BEWi (BEWI) Q2 2025 earnings summary

Executive summary

• Strong development in the packaging segment, with food packaging and higher fish box volumes driving growth.

• Insulation and construction recovery is slower than anticipated, with regional variations and a higher share of lower-margin commodity products impacting results.

• Circular segment shows solid progress, with increased collection, improved cost base, and higher sales volumes.

• Two strategic transactions completed, including mergers with Unipol and STOK, and an equity issue strengthens the financial position.

• The group is contemplating a €75 million equity issue to further strengthen its financial position.

Financial highlights

• Revenue for Q2 2025 was EUR 208.2 million, up 0.4% year-over-year.

• Adjusted EBITDA reached EUR 22 million, a 13% increase from Q2 2024.

• EBIT for Q2 was EUR 3.8 million, down from EUR 5.5 million in Q2 2024.

• Net result from continuing operations was EUR -7.3 million, compared to EUR -5.7 million last year.

• Operating cash flow dropped to EUR 1.0 million from EUR 23.0 million in Q2 2024, impacted by working capital build-up.

Outlook and guidance

• Long-term growth priorities remain: increasing recycled material use, optimizing capacity, capitalizing on investments, and strengthening the financial position.

• Market rebound expected, with focus on organic growth and operational excellence.

• Packaging segment expected to benefit from higher salmon slaughter volumes in Q3.

• Equity issue planned to support balance sheet and position for growth.