in fish box volumes.

• Targeting 30% average recycled content in products; increased collection for recycling underway.

• Strategic transactions (RAW/Unipol merger, food packaging divestment) progressing, with closings expected in the next months.

• Focus remains on innovation in energy-efficient building solutions and circular packaging for sustainable growth.