BEWi (BEWI) Q3 2024 earnings summary

Executive summary

• Q3 net sales were €252.1m, down 5.4% YoY; adjusted EBITDA was €23.1m, down 3.8%, with a 9.2% margin versus 9.0%.

• Downstream earnings improved, led by P&C and underlying I&C; RAW and Circular remained pressured by weak demand and margin conditions.

Financial highlights

• Q3 EBIT was €4.5m versus €3.7m; net loss was €8.8m versus €8.3m, and net financial items were -€12.6m versus -€11.3m.

• 9M net sales were €773.3m, down 9.3%, and adjusted EBITDA was €71.1m, down 15.0%; 9M net loss was €15.7m versus €6.1m.

• 9M results included €7.6m compensation related to a business acquired in 2018; the period also included real-estate portfolio divestments.

Outlook and guidance

• Full-year 2024 CAPEX target was ~€20m; restrictions were expected to continue through the rest of 2024 and FY 2025.

• RAW’s October cost programme is expected to deliver €6m in annual savings from 2025.

• Growth ambitions include doubling revenue over 3–5 years and targeting ~75% insulation revenue mix; positioning for higher volumes includes capacity ramp-up and certified recycled EPS.

• Lower European interest rates may support construction activity, but timing and volume impact remain uncertain; long-term growth potential was cited in insulation and energy-efficient solutions.