2024

Annual report

Protecting people and goods

for a better everyday

BEWI annual report 2024

We are protecting

people and goods for

a better everyday

BEWI is a leading provider of packaging,

components and insulation solutions

Our core values

Responsible • Proud • Stable • Care for quality

BEWI annual report 2024BEWI annual report 2024

Contents

Introduction

Performance highlights 2024

Letter to stakeholders

Year in review

Our business

How we create value

Our presence

Integrated and circular business model

Our strategy

Performance

Key performance measures

Financial performance

Environmental performance

Social performance

Governance

General information and compliance

Governing bodies

Compensation of board and executive

management

Policies and compliance

Risks and risk management

Auditor

Sustainability statements

General information

Environment

Social

Governance

105

Signatures from the board and CEO

109

Index of the board of directors’ report

110

Sustainability auditor’s limited assurance report

112

Financial statements

114

The group

115

Parent company

164

Statement by the board and CEO

177

Auditor’s report

178

Alternative Performance Measures

182

Remuneration

186

Appendix

200

BEWI annual report 2024BEWI annual report 2024

Net sales

1 015 EURm

-8%

Adjusted EBITDA

91 EURm

-16%

~33 000

tonnes of EPS collected

for recycling in 2024

+77%

use of recycled

material

Taxonomy aligned

activities

52%

European footprint

74 facilities

14 countries

Integrated and circular value chain

Employees

~3 200

Our results Our organisation Our business

BEWI Circular

BEWI RAW

Customer

BEWI downstream

Total operations

Continued operations

Including facilities held through minority interests

44Introduction | Performance highlights 2024Introduction | Performance highlights 2024

BEWI annual report 2024BEWI annual report 2024

Letter to stakeholders

Strategically positioned

for growth

Leaving 2024, we are proud of how BEWI has navigated in challenging markets

and positioned ourselves for long-term growth. We have demonstrated a

strong ability to adapt through the downturn in the building and construction

industry. As markets are slowly recovering, we are ready to accelerate growth

and strengthen our position as a trusted partner of packaging and energy-

efficient solutions.

In 2024, we achieved financial results in line with our

expectations in a challenging market, and delivered

solid improvements on key environmental and social

targets. Our strategy is clear and backed by the

development in several important megatrends.

Sustain operational excellence and

accelerate growth in higher margin areas

Europe’s push toward net-zero emissions is likely to

impose increasing regulations. BEWI welcomes such

developments as we believe they are important to

incentivise more resource efficient societies. Our

offering of insulation and other energy-efficient

solutions, combined with the investments in circular

capabilities, places us in a good position to contrib-

ute to this transition.

Our strategy is built around two core priorities, both

directly linked to key megatrends affecting our

business. First, we will sustain operational excellence.

This means we will leverage on our organisation,

existing offerings and investments. We strive for

greater efficiency, optimising the use of energy and

raw materials knowing that sustainability and oper-

ational performance go hand in hand. Second, we

will accelerate growth in energy-efficient solutions

for buildings and circular packaging. We will do this

through partnerships, transactions and investments.

Gunnar Syvertsen

Chair

Christian Bekken

CEO

55Introduction | Letter to stakeholdersIntroduction | Letter to stakeholders

BEWI annual report 2024BEWI annual report 2024

3 200 dedicated employees

building our success

With approximately 3 200 dedicated employees, our

people remain the cornerstone of our success. Their

expertise, teamwork, and drive for innovation help us

push boundaries in operational excellence.

We have strengthened our focus on leadership

development, talent attraction and retention. Equally,

we are committed to foster a safe, diverse, and inclu-

sive workplace where well-being and professional

growth thrive. Our strong culture—challenging the

conventional, never giving up, and working together

as a team—continues to set us apart. Every year we

ask our employees for their feedback in the annual

employee survey, so that we can continue to tailor

our efforts to improve.

In 2024, we ran health and safety campaigns to raise

awareness and strengthen the safety-culture. The

campaigns resulted in improvement on both the

frequency and severity rate, two important KPIs,

reinforcing our commitment to a zero-accident work-

place. We also continued to develop BEWI School,

where we have programmes for younger talents, a

senior leadership programme and now also a sales

mastery programme.

Key strategic developments

Over the past year, we have made good progress on

our strategic priorities, strengthening our position

across our integrated and circular value chain.

Operational efficiency and cost optimisation have

been key to our ability to sustain margins despite

a decrease in volumes due to lower construction

activity in Europe. Through cost reduction initiatives

and targeted margin management, we have deliv-

ered solid results through the downturn. And more

importantly, put us in a position to increase profitabil-

ity when markets are recovering.

We have also completed key investment projects that

position us for future growth, such as the expansion

of the paper packaging capacity in Denmark and

construction boards in Belgium, adding to the poten-

tial for organic growth in the coming years.

In 2024, we succeeded in improving the energy and

resource efficiency of our operations, resulting in

reduced emissions and costs. We increased the use of

renewable energy sources, reduced our raw material

intensity and intensified our efforts to collect and

recycle used EPS. We launched multiple solutions

incorporating recycled and bio-based content,

reinforcing our leadership in sustainable solutions for

our customers.

We are proud of how BEWI

has navigated in challenging

markets and positioned

ourselves for long-term

growth.

66Introduction | Letter to stakeholdersIntroduction | Letter to stakeholders

BEWI annual report 2024BEWI annual report 2024

To support our growth ambitions, we have also

invested in expanding our circular capabilities

throughout the year. The new circular hub in

Norrköping increases our recycling capacity by 40

per cent, while the ramp-up of the new production

line in Etten-Leur facilitates increased use of recycled

feedstock into new raw materials.

We have also taken steps to streamline operations

and strengthen our financial position through strate-

gic transactions. The divestments of real estate assets,

the strategic merging of our traded food packaging

and RAW division with partners, and the ongoing

review of our ownership in the automotive business

all contribute to sharpening our focus and unlocking

resources for growth in higher-margin areas.

Opportunities and outlook

Looking ahead, we are confident to grow our reve-

nues with a stronger focus on insulation and other

energy-efficient solutions for buildings. This is driven

by the growing demand for improved energy effi-

ciency of the building sector, which remains Europe’s

single largest energy consumer. As the markets

recover, we see significant growth potential, leverag-

ing our existing asset base to scale efficiently. With

a strong competitive advantage from our circular

capabilities, we are well-positioned to capitalise on

these opportunities and drive long-term sustainable

growth.

We firmly believe in the transition to a circular

economy for packaging, and support regulations

aimed at reducing waste, such as the Packaging and

Packaging Waste Regulation. With 45 years of exper-

tise and customer relationships, and an integrated

value chain with strong circular capabilities, we are

uniquely positioned to lead this transformation. We

have a portfolio of efficient packaging solutions,

where our range of fish boxes is a good example. In

addition to the “regular” EPS fish boxes, of which we

collect more volumes for recycling than the volumes

we produce, we supply our customers with reusable

boxes, fibre-based boxes, and EPS boxes based on

recycled feedstock. We will continue to increase our

collection of used EPS for recycling, enabling us to

stay ahead of our competitors.

With effective cost and capacity adjustments, we

have sustained margins despite lower volumes. This

means that we can significantly increase volumes

without further investments, improving margins.

Additionally, recent strategic transactions are aimed

to further enhance profitability.

We continue to see attractive M&A opportunities

that align with our strategy to strengthen market

positions, expand product offerings, and enhance

our circular capabilities. With a stronger financial

platform and a lean organisation, we will build on our

momentum, delivering value for all stakeholders.

Finally, we would like to thank each of our employees

for their hard work and commitment. We also thank

our partners, customers, and shareholders for their

trust and support. Together, we will continue to lead

the change towards a better – and more energy-effi-

cient everyday.

Oslo/ Trondheim,

26 March 2025

Gunnar Syvertsen

Chair

Christian Bekken

CEO

Looking ahead, we are

confident to grow our

revenues with a stronger

focus on insulation and

other energy-efficient

solutions for buildings.

77Introduction | Letter to stakeholdersIntroduction | Letter to stakeholders

BEWI annual report 2024

Year in review

Opening of a new production

line for Siroc in Skövde, Sweden,

doubling the production

capacity.

Launch of Certified Recycled

EPS, products based on recycled

feedstock, suitable for the food

packaging industry.

Opening of a new circular hub in

Norrköping, Sweden, increasing

the production capacity of

recycled GPPS by 40 per cent.

20 new BEWI Growth graduates,

ready for the next step on

management team level.

Opening a new production line

for construction boards in Olen,

Belgium.

Introduction of grey EPS raw

material with up to 40 per cent

recycled feedstock.

Agreement to acquire assets

strengthening the automotive

business.

Introduction of construction

boards made with recycled GPPS

and bio-based lignin.

Agreement to merge traded food

packaging business with STOK

Emballage.

Start up of a new production line

in Thorsøe, Denmark, doubling

the production capacity of

protective paper packaging.

Introduction of Xire, a fire-

resistant EPS developed for the

building sector.

BEWI is among the first EPS

producers in Europe to achieve

Operation Clean Sweep

certifications.

February DecemberApril June August October

88Introduction | Year in review

BEWI annual report 2024

Our business

Integrated and circular

business model

Information on

pages 9–109 constitutes the board

of directors’ report, cfr. section 2-2 of the

Norwegian accounting act.

An index to support the chapter

references related to regulations is

included on page 110 .

99Our business

BEWI annual report 2024BEWI annual report 2024

About BEWI

BEWI is an international provider of packaging, components, and insulation

solutions. The group has an integrated and circular business model. From

production of raw materials and end-products, to collecting used materials for

recycling, and re-using the recycled materials to new raw material and new

products.

The BEWI group (“BEWI” or “the group”) comprises

BEWI ASA (“the parent company”) and all subsidiaries

and associated companies. The parent company,

BEWI ASA, is a Norwegian public limited liability

company.

BEWI’s history started in 1980 at the island of Frøya,

off the west coast of Norway, close to the Norwegian

seafood industry. This is where the group’s first fish

box facility was established.

Since then, BEWI has grown through numerous

mergers and acquisitions, to become a pan European

business, where insulation and other energy efficient

solutions for buildings are the group’s largest

product group. Still, a large part of the business

comes from packaging solutions for the seafood

industry. More about the group’s history is available

at BEWI’s website.

BEWI’s business is organised in four segments:

RAW, Insulation & Construction (I&C), Packaging &

Components (P&C) and Circular. In February 2025, the

group announced that it will reduce its ownership

in RAW to 49 per cent through a merger with Dutch

Unipol, and thus this part of the business is reported

as discontinued operations.

1010Our business Our business

BEWI annual report 2024BEWI annual report 2024

How we create value

BEWI’s circular and integrated value chain covers the full life cycle of its materials. The group produces raw materials in its RAW segment. This material is processed/

converted into packaging, components, and insulation solutions in the I&C and P&C segments. Used material is then collected and recycled in the Circular segment.

This fully integrated value chain enhances resource efficiency, minimises waste, and ensures long-term value creation for customers and stakeholders.

• Styrene

• Packaging

• Transport

• GHG emissions from

raw materials

• Working conditions

in value chain

• Styrene

• Water

• Gas

• GHG emissions from energy

• Solid waste

• Potential spills of microplastics

• Fiber

• EPS/ rEPS/ EPP

• Water

• Gas

• Health & safety

• Training & development

• Diversity, equality and inclusion

• EPS

• Electricity

• Food and protective packaging

• Technical components

• Insulation solutions

• EPS/rEPS raw materials

• Reduced GHG emissions through

energy efficient solutions

• Reduced GHG emissions through

collection and recycling

Upstream/ supply chain BEWI’s operation Downstream/ customers

How we create value

We do business in a

nancially, environmentally and socially responsible manner, and we do it the

Resources

• ~3 200 knowledgeable and

innovative employees

• BEWI culture and values

• Patents, trademarks

and brands

• 64 production facilities

•

• Equity

• Sustainability linked bond

and bank facilities

Shareholders

• Long-term value creation

Customers

• Energy e

cient

insulation solutions

• Sustainable packaging

• Circular loops

• Stable, trusted and

high-quality supplier

• Safe and engaging

working conditions

Society and nature

• Taxes

• Jobs

• Leading the change

towards a circular economy

Key raw materials

•

• EPS/ reEPS

• GPPS/ reGPPS

• Fiber/ reFiber

• PLA

• Chemicals

By-products

•

• Solid and

Key energy sources

•

• Natural gas

• Biobased

energy sources

Key products

and solutions

• Raw materials

• Insulation solutions

• Packaging solutions

• Technical

components

We employ

BEWI employs various

resources to create value and

deliver on our mission

We procure, produce and collect

BEWI produces raw materials and a range of solutions

improving resource e

ciency. We ensure to collect

materials, bringing it back for reuse and recycling.

We create

BEWI provides innovative and sustainable

solutions, creating value for society and

stakeholders

Contents

This is BEWI

Our business

Governance

Board of directors’ report

Performance

Financial statements

ESG statements

Remuneration report

Appendix

Contents

This is BEWI

Our business

Governance

Board of directors’ report

Performance

Financial statements

ESG statements

Remuneration report

Appendix

| How we create value | How we create value

BEWI RAW BEWI I&C and P&C BEWI Circular

Key activities

Key inputs

and outputs

Key impacts

Procurement Raw material

production

Conversion Collection and recycling Sales & marketing

Reported as discontinued operations

1111Our business | How we create valueOur business | How we create value

BEWI annual report 2024BEWI annual report 2024

Diversified across regions

Broad European foothold with

strong local presence

BEWI is exposed to a range of industries and geographies

and has a broad coverage with a strong local presence.

Proximity to customers results in less transport, enabling

reduced cost and carbon footprint.

The group is headquartered at Hamarvik at the island Frøya, Norway.

As per 31 December 2024, the group had a total of 62 production

facilities in 13 countries: 13 in Norway, eight in Sweden, six in Finland,

seven in Denmark, one in Czech Republic, two in Lithuania, three in

Poland, three in Germany, three in Belgium, seven in the Netherlands,

three in Spain, three in Portugal, and three in the UK. In addition, the

group has minority interests in six facilities in Germany, five in France,

and one in Poland.

Facilities

3x Upstream facilities

54x Downstream facilities

5x Circular facilities

12x Facilities owned through

minority interests

1212Our business | Our presenceOur business | Our presence

BEWI annual report 2024BEWI annual report 2024

Markets and customers

BEWI has sales to more than 35 countries and a range of different end markets.

In 2024, 60 per cent of the group’s sales were to the building and construction

industry, including sales from the RAW and I&C segments, as well as sales of

components to heating, ventilation, and air-conditioning (HVAC) systems. Food

packaging accounted for 16 per cent of the sales, the automotive industry

eight per cent and other packaging and components 16 per cent.

The past two to three years, the activity in the build-

ing and construction industry has been declining,

ending in a significant downturn for the industry,

and consequently lower demand and volumes for

BEWI’s products and solutions. The downturn has

also indirectly impacted BEWI’s sales of industrial

products, including protective packaging and sales of

components to HVAC systems. In 2024, volumes were

down in the first three quarters of the year, while

the fourth quarter noted an increase in the volumes

for the I&C segment. The business has also showed

positive developments into the first quarter of 2025,

providing a growing confidence in recovering con-

struction markets. Demand for food packaging has

remained stable, with quarterly variations of fish box

volumes related to slaughter volumes.

BEWI’s business model has proven robust to volatile

raw material prices and to various challenges facing

different industries.

1313Our business | Our presenceOur business | Our presence

BEWI annual report 2024BEWI annual report 2024

Reported as discontinued operations

54%

of net sales

39%

of net sales

49%

of total adj. EBITDA

58%

of total adj. EBITDA

-6%

of total adj. EBITDA

Based on total net sales for continuing operations

Based on total adj. EBITDA for continuing operations

Integrated and circular business model

RAW

Production and sales of white and

grey expanded polystyrene (EPS)

raw materials, with virgin and/ or

recycled feedstock, general purpose

polystyrene (GPPS), and Biofoam, a

fully bio-based particle foam.

Insulation &

Construction

(I&C)

Development, production and

sales of insulation solutions for the

building and construction industry

and infrastructure projects.

Packaging &

Components

(P&C)

Development, production and sales

of food and protective packaging,

and technical components to the

automotive and HVAC industries.

Circular

Collection and recycling of

used EPS, solutions for waste

management, trading of

used materials, and sales of

recycled materials.

1414Our business | Integrated and circular business modelOur business | Integrated and circular business model

BEWI annual report 2024BEWI annual report 2024

RAW

3 facilities in 3 countries

Market developments

In 2024, the activity in the building and construction

industry continued to decline impacting volumes

for RAW. European producers of the EPS raw material

ran at reduced capacity, but competition remained

strong, and customers were cautious. Compared to

2023, the official styrene prices increased by 7.2 per

cent while the official market price for EPS decreased

by 1.5 per cent in 2024, resulting in a lower gross

margin (referred to as “GAP”).

Operational developments

In 2024, BEWI ramped up a new production line

(extruder) for EPS at the raw material facility in Etten-

Leur in the Netherlands. The new line increases the

capacity by 25 000 tonnes grey or white EPS and

facilitates increased use of recycled material. This

enabled BEWI to introduce grey EPS with up to 40 per

cent recycled feedstock for use in insulation solutions,

and Circulum Balance, which is EPS based on recy-

cled feedstock suitable for food contact packaging.

BEWI’s raw material production facilities are certified

through the REDcert+ scheme, a scheme for the

chemical industry enabling allocation of recycled

material into selected products based on customer

preferences. Through this scheme, BEWI can increase

its sales - and use of recycled material, on behalf

of virgin fossil based material, and thereby reduce

greenhouse gas (GHG) emissions.

In 2024, RAW’s facilities in Porvoo, Finland, and

Wismar, Germany was certified under the Operation

Clean Sweep® (OCS) program, placing BEWI among

the first EPS producers in Europe to achieve this

recognition. OCS is a global initiative helping

companies prevent plastic pellets from entering the

environment.

BEWI’s investments in operational expertise and

circular capabilities enable a broad product offering,

including virgin and recycled materials, providing

the segment with a competitive advantage when

meeting growing demands for circular solutions.

Financial developments

For the full year of 2024, net sales for RAW was EUR

310.2 million, down from EUR 338.1 million, repre-

senting a decrease of 8.3 per cent compared to 2023

explained by lower volumes. The segment had an

adjusted EBITDA of EUR 15.0 million, compared to

EUR 24.1 million for 2023. The EBITDA was negatively

impacted by lower volumes and GAP, partly compen-

sated by strict cost control resulting in lower fixed

cost.

Invested in circular

capabilities

Reported as discontinued operations

RAW produces white and grey EPS, GPPS, and Biofoam, a fully

bio-based particle foam. The raw material is produced at three

facilities in Finland, the Netherlands, and Germany, with a total

capacity of approximately 280 000 tonnes. The material is sold to

customers all over Europe, including BEWI’s downstream units.

Approximately 70 per cent of the volumes are sold to the building

and construction industry and the remaining to packaging.

In February 2025, BEWI entered an agreement to merge RAW with the Dutch company

Unipol. The combined company will have four production facilities and a production

capacity of 375 000 tonnes. Following the merger, which is expected to be completed in

the first half of 2025, BEWI will own 49 per cent of the combined company, explaining why

RAW is reported as discontinued operations.

1515Our business | Integrated and circular business modelOur business | Integrated and circular business model

BEWI annual report 2024BEWI annual report 2024

Insulation & Construction (I&C)

28 facilities in 11 countries

Market developments

Overall, the activity in the building and construction

industry were lower in 2024 than in 2023, resulting in

lower volumes sold for I&C.

I&C experiences seasonal variations related to

weather and holidays. The second quarter is normally

the strongest quarter in terms of volumes, followed

by the third quarter, while the fourth and first quarter

are considered low season. In 2024, volumes were

higher in the third quarter than the second, and in

the fourth quarter, the segment recorded increased

volumes compared to the corresponding quarter the

previous year for the first time since the downturn

started, representing a gradual uptick in the activity

throughout the year.

Demand for products based on recycled materials

increased, and in 2024 the segment increased its use

of recycled feedstock by 77 per cent.

Operational developments

In 2024, I&C opened a new production line for con-

struction boards in Olen, Belgium, strengthening the

capacity of this solution, where the majority is sold to

renovation projects. Furthermore, a new production

line for Siroc foundation systems were opened at the

facility in Skövde, Sweden.

In September, BEWI introduced construction boards

made with recycled GPPS (general purpose polysty-

rene) and bio-based lignin, a by-product from the

paper industry, offering customers new solutions for

reducing their carbon footprint.

Financial developments

Net sales for the I&C segment amounted to EUR

428.4 million for 2024, a decrease of 6.5 per cent from

EUR 458.4 million for 2023. The decrease is explained

by lower volumes, partly compensated by higher

prices. Adjusted EBITDA ended at EUR 36.5 million,

representing a margin of 8.5 per cent, compared to

EUR 40.6 million and a margin of 8.9 per cent for 2023.

The decrease is explained by lower volumes and

change in product mix. In addition, the contribution

from shares in associates impacted negatively, going

from a negative EUR 0.7 million for 2023 to a negative

EUR 1.7 million for 2024. Cost and capacity reductions

in the segment combined with strong margin man-

agement, partly compensated for this. Excluding the

contribution from shares in associates, the EBITDA

margin was 8.9 per cent in 2024, up from 8.7 per cent

in 2023.

Positioned to improve

energy-efficiency of buildings

Insulation & Construction (I&C) develops and manufactures

insulation solutions for the building and construction

industry, including foundations, walls, roofs, and ceilings

for domestic housing and industrial buildings, as well as

infrastructure projects. The solutions are used for both

newbuilds and renovation projects and are primarily composed

of expanded polystyrene (EPS) and extruded polystyrene

(XPS). In addition, the segment offers insulation boards from

polyisocyanurate (PIR) and mineral wool (MW) sandwich

panels. The segment’s solutions are produced at 28 facilities

in 11 countries. In addition, BEWI holds 34 per cent ownership

of companies with five facilities in France and six in Germany.

1616Our business | Integrated and circular business modelOur business | Integrated and circular business model

BEWI annual report 2024BEWI annual report 2024

Packaging & Components (P&C)

36 facilities in 10 countries

Market developments

The P&C segment offers a wide range of products

to different end-markets. In 2024, 41 per cent of the

sales (excluding the traded food packaging) related

to food packaging, whereas the seafood industry

was the largest end-market and EPS fish boxes the

largest product. The demand for food packaging was

rather stable in 2024, with variations between quarters

slaughter volumes.

Sales of automotive components accounted for 27 per

cent in 2024, while industrial components, including

protective packaging and HVAC components made up

the remaining 32 per cent. Sales of automotive com-

ponents was also relatively stable in 2024, while sales

of HVAC components were slightly down compared

to 2023, due to the slowdown in the building and

construction industry. This is expected to gradually

improve in line with increases in the newbuild and

refurbishment markets, and on the back of regulations

requiring a more energy-efficient building sector.

Operational developments

In 2024, BEWI launched a new range of EPS fish boxes

based on recycled EPS. The boxes provide BEWI with

a competitive advantage as they enable customers to

reduce their carbon footprint and avoid plastic taxes

in countries where applicable.

BEWI is strategically positioning to capture growth

from megatrends, including from the growing

demand for energy-efficient solutions for buildings

and sustainable packaging solutions. Therefore, the

group has invested in increased capacity for fibre-

based packaging solutions in Denmark, and for HVAC

components in Portugal.

In June 2024 BEWI initiated a strategic review of

its automotive business, and in July the group

announced its acquisition of automotive assets from

the Philippine Group, strengthening this part of the

business. At the close of 2024, the strategic review

was still an active process.

Financial developments

Net sales for P&C amounted to EUR 308.3 million for

2024, a decrease of 4.1 per cent from the EUR 321.6

million reported for 2023, mainly explained by lower

volumes of industrial products, partly compensated

by increased sales from automotive components.

Sales from fish boxes was stable compared to 2023.

Adjusted EBITDA came in at EUR 43.4 million, down

from EUR 45.3 million for 2023. The EBITDA margin

was stable at 14.1 per cent, as a result of cost reduc-

tions and a successful margin management strategy.

Protecting food and fine goods

The traded food packaging business is reported as discontinued operations

Packaging & Components (P&C) develops and manufactures

standard and customised packaging solutions, including boxes

for transportation of fresh fish, and protective packaging for

pharmaceuticals and electronics. Further, the segment delivers

technical components to many industries, such as automotive

components and components to heating, ventilation, and air-

condition (HVAC) systems. The end-products are composed

primarily of EPS, expanded polypropylene (EPP), and paper/

fibre. The segment’s solutions are produced at 36 facilities in ten

countries.

In October 2024, BEWI entered an agreement to merge its traded food packaging busi-

ness with the Danish packaging company STOK Emballage and reduce its ownership in

the combined company to a minority share. This part of the P&C business is therefore

reported as discontinued operations for 2024.

1717Our business | Integrated and circular business modelOur business | Integrated and circular business model

BEWI annual report 2024BEWI annual report 2024

Circular

5 facilities in 5 countries

Market developments

Circular’s key strategic priority is to secure waste

streams, i.e. increase the collected volumes of EPS for

recycling. This market is fragmented and immature

and the availability of used EPS feedstock was chal-

lenging in 2024. The demand for recycled material

is currently impacted by the low activity in the

building and construction industry to which most

volumes are sold. However, packaging customers are

increasingly showing interest in products based on

recycled material, both on the back of more stringent

regulations, as well as the availability of solutions

meeting the requirements for food packaging. Prices

for recycled material correlate to some extent to the

virgin raw material price. Circular’s supply chain is

longer than for the other segments, and therefore

the segment is more sensitive to volatile raw material

prices.

Operational developments

In May 2024, BEWI opened a new circular hub in

Norrköping, Sweden, increasing the company’s

production capacity of rGPPS by 40 per to approxi-

mately 35 000 tonnes. The new facility has a strategic

location close to highways, securing efficient trans-

portation to – and from BEWI’s downstream facilities,

as well as other customers in the Nordics. In 2024,

Circular sold 17 078 tonnes of rGPPS, an increase of

36 per cent compared to 2023. RGPPS is mainly used

in the production of XPS-based products or as feed-

stock in EPS raw material.

For the full year of 2024, BEWI collected 33 135

tonnes of EPS for recycling, an increase of 23 per cent

from 2023. The group had an ambitious target to

collect 45 000 tonnes in 2024, which was set as the

sustainability performance target (SPT) in the group’s

sustainability linked bond loan. Although the target

was not met, the group has demonstrated significant

progress in its collection and use of recycled content.

BEWI remains dedicated to continuing this progress

towards its target of 60 000 tonnes and considers the

access to recycled material a competitive advantage

for the group.

Financial developments

For 2024, Circular had net sales of EUR 52.5 million.

This was a decrease of 9.0 per cent from the EUR 57.7

million reported for 2023, mainly driven by lower

prices. Adjusted EBITDA ended at a negative EUR 4.9

million for the year, down from a negative EUR 3.2 for

the previous year. Lower prices combined with added

cost related to a strengthening of the organisation

had negative impact on the earnings.

Transitioning to

a circular economy

Circular is responsible for BEWI’s collection and recycling of

used material. The segment produces recycled general purpose

polystyrene (rGPPS), which is used as raw material in the

production of XPS based solutions and new EPS raw materials.

In addition, the segment offers different solutions within waste

management and trading of used materials. Circular operates

five facilities in five countries, of which three of the facilities

produce rGPPS with a combined capacity of approximately

35 000 tonnes. In addition, BEWI owns 34 per cent of a recycling

facility in Poland and operates collection stations in several

countries.

1818Our business | Integrated and circular business modelOur business | Integrated and circular business model

BEWI annual report 2024BEWI annual report 2024

Our strategy

Megatrends impacting our business

BEWI offers protective packaging for food and other

consumables, technical components to a range of industries,

as well as insulation and other energy-efficient solutions

for buildings. Driven by the Net Zero Emissions by 2050

scenario, these areas are experiencing strong attention from

authorities and society in general, resulting in regulatory

changes and change in consumer preferences. BEWI

welcomes these changes and is well positioned to leverage

on the opportunities arising. These are the most important

megatrends shaping our industries and strategy:

1919Our business | Our strategyOur business | Our strategy

BEWI annual report 2024BEWI annual report 2024

Climate change

Climate change is profoundly impacting economies

and societies. Global temperature is rising, leading to

more frequent and severe weather events. Industries

must adapt to physical impacts of climate change,

shifting consumer preferences and new regulations.

Governments worldwide are implementing policies

to reduce carbon emissions. Climate change is also

driving innovation and business opportunities to

mitigate and adapt the impacts.

Circular economy

A more circular economy is emerging, reshaping

how businesses and societies think about resource

management to reduce negative impact on the

planet. Minimising waste and making the most of

resources are at core of this megatrend. A more

robust infrastructure is needed, and products need

to be designed differently. Rethinking how we

produce, consume and dispose goods is reinforced

by both policy and regulation, as well as social and

cultural shifts.

Protectionism

Protectionism involves policymaking that restricts

imports to protect domestic industries, influencing

global trade, also raising concerns about trade frag-

mentation and reduces global growth. It is driven by

the need for economic security, stability and resource

control. Trade wars, increased cost for consumers

and disruptions of supply chains are challenges often

linked to this megatrend. National or regional inter-

ests are fuelling the protectionist policies, increasing

geopolitical tensions.

Demography

Some regions in the world experience rapid growth,

Europe is relatively stable, but with an ageing pop-

ulation. This trend is expected to continue, posing

challenges both to healthcare and the labor market.

Urbanisation requires better infrastructure, more

housing and services to accommodate growing

urban population. Population dynamics are also

changing with migration both internally in EU and

from outside Europe. Household sizes are decreasing

also impacting housing demands.

Other megatrends also impacting

Covid19 has shown that pandemics pose significant challenges to society, changing behaviour and lifestyles. The risk of pandemics emphasises the need for adaptability and resilient business models. War in Europe and increased conflict

levels in the middle East are impacting economies, supply chains and inflicting immense human suffering. Global instability poses a risk for less focus on energy transition and sustainable development, and increased protectionism and

migration. AI and digitalisation have significant impact on many industries, resulting in changing value chains and manufacturing processes in industries like healthcare, education, finance, and transportation. Across these trends and meg-

atrends, political initiatives and regulations are targeting to reinforce or mitigate the expected developments.

2020Our business | Our strategyOur business | Our strategy

BEWI annual report 2024BEWI annual report 2024

Impacts, risks and opportunities deriving

from the macro picture

In the current strategic landscape, climate change, resource scarcity and demography are influencing politics, and

reshaping industries. BEWI is embracing these trends, and has identified opportunities for growth and areas to enhance

environmental and social stewardship.

BEWI’s double materiality assessment highlights the

group’s environmental and social impacts alongside

the risks and opportunities it faces. This dual perspec-

tive provides invaluable input to BEWI’s strategy and

business model, ensuring alignment with long-term

strategic goals.

BEWI plays a pivotal role in providing energy-efficient

solutions critical to the EU’s climate reduction targets.

Rising urban populations are driving the demand

for residential buildings, transportation and social

infrastructure. Buildings as a major contributor to

global emissions are at the heart of EU initiatives and

regulations pushing for higher energy efficiency.

BEWI anticipates significant growth for energy

efficient building materials to comply with evolving

regulations, creating a strong market opportunity.

The production of these solutions relies on raw

materials and energy sources that contribute to

greenhouse gas (GHG) emissions. Stricter regulations

related to emissions could lead to increased taxes

and/or higher costs, introducing a risk, but also an

opportunity, as it is expected to increase demand

for BEWI’s solutions. The group’s strategic priority to

work for a circular economy, including the leading

position in collection and recycling of used EPS, as

well as the work to increase use of renewable and

recycled materials in the operations, mitigate this risk.

BEWI has made significant investments in circular

capabilities, securing a considerable capacity to

collect, recycle, and extrude used EPS. Going forward,

anticipated regulatory changes, such as required

levels of recycled content in packaging products,

reuse models and closed-loop systems, are expected

to boost demand and profitability of the group’s

circular activities. Early indications of this shift are

visible in markets like Spain and the UK, where plastic

taxes are driving interest in low-carbon and circular

solutions.

BEWI’s operations also affect people which are

reflected in the impacts on own employees and

workers in the supply chain. BEWI emphasises cre-

ating a safe and inclusive working environment for

people working across the company’s value chain.

BEWI is well-positioned to navigate market disrup-

tions through its integrated value chain that ensures

material availability while reducing reliance on

volatile markets. Its circular economy initiatives secure

a stable supply of recycled materials, mitigating risks

from trade restrictions and price fluctuations. By

embedding circularity into its core strategy, BEWI

enhances agility, strengthens resilience, and rein-

forces its leadership in a rapidly evolving market.

2121Our business | Our strategyOur business | Our strategy

BEWI annual report 2024BEWI annual report 2024

Strategic priorities

BEWI’s strategy is anchored in our competitive advantages: our people and culture, market and

industry expertise, production footprint, business model, customer relationships, and circular

capabilities. Our strategic priorities build on the most material risks and opportunities emerging

from the megatrends, and can be summarised in two:

Sustain operational excellence and leverage

on current offering and investments

People and leadership development: Increase focus on devel-

oping leadership behaviours and employee engagement, and

actively work for inclusion and diversity.

Efficient and safe operations: Optimise energy efficiency,

production processes and footprint, while continuously striving

to secure a safe and healthy work environment.

Leverage on producing assets and offering: Maximise output

from producing assets and offering, positioning for market

rebound, increase cross-selling, leverage on offering based on

recycled feedstock, and capitalise on recent investments in

paper-based products, HVAC solutions, and recycled material.

Actively decarbonise operations and assets: Pursuit reduced

carbon footprint by increasing use of renewable energy sources

and recycled feedstock in operations.

Accelerate growth from energy efficient

solutions for buildings and circular packaging

Expand offering and strengthen market positions: Evaluate

strategic partnerships and transactions, targeting a broader

offering and stronger market positions within insulation and

other energy-efficient solutions for buildings. Ambition to

become a full-solutions provider, enabling increased share of

renovation projects and non-residential buildings.

Strengthen offering of circular packaging solutions:

Increase share of recycled and reusable products, through

innovation and close collaboration with customers and other

industry partners.

Continue to invest in circular capabilities: Secure access

to feedstock for recycling and recycling capacity, and actively

work for improved infrastructure and framework.

The strategy rests on three pillars guiding our actions:

Innovation is the cornerstone of future growth, driving

us to search for solutions today that remain relevant

tomorrow. It reflects our commitment to continuous

improvement across all areas of our business.

Transitioning to a circular economy is essential for

reducing greenhouse gas emissions and plays a vital role

in the fight against climate change. At BEWI, this means

using less materials in production, extending product

lifespans, and increasing recycling efforts to enhance

resource efficiency and minimise environmental impact.

Profitable growth is about our ability to adapt to and

develop markets, secure operational excellence, leverage

on investments, and make good strategic decisions

for our stakeholders. This is supported by megatrends,

innovative solutions and a robust business model.

2222Our business | Our strategyOur business | Our strategy

BEWI annual report 2024

Performance

2323Performance Performance

BEWI annual report 2024BEWI annual report 2024

Baseline 2023 Progress 2024 Target 2030

Financial

Continued operations

ROCE 5% 3% 20%

Adjusted EBITDA margin 10% 9% 15%

Taxonomy aligned revenues 49%

52% > 70%

Environmental

E1: Climate change

Reduce GHG emissions scope 1 & 2 0 -24% -42%

Reduce GHG emissions scope 3 0 -14% -52%

Improve energy efficiency 0 -1% -12%

E5: Resource use and circular economy

Collection of used EPS for recycling 27kt 33kt 60kt

Share of recycled and/or non-fossil raw materials 13% 15% 30%

Social

S1: Own workforce

Health and safety - reduce frequency rate

2.81 2.25 1

Health and safety - reduce severity rate

58.1 24.24 <13

Learning and development - increase internal index

62% 6 6 %

80%

Diversity, equaliy and inclusion - increase share of female leaders 21% 19% 30%

Taxonomy-eligible revenues

Frequency rate is defined as number of reported accidents 200 000/ total working hours

Severity rate is defined as recordable sick leave days due to workplace accidents 200 000/ total working hours

Percentage of employees who rate the company’s learning and development environment as “good” or “very good” in the annual employee engagement survey

Index not fully comparable due to additional questions

Key performance

measures

BEWI has a set of performance measures designed to track

and secure progress on selected topics. The group’s key

performance measures guide the efforts in enacting the

strategy.

2424Performance | Key performance measuresPerformance | Key performance measures

BEWI annual report 2024BEWI annual report 2024

Financial performance

In 2024, the activity in the building

and construction industry declined,

impacting volumes and sales for

all BEWI’s segments. Still, the group

managed to retain margins as a result

of active measures on cost, capacity

and margins.

KPI’s related to the group’s income statement are for

continuing operations, i.e. excluding RAW and the

traded packaging business classified as held for sale and

reported as discontinued operations. Other KPI’s are for

the total operations. The KPI’s are marked with (1) for

continued operations and (2) for total operations.

Net sales (1) for the group amounted to EUR 773.2

million for 2024, a decrease of 5.8 per cent from the

EUR 821.2 million reported for 2023. The decrease is

explained by lower activity in the building and con-

struction industry, impacting volumes for all segments.

Adjusted EBITDA (1) came in at EUR 71.2 million for

the year, compared to EUR 78.1 million for the previ-

ous year, corresponding to a decrease of 8.8 per cent,

also explained by the lower volumes.

Adjusted EBITDA margin (1) for the group was 9.3

per cent for 2024, down only 0.2 percentage points

from 2023, despite the reduced volumes. Higher

volumes and consequently utilisation, are key factors

to secure cost-efficient operations and higher EBITDA

margins. Throughout 2023 and 2024, the group has

implemented measures to reduce its cost base, and

actively worked with its pricing strategy, resulting in

retained margins in falling markets.

Operating income (EBIT) (1) ended at EUR 8.5

million for, down from EUR 10.2 million for 2023.

Taxonomy aligned revenues (1) was 52 per cent

of the group’s total revenues, up from 49 per cent

taxonomy eligible revenues for 2023. Details on the

taxonomy alignment are included in the Environment

part of the sustainability statements of this report.

Return on capital employed (ROCE) (2) for the full

year of 2024 came in at 3.3 per cent, down from 5.4

per cent for 2023. The ROCE has declined the past

two years and is currently below the target of 20 per

cent. This is a consequence of the large acquisitions

completed in 2022, resulting in an increase of the

balance sheet, combined with the downturn in the

market experienced since then.

Financial position (2)

Total assets amounted to EUR 1 182.0 million on

31 December 2024, with an equity of EUR 384.6

million, compared to assets of EUR 1 253.4 million

and an equity of EUR 415.7 million at the end of 2023.

Net debt was reduced during the year, ending at EUR

511.0 million (264.0 excluding IFRS 16), compared to

EUR 547.6 million at the end of 2023 (331.1 excluding

IFRS 16). Cash and cash equivalents were EUR 72.7

million at year-end, including assets classified as

held for sale, compared to EUR 63.6 million at year-

end 2023.

adj. EBITDA margin

52%

Taxonomy aligned

revenues

2525Performance | Financial performancePerformance | Financial performance

BEWI annual report 2024BEWI annual report 2024

Cash flow (2) from BEWI’s operating activities was

EUR 85.2 million for 2024, including a decrease in

working capital of EUR 52.4 million, compared to a

cash flow of EUR 76.5 million with a decrease of EUR

18.0 million for 2023. The improved cash flow came

from a strengthened focus on inventory manage-

ment and financing of accounts receivables, through

a receivable purchase agreement (RPA), adding EUR

54.7 million. The RPA was established in September

and is an uncommitted facility with a frame of EUR 75

million. In 2023, the cash flow had a positive effect of

EUR 15.0 million from settlement of currency swaps.

Cash flow from investing activities amounted to a

positive EUR 5.5 million for 2024, coming from sale

and leaseback transactions of properties, resulting in

a cash inflow of EUR 39.8 million, net of transfer tax.

For 2023, the cash flow ended at a negative EUR 3.1

million, with similar sale and leaseback transactions

recorded that year. Cash flow from financing activities

amounted to a negative EUR 81.5 million for 2024,

down from a negative EUR 56.7 for 2023, due to

reduced utilisation of credit facilities, as well as repay-

ment of leasing liabilities.

Capital expenditures (CAPEX) (2) amounted to

EUR 32.5 million for 2024, a reduction of 37 per cent

from the EUR 51.7 million reported for 2023. Of this,

EUR 10.9 million related to strategic investments

made by the listed automotive company Izoblok.

BEWI announced a CAPEX target of approximately

EUR 20 million for 2024. Excluding the investments

by Izoblok, CAPEX came in at EUR 21.6 million. The

group will continue to keep its CAPEX at a low level

also for 2025.

Going concern

The annual financial statements for 2024 have been

prepared on the assumption that BEWI is a going

concern pursuant to section 3-3a of the Norwegian

Accounting Act. With reference to the group’s results

and financial position, as well as forecasts for the

years ahead, the conditions required for continuation

as a going concern are hereby confirmed to exist.

Dividend

BEWI’s objective is to generate competitive long-term

total shareholder return. The dividend policy states

that the company should target yearly dividend

payments of approximately 30 to 50 per cent of the

group’s net income for the year. For the financial year

of 2024, the board has not proposed any dividend.

Outlook

BEWI entered 2025 with a growing confidence in a

market recovery for the building and construction

industry. A market recovery, combined with the

drivers for improved energy efficiency for buildings,

is expected to positively impact the group’s sales

and increase the taxonomy aligned revenues. In

addition, the group is operating on a lower cost base

than before the downturn, which is expected to

lift margins when volumes increase. Further, recent

strategic transactions reduce the financial exposure

to RAW and the traded food packaging, business

areas with lower margins, shifting focus to higher

margin areas going forward.

2626Performance | Financial performancePerformance | Financial performance

BEWI annual report 2024BEWI annual report 2024

Environmental performance

In 2024, BEWI made solid progress on

its key environmental performance

indicators. Enhanced energy

efficiency, increased share of

renewable energy sources, and a

significant increase in collection and

use of recycled raw materials were

the key drivers for the positive results

for the group.

KPI’s related to the group’s environmental

performance are for the total operations.

Reduced emissions

In 2024, BEWI achieved a 14 per cent reduction in the

total greenhouse gas emissions compared to 2023.

Scope 1 and 2 emissions decreased by 24 per cent,

primarily driven by lower volumes, enhanced energy

efficiency and a 29 per cent increase in the use of

renewable energy. Despite the lower production

volumes, BEWI managed to achieve a 1 per cent

improvement in energy intensity. The progress came

from strategic investments in energy management,

process optimalisation and operational efficiencies.

The group recorded a 14 per cent reduction in its

scope 3 emissions from the baseline in 2023. This

was driven by operational improvements and a 77

per cent increase in the use of recycled raw materials,

reducing the use of virgin resources and advancing

circularity.

Increased use of recycled

and renewable sources

As a result, the share of recycled and renewable

materials increased from 13 per cent for 2023 to 15 per

cent for 2024. Additionally, material recovery efforts

expanded. BEWI collected a total of 33 135 tonnes of

used EPS for recycling in 2024, a 23 per cent increase

from 2023. These achievements underscore BEWI’s

commitment to closing the loop, preventing valuable

materials from becoming waste, and reinforcing the

role as a leader in sustainable material stewardship.

Outlook

BEWI remains committed to enhancing circularity,

reducing emissions, and improving efficiency.

Through innovation, collaboration, and sustainable

solutions, the group is positioning itself for a low

carbon and resource-efficient future.

+23%

in EPS collected

for recycling

+77%

use of recycled

raw material

2727Performance | Environmental performancePerformance | Environmental performance

BEWI annual report 2024BEWI annual report 2024

Social performance

BEWI’s long-term goal is to achieve

zero workplace accidents. The

group has objectives related to

reduction of accident frequency

and accident severity rates, in

which both saw a reduction in

2024. Also, the group improved its

performance on its learning and

development index.

KPI’s related to the group’s social performance

are for the total operations.

Health and safety improvements

BEWI works to reduce accidents and lost time due to

accidents, measured by the KPIs frequency rate (FR)

and severity rate (SR). For 2024, the group achieved

a 20 per cent reduction in the FR and a 58 per cent

reduction in the SR.

Employee development and engagement

Furthermore, BEWI is committed to provide opportu-

nities for employees to develop their competencies

and skills. The group’s performance on this area is

measured through the annual employee engage-

ment survey, BE heard, and the dedicated learning

and development index in this survey where employ-

ees rate the company’s learning and development

environment as “good” or “very good”. For 2024, the

learning and development index improved from 62

to 66. BEWI has a strategic priority to further develop

leadership behaviours and employee engagement.

Gender, diversity and leadership

The gender mix among BEWI’s leaders declined in

2024, with 19 per cent female leaders compared to 21

per cent in 2023. In the BE heard survey, BEWI could

see a positive development of the engagement

among women which increased from 62 in 2023 to

66 in 2024, compared to a slight decline from 62 in

2023 to 61 in 2024 for the men. The positive develop-

ment among the female leaders is a good foundation

for BEWI’s continued efforts to increase and develop

its female leaders.

Outlook

BEWI has clear priorities for a further strengthening

of its KPI’s on its social performance. This includes

activities to strengthen the health and safety culture

in the company, such as awareness campaigns, and

expansion of leadership and development pro-

grammes in the group.

-20%

frequency rate

-58%

severity rate

2828Performance | Social performancePerformance | Social performance

BEWI annual report 2024

Governance

BEWI aims to maintain a high standard of

corporate governance. Good corporate

governance strengthens the confidence in

the company and contributes to long-term

value creation by determining the division

of roles and responsibilities between

shareholders, the board of directors

and executive management.

2929Governance Governance

BEWI annual report 2024BEWI annual report 2024

General information and compliance

The board of directors (the board) of BEWI ASA (the company) has the overall

responsibility to ensure a high standard of corporate governance.

BEWI ASA is a Norwegian public limited liability

company listed on the Euronext Oslo Børs (Oslo Stock

Exchange). The group’s corporate governance prin-

ciples are based on the Norwegian Code of Practice

(the Code) for Corporate Governance issued by the

Norwegian Corporate Governance Board (NCGB). BEWI

follows the latest version of the Code, adopted on

14 October 2021.

BEWI is subject to section 2-9 of the Norwegian

Accounting Act and the Issuers Rules of Euronext

Oslo Børs, covered by the Oslo Rulebook II chapter

4.4, requiring the company to provide an annual

statement on corporate governance covering all

chapters of the Code. The statement is included in

the Appendix.

BEWI’s governance structure (see chart on the next

page) is based on the applicable laws and regulations

mentioned, in addition to the group’s governing

documents, with delegation of responsibility to

divisions, local units, and group functions such as

finance, tax and accounting, legal and compliance,

human resources, procurement, and sustainability.

To maintain coherent practice across the group,

BEWI sets requirements in the form of policies and

guidelines made available to all relevant employees.

An overview of the most relevant policies is available

in the Policies and compliance section.

BEWI’s strategic direction is described in the Our

business section.

3030Governance | General information and complianceGovernance | General information and compliance

BEWI annual report 2024BEWI annual report 2024

BEWI’s governance structure

General meeting

Approves BEWI’s Articles of Association; Elects members to and resolves on remuneration to the board; Elects external auditor and

approves auditor remuneration; Elects members to and resolves on remuneration for the nomination committee; Approves annual

accounts and the report of the board; Approves dividend proposal; Deals with other matters listed in the notice convening the meeting.

Board of directors

Approves rules of procedures for board and sub-committees; Ensures adherence to governance principles, including approval of policies;

Approves strategy, business plans and budgets; Oversees operations, financial- and ESG accounts; Appoints board sub-committees;

Reviews and approves annual and quarterly reports.

CEO and executive management team

The CEO and executive management team are responsible for promoting BEWI’s objectives and securing the company’s assets,

organisation and reputation.

External

auditor

PwC is BEWI’s responsible auditor

Remuneration

committee

Prepares and recommends proposal for the

compensation of the CEO, and reviews and advises the

CEO on the compensation of other members of the

executive management team.

Audit

committee

Supports the board in supervision of internal

control, internal audit, compliance and system of risk

management; Oversees integrity of financial statement,

sustainability statement, reporting processes, internal

control and risk management; Oversees qualification and

independence of external auditor.

Nomination

committee

Recommends members to the board to be elected

by shareholders at general meeting; Recommends

members of the nomination committee; Recommends

remuneration of the board and the nomination

committee. The nomination committee’s mandate is

approved by the general meeting.

3131Governance | General information and complianceGovernance | General information and compliance

BEWI annual report 2024BEWI annual report 2024

Governing bodies

General meetings

BEWI’s highest decision-making body is the general

meeting of shareholders. All shareholders have

the right to participate in the general meetings,

and each share gives one vote. The annual general

meeting is held each year within the end of June. The

general meeting approves the company’s Articles

of Association, elects the members of the board of

directors and determines the remuneration of the

board. It elects the company’s external auditor and

approves the auditor’s remuneration. It also approves

the integrated annual report, including the annual

financial and sustainability statements, the statutory

report according to Norwegian requirements, and the

dividend proposed by the board. The general meeting

elects the nomination committee and determines

their remuneration and deals with any other matters

listed in the notice convening the meeting.

Nomination committee

The nomination committee gives recommenda-

tions to the general meeting for the election of

shareholder elected members to the board and the

chairperson of the board, as well as to members of

the nomination committee. The nomination commit-

tee also presents to the general meeting proposals

for remuneration to the board and to the nomination

committee.

Article 8 of the company’s articles of association

stipulates that the company shall have a nomination

committee, consisting of two to four members,

where the majority of the members shall be

independent of the board and management. The

members, including the chairperson, are elected by

the general meeting for a term of two years unless

the general meeting decides otherwise in connec-

tion with the election.

In 2024, the nomination committee of BEWI con-

sisted of Liv Malvik (chair) and Roar Husby until the

company’s annual general meeting on 4 June 2024.

At the meeting, the following new members of the

committee was elected for a period up to the annual

general meeting in 2026: André Michaelsen, chair,

Rune Juliussen, member, Marianne Bekken, member

and Svein Jensen, member.

Board of directors

The responsibilities and work of the board

The board of directors’ (the board) primary respon-

sibility is to (i) participate in the development and

approval of the company’s strategy, (ii) perform

necessary monitoring functions and (iii) act as an

advisory body for the executive management team.

The board is responsible for the group’s adherence

to governance principles, including internal control,

audit matters, double materiality assessment, and risk

management systems. The board oversees opera-

tions and monitors progress on strategic, financial,

and non-financial targets.

The board prepares an annual plan for its work.

The chairperson is responsible for ensuring that the

board’s work is performed in an effective and correct

manner.

The instructions governing the board’s working

practices include how individual directors and the

CEO shall act in relation to matters in which they

have a personal interest. Information is also included

in chapter 9 of the Corporate Governance statement

included in the Appendix.

Important tasks managed by the board

The board meets as often as necessary to perform

its duties. In 2024, the board had 13 meetings, and all

members attended all meetings.

Monthly: Monthly management reports are made

available to the board. The reports include financial

and non-financial metrics, in addition to information/

progress on prioritised projects.

Quarterly: The board reviews and approves the

group’s quarterly financial reports and reviews the

group’s progress on KPI’s related to material topics.

Annual: The board annually reviews and approves:

(i) procedures for the board, sub-committees of the

board and the CEO, (ii) key policies and procedures

(May/ June), (iii) the group’s annual report (March/

April), (iv) the annual double materiality assessment

(DMA), (v) risk management system and risk assess-

ment. The board annually evaluates its work.

3232Governance | Governing bodiesGovernance | Governing bodies

BEWI annual report 2024BEWI annual report 2024

The board discusses the company’s adherence to

the company’s strategy regularly and has at least one

board meeting dedicated to reviewing and evaluat-

ing the strategy.

Sub-committees of the board

The board has established an audit committee and

remuneration committee consisting of members

appointed by and among the members of the board.

The overview below includes memberships of the

sub committees. In 2024, both committees consisted

of two members, one female and one male.

Audit committee

Pursuant to the Norwegian Public Limited Liability

Companies Act section 6-41 and the listing rules

of the Oslo Stock Exchange, covered by the Oslo

Rulebook II chapter 3.1 the company shall have

an audit committee. The audit committee shall

consist of at least two members, whereof at least

one member must have accounting or auditing

proficiency and at least one member must be

independent of the company’s business. BEWI’s audit

committee is appointed by the board.

The committee’s main task is to assist the board

with addressing and preparing issues concerning,

amongst other, procurement of audit services,

monitoring the work of the auditors, the company’s

internal control – and risk management systems,

and the financial and non-financial/ sustainability

reporting. More information on the group’s internal

control is included in chapter 10 of the board’s state-

ment on corporate governance in the Appendix.

In 2024, in addition to the regular quarterly and

annual reporting procedures, the committee had a

special focus on monitoring the company’s progress

related to reporting on the Corporate Sustainability

Reporting Directive (CSRD), Double Materiality

Assessment (DMA), and the outcome of the assess-

ment of impacts, risks, and opportunities (IROs). The

committee had six meetings and both members

participated in all meetings in 2024.

Remuneration committee

The company shall have a remuneration committee

appointed by the board. The remuneration commit-

tee shall evaluate and propose the compensation of

BEWI’s CEO, and review and advise the CEO on the

compensation of other members of the executive

management team.

In 2024, the committee reviewed a proposed

amendment to the composition of the performance

indicators for the short-term incentive scheme for

the management of the company. The variable pay

programme is based on five criteria, of which one

is an explicit criterion (20 per cent weight) linked to

BEWI’s target to collect used EPS for recycling. The

committee had five meetings and both members

participated in all meetings in 2024. More details are

included in the Remuneration report.

Composition of the board

In 2024, the board consisted of six members, whereof

three female and three male members, in line with

the requirements of the Norwegian Public Limited

Companies Act (NPLCA) section 6-11 a.

The members are elected by the general meeting

for a period of two years based on proposal from the

nomination committee. The general meeting elects

the chair of the board.

None of the members are elected by and among the

company’s employees in Norway, cf. section 6-4 of

the NPLCA, as there are less than 30 employees in the

parent company, BEWI ASA.

All board members can independently evaluate the

cases presented to them, and the board functions

well as a body of colleagues. The board acts in the

interests of all shareholders and independently of

any special interests. 50 per cent of the members are

independent of the owners, 67 per cent are inde-

pendent of executive management, and all members

are considered independent of material business

contacts. An overview of the education, background

and independency is included in the table below and

on the company’s website.

Competency of the board

The board annually reviews the required competen-

cies for its composition. In 2024, the sustainability

competence was further detailed to bring it in line

with the EU Corporate Sustainability Reporting

Directive (CSRD). In addition to the competences

on sustainability-related matters held by the board

members, the board (through the audit committee

among others) have at least quarterly meetings with

sustainability experts in the company, such as the

Chief Sustainability Officer, to discuss and review the

company’s material impacts, risks and opportunities

(IROs).

Relevant experience topic

Summary of

competencies

Industry experience



Strategic planning



Operative management



Business leadership



Governance & compliance



Financing and capital markets



Risk management



IT and cybersecurity



HR/remuneration



Environment and climate



The summary of competency includes the number of board members with

practiced competence within the relevant competence area, i.e. where the

board member considers the area as a primary skillset.

3333Governance | Governing bodiesGovernance | Governing bodies

BEWI annual report 2024BEWI annual report 2024

Board of directors

Gunnar Syvertsen Kristina Schauman Andreas M. Akselsen

Position

Chair of the board Director Director

Born 1954 1965 1977

Nationality Norwegian Swedish Norwegian

Elected 2014 2016 2022

Education M.Sc. Engineering, Norwegian University of Science and Technology

(NTNU).

M.Sc. Business Administration, Stockholm School of Economics. M. Sc. Business Administration, BI Norwegian School of

Management, Bachelor of Sc. Mechanical engineering.

Professional

background

CEO Heidelberg Cement Northern Europe AB, Managing Director

Heidelberg Cement Norway AS, Managing Director Norcem AS, and

other executive positions in Heidelberg Cement AG in Africa and

the US.

Currently CEO and founder of Calea AB. Previously CFO of OMX AB,

Carnegie Investment Bank and Apoteket AB. Senior positions at

Investor AB, ABB, and Stora Enso.

Various positions in Jackon Holding from 2004, including M&A,

strategy and business development, and financing. Assignments

within real estate, early phase investment and restructuring projects.

Other selected

directorships

Directorships in portfolio companies of BEWI Invest, the majority

owner of BEWI ASA.

Board member of AFRY AB, Sdiptech AB, Ahlstrom Oyi, Eleda

Group AB, DanAds International AB, Vionlabs AB and REEDA Capital

Management AB.

Board member of HAAS, Pronofa ASA, Ayfie International AS, Bricks

Beverages AS, Godthåb Holding AS and Eily AS.

Audit committe

 

Remuneration committee



Board meetings 2024/

attendance

13 of 13 13 of 13 13 of 13

Independence of

owners



Independence of

executive management

 

Indepence of material

business contacts

  

Shares per 31.12.24 180 506 193 452 32 679 000

32 670000 of the shares are held through the investment company HAAS AS, owned by the Akselsen family

3434Governance | Governing bodiesGovernance | Governing bodies

BEWI annual report 2024BEWI annual report 2024

Anne-Lise Aukner Rik Dobbelaere Pernille Skarstein

Position

Director Director Director

Born 1956 1954 1964

Nationality Norwegian Belgian Norwegian

Elected 2020 2021 2023

Education Law degree from the University of Oslo. M.Sc. Engineering and MBA from Catholic University in Leuven,

Belgium.

MA in Economics and business administration, Norwegian School

of Economics (NHH)

Professional

background

Managing director and CEO of Nexans Norway and CEO of Nexans

Sweden. Experience from management of technology and knowl-

edge-based companies and management of industrial companies.

CEO of BEWI ASA from 2018 to 2020, and CEO of Synbra Holding B.V.

prior to the merger with BEWI. Senior positions in global industry

companies, including Bombardier, and Raychem Corporation.

Currently investment director of Kverva AS. Broad experience

from the financial markets and extensive background as Head of

Investments at Alfred Berg Asset Management, Carnegie Asset

Management and C WorldWide Asset Management.

Other selected

directorships

Chairman of the board in Fontenehuset Mortensrud, board

member of Fontenehuset Ullensaker, and board member of Aukner

Holding AS.

Board member of selected subsidiaries of the BEWI group.

Audit committe

Remuneration committee



Board meetings 2024/

attendance

13 of 13 13 of 13 13 of 13

Independence of

owners

 

Independence of

executive management



Indepence of material

business contacts

 



Shares per 31.12.24 - 98 497 16 946 573

The shares are owned by Kverva Industries AS, a company owned by Kverva AS, which is a related party to Pernille. Kverva held 16 946 573 BEWI shares at 31 December 2024. In addition, Kverva AS is a party to total return swap agreement with a third party under which Kverva AS has a financial exposure to 9 092 220 shares

3535Governance | Governing bodiesGovernance | Governing bodies

BEWI annual report 2024BEWI annual report 2024

CEO and executive management team

The board appoints the Chief Executive Officer (CEO) and the CEO is responsible for

the executive management of the company. The executive management team has

a shared responsibility for promoting BEWI’s objectives and securing the company’s

assets, organisation and reputation, and undertakes the day-to-day management of

the group. The team prepares monthly updates to the board, including financial and

non-financial metrics, and status on selected projects.

Following changes in BEWI’s organisational structure, BEWI’s executive management

team was changed as of 1 November 2024. From 1 January to 31 October, the team

consisted of four female and three male leaders, and from 1 November the compo-

sition included two female and four male leaders. Information on the composition

of the executive management team is included in the table below, as well as in the

Remuneration report.

Christian Bekken Marie Danielsson

Position

Chief Executive Officer (CEO) Chief Financial Officer (CFO)

Born 1982 1975

Nationality Norwegian Swedish

Employed 2002 2015

Education Financial and administrative programmes M.Sc. Economics, Stockholm University, Sweden.

Professional

background and

relevant directorships

Various positions within production and sales at

BEWI, CEO Smart Bolig.

Majority shareholder of BEWI Invest, majority

shareholder of BEWI ASA

Auditor KPMG, Vice President Financial Control and

Taxes, Haldex AB.

Director of the board at BenchmarkHoldings plc,

listed at AIM in London and Euronext Growth in

Oslo.

Shares per 31.12.24 84 986

185 452

Options per 31.12.24 283 333 333 333

Christian Bekken is member of the Bekken family, the majority owner of BEWI Invest, which is the majority owner of BEWI ASA. As of 31 December, BEWI Invest held 97 958 328 shares

3636Governance | Governing bodiesGovernance | Governing bodies

BEWI annual report 2024BEWI annual report 2024

Jonas Siljeskär Petra Brantmark Karl Erik Olesen Stein Inge Liasjø

Position

Chief Operations Officer Upstream Chief Legal Officer (CLO) Chief Operations Officer Downstream Chief Strategy Officer

Born 1972 1981 1963 1973

Nationality Swedish Swedish Danish Norwegian

Employed 2010 2020 2014 2021

Education Degree in Engineering, Dalarna University,

Sweden.

Master of Law, Uppsala University Sweden. Business economics and management Cand. mag in finance and communications from

Universities of Trondheim and Oslo

Professional

background and

relevant directorships

Managing Director BEWI RAW, Chief Operating

Officer Gustafs Inredningar.

Senior Legal Counsel at Swedfund International AB

and Associate at Linklaters Law Firm.

Head of sales SCA and DS Smith. Previous roles in

BEWI includes Manging director of BEWI Denmark

and EVP BEWI Insulation & Construction.

Various leadership roles in Aker Solutions ASA

and Enova SF. Previous roles in BEWI includes EVP

Packaging & Components.

Shares per 31.12.24 124 126 17 450 83 252 1 000

Options per 31.12.24 283 333 174 785 183 333 133 333

3737Governance | Governing bodiesGovernance | Governing bodies

BEWI annual report 2024BEWI annual report 2024

Compensation of board and

executive management

Board remuneration

The general meeting determines the remuneration

for the members of the board based on a proposal

from the nomination committee. The remuneration

shall not be performance-related nor include share

option elements.

The general meeting of 2023 approved the board’s

remuneration until the general meeting in 2024,

while the general meeting of 2024 approved the

remuneration until the general meeting of 2025.

The board shall be informed if individual board

members perform tasks for the company other than

exercising their role as board members. Work in sub

committees is compensated in addition to the remu-

neration received for board membership.

As of 31 December 2024, two of the board members

had agreements to perform advisory work for the

company in addition to their assignment as board

members, of which one of the agreements expires at

the general meeting of 2025. Details about the board

remuneration are outlined in the Remuneration report.

Statement on remuneration of

executive management

The board prepares a statement on executive remu-

neration in accordance with section 6-16a of the

NPLCA.

General remarks

The remuneration is an important instrument for har-

monising the company’s interests with the interests

of the executive management. The remuneration

guidelines shall be approved by the general meeting

and are available at the company’s website as part of

the annual reports.

The purpose of the company’s remuneration policy

for the executive management is to contribute to

the company’s business strategy, long-term interests,

and sustainability of the company. Further, BEWI’s

remuneration policy shall encourage a strong and

sustainable performance-based culture, growth,

shareholder value over time and responsible business

practices aligned with the company’s values. The

total remuneration level shall be in line with the

relevant market level for peers within the industry

but not market leading.

Annual base salary

The executives are compensated based on individual

criteria, including each executive’s role, experience,

and competence. All executives are evaluated

yearly as part of the company’s Performance and

Development Dialogue (PDD). The total compen-

sation level targets at attracting and retaining

executives, and to maintain a competitive compensa-

tion level.

BEWI applies standard employment contracts and

standard terms and conditions regarding notice

period and severance pay, which shall be deductible

to other income.

Internal board assignments and similar internal

positions are not remunerated separately. External

assignments shall be approved by the CEO or by the

board.

Pension scheme

Executives are members of the standard pension

and insurance schemes on the same terms and

conditions as non-executives in the country of

employment. Executives are not entitled to early

retirement.

Pay after termination of employment

The Chief Executive Officer and the Chief Operating

Officer upstream are entitled to 12- and 6-months’

severance pay respectively. Other executives are not

entitled to pay after termination of employment.

Other types of remuneration

Executives may receive benefits in line with relevant

market practice, such as free phone, PC, broadband,

newspapers, company car, and parking.

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BEWI annual report 2024BEWI annual report 2024

Variable pay

BEWI has a variable incentive pay programme includ-

ing the executive management team, as well as other

key executives. The objective of the programme is to

encourage achievement of financial- and operational

targets. The variable pay programme is based on

defined and measurable criteria, including financial

and non-financial targets. The variable pay pro-

gramme potential is maximised to 50 per cent of the

annual base salary.

Share option plan for executive employees

BEWI has two share option programmes for the

executive management and key employees. The

first programme was adopted by the board on

19 November 2020, with vesting in 2021, 2022, and

2023. The programme expires in November 2025. The

second programme was launched on 15 November

2024, with a similar setup, whereby participants are

invited on an annual basis.

The purpose of the share option plans is to further

align the interests of the company and its share-

holders. The awards of options shall give an interest

in the company parallel to that of the shareholders,

enhancing the interests of the executives to the com-

pany’s continued long-term success and progress

and motivate for individual contributions. The share

option shall enable the company to attract and retain

the executive employees and other key employees.

Further details about the programme are included in

the Remuneration report.

Annual remuneration report

BEWI publishes an annual remuneration report in

accordance with NPLCA Section 6-16b. The report

shall be subject to an advisory vote by the general

meeting in accordance with NPLCA Section 5-6 (4).

If the shareholders vote against the remuneration

report, the company will explain, in the following

remuneration report, how the vote of the sharehold-

ers has been taken into account.

The remuneration report for 2024, part of BEWI’s

annual report, includes details about the variable

pay programme and the long-term incentive

programme. In addition, the notes to the financial

statements includes an overview of the remuneration

to the executive management.

Temporary derogation from the

applicable remuneration policy

The board can only derogate from the remuneration

policy in exceptional circumstances, and only in

situations where the derogation is necessary to

serve the long-term interests and sustainability

of the company, cfr. NPLCA section 16-6a (4). Any

derogation shall be explained and motivated by

the company’s and the shareholders’ interests in

retaining the executives under extraordinary circum-

stances. Any derogation shall be considered by the

boards as required in the specific situation and for

the individual employee. The remuneration report

shall include information on remuneration awarded

under such exceptional circumstances.

Amendments

Material variations in the remuneration policy shall be

subject to approval by BEWI’s general meeting, and

the policy shall be considered and approved by the

general meeting at least every fourth year.

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BEWI annual report 2024BEWI annual report 2024

Policies and compliance

BEWI’s management system is based on a set of steering documents and policies.

The system, which is aligned with the group’s strategy, outlines the principles for

how BEWI shall operate.

The Code of Conduct, adopted by the board, pro-

vides a framework for how BEWI and its employees

are expected to act and behave. It lays out key

principles for high ethical standards based on the

UN Global Compact’s 10 principles for human rights,

employee rights and social matters, the external

environment and anti-corruption efforts. BEWI’s Code

of Conduct applies to all employees in all group

companies. In addition, the group has established a

separate Code of Conduct for suppliers.

The group has established separate policies on

anti-corruption, gifts and events, compliance with

competition law, sanctions, and privacy, and has a set

of whistleblowing guidelines and a whistle-blowing

channel provided by an external partner to ensure

anonymity.

The policies are partly internal and partly publicly

available from the group’s website. All policies are

available to the employees. Some policies form the

basis for mandatory trainings and some policies are

distributed to key employees annually, whereby

they are required to confirm that they have read and

understood the relevant policies.

The policies are reviewed and approved annually,

either by the board or by the executive management,

to ensure alignment with the group’s strategy, the

latest double materiality assessment, and industries’

best practice.

Family home in Vara, Sweden

EPS foundation solution and

Thermomur ICF building system

4040Governance | Policies and complianceGovernance | Policies and compliance

BEWI annual report 2024BEWI annual report 2024

Scope

Policies Topics addressed Management systems How BEWI monitors

Upstream/

supply chain Own operations

Downstream/

customers

Code of Conduct • Business ethics

• Human and labour rights

• Environment

• Supported by a set of policies, of which the most relevant

are listed below

• Whistleblowing channel

• Monthly and annual reporting

  

Environmental

policy

• Climate change

• Emissions

• Waste

• Circular economy

• Biodiversity and ecosystems

• GHG protocol

• Carbon reduction plan (SBTi)

• TCFD & TNFD

• ISO 14001 & Operation Clean Sweep

• RecyClass & RedCert

• Annual DMA reviews

• Monthly, annual reporting

• Internal and external audits



Human resource

policy

• Equality, diversity & inclusion

• Health and safety

• Recruitment and onboarding

• Develop and retain

• Employee engagement

• Compensation

• Employee data privacy protection

• Group health & safety committee

• Talent review process

• BE heard process (employee survey)

• Human right due diligence

• Monthly and annual reporting

• External and internal audits



Supplier Code

of Conduct

• Business ethics

• Environment

• Human and labor rights

• BEWI Partner - supplier assessment

• Human right due diligence

• Monthly and annual reporting

• External and internal audits



Anti-corruption

policy

• Bribery/corruption

• Facilitation payments

• Nepotism and cronyism

• Political contributions

• Money laundering

• Financing of terrorism

• Extortion

• Fraud

• Online trainings

• Gift and event policy

• World check

• BEWI Partner

• Ad hoc external integrity checks

• Authorisation matrix

• Monthly and annual reporting

• Whistleblowing channel



Sanction policy • Compliance with sanction laws • World check

 

• Online trainings

• Monthly and annual reporting

• Whistleblowing channel

  

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BEWI annual report 2024BEWI annual report 2024

Risks and risk management

At BEWI, risk management is an integral part of the daily operations, and business

opportunities are seen in the context of both risks and opportunities. Operating in

diverse and competitive markets, BEWI has incorporated recent macroeconomic,

regulatory developments and material sustainability IRO’s into the group’s risk

management process.

Risk governance and reporting structure

The board is responsible for ensuring that BEWI main-

tains effective internal controls and risk management

systems. The audit committee supports the board’s

supervisory role, and the executive management is

responsible for the group’s risk management frame-

work.

On behalf of the executive management, BEWI’s

Group Risk Manager oversees the group’s risk

management framework and is responsible for the

group’s risk processes.

BEWI assesses risks and opportunities across all

material activities within its operations and value

chain. The results from the Double Materiality

Assessment are aligned with the group’s Enterprise

Risk Management (ERM). The DMA, ERM, and the

group’s top 10 risks are reviewed by the board

annually and inform the group’s strategic priorities.

In addition, specific risk topics are subject to more

frequent updates. Consolidated risks are monitored

and discussed with the executive management

semi-annually.

Risk process

Risk assessments shall be completed semi-annually

in divisions and group functions to identify risks,

evaluate probability and impact, and the effective-

ness of risk response, to ensure appropriate actions

to mitigate unwanted risks. Divisions and group

functions are responsible for their respective risks and

identified actions. Monitoring and follow ups shall

help ensure that identified risks are prioritised and

managed within the given mandates.

Major risks are managed according to the group’s risk

appetite and consolidated at group level through the

annual process, while mitigating actions progress on

an ongoing basis.

Risk factors, impacts and risk responses

An overview of BEWI’s top ten risks, including the

impact on BEWI, and mitigating actions, is included

below, categorised in operational, strategic, external,

financial, and climate risks.

Despite BEWI’s best efforts, the risk-mitigating initia-

tives may fail or prove to be inadequate to mitigate

all risks. As risks increase, decrease or change, and

new risks emerge over time, the information con-

tained in this section should be carefully considered

by investors.

BEWI defines risks as exposures that, if

materialised, will negatively impact the

group’s ability to reach strategic goals

within a defined period. Risks are a natural

part of business operations and can be

managed and controlled to realise strategic

plans, meet business objectives and ensure

compliance with laws, regulations and

industry best practice.

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BEWI annual report 2024BEWI annual report 2024

The risks described below are considered the most important risks relevant for the BEWI group, comprising BEWI ASA, subsidiaries and associated companies.

Operational risks

Risk Risk description Impact on BEWI Mitigation actions

Cyber security breaches Unauthorised access to, or use of, BEWI’s business or control systems

could lead to interruption in operations

Hinder production and logistics all over the value chain Implementation of group security and continuous improvements of

information security practices at all levels

Increased competition New volumes entering the market from low-cost countries. More

extrusion capacity and new technologies for recycling being made

available

Loss of market shares Cost and capacity adjustments, ensure effective logistics and strong

focus on R&D and innovations

IT systems interruption In the event of a group-wide incident from any cause, combined

with BEWI’s reliance on a large number of suppliers/vendors, this

could lead to significant loss of efficiency and business interruption

Halt in production and logistic chain hinder BEWI from delivering

to customers

Mapping of the current PLC's used, creating renewal/ update plans,

secure the sufficient resources and knowhow and also design and

implement a group-wide guideline for IT systems

Strategic risks

Risk Risk description Impact on BEWI Mitigation actions

Macroeconomic developments The inability to adapt to inflation, high interest rates, reduced market

demand, including slowdown in the building and construction

industry

Delayed projects, loss of sales, lower margins, and lower EBITDA.

Difficulties to plan long-term leads to the company being less agile

High level risk management including monitoring of raw material

prices, inventories, market development, strict cost control. The

group’s diverse end-markets, business portfolio and geographical

footprint will help limit impacts for BEWI

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BEWI annual report 2024BEWI annual report 2024

External risks

Risk Risk description Impact on BEWI Mitigation actions

Geopolitical conflicts Conflicts threatening our supply, customer demand, costs and

reputation/image

Loss of business opportunities and closed markets could affect

BEWI’s business development and EBITDA

Close monitoring in order to be ahead of potential threats and

continuously adjusting the business to the actual situation

Access to energy and critical

raw materials

Lack of critical raw materials or utilities. Business consolidations

affects the supply to BEWI

Raw material prices will have a direct impact on BEWI’s EBITDA. As

highly dependent on energy, limitations in energy supply and/ or

high energy costs, could hinder investments in new production

lines/ processes

Alternative suppliers and multi-sourcing. Vertical integration in own

value chain

Financial risks

Risk Risk description Impact on BEWI Mitigation actions

Availability of competitive

financing

Market changes resulting in lack of investors’ appetite to invest

in BEWI

Lack of financing that hinders growth opportunities in accordance

with the set strategy

Cash-flow forecasting and building long-term relationship with

banks and capital markets, diversifying financing sources and

managing debt maturity profile

Climate risks

Risk Risk description Impact on BEWI Mitigation actions

Changes in climate related

regulatory frameworks

Tightening regulations on GHG emissions and requirements for

recycled content

Impact costs and supply chain stability Increased collection and recycling of used EPS, activities to improve

energy efficiency and increase share of renewable energy sources

and recycled feedstock. Price increases related to increased taxes

Negative reputation, concerns

related to BEWI’s climate impact

Damage caused by spillage or leakage that negatively impact

nature, animals, and/or human health

Negative reputation and unwanted costs associated with sanitation

and cleanup

Regular monitoring of potential risks, cooperations with authorities

and implementation of Operation Clean Sweep at all sites

Change in market demand

and customer requirements

Limitations or market price of waste streams may hinder BEWI from

delivering recycled materials in a sustainable way

Inability to supply recycled materials and fulfill the strategic

commitment to increasing the share of recycled content

Focus on securing waste streams and renewable styrene supplies

to meet future demands

4444Governance | Risks and risk managementGovernance | Risks and risk management

BEWI annual report 2024BEWI annual report 2024

Auditor

BEWI’s auditor is PwC. The auditor is appointed by the annual general meeting and

is independent of the company. The board annually receives a written confirmation

from the auditor that the requirements with respect to independence and

objectivity are met.

The auditor draws up an annual plan each year for

the execution of their auditing activities, including

financial and sustainability audits. The plan is shared

with the board and the audit committee. The board

considers if the auditor to a satisfactory degree also

carries out a control function. The auditor meets

with the audit committee quarterly and has at least

an annual review of the company’s internal control

activities.

The auditor meets with the board without the CEO

or any other member of the executive management

team present at least once a year. Whenever neces-

sary, the board shall meet with the auditor to review

the auditor’s view on the company’s accounting

principles, risk areas, internal control routines, etc.

The auditor may only be used as an advisor to the

company if such use does not affect or question the

auditors’ independence and objectiveness as auditor.

The audit committee shall approve any agreements

in respect of such counselling assignments in accord-

ance with BEWI’s internal policies.

The board presents a review of the auditor’s compen-

sation as paid for auditory work required by law and

remuneration associated with other specific assign-

ments to the annual general meeting.

Innseilingen residence

Fredrikstad, Norway

XPS perimeter insulation

4545Governance | AuditorGovernance | Auditor

BEWI annual report 2024BEWI annual report 2024

Sustainability

statements

General information

Environment

Social

Governance

105

Signatures from the board and CEO

109

Index of the board of directors’ report

110

Sustainability auditor’s limited assurance report

112

4646Sustainability statements Sustainability statements

BEWI annual report 2024BEWI annual report 2024

General

information

Basis for preparation

ESRS disclosure requirements

Double materiality assessment

Interest and views of stakeholders

Statement of sustainability due diligence

ESRS data points from other EU legislation

4747Sustainability statements | General informationSustainability statements | General information

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Basis for preparation

The sustainability statements present BEWI’s

governance and performance related to material

sustainability matters, with a purpose of providing

stakeholders with a fair and balanced picture of rel-

evant sustainability impacts, risks and opportunities,

the management of these, and the results for 2024.

The sustainability statements have been prepared

in accordance with the Corporate Sustainability

Reporting Directive (CSRD), and the European

Sustainability Reporting Standard (ESRS). The state-

ments cover the period 1 January to 31 December

2024 and have been prepared on a consolidated

basis and align with the financial statements.

The statements include BEWI’s double materiality

assessment (DMA), which includes impacts, risks and

opportunities across the group’s operations as well

as its upstream and downstream value chains. The

minimum disclosure requirements regarding policies,

actions, targets, and metrics are described in the

sections addressing the relevant topical standards.

No information corresponding to intellectual prop-

erty, know-how or the results of innovation has been

omitted from the sustainability statements.

Reporting scope and disclosures in

relation to specific circumstances

Critical or material events occurring on or after

1 January 2025 and up until the publication date

are covered in the statements. Acquired operations

during the reporting year are included for the full

year, as well as in historical data, unless stated other-

wise. Data from discontinued or closed operations

are included for the portion of the reporting period

during which they were operational, unless otherwise

noted. Minority-owned operations are excluded from

the consolidated metrics unless explicitly specified.

In October 2024, BEWI entered into an agreement to

merge its food trading business with STOK Emballage

while retaining a minority ownership. In February

2025, BEWI announced the merger of BEWI RAW with

the Dutch company Unipol, maintaining a 49 per

cent ownership stake. For the 2024 reporting year,

both businesses are included in the sustainability

statements with disaggregated information provided

in the relevant notes. The classification of BEWI RAW

as a discontinued operation will impact BEWI’s mate-

riality assessment for 2025, particularly as substances

of concern are directly linked to the operations of

BEWI RAW’s three raw material sites.

Sources of estimation and

outcome uncertainty

The basis for calculation and presentation of sus-

tainability metrics is descripted in the notes to the

respective metrics. These notes include information

on measurement uncertainty, the source of the

metrics, and whether they are based on estimations,

third-party data, sector averages or year-to-date

estimates. For metrics derived from year-to-date

estimates, deviations between estimated and actual

values are corrected and included in the following

year’s reporting. BEWI continuously refines its esti-

mation processes by utilising historical data, which

enhances the quality and accuracy of reported

information over time.

Baseline values are provided in the notes for each

respective metric. If not specified, the baseline value

is 2024.

None of the statements use forward-looking infor-

mation. However, the double materiality assessment

uses forward-looking information, such as forecasts,

projections and estimates, to evaluate potential

medium and long-term impacts, risks, and opportu-

nities (IROs).

Changes in the preparation

and prior reporting errors

BEWI’s sustainability statements have been restruc-

tured based on CSRD and ESRS, and include the

following changes:

• Sustainability presented in a dedicated section and

structured in accordance with ESRS requirements

• The double materiality assessment was updated in

2024 to align with the ESRS guidelines

• Disclosure requirements are based on the outcome

of the double materiality assessment

• The structure of each material topic has been

revised to meet ESRS requirements

• The sustainability statements have undergone

limited assurance

No material errors in prior periods have been identi-

fied, but minor corrections have been made and are

described in the note to the respective metrics.

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Disclosures stemming from

other legislations or other

sustainability standards

The sustainability statements include disclosures

under the Norwegian Transparency Act, and the

EU Taxonomy. Furthermore, it serves as BEWI’s

Communication on Progress (COP) to the UN Global

Compact.

Incorporation by reference to other

sections of the annual report

The following information is incorporated by refer-

ence to other parts of the annual report:

• The description of BEWI’s strategy, business model,

and value chain, and the integration of sustainabil-

ity matters (SBM-1 and SMB-3) is presented in the

Our business section.

• The description of BEWI’s governing bodies (GOV-1)

and their work to address sustainability matters

(GOV-2) is included in the Governance section.

• The integration of sustainability in performance

incentive schemes (GOV-3) is described the

Governance section and the Remuneration report.

Risk management and internal controls

Being transparent about BEWI’s sustainability

performance is key for building trust with stake-

holders. BEWI strives to provide assurance about the

timeliness and reliability of the group’s reporting in

accordance with applicable laws and regulations, and

to ensure compliance with any prevailing legislation.

Metrics for sustainability data are collected using

BEWI’s sustainability reporting system. Some metrics

related to own employees are collected through

the ERP system. Data regarding suppliers are based

on BEWI’s due diligence processes and information

collected from BEWI’s supplier engagement platform

called BEWI Partner. Data related to business conduct

are collected from the group’s e-learning platform

BEWI Learn and the whistle-blower channel.

BEWI is exposed to risks associated with incomplete

or inconsistent reporting. There are also risks related

to the accuracy of data inputs and manual errors in

the reporting processes from aggregating data from

multiple systems into the corporate reporting system.

To minimise reporting errors, BEWI has implemented

the following mitigation processes:

• Clear and structured reporting governance

• Accounting policies and guidelines

• Dedicated reporting system that provides trans-

parency and traceability of data reported

• Regular meetings to ensure effective communi-

cation regarding internal controls and to discuss

changes or improvements in the reporting process

Internal controls are performed to ensure the com-

pleteness and accuracy of data through monthly and

annualy reviews conducted by the business seg-

ments and the Group Sustainability Controller. These

are further overseen by the audit committee on a

quarterly and annual basis. Key performance indica-

tors (KPIs) are reviewed by executive management

and the board on a quarterly and annual basis.

The sustainability statements have been approved by

the board.

BEWI’s auditor PwC has performed a limited assur-

ance of the sustainability statements. See auditors

limited assurance statement for more information.

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ESRS disclosure requirements

The following tables list the ESRS disclosure requirements in ESRS 2 and the six topical standards which are material to BEWI.

General disclosures

ESRS 2 General disclosures

Page

BP-1 General basis for preparation of the sustainability statement p. 48-49

BP-2 Disclosures in relation to specific circumstances p. 48

GOV-1 The role of the administrative, management and supervisory bodies p. 31-33

GOV-2 Information provided to and sustainability matters addressed by the undertaking’s

administrative, management and supervisory bodies

p. 32-33

GOV-3 Integration of sustainability-related performance in incentive schemes p. 178-182,

188-189

GOV-4 Statement on sustainability due diligence p. 58

GOV-5 Risk management and internal controls over sustainability reporting p. 49

SBM-1 Strategy, business model and value chain p. 9-22

SBM-2 Interests and views of stakeholders p. 57

SBM-3 Material impacts, risks and opportunities and their interaction with strategy

and business model

p. 21, 53-55

IRO-1 Description of the process to identify and assess material impacts, risks and opportunities p. 56

IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement p. 50-52

Environmental disclosures

ESRS E1 Climate change

Page

E1. GOV-3 Integration of sustainability-related performance in incentive schemes p. 178-182,

188-189

E1-1 Transition plan for climate change mitigation p. 62, 66

E1. SBM-3 Material impacts, risks and opportunities, and their interaction with strategy

and business model

p. 55, 62

E1. IRO -1 Description of the processes to identify and assess material climate-related impacts,

risks and opportunities

p. 63-64

E1-2 Policies related to climate change mitigation and adaptation p. 40-41, 62

E1-3 Actions and resources in relation to climate change policies p. 63-65

E-4 Targets related to climate change mitigation and adaptation p. 62, 66

E1-5 Energy consumption and mix p. 67-69

E1-6 Gross Scopes 1, 2, 3 and total GHG emissions p. 70-74

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ESRS E2 Pollution

Page

E2. IRO-1 Description of the processes to identify and assess material pollution-related IROs p. 75

E2-1 Policies related to pollution p. 40-41, 75

E2-2 Actions and resources related to pollution p. 75-76

E2-3 Targets related to pollution p. 76

E2-4 Pollution of air, water and soil p. 77-78

E2-5 Substances of concern p. 78

ESRS E3 Water and marine resources

Page

E3. IRO-1 Description of processes to identify and assess material biodiversity and

ecosystem-related impacts, risks, dependencies and opportunities

p. 56

ESRS E4 Biodiversity and ecosystems

Page

E4. IRO-1 Description of processes to identify and assess material biodiversity and

ecosystem-related impacts, risks, dependencies and opportunities

p. 56

ESRS E5 Resouce use and circular economy

Page

E5. IRO -1 Description of the processes to identify and assess material resouce use and

circular economy-related impacts, risks and opportunities

p. 79

E5-1 Policies related to resouce use and circular economy p. 40-41, 79

E5-2 Action and resources related to resouce use and circular economy p. 79-80

E5-3 Targets related to resouce use and circular economy p. 80

E5-4 Resouce inflows p. 81

E5-5 Resouce outflows p. 82-83

Social disclosures

ESRS S1 Own workforce

Page

S1. SBM-2 Interests and views of stakeholders p. 57

S1. SBM-3 Material impacts, risks and opportunities and their interaction with strategy

and buiness model

p. 55, 93, 95

S1-1 Policies related to own workforce p. 40-41, 93, 95

S1-2 Processes for engaging with own workers and workers representatives about impacts p. 93-95

S1-3 Process to remediate negative impacts and channels for own workers to raise concerns p. 95

S1-4 Taking action on material impacts on own workforce, and approaches to mitigating

material IROs related to own workforce, and effectiveness of those actions

p. 93-95

S1-5 Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 93-95

S1-6 Characteristics of the undertakings employees p. 96

S1-9 Diversity metrics p. 97

S1-13 Traning and skills development metrics p. 93-94

S1-14 Health and safety metrics p. 97

S1-16 Remuneration metrics (pay gap and total remuneration) p. 97, 178-190

S1-17 Incidents, complaints and severe human rights impacts p. 98

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ESRS S2 Workers in the value chain

Page

S2. SBM-2 Interests and views of stakeholders p. 57

S2. SBM-3 Material impacts, risk and opportunities and their interaction with strategy and

business model

p. 55, 99

S2-1 Policies related to value chain workers p. 40-41, 99

S2-2 Processes for engaging with value chain workers about impacts p. 100-101

S2-3 Processes to remediate negative impacts and channels for value chain workers to

raise concerns

p. 101

S2-4 Taking action on material impacts on value chain workers, and approaches to managing

IROs related to value chain workers, and effectiveness of those actions

p. 102

S2-5 Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 102-103

Governance disclosures

ESRS G1 Business conduct

Page

G1. GOV - 1 The role of administrative, supervisory and management bodies p. 106

G1. IRO -1 Description of the processes to identify and assess material impacts,

risks and opportunities

p. 106

G1-1 Policies in place to manage its material IROs related to business conduct

and corporate culture

p. 107

Værste residence and commercial district

Fredrikstad, Norway

XPS perimeter and roof insulation

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BEWI annual report 2024BEWI annual report 2024

Double materiality assessment

BEWI has identified impacts on the environment,

society and governance as well as the sustainability

related risks and opportunities that BEWI is exposed

to. The outcome is aggregated per ESRS matter,

showing that E1, E2, E5, S1, S2 and G1 are BEWI’s most

material sustainability matters.

For the EU to reach its climate reduction targets,

there is a need to improve energy-efficiency of

buildings. BEWI’s offering of insulation and other

energy-efficient solutions can contribute to this

and is identified as a financial opportunity (E1).

Delivering these solutions involves consumption of

raw materials and energy sources that contributes to

greenhouse gas emissions (GHG). This is identified as

a risk due to anticipated increase in carbon taxes (E1).

The risk is adressed through the group’s circular

strategy (E5) which focuses on enhancing resource

efficiency and circularity to reduce emissions, present-

ing both a positive impact and an opportunity.

As a producer of raw materials, BEWI’s operations

carry an inherent potential of impacting the

environment related to substance of concern and

microplastic pollution (E2).

BEWI’s activities also affect people which is reflected

in the impacts the group has within its own

workforce (S1) and workers in the supply chain (S2).

Maintaining a positive corporate culture is important

for BEWI to fulfil its vision to protecting people and

goods for a better everyday (G1).

A description of BEWI’s impacts, risks, and opportuni-

ties (IROs) is available on pages 54-55. Description of

methodology, process for stakeholder engagement,

and the identification and assessment of material

IROs are included on pages 56-57. Topic-specific

processes to identify material IROs are described in

the respective chapters: E1: Climate change (62-65),

E2: Pollution (75-76), E5: Resource use and circular

economy (79-80), S1: Own workforce (93-95), S2:

Workers in the value chain (99-102) and G1: Business

conduct (106-107 and 40-41). The IROs related to

the non-material topics E3 and E4, are described on

pages 56, 62-65 and 75-76.

Risk and opportunity

Impact

Low High

E1: Climate change

S2: Workers in the value chain

E2: Pollution

E5: Resource use and

circular economy

S1: Own workforce

G1: Business conduct

E4: Biodiversity and ecosystems

S3: Affected communities

S4: Consumers and end-users

E3: Water and marine resources

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Value chain overview

A total of 16 impacts, risk and opportunities (IROs) have been assessed as material, including 3 positive impacts and 13 negative impacts. Of these, 3 having double materiality.

The table shows material impacts, risks and opportunities identified across BEWI’s value chain.

ESRS reference Sustainability matter Description of material topics

Materiality Location in value chain Time horizon

Impact Risk Opportunity

Upstream/

supply chain

Own

operations

Downstream/

customers

Short-

term

Medium-

term

Long-

term

E1: Climate change

Climate

mitigation

GHG emissions from key raw materials: BEWI’s operations rely on fossil-based raw

materials that contribute to greenhouse gas emissions. The group has an inherent

transition risk in the medium to long term, particularly if carbon taxes increase and the

company is unable to pass these costs on to customers.

     

Energy

consumption

Energy consumption: BEWI’s activities use energy to produce steam to mold products.

A large share of the consumed energy is fossil-based and generates GHG emissions that

have an actual, negative impact on the environment.

   

Enabling energy reduction: BEWI has a significant positive impact and a financial

opportunity on climate change mitigation through its production of energy efficient

solutions enabling the building sector to decarbonise and align with the 1.5-degree

target of Paris agreement.

     

E2: Pollution

Substance of

concern

Use of substance of concern: As a chemical manufacturing operation BEWI RAW is

using raw materials that contain volatile organic compounds (VOC) and are listed as

substances of concern. These substances can potentially contribute to the formation

of ground-level ozone if released to the atmosphere and have a negative impact on

air quality if not managed correctly.

   

Microplastics

Spills of microplastics: As a plastic manufacturer, there is an inherent risk of potential

pollution of plastic pellets to the environment from BEWI’s production facilities and in

downstream value chain if products are not handled properly.

    

Pollution to air

and water

Pollution to air and water: Raw materials produced by the RAW division contain

volatile organic compounds (VOC). These substances can contribute to ground level

ozone if released to the atmosphere and water and have a negative impact if not

managed correctly.

   

E5: Resource

use and circular

economy

Resource

inflows, including

resource use

Use of fossil-based raw materials: BEWI is using styrene and other plastic raw

materials that are fossil-based and have a actual negative impact on extraction of a

non-renewable resources.

   

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ESRS reference Sustainability matter Description of material topics

Materiality Location in value chain Time horizon

Impact Risk Opportunity

Upstream/

supply chain

Own

operations

Downstream/

customers

Short-

term

Medium-

term

Long-

term

E5: Resource

use and circular

economy

Waste

Waste generation in own production: BEWI’s operations generate solid waste.

Depending on the waste types and final treatment facilities, this waste could impact

the environment through various channels, such as landfill use, emissions from incin-

eration, or contamination from improper disposal.

   

Collection of waste for reuse and recycling: BEWI collects waste materials for

reuse and recycling, making a positive impact on the industry’s transition to a circular

economy. This also presents a financial opportunity, positioning BEWI as a leader in

providing circular and low-carbon solutions to the market.

      

S1: Own workers

Working conditions

own workers

Health and safety of own workers: BEWI’s operations involve manufacturing and

have an inherent health and safety risks of incidents on employees that could occur

during operation of heavy equipment and exposure to chemicals.

   

Equal treatment

and opportunities

for all

Career progression through training and development: BEWI offers training and

development programs that have a positive impact on employee career progression,

fostering both personal and organisational growth.

   

Diversity, equality and inclusion: If Diversity, Equity, and Inclusion (DEI) initiatives

are poorly implemented, they can lead to workplace tension, decreased morale, and

perceived unfairness. A lack of DEI can result in missed talent opportunities, reduced

innovation, reputational damage, and potential legal risks related to discrimination or bias.

   

Workplace harassment: Workplace harassment can lead to increased turnover, legal

liabilities, and reputational damage. It can also, negatively impact productivity, mental

health, and overall workplace culture.

   

S2: Workers in

the value chain

Working conditions

in the value chain

Working conditions in the value chain: The scale of operations involves risks related

to working conditions throughout the value chain, which could potentially lead to

adverse impacts on workers in the value chain.

    

G1: Business conduct

Corporate culture

Corporate culture: A strong corporate culture and ethical conduct are vital as it

impacts BEWI`s reputation, operational integrity, stakeholder relationships, and strate-

gic goals. In today’s regulatory environment, where scrutiny of environmental impact,

labor practices, and supply chain transparency is increasing, a robust culture and

ethical standards help mitigate risks such as fines, litigation, and regulatory challenges.

   

Protection of

whistle-blowers

Protection of whistle-blowers: BEWI has a direct impact on the whistleblower

through its treatment of whistleblowers. Raising concerns about business conduct

could pose a significant burden on the whistleblower.

   

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Methodology and process

The double materiality assessment (DMA) has been

conducted in accordance with ESRS and the EFRAG

IG 1: Materiality assessment implementation guidance

as amended following the Corporate Sustainability

Reporting Directive.

BEWI’s DMA is based on the following processes:

• Identification of impacts, risks, and opportunities

• Assessment and scoring

• Calibration

• Validation and management review

Identification of impacts, risks, and opportunities

To identify impacts, BEWI has assessed its activities,

business relationships, stakeholders’ views, and the

context in which these take place. Internal experts

have been actively involved in the process to

provide valuable insights and ensure that day-to-day

operations are appropriately considered. A long-list

of impacts has been developed and structured to

align with sustainability matters defined in ESRS 1 to

ensure completeness

The long-list of risks and opportunities is based on

the result from the impact assessment and

supplemented with existing risk assessment such

as enterprise risk, climate risks (TCFD), nature risks

(TNFD) and salient human rights assessments.

The long-list of IRO and its descriptions has been

reviewed and assured with the involvement of

internal experts, the executive management, and the

management team of BEWI’s four business segments

with the purpose to assess, validate and ensure

completeness of the topics identified.

Assessment and scoring

Impact materiality: Scale, scope, and irremediable

character have been used in the scoring of the

severity of actual impacts. For potential impacts, an

additional parameter of likelihood was included. The

severity is determined on the basis on scale (how

grave the impact is), scope (how widespread the

impact is, and irremediable character (the extent to

which the impact can be remediated). The threshold

for human rights was lowered based on ESRS 1 (45)

requirements.

Financial materiality: when scoring risks and oppor-

tunities, the potential magnitude of financial effect

(EBITDA, CAPEX, OPEX) constituted 50 per cent of

the score, while the remaining half was based on the

likelihood of occurrence.

Scoring parameters:

• Magnitude of financial effects: minor, low,

moderate, or high

• Likelihood of occurrence: rare, low, possible, likely,

almost certain, and actual

• Time horizons: short-, mid-, or long-term.

Given the complexity of scenarios, quantitative

assessments in monetary terms were supplemented

with qualitative evaluations. The materiality threshold

was set at high, meaning that risks and opportunities

scored as high, are considered material.

Calibration

A workshop with the executive management and

business segments was conducted to do the final

assessment and scoring focusing on IRO’s scored

as borderline. Throughout this process, the initial

evaluations of magnitude and likelihood properties

of each IRO were evaluated and documented.

Validation and management review

Using the inputs gathered during the assessment, a

materiality matrix was developed in alignment with

the ESRS requirements. A consolidated overview of

material IROs was presented and discussed with the

executive management before being submitted to

the audit committee and the board for review and

approval.

Material matters are reviewed annually by the execu-

tive management and board to guide BEWI’s strategy.

These matters are supported by specific targets

and key performance indicators to track progress.

Sustainability due diligence and risk management are

embedded in daily operations through established

policies, procedures, and business plans. Progress is

monitored monthly within the business segments

and reported quarterly to the executive manage-

ment and the board. The topical chapters provide

descriptions of the due diligence processes for each

material topic.

Sustainability topics assessed as not material

The illustration on page 54 provides an overview of

sustainability topics that were scored as non-mate-

rial. Topics near the materiality thresholds, such as

biodiversity and ecosystems (E4), are monitored and

reviewed annually to ensure ongoing relevance and

alignment with BEWI’s sustainability strategy.

To identify actual and potential impacts on water

and marine resources (E3) and biodiversity and

ecosystems (E4) within own operations and value

chain, BEWI has adopted the TNFD framework and

its recommended LEAP approach, providing a struc-

tured method to assess the group’s dependencies

and impacts on nature.

Annex 2 of the delegated act, including sustainability factors defined in Article 2, point (24), of Regulation (EU) 2019/2088 (i.e., SFDR).

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Interest and views of stakeholders

BEWI engages with its key stakeholders, both at the

corporate and business segment levels to understand

their concerns and expectations. These insights

inform BEWI’s double materiality assessment and

engagement plan to ensure alignment with stake-

holder interests and perspectives.

The Chief Sustainability Officer is responsible for

consolidating this information and ensuring that

stakeholder views and interests are reflected in the

double materiality assessment. These insights are then

communicated to the executive management team

and the board to guide strategic decision-making.

The table gives an overview of how BEWI engages

with key stakeholders, the purpose for those engage-

ments and their response.

Stakeholders How BEWI engage Purpose of engagement BEWI’s response

Owners and

capital markets

• Quarterly and annual reports

• Investor calls and questionnaires

• Capital markets day

• ESG ratings

• Understanding expectations to sustainability

• Attracting responsible investors

• Enhancing transparency

• Responses to investor queries

• Informs DMA and strategic priorities

• Adapted communication on sustainability

Employees • General meetings

• Surveys and workplace assessments

• Personal development dialogues

• Understand employees` perceptions and experiences

• Creating an inclusive workplace

• Facilitate training and development

• Creating an safe workplace

• Annual policy update

• Informs DMA and action plans

• Communication from management

Customers • Customers support and guidance

• Periodic meetings and reviews

• Business partner due diligence

• Understanding customers` needs and expectations

• Ensuring product quality

• Support customers to reach their targets

• Product improvements

• Informs DMA and action plans

• Adaption of market strategies

Suppliers • Supplier Due Diligence

• Workshops and industry collaborations

• Supplier meetings

• On-site assessments

• Compliance with supplier code of conduct

• Increase knowledge on IRO in supply chain

• Protecting human and labor rights

• Ensuring a stable and ethical supply chain

• Decarbonising supply chain

• Informs DMA and strategic priorities

• Informed selection of suppliers

• Supplier improvements plans

• Streamline supplier expectations

• Decarbonisation projects

Authorities • Engagement through industry associations

• Participation in analysis and studies

• Participation in conferences

• Ensuring regulatory compliance

• Sharing industry best practice

• Informs DMA and action plans

• Aligning business model and strategy

Civil society • Open dialogue and partnerships

• Engagement in seminars and activities

• Contribution to research projects

• Understanding expectations

• Enhancing transparency

• Sharing knowledge and best practice

• Informs DMA and action plans

• Aligning business model and strategy

The industry • Membership in associations

• Workshops and knowledge training

• Joint initiatives and programs

• Enabling the industry to engage policy makers

• Developing industry standards

• Working towards climate mitigation and circular economy

• Alignment on reporting standards

• Alignment on strategic directions

• Partnership on strategic priorities

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Statement of sustainability due diligence

The following table provides a mapping of how BEWI applies the core elements of due diligence processes and where they are presented in the sustainability statement.

Core elements of due diligence Section in the annual report Page

a) Embedding due diligence in governance, strategy

and business model

ESRS 2 GOV-1 p. 31–33

ESRS 2 GOV-2 p. 32

ESRS 2 GOV-3 p. 188

ESRS 2 SBM-3 E1 p. 62

S1 p. 93, 95

S2 p. 99

b) Engaging with affected stakeholders in all steps of

the due diligence

ESRS 2 SBM-2 p. 57

ESRS S1-2 p. 93-95

ESRS S1-3 p. 95

ESRS S2-2 p. 100-101

ESRS S2-3 p. 101

ESRS 2 MDR-P E1-2 p. 62

E2-1 p. 75

E5-1 p. 79

S1-1 p. 93, 95

S2-1 p. 99

G1-1 p. 107

c) Identifying and assessing adverse impacts ESRS 2 IRO-1 p. 53-56

E1 p. 62, 64

E2 p. 75

E3 p. 56

E4 p. 56

E5 p.79

G1 p. 106

ESRS 2 SBM-3 E1 p. 62

S1 p. 93, 95

S2 p. 99

Core elements of due diligence Section in the annual report Page

d) Taking actions to adress those adverse impacts ESRS E-1 p. 62

ESRS 2 MDR-A E1-3 p. 63

E2-2 p. 77-76

E5-2 p. 79-80

S1-4 p. 93-95

S2-4 p. 102

G1-4

e) Tracking the effectiveness of these efforts and

communicating

ESRS 2 MDR-T E1-4 p. 66

E2-3 p. 76

E5-3 p. 80

S1-5 p. 93-95

S2-5 p. 102

ESRS 2 MDR-M E1-4 p. 66

E2-3 p. 78

E5-3 p. 81-83

S1-9 p. 97

S1-14 p. 97

S1-16 p. 97

S1-17 p. 97

S2-5 p. 103

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ESRS data points from other EU legislation

The table gives an overview of all the datapoints that derive from other EU legislation as listed in ESRS 2 appendix B, including where the data points can be found in the report and which datapoints are assessed as material or not.

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

GOV-1 21 (d) Board's gender diversity

 

p. 33

21 (e) Percentage of board members who are

independent



p. 33

ESRS 2 GOV-4 30 Statement on due diligence



p. 58

ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil

fuel activities

  

Not relevant

40 (d) ii Involvement in activities related to

chemical production

 

Not relevant

40 (d) iii Involvement in activities related to

controversial weapons

 

Not relevant

40 (d) iv Involvement in activities related to

cultivation and production of tabacco



Not relevant

ESRS E1-1 14 Transition plan to reach climate neutrality

by 2050



Not stated

16 (g) Undertakings excluded from Paris-aligned

Benchmarks

 

Not relevant

ESRS E1-4 34 GHG emission reduction targets

  

p. 62, 66

ESRS E1-5 38 Energy consumption from fossil sources

disaggregated by sources (only high

climate impact sectors)



p. 67

37 Energy consumption and mix



p. 67

40-43 Energy intensity associated with activities

in high climate impact sectors



p. 69

ESRS E1-6 44 Gross Scope 1, 2, 3 and total GHG emissions

  

p. 70-72

53-55 Gross GHG emissions intensity

  

p. 74

ESRS E1-7 56 GHG removals and carbon credits



Not relevant

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

ESRS E1-9 66 Exposure of the benchmark portfolio to

climate-related physical risks



p. 64

66 (a);

66 (c)

Disaggregation of monetary amounts by

acute and chronic physical risk; Location of

significant assets at material physical risk



Not stated

67 (c) Breakdown of the carrying value of its real

estate assets by energy-efficiency classes



Not stated

69 Degree of exposure of the portfolio to

climate-related opportunities



Not stated

ESRS E2-4 28 Amount of each pollutant listed in Annex

II of the E-PRTR Regulation emitted to air,

water and soil



Not relevant

ESRS E3-1 9 Water and marine resources



Not material

13 Dedicated policy



Not material

14 Sustainable oceans and seas



Not material

ESRS E3-4 28 (c) Total water recycled and reused



Not material

29 Total water consumption in m

per net

revenue on own operations



Not material

ESRS E4,

SMB-3

(ESRS 2)

16 (a) i List of material sites in its own operations

(i) specifiying the activities negatively

affecting biodiversity sensitive areas.



Not material

16 (b) Whether it has identified material negative

impacts with regards to land degradation,

desertification or sil sealing



Not material

16 (c) Whether it has operations that affect

threatened species



Not material

5959Sustainability statements | General informationSustainability statements | General information

BEWI annual report 2024BEWI annual report 2024

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

ESRS E4-2 24 (b) Sustainable land/ agriculture practices or

policies



Not material

24 (c) Sustainable oceans/seas practices or

policies



Not material

24 (d) Policies to address deforestation



Not material

ESRS E5 37 (d) Non-recycled waste



p. 82

39 Hazardous waste and radioactive waste



p. 82

ESRS S1,

SMB-3

(ESRS 2)

14 (f ) Risk of incidents or forced labour



Not material

14 (g) Risk of incidents or child labour



Not material

ESRS S1 -1 20 Human rights policy commitments



p. 95

21 Due Diligence policies on issues adressed

by the fundamental Internatinal Labour

Organisation Conventions 1 to 8

 

p. 95

22 Processes and measures for preventing

trafficking in human beings



Not material

23 Workplace accident prevention policy or

management system



p. 93

ESRS S1 -3 32 (c) Grevance/complaints handling

mechanisms



p. 95, 107

ESRS S1 -14 88

(b); (c)

Number of fatalities and number and rate

of work-related accidents

  

p. 97

88 (e) Number of days lost to injuries, accidents,

fatalities or illness



p. 97

ESRS S1 - 16 97 (a) Unadjusted gender pay gap

  

p. 97

97 (b) Excessive CEO pay ratio



p. 181-182

ESRS S1 - 17 103 (a) Incidents of discrimination



p. 98

104 (a) Non-respect of UNGP`s on Business and

Human Rights and OECD

  

p. 95, 98

ESRS S2,

SBM-3

(ESRS 2)

11 (b) Significant risk of child labour or forced

labour in the value chain



Not material

Disclosure

requirement

Data-

point

SFDR

referance

Pillar 3

ref.

Benchmark

regulation

referance

EU Climate

Law

reference Page

ESRS S2 - 1 17 Human rights policy commitments



p. 99

18 Policies related to value chain workers



p. 99

19 Non-respect of UNGP`s on Business

and Human Rights principles and OECD

guidelines

  

p. 99

19 Due diligence policies on issues adressed

by the fundamental international Labor

Organisation Conventions 1 to 8

 

p. 100-101

ESRS S2 - 4 36 Human rights issues and incidents

connected to its upstream and

downstream value



p. 102-103

ESRS S3 - 1 16 Human rights policy commitments



Not material

17 Non-respect of UNGPs on Business and

Human Rights, ILO principles or and OECD

guidelines

  

Not material

ESRS S3 - 4 36 Human rights issues and incidents

connected to its upstream and

downstream value



Not material

ESRS S4 - 1 16 Policies related to consumers and end-users



Not material

17 Non-respect of UNGPs on Busniess and

Human Rights and OECD guidelines

  

Not material

ESRS S4 - 4 35 Human rights issues and incidents

connected to its upstream and

downstream value



Not material

ESRS G1 - 1 §10 (b) United Nations Convention against

Corruption

p. 106-107

§10 (d) Protection of whistle-blowers



p. 106-107

ESRS G1 - 4 §24 (a) Fines for violation of anti-corruption and

anti-bribery laws

  

Not material

§24 (b) Standards of anti-corruption and anti-

bribery



Not material

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BEWI annual report 2024BEWI annual report 2024

Environment

E1 Climate change

E2 Pollution

E5 Resource use and circular economy

EU taxonomy for sustainable activities

6161Sustainability statements | EnvironmentSustainability statements | Environment

BEWI annual report 2024BEWI annual report 2024

E1 Climate change

Material impacts, risks, and opportunities

BEWI contributes to climate change mitigation by pro-

viding energy-efficient solutions, enabling the building

sector to decarbonise. As these solutions contribute

to EU’s targets for reducing greenhouse gas emissions,

this business area is assessed as a financial opportunity.

At the same time, BEWI’s activities rely on energy

and raw material inputs that generate greenhouse

gas emissions and contribute to climate change. The

group’s most material impact arises from the procure-

ment of the key raw material, styrene monomer, and

the use of natural gas for steam production, which

together account for 58 per cent of annual emissions.

Increasingly stringent carbon regulations present a risk

to the industry by potentially driving up the costs of

key raw materials. Both of these material impacts are

mitigable, through the use of recycled feedstock, and

price increases to customers.

Transition plan

BEWI does not have a transition plan aligned with

the ESRS E1. However, in 2023, the group committed

to the Science Based Targets initiative (SBTi) to align

with the 1.5-degree scenario outlined in the Paris

Agreement.

In 2024, the company developed a climate reduction

plan with targeted initiatives for each business units

to ensure alignment and effective implementation.

The group is currently budgeting for the associated

cost and anticipates finalising the plan, including

decarbonisation levers and financial disclosures, by

2025 for validation and approval by the SBTi.

In 2024, BEWI has allocated capital and operational

expenditure to address material IROs, with a strong

focus on enhancing circular capacity and energy

efficiency. The group is working to integrate financial

costs associated with climate-related initiatives, a

process that will continue into 2025.

BEWI’s commitment and science-based targets are

approved by the board and integrated in the remu-

neration of the executive management and followed

up quarterly to ensure progress towards targets.

Details on the remuneration scheme are included in

the Remuneration report.

Policies related to climate change

BEWI’s environmental policy details the group’s

commitment to climate change. The policy covers

own operations and address the management

of greenhouse gas emissions and assessment of

physical and transition risks. BEWI’s Code of Conduct

for suppliers addresses the group’s commitment

to climate change in the supply chain and covers

commitment to due diligence procedures regarding

climate change mitigation and adaptation.

The Chief Sustainability Officer oversees climate

change mitigation and adaptation efforts and

collaborates with business segments to ensure due

diligence procedures are established. Local business

managers are responsible for implementing policies

within their organisations, as leaders of their respec-

tive legal entities.

The policies are reviewed annually by the Chief

Sustainability Officer to ensure alignment with the

double materiality assessment and are approved by

the executive management or the board.

Emission reduction pathway for scope 3

Per cent

2030

Science-based

target

20242023

Baseline

Intensity ratio: kg CO2/kg raw materials

2.87

2.64

1.38

-52%

Emissions reduction pathway for scope 1 and 2

Per cent

50000

100000

150000

200000

2030

Science-based

target

202420232021

Baseline

Emissions CO2e

182 604

151 337

134 718

105 910

-42%

6262Sustainability statements | EnvironmentSustainability statements | Environment

BEWI annual report 2024BEWI annual report 2024

Actions and resources related

to climate change

BEWI identifies and measures impacts on climate

change by calculating its greenhouse gas emissions

from own operations and its value chain in accord-

ance with the Greenhouse Gas Protocol.

Decarbonisation in own operation

BEWI’s scope 1 and 2 greenhouse gas emissions

accounted for 14 per cent of total emissions in 2024.

The consumption of energy for steam production

accounted for 8 per cent, while scope 2 accounted

for 6 per cent. The group has several initiatives to

reduce emissions from own operation, of which

improved energy-efficiency and transition to renewa-

ble energy sources are the two prioritised areas:

Energy efficiency

Improved energy efficiency is a strategic priority to

reduce both costs and greenhouse gas emissions.

In 2024, BEWI continued its energy mapping effort,

benchmarking performance to identify opportu-

nities for energy reduction. Several initiatives were

implemented to enhance energy efficiency. BEWI is

making targeted investments across its operations to

drive these improvements, expecting a reduction in

operational costs.

Transition to renewable energy sources

As per the end of 2024, 84 per cent of the group’s

energy consumption came from fossile energy

sources. Transitioning to renewable energy sources is

a priority to reduce greenhouse gas emissions. BEWI

is actively exploring and pursuing opportunities to

transition to renewable energy sources across its

operation focusing on areas where such sources are

available and feasible.

Decarbonisation in value chain

Scope 3 accounted for 86 per cent of the group’s

greenhouse gas emissions in 2024, of which pur-

chased goods and services contributed by 63 per

cent. Achieving the necessary emission reductions

requires collaboration across the value chain, and

BEWI has identified and implemented several initia-

tives to address this:

Engagement with suppliers

BEWI actively engages with suppliers who are part of

the most carbon intensive segments of the group’s

value chain. This collaboration includes the adoption

of science-based targets, transparent climate report-

ing and collection of supplier specific Environmental

Products Declarations (EPDs). These EPDs improve

data quality, enable accurate measurement of

environmental impacts, and support targeted

improvements and progress toward the group’s

climate reduction targets.

Investments in circular capacity

Emissions from procured raw materials account for 63

per cent of BEWI’s Scope 3 emissions. To address this,

BEWI has made significant investments in its circular

capacity to increase share of recycled raw materials.

In 2024, a new circular facility was established in

Norrköping, Sweden, increasing the group’s recycling

capacity by 40 per cent.

A new extrusion line at BEWI’s facility in Etten-

Leur, Netherlands, has been ramped up, enabling

increased use of recycled materials. As a result, the

use of recycled content in downstream production

has increased by 77 per cent.

The processing of sold products and end-of-life

treatment of sold products represent 27 per cent of

BEWI’s Scope 3 emissions. To address this, BEWI is

leveraging on its circular business segment by col-

laborating closely with customers and municipalities

to improve sorting and collection, achieving a 23 per

cent increase of collected materials in 2024. These

partnerships, ensuring that more products are rein-

tegrated into the circular economy, reduce emissions

by diverting waste from landfills and incineration and

foster more circular across the value chain.

Engaging in cross-sector collaborations

To address waste materials that are unsuitable

for mechanical recycling, BEWI collaborates with

organisations like Styrenics Circular Solutions and

Polystyvert. These partnerships focus on chemical

recycling technologies, enabling the transformation

of lower-quality waste into valuable raw materials.

BEWI’s total GHG emissions

Tonnes CO2eq.

300000

600000

900000

1200000

1500000

20242023

Scope 1

Scope 2 – Location-based

Scope 3 Category 1 – Purchased gods and services

1 341 083

1 162 392

Scope 3 Category 10 – Processing of sold products

Scope 3 Category 12 – End-of-life treatment of sold products

Scope 3 – Other categories

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BEWI annual report 2024BEWI annual report 2024

Climate related risks and opportunities

BEWI has adapted the Task Force on Climate-related

Financial Disclosures (TCFD) framework to structure

and guide the work with climate-related risks and

opportunities. Assessments of climate-related risks

and opportunities inform the annual double materi-

ality assessment, which informs strategy and business

planning to mitigate identified risks.

BEWI’s approach consists of two main components:

• Physical climate risk assessment to evaluate how cli-

mate-related hazards may impact BEWI’s operations

• Addressing and managing transition risks and

opportunities, including new regulations, techno-

logical innovation, changing market dynamics and

shifting consumer preferences associated with the

shift to a low-carbon economy

Physical climate risks

To understand and mitigate physical climate risks, a

mapping has been conducted in accordance with

the TCFD classification of climate-related hazards and

the EU Taxonomy’s Climate Delegated Act.

The assessment has involved:

• assessment of past impacts

• assessment of weather patterns and their impact

on production facilities

• assessment of local climate models

The assessment indicates limited exposure to physical

climate hazards, identifying storm surges, river flood-

ing and cold waves as the highest risks to certain

production facilities. BEWI has implemented several

mitigating actions and is further assessing potential

consequences and measures for production facilities

exposed to these climate hazards. BEWI assesses

these risks to fall below the materiality threshold.

However, the company acknowledges the need

for further investigation, especially within its supply

chain, and will continue to develop its approach to

accurately capture climate risk exposure.

Transition risks and opportunities

Transition risks and opportunities are assessed based

on TCFD and a climate scenario analysis. The analysis

used the latest climate projection data, drawing on

IEA Stated Policies Scenario (STEPS), the Central Banks

and Supervisors Network for Greening the Financial

System (NGFS) scenario, and the IPCC SSP5-8.5 sce-

nario.

The scope of the analysis encompassed BEWI’s own

operations and value chain, and modelled three

scenarios:

• Orderly transition, 1.5-degree with net zero 2050

• Disorderly transition, 2-degree delayed transition

2030

• Worst case scenario, 3-4-degree hot house world

in 2080

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BEWI annual report 2024BEWI annual report 2024

BEWI is strategically positioned to benefit from the

global transition toward the 1.5°C climate target, as

demand for energy-efficient solutions and circular,

low-carbon products continues to grow. This shift

presents significant opportunities for BEWI, particu-

larly in sectors such as insulation and packaging. The

pace of adoption depends heavily on regulatory

enforcement and customer willingness to pay for

sustainable alternatives.

The transition towards a circular economy requires

more stringent regulations to support waste collec-

tion and recycling infrastructure. Thus, lack of such

regulations may hinder BEWI’s ability to achieve its

circular commitments. Conversely, stricter regulations

and carbon taxes on raw materials could increase the

cost of virgin materials. While this pose a risk, BEWI

can mitigate this risk through price adjustments and

investments in circular capabilities, leveraging its

expertise in circular solutions to offset the impact.

Maintaining a competitive edge in low-carbon solu-

tions requires continuous improvements in energy

efficiency and access to renewable energy sources.

While some regions offer ample, competitively priced

renewable energy, others face limited availability,

which could challenge BEWI’s ability to meet its

renewable energy commitments. Securing a stable,

cost-effective supply of green energy is essential for

BEWI to align its emissions reduction efforts with the

1.5°C target.

BEWI proactively assesses transition risks and oppor-

tunities, ensuring that climate-related factors are

embedded in its business planning and strategic

decision-making. This enables BEWI to mitigate risks,

embrace opportunities, and enhance long-term

resilience in a rapidly evolving landscape.

Climate-related hazards

Cronic Risk Acute Risk

Temperature-related

Changing temperature (air, freshwater, marine water)



Heat wave



Heat stress  Cold wave/frost 

Temperature variability  Wildfire 

Permafrost thawing 

Wind-related

Changing wind patterns  Cyclone, hurricane, typhoon 

Storm (including blizzards, dust and sandstorms) 

Tornado 

Water-related

Changing precipitation patterns and types

(rain, hail, snow/ice)  Drought 

Precipitation or hydrological variability  Heavy precipitation (rain, hail, snow/ice) 

Ocean acidification  Flood (coastal, fluvial, pluvial, ground water) 

Saline intrusion 

Sea level rise 

Water stress 

Solid mass-related

Coastal erosion  Avalanche 

Soil degradation  Landslide 

Soil erosion  Subsidence 

Solifluction 

Low Medium



Hazard not relevant to include due to geographical location of assets

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BEWI annual report 2024BEWI annual report 2024

Notes to E1 Climate change

Note 1 Greenhouse gas (GHG) emissions reduction targets

Reporting principles

The emission reduction targets and metrics includes BEWI’s consolidated scope 1, 2 and 3 GHG emissions, encompassing the

same companies as those included in the financial statements.

BEWI has committed to Science-Based Target initiative (SBTi) to align its GHG emissions reduction goals with the 1.5-degree

target set in the Paris agreement.

Scope 1 and 2: BEWI is committed to an absolute reduction of 42 per cent by 2030 in scope 1 and 2 (market-based) emissions

compared to the 2021 baseline. Scope 1 and 2 account for 12 per cent of total GHG emissions, with scope 1 contributing with

8 per cent and scope 2 with 4 per cent. Scope 3: BEWI is committed to a 52 per cent reduction in scope 3 emissions, measured

using a physical intensity metric (total emissions divided by total raw material consumption) with the baseline year set as 2023.

BEWI has yet to finalise its decarbonisation levers. The key measures will be established, verified and sent to verification to SBTi

during 2025.

All scope 1 and scope 2 data are based on primary data. For scope 1, the energy carriers procured for heat production and

on-site transportation are reported on in kWh, m

, kg, or liter and coupled with CO

factors specific for the energy carrier.

For scope 2, electricity and externally procured heat are coupled with location-specific CO

factors. As such, there are low

uncertainty and small error margins for both scope 1 and scope 2. The sources and calculations of scope 3 data is specified by

category in note 4.

Continued and discontinued operation: The total Scope 1-3 emissions are allocated between continued and discontinued

operations. The ownership share of Scope 1 and 2 emissions from discontinued operations is accounted for under Scope 3.15

(Investments) within continued operations, in addition to being included in the Scope 1 and 2 emissions for discontinued

operations. In note 4, table 4.4, the specifications for Scope 1, Scope 2, and Scope 3 emissions related to the discontinued

operation RAW can be found. GHG emission from internal sales of raw materials from BEWI RAW to other BEWI companies

are set to zero at the group level to prevent double counting. With BEWI RAW classified as a discontinued operation, total

GHG emissions for continuing operations have been adjusted to include emissions from internally procured raw materials

(Category 1). Additionally, Scope 1 and 2 emissions from discontinued operations are now reported under Scope 3, category 14.

Emissions from discontinued operations have also been adjusted to account for the processing of sold products for volumes

previously sold internally (category 10).

Table 1.1 GHG emisson

reduction targets

Emissions, tonnes CO

Target CO

reduction %

Intensity ratio,

kg CO

/ kg raw materials

Target

intensity

reduction %

2023 2024 ∆% vs 2023 2030 2023 2024 ∆% vs 2023 2030

Scope 1 97 283 89 444  -8% 42% 0.26 0.25  -4%

Scope 2 location-based 76 439 74 790  -2% 42% 0.21 0.21  0%

Scope 2 market-based 54 054 45 274  -16% 42% 0.15 0.13  -13%

Scope 3 1 167 360 998 159  -14% 2.87 2.64  -8% 52%

Total scope 1-3 location-based 1 341 082 1 162 393  -13% 3.34 3.10  -7%

Total scope 1-3 market-based 1 318 697 1 132 877  -14% 3.28 3.02  -8%

Continued operations

Total scope 1-3 market-based 690 308 610 130  -12% 3.79 3.47  -9%

Discontinued operations

Total scope 1-3 market-based 996 266 902 599  -9% 4.45 4.48  1%

BEWI is making progress toward its 2030 science-based targets for greenhouse gas emissions, achieving a total reduction of 14

per cent compared to 2023. For Scope 1 and 2 emissions, the company has achieved a 24 per cent reduction. These reductions

are primarily driven by investments in renewable energy, the use of green electricity certificates, enhanced energy efficiency,

and lower production volumes. In Scope 3, emissions have been reduced by 14 per cent, largely due to the increased use of

recycled raw materials.

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BEWI annual report 2024BEWI annual report 2024

Note 2 Energy consumption and mix

Reporting principles

Total energy consumption in BEWI’s consolidated activities is reported by energy source and reported in kWh or converted into

kWh. The energy consumption data encompasses energy used for steam production, electricity requirements for buildings, and

the energy usage of BEWI-owned vehicles. BEWI’s renewable energy production is exclusively derived from solar panels, while

its renewable energy consumption originates from green electricity, steam produced from biomass, and direct biofuel con-

sumption. The quality of energy consumption data is high, based on information obtained directly from suppliers. Consequently,

the uncertainty and error margins are minimal.

BEWI has disclosed calculation errors in the input to the 2023 sustainability statements. These corrections result in an increased

share of renewable energy compared to fossil energy sources for previous years. Consequently, the 2023 amounts in category 5

are reduced, while category 9 has increased compared to the 2023 annual report. This adjustment results in the share of renew-

able sources in total energy consumption for 2023 increasing from 9 per cent to 12 per cent.

Table 2.1 Energy consumption and mix

Energy consumption and mix 2023 2024 ∆% vs 2023

1 Fuel consumption from coal and coal products (MWh) 0 0

Fuel consumption from crude oil and petroleum products (MWh) 3 318 1 409  -58%

Fuel consumption from natural gas (MWh) 502 339 463 446  -8%

Fuel consumption from other fossil sources (MWh) 0 0

Consumption of purchased or acquired electricity, heat, steam, and cooling

from fossil sources (MWh) 146 089 127 242  -13%

Total fossil energy consumption (MWh) 651 746 592 097  -9%

Share of fossil sources in total energy consumption (%) 88% 84%  -4%

Consumption from nuclear sources (MWh) 0 0

Share of consumption from nuclear sources in total energy consumption (%) 0% 0%

Fuel consumption from renewable sources, including biomass (also com-

prising industrial and municipal waste of biologic origin, biogas, renewable

hydrogen, etc.) (MWh) 43 227 41 261  -5%

Consumption of purchased or acquired electricity, heat, steam, and cooling

from renewable sources (MWh) 46 441 68 801  48%

The consumption of self-generated non-fuel renewable energy (MWh) 1 874 2 139  14%

Total renewable energy consumption (MWh) 91 542 112 201  23%

Share of renewable sources in total energy consumption (%) 12% 16%  29%

Total energy consumption (MWh)

743 288 704 298  -5%

Continued operations

Total energy consumption (MWh)

638 083 611 154  -4%

Discontinued operations

Total energy consumption (MWh)

105 205 93 145  -11%

BEWI’s energy consumption mix shows a positive development, with a reduction in fossile energy consumption and an

increase in renewable energy consumption. The share of renewable energy consumption has increased from 12 per cent in

2023 to 16 per cent in 2024. The total energy consumption has decreased with 5 per cent, influenced by both increased energy

efficiency and reduced production volumes.

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Table 2.2 Disaggregated renewable energy consumption

Renewable energy consumption (MWh) 2023 2024 ∆% vs 2023

Bio oil 19 746 6 276  -68%

District heating 3 447 3 577  4%

Green electricity certificates 42 994 65 224  52%

Solar panels 1 874 2 139  14%

Woodchips 23 480 34 985  49%

Total renewable energy consumption (MWh) 91 541 112 201  23%

Continued operations

Total energy consumption (MWh) 82 204 88 625  8%

Discontinued operations

Total energy consumption (MWh) 9 336 23 576  153%

BEWI increased its share of renewable energy consumption by 29 per cent compared to 2023. This growth was primarily driven

by a higher adoption of green electricity certificates and a transition from bio-oil to wood-chips.

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BEWI annual report 2024BEWI annual report 2024

Note 3 Energy intensity

Reporting principles

BEWI’s energy consumption intensity target for 2030 is a 12 per cent increase in energy efficiency, using 2021 as the base year.

BEWI’s activities mainly apply to the high climate impact sector C Manufacturing, F Construction and N Administrative and

support service activities as defined in Commission Delegated Regulation (EU) 2022/1288. Consequently, all energy con-

sumption and net revenue are accounted for in the energy consumption and energy intensity values. The total net revenue is

consistent with the consolidated net revenue presented in the financial statement.

Energy intensity on net revenue is calculated based on total energy consumption in BEWI’s consolidated activities, divided

by total revenue as reported in the consolidated financial statement. As this value is subject to fluctuations based on market

prices, BEWI measures its energy intensity per kg of raw material, calculated based on total energy consumption in consolidated

activities, divided by total raw material consumption.

The metrics are derived entirely from primary data sources, ensuring low uncertainty and minimal error margins.

Table 3.1 Energy intensity per net revenue

Renewable energy consumption (MWh) 2023 2024 ∆% vs 2023

Target 2030

energy

efficiency %

Target 2030

energy

efficiency

Total energy consumption from activities in high

climate impact sectors per net revenue from activities

in high climate impact sectors (MWh/EUR) 0.00067 0.00069  3%

Net revenue from activities in high climate impact

sectors used to calculate energy intensity (MEUR) 1 105 1 015  -8%

Net revenue (other) (MEUR) 0 0

Total net revenue (MEUR) 1 105 1 015  -8%

Company specific KPI

Energy intensity ratio, MJ / kg raw materials 7.20 7.16  -1% 12% 6.45

Continued operations

Energy intensity ratio, MJ / kg raw materials 13.39 13.10  -2% 12% 11.8

Discontinued operations

Energy intensity ratio, MJ / kg raw materials 1.87 1.80  -4% 12% 1.65

The combination of 5 per cent reduction in energy consumption and an 8 per cent decline in net revenues has resulted in an

increase in BEWI’s energy intensity relative to net revenue compared to last year. When measuring energy intensity per kilogram

of raw materials, the impact of reduced production volumes is taken into account. While lower production volumes typically

lead to higher energy intensity, BEWI has maintained a stable level. This reflects ongoing efforts to improve energy efficiency

across operations and progress toward the 12 per cent reduction target by 2030.

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Note 4 Gross scopes 1, 2, 3 and total GHG emissions

Reporting principles

BEWI reports its GHG emissions in accordance with the GHG Protocol, encompass-

ing the same companies as those included in the financial statement (companies

where BEWI has direct operational control exceeding 50 per cent ownership).

BEWI established its climate accounts in 2020. Although acquired companies have

reported data back to base year 2020, the development in reporting structure

and improvement of data quality over time brings uncertainty to the historical

amounts. BEWI has therefore chosen not to publish data older than 2023 in this

year’s sustainability statements, due to the uncertainty of measurement regarding

the older data. Consequently, 2023 data is within the scope of third party limited

assurance.

BEWI has disclosed calculation errors in the input to the 2023 sustainability

statements. Corrections to energy contract calculations have affected scope

2 market-based GHG emissions, resulting in a reduction compared to the 2023

annual report. In addition, an update of CO

-factors for GPPS and rGPPS resulted in

a decrease in emissions for all previous years. The new factors will more correctly

reflect the emissions from the production of the raw materials.

For transportation an interpretation error was identified, where procured out-

bound transportation was mistakenly reported under category 3.9 instead of 3.4.

This has been corrected for 2023 and 2024.

For categories 3.2, 3.4, 3.7, 3.9, 3.10, and 3.12, the calculations and results are

partially based on estimates due to the absence of primary data. Consequently,

these categories exhibit a higher level of uncertainty. In contrast, the other scope

3 categories are derived from primary data. Additionally, a general degree of

uncertainty is associated with the CO

factors applied, as supplier-specific CO

metrics were only available and utilised for categories 3.1, 3.4, and 3.9.

Table 4.1 Gross scope 1, 2, and 3 emissions

Retrospective Milestones and target years

Base

year 2023 2024 ∆% vs 2023 2025 2030 (2050)

Annual % target

/ Base year

Scope 1 GHG emissions

Gross scope 1 GHG emissions (tCO

eq) 97 283 89 444  -8%

Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0%

Scope 2 GHG emissions

Gross location-based scope 2 GHG emissions (tCO

eq) 76 439 74 790  -2%

Gross market-based scope 2 GHG emissions (tCO

eq) 54 054 45 274  -16%

Percentage of contractual instruments, scope 2 GHG emissions 26% 39%  50%

Scope 3 GHG emissions

Total gross indirect (scope 3) GHG emissions (tCO

eq) 1 167 360 998 159  -14%

1 Purchased goods and services 764 877 631 892  -17%

Capital goods 993 993  0%

Fuel and energy-related activities (not included in scope 1 or scope 2) 29 396 26 781  -9%

Upstream transportation and distribution 49 926 54 931  10%

5 Waste generated in operations 543 492  -9%

6 Business travelling 1 306 1 368  5%

7 Employee commuting 4 657 4 931  6%

8 Upstream leased assets 0 0

9 Downstream transportation 576 597  4%

10 Processing of sold products 209 741 185 796  -11%

11 Use of sold products 0 0

End-of-life treatment of sold products 102 197 87 251  -15%

13 Downstream leased assets 0 0

14 Franchises 0 0

15 Investments 3 723 3 723  0%

Total GHG emissions

Total GHG emissions (location-based) (tCO

eq) 1 341 083 1 162 392  -13%

Total GHG emissions (market-based) (tCO

eq) 1 318 697 1 132 877  -14%

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BEWI has achieved a reduction of its scope 1 emission with 8 per cent. The reduction is primarly driven by a transition to

renewable energy sources, energy efficiency and a reduction in production volumes.

For Scope 2 emissions, the location-based figures show a slight reduction, driven by lower energy consumption. In contrast, the

market-based figures demonstrate a significant reduction, primarly due to a 50 per cent increase in green energy contracts, and

reduced energy use.

Scope 3 emissions have decreased by 14 per cent. In Category 1, emissions have been significantly reduced due to a 77 per cent

increase in the use of recycled raw materials, as detailed in Note 8. Category 3 reductions are primarily driven by a higher share

of renewable fuel and energy. In Category 10, the decline is mainly attributed to an increased proportion of recycled content

in sold raw materials an a reduction in externally sold volumes. Upstream and downstream transportation emissions have

increased from 2023 to 2024 by 14 per cent. This is primarily due to underreporting in 2023 and improved data accuracy in 2024.

Category 1: Purchased goods and services

This category includes goods and services purchased by BEWI and is divided into three key subcategories: “Raw material input”,

“Purchased packaging” and “Water consumption”. Raw material input exceeding 1 per cent of the total raw material inflow is

included. The CO

e emission factors are based on life cycle assessments from Asplan Viak, supplier specific EPDs, Ecoinvent

(version 3.6), and DEFRA.

Category 2: Capital goods

Capital goods include machinery such as shape and block moulding machines and pre-expanders. As supplier-spesific emission

data is unavailable, BEWI calculates emissions using the mission intensity of steel and an estimated emission factor for man-

ufacturing a single machine. Total emissions are then scaled based on the number of machines of each type and distributed

over their estimated average lifetime to determine annual emissions. The lifetime is calculated based on the average age of all

machinery in BEWI, which is 23 years.

Category 3: Fuel- and energy related activities

All energy flows and energy fuel flows used for reporting on scope 1 and scope 2 are coupled with relevant scope 3 emission

factors to calculate the emissions. Country-specific factors are used for calculating transmission and distribution (T&D) and gen-

eration emissions for the electricity in each country (source IEA or DEFRA). Average factors are used for other fuels (Ecoinvent or

DEFRA).

Category 4: Procured upstream transportation

In 2023, a combined reporting approach that integrates both physical transport data and direct emissions were adopted. Data

collected from 56 logistics suppliers established new key metrics: (1) kg CO

e per Euro spent, (2) kg CO

e per tkm for road, rail,

and sea transport, and (3) direct kg CO

Category 5: Waste generated in operations

Waste is reported as normal waste (11 categories) and hazardous waste (7 categories), including waste treatment (incineration,

landfill, reuse, or recycling). Average GHG emission factors for the treatment of the different waste types are used (DEFRA).

Category 6: Business travel

Business travel is based on travel done by plane. Where available, the direct emissions for all travels are reported using the

greenhouse gas data retrieved from the travel agencies. Otherwise, the emissions are calculated based on the number of flights

taken for three categories: domestic, europe, or continental.

Category 7: Employee commuting

Emissions are calculated without employee-specific data to comply with GDPR, using average distances coupled with employee

numbers and emission factors per transportation type (car, bike, foot, and public transport).

Category 8: Upstream leased assets

BEWI leases many of its production facilities. Emissions from the operations of these sites are included in scope 1 and scope 2.

Category 9: Procured downstream transportation

Downstream transportation emissions from outbound transportation that BEWI is not financially responsible for, include only a

small fraction of total outbound transport (2 per cent). Calculations are done using the same methodology as in Category 3.4.

Category 10: Processing of sold products

BEWI’s business segments RAW and Circular produce raw materials that are sold to manufacturers for processing. Calculations

are based on the total kg of raw materials sold externally, multiplied with BEWI’s average CO

e per kg of raw materials in produc-

tion for insulation and packaging production.

Category 11: Use of sold products

None of the products sold by BEWI have use-phase emissions. The emissions from this category are zero.

Category 12: End of life treatment of sold product (EOL)

EOL has been calculated based on share of final treatment in the different countries where BEWI operates. The percentages for

the different waste treatment methods per country are combined with sales data to determine the quantity of products going

to different waste treatment types and coupled with a CO

e intensity for the different waste treatment methods.

Category 13: Downstream leased assets

BEWI does not have any downstream leased assets. The emissions for this category are zero.

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Category 14: Franchises

BEWI does not have any franchises. The emissions for this category are zero.

Category 15: Investments

BEWI has a 34 per cent ownership in Hirsch France SSAS and Hirsch Porozell GmbH. The emissions associated with these invest-

ments are calculated using the ownership percentage and the total scope 1 and scope 2 emissions. The total emissions are

multiplied by the ownership percentage, yielding the total emissions allocated to BEWI for scope 3.15.

Table 4.2 Bundled and unbundled GoO electricity contracts

2024

Percentage of contractual instruments, scope 2 GHG emissions - bundled 38%

Percentage of contractual instruments, scope 2 GHG emissions - unbundled 62%

The percentage of contractual instruments for Scope 2 emissions indicates a greater reliance on unbundled instruments, such

as unbundled renewable energy certificates (RECs) or guarantees of origin (GOs), compared to bundled instruments, which

include both energy and environmental attributes in a single purchase agreement.

Table 4.3 Share of scope 3 categories calculated using primary data

2024

1 Purchased goods and services 97%

2 Capital goods 0%

3 Fuel and energy-related activities (not included in scope 1 or scope 2) 100%

4 Upstream transportation and distribution 48%

5 Waste generated in operations 100%

6 Business travelling 91%

7 Employee commuting 0%

9 Downstream transportation 0%

10 Processing of sold products 0%

12 End-of-life treatment of sold products 0%

15 Investments 100%

Total GHG scope 3 calculated using primary data 59%

BEWI prioritises the use of primary data to ensure the highest quality and accuracy in its emissions calculations. For categories

where the company is not directly involved, such as end-of-life treatment of sold products, downstream transportation, and

processing of sold products. BEWI works to obtain the most reliable estimates to assess the associated emissions. Despite

these challenges, BEWI remains committed to continuously improving data collection and estimation methods to enhance the

accuracy and transparency of its emissions reporting.

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Table 4.4 Total GHG emissions by business segment

2023 2024 ∆% vs 2023

Insulation & Construction

Scope 1 18 871 18 716  -1%

Scope 2 location-based 27 423 25 940  -5%

Scope 2 market-based 21 039 21 039  0%

Scope 3 258 240 192 603  -25%

Total GHG emissions (scope 1, 2, and 3) Location-based 304 534 237 259  -22%

Total GHG emissions (scope 1, 2, and 3) Market-based 298 150 232 358  -22%

Packaging & Components

Scope 1 68 475 62 803  -8%

Scope 2 location-based 28 507 26 846  -6%

Scope 2 market-based 18 351 13 995  -24%

Scope 3 126 682 100 852  -20%

Total GHG emissions (scope 1, 2, and 3) Location-based 223 664 190 501  -15%

Total GHG emissions (scope 1, 2, and 3) Market-based 213 508 177 649  -17%

Circular

Scope 1 7 7  0%

Scope 2 location-based 2 884 3 539  23%

Scope 2 market-based 2 884 3 539  23%

Scope 3 13 401 14 826  11%

Total GHG emissions (scope 1, 2, and 3) Location-based 16 292 18 371  13%

Total GHG emissions (scope 1, 2, and 3) Market-based 16 292 18 371  13%

2023 2024 ∆% vs 2023

RAW (discontinued operation)

Scope 1 9 931 7 919  -20%

Scope 2 location-based 17 625 18 464  5%

Scope 2 market-based 11 780 6 700  -43%

Scope 3 769 037 689 879  -10%

Total GHG emissions (scope 1, 2, and 3) Location-based 796 594 716 261  -10%

Total GHG emissions (scope 1, 2, and 3) Market-based 790 748 704 498  -11%

Total GHG emissions (scope 1, 2, and 3) Location-based 1 341 083 1 162 392  -13%

Total GHG emissions (scope 1, 2, and 3) Market-based 1 318 697 1 132 877  -14%

To avoid double reporting related to internal sales of raw materials from BEWI RAW to downstream, CO₂e emissions are

accounted for at BEWI RAW. Consequently, Scope 3 emissions for downstream operations exclude CO₂e from raw materials

purchased internally.

BEWI Circular has increased their greenhouse gas emissions for both Scope 2 and 3, primarily due to the higher volumes of

collected materials and increased production of recycled raw materials. For BEWI RAW, the rise in Scope 2 emissions is primarily

linked to the investment of the extruder line for the production of recycled raw materials. In contrast, all other business seg-

ments have reduced their emissions, driven by improvements in energy efficiency, a transition to renewable energy sources,

and a greater use of recycled raw materials.

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Note 5 Greenhouse gas (GHG) intensity

Reporting principles

The intensity metric is derived from BEWI’s consolidated climate account and total revenue. The economic intensity indicates

the total greenhouse gas emissions per euro of revenue for BEWI. Given that BEWI’s primary activities are in high climate impact

sectors C, F, and N, the total net revenue aligns with the consolidated net revenue reported in the financial statement.

Since GHG intensity based on net revenue fluctuates with market prices, BEWI measures its GHG intensity per kg of raw material.

This is calculated by dividing total greenhouse gas emissions from consolidated activities by total kg raw material.

The overall uncertainty associated with these metrics is consistent with the levels of uncertainty described for scopes 1–3 in

notes 1 and 4.

Table 5.1 GHG intensity based on net revenue

GHG intensity per net revenue 2023 2024 ∆% vs 2023

Total GHG emissions (location-based) per net revenue (tCO

eq/EUR) 0.00121 0.00115  -6%

Total GHG emissions (market-based) per net revenue (tCO

eq/EUR) 0.00119 0.00112  -6%

Net revenue from activities in high climate impact sectors used to

calculate energy intensity (MEUR) 1 105 1 015  -8%

Net revenue (other) (MEUR) 0 0

Total net revenue (MEUR) 1 105 1 015  -8%

Company specific KPI

GHG intensity kg CO

/kg 3.25 3.00  -8%

Total greenhouse gas emissions in Scope 1, 2 and 3, have decreased compared to last year, as indicated in Note 4. The reduction

in net revenues, primary driven by lower production volumes, has directly impacted GHG intensity based on net revenue. GHG

intentity per kg raw material provides a more accurate and stable measure, showing 8 per cent improvement.

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E2 Pollution

Material impacts, risks, and opportunities

As a raw material producer and converter, BEWI’s

activities carry inherent risks of pollution, primarily

from emissions to air and water, and potential spills or

leaks of plastic pellets. If not properly managed, these

emissions could potentially negatively impact the

local environment.

BEWI’s three production facilities for raw materials

(chemical facilities) use raw materials that contains

volatile organic compounds (VOCs). VOCs are clas-

sified as substances of concern and can, if released,

impact air quality. Additionally, as a plastics manu-

facturer, the group faces the risk of potential plastic

pellet pollution from its production facilities and

in the downstream value chain if products are not

handled responsibly.

Policies related to pollution

BEWI’s environmental policy requires all production

facilities to identify, control, and monitor potential

sources of pollution in compliance with ISO 14001

and Operation Clean Sweep. The policy emphasises

pollution control and incident prevention and does

not include action plans or resources for phasing out

or substituting substances of concern. Additionally,

BEWI’s Supplier Code of Conduct outlines require-

ment for pollution management across the value

chain emphasising a commitment to environmental

due diligence.

Governance and management of the policies are

described in the sections about Climate change and

Governance.

Processes to identify and assess material

impacts, risks and opportunities

To identify material pollution, BEWI has assessed raw

material usage and pollutants across its value chain

using the LEAP approach. The analysis focused on

five key areas:

• Assessment of existing environmental impact

assessment (EIA), emission permits and certifica-

tions

• Screening pollutants to air, soil, and water based

on ESRS E2, Appendix B

• Identifying substances of concern following

PlastChem’s report, “State of the Science on Plastic

Chemicals: Identifying and Addressing Chemicals

and Polymers of Concern”

• Screening for substances of very high concern

under the REACH regulation

• Collecting data on actions, resources and manage-

ment systems to mitigate pollution and address

the use of substances of concern

Action and resources related to pollution

Pollution mitigation and compliance with envi-

ronmental regulations are a priority for BEWI. All

production facilities have environmental manage-

ment systems in place to ensure effective monitoring

and mitigation of environmental impacts.

Substance of concern

BEWI has identified four substances of concern,

detailed in note 7. The group’s three (chemical) raw

material facilities use styrene and pentane to produce

expanded polystyrene (EPS), while formic acid and

isocyanate is used by one production facility that

produce polyisocyanurate (PIR) insulation boards.

Emission to water and air

Styrene and pentane are used in the production of

EPS. Both contains VOCs that can contribute to air

and water pollution during production. To prevent

emissions, BEWI has thermal treatment of off-gases

that removes styrene and pentane emitted during

the production. All production facilities have waste-

water treatment systems to remove VOCs before the

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water discharges, ensuring compliance with environ-

mental regulations.

Emissions are assessed through direct measurements

and standardised calculations, guided by permit and

reporting requirements

. At a minimum, production

facilities adhere to environmental permits, which

specify monitoring locations, frequency, methodol-

ogy and legal reporting requirements.

Formic acid and isocyanates do not have direct

emissions to air, water, or soil during normal opera-

tions. However, since these substances are hazardous,

safety and handling measures are required to prevent

accidental spills or leaks that could pose risks to the

environment and human health.

BEWI has allocated the necessary resources and

investments to support these initiatives. No addi-

tional capital expenditure (CAPEX) or operational

expenditure (OPEX) were identified for addressing

material impacts in 2024.

Potential pollution of microplastics

In 2020, BEWI signed the Operation Clean Sweep

(OCS) pledge, committing to incorporate mitigation

measures to prevent plastic pellet loss. The group has

implemented the following management approach:

• Commit to making zero pellet loss a priority

• Conduct assessment to identify risk areas

• Analyse spill causes and implement preventive

measures

• Regular follow-up to measure effectiveness

• Provide training to increase awareness

In 2024, the certification scheme for Operation Clean

Sweep became available. BEWI has invested in preven-

tive measures to align with the Operation Clean Sweep

(OCS) criteria. To further strengthen these efforts, the

company has allocated dedicated resources to certify

its production facilities according to OCS standards.

To measure microplastic leakage, BEWI is working to

adapt to the bow-tie approach. This methodology

enables quantification and tracking of microplastic

emissions while supporting the implementation of

targeted preventive measures.

BEWI has identified microplastic pollution in its

downstream value chain as material, particularly

during the end-of-life treatment of sold products.

To address this, BEWI collaborates with customers

to improve sorting and collection to ensure proper

management of BEWI’s products.

BEWI has allocated the necessary resources and

investments to support these activities. However,

additional investments are required for certain pro-

duction facilities, along with increased operational

costs to integrate Operation Clean Sweep into the

certification processes for all production facilities.

Targets related to pollution

BEWI has not established a specific target for the

consumption of substances of concern. The group

works to reduce the use by increasing the share of

recycled content in its operations, as outlined in the

section about Resource use and circular economy.

Targets for emission to air and water are guided by

environmental permits and reporting requirements

As knowledge of pollutant impacts evolves, emission

limits are regularly updated to reflect the latest best

available techniques (BAT) and regulatory standards.

Production facilities report monthly on deviations,

including any incidents resulting in emissions to the

external environment.

BEWI has set a target for all production facilities to

achieve certification under the Operation Clean

Sweep program by the end of 2026. This voluntary

initiative underscores the group’s dedication to

reducing plastic pellet loss and mitigating environ-

mental impacts.

1, 2

Directive 2010/75/EU (Industrial Emissions Directive) and the Commission Implementing Decision (EU) 2022/2427 of 6 December 2022

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Notes to E2 Pollution

Note 6 Pollution to air and water

Reporting principles

The data includes emissions from BEWI’s consolidated activities, where the majority of emissions are from BEWI’s three raw

material production facilities. BEWI RAW identifies its emissions to air and water using a mix of direct measurements and

calculations. Emission factors provide a standardised method for calculating emissions. Calculation methods are part of permit

or reporting requirements. 2010/75/EU, IE-directive or more in detail: Commission Implementing Decision (EU) 2022/2427 of

6 December 2022 establishing the best available techniques (BAT) conclusions, under Directive 2010/75/EU of the European

Parliament and of the Council on industrial emissions, for common waste gas management and treatment systems in the

chemical sector. To evaluate the effectiveness of the installed burning units in preventing emissions of styrene and pentane,

the data includes the emissions avoided through their use. The efficiency percentage acts as a key indicator of the units’

performance in mitigating pollution. For both styrene and pentane, the efficiency of the burning units is calculated by dividing

the total prevented emissions by the sum of the prevented and actual emissions. As a result, the reported efficiency figures are

comparable for both materials. Pentane is a blowing agent in EPS, and downstream production facilities therefore have some

emissions of pentane in their production. Downstream pentane emissions are calculated solely from externally produced EPS,

as emissions from internally procured raw materials is already accounted for under RAW’s emissions. One production facility use

formic acid and isocyanate and has minor emissions to soil. The emission is regulated in accordance with Lithuania’s National

Ambient Air Pollution Legislation, overseen by the Lithuanian Department of Environmental Protection and are based on five-

yearly measurements (last measurement in July 2023). For all material sites, the data is derived from primary sources, resulting in

low levels of uncertainty.

For microplastic management production facilities report on the implementation status of the six commitments of OCS, and

result of third-party audits, including identified non-conformatives and corrective actions implemented.

Deviations from environmental management systems (ISO 14001 and Operation Clean Sweep) are defined as incidents that lead

to unintended emissions or spills into the external environment, categorised as severe or major in terms of their impact. Such

incidents are systematically reported, tracked, and evaluated monthly to facilitate corrective actions.

Table 6.1 Pollution of air and water by division

Total RAW Other

Pollution to air at material sites (tonnes)

Pentane 352.4 351.4 0.9

Styrene 6.7 6.7 0.0

Total 359.1 358.1 0.9

Pollution to water at material sites (tonnes)

Styrene 0.0 0.0 0.0

Formic acid 0.0 0.0 0.0

Isocyanate 0.0 0.0 0.0

Total 0.0 0.0 0.0

Prevented pollution at material sites (tonnes)

Pentane 392.5 392.5 0.0

Styrene 1 349.0 1 349.0 0.0

Total 1 741.5 1 741.5 0.0

Efficiency of burning units at material sites (%)

Pentane 38% 38% 0%

Styrene 38% 38% 0%

Total 76% 76% 0%

Divisions Insulation & Construction, Packaging & Components and Circular

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Emissions are being measured and reported for the first time, making year-over-year comparisons unavailable. Burner installa-

tions and emissions measurements comply with the latest local regulations and emission limits to prevent environmental harm.

These limits and measurements are reviewed and updated annually to ensure continued compliance.

Table 6.2 Implementation and certification for Opereation Clean Sweep

Company specific 2023 2024 ∆% vs 2023 Target 2026

Production facilities implemented Operation Clean Sweep 39% 100%  156% 100%

Production facilities certified Operation Clean Sweep 0% 5%  5% 100%

During 2024, all of BEWI’s production facilities has committed to and implemented Operation Clean Sweep (OCS). Additionally,

four of these facilities have been certified by a third-party for their adherence to OCS standards.

Table 6.3 Deviations from environmental management systems

Company specific 2023 2024 ∆% vs 2023 Target 2030

Deviations from environmental management systems 32 27  -16% 0

The majority of deviations (60 per cent) were related to storage and loading that reulted in minor pellets spills that required

cleaning. These incidents were adressed to minimise enviornmental impact. All deviations have been throughly investigated

and followed-up with appropriate corrective actions to prevent recurrence.

Note 7 Substances of concern

Reporting principles

The definition for substances of concern adheres to the criteria set forth in PlastChem’s report “State of the Science on Plastic

Chemicals”. The usage of the identified substances is reported based on the usage in BEWI’s production. The total use in prod-

ucts is based on substances of concern used in pure form as a raw material. The total integrated in procured materials is based

on the substances of concern integrated in externally procured materials.

The total amount of substances of concern integrated in sold products is based on the sum of the total use and total in pro-

cured materials minus the total amount that leaves production facilities as emissions.

All data reported under E2-5 is sourced from primary data, resulting in a low level of uncertainty.

Table 7.1 Substances of concern in in- and outflowing material streams (all amounts in tonnes)

Pollutant

Total use in

products

Total integrated

in procured

materials

Total amount that

leave production

facilities as

emissions

Total integrated

in sold products Hazard classes (H-phrases)

Pentane 11 587 482 2 091 14 160 H225, H304, H336, H411

Styrene 152 073 50 454 7 202 534

H226, H332, H315, H319,

H361d, H372, H304, H412

Formic acid 12 0 0 12

H226, H290, H302, H314,

H318, H331

Isocyanate 750 0 0 750

H225, H310+H311, H315,

H317, H318, H330, H334,

H335, H361d

Amount of pollutant used is being reported for the first time, making year-over- year comarisons unavailable. Pollutant manage-

ment systems comply with the latest local regulations and emission limits to prevent environmental harm and are reviewd and

updated annually to ensure continued compliance.

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E5 Resource use and circular economy

Material impacts, risks, and opportunities

BEWI’s material impacts relate on its reliance on

non-renewable resources and the environmental

impacts from waste generation. To adress these

impacts the group actively collects, reuses and recy-

cles its key raw material EPS. The group’s integrated

business model enhances it capacity to scale circular

practices, aligning with its priorities to improve

resource efficiency, and minimise waste-related

environmental impacts. The group has identified

circularity as a financial opportunity, where it can

leverage on its capabilities to deliver recyclable and

recycled products in markets where consumer and

regulatory demands are increasing.

Policies related to resource

use and circular economy

BEWI’s environmental policy addresses resource use

and circular economy across the operations, focusing

on adhering to the waste hierarchy. The policy

targets four key areas that are material for BEWI:

• Designing recyclable and reusable products

• Enhancing resource efficiency by increasing use of

renewable and recycled materials

• Facilitating the recycling of waste and end-of-life

products, contributing to a closed-loop system

• Safe handling of hazardous waste to protect

human health and the environment

BEWI’s Supplier Code of Conduct addresses the

group’s requirements to resource use and circular

economy in its upstream value chain, emphasising

resource efficient and sustainable production and

consumption.

Governance and management of the policies are

described in the sections about Climate change and

Governance.

Processes to identify and assess material

impacts, risks and opportunities

BEWI identifies and monitors resource use by

calculating and reporting on resource inflows and

outflows in its operations, including energy use, raw

materials and waste generation. Resource inflows

are reported and monitored monthly while resource

outflows related to waste generation is reported

annually. The reporting covers most of the material

inputs used in production and outflows. An overview

of resource inflows and outflows can be found in

note 8.

Actions and resources related to

resource use and circular economy

The group defines the transition to a circular

economy as a strategic pillar and a key enabler to

secure growth from its downstream business.

Actions related to resource inflows

Ensuring recyclability: BEWI always targets new

products and solutions to be fully recyclable.

The group has contributed to the creation of the

RecyClass certification for EPS products documenting

recyclability. Furthermore, many of the group’s pro-

duction facilities have REDcert certification, providing

third-party certification of the use of recycled

content.

Resource efficiency and use of recycled content:

BEWI works to improve resource efficiency across

its operations. Resource efficiency is enhanced by

optimising product density, which reduces raw

material usage without compromising product

performance and quality, and increasing the use of

recycled material in products manufactured. The

use of recycled material is an important KPI for the

group’s business segments and is included as a KPI in

their remuneration schemes, with monthly reporting

to the group.

Actions related to resource outflows

Waste management in own operation: Waste man-

agement is an integral part of BEWI’s environmental

management. The group aims to reduce waste

generation through reuse and recycling, targeting to

eliminate waste sent to landfills and recycle 80 per

cent of waste generated by its operations. To achieve

these targets, a waste management program has

been implemented to reduce waste, improve sorting,

and enhance recycling capabilities. The program

aims to optimise resource efficiency, minimise

environmental impact, and drive the transition to a

circular economy.

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Collection and recycling: BEWI collects and recycles

post-consumer waste, primarily EPS, to reduce reli-

ance on non-renewable resources. To achieve this,

BEWI collaborates with stakeholders across its value

chain, including suppliers, customers, and industry

associations, to improve sorting and collection

systems. In addition, the group invests in recycling

capabilities to efficiently process the collected mate-

rials.

In 2024, BEWI expanded its capabilities with a new

circular facility in Norrköping in Sweden, increasing

its recycling capacity by approximately 10 000 tonnes

equivalent to 40 per cent. Furthermore, the group

ramped-up its production at the new production

line (extrusion) for raw materials in Etten-Leur in the

Netherlands, where recycled EPS is used to produce

new raw materials.

Targets related to resource

use and circular economy

BEWI has established targets and KPIs for waste

collection, recycling, share of recycled content in its

products and waste sorted for recycling. The targets

are voluntary but closely tied to the group’s carbon

reduction plan, addressing greenhouse gas emissions

associated with key raw materials and the end-of-life

treatment of sold products.

Share of recycled and renewable materials

Per cent

203020242023

13%

15%

30%

Collected waste for reuse and recycling

Tonnes

203020242023

26 950

33 135

60 000

Share of final treatment of waste

Per cent

Waste to

landfilling

Waste to

incineration

Waste to

recycling

47%

2023 2024

48%48% 48%

20%

80%

2030

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Notes to E5 Resource use and circular economy

Note 8 Resource inflows

Reporting principles

Resource inflows include raw materials constituting more than 1 per cent of total consumption across BEWI’s consolidated

activities. These materials are reported monthly by production facilities and categorised into three main groups: renewable,

non-renewable, and recycled raw materials.

Recycled raw materials are post-consumer products that have already completed a product lifecycle and been reintroduced

into the production process. Internal resource flows are reported separately and excluded from the calculation.

Collected waste is a company specific KPI and represent the total amount of waste collected for reuse and production of

recycled raw materials. Water consumption is based on actual volume of water drawn and utilised by each production facility.

All data is derived from primary sources, ensuring low uncertainty.

Table 8.1 Resource inflows

Amounts in tonnes (unless otherwise stated) 2023 2024 ∆% vs 2023

Total weight of raw materials and products 406 166 377 731  -7%

Renewable raw materials 38 018 28 517  -25%

Non-renewable raw materials 368 147 349 214  -5%

Share renewable raw materials 9% 8%  -11%

Recycled raw materials 14 321 25 418  77%

Non-recycled raw materials 391 845 352 313  -10%

Share recycled raw materials 4% 7%  97%

Water consumption (1 000 liters) 1 221 137 1 052 479  -14%

Company specific resource inflows:

Collected waste for reuse/production of recycled raw materials 26 950 33 135  23%

Raw material usage has decreased primarily due to reduced production. However, there has been a positive trend across all

resource inflows, with the use of recycled raw materials increasing by 77 per cent compared to 2023. Additionally, the propor-

tion of collected materials has grown by 23 per cent reflecting BEWI’s continued efforts to enhance sustainability by integrating

more recycled content into its production processes and improving material recovery rates. These improvements highlight the

company’s commitment to circularity and reducing its reliance on virgin raw materials.

As a discontinued operation, RAW accounted for 49 per cent of total resource inflows, 27 per cent of recycled material usage,

and 22 per cent of overall water consumption. This underscores its substantial impact on the company’s material sourcing,

reflecting both its reliance on raw material and recycled inputs.

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Note 9 Resource outflows

Reporting principles

Resource outflows encompass waste generated during production processes as well as the production and sales volumes from

BEWI’s consolidated activities.

Waste data is collected from reports provided by waste handling companies, which detail the volumes of both normal and

hazardous waste. This data is categorised into 18 distinct waste fractions, along with their respective treatment methods.

Data is from primary sources with low levels of uncertainty.

Sales volumes is reported by business segments (production categories) and categorised by raw material types. Data is from

primary sources with low level of uncertainty.

Durability is based on average estimates for each product category. For raw materials, the durability depends on the specific

product type but generally aligns with the durability of the main product groups. BEWI’s products are fully recyclable, though

actual recyclability is influenced by how the products are used and managed in the market, including factors like collection and

recycling infrastructure. Recycled content is calculated based on the actual amount of recycled raw materials used in produc-

tion, measured in kilograms or tonnes.

Table 9.1 Resource outflows

Amounts in tonnes (unless otherwise stated) 2023 2024 ∆% vs 2023

Total waste generated 13 095 11 703  -11%

Hazardous waste diverted from disposal 200 92  -54%

Hazardous waste diverted from disposal due to preparation for reuse 0 0

Hazardous waste diverted from disposal due to recycling 200 92  -54%

Hazardous waste diverted from disposal due to other recovery operations 0 0

Non-hazardous waste diverted from disposal 5 788 5 106  -12%

Non-hazardous waste diverted from disposal due to preparation for reuse 50 232  364%

Non-hazardous waste diverted from disposal due to recycling 5 738 4 873  -15%

Non-hazardous waste diverted from disposal due to other recovery operations 0 0

Hazardous waste directed to disposal 780 969  24%

Hazardous waste directed to disposal by incineration 83 105  27%

Hazardous waste directed to disposal by landfilling 697 864  24%

Hazardous waste directed to disposal by other disposal operations 0 0

Non-hazardous waste directed to disposal 6 326 5 536  -12%

Non-hazardous waste directed to disposal by incineration 5 764 5 059  -12%

Non-hazardous waste directed to disposal by landfilling 562 478  -15%

Non-hazardous waste directed to disposal by other disposal operations 0 0

Non-recycled waste 7 107 6 506  -8%

Percentage of non-recycled waste 54% 56%  2%

Total amount of hazardous waste 980 1 061  8%

Total amount of radioactive waste 0 0

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The total amount of generated waste has decreased by 11 per cent. Non-hazardous waste has been reduced by 12 per cent,

with a significant increase in share of waste being directed to reuse and a decrease in the proportion sent to landfill. The total

amount of hazardous waste has increased by 8 per cent, resulting in a higher proportion of hazardous waste being directed to

incineration and landfilling. This increase is primarily attributed to ongoing cleanups activities at several factories.

As a discontinued operation, RAW accounted for 27 per cent of total waste generation and 85 per cent of hazardous waste

produced. It’s phase-out will impact overall waste production, particularly the volume of hazadous waste and share of waste

being sent to landfill.

Table 9.2 Outflow by product and division

Tonnes

Insulation & Construction

Biofoam 1

EPS 57 981

Reused EPS 7

PIR+PUR 1 881

XPS 26 444

Total 86 314

Packaging & Components

Biofoam 9

Cardboard 7 345

EPP 6 807

EPS 30 243

Reused EPS 109

Polyeten 1 768

Total 46 281

Tonnes

Circular

rGPPS 9 160

Compacted EPS 201

Cardboard 41 103

Other 53 702

Total 104 166

RAW (discontinued operation)

Biofoam 17

Beads white 169 477

Beads grey 8 187

Beads recycled 3 767

Reused EPS 571

RGPPs 1 391

Other 205

Total 183 615

Resource outflows by business segment show that RAW has the highest outflow volumes, with 50 per cent of these materials

sold internally to the packaging and insulation business segments. In the downstream business segment, insulation has

the highest outflow of products, followed by packaging, which includes both plastic and fiber-based packaging solutions.

Additionally, outflows from the Circular segment are primarily sold internally to both the RAW and downstream segments.

Table 9.3 Durability, recyclability and recycled content

Product group Business segment Durability/life time Recyclability

Recycled

content

Raw materials RAW, Circular Dependent on final product 100% %

Insulation and construction Insulation & Construction 30-50 years 95-100% 12%

Packaging Packaging & Components <1 year 95-100% 12%

Automotive and

technical components Packaging & Components 15-30 years 100% 4%

The majority of BEWI’s products are designed for durability, that ensures sustained functionality and performance. Additionally,

they are designed for recyclability, supporting circular economy principles. Currently, the recycled content varies between 4 per

cent and 12 per cent reflecting the company’s ongoing commitment to increasing recycling initiatives.

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EU taxonomy for

sustainable activities

Basis for reporting

BEWI’s EU taxonomy report has been

prepared in accordance with the

Taxonomy Regulation EU (2020/852) and

the supplementing delegated acts: Climate

Delegated Act (2021/2800) and Disclosure

Delegated Act (2021/4987).

Regulation (EU) 2020/852, article 3, sets out

criteria which an economic activity must

meet to qualify as environmentally sustain-

able (taxonomy-aligned):

• Substantially contribute to one or more

of the six environmental objectives

• Comply with the technical screening

criteria (TSC) for the environmental

objectives

• Do no significant harm (DNSH) to the

other five objectives

• Comply with minimum safeguards cov-

ering social and governance standards

Substantial contribution

BEWI has identified six activities in the Climate Delegated Act that fulfil the technical screening criteria and have a substantial contribution.

Sustainability themes Eligible activities BEWI's activities Technical screening criterias

Climate change mitigation & adaptation

3.5: Manufacture

of energy efficient

equipment for buildings

Production of insulation products

3.5.3: External wall systems with u-value lower or equal to 0.5 W/m

3.5.4: Roofing systems with u-value lower or equal to 0.3 W/m

3.5.5: Insulating products with a lamba value lower or equal to 0.06 W/m

Production of components

to HVAC solutions

3.5.6: Heat pumps compliant with the technical screening criteria set out in Section 4.16 of this

Annex

3.17: Manufacture of

plastics in primary form

Products produced with 100

per cent recycled content

3.17.1: The plastic in primary form is fully manufactured by mechanical recycling of plastic

waste

3.18: Manufacture

of automotive and

mobility components

Production of automotive

components for zero emission

vehicles or driver-powered vehicles

3.18.2: Vehicles designated as categories M

and M

(164) where the direct (tailpipe) CO

emissions of the vehicles are zero

5.5: Collection and transport

of non-hazardous waste in

source segregated fractions

Activities related to collection

and transport of waste for

reuse and recycling

5.5: All separately collected and transported non-hazardous waste that is segregated at

source is intended for preparation for reuse or recycling operations

5.9: Material recovery from

non-hazardous waste

Production of recycled GPPS and EPS

5.9: The activity converts at least 50%, in terms of weight, of the processed separately

collected non-hazardous waste into secondary raw materials that are suitable for the substi-

tution of virgin materials in production processes

Transition to

circular economy

1.1: Manufacture of plastic

packaging goods

Plastic packaging made from

recycled or biobased raw materials

and producs design for reuse

1.1.1: Use of circular feedstock: until 2028, at least 35% of the packaging product by weight

consists of recycled post-consumer material for non-contact sensitive packaging and at least

10% for contact sensitive packaging

1.1.2: Design for reuse: the packaging product has been designed to be reusable within a

reuse system and fulfils the requirements for the use of circular feedstock, as set in point 1.a

with 35% and 10% targets for recycled feedstock applying as of 2028. The system for reuse

is established in a way that ensures the possibility of reuse in a closed-loop or open-loop

system

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Taxonomy-aligned turnover (revenue)

Financial year 2024

Economic activities

2024 Substantial contribution criteria (%) DNSH criteria (Y/N) (Y/N) (%) (E) (T)

Code

Absolute

turnover

(EUR million)

Proportion of

turnover (%)

Climate

change

mitigation

Climate

change

adaptation

Water and

marine

resources

Pollution

Circular

economy

Biodiversity

and

ecosystems

Climate

change

mitigation

Climate

change

adaptation

Water and

marine

resources

Pollution

Circular

economy

Biodiversity

and

ecosystems

Minimum

social

safeguard

Taxonomy

aligned

proportion

of turnover

2023

Category

enabling

activity

Category

transitional

activity

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Manufacture of energy efficiency equipment for buildings CCM 3.5 343 44% Y N N N N N Y Y Y Y Y Y Y 0% E

Manufacture of plastics in primary form CCM 3.17 4 1% Y N N N N N Y Y Y Y Y Y Y 0% T

Manufacture of automotive and mobility components CCM 3.18 6 1% Y N N N N N Y Y Y Y Y Y Y 0% E

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 25 3% Y N N N N N Y Y Y Y Y Y Y 0%

Material recovery from non-hazardous waste CCM 5.9 11 1% Y N N N N N Y Y Y Y Y Y Y 0%

Manufacture of plastic packaging goods CE 1.1 10 1% N N N N Y N Y Y Y Y Y Y Y 0%

Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 399 52% 50% 0% 0% 0% 1% 0% Y Y Y Y Y Y Y 0%

Of which enabling 349 45% 45% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E

Of which transitional 4 1% 1% Y Y Y Y Y Y Y 0% T

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Manufacture of energy efficiency equipment for buildings CCM 3.5 0% EL N/EL N/EL N/EL N/EL N/EL 45%

Manufacture of plastics in primary form CCM 3.17 0% EL N/EL N/EL N/EL N/EL N/EL 0%

Manufacture of automotive and mobility components CCM 3.18 0% EL N/EL N/EL N/EL N/EL N/EL 0%

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 0% EL N/EL N/EL N/EL N/EL N/EL 4%

Material recovery from non-hazardous waste CCM 5.9 0% EL N/EL N/EL N/EL N/EL N/EL 1%

Manufacture of plastic packaging goods CE 1.1 0% N/EL N/EL N/EL N/EL EL N/EL 0%

Turnover of Taxonomy-eligible but not environmentally sustainable activities

(not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 49%

Turnover of Taxonomy-eligible activities (A.1+A.2) 399 52% 50% 0% 0% 0% 1% 0%

B. Taxonomy-non-eligible activities

Turnover of Taxonomy-non-eligible activities 374 48%

Total (A+B) continued operations 773 100%

Company specific:

Turnover discontinued - aligned 108 44%

Turnover discontinued - eligible 0 0%

Turnover discontinued - non-eligible 135 56%

Abbrevations:

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective.

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective

EL – Taxonomy-eligible activity for the relevant objective

N/EL – Taxonomy-non-eligible activity for the relevant objective

Total turnover discontinued 242 100%

Total turnover - aligned 507 50%

Total turnover - eligible 0 0%

Total turnover - non-eligible 509 50%

Total turnover 1 015 100%

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Taxonomy-aligned CAPEX

Financial year 2024

Economic activities

2024 Substantial contribution criteria (%) DNSH criteria (Y/N) (Y/N) (%) (E) (T)

Code

Absolute

CAPEX (kEUR)

Proportion of

CAPEX (%)

Climate

change

mitigation

Climate

change

adaptation

Water and

marine

resources

Pollution

Circular

economy

Biodiversity

and

ecosystems

Climate

change

mitigation

Climate

change

adaptation

Water and

marine

resources

Pollution

Circular

economy

Biodiversity

and

ecosystems

Minimum

social

safeguard

Taxonomy

aligned

or eligble

proportion of

CAPEX 2023

Category

enabling

activity

Category

transitional

activity

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Manufacture of energy efficiency equipment for buildings CCM 3.5 25 31% Y N N N N N Y Y Y Y Y Y Y 0% E

Manufacture of plastics in primary form CCM 3.17 0 0% Y N N N N N Y Y Y Y Y Y Y 0% T

Manufacture of automotive and mobility components CCM 3.18 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 1 1% Y N N N N N Y Y Y Y Y Y Y 0%

Material recovery from non-hazardous waste CCM 5.9 3 4% Y N N N N N Y Y Y Y Y Y Y 0%

Manufacture of plastic packaging goods CE 1.1 0 0% N N N N Y N Y Y Y Y Y Y Y 0%

CAPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1) 29 37% 37% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%

Of which enabling 25 32% 32% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E

Of which transitional 0 0% 0% Y Y Y Y Y Y Y 0% T

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Manufacture of energy efficiency equipment for buildings CCM 3.5 0% EL N/EL N/EL N/EL N/EL N/EL 40%

Manufacture of plastics in primary form CCM 3.17 0% EL N/EL N/EL N/EL N/EL N/EL 0%

Manufacture of automotive and mobility components CCM 3.18 0% EL N/EL N/EL N/EL N/EL N/EL 0%

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 0% EL N/EL N/EL N/EL N/EL N/EL 2%

Material recovery from non-hazardous waste CCM 5.9 0% EL N/EL N/EL N/EL N/EL N/EL 9%

Manufacture of plastic packaging goods CE 1.1 0% N/EL N/EL N/EL N/EL EL N/EL 0%

CAPEX of Taxonomy-eligible but not environmentally sustainable activities

(not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 50%

CAPEX of Taxonomy-eligible activities (A.1+A.2) 29 37% 37% 0% 0% 0% 0% 0%

B. Taxonomy-non-eligible activities

CAPEX of Taxonomy-non-eligible activities 50 63%

Total (A+B) continued operations 79 100%

Company specific:

CAPEX discontinued - aligned 1 25%

CAPEX discontinued - eligible 0 0%

CAPEX discontinued - non-eligible 3 75%

Abbrevations:

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective.

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective

EL – Taxonomy-eligible activity for the relevant objective

N/EL – Taxonomy-non-eligible activity for the relevant objective

Total CAPEX discontinued 4 100%

Total CAPEX - aligned 30 36%

Total CAPEX - eligible 0 0%

Total CAPEX - non-eligible 53 64%

Total CAPEX 83 100%

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Taxonomy-aligned OPEX

Financial year 2024

Economic activities

2024 Substantial contribution criteria (%) DNSH criteria (Y/N) (Y/N) (%) (E) (T)

Code

Absolute

OPEX (kEUR)

Proportion of

OPEX (%)

Climate

change

mitigation

Climate

change

adaptation

Water and

marine

resources

Pollution

Circular

economy

Biodiversity

and

ecosystems

Climate

change

mitigation

Climate

change

adaptation

Water and

marine

resources

Pollution

Circular

economy

Biodiversity

and

ecosystems

Minimum

social

safeguard

Taxonomy

aligned

or eligble

proportion of

OPEX 2023

Category

enabling

activity

Category

transitional

activity

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Manufacture of energy efficiency equipment for buildings CCM 3.5 13 68% Y N N N N N Y Y Y Y Y Y Y 0% E

Manufacture of plastics in primary form CCM 3.17 0 1% Y N N N N N Y Y Y Y Y Y Y 0% T

Manufacture of automotive and mobility components CCM 3.18 1 5% Y N N N N N Y Y Y Y Y Y Y 0% E

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 0 1% Y N N N N N Y Y Y Y Y Y Y 0%

Material recovery from non-hazardous waste CCM 5.9 1 5% Y N N N N N Y Y Y Y Y Y Y 0%

Manufacture of plastic packaging goods CE 1.1 1 3% N N N N Y N Y Y Y Y Y Y Y 0%

OPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1) 16 84% 80% 0% 0% 0% 3% 0% Y Y Y Y Y Y Y 0%

Of which enabling 14 73% 73% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E

Of which transitional 0 1% 1% Y Y Y Y Y Y Y 0% T

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Manufacture of energy efficiency equipment for buildings CCM 3.5 0% EL N/EL N/EL N/EL N/EL N/EL 17%

Manufacture of plastics in primary form CCM 3.17 0% EL N/EL N/EL N/EL N/EL N/EL 0%

Manufacture of automotive and mobility components CCM 3.18 0% EL N/EL N/EL N/EL N/EL N/EL 0%

Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5 0% EL N/EL N/EL N/EL N/EL N/EL 1%

Material recovery from non-hazardous waste CCM 5.9 0% EL N/EL N/EL N/EL N/EL N/EL 1%

Manufacture of plastic packaging goods CE 1.1 0% N/EL N/EL N/EL N/EL EL N/EL 0%

OPEX of Taxonomy-eligible but not environmentally sustainable activities

(not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 20%

OPEX of Taxonomy-eligible activities (A.1+A.2) 16 84% 80% 0% 0% 0% 3% 0%

B. Taxonomy-non-eligible activities

OPEX of Taxonomy-non-eligible activities 3 16%

Total (A+B) continued operations 19 100%

Company specific:

OPEX discontinued - aligned 3 52%

OPEX discontinued - eligible 0 0%

OPEX discontinued - non-eligible 3 48%

Abbrevations:

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective

EL – Taxonomy-eligible activity for the relevant objective

N/EL – Taxonomy-non-eligible activity for the relevant objective

Total OPEX discontinued 6 100%

Total OPEX - aligned 19 76%

Total OPEX - eligible 0 0%

Total OPEX - non-eligible 6 24%

Total OPEX 25 100%

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Nuclear energy related activities

1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity

generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.

2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity

or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety

upgrades, using best available technologies.

3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,

including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety

upgrades.

Fossil gas related activities

4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity

using fossil gaseous fuels.

5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power

generation facilities using fossil gaseous fuels.

6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce

heat/cool using fossil gaseous fuels.

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Taxonomy-aligned activities

Financial data in this report is based on International Financing Reporting Standards (IFRS) and refers to BEWI’s consolidated financial statements.

The information is prepared on a group consolidated level and are presented in euro. All values are rounded to the nearest million.

Taxonomy-aligned revenue (turnover)

Taxonomy-aligned turnover activities correspond to net

sales, as defined in note 2 to the consolidated financial

statements. A turnover KPI in per cent is calculated by

putting the taxonomy-aligned turnover in relation to the

consolidated net sales for the group. To avoid double

counting, internal revenues from eligible activities are

excluded, and external revenues are allocated to one

activity only.

In 2024, BEWI achieved a taxonomy-aligned turnover of 52

per cent, excluding discontinued operations. When includ-

ing discontinued operations, the share was 50 per cent,

compared to 49 per cent eligible in 2023. The total aligned

revenue, including discontinued operations, amounted to

EUR 507 million, representing a decrease of EUR 38 million

compared to 2023. This decline in revenue was primarily

due to lower production volumes, driven by reduced

activity in the building and construction industry.

BEWI’s taxonomy-aligned revenues are predominantly

associated with category 3.5, which pertains to the man-

ufacture of energy-efficient equipment for buildings. This

includes sales of insulation solutions and external sales of

raw materials to insulation and construction companies.

Additionally, sales from the Circular business contribute

to taxonomy-aligned revenues, falling under category 5.5,

which covers the collection and transport of non-hazardous

waste. To categorise revenues to taxonomy-aligned reve-

nues, BEWI identifies revenues directly linked to each activity

through revenues for relevant products and services.

Taxonomy-aligned CAPEX

Taxonomy-aligned CAPEX comprises investments in

intangible and tangible fixed assets, and the capitalisation

of lease contracts as right-of-use assets. The investments

must be directly related to the sales and/ or production of

the taxonomy-aligned activities identified, either already

existing or planned. A CAPEX KPI in per cent is calculated

by putting the taxonomy-aligned CAPEX in relation to total

acquisitions of intangible and tangible fixed assets for the

group, plus the amount of right-of-use assets capitalised

in the group during the reporting period, as presented in

note 12 and 13 to the consolidated financial statements.

For 2024, BEWI’s aligned CAPEX was 37 per cent of total

CAPEX, amounted to EUR 29 million, excluding discontin-

ued operations. When including discontinued operations,

the share was 36 per cent and the amount EUR 30 million,

down from EUR 67 million in 2023. This substantial

decrease is largely attributed to capitalised leases in

operations performing aligned activities, specifically real

estate sale and leaseback transactions, which contributed

EUR 34.6 million to aligned CAPEX in 2023. The impact

from sale and leaseback transactions is reflected in the

CAPEX numerator since they are included in the denomi-

nator for the CAPEX KPI, which encompasses both ordinary

CAPEX and capitalised leases. Excluding the impact

from leases, aligned CAPEX in 2024 was EUR 10 million,

including discontinued operations, down from EUR 32

million in 2023. The CAPEX in 2024 was primarily driven by

investments in the Insulation & Construction segment. The

decline was mainly due to reduced activity in the building

and construction industry.

Taxonomy-aligned OPEX

Taxonomy-aligned OPEX activities correspond to costs

related to research and development, renovation of build-

ings, short-term leases, and repair and maintenance. These

costs must be directly related to the sales and/or production

of the taxonomy-aligned activities identified, either already

existing or planned to be operational within 18 months.

If the costs cannot be reliably measured or adequately

identified as attributable to the taxonomy-aligned activities,

they are excluded from the calculation. An OPEX KPI in per

cent is calculated by putting the taxonomy-aligned OPEX in

relation to total consolidated costs for research and develop-

ment, renovation of buildings, short-term leases, and repair

and maintenance, but only to the extent that such OPEX

can be reliably and adequately measured. Calculating the

OPEX KPI entails a number of estimations and assessments,

especially with respect to the denominator.

It has only been possible to reliably measure aligned and

eligible OPEX for certain repair and maintenance work

performed by external parties in operations conducting

eligible activities. It has not been feasible to accurately

calculate the costs for own employees performing repair

and maintenance work specifically related to eligible

activities. Consequently, only a limited portion of eligible

OPEX has been identified. However, the denominator

also accounts for a small portion of the total OPEX for the

group. Excluding discontinued operations, a total of EUR 17

million was identified as aligned OPEX, corresponding to

84 per cent of the total costs for the group within this cat-

egory. Including discontinued operations, the amount of

aligned OPEX was EUR 19 million, corresponding to 76 per

cent of the total costs for the group within this category.

Taxonomy

Operation Clean Sweep

Taxonomy

Operation Clean Sweep

Taxonomy

Operation Clean Sweep

52%

Taxonomy-aligned

revenue

37%

Taxonomy-aligned

CAPEX

84%

Taxonomy-aligned

OPEX

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Compliance with criteria for

Do No Significant Harm (DNSH)

BEWI has assessed and documented compliance

with the Do No Significant Harm (DNSH) criteria in

accordance with the Climate Delegated Act. Activities

are only reported as taxonomy-aligned when BEWI

can demonstrate full compliance with all applicable

DNSH criteria.

Environmental

objective Reference Generic and spesific requirements Disclosure in topical chapters Alignment

Climate change

mitigation

- -

Climate change

adaptation

Appendix A Activities have been assessed for generic criteria’s in Appendix A. Assets resilience towards

different chronic and extreme climate hazards is assessed in line with criteria (a). For

production facilities where physical climate risks have been identified, adaptation plans

are being developed in line with criteria (b) and (c). All production facilities with eligible

activities are assessed as aligned.

E1: Climate change



Sustainable use and

protection of water

and marine resources

Appendix B Taxonomy eligible activities have been assessed for significant impacts on water bodies,

focusing on water quality and water stress, in accordance with the generic criteria out-

lined in Appendix B. Where applicable, BEWI has implemented appropriate management

systems, such as ISO 14001, to mitigate potential negative impacts. All production facilities

with eligible activities are assessed as aligned.



The transition to a

circular economy

- Significant efforts are dedicated to enhancing resource efficiency though initiative such

as design for recycling, improving energy efficiency, increasing durability and promoting

reuse and recycling. Through its circular business segment, BEWI collects waste for reuse

and recycling, enabling the use of mechanically recycled raw materials and substantially

reducing waste generation. Consequently, all eligible activities have been assessed as

aligned with the specific requirements outlined for activity 3.5 and 3.18 under the climate

mitigation framework.

E5: Resource use and circular economy



Pollution prevention

and control

Appendix C Eligible activities have been assessed with criteria outlined in Appendix C. None of the sub-

stances listed in the criteria are used in BEWI’s production. Emissions are within or lower than

the mission levels associated with the best available techniques (BAT-AEL) ranges set out in

best available techniques (BAT) conclusions under Directive 2010/75/EU including a) BREF

to produce Polymers b) BAT conclusions for common wastewater and waste gas treatment

systems in the chemical sector. Products manufactured from plastic materials in primary

form (activities 3.5, 3.17 and 3.18) are within or lower than the emissions levels with BAT-AEL.

The specific requirements for activities 5.5 and 5.9 under the topic climate mitigation, as well

as 1.1, 2.3 and 2.7 under the circular economy framework, are fulfilled through the imple-

mentation of Operation Clean Sweep management system and ISO 14001. Additionally,

BEWI’s chemical production facilities are legally required to conduct Environmental Impact

Assessments, ensuring that potential pollution impacts are prevented, mitigated, and

addressed. All production facilities with eligible activities are assessed as aligned.

E2: Pollution



The protection

and restoration of

biodiversity and

ecoystems

Appendix D Eligible activities have been evaluated for the proximity of production facilities to biodi-

versity-sensitive areas in accordance with Directive 2011/92/EU. Additionally, the first two

stages of the LEAP approach, as outlined in the TNFD framework, were applied to assess

these activities. The evaluation concluded that none of the eligible activities have a mate-

rial impact on biodiversity or ecosystems. As a result, all eligible activities are considered

aligned with the criteria specified in Appendix D.

E2: Pollution



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Minimimum social

safeguard Reference Generic requirements Disclosure in topical chapters Alignment

Human Rights

(including labour and

consumer rights)

Article 18 BEWI has implemented due diligence systems aligned with the OECD Guidelines for

Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.

All eligible activities have been assessed as aligned with the requirements outlined in

Article 18.

S1: Own workforce

S2: Workers in value chain



Bribery, bribe

solicitation and

extortion

Article 18 BEWI has developed and implemented internal controls, ethics policies, and compliance

programs to prevent and detect bribery, in alignment with the OECD Guidelines. The

internal ethics policies include guidelines, practical examples and approval schemes, and

annual trainings are conducted to ensure awareness and compliance amongst employ-

ees. Neither BEWI nor its senior management has been convicted of bribery. All eligible

activities have been assessed as aligned.

G1: Business conduct



Taxation Article 18 BEWI complies with tax laws and regulations in all countries where it operates. Tax

governance and compliance are integral to daily operations, with tax risk management

serving as a core element to ensure thorough identification and evaluation of potential

risks. This includes the use of local tax consultants to comply with local tax legislation

and to identify potential tax risks that could have both a local and a group-wide impact,

but also the co-operation with tax advisors from global consultancy firms at group level

to, inter alia, ensure adherence to OECD’s transfer pricing guidelines and OECD’s Pillar II

regulations as implemented in the EU’s GloBE Directive. All eligible activities have been

assessed as aligned.



Fair competition Article 18 BEWI has established systems to promote employee awareness and provide training for

senior management on competition-related issues. In addition, BEWI has implemented

mandatory guidelines and annual trainings to ensure awareness and compliant market

conduct amongst employees. The company has had no breaches of anti-competition

laws and it's eligible activities are assessed as aligned.



Compliance with criteria for

Minimum Safeguard

An assessment of the Minimum Safeguard criteria

in Article 18 has been carried out to ensure compli-

ance with the requirements specified in this article.

Activities are considered taxonomy-aligned only

when BEWI can demonstrate full compliance with all

applicable minimum safeguard criteria.

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Social

S1 Own workforce

S2 Workers in the value chain

Alignment with the Norwegian Transparency Act

104

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S1 Own workforce

Health and safety

Material impacts, risks, and opportunities

BEWI’s employees are the group’s most valuable

resource and are thus important for the group’s

growth and development. As a manufacturer of raw

materials and products, BEWI’s operations involve

inherent health and safety risks associated with the

use of heavy equipment. Recognising these risks,

BEWI is committed to ensuring a safe and secure work

environment for all workers, including permanent

employees, temporary staff, agency workers, and

contractors which the company directly or indirectly

controls with more than 50 per cent of the shares.

Policies related to health and safety

BEWI’s Code of Conduct and health and safety

policy outlines BEWI’s commitment and minimum

requirements for ensuring a safe and healthy work

environment.

These policies apply to all employees, including

part-time, non-permanent, and temporary staff.

Local managers are responsible for implementing

and overseeing the policies within their respective

areas. The Chief Human Resource Officer oversees

the overall compliance and effectiveness of the

policy, which is reviewed and approved annually by

the executive management to ensure alignment with

best practices in health and safety.

Processes for managing health and safety

BEWI’s health and safety management system is built

on due diligence and supported by ISO 9001, ISO

14001 and ISO 45001 certifications. The system focuses

on systematic risk reduction, and personnel training.

All injuries and incidents are investigated to identify

root causes, and lessons learned are shared across

production facilities to prevent recurrence.

In highly regulated environments, such as chemical

production facilities, workers receive training pro-

grammes tailored to their roles. Additionally, regular

introduction training sessions are conducted in

compliance with local legislation and site-specific

standards. As of 31 December 2024, BEWI operated

three chemical production facilities.

A health and safety committee, chaired by the

Chief Human Resource Officer and comprising

representatives from operational functions, con-

venes quarterly. Additionally, quarterly meetings are

held with health and safety representatives from

local business units. The committee monitors and

addresses workplace accidents and lost time due to

such incidents, ensuring continuous improvement in

safety practices.

In 2024, BEWI conducted quarterly health and safety

campaigns aimed at raising awareness of potential

risks. These campaigns also provided local teams

with tools and guidance to foster a strong, proactive

culture of health and safety across all levels of the

company. BEWI measures the development of acci-

dents and sick leave due to accidents as frequency

rate and severity rate respectively. .

Targets related to health and safety

BEWI’s long-term goal is to achieve zero workplace

accidents. To reach this target, the group has set

interim objectives focused on the continuous reduc-

tion of accident frequency and severity rates by 2030,

as detailed in note 12

Employee training and development

Material impacts, risks, and opportunities

Employee training and development are essential

for BEWI to ensure that employees have the skills

and knowledge to meet business needs and adapt

to future challenges. This enables the company to

achieve its strategic priorities and maintain long-term

success.

Policies related to employee

training and development

BEWI’s Code of Conduct and human resource

policy underscores the company’s commitment to

employee training and development and cover the

same scope and governance as described under

health and safety.

Actions related to employee

training and development

All employees are required to participate in an annual

Performance and Development Dialogue (PDD),

during which an individual development plan is

created to ensure they possess the necessary skills

and competencies to align with BEWI’s business

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needs. The outcomes of these discussions are

consolidated and provide input to the annual talent

review process, which includes succession planning

for key positions and nominations for leadership and

development programs.

BEWI Business School plays a key role in developing

people and leadership within the group. Currently,

the Business School encompasses two programmes:

a growth programme and a senior leadership pro-

gramme.

The growth programme is a nine-month talent

development initiative combining classroom and

digital training. It aims to prepare employees for the

next step in their careers, by building networks, and

deepening understandings of BEWI’s business, and

applies BEWI’s leadership framework (“leading busi-

ness, leading people, leading myself”).

The senior leadership programme is also based on

the leadership framework and is designed for leaders

who manage other leaders. It consists of three key

modules aimed at enhancing leadership skills and

organisational effectiveness.

In February 2024, BEWI launched a digital recruitment

platform to expand its candidate reach and ensure that

all positions are accessible to internal candidates, sup-

porting career development within the organisation.

BEWI conducts an annual employee survey called

BE heard The survey assesses employee motivation,

engagement, and the effectiveness of leadership

within the company. The results are used to guide

the group’s priorities and actions, with specific

targets set for continuous improvement.

Targets related to training and development

Learning and development, with a focus on lead-

ership, is a priority for BEWI. By aligning individual

development plans with both employee aspirations

and business objectives, BEWI aims to foster a

high-performance culture that enhances career

satisfaction and supports long-term business success.

The annual employee engagement survey, includes

an index for learning and development, in which the

group has set a voluntary target to have an index of

at least 80 in 2030.

the International Bill of Human Rights and the International Labour Organization (ILO) Declaration of Fundamental Principles and Rights at Work

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Diversity and equal opportunities

Material impacts, risks and opportunities

In addition to securing a safe working environment,

BEWI has a responsibility to ensure an inclusive

working environment. By embedding diversity, equal-

ity, and inclusion into its core culture, the group aims

to build a dynamic and resilient organisation, which

is essential for attracting and retaining top talent,

enhancing team performance, and aligning with the

values of its stakeholders.

Policies related to diversity,

equality and inclusion

BEWI’s Code of Conduct and human resource policy

outline the group’s commitment to upholding

human rights, diversity and inclusion. The policies are

aligned with international human and labour rights

standards

and includes protection against harass-

ment and discrimination, freedom of association, the

prevention of human trafficking, forced labour, child

labour, and the provision of minimum wages, among

other essential areas. All employees, particularly those

in management positions are responsible for uphold-

ing these principles in their daily work.

Actions related to diversity,

equality and inclusion

BEWI’s operations are guided by the UN Guiding

Principles on Business and Human Rights and the

OECD Guidelines for Multinational Enterprises. The

group is dedicated to fostering a diverse, equitable,

and inclusive workplace where every employee feels

valued and empowered to contribute to the organi-

sation’s success.

Through BEWI’s annual BE heard survey, the company

assesses employee perspectives on topics related

to Diversity, Equity, and Inclusion (DEI). The goal is to

proactively address DEI issues, drive organisational

initiatives, and support continuous improvement.

Being a diverse workplace and providing equal

opportunities for all employees is considered

important in attracting and retaining diverse talents.

BEWI includes awareness dates in the yearly calen-

dar to educate and promote visibility, such as the

International Women’s Day, pride month, and mental

health awareness week. In 2024, the group started

up the “walk and talk” program, which encourages

activity, collaboration and inclusion for all employees.

In addition, BEWI conducts an annual salient human

rights assessment to identify areas for improvement

in its human rights practices, including diversity,

equality, and inclusion efforts. Based on the findings,

BEWI develops targeted action plans to address any

identified gaps, ensuring continuous progress and

alignment with industry best practices in human

rights and workplace equality.

Processes to remediate negative impacts

and channels to rise concerns

BEWI employees are encouraged to raise any con-

cerns or issues they may have through their direct

line of management or local HR teams. BEWI also

provides a whistle-blower channel, securing an

anonymous channel designed to give employees

the confidence to report concerns without fear

of retaliation, ensuring that all issues are taken

seriously and handled with the utmost discretion.

More information about the processes linked to the

group’s whistle-blowing system is included in the

G1 Business conduct section.

Targets related to diversity,

equality and inclusion

BEWI targets a gender mix for managers of 30 per

cent women and 70 per cent men. As per the end

of 2024, the group’s executive management team

comprised of two women and four men, while the

board comprised of three women and three men.

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Notes to S1 Own workforce

Note 10 Characteristics of employees

Reporting principles

Data is sourced from each BEWI’s payroll systems and integrated into BEWI’s sustainability reporting system on a monthly basis.

Headcount is defined as the total number of employees working in the BEWI organisation regardless of whether they are full-

time or part-time. Full-time equivalent (FTE) is defined as the actual contractual hours available according to the organisation’s

standard working hours. Overtime is not included when reporting FTE. Headcount and FTE data is based on reporting period

December. Additional information about average employee numbers and remuneration is disclosed in the remuneration

report. There are no substantial uncertainties associated with the reported data.

Table 10.1 Total FTE and headcount characteristics

Male Female Total

Headcount permanent 2 294 696 2 990

Headcount temporary 177 72 249

Headcount hired 209 71 280

Total headcount 2680 839 3 519

Total FTE 2 562.2 748.5 3 310.7

Continued operations

Total headcount 2417.6 778 3 196

Total FTE 2 311.0 696.2 3 007.3

Discontinued operations

Total headcount 262.4 61 323

Total FTE 251.2 52.3 303.4

The table presents BEWI’s total full-time equivalent (FTE) and headcount characteristics, broken down by gender and employment

type. BEWI have a predominantly male workforce with 76 per cent male employees and 24 per cent female employees. 85 per cent are

permenent emplyees while 15 per cent are temporary and hired employees.

Table 10.2 Headcount by country

Country Total employees

Netherlands 621

Germany 567

Norway 403

Other 1 928

Total 3 519

The table shows countries representing at least 10 per cent of the company’s total number of employees.

Table 10.3 Number of employees who have left the company during the year

Country Total

Number of employees who left the company during the year 548

Percentage of employee turnover 16%

BEWI’s employee turnover rate for the year stands at 16 per cent, with 548 employees leaving the company.

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Note 11 Employee diversity

Reporting principles

Executive management is defined as members of BEWI’s Executive Committee (ExCom).

Gender pay gap is calculated as ((average gross male monthly pay - average gross female monthly pay)/average gross male

monthly pay) x 100). Annual total remuneration ratio is calculated as the ratio of the highes paid individual including bonuses to

the median annula total remuneration for all employees, excluding the highest-paid individual.

The basis for reporting is monthly salaries for all employees employed at year-end. Employees with hourly salaries has been

recalculated to monthly salaries based on country specific monthly working hours.

Approximately 5 percent of the total employees have been distributed across age groups based on the overall distribution, as it

has not been possible to obtain the necessary data.

Table 11.1 Executive management gender

Male Female

Executive management, headcount 4 2

Executive management, % 67% 33%

Table 11.2 Employees by age

Total number

Headcount under 30 years old 513

Headcount between 30 and 50 years old 1 652

Headcount over 50 years old 1 354

Total 3 519

The split between male and female members of the executive management are 33 per cent female and 67 per cent male.

As of the end of 2024, BEWI’s workforce comprised 24 per cent women and 76 per cent men. Among management positions,

19 per cent were held by women and 81 per cent by men. The gender pay gap in BEWI is 85 per cent, while the annual total

remuneration ratio is 7.92.

Note 12 Health and safety

Reporting principles

Data is sourced from BEWI’s health and safety management systems (HSM) and integrated into BEWI’s sustainability reporting

system. Frequency is calculated as ((Number of accidents * 200.000) / (number of working hours)). Severity is calculated as

((Number of lost days due to accidents *200.000)/(Number of working hours)). There are no substantial uncertainties associated

with the reported data.

Table 12.1 Health and safety

2024

Target

2030

Percentage of people in own workforce who are covered by HSM system based on legal

requirements and (or) recognised standards or guidelines 87%

Number of fatalities in own workforce as result of work-related injuries and work-related ill health 0

Number of fatalities as result of work-related injuries and work-related ill health of other workers

working on BEWI's sites 0

Number of recordable work-related accidents for own workforce 74

Rate of recordable work-related accidents for own workforce 2.25 1

Number of cases of recordable work-related ill health of employees 2

Severity rate 24.24 <13

Number of days lost to work-related injuries and fatalities from work-related accidents, work-

related ill health and fatalities from ill health related to employees 796

BEWI has a work-related accidents rate of 2.25 and a severity rate of 24.24, which both are above the 2030 targets.

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Note 13 Incident, complaints and severe human rights impacts

Reporting principles

Data is obtained from BEWI’s sustainability system and the whistleblower channel, while risk assessment is conducted through

the HR due diligence process. There are no substantial uncertainties associated with the reported data.

Table 13.1 Incident, complaints and severe human rights impacts

Incidents 2024

Number of incidents of discrimination 1

Number of complaints filed through channels for people in own workforce to raise concerns 1

Number of complaints filed to National Contact Points for OECD Multinational Enterprises 0

Amount of fines, penalties, and compensation for damages as result of incidents of discrimination,

including harassment and complaints filed 0

Number of severe human rights issues and incidents connected to own workforce 0

Number of severe human rights issues and incidents connected to own workforce that are cases

of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises 0

Amount of fines, penalties, and compensation for severe human rights issues and incidents

connected to own workforce 0

In 2024, BEWI recorded one discrimination incident and one workforce complaint, neither of which resulted in fines or penalties.

Both cases were addressed in accordance with the company’s internal policies and procedures to ensure fair and appropriate

resolution. Additionally, no severe human rights violations were reported during the year.

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S2 Workers in the value chain

Material impacts, risks, and opportunities

BEWI collaborates with more than 10 000 suppliers

across 37 countries. While the group maintains strong

oversight of its immediate suppliers, visibility into

tier 2 and tier 3 suppliers remains limited. This lack

of transparency, combined with the scale of opera-

tions, inherently increases the risk of human rights

breaches, ranging from minor to severe violations.

The majority of BEWI’s suppliers are based in Europe,

with 98 per cent of total spending tied to long-term

relationships. Raw materials and logistics suppliers

represent a substantial proportion of the group’s

procurement spend (64 per cent), making these

sectors a strategic priority.

Through its human rights due diligence processes,

BEWI has identified salient human rights risks within

its value chain:

Working conditions: The risk of poor working condi-

tions is high in the logistics sector, where demands

for flexibility can lead to wage pressures and

degraded working conditions. Issues such as inad-

equate rest periods, insufficient overtime pay, and

limited access to proper facilities are prevalent con-

cerns. The group closely monitors its top providers.

Limited visibility into lower-tier’s presents potential

violations on human rights.

Health and safety: Beyond tier 1 suppliers, health

and safety concerns are a potential risk, particularly

in the chemical and waste sectors. These industries

often involve hazardous materials and exposure to

toxic substances which heighten the likelihood of

accidents, injuries and long-term health issues for

workers.

These salient human rights issues are critical for BEWI

given its operations and reliance on raw materials

and logistics. Ensuring stringent health and safety

standards and working conditions across its supply

chain are essential to safeguarding workers and

aligning with ethical standards.

BEWI’s scope extends beyond direct suppliers to

include lower-tier’s, as well as on-site workers not

directly employed by BEWI but potentially affected

by its operations. Workers engaged in joint ventures

are included in the reporting of the majority-owned

companies.

Policies related to workers

in the value chain

BEWI’s Supplier Code of Conduct outlines the

minimum requirements for its suppliers and is rein-

forced through contractual commitments.

The code is aligned with international standards

and

includes:

• Commitment to human rights and decent working

conditions: Ensuring respect for fundamental rights

and providing safe, fair and equitable working

conditions

• Human rights due diligence: requiring suppliers

to conduct due diligence within their operations,

supply chains and subcontractors’ relationships

• Business ethics: addressing anti-corruption, data

protection, fair competition, conflicts of interest,

import/export controls and economic sanctions

• Grievance mechanisms: mandating the establish-

ment of accessible channels for workers, rights

holders and stakeholders to rise concerns.

Failure to comply with the code may result in con-

tract termination. BEWI always seeks to collaborate

with its suppliers to improve their performance

through dialogue and knowledge sharing.

UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, the International

Bill of Human Rights, and the core conventions of the International Labor Organisation (ILO).

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The code is reviewed annually by the group’s

Procurement Director to ensure alignment with

relevant regulations. The Procurement Director also

oversees efforts, monitors progress and ensures

the implementation of due diligence procedures.

Managing directors are responsible for enforcing

these policies and procedures within their respective

organisations.

BEWI organises human rights trainings to enhance

awareness and ensure compliance with its policies.

Further details on governance and management

of these policies are described in the Governance

section.

Processes for engaging with value

chain workers about impacts

BEWI works to mitigate potential negative impacts,

enhance supply chain resilience, and contribute

to good working conditions in its value chain. To

achieve this, the group has established a due dili-

gence process

to engage with business partners and

suppliers to identify potential human rights violations

in the value chain.

Salient human rights assessments

An assessment is conducted annually to identify and

prioritise salient human rights issues, involving:

• Data collection: leveraging internal audits, sup-

plier self-assessments, industry reports and NGO

insights.

• Evaluation: an internal expert assesses each

identified issue for severity (scale, scope, and

irremediable nature of potential impacts) and

likelihood (the probability of occurrence).

• Prioritisation: issues are ranked based on their

assessed severity and likelihood, ensuring focus on

the most pressing concerns.

• Action planning: Tailored action plans are devel-

oped for each salient issue, with measures to

mitigate risks and address root causes. Key perfor-

mance Indicators (KPIs) are established to monitor

and track progress.

• Continuous improvement: regular reviews ensure

the effectiveness of implemented actions and

allow for adjustment in response to new risks or

changing conditions.

By embedding these assessments into its operational

processes, BEWI strengthens its ability to proactively

manage human rights risks and enhance accountabil-

ity across its value chain.

Due diligence of customers

and business partners

BEWI assesses new business partners before signing

contracts. To ensure compliance with regulations

regarding sanctions and restrictions, the group

regularly screens its list of customers and business

partners. This process includes:

• Screening against sanction lists: Systematic review

of potential and existing partners against interna-

tional sanctions databases.

• Risk categorisation: Categorising partners based

on risk profile, considering geographic location,

industry, and past compliance history.

• Ongoing monitoring: Periodic re-assessments of

existing business partners to identify emerging

risks and ensure alignment with ethical and legal

standards. For any identified risks, BEWI develops

tailored engagement plans to address concerns,

which may include targeted audits, increased

reporting requirements, or, if necessary, termina-

tion of the business relationship.

Due diligence of suppliers

BEWI evaluates suppliers to ensure alignment with its

Supplier Code of Conduct. The framework is designed

to identify, assess and mitigate potential human rights

risks within its supply chain while promoting account-

ability and continuous improvement among suppliers.

The process includes:

• Annual desktop assessment: Review of direct sup-

pliers, assessing severity and likelihood of human

rights impacts based on spend, sector, country,

and the group’s salient human rights issues.

• Supplier screening: Suppliers identified as medium

or high-risk in the desktop assessment are regis-

tered in BEWI Partner, the group’s digital supplier

assessment platform. These suppliers complete

a self-assessment questionnaire covering, supply

chain management, human and labour rights,

health and safety, business ethics, and environmen-

tal practices. Based on the responses, a risk analysis

determines necessary actions to ensure compliance

with BEWI’s Supplier Code of Conduct and whether

tier 2 suppliers require additional screening.

Aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.

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• Engagement and follow-up: If further actions

are needed, BEWI collaborates with suppliers to

develop engagement plans with timelines for

improvements. Follow-up questionnaires are

issued within a year to monitor progress and

address any remaining concerns.

Audits

High-risk suppliers may also be subject to internal

or external audits to verify compliance and resolve

critical concerns.

This structured approach enables BEWI to effectively

manage supplier-related risks and uphold its commit-

ment to responsible sourcing.

Processes to remediate negative impacts

and channels to raising concerns

BEWI addresses concerns and grievances within its

value chain through a framework grounded in trans-

parency, trust and effective remediations. The group

ensures that its responses are proportionate and

tailored to the specific grievance raised.

Whistleblowing channel

To facilitate the reporting of concerns, BEWI provides

a whistleblowing channel accessible at the group’s

website and supplier platform. The channel is

monitored by an independent third party to ensure

impartiality and confidentiality in handling reports.

Remediation framework

BEWI uses a structured remediation framework

designed to promptly investigate and resolve griev-

ances. When adverse impact is identified, the group

collaborates with stakeholders to provide or facilitate

appropriate remedies, ensuring responses are pro-

portionate to the specific grievances.

Figure showing BEWI’s due diligence approach to workers in the value chain.

SAQ = Self-assessment questionnaire

SCoC = Supplier Code of Conduct

HRDD = Human rights due diligence

Initial risk-

based supplier

desktop

assessment of

all suppliers:

• Spend

• Direct/indirect

procurement

• Sector/industry

• Location

• Experience

Approved

supplier

for BEWI

Approved

w/o remark

New screening

3 years

Approved

w/remark

Alert w/

action plan

New screening

1 year

NOT Approved

supplier for BEWI

Low Risk

Low spend - Indirect procurement - Low risk based on sector,

industry and location - Sustainability performance rating

Medium Risk

Direct procurement - Critical supplies or services - Downstream

- Risk based on sector, industry and location -Non-EU Tier 2 -

High Risk

Identified and prioritized according to HRDD

- Downstream

- Upstream - Risk based on sector, industry and location -

SAQ

BEWI Partner

Supplier sign

BEWIS SCoC

Corrective Measures

- Action Plan

- Supplier meeting/visits

- Audit

Risk Analysis

in BEWI Partner

Risk Analysis

in BEWI Partner

SAQ

BEWI Partner

Supplier sign

BEWIS SCoC

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Acting on material impacts

and approaches to managing

risks and opportunities

BEWI monitors progress on material impacts through

monthly and annual reports, including tracking the

number of suppliers assessed and audited. Business

segments are responsible for overseeing its action

plans to ensure robust processes are in place to

address impacts and to evaluate the effectiveness of

implemented actions.

Key actions and results in 2024:

Facilities for drivers: A thorough mapping of all BEWI’s

facilities was conducted to assess the availability

of on-site facilities for drivers both during and after

business hours. While significant progress was made,

the process remains incomplete, requiring further

work to ensure a comprehensive evaluation of all

locations. Additional efforts will focus on addressing

any gaps and securing adequate facilities to support

drivers’ needs across all sites.

Supplier risk assessment: In 2024, 55 per cent of

suppliers identified as medium- and high-risk were

assessed, accounting for 76 per cent of total spend.

All assessed suppliers met the necessary require-

ments, and none were disqualified due to high risk.

Increased supplier engagement and audits: In 2024,

the number of supplier visits increased, culminating

in 10 audits focusing on working conditions, environ-

mental practices, and living conditions. Key findings

related to health and safety, as well as transparency,

led to the development of targeted action plans

aimed at improving workplace safety and preventing

incidents. An initial screening at one site highlighted

the need for further assessment in 2025 to ensure

transparency and compliance across tier 2 suppliers.

Compliance with international guidelines: In 2024,

there were no reported incidents of non-compliance

with UN, ILO, or OECD guidelines in BEWI’s upstream

or downstream value chain. Furthermore, no supplier

terminations or significant human rights issues

required remediation.

Cost implications: No capital expenditure (CAPEX) or

operational expenditure (OPEX) were identified for

addressing material impacts during 2024.

BEWI remains committed to ongoing assessments,

regular follow-ups, and collaborative reporting to

manage and mitigate risks effectively. The group’s

continuous improvement efforts aim to strengthen

its value chain while adhering to international human

rights and sustainability standards.

Targets and metrics related to

workers in the value chain

BEWI is committed to upholding its ethical standards

and ensuring transparency throughout its supply

chain. To achieve this, the group has established Key

Performance Indicators (KPIs) with voluntary targets

that are regularly monitored to track progress and

ensure compliance with its due diligence procedures.

BEWI has not directly involved workers in the value

chain when setting targets, primarily due to a lack

of established processes for engaging with workers

at various levels of the supply chain. The compa-

ny’s focus has instead been on ensuring that due

diligence procedures are followed and effectively

implemented throughout its operations. The targets

include:

• 100% screened in BEWI Partner

BEWI aims to have all medium and high-risk suppli-

ers registered and assessed through BEWI Partner,

the group’s digital supplier assessment platform,

to ensure visibility and evaluation of supplier

practices, enabling proactive identification and

mitigation of risks and opportunities.

• 100% high-risk suppliers audited

Suppliers identified as high-risk are subject to

detailed audits to assess compliance with BEWI’s

standards and international guidelines. The audits

focus on areas such as working conditions, health

and safety, and environmental practices. Findings

from the audits drive action plans to address defi-

ciencies and promote continuous improvement.

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Notes to S2 Workers in the value chain

Note 14 Workers in the value chain

Reporting principles

Number of suppliers and supplier spend are based on a summary of each business unit’s (BU) supplier list for 2024, covering

the period January to September. Total number of suppliers is determined by supplier identity. A single supplier to BEWI may

constitute multiple suppliers if BEWI has purchased from multiple BU’s from the same supplier. Group suppliers (agreement at

Group level for multiple BU’s) are consolidated to provide the best possible view of total spend in the different supplier spend

categories.

The initial screening of the supplier list is based on a desktop analysis by BEWI’s business segments. Given the potential for

subjective conclusions, there may be some uncertainty associated with this data. However, no substantial uncertainties have

been identified, and the data is deemed to be at an acceptable level.

Data from supplier assessment is derived from supplier assessment platform, BEWI Partner. The number of suppliers screened

includes both approved suppliers (with minimal or no remarks) and non-approved suppliers.

Per cent of suppliers screened in BEWI Partner includes medium and high-risk suppliers identified in the initial screening. Per

cent of suppliers audited is based on suppliers identified as high-risk.

Table 14.1 Total spend on suppliers by category

Company specific

Spend categories Share of suppliers Share of spend

> 10 000 000 EUR 0.06% 34%

1 000 000 - 10 000 000 EUR 1% 30%

100 000 - 1 000 000 EUR 7% 24%

< 100 000 92% 12%

Total number of suppliers 100% 100%

BEWI collaborates with approximately 10 000 suppliers, but procurement spending is highly concentrated among a smaller

group. Just 8 per cent of these suppliers account for 88 per cent of the total procurement spend, highlighting their strategic

importance. In contrast, the remaining 92 per cent of suppliers collectively contribute only 12 per cent of the spend, reflecting a

long tail of smaller or more specialized suppliers.

Table 14.2 Supplier due diligence

Company specific

Identification of risk % of suppliers

% screened

-number

% screened

-spend

Target

2030

Audited High

Risk Suppliers

Target

2030

Low-risk suppliers 90% 0% 0

Medium-risk suppliers 10% 54% 76% 100%

High-risk suppliers 0.4% 81% 79% 100% 28% 100%

10 per cent of BEWI’s suppliers have been identified as medium and high-risk suppliers, making them subject to thorough

supplier assessments. In 2024, 76 per cent of medium-risk suppliers and 79 per cent of high-risk suppliers underwent these

assessments. Additionally, 28 per cent of high-risk suppliers have been audited as part of this process.

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Alignment with the Norwegian

Transparency Act

The Act shall promote enterprises’ respect for fundamental human rights and decent working conditions in connection

with the production of goods and services and ensure the general public access to information regarding how enter-

prises address adverse impacts on fundamental human rights and decent working conditions. According to the Act

BEWI shall carry out due diligence in accordance with the OECD Guidelines for Multinational Enterprises.

Description of disclosures Page

a) General description of BEWI’s organisation, operating area, guidelines and routines for handling

actual and potential negative consequences for basic human rights and decent working

conditions.

p. 9-18, 93-95,

99-101

b) Information regarding actual adverse impacts and significant risks of adverse impacts that BEWI

has identified through its due diligence.

p. 93, 95, 99

c) Information regarding measures that BEWI has implemented or plans to implement to cease

actual adverse impacts or mitigate significant risks of adverse impacts, and the results or

expected results of these measures.

p. 93-98, 102-103

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Governance

G1 Business conduct

106

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G1 Business conduct

Material impacts, risks and opportunities

A strong corporate culture and ethical conduct

are crucial to BEWI’s reputation, operations, and

stakeholder relationships. With growing regulatory

scrutiny on environmental impact, labor, and supply

chains, ethical practices help mitigate risks like fines

and litigation.

Whistleblower protections are essential for transpar-

ency and integrity. Reporting misconduct can be

challenging, and BEWI’s treatment of whistleblowers

directly impacts trust and accountability.

Role of administrative, management

and supervisory bodies

The board has the overall responsibility for ensuring

a high standard of business conduct. The board

has adopted a Code of Conduct, an anti-corruption

policy, a sanction policy and a privacy policy to

establish its expectations on how business shall be

conducted within BEWI. The executive management

of BEWI has, furthermore, adopted a gift and event

policy and a competition law compliance policy

outlining in more detail how to ensure compliance

with the policies adopted by the board.

On the basis of trainings and general applicable

working experience the administrative -, manage-

ment-, and supervisory bodies of BEWI are well

experienced and knowledgeable in the area of

business conduct matters.

BEWI’s Chief Legal Officer is responsible for the overall

implementation of relevant policies on group level and

to ensure awareness of the content of the policies by

the board and the managing directors of the group.

Each managing director of BEWI is responsible for the

implementation of the polices adopted in BEWI in

his or her organisation through appropriate systems,

processes and procedures and to inform all pertinent

persons within his/her organisation of the contents

of such policies. Each managing director is requested

to confirm in writing to BEWI’s Chief Legal Officer that

he or she has:

• received and is aware of that the relevant

policies exist

• read and understood the contents of the

relevant policies

• informed all relevant persons within its organisation

of the contents of the relevant policies and have

received a confirmation from each such person that

such person is aware of that the relevant policies

exists and acknowledge that it has read and under-

stood the contents of the relevant policies

Each managing director is also requested to confirm

in writing to BEWI’s Chief Legal Officer that appro-

priate processes have been implemented in its

organisation for compliance with the relevant policies.

How BEWI establishes, develops and

promotes its corporate culture

Unethical business conduct is not only contrary

to BEWI’s fundamental values but could also have

serious consequences in the form of significant fines,

sanction fees, extensive damages claim, exclusion

from public procurement, trade prohibitions, as well

as harming BEWI’s reputation, competitiveness and

business relations.

To identify material impacts, risks and opportunities

in relation to business conduct matters, BEWI use

the annual double materiality assessment to identify

material matters.

Risk assessments in relation to BEWI’s objectives

which include identification of risks, evaluation

of probability and impact, as well as appropriate

response to mitigate unwanted risks, are performed

on all levels within BEWI’s organisation and is further

described on in the Governance section.

BEWI’s “bottom-up” approach means that all divi-

sions and group functions are responsible for their

respective risks and identified actions. Risks should

be timely and transparently disclosed as part of

operational work, projects and reporting to ensure

that risks connected to business opportunities are

adequately managed. Monitoring and support

procedures help ensure that identified risks are

prioritised and managed within the given mandates

or escalated.

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Policies related to business

conduct and corporate culture

BEWI’s Code of Conduct, anti-corruption policy, sanc-

tion policy and privacy policy are available on BEWI’s

website. All policies are available on BEWI’s intranet.

BEWI’s Code of Conduct is provided in English and

translated to the local languages of the jurisdic-

tions where the general knowledge of the English

language is only considered moderate. All other

business conduct policies are currently provided in

the English language. The intention is to translate at

least the anti-corruption policy to the local languages

of the jurisdictions where the general knowledge of

the English language is considered only moderate.

To enhance the organisation’s competency on cor-

ruption and ethical business conduct, all employees

deemed relevant, such as for example the executive

management, the local management teams, general

managers, sales and marketing employees and

group functions must undergo mandatory online

trainings on the topics of BEWI’s Code of Conduct,

anti-corruption, competition law and GDPR as part

of their onboarding process. All such employees are,

furthermore, asked to re-do the trainings annually

or bi-annually. The trainings contain information on

the contents of the policies, as well as explain the

meaning of and describes the range of the relevant

restrictions and the terms set out in the policies. The

trainings, furthermore, include practical examples

whereby the participants are requested to answer

how to act to be in compliance with the relevant

policy, on the basis of provided alternatives.

BEWI’s whistleblowing system

BEWI’s whistleblowing channel is an essential tool for

fostering a culture of transparency and accountability

within the company.

BEWI’s whistleblowing channel facilitates the report-

ing of serious improprieties concerning potential

compliance issues related to laws, regulations, and

BEWI’s own policies. The whistleblowing guidelines

are provided in the language of each jurisdiction

where BEWI has a permanent establishment. The

whistleblowing service is available to both internal

and external stakeholders, through internal channels

and the group’s website (as applicable). The effective-

ness of this system is enhanced by its independence,

as it is managed by an independent third party

and notifications may be done anonymously and

are kept confidential. Any reports made are initially

reviewed by BEWI’s Chief Legal Officer and Chief

Human Resources Officer and reported on to the

chairman of the group’s audit committee. No training

with respect to the whistleblowing system has been

provided to BEWI’s employees or the individuals

receiving the reports.

In addition to the whistleblowing system, BEWI

strives to ensure an organisational culture where

employees dare to speak up and inform about any

improprieties concerning potential compliance

issues. BEWI encourages and expects leadership

commitment in such regard. Reports made outside

of the whistleblowing system shall be handled by

management individuals not effected by or involved

in such report, to ensure an objective investigation.

Apart from the whistleblowing system, there are

currently no documented grievance mechanism

implemented by BEWI.

A reminder of the whistleblowing system as well as

the main contents and expectations deriving from

BEWI’s business conduct related policies are provided

to all employees with a group email address on a

bi-annual basis.

How BEWI evaluates its business conduct

To ensure continuous attention to suspicious miscon-

duct, the organisation is reporting on concerns raised

to the group organisation monthly. The chairman of

the audit committee is furthermore informed of any

whistleblowing matters reported in the whistleblow-

ing channel. The group is, furthermore, reporting on

any number of incidents of corruption in its annual

report.

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Notes to G1 Business conduct

Note 15 Business conduct

Reporting principles

All managers are required to complete annual training. These training sessions are delivered through BEWI’s Learning

Management System (LMS). The data is extracted from the LMS, ensuring high quality and reliability.

Table 15.1 Business conduct training

Company specific

Training coverage Managers

Total 545

Total receiving training 521

Delivery method and duration

Computer-based training 30 minutes

How often training is required Annually

Topics covered

Definition of corruption X

Policy X

Procedures on suspicion/detection X

Managers include executive management, division and business unit management, as well as other employees with managerial responsibilities and at-risk

functions.

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Signatures from the board

of directors and CEO

The board of directors and the CEO of BEWI ASA have today considered and approved the annual report

for BEWI ASA (“company”) and the BEWI group (“group”) for the period 1 January to 31 December 2024

and as of 31 December 2024.

Trondheim, Norway, 26 March 2025

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Bekken

CEO

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Index of the board of directors’ report

The below index shows an overview of chapters/ sections of the annual report that constitutes BEWI’s board of directors’ report

Regulation Content Chapter/ section reference Page reference

Norwegian accounting act

Section 2-2 (1) Information regarding the nature and location of the business, including information on any branch offices. Our business

Our presence

p. 9

p. 12

Section 2-2 (2), (3) and (4) Review of the development and results of the company’s operations and position together with a description of the key risks and uncertainty factors facing the

company, hereunder also information on research and development activities.

To the extent that it is necessary to understand the development, results or position of the person liable for accounting, the analysis must contain both financial

and non-financial key performance indicators relevant to the business in question, including information on environmental conditions and conditions that apply to

employees.

Performance

Our business

Sustainability statements

Risks and risk management

p. 23

p. 9

p. 46

p. 42

Section 2-2 (5) A description that provides a basis for assessing the company’s further outlook, including whether the results for the year agree with previously stated target results

and expected developments and give reason for any discrepancy.

Performance p. 23

Section 2-2 (6) Information regarding any financial risk that is significant to the evaluation of the company’s assets, liabilities, financial position and results. Risks and risk management p. 42

Section 2-2 (7) Disclosure of key intangible resources, how the company's business model fundamentally depends on such resources, and how these resources serve as a source of

value creation for the organisation.

Our business

Our strategy

p. 9

p. 19

Section 2-2 (8),

cfr. section 4-5

Information regarding the going concern assumption. Performance p. 23

Section 2-2 (9) Proposal for the allocation of profit or settlement of loss. Financial income statement BEWI ASA p. 114

Section 2-2 (10) Information about the work environment, along with an overview of implemented measures relevant to the working environment and including information on

injuries, accidents and sick leave rates.

Sustainability statements/ Social p. 92

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Section 2-2 (11) Information on matters relating to the business, hereunder its factor inputs and products, which may result in a not insignificant impact on the external environment.

The information should include any negative environmental impacts the business could have, and measures implemented or planned implemented to prevent or

reduce any impacts.

Our business

Risks and risk management

Sustainability statements

p. 9

p. 42

p. 46

Section 2-2 (12) Information on whether insurances covering the board members’ and CEO’s potential liabilities towards the company and third parties are maintained, including

information on the relevant insurance coverage.

Appendix: Statement on corporate

governance

p. 200

Section 2-2 (13), 1. Shareholders information: A description of any provisions in the articles of association that restrict the right to trade in the shares of the company. Not applicable

Section 2-2 (13), 2. Shareholders information: A description of who exercises the rights connected to shares in any employee share schemes where authority is not exercised directly by

the employees covered by the scheme.

Not applicable

Section 2-2 (13), 3. Shareholders information: Any agreements between shareholders which are known to the company and which restrict the possibilities of trading in or exercising

voting rights connected to the shares.

Not applicable

Section 2-2 (13), 4. Shareholders information: Any significant agreements to which the company is a party, the terms of which take effect, alter or terminate as a result of a takeover bid,

and a description of those terms.

Not applicable

Section 2-4/ CSRD Sustainability reporting according to European Sustainability Reporting Standards (ESRS). Governance

Sustainability statements

p. 29

p. 46

Section 2-9 Report on corporate governance. Appendix: Statement on corporate

governance

p. 200

Norwegian companies act

Section 6-16 a Statement on remuneration Governance p. 29

Section 6-16 b Remuneration report Remuneration report p. 186

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To the General Meeting of BEWI ASA

Independent Sustainability Auditor’s Limited Assurance Report

Limited Assurance Conclusion

We have conducted a limited assurance engagement on

the consolidated sustainability statement of BEWI ASA (the

«Company») included in Sustainability statements of the

Board of Directors’ report (the «Sustainability Statement»),

as at 31 December 2024 and for the year then ended.

Based on the procedures we have performed and the

evidence we have obtained, nothing has come to our

attention that causes us to believe that the Sustainability

Statement is not prepared, in all material respects, in

accordance with the Norwegian Accounting Act section

2-3, including:

• compliance with the European Sustainability Reporting

Standards (ESRS), including that the process carried out

by the Company to identify the information reported

in the Sustainability Statement (the «Process») is in

accordance with the description set out in Double

materiality assessment; and

• compliance of the disclosures in EU taxonomy for sus-

tainable activities of the Sustainability Statement with

Article 8 of EU Regulation 2020/852 (the «Taxonomy

Regulation»).

Basis for Conclusion

We conducted our limited assurance engagement in

accordance with International Standard on Assurance

Engagements (ISAE) 3000 (Revised), Assurance

engagements other than audits or reviews of historical

financial information («ISAE 3000 (Revised)»), issued by the

International Auditing and Assurance Standards Board.

We believe that the evidence we have obtained is suffi-

cient and appropriate to provide a basis for our conclusion.

Our responsibilities under this standard are further

described in the Sustainability Auditor’s Responsibilities

section of our report.

Our Independence and Quality Management

We have complied with the independence and other

ethical requirements as required by relevant laws and

regulations in Norway and the International Code of Ethics

for Professional Accountants (including International

Independence Standards) issued by the International Ethics

Standards Board for Accountants (IESBA Code), which is

founded on fundamental principles of integrity, objectivity,

professional competence and due care, confidentiality and

professional behaviour.

The firm applies International Standard on Quality

Management 1, which requires the firm to design,

implement and operate a system of quality management

including policies or procedures regarding compliance

with ethical requirements, professional standards and

applicable legal and regulatory requirements.

Other Matter

The comparative information included in the Sustainability

Statement was not subject to an assurance engagement.

Our conclusion is not modified in respect of this matter.

Responsibilities for the Sustainability Statement

The Board of Directors and the Managing Director

(Management) are responsible for designing and imple-

menting a process to identify the information reported in

the Sustainability Statement in accordance with the ESRS

and for disclosing this Process in Double materiality assess-

ment of the Sustainability Statement. This responsibility

includes:

• understanding the context in which the Group’s

activities and business relationships take place and

developing an understanding of its affected stake-

holders;

• the identification of the actual and potential impacts

(both negative and positive) related to sustainability

matters, as well as risks and opportunities that affect,

or could reasonably be expected to affect, the Group’s

financial position, financial performance, cash flows,

access to finance or cost of capital over the short-,

medium-, or long-term;

• the assessment of the materiality of the identified

impacts, risks and opportunities related to sustaina-

bility matters by selecting and applying appropriate

thresholds; and

• making assumptions that are reasonable in the circum-

stances.

Management is further responsible for the preparation

of the Sustainability Statement, in accordance with the

Norwegian Accounting Act section 2-3, including:

• compliance with the ESRS;

• preparing the disclosures in EU taxonomy for sus-

tainable activities of the Sustainability Statement, in

compliance with the Taxonomy Regulation;

• designing, implementing and maintaining such

internal control that Management determines is nec-

essary to enable the preparation of the Sustainability

Statement that is free from material misstatement,

whether due to fraud or error; and

• the selection and application of appropriate sustaina-

bility reporting methods and making assumptions and

estimates that are reasonable in the circumstances.

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Inherent limitations in preparing the

Sustainability Statement

In reporting forward-looking information in accordance

with ESRS, Management is required to prepare the

forward-looking information on the basis of disclosed

assumptions about events that may occur in the future

and possible future actions by the Group. Actual outcomes

are likely to be different since anticipated events frequently

do not occur as expected.

Sustainability Auditor’s Responsibilities

Our responsibility is to plan and perform the assurance

engagement to obtain limited assurance about whether

the Sustainability Statement is free from material mis-

statement, whether due to fraud or error, and to issue a

limited assurance report that includes our conclusion.

Misstatements can arise from fraud or error and are con-

sidered material if, individually or in the aggregate, they

could reasonably be expected to influence decisions of

users taken on the basis of the Sustainability Statement as

a whole.

As part of a limited assurance engagement in accordance

with ISAE 3000 (Revised) we exercise professional judge-

ment and maintain professional scepticism throughout the

engagement.

Our responsibilities in respect of the Sustainability

Statement, in relation to the Process, include:

• Obtaining an understanding of the Process, but not

for the purpose of providing a conclusion on the

effectiveness of the Process, including the outcome of

the Process;

• Considering whether the information identified

addresses the applicable disclosure requirements of

the ESRS; and

• Designing and performing procedures to evaluate

whether the Process is consistent with the Company’s

description of its Process set out in Double materiality

assessment.

Our other responsibilities in respect of the Sustainability

Statement include:

• Identifying where material misstatements are likely to

arise, whether due to fraud or error; and

• Designing and performing procedures responsive to

where material misstatements are likely to arise in the

Sustainability Statement. The risk of not detecting a

material misstatement resulting from fraud is higher

than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresenta-

tions, or the override of internal control.

Summary of the Work Performed

A limited assurance engagement involves performing

procedures to obtain evidence about the Sustainability

Statement. The procedures in a limited assurance

engagement vary in nature and timing from, and are less

in extent than for, a reasonable assurance engagement.

Consequently, the level of assurance obtained in a limited

assurance engagement is substantially lower than the

assurance that would have been obtained had a reasona-

ble assurance engagement been performed.

The nature, timing and extent of procedures selected

depend on professional judgement, including the identi-

fication of disclosures where material misstatements are

likely to arise in the Sustainability Statement, whether due

to fraud or error.

In conducting our limited assurance engagement, with

respect to the Process, we:

• Obtained an understanding of the Process by:

– performing inquiries to understand the sources of

the information used by management (e.g., stake-

holder engagement, business plans and strategy

documents); and

– reviewing the Company’s internal documentation

of its Process; and

• Evaluated whether the evidence obtained from our

procedures with respect to the Process implemented

by the Company was consistent with the description of

the Process set out in Double materiality assessment.

In conducting our limited assurance engagement, with

respect to the Sustainability Statement, we:

• Obtained an understanding of the Group’s report-

ing processes relevant to the preparation of its

Sustainability Statement by:

– Obtaining an understanding of the Group’s control

environment, processes and information system

relevant to the preparation of the Sustainability

Statement, but not for the purpose of providing

a conclusion on the effectiveness of the Group’s

internal control; and

– Obtaining an understanding of the Group’s risk

assessment process;

• Evaluated whether the information identified by the

Process is included in the Sustainability Statement;

• Evaluated whether the structure and the presentation

of the Sustainability Statement is in accordance with

the ESRS;

• Performed inquiries of relevant personnel and

analytical procedures on selected information in the

Sustainability Statement;

• Performed substantive assurance procedures on

selected information in the Sustainability Statement;

• Where applicable, compared disclosures in the

Sustainability Statement with the corresponding dis-

closures in the financial statements and other sections

of the Board of Directors’ report;

• Evaluated the methods, assumptions and data for

developing estimates and forward-looking informa-

tion;

• Obtained an understanding of the Company’s process

to identify taxonomy-eligible and taxonomy-aligned

economic activities and the corresponding disclosures

in the Sustainability Statement;

• Evaluated whether information about the iden-

tified taxonomy-eligible and taxonomy-aligned

economic activities is included in the Sustainability

Statement; and

• Performed inquiries of relevant personnel and sub-

stantive procedures on selected taxonomy disclosures

included in the Sustainability Statement.

Trondheim, 26 March 2025

PricewaterhouseCoopers AS

Kjetil Smørdal

State Authorised Public Accountant – Sustainability Auditor

(This document is signed electronically)

113113Sustainability statements | Sustainability auditor’s limited assurance reportSustainability statements | Sustainability auditor’s limited assurance report

BEWI annual report 2024BEWI annual report 2024

Financial

statements

The group

115

Parent company

164

Statement by the board and CEO

177

Auditor’s report

178

Alternative Performance Measures

182

114114Financial statements Financial statements

BEWI annual report 2024BEWI annual report 2024

The Group

Consolidated statement of profit or loss

116

Consolidated statement of comprehensive income

117

Consolidated statement of financial position

118

Consolidated statement of changes in equity

120

Consolidated cash flow statement

121

Accounting principles and notes to the accounts

122

Note 01 General information

122

Note 02 Summary of key accounting principles

122

Note 03 Financial risk management

125

Note 04 Critical accounting estimates and significant judgements

131

Note 05 Net sales distribution and segment information

132

Note 06 Employee remuneration etc.

134

Note 07 Remunerations to auditors

136

Note 08 Leasing

136

Note 09 Financial income and expense

137

Note 10 Exchange differences – net

138

Note 11 Income tax

138

Note 12 Intangible assets

140

Note 13 Tangible assets

143

Note 14 Assets and liabilities of disposal group classified as held

for sale

144

Note 15 Business acquisitions

146

Note 16 Shares in associates

146

Note 17 Financial instruments per category

148

Note 18 Accounts receivable

149

Note 19 Inventory

150

Note 20 Prepaid expenses and accrued income

150

Note 21 Share capital

150

Note 22 Cash flow hedge reserve

151

Note 23 Share-based incentive programme

152

Note 24 Earnings per share

154

Note 25 Borrowings

154

Note 26 Pensions and similar obligations to employees

157

Note 27 Other provisions

160

Note 28 Accrued expenses and deferred income

160

Note 29 Contingent liabilities

160

Note 30 Pledged assets

161

Note 31 Related parties

161

Note 32 Adjustments for non-cash items, etc.

163

Note 33 Subsequent events

163

115115Financial statements | The groupFinancial statements | The group

Consolidated statement of profit or loss
million EUR	Note	2024	2023
Revenues
Net sales	5	773.2	821.2
Other operating income		2.0	1.5
Total revenue		775.2	822.8
Operating expenses
Raw materials and consumables	19	-300.5	-335.4
Goods for resale	19	-47.6	-38.9
Other external costs	7, 8, 10	-179.0	-199.9
Personnel costs	6	-178.6	-177.8
Depreciation/amortisation and impairment tangible and intangible assets	12, 13	-63.4	-61.4
Share of income from associated companies		-2.4	1.3
Capital gain/loss from sale of asset, adjustment purchase price acquired
companies and sale of business		4.7	-0.6
Total operating expenses		-766.7	-812.6
Operating income (EBIT)		8.5	10.2
Financial income		3.8	5.3
Financial expense		-49.1	-46.0
Financial income and expense - net	9, 10	-45.3	-40.8
Income before taxes		-36.8	-30.6
Income tax	11	1.5	-0.4
Profit/loss for the period from continuing operations		-35.3	-31.0
Profit/loss from discontinued operations (attributable to equity holders of the company)	14	8.3	15.4
Profit/loss for the period		-27.0	-15.6

million EUR	Note	2024	2023
Profit/loss for the year attributable to:
Parent company shareholders		-29.6	-18.0
Non-controlling interest		2.6	2.4
		-27.0	-15.6
Profit/loss for the year attributable to shareholders arises from:
Continuing operations		-37.6	-33.1
Discontinued operations		8.0	15.1
		-29.6	-18.0
Earnings per share	24
Average number of shares:		191 722 290	191 672 042
Diluted average number of shares:		191 722 290	191 672 042
Earnings per share (EPS), basic (EUR)		-0.15	-0.09
Earnings per share (EPS), diluted (EUR)		-0.15	-0.09
Earnings per share (EPS), basic (NOK) 1		-1.80	-1.08
Earnings per share (EPS), diluted (NOK) 1		-1.80	-1.08

EPS in NOK is calculated using average rates for the period

116116Financial statements | The GroupFinancial statements | The Group

Consolidated statement of comprehensive income
million EUR (except numbers for EPS)	Note	2024	2023
Other comprehensive income:
Items that may be reclassified to profit or loss
Exchange rate differences, continuing operations		21.3	28.5
Exchange rate differences, discontinued operations		2.0	1.7
Cash flow hedges	22	-3.2	-0.1
Items that will not be reclassified to profit or loss
Exchange rate difference, parent company		-21.1	-27.9
Remeasurements of net pension obligations		-1.3	-1.2
Income tax pertinent to remeasurements of net pension obligations		0.3	0.3
Other comprehensive income after tax		-2.0	1.3
Total comprehensive income for the period		-29.0	-14.3

million EUR (except numbers for EPS)	Note	2024	2023
Total comprehensive income attributable to:
Parent company shareholders		-31.8	-17.2
Non-controlling interest		2.8	2.9
		-29.0	-14.3
Total comprehensive income attributable to shareholders arises from:
Continuing operations		-42.0	-34.2
Discontinued operations		10.2	17.0
		-31.8	-17.2

117117Financial statements | The GroupFinancial statements | The Group

Consolidated statement of financial position
million EUR	Note	31 Dec 2024	31 Dec 2023
ASSETS
Non-current assets
Intangible assets
Goodwill		205.4	244.5
Other intangible assets		125.5	142.8
Total intangible assets	12	330.9	387.3
Tangible assets
Land and buildings		220.6	244.6
Plant and machinery		170.1	182.9
Equipment, tools, fixtures and fittings		22.1	22.0
Construction in progress and advance payments		6.5	35.9
Total tangible assets	13	419.4	485.3
Financial assets
Shares in associates	16	9.0	11.4
Net pension assets		1.9	2.8
Receivables associates		0.0	0.0
Other receivables		0.1	0.0
Other shares and participations		0.0	0.5
Total financial assets		11.0	14.8
Deferred tax assets	11	15.0	9.8
Total non-current assets	17	776.3	897.2

million EUR	Note	31 Dec 2024	31 Dec 2023
Current assets
Inventory
Raw material and consumables		29.8	46.0
Work-in-progress		6.7	4.8
Finished goods and goods for resale		43.1	81.9
Total inventory	19	79.6	132.6
Other current receivables
Accounts receivable	18	63.2	129.3
Current tax assets		2.0	1.2
Other current receivables		15.0	11.8
Prepaid expenses and accrued income	20	21.4	14.2
Other financial assets	3	1.6	3.6
Cash and cash equivalents		36.8	63.6
Total other current receivables excluding asset classified as held for sale	17	139.9	223.6
Assets classified as held for sale	14	186.1	-
Total current assets		405.7	356.2
TOTAL ASSETS		1 182.0	1 253.4

118118Financial statements | The GroupFinancial statements | The Group

Consolidated statement of financial position
million EUR	Note	31 Dec 2024	31 Dec 2023
EQUITY AND LIABILITIES
Equity
Share capital	21	18.3	18.3
Additional paid-in capital		323.0	323.0
Reserves		-16.7	-14.5
Accumulated profit (including net profit/loss for the year)		46.3	76.5
Equity attributable to parent company shareholders		370.8	403.2
Non-controlling interests		13.8	12.5
Total Equity		384.6	415.7
Liabilities
Non-current liabilities
Pensions and similar obligations to employees	26	1.6	2.3
Provisions	27	-	2.5
Deferred tax liability	11	47.2	53.3
Bond loan	25	249.4	247.9
Other interest-bearing liabilities	25	291.9	326.3
Other financial interest-bearing liabilities	25	0.2	0.4
Total non-current liabilities	17	590.2	632.9

million EUR	Note	31 Dec 2024	31 Dec 2023
Current liabilities
Other interest-bearing liabilities	25	33.4	36.6
Other financial liabilities	3	3.6	3.2
Accounts payable		47.8	81.6
Current tax liabilities		0.6	8.4
Other current liabilities		17.1	14.6
Accrued expenses and deferred income	28	52.5	60.4
Total current liabilities excluding liabilities relating to assets classified as held for sale	17	155.1	204.8
Liabilities directly associated with assets classified as held for sale	14	52.1	-
Total liabilities		797.4	837.7
TOTAL EQUITY AND LIABILITIES		1 182.0	1 253.4

Trondheim, Norway, 26 March 2025

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Bekken

CEO

119119Financial statements | The GroupFinancial statements | The Group

Consolidated statement of changes in equity
				Retained earnings
		Additional		(incl profit for the		Non-controlling	Total
million EUR	Share capital	paid-in capital	Reserves	year)	Total	interest	equity
Opening balance as of 1 January 2024	18.3	323.0	-14.5	76.5	403.2	12.5	415.7
Net profit for the year	-	-	-	-29.6	-29.6	2.6	-27.0
Other comprehensive income	-	-	-2.2		-2.2	0.2	-2.0
Total comprehensive income	-	-	-2.2	-29.6	-31.8	2.8	-29.0
Transactions with owners, recognised directly in equity
Dividend	-	-	-	-	-	-0.9	-0.9
Acquisition of non-controlling interest	-	-	-	-	-	-1.7	-1.7
Sale of non-controlling interest	-	-	-	-	-	0.4	0.4
Change in non-controlling interest	-	-	-	-0.6	-0.6	0.6	0.0
Share-based incentive programme	-	-	-	0.0	0.0	-	0.0
Total transactions with shareholders, recognised directly in equity	-	-	-	-0.6	-0.6	-1.6	-2.2
Closing balance as of 31 December 2024	18.3	323.0	-16.7	46.3	370.8	13.8	384.6
Opening balance as of 1 January 2023	18.2	322.3	-15.3	94.7	419.8	10.0	429.8
Net profit for the year	-	-	-	-18.0	-18.0	2.4	-15.6
Other comprehensive income	0.1	-	0.7	-	0.8	0.5	1.3
Total comprehensive income	0.1	-	0.7	-18.0	-17.2	2.9	-14.3
Transactions with owners, recognised directly in equity
New share issue	0.0	0.7	-	-	0.8	-	0.8
Dividend	-	-	-	-	-	-1.3	-1.3
Acquisition of non-controlling interest	-	-	-	-0.4	-0.4	-0.1	-0.4
Acquisition of business with non-controlling interest	-	-	-	-	-	0.9	0.9
Share-based incentive programme	-	-	-	0.2	0.2	-	0.2
Total transactions with shareholders, recognised directly in equity	0.0	0.7	-	-0.2	0.6	-0.4	0.2
Closing balance as of 31 December 2023	18.3	323.0	-14.5	76.5	403.2	12.5	415.7

120120Financial statements | The GroupFinancial statements | The Group

Consolidated cash flow statement
million EUR	Note	2024	2023
Operating cash flow
Operating income (EBIT)		20.0	33.5
Of which from continuing operations		8.5	10.2
Of which from discontinued operations		11.5	23.3
Adjustments for non-cash items, etc.	32	66.5	71.6
Interest paid and financing costs		-46.5	-43.1
Interest received		4.4	20.3
Income tax paid		-11.5	-23.8
Operating cash flow before changes in working capital		32.8	58.5
Cash flow from working capital changes
Increase/decrease in inventories		12.5	28.9
Increase/decrease in operating receivables		43.7	24.9
Increase/decrease in operating liabilities		-3.8	-35.8
Cash flow from change in working capital		52.4	18.0
Cash flow from operating activities		85.2	76.5
Cash flow from investment activities
Purchase of property, plant and equipment and intangible assets	12, 13	-32.5	-51.7
Acquisitions of business	15	-2.6	-0.2
Other financial investments		0.0	13.6
Disposals of property, plant and equipment		40.4	34.2
Divestment of associated companies		0.2	1.0
Cash flow from investment activities		5.5	-3.1

million EUR	Note	2024	2023
Cash flow from financing activities
Proceeds from borrowings	25	-	64.9
Repayment of borrowings and lease liabilities	25	-80.6	-121.1
New share issue, net of transaction costs	21	-	0.8
Dividend to non controlling interest		-0.9	-1.3
Cash flow from financing activities		-81.5	-56.7
Cash flow for the period		9.2	16.7
Opening cash and cash equivalents		63.6	47.5
Exchange difference in cash		-0.1	-0.6
Closing cash and cash equivalents		72.7	63.6
Of which included in assets classified as held for sale		35.9 -

121121Financial statements | The GroupFinancial statements | The Group

The group

Accounting principles and notes to the accounts

Note 01 General information

BEWI ASA (the parent company) and its subsidiaries

(together, the group) produce, market and sell packaging,

components and insulation solutions. The parent company

conducts its business through subsidiaries in Sweden,

Finland, Denmark, Norway, Iceland, the Netherlands,

Belgium, Portugal, Spain, Poland, Germany, UK, France,

Lithuania, Czech Republic, Switzerland, Austria, US, Canada

and through associated companies in Germany, France

and Poland.

The parent company is a public limited company regis-

tered in Norway, with head office located in Trondheim,

Norway, and address Dyre Halses gate 1A, 7042 Trondheim.

BEWI ASA’s registration number is 925 437 948.

The board of directors approved these consolidated

accounts on 26 March for publishing on 27 March 2025.

Note 02 Summary of key accounting principles

The key accounting policies applied in these consolidated

accounts are stated below. The policies have consistently

been applied for all periods unless otherwise specified.

All amounts are reported in million Euro, (million EUR),

unless otherwise specified. The information in brackets

concerns previous years.

2.1 Basis for preparation

The consolidated accounts for the BEWI ASA group (“BEWI

ASA”) have been prepared in accordance with IFRS®

Accounting Standards and interpretations from the IFRS

Interpretations Committee (IFRS IC), as adopted by the EU.

Preparing reports compliant to IFRS requires certain

critical estimates to be made, and management need to

make judgements when applying the group’s accounting

policies. Complex areas, areas where judgements materi-

ally affects the accounting outcome and assumptions and

estimates that are significant to the consolidated accounts,

are stated in note 4.

No new IFRS standards or amendments to standards have

been added in 2024 that have required changes in the

accounting or measurement policies.

2.2 Segment reporting

Operating segments are identified in a manner consistent

with the internal reporting provided to the chief operating

decision-maker, which is the executive management. The

group has identified four segments to be reported: RAW,

Insulation & Construction, Packaging & Components and

Circular.

2.3 Associated companies

Holdings in associated companies are reported using the

equity method.

2.4 Translation of foreign currencies

Functional currency and presentation currency

The units of the group use their local currencies as

functional currency as they have been defined as the

currencies used in the primary economic environment

in which the respective units mainly are active. In the

consolidated accounts, Euro (EUR) is utilised as the group’s

presentation currency.

122122Financial statements | The GroupFinancial statements | The Group

The parent company’s functional currency is NOK. The

majority of BEWI’s operations are conducted in countries

where EUR is the functional currency.

Transactions and balance sheet items

In general, exchange rate gains and losses arising from

payments of transactions in foreign currency and from

translations of monetary assets and liabilities in foreign

currency are reported in operating income. However,

exchange rate gains and losses arising from borrowings

and cash and cash equivalents are reported as financial

incomes and expenses.

2.5 Intangible assets

Goodwill

Goodwill is monitored per cash generating unit. Goodwill

is tested for impairment annually or more frequently

should certain events or changes to conditions indicate a

possible impairment need. The carrying value of goodwill

is compared to the recoverable amount, which is the

higher of fair value less costs of disposal and value in use.

Any impairment is immediately reported as an expense

and is not reversed.

Patents/ Licences/ IT

Patents, licences & IT carry a useful life and are reported

at the acquisition cost less accumulated amortisation and

impairment.

Customer relations, trademarks and technology

Customer relations, trademarks and technology assets

have all been acquired through business combinations and

measured at fair value on the acquisition date. Customer

relations and technology have a fixed useful life and are for

subsequent periods reported at the acquisition cost less

accumulated amortisation and impairment. The useful life

of trademarks acquired through business combinations is

evaluated and determined in each acquisition. Net cash

flows generated by trademarks are not expected to cease

in the foreseeable future unless they are product names.

Many of the trademarks in the groups balance sheet

are therefore currently assessed as having an indefinite

useful life. Trademarks and goodwill are tested annually

for impairment as described above. Trademarks are for

subsequent periods reported at the acquisition cost less

any write-down from impairment.

Useful lives for the group’s intangible assets:

Patents/Licences 5 yr.

Customer relations 8–16 yr.

Technology 6.5–10 yr.

Product names 20 yr.

2.6 Tangible assets

Depreciation is recognised on a straight-line basis over the

useful life to the calculated residual value. Such deprecia-

tions are carried out according to the following:

Buildings 10–65 yr.

Frameworks, foundations 64–84 yr.

Frame supplements, interior walls 50 yr.

Heating, sanitary, electricity, front, roof 40 yr.

Interior surface finish/rental preparation 10 yr.

Ventilation 20 yr.

Elevator/transportation 25 yr.

Control system and surveillance 15 yr.

Other property components 50 yr.

Ground installations (facilities) 20 yr.

Plant and machinery 5–18 yr.

Equipment, tools, fixtures and fittings 3–10 yr.

2.7 Inventory

The inventory is reported at the lower of the cost and

net realisable value. Cost is determined using the first-in-

first-out method. Cost also includes expenses relating to

the acquisition, as well as for bringing the goods to their

current location and condition. Cost for the company’s

semi-finished or finished products is the sum of the direct

production costs and the production overhead (based on

normal production capacity).

2.8 Financial instruments

Financial instruments are included in several balance sheet

items.

2.8.1 Classification

The group classifies its financial assets and liabilities in the

following categories:

Financial assets at fair value through profit or loss

Financial assets at fair value through profit and loss are

shares and participation rights in subsidiaries, associates

and joint ventures. Derivatives are recognised at fair value

through profit or loss. Positive fair values of derivatives are

reported as financial assets.

Financial assets measured at amortised cost

Financial assets measured at amortised cost are financial

instruments where the business model is to collect interest

and principal on the instrument. These are measured at

amortised cost in accordance with the effective interest

method. Accounts receivables are included in this cate-

gory, however due to the short maturity they are measured

at nominal amounts less estimated credit losses.

Financial liabilities at fair value through profit and loss

Financial liabilities at fair value through profit and loss are

normally limited to derivatives and earnouts from business

acquisitions.

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost include

bond loans, liabilities to credit institutions, liabilities regard-

ing financial leasing and account payables.

The classification is made in accordance with the purpose of

obtaining the financial asset or liability upon recognition.

2.8.2 Recognition and initial measurement

Financial assets are initially recognised at fair value plus

transaction costs for all financial assets not at fair value

through profit or loss. Financial assets at fair value through

profit or loss are initially recognised at fair value and trans-

action costs are expensed. Financial assets are recognised

when the group becomes a party to the contractual

provisions of the instrument. Regular purchases and sales

of financial assets are recognised on the settlement date.

Financial assets are removed from the balance sheet when

the right to obtain cash flows from the instrument has

expired and the group has transferred all essential risk and

benefits in conjunction with the ownership. Financial liabili-

ties are recognised when the group becomes bound to the

contractual obligations of the instrument. Financial liabilities

are removed from the balance sheet when the obligation

under the agreement is completed or otherwise extin-

guished. Loans and receivables and other financial liabilities

are, after the acquisition date, reported at the amortised cost

calculated using the effective interest method.

2.8.3 Impairments of financial instrument

At each balance sheet date, financial assets measured

at amortised cost are assessed for impairment based

on Expected Credit Losses (ECL). ECLs are the difference

123123Financial statements | The GroupFinancial statements | The Group

between all contractual cash flows that are due in

accordance with the contract and all the cash flows that

the group expects to receive, discounted at the original

effective interest rate. Allowances for trade receivables are

always equal to lifetime ECL.

2.9 Current and deferred tax

The period’s tax expenses include current and deferred

tax. The current tax expense is calculated on the basis of

the tax regulations in force on the balance sheet day in the

countries in which the parent company and its subsidiaries

are active and generate taxable revenue. Deferred tax is

reported, in accordance with the balance sheet method,

for all temporary differences between the tax value of

assets and liabilities and the carrying amount of the

consolidated accounts. Deferred tax is calculated with the

application of the tax rates in force on the balance sheet

day and the rates expected to be in force when the tax

asset is realised, or the tax liability is cleared. Deferred tax

assets on carry forwards are reported to the extent likely

that future fiscal surplus will be available, against which the

deficits may be exploited.

2.10 Employee remuneration

Pension commitments

The group has several post-employment benefit plans,

including defined benefit plans, of which the majority of

the pension schemes are defined contribution plans. A

defined contribution plan is a pension plan according to

which the group pays a fixed fee to a separate legal entity.

The group carries no legal or constructive obligations

to pay additional fees should the entity lack sufficient

resources to remunerate all employees what they are due

as a result of their service, in the current or prior periods.

The fee is reported as a personnel cost when matured. A

defined benefit plan is a pension plan without defined

contribution. Defined benefit plans normally set out an

amount for the employee to receive upon retirement,

normally based on one or several factors such as age,

period of service and salary. The group provides defined

benefit plans for a limited number of people, in Finland, in

the UK, and in Norway. These plans are further described

in note 26. In addition, the group provides other long-

term benefits in the Netherlands for long-term service

(Jubilee fund), calculated in the same manner as a defined

benefit plan. The liability reported on the balance sheet

in conjunction with the defined benefit pension plan is

the present value of the defined benefit commitment

at the end of the reporting period less the plan assets’

fair value. The defined benefit pension commitment is

calculated annually by independent actuaries using the

projected unit credit method. The present value of the

defined benefit liability is determined through discounting

future estimated cash flows using the interest rate for

investment grade corporate bonds or housing bonds

issued in the same currency as the benefits, with terms

comparable to the pension commitment in question. The

net interest is calculated by applying discounted interest

charges to defined benefit plans and for the fair value of

the plan assets. The current service cost is included in the

personnel costs and the net interest among financial items.

Revaluation gains and losses as a result of adjustments

in accordance with experience and changes to actuarial

estimates are reported in other comprehensive income

for the period during which they arise. They are part of

the profit carried forward in the changes to consolidated

equity and the balance sheet. Costs for service in prior

periods are reported in the income statement.

Share-based incentive programme

BEWI ASA has a share-based incentive programme, enti-

tling the participants to subscribe for shares in BEWI ASA

during a three-year period.

The fair value of the share options issued is determined

at the grant date in accordance with the Black & Scholes

valuation model, taking into consideration the terms and

conditions that are related to the share price.

The value is recognised in the income statement as a

personnel cost allocated over the vesting period with a

corresponding increase in equity.

The recognised cost corresponds to the fair value of the

estimated number of share options that are expected to

vest. This cost is adjusted in subsequent periods to reflect

the actual number of vested options and shares.

2.11 Revenue recognition and net sales

BEWI sells products for insulation to the construction

industry as well as packaging solutions to the manufactur-

ing industry and food producers. Virtually all of these sales

transactions meet the definition of a point in time revenue

recognition. The sales are reported as revenue when the

product is delivered to a customer. Delivery is deemed to

have taken place when the products have arrived at the

location defined by the shipment terms.

Net sales in the Income Statement consist of sale of goods

and services in the ordinary course of business, traded

goods sold, and deduction of customer discounts and

bonuses.

2.12 Leases

The group has decided to apply the practical expedients

for short-term leases and low-value assets. This means

that contracts with shorter maturities than 12 months

and leases of low value (value of assets when it is new of

less than EUR 5 000) are not included in the calculation of

right-of-use assets or leasing liabilities but continue to be

reported with straight-line expense over the lease term.

Examples of low value assets are computers, printers and

copiers.

2.13 Government grants

Government grants are recognised in profit or loss on

a systematic basis over the periods in which the related

expenses, which the grants are intended to compensate

for, are recognised. Government grants are recognised as

a reduction of such related expenses. Government grants

received for investments are recognised in the balance

sheet as a reduction of the booked value of the asset.

2.14 Cash flow statement

Cash flow statement is prepared using the indirect

method. The reported cash flow solely contains transac-

tions giving rise to payments

124 124 Financial statements | The Group Financial statements | The Group

Note 03 Financial risk management

3.1 Financial risk factors

The group is through its activities exposed to several different risks: market risks (currency risk, interest rate risk and price risk),

credit risk and liquidity risk. The group’s comprehensive financial risk management is focused on the unpredictability of the

financial markets and strives to minimise any adverse effect on the consolidated profits. The use of derivative financial instru-

ments has so far mainly been limited to mitigation of currency exposure on intra-group borrowing and lending and the cash

flow risk from variable interest on the long-term borrowing. The risk management is controlled by the central finance depart-

ment and the treasury function within that department. The finance department identifies, evaluates and hedges financial risks

in close cooperation with the group’s operative units.

Currency risk

The group operates in the Nordic countries, in continental Europe, in the UK and in North America and is mainly exposed to cur-

rency risk arising from currency exposure to the Swedish Krona (SEK), the Danish Krone (DKK) and the Norwegian Krone (NOK).

Currency risks arise from both transaction exposure and translation exposure. Transaction exposure should, when possible, be

centralised and managed by the group’s central treasury function.

Transaction exposure

Transaction exposure arises when revenues and costs are incurred in different currencies and exposes the group to changes in

net cash flow due to fluctuations in exchange rates. This is applicable to both operational cash flows and to financial commit-

ments that will end in a cash outflow. Transaction exposure also arises on fair value changes on existing balance sheet items

in foreign currency, such as trade receivables and liabilities and borrowing and lending, when these items are revalued on the

balance sheet date or when settled. The largest transaction exposure to operational cash flows is attributable to raw material

purchases in Sweden and Norway, which are done in EUR. As DKK is pegged to the EUR, Denmark is not subject to that same

exposure. In addition, there is also a minor exposure between other currency pairs where sales or purchases are concluded in

foreign currencies. The largest fair value exposure on the balance sheet is related to intra-group loans, mainly EUR denominated,

from Sweden to its subsidiaries. However, the main sources of funding for the group, the bond loan and the overdraft facility,

are denominated in EUR to match the intragroup loans to subsidiaries predominately located in the Euro area. The currencies in

which the group’s interest-bearing liabilities are denominated are presented in note 25.

The following measures are taken by BEWI to reduce the transaction exposure:

• For raw material purchases from the Euro area into the Nordics, price and currency clauses are in general incorporated into

customer agreements.

• Intra-group trade receivables and liabilities should be settled within a limited time-frame.

• The group’s external borrowing should be matched to the currency of intra-group lending to subsidiaries.

• Bank balances in foreign currency should be exchanged to local currency as soon as possible.

Transaction exposure to operational cash flows have only to a limited extent been hedged by using derivatives. However, to the

extent that there is a major net exposure in any currency from borrowing and lending, that balance sheet exposure should be

hedged by using forward contracts or swaps. Net balance sheet exposure has been managed by a combination of short-term

derivatives and long-term derivatives, depending on the nature of the exposure. Hedge accounting has not been applied for

these hedges.

The net fair value of derivate contracts used for hedging transaction exposure, as of 31 December, and for which hedge

accounting has not been applied is presented in the table below. The derivative assets are reported as Other financial assets in

the balance sheet and the derivative liabilities as Other financial liabilities.

million EUR 0-6 months 7-12 months 2-3 yr. 3-4 yr. 4-5 yr.

As of 31 Dec 2024

Derivative asset – fair value through income statement 0.0 - 1.6 - -

Derivative liability – fair value through income statement -0.3 - - - -

Total -0.3 - 1.6 - -

As of 31 Dec 2023

Derivative asset – fair value through income statement 2.1 0.3 1.1 0.1 -

Derivative liability – fair value through income statement - - -3.2 - -

Total 2.1 0.3 -2.1 0.1 -

The impact from transaction exposure on consolidated profit or loss is presented in note 10.

Translation exposure

Translation exposure arises when the income statements and balance sheets of foreign operations are translated to EUR, the

presentation currency of the group’s financial statements. The reported net sales and profit of the group, as well as the net

assets of the group, are consequently exposed to changes in exchange rates between EUR and the currencies of the group’s

foreign operations. The translation exposure is not hedged, but the group strives to have a balance in major currencies between

net debt, equity and EBITDA to reduce volatility in the balance sheet and key financial ratios.

125125Financial statements | The GroupFinancial statements | The Group

A sensitivity analysis shows that if EUR would have fluctuated by 5 per cent against all other currencies in the group, the impact

on adjusted EBITDA from continuing operations would have been +/- EUR 1.2 million in 2024 (EUR 1.6 million). This assumes that

all other variables are held constant and ignores any compensating effects from transaction exposure, for example the impact

from raw material purchases.

Interest rate risk

Interest rate risk is the risk that changes in market interest rates will have a negative impact on cash flow or fair value of financial

assets and liabilities. Cash flow risk arises from changes in variable interest rates, whereas fair value risk arises from changes in

fixed interest rates. It is the policy of the group to limit the interest rate risk to cash flow risk by restricting the allowed average

interest duration for both borrowing and financial investments. However, it is possible to deviate from that principle when

deemed adequate, for example due to large unfavourable moves in market interest rates. The group’s borrowing is primarily

exposed to changes in Euribor through the bond loan, and short term interest rates in SEK and NOK, as further outlined in Note

25 Borrowings. Due to the substantial increase in the Euribor during the last couple of years, the group entered into two interest

rate swaps in 2024, to hedge the cash flow risk from the bond loan interest payments, by swapping 70% of the variable interest

to fixed interest until the bond loan maturity date on 3 September 2026. This details of this hedge are further outlined under

the section Hedge accounting below. The group’s lending, limited to loans to associated companies, is exposed to changes in

Euribor, as described in Note 16 Shares in associates.

In the event that the interest rate would fluctuate up or down by 50 basis points, all other variables held constant, the impact

on net profit would have been +/- EUR 1.4 million in 2024 (EUR 1.7 million).

Price risk

The group is exposed to price risks in relation to shareholdings other than shares held in group companies or associated

companies. Such other shareholdings are measured at fair value, but the modest value of these holdings in the consolidated

statements of financial position, makes the risk limited. The corporate bonds are listed on Nasdaq Stockholm, and the group is

therefore exposed to fluctuations of the market value if the repurchase clause in the bond agreement would be utilised.

Credit risk

Credit risk refers to the risk that a counterparty in a financial transaction may not fulfil its obligations. It is a risk applicable to

trade receivables, lending and to cash and cash equivalents. Credit risks are managed by the central treasury function, except

for credit risks related to accounts receivables, which are managed locally by the subsidiaries or business units.

Each subsidiary or business unit shall monitor and analyse the credit risks for each new customer before standard terms for

payment and delivery are offered. If customers are credit rated by independent credit rating agencies, these credit ratings

are utilised. In the event that no independent credit rating exists, the group company undertakes a risk assessment of the

customer’s creditworthiness, in which the customer’s financial position is considered, as well as previous experience and other

factors. Individual risk limits are determined on the basis of internal or external credit ratings. In case no relevant credit risk can

be assessed and no credit limit established, only prepayments are accepted. The application of credit limits is monitored regu-

larly. The credit-term is normally 30 days, but both shorter and longer terms are applied, depending on the customer and local

practices. A breakdown of maturity for accounts receivables, as well as description of the principles for estimating credit losses,

are presented in note 18 Accounts receivables.

To minimise the credit risk for cash and cash equivalents, only banks and financial institutions with strong credit rating from

independent credit rating agencies are accepted. The maximum credit risk exposure corresponds to the financial assets pre-

sented in note 17 Financial instruments per category.

Liquidity risk

Liquidity risk is the risk that the group does not have access to adequate financing on acceptable terms at any given point in

time. This requires a combination of short-term monitoring of cash flow and securing short and long-term financing of the

group.

Cash flow forecasts are prepared by the group’s operating companies and are closely monitored by the treasury department.

The group should always have a sufficient liquidity reserve to meet the short-term operating needs. In order to balance sea-

sonal effects in operating cash flow, and managing other short term funding needs mainly related to change in working capital,

the group has secured an revolving credit facility (RCF). The facility was decreased from a total of EUR 150 million in 2023 to

EUR 123.5 million by the end of 2024. The facility was reduced further to EUR 111.5 million in the beginning of 2025. The facility

is provided by two banks and runs until 2026. Part of the total RCF frame has been utilized for an overdraft facility provided by

one of the banks. In September 2024, the group also entered into a receivables purchase agreement (RPA) with one of the banks

granting the RCF. The RPA has more attractive margins than the RCF and provides a more flexible financing structure for the

group’s working capital. The RPA is an uncommitted facility with a frame of EUR 75 million. The available credit limit under the

RCF is reduced partly by the amount utilised under the RPA. On 31 December 2024, EUR 54.7 million was utlised under the RPA.

For the long-term financing of the group, BEWI has issued a EUR 250 million five year sustainability linked bond that matures on

3 September 2026, with a possibility for BEWI to unilaterally decide on an early redemption after 3 March 2025 of 50 per cent

of the bonds outstanding at that date. A detailed description of the terms for the bond loans is given in note 25 Borrowings.

In addition to the centrally negotiated borrowings, there are also a few liabilities to credit institutions and overdraft facilities in

companies acquired, that have not been subject refinancing post acquisition.

126126Financial statements | The GroupFinancial statements | The Group

The amounts in the table below are the agreed, undiscounted cash flows, including both principal and interest.

As of 31 Dec 2024

million EUR <1 yr. 1–2 yr. 2–5 yr. >5 yr.

Bond loans - 251.9 - -

Liabilities to credit institutions 8.4 70.4 1.6 0.5

Overdraft 1.4 - - -

Accounts payables 77.0 - - -

Other non-current liabilities 0.2 - - -

Liabilities leases 40.6 37.3 100.1 214.0

Total 127.6 359.6 101.7 214.5

As of 31 Dec 2023

million EUR <1 yr. 1–2 yr. 2–5 yr. >5 yr.

Bond loans - - 250.0 -

Liabilities to credit institutions 15.4 125.3 3.4 -

Overdraft 4.4 - - -

Accounts payables 81.6 - - -

Other non-current liabilities - 0.4

Liabilities leases 33.4 31.4 82.4 181.1

Total 134.8 157.1 335.8 181.1

The undiscounted cash flow for liabilities leases correspond to the future lease payments reflected in the calculation of the

discounted lease liability in accordance with IFRS 16.

Hedge accounting

The group has entered into interest swaps, by swapping variable interest on the bond loan to fixed. The swaps have similar

critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The group

does not hedge 100% of its bond loan, and so the hedged item is identified as a proportion of the outstanding bond loan up

to the notional amount of the swaps. Since all critical items matched during the year, there is an economic relationship. Hedge

accounting has been applied to these cash flow hedges. In late 2023, the group also entered into minor FX forward contracts to

hedge against the currency transaction exposure arising from specific operational cash flows during a limited amount of time in

the first quarter of 2024 and for which hedge accounting was applied.

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness

assessments, to ensure that an economic relationship exists between the hedged item and the hedging instrument. Hedge

ineffectiveness for interest rate swaps is tested by comparing, for example, the maturity, currency and interest terms of the swap

against those of the hedged loan. Hedge effectiveness for the FX forwards was tested by comparing critical terms of the FX

forwards, such as timing, currency and transaction amount, against the forecast operational cash outflows. No hedge ineffec-

tiveness was identified for interest rate swaps or FX forwards in 2024 and 2023.

The derivative liabilities arising from cash flow hedges for which hedge accounting has been applied are recognised as Other

financial liabilities and specified in the table below.

As of 31 dec 2024

million EUR 0-6 months 7-12 mån 2-3 years

Derivative liability – fair value through OCI

Interest rate swaps - - 3.3

FX forwards - - -

Total - - 3.3

As of 31 dec 2023

million EUR 0-6 months 7-12 mån 2-3 years

Derivative liability – fair value through OCI

Interest rate swaps - - -

FX forwards 0.1 - -

Total 0.1 - -

127127Financial statements | The GroupFinancial statements | The Group

A reconciliation of the group’s hedging reserve is presented in the tables below.

million EUR

Interest

rate swaps FX forwards Total

As of 31 dec 2023 - -0.1 -0.1

Change in fair value through OCI -3.3 - -3.3

Transferred to the cost of inventory - 0.1 0.1

As of 31 dec 2024 -3.3 - -3.3

million EUR

Interest

rate swaps FX forwards Total

As of 31 dec 2022 - - -

Change in fair value through OCI - -0.1 -0.1

As of 31 dec 2023 - -0.1 -0.1

3.2 Fair value

The table below presents the fair value of financial instruments measured at fair value though profit and loss, or, which is the

case with the bond loans, fair value of financial instruments measured at amortised cost. The carrying amount of the group’s

other financial assets and liabilities is considered to constitute a good approximation of fair value, since they carry floating

interest rates or are of a current nature.

As of 31 Dec 2024

Carrying

amount million EUR Level 1 Level 2 Level 3 Total

Financial assets measured at fair value through profit and loss

Participation in other companies - - 0.5 0.5 0.5

Derivative asset - 1.6 - 1.6 1.6

Total - 1.6 0.5 2.1 2.1

Financial liabilities measured at amortised cost

Bond loan 248.1 - - 248.1 249.4

Total 248.1 - - 248.1 249.4

Financial liabilities measured at fair value through other comprehensive income

Derivative liabilities - 3.3 - 3.3 3.3

Total - 3.3 - 3.3 3.3

Financial liabilities measured at fair value through profit and loss

Derivative liability - 0.3 - 0.3 0.3

Other financial non-current liabilities - - 0.2 0.2 0.2

Total - 0.3 0.2 0.5 0.5

128128Financial statements | The GroupFinancial statements | The Group

As of 31 Dec 2023

Carrying

amount million EUR Level 1 Level 2 Level 3 Total

Financial assets measured at fair value through profit and loss

Participation in other companies - - 0.5 0.5 0.5

Derivative asset - 3.6 - 3.6 3.6

Total - 3.6 0.5 4.1 4.1

Financial liabilities measured at amortised cost

Bond loan 235.0 - - 235.0 247.9

Total 235.0 - - 235.0 247.9

Financial liabilities measured at fair value through other comprehensive income

Derivative liabilities - 0.1 - 0.1 0.1

Total - 0.1 - 0.1 0.1

Financial liabilities measured at fair value through profit and loss

Derivative liability - 3.2 - 3.2 3.2

Other financial non-current liabilities - - 0.4 0.4 0.4

Total - 3.2 0.4 3.6 3.6

Level 1 – Listed prices (unadjusted) on an active market for identical assets and liabilities.

Level 2 – Other observable data for the asset or liability that is listed prices included at level 1, either directly (as price) or

indirectly (derived from price).

Level 3 – Data for the asset or liability that is not based observable market data.

Level 3 – Changes during the period, million EUR

Participation in other

companies

Other financial

non-current liabilities

As of 31 Dec 2023 0.5 0.4

Settlement - -0.2

As of 31 Dec 2024 0.5 0.2

Level 3 – Changes during the period, million EUR

Participation in other

companies

Other financial

non-current liabilities

As of 31 Dec 2022 0.5 0.7

Settlement - -0.3

Fair value adjustment through profit and loss 0.0 -

As of 31 Dec 2023 0.5 0.4

129129Financial statements | The GroupFinancial statements | The Group

3.3 Capital management

The group’s capital is defined as capital employed, which comprises total equity and net debt. The objective for the capital

structure is to guarantee the group’s capacity to continue its operations and to support a profitable growth through a combi-

nation of M&A activities and organic growth, with the aim to continue generating return to shareholders and benefits to other

stakeholders. This should be achieved through an optimal capital structure that reduces the cost of capital. In order to maintain

or adjust the capital structure, the group may: alter the dividend to shareholders, reimburse capital to shareholders, issue new

shares, raise new loans or dispose of assets. The capital is assessed on the basis of the return on capital employed. Net debt is

defined as interest-bearing liabilities less cash and cash equivalents. Net debt is calculated both with and without the effect

from IFRS 16 Leases, as the covenants stated in the revolving credit facility agreement and the bond loan agreement are based

on a net debt calculation excluding the effect of IFRS 16. For the sake of calculating capital employed, net debt includes the

effect of IFRS 16. For more information on the components of interest-bearing liabilities, please refer to note 25. Return on

capital employed is calculated as rolling 12 months adjusted EBITA (earnings before interest, tax and amortisations after adding

back items affecting comparability) as a percentage of average capital employed during the same period, where the average is

calculated with each quarter during the measurement period as a measuring point.

million EUR 31 Dec 2024 31 Dec 2023

Total interest-bearing liabilities (A) 583.7 611.2

Cash and cash equivalents (B) 72.7 63.6

Net debt including IFRS 16 (A-B) 511.0 547.6

Effect of IFRS 16 leasing liabilities (C) 247.0 216.6

Net debt excluding IFRS 16 (A-B-C) 264.0 331.1

Total equity (D) 384.6 415.7

Capital employed (A-B+D) 895.6 963.3

Average capital employed (E) 946.1 983.7

Adjusted EBITA (F) 33.4 53.5

Return on capital employed (F/E) 3.5% 5.4%

Net debt including IFRS 16 leasing liabilities is slightly lower in 2024 than in 2023. Higher leasing liabilities in 2024, mainly from

the sale and leaseback transactions, are offset by higher cash by the end of the year. Excluding IFRS 16 leasing liabilities, net

debt is lower by the end of 2024, explained by the improved cash position. Average capital employed is lower in 2024, explained

by the lower net debt, but also lower equity following the net loss reported for the year. Return on capital employed decreased

from 5.4 per cent in 2023 to 3.5 per cent in 2024, explained by a lower EBITA following the market downturn.

130130Financial statements | The GroupFinancial statements | The Group

Note 04 Critical accounting estimates and significant judgements

Estimates and assessments are continuously evaluated and are prepared on the basis of historical experience and other factors,

including expectations regarding future events deemed reasonable under existing condition.

4.1 Critical accounting estimates

The group makes estimates and assumptions about the future. Accounting estimates will, by definition, rarely be equivalent to

the actual result. The estimates and assumptions contain a significant risk for material adjustments to carrying amounts of assets

and liabilities during the following financial years are outlined below.

a) Consideration of impairment need of goodwill and trademarks

The group examines annually whether any impairment need for goodwill or trademarks is at hand, in accordance with the

accounting principle set out in note 2. Recoverable amounts have been determined on the basis of calculations of values in use.

These calculations include certain estimates to be carried out (see note 12 Intangible assets).

b) Leases

In determining the lease term, an estimation of each contract, including whether to include an extension option or not, is made.

Contracts for production facilities, which is the major part of the leasing in the group, normally runs for 10-17 years. The determi-

nation of lease terms and how to treat extension options affect both the leasing liability and the right-of-use asset. A description

of lease-terms is found in Note 8 Leasing.

Determination of the rates at which the lease liabilities are discounted affects the lease liability and interest expense. It deter-

mines the discounting of lease liabilities and right-of-use assets recognised in the consolidated statement of financial position,

as well as the split between interest expense and depreciation recognised in the consolidated statement of profit or loss over

the lease term. How the group estimates its incremental borrowing rate, to measure lease liabilities at the present value of lease

payments, is described in Note 25 Borrowings.

4.2 Significant judgements

a) Judgements when assessing derecognition

Assessing whether accounts receivable sold under receivables purchase agreements qualify for derecognition from the balance

sheet includes critical judgements as to whether substantially all risks and rewards of ownership have been transferred. This

includes judgement of the extent to which credit risk, credit insurance, currency risk and late payment risk attributable to the

receivables have been transferred to the purchasing party.

b) Judgements when assessing sale and leaseback transactions

Assessing whether a sale and leaseback transaction meets the requirements to be recognised as a sale of an asset at a point in

time, includes judgement of whether the relevant performance obligations are satisfied. The relevant performance obligations

are satisfied when control of the asset is obtained by the buyer.

131131Financial statements | The groupFinancial statements | The group

Note 05 Net sales distribution and segment information

Operating segments are reported in a manner that corresponds with the internal reporting submitted to the chief operating

decision maker. The executive management constitutes the chief operating decision maker for the BEWI group and takes

strategic decisions in addition to evaluating the group´s financial position and earnings.

Group management has determined the operating segments based on the information that is reviewed by the executive man-

agement and used for the purposes of allocating resources and assessing performance. The executive management assesses

the operations based on four operating segments: RAW, Insulation & Construction, Packaging & Components and Circular. Sales

between segments take place on market terms.

million EUR

Insulation &

Construction

Packaging &

Components Circular Unallocated

Elimination

continuing operations

Total –

continuing operations

Discontinued

operations

Elimination

discontinued operations Total operations

2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023

Internal net sales 2.4 2.4 1.5 2.6 12.2 11.7 0.0 0.0 -16.0 -16.7 0.0 0.0 137.1 129.6 -137.1 -129.6 0.0 0.0

External net sales 426.0 456.0 306.9 319.0 40.3 45.9 0.0 0.3 773.2 821.2 242.2 284.1 1015.4 1105.3

Net sales 428.4 458.4 308.3 321.6 52.5 57.7 0.0 0.3 -16.0 -16.7 773.2 821.2 379.2 413.7 -137.1 -129.6 1015.4 1105.3

Adj. EBITDA 36.5 40.6 43.4 45.3 -4.9 -3.2 -3.9 -4.7 71.2 78.1 20.0 30.7 91.2 108.8

EBITDA 35.8 35.7 47.3 44.0 -5.3 -3.4 -5.9 -4.8 71.9 71.5 19.2 30.4 91.1 101.9

EBITA 13.8 11.7 23.1 22.1 -9.5 -6.1 -6.8 -5.4 20.5 22.4 12.7 24.2 33.3 46.6

EBIT 7.8 5.7 19.2 18.1 -10.4 -7.0 -8.0 -6.6 8.5 10.2 11.5 23.3 20.0 33.5

Net financial items -45.3 -40.8 -48.1 -42.5

Income before tax -36.8 -30.6 -28.1 -9.0

132132Financial statements | The groupFinancial statements | The group

Specification of impact from specific amounts on the segmentation 2024 2023

Share of income from associated companies

Adjusted EBITDA, EBITDA, EBITA and EBIT for Insulation & Construction -1.7 0.7

Adjusted EBITDA, EBITDA, EBITA and EBIT for Packaging & Components - 0.0

Adjusted EBITDA, EBITDA, EBITA and EBIT for Circular 0.2 0.6

Capital gain/loss from sale of assets

EBITDA, EBITA and EBIT for Insulation & Construction -0.7 -1.4

EBITDA, EBITA and EBIT for Packaging & Components -4.0 0.1

EBITDA, EBITA and EBIT for Circular 0.0 0.0

EBITDA, EBITA and EBIT for Unallocated 0.9 -

Restructuring costs

EBITDA, EBITA and EBIT for Insulation & Construction -0.6 -3.4

EBITDA, EBITA and EBIT for Packaging & Components -0.3 -1.0

EBITDA, EBITA and EBIT for Cirkular 0.0 -0.2

Impairment tangible assets

EBITA and EBIT for Insulation & Construction -1.1 -1.8

EBITA and EBIT for Packaging & Components -0.5 -0.6

EBITA and EBIT for Circular -0.1 -

Impairment other intangible assets except goodwill

EBIT for Insulation & Construction - -

EBIT for Packaging & Components - -

Net sales per country (Customers’ geography) 2024 2023

Norway 140.8 140.2

Germany 84.9 88.8

Netherlands 112.4 123.7

UK 86.5 77.4

Sweden 72.0 86.4

Denmark 69.2 75.0

Portugal & Spain 48.0 47.0

Poland 10.7 12.6

France 24.7 26.0

Belgium 29.5 34.0

Finland 35.9 34.6

Iceland 0.6 0.4

Baltics 18.4 21.5

Czech Republic 9.4 9.6

Romania 3.4 3.5

Slovakia 4.0 5.6

Italy 2.2 2.9

Austria 1.2 1.3

Faroe Islands 0.3 0.2

Switzerland 3.3 3.9

Other 15.8 26.5

Total continuing operations 773.3 821.2

Discontinued operation 242.1 284.1

Total operations 1 015.4 1 105.3

133133Financial statements | The groupFinancial statements | The group

Note 06 Employee remuneration etc.

million EUR 2024 2023

Salary and other remuneration

-130.3 -129.8

Social security expenses

-23.5 -21.9

Pension costs – defined contribution plans -6.9 -6.5

Pension costs – defined benefit plans 0.0 0.0

Total remuneration to employees -160.7 -158.3

The costs in the table above reflect costs for own employees.

whereof 0.0 (-0.2) is a cost for sharebased payments.

whereof 0.0 (0.7) is reversal of previously recognized social security expenses.

Average number of full time employees (FTE) with geographical breakdown by country

2024 2023

Average FTE total Whereof men Average FTE total Whereof men

Sweden 269 196 302 221

Finland 116 91 128 102

Denmark 229 156 259 168

Norway 352 267 379 314

the Netherlands 380 323 395 352

Belgium 91 7 90 84

Portugal 201 115 196 93

Spain 78 75 68 65

Poland 279 189 237 155

Germany 426 338 430 340

UK 203 156 181 127

France 11 9 11 10

Lithuania 88 66 104 82

Czech Republic 23 19 20 17

Canada 7 3 9 2

Switzerland 1 1 1 1

Austria 4 4 1 1

US 3 3 - -

Total 2 761 2 018 2 811 2 134

134 134 Financial statements | The group Financial statements | The group

Remuneration to senior executives

The senior executives comprise of the board of directors, CEO of BEWI ASA and managers in the executive

management

directly reporting to the CEO and remunerations for those applies to:

BEWI ASA 1 Jan 2024–31 Dec 2024 1 Jan 2023–31 Dec 2023

million EUR

Basic salary

incl. benefits/

board fees

Variable

remuneration

Retirement

compensation

Basic salary

incl. benefits/

board fees

Variable

remuneration

Retirement

compensation

Board of Directors

6 members of the board, whereof 3 women

Gunnar Syvertsen (chairman) 0.06 - - 0.05 - -

Kristina Schauman 0.03 - - 0.03 - -

Anne-Lise Aukner 0.03 - - 0.03 - -

Rik Dobbelaere 0.03 - - 0.03 - -

Andreas Mjølner Akselsen 0.03 - - 0.03 - -

Pernille Skarstein 0.03 - - 0.02 - -

Total 0.21 - - 0.19 - -

CEO

Christian Bekken 0.27 0.04 0.01 0.27 0.01 0.01

Other Senior Executives

1.25 0.18 0.29 1.12 0.06 0.23

Total 1.53 0.23 0.29 1.38 0.07 0.24

Consultancy services board members

Gunnar Syvertsen 0.07 - - 0.09 - -

Rik Dobbelaere 0.12 - - 0.12 - -

Andreas Mjølner Akselsen - - - 0.15 - -

The executive management has been decreased with one employee as from 1 November 2024. The costs are reflected in the numbers above from this date.

Share-based incentive programme

In November 2020, the parent company BEWI ASA implemented a share-based incentive programme, entitling the participants

to subscribe for shares in BEWI ASA during a three-year period. In August 2024 an additional share-based incentive programme

was launched. The purpose of both programmes is to further align the interests of the company and its shareholders by provid-

ing incentives in the form of awards to employees to motivate them to contribute materially to the success and profitability of

the company. The features of the programmes are further described in note 23.

Severance pay

Subject to the CEO’s employment agreement, there is a mutual notice period of 6 months in the agreement. If the agreement is

terminated by the company, the employee is in addition to the notice period entitled to 12 months severance pay. The sever-

ance pay is deductible against income or compensation from other employment.

135135Financial statements | The groupFinancial statements | The group

Note 07 Remunerations to auditors

million EUR 2024 2023

PwC

– The audit assignment -0.8 -1.0

– Audit activities other than the audit assignment -0.1 0.0

– Tax advice - -

– Other services -0.1 -

Total -1.0 -1.0

Other accounting firms than PwC

– The audit assignment -0.2 -0.5

– Audit activities other than the audit assignment - -0.0

– Tax advice -0.1 -0.2

– Other services 0.0 0.0

Total -0.4 -0.7

For 2024 audit activities other than the audit assignment from PwC mainly includes costs related to the ESG reporting.

Note 08 Leasing

Lease-terms and extension options

The group leases buildings (e.g. production facilities, warehouses, offices), machinery (e.g. gas facilities, compressors, moulding

machines) and equipment (e.g. cars, trucks, fork-lifts). Contracts for production facilities normally run for 10-17 years, but there

are exceptions with both shorter and longer lease terms. Separate warehouses are normally leased for 1–2 years, with a few

exceptions. In case a warehouse rent is paid based on usage, for example pallet space used, it is treated as variable and not

subject to capitalisation in accordance with IFRS 16. Office space is normally leased for three years. Based on the assumption

that a business cycle lasts for eight years and that predictions beyond that period are difficult, extension options for contracts

for production facilities expiring after that time-frame are not considered when assessing the lease-term, unless specific condi-

tions are present. Extension options for warehouses and offices are not reflected.

The lease term for other assets vary, but normally range between 3–5 years. Purchase options are considered in the capitalised

amount if deemed reasonably certain that such an option will be exercised, but this is not common. Extensions options are

reflected when it is deemed reasonable that they will be exercised.

Discount rate, liability and carrying amount

Discount rates applied and total leasing liability are described in note 24 Borrowings. Maturity dates for the undiscounted values

are presented in note 3 Financial risk management. Carrying amounts and depreciations of the assets capitalised are presented

in note 12 Intangible assets and note 13 Tangible assets.

Lease expenses for lease contracts capitalised in accordance with IFRS 16

million EUR 2024 2023

Depreciations and amortisations -24.0 -19.0

Interest expense -16.2 -10.7

Total -40.1 -29.6

136136Financial statements | The groupFinancial statements | The group

Lease expenses for lease contracts not capitalised in accordance with IFRS 16

million EUR 2024 2023

Lease expense short-term leases -1.2 -1.0

Lease expense low-value assets -0.1 -0.4

Lease expense variable leases -1.0 -0.7

Total -2.3 -2.1

Cash flow from leases

million EUR 2024 2023

Recognised in operating cash flow

Operating income -2.3 -2.1

Interest paid -16.2 -10.7

Cash flow from financing activities

Repayment of borrowings -21.1 -17.0

Total -39.6 -29.8

In 2024, three real estate properties were divested to the Swedish listed company Logistea AB in sale and leaseback transactions.

The transactions gave rise to a capital gain of EUR 4.5 million. The lease terms run for 17 years, with options to extend the lease

terms for another five years.

Note 09 Financial income and expense

million EUR 2024 2023

Interest revenue 3.7 5.3

Other financial income 0.1 0.0

Total financial income 3.8 5.4

Interest expenses -47.0 -42.3

Fair value adjustments shares and participations - -3.2

Revaluation bond -1.2 -

Fair value change derivatives 1.1 -7.4

Exchange rate losses -2.1 6.7

Total financial expense -49.1 -46.0

Total financial income and expense - net -45.3 -40.8

EUR -1.9 million (2023: EUR -1.1 million) of the interest expenses were attributable to amortisation of financing cost.

Fair value adjustments shares and participations are attributable to the shares in KMC Properties ASA, which were divested

during the 2023. The shares were remeasured at fair value until the date of divestment and there was consequently no gain or

loss from the divestment.

Net financial income and expense per category of financial instrument

million EUR 2024 2023

Financial assets and liabilities measured at fair value through profit and loss 1.1 -10.6

Financial assets and liabilities measured at amortised cost -46.4 -30.2

-45.3 -40.8

137137Financial statements | The groupFinancial statements | The group

Note 10 Exchange differences – net

Exchange differences have been reported in the income statement as follows:

million EUR 2024 2023

Other operating expenses -0.3 -0.3

Fair value change derivatives 0.0 0.1

Total exchange difference in other operating expenses -0.3 -0.2

Exchange rate losses -2.1 6.7

Fair value change derivatives 1.1 -7.4

Total financial income and expense (note 9) -1.0 -0.6

Exchange differences - net -1.3 -0.8

Note 11 Income tax

Tax income and expense in income statement

million EUR 2024 2023

Tax income(+)/expense(-) comprises;

Current tax income(+)/expense(-) this year -5.3 -18.1

Adjustment recognised in current year in relation to current tax of prior years 3.2 -0.4

Deferred tax income(+)/expense(-) 3.2 11.9

Total tax income(+)/expense(-) 1.1 -6.6

Income tax is attributable to:

Profit from continuing operations 1.5 -0.4

Profit from discontinuing operations -0.4 -6.2

Total tax income(+)/expense(-) 1.1 -6.6

OECD Pillar Two model rules

The group is within the scope of the OECD Pillar Two model rules, an international tax reform which aims to ensure that large

multinational groups pay a minimum tax on income arising in each jurisdiction in which they operate. Thus, BEWI becomes

liable to pay top-up taxes on profits in each jurisdiction where the effective tax rate calculated according to the GloBE rules is

below the minimum tax rate of 15%. Pillar Two legislation has been enacted in Norway and applies as from financial year 2024.

Transition rules called “safe harbour” applies for the FY2024-2026. The group are within safe harbour in all tax jurisdictions and

therefore no additional tax has been imposed.

138138Financial statements | The groupFinancial statements | The group

The income tax attributable to the income before taxes differs from the theoretical amount that would have arisen from the

application of the local tax rates on income before tax in the group companies, as follows:

million EUR 2024 2023

Profit/loss before tax from continuing operations -36.8 -30.6

Profit/loss before tax from discontinued operatons 8.7 21.6

Profit/loss before tax from total operations -28.1 -9.0

Tax income(+)/expense(-) calculated at norwegian corporate income tax rate 6.2 2.0

Difference between corporate tax rate in Norway and other countries -0.2 -0.6

Effect of revenue that is exempt from taxation 0.2 0.5

Effect of non-deductible expenses -2.1 -3.5

Effect of tax losses and tax offsets not recognised as deferred tax assets -7.2 -2.1

Effect of previously unrecognised deferred tax attributable to tax losses carry forward, tax

credits and temporary differences 0.3 0.2

Effect of utilisation of tax losses carry forward 0.0 0.3

Effect of write-downs and reversals of deferred tax assets 0.1 -1.9

Effect on deferred tax balances due to change in tax rate 0.0 -0.2

Effect of witholding tax 0.0 -0.6

Adjustment recognised in current year in relation to current tax of prior years 3.2 -0.4

Other 0.6 -0.3

Total tax income(+)/expense(-) in profit or loss 1.1 -6.6

Recognised in other comprehensive income

million EUR 2024 2023

Deferred tax

Tax on remeasurement of defined benefit obligation 0.3 0.3

Total 0.3 0.3

Deferred tax assets and liabilities 2024

million EUR

Opening

balance

Through

acquired

business

Through

divested

business

Reclassi-

ficaton

Reported

in profit/

loss

Reported

in other

compre-

hensive

income

Exchange

differences

Closing

balance

Deferred tax in balance sheet is attributable to:

Tax losses carry forward 3.8 - - 2.2 2.6 - -0.2 8.4

Intangible assets -32.7 - - - 0.8 - 0.2 -31.7

Tangible assets -11.7 - - - 1.7 - -0.1 -10.1

Inventories -0.7 - - - 0.1 - 0.0 -0.6

Untaxed reserves -1.2 - - - -0.1 - 0.0 -1.3

Pension assets and liabilities 0.0 - - - -0.3 0.3 0.0 0.0

Provisions 0.0 - - - 0.0 - 0.0 0.0

Other -1.2 - - - -1.6 - 0.1 -2.7

Total net deferred tax assets and liabilities -43.6 - - 2.2 3.2 0.3 0.0 -37.9

of which from continuing operations -32.3

of which from discontinued operations -5.6

EUR 4.9 million of tax credits not recognised as defered tax assets are defered interest deductions in Norway and Sweden. In

the final 2023 tax return for BEWI ASA, unutilised tax losses carried forward increased by NOK 2.2 million, which is the basis for a

reclassification of EUR 2.2 million.

139139Financial statements | The groupFinancial statements | The group

Deferred tax assets and liabilities 2023

million EUR

Opening

balance

Through

acquired

business

Through

divested

business

Reclassi-

ficaton

Reported

in profit/

loss

Reported

in other

compre-

hensive

income

Exchange

differences

Closing

balance

Deferred tax in balance sheet is attributable to:

Tax losses carry forward 1.4 - - 1.3 1.1 - 0.0 3.8

Intangible assets -31.1 - - -3.2 1.3 - 0.4 -32.7

Tangible assets -22.5 - - -0.1 10.6 - 0.2 -11.7

Inventories -0.1 - - -0.3 -0.3 - 0.0 -0.7

Untaxed reserves -0.7 - - -0.4 -0.1 - - -1.2

Pension assets and liabilities -0.5 - - 0.0 0.2 0.3 0.0 0.0

Provisions 0.0 - - 0.0 0.0 - - 0.0

Other -0.3 - - 0.0 -0.9 - - -1.2

Total net deferred tax assets and liabilities -53.8 - - -2.6 11.9 0.3 0.6 -43.5

The reclassification of EUR 2.6 million in the table above is attributable to a finalised acquisition analysis during the year, related

to acquisitions in 2022, in which a preliminary goodwill allocation was reduced and tangible and intangible assets increased,

leading to higher deferred tax liabilities.

Deferred tax assets are reported for tax losses carry forward or temporary differences to the extent that they are likely to be

utlised against future taxable profits amounts to EUR 8.4 million. EUR 8.1 million of these have no due date and 0.3 are due

in 2027. Tax losses carry forward corresponding to a tax value of EUR 14.9 million (EUR 13.8 million) were not recognised as

deferred tax assets, none of which have a due date. The tax losses carry forward by the end of 2024 were attributable to

Sweden, Germany, Norway, Spain and Poland. In addition, tax credits attributable to deferred interest deductions corresponding

to a tax value of EUR 7.6 million (EUR 2.8 million) falling due between 2027 and 2030, were not recognised as deferred tax assets.

Note 12 Intangible assets

million EUR Goodwill Trademark

Customer

relations Technology

Patents,

licences & IT Total

As of 1 January 2023

Acquisition costs 263.8 48.2 95.2 14.9 19.2 441.2

Accumulated amortisations/write-downs -1.0 -0.1 -26.8 -6.1 -9.2 -43.2

Carrying amount 262.8 48.1 68.4 8.7 10.0 398.0

Financial year 2023

Carrying amount brought forward 262.8 48.1 68.4 8.7 10.0 398.0

Exchange differences -3.8 -0.2 -0.8 -0.1 0.0 -5.4

Acquisitions - 0.0 - 0.1 8.2 8.3

Through acquired business - - - - - -

Divestment of business - - - - - -

Reclassifications

-14.5 0.1 13.3 - -0.1 -1.1

Writedown - - - - - -

Disposals - - - 0.0 - 0.0

Amortisations continuing operations - -0.8 -8.3 -1.5 -1.5 -11.3

Amortisations discontinued operations - - -0.6 -0.3 -0.0 -0.9

Carrying amount carried forward 244.5 47.3 72.0 7.0 16.6 387.3

As of 31 December 2023

Acquisition costs 245.5 48.2 107.7 14.9 27.3 443.5

Accumulated amortisations/write-downs -1.0 -0.9 -35.7 -7.9 -10.7 -56.2

Carrying amount 244.5 47.3 72.0 7.0 16.6 387.3

140140Financial statements | The groupFinancial statements | The group

million EUR Goodwill Trademark

Customer

relations Technology

Patents,

licences & IT Total

Financial year 2024

Carrying amount brought forward 244.5 47.3 72.0 7.0 16.6 387.3

Exchange differences -1.8 -0.4 -1.0 -0.1 0.0 -3.2

Acquisitions - - - 0.1 3.6 3.6

Through acquired business - - - - - -

Divestment of business - - - - - -

Reclassifications - - - - 0.0 0.0

Assets held for sale from discontinued

operations -37.3 -1.3 -3.1 -0.1 -1.7 -43.6

Amortisations discontinued operations - - -0.6 -0.2 -0.5 -1.3

Writedown - - - - - -

Disposals - - - 0.0 0.0 0.0

Amortisations continuing operations - -0.6 -7.9 -1.4 -2.0 -12.0

Carrying amount carried forward 205.4 44.9 59.4 5.2 15.9 330.9

As of 31 December 2024

Acquisition costs 206.4 46.5 103.6 14.8 29.1 400.4

Accumulated amortisations/write-downs -1.0 -1.5 -44.1 -9.6 -13.2 -69.5

Carrying amount 205.4 44.9 59.4 5.2 15.9 330.9

Considerations of impairment need for goodwill and trademark

Goodwill and trademarks have an indefinite useful life and are for each each cash generating unit monitored by the executive

management. In 2024, previously separately identified cash generating units were combined so that the cash generating

units now correspond to the externally reported segments, with the exception of the Automotive business which is included

in segment Packaging & Components but for impairment testing purposes considered a separate cash generating unit. The

reason for the combination is twofold. The business units within each segment have become more integrated with geographic

optimization of the production footprint and increased focus on cross-border sales, leading to a larger degree of non-separable

cash flows within the segments. The new cash generating units are also aligned with how the group is structured operationally

and how management is organised and consequently also how the executive management monitors the performance of the

group Goodwill and trademarks divided by cash generative unit, including a bridge to the cash generating units presented last

year, are summarised as follows:

Goodwill

million EUR 31 Dec 2024 31 Dec 2023

RAW 29.9 30.0

Automotive 6.2 6.2

Insulation & Construction 102.1 102.1

Insulation & Construction Nordics 22.3

Insulation & Construction Netherlands & Belgium 25.4

Insulation & Construction Germany 24.5

Insulation & Construction Lithuania 9.0

Insulation & Construction UK 10.3

Insulation & Construction Spain 10.6

Packaging & Components 79.8 82.3

Packaging & Components Sweden 3.5

Packaging & Components Denmark 11.9

Packaging & Components Netherlands 1.7

Packaging & Components Norway 56.0

Packaging & Components UK 1.2

Packaging & Components Portugal & Spain 5.4

Packaging & Components Finland 2.7

Circular 24.8 23.9

Whereof classified as assets held for sale -37.3 -

Total 205.4 244.5

141141Financial statements | The groupFinancial statements | The group

Trademarks

million EUR 31 Dec 2024 31 Dec 2023

RAW 0.6 0.6

Automotive 2.8 2.8

Insulation & Construction 26.4 27.1

Insulation & Construction Nordics 8.3

Insulation & Construction Netherlands & Belgium 7.6

Insulation & Construction Germany 4.3

Insulation & Construction Lithuania 2.6

Insulation & Construction UK 2.4

Insulation & Construction Spain 1.9

Packaging & Components 13.7 14.0

Packaging & Components Denmark 5.0

Packaging & Components Netherlands 2.3

Packaging & Components Norway 5.6

Packaging & Components Portugal & Spain 1.1

Circular 2.7 2.7

Whereof classified as assets held for sale -1.3 -

Total 44.9 47.3

The executive management has assessed that revenue growth, operating margin, discount rate and long-term growth are

the most critical assumptions in the impairment assessment for all cash generating units. The recoverable amount has been

assessed based on estimates of the value in use. The estimates are based on future projected cash flow before tax for the

coming three years, as outlined in the annual three-year strategic plans approved by the executive management of the

group. The estimates are based on the executive management’s experience, historical data and assessment of market growth

and market recovery from last years’ recession. The recovery is mostly projected to be seen in the cash generating units for

Insulation & Construction and RAW, which have suffered the most from the downturn in the building and construction industry

in recent years. The projections also reflect investments in increased production capacity during the last few years, as well as an

increasing demand in the coming years for recycled EPS from Circular. Operating margins are in the long run expected to be in

line with historic averages and CAPEX to average 2.5 per cent of net sales. The discount rate after tax amounts to 8.0 per cent

(8.2 per cent) for all cash generating units. The long-term sustainable growth rate has been estimated at 2 per cent (2 per cent)

for all cash generating units and has been assessed in accordance with industry forecasts. A weakening of any of the critical

assumptions included in the strategic plans or a weakening of the revenue growth, operating margin, discount rate or long-

term growth beyond the plan period, or an increase in the discount rate that, individually, is reasonably probable, shows that a

margin still exists between the recoverable amount and the carrying amount. An increase in the discount rate of 1 percentage

points or reduced cash flow of 10 per cent would, for example, not change the outcome of the tests. Management therefore

determined that there was no need for impairment of goodwill and other intangible assets. Risks related to climate change has

not impacted the tests negatively. Tangible fixed assets of EUR 1.7 million were written down in 2024 (EUR 2.4 million), based on

an individual assessment for those assets.

142142Financial statements | The groupFinancial statements | The group

Note 13 Tangible assets

million EUR

Buildings and

land

Plant and

other technical

machinery

Equipment,

tools, fixtures

and fittings

Construction

in progress

and advance

payments for

property, plant

and equipment Total

As of 1 January 2023

Acquisition costs 283.0 398.5 60.5 24.0 766.0

Accumulated depreciations/write-downs -44.4 -220.5 -32.3 -0.0 -297.3

Carrying amount 238.6 178.0 28.2 23.9 468.8

Financial year 2023

Carrying amount brought forward 238.6 178.0 28.2 23.9 468.8

Exchange differences -2.4 -3.7 -0.1 -0.1 -6.3

Acquisitions 3.1 23.2 0.2 16.6 43.1

Capitalised leases 70.8 8.4 3.5 - 82.7

Writedown -1.9 -0.5 - - -2.4

Reclassifications

6.3 5.2 -3.4 -4.5 3.7

Disposals -49.9 -0.8 -0.7 - -51.4

Depreciations continuing operations -18.4 -23.1 -5.3 -0.1 -46.9

Depreciations discontinued operations -1.6 -4.0 -0.5 - -6.1

Carrying amount carried forward 244.6 182.8 22.0 35.9 485.3

As of 31 December 2023

Acquisition costs 311.0 430.8 60.1 36.0 837.9

Accumulated depreciations/write-downs -66.3 -248.1 -38.1 -0.1 -352.6

Carrying amount 244.6 182.8 22.0 35.9 485.3

Amounts above attributable to leases:

Depreciations 2023 -15.4 -1.9 -2.9 - -20.1

Carrying amount 31 December 2023 190.0 16.8 7.3 - 214.1

The reclassification of EUR 3.7 million in the table above and the EUR -1.1 million reclassification in the note for intangible assets amounts to a net of EUR 2.6

million. That is due to finalised acquisition analyses during the year, related to acquisitions in 2022, in which a preliminary goodwill allocation was reduced and

tangible and intangible assets increased also leading to higher deferred tax liabilities.

million EUR

Buildings and

land

Plant and

other technical

machinery

Equipment,

tools, fixtures

and fittings

Construction

in progress

and advance

payments for

property, plant

and equipment Total

Financial year 2024

Carrying amount brought forward 244.6 182.8 22.0 35.9 485.3

Exchange differences -3.7 -2.9 -0.3 0.0 -6.9

Acquisitions 3.3 14.6 4.3 7.0 29.2

Capitalised leases 42.7 4.9 3.8 - 51.4

Through acquired business - 0.7 - - 0.7

Divestment of business - - - - -

Writedown -1.7 - - - -1.7

Reclassifications 7.4 27.3 0.5 -34.3 0.8

Assets held for sale from discontinued

operations -26.8 -26.6 -1.9 -0.8 -56.2

Depreciations discontinued operations -2.1 -4.0 -0.5 - -6.5

Disposals -24.9 -0.8 -0.3 -1.1 -27.2

Depreciations continuing operations -18.2 -26.1 -5.4 - -49.7

Carrying amount carried forward 220.6 170.1 22.1 6.5 419.4

As of 31 December 2024

Acquisition costs 308.9 448.0 66.2 6.6 829.8

Accumulated depreciations/write-downs -88.3 -278.1 -43.9 -0.1 -410.4

Carrying amount 220.6 170.1 22.1 6.5 419.4

Amounts above attributable to leases:

Depreciations 2024 -19.1 -3.3 -3.6 -26.0

Carrying amount 31 December 2024 207.3 19.1 7.5 233.9

143143Financial statements | The groupFinancial statements | The group

Note 14 Assets and liabilities of disposal group classified as held for sale

In December 2024, BEWI agreed on the main terms, and on 5 February 2025 entered into an agreement with, The Rock Capital

Group (TRCG), an international investment firm and the owner of Unipol Holland BV, to combine their respective RAW material

businesses to create a leading EPS producer in Europe. BEWI will contribute its RAW segment and TRCG its raw facility in Unipol

Holland BV into a new RAW group. As part of the transaction, BEWI will receive a cash consideration of up to EUR 75 million, of

which EUR 42.5 million is paid following the closing and the remainder is subject to an earn-out agreement. After the transac-

tion, BEWI will own 49 per cent in the new RAW group. Closing is expected to take place during the the spring of 2025.

The new RAW group, will be recognised in accordance with the equity method. In the consolidated statement of financial

position, BEWI’s holding in the RAW group will be reported on one line. Initially, the book value will correspond to the fair value

of BEWI’s share-holding, but over time book value will change with, among other things, share of income and dividends from

the RAW group.

On 24 October 2024, BEWI entered into agreement to merge its traded food packaging business with STOK Emballage (STOK).

The traded food packaging business, that consist of BEWI Food AS and BEWI Iceland ehf, has been reported under the P&C

segment and had net sales of approximately EUR 70 million in 2024. The agreed consideration will be settled in EUR 20 million

cash, and an ownership position in the combined company. Closing is expected to take place during the second quarter of

2025.

The RAW business and the traded food packing business are both operations that can be clearly distinguished operationally

and for financial reporting purposes. RAW is a separate segment and the traded food packaging business has generated sepa-

rate cash flows in geographically separable areas that constitute a substantial portion of the Packaging & Component segment.

As a consequence, both RAW and the traded food packaging business are considered discontinued operations, meaning that

both revenues/expenses and assets/liabiliets are separated from the rest of the operations in the statement of income and in

the statement of financial postion. As the proceeds from the transactions exceed the book value of net assets to be divested,

no impairment is recognised as a result of the classification.

Financial performance and cash flow information

The financial performance and cash flow information presented are for the year ended 31 December 2024 and year ended

31 December 2023.

2024 2023

Before

elim. Elim Disc. op.

Before

elim. Elim Disc. op.

Net sales 379.2 -137.1 242.2 413.7 -129.6 284.1

Other operating income 7.6 - 7.6 0.0 - 0.0

Total revenue 386.8 -137.1 249.7 413.7 -129.6 284.1

Raw materials and consumables -240.7 136.5 -104.2 -248.9 129.0 -119.9

Goods for resale -52.9 0.5 -52.3 -57.0 0.6 -56.4

Other external costs -44.8 - -44.8 -50.0 - -50.0

Personnel cost -28.8 - -28.8 -27.4 - -27.4

Depreciation/amortisation and impairment of tangible and

intangible assets -7.8 - -7.8 -7.0 - -7.0

Capital gain/loss from sale of assets, adjustment purchase price

acquired companies and sale of business -0.4 - -0.4 0.0 - 0.0

Total operating expenses -375.3 -137.1 -238.4 -390.4 -129.6 -260.8

Operating income (EBIT) 11.4 - 11.4 23.4 - 23.3

Financial income 0.5 - 0.5 0.5 - 0.5

Financial expenses -3.3 - -3.3 -2.2 - -2.2

Financial income and expense - net -2.8 - -2.8 -1.7 - -1,7

Profit/loss before tax from discontiued operation 8.7 - 8.7 21.6 - 21.6

Income tax -0.4 - -0.4 -6.2 - -6.2

Profit/loss from discontinued operation 8.3 0.0 8.3 15.4 0.0 15.4

144144Financial statements | The groupFinancial statements | The group

2024 2023

Exchange differences on translation of discontinued operation 2.0 1.7

Other comprehensive income from discontinued operation 2.0 1.7

Net cashflow from operating activites 23.6 17.0

Net cashflow from investing activites -2.6 -10.2

Net cashflow from financing activities -1.9 -1.1

Net increase/decrease in cash from discontinued operation 19.1 5.7

Assets and liabilities classified as held for sale

The following assets and liabilities were reclassified as held for sale in relation to the discontinued operations in RAW and the

traded food packaging business as at 31 December 2024:

Assets classified as held for sale

31. Dec 2024 31. Dec 2023

Before elim. Elim. Held for sale

Goodwill 37.3 - 37.3 -

Other intangible assets 6.3 - 6.3 -

Land and buildings 26.8 - 26.8 -

Plant and machinery 26.6 - 26.6 -

Equipment, tools fixtures and fittings 1.9 - 1.9 -

Construction in progress 0.8 - 0.8 -

Other financial non-current assets 8.6 -8.1 0.5 -

Deferred tax assets 0.3 - 0.3 -

Inventory 39.2 - 39.2 -

Accounts receivables 13.4 -6.0 7.4 -

Current tax assets 0.2 - 0.2 -

Other current receivables 0.9 - 0.9 -

Prepaid expenses and accrued income 2.0 - 2.0 -

Cash and cash equivalents 35.9 - 35.9 -

Total assets of disposal group held for sale 200.2 -14.1 186.1 -

Liabilities directly associated with assets classified as held for sale

31. Dec 2024 31. Dec 2023

Before elim. Elim. Held for sale

Pensions and similar obligations to employees 0.3 - 0.3 -

Other provisions 0.2 - 0.2 -

Deferred tax liability 5.9 - 5.9 -

Other interest-bearing liabilities, non-current 41.4 -34.4 7.0 -

Other interest-bearing liabilities, current 1.8 - 1.8 -

Accounts payables 29.5 -0.3 29.2 -

Current tax liabilities 0.1 - 0.1 -

Other current liabilities 1.9 - 1.9 -

Accrued expenses and deferred income 5.7 - 5.7 -

Total liabilities of disposal group held for sale 86.8 -34.7 52.1 -

145145Financial statements | The groupFinancial statements | The group

Note 15 Business acquisitions

Cash flow from acquisition of business

million EUR 2024 2023

Cash consideration -2.6 -0.2

Cash in acquired business - -

Total cash out/-inflow -2.6 -0.2

Business acquisitions during the year

BEWI Automotive Germany GmbH

As announced in July 2024, BEWI signed an agreement to acquire assets related to the production of EPP-based components

from the insolvent group Philippine & Co GmbH Technische Kunststoffe KG (Philippine TK). The acquisition was completed in

the fourth quarter and increases BEWI’s capacity within the production of EPP components for the automotive business.

The agreement includes acquisition of equipment from two facilities, inventory, customer stock, and personnel, in addition to

IPR and certificates. This includes the operations on the Schkopau site (near Leipzig).

The company is consolidated as a subsidiary as from 1 October 2024.

Izoblok S.A.

BEWI acquired 8.86% of the shares, 6.64% of the votes, in Izoblok S.A in June 2024. This increases BEWI’s ownership in Izoblok

S.A. to 73.14% of the shares, 79.85% of the votes.

The combined price for these acquisitions are 2.6 mEUR.

Business acquisitions 2023

In February 2023, BEWI acquired the remaining 25% of the shares in Poredo Holding BV for a cash consideration. The company,

located in the Netherlands, is working with converted recycled EPS within the Circular segment. In March 2023, a minor cash

adjustment, in favour of BEWI, was made to the purchase price of Aislamientos y Envases S.L. “(Aislenvas”), acquired in December

2022. The net effect of these two transactions resulted in a net cash outflow of EUR 0.2 million.

Note 16 Shares in associates

Name

Carrying

amount

31 Dec 2023 Sold Dividend

Share of

income

Exchange

difference

Carrying

amount

31 Dec 2024

HIRSCH Porozell GmbH 4.5 - - -1.0 0.1 3.6

HIRSCH France SAS 5.6 - -0.6 - 5.0

Energijägarna &

Dorocell AB 0.9 -0.7 - -0.1 - 0.0

Remondis Technology

Spólka z o.o 0.4 - -0.3 0.2 - 0.3

Total 11.4 -0.7 -0.3 -1.5 0.1 9.0

Name

Carrying

amount

31 Dec 2022 Sold Dividend

Share of

income

Exchange

difference

Carrying

amount

31 Dec 2023

HIRSCH Porozell GmbH 5.8 - -2.0 0.7 - 4.5

HIRSCH France SAS 5.5 - 0.1 - 5.6

BEWI EPS ehf. 0.8 -0.8 - 0.0 - 0.0

Energijägarna &

Dorocell AB 1.0 - - -0.1 - 0.9

Remondis Technology

Spólka z o.o - - -0.2 0.6 - 0.4

Total 13.2 -0.8 -2.2 1.3 - 11.4

146146Financial statements | The groupFinancial statements | The group

Summarised financial information for associates

2024 Net sales EBITDA

Operating profit

(EBIT) Net profit

HIRSCH Porozell GmbH 89.5 0.9 -4.0 -2.9

HIRSCH France SAS 62.7 2.9 -1.4 -1.8

Energijägarna & Dorocell AB 3.4 -0.4 -0.4 -0.3

Remondis Technology Spólka z o.o 4.2 0.9 0.8 0.6

31 Dec 2024

Non-current

assets Current assets

Non-current

liabilities Current liabilities Net debt

HIRSCH Porozell GmbH 35.7 17.8 14.7 9.3 7.0

HIRSCH France SAS 32.3 19.2 18.7 16.7 8.9

Energijägarna & Dorocell AB - - - - -

Remondis Technology Spólka z o.o 0.5 0.9 0.1 0.4 -0.2

The balance sheets items in the table above are adjusted to reflect adjustments made by BEWI when the associates are

included in the consolidated accounts by applying the equity method. The balance sheets in the statutory accounts for these

companies will therefore deviate to the table above for some of the items.

HIRSCH Porozell GmbH (34 per cent ownership)

In connection with the acquisition of Synbra in 2018, 66 per cent of Synbra’s shares in the German company Isobouw GmbH

was divested to Hirsch Servo Group. At the same time, BEWI obtained 34 per cent in the newly incorporated company Hirsch

Porozell GmbH, which acquired Saint Gobain’s insulation operations at four sites in Germany. The other 66 per cent is held by

Hirsch Servo Group. In 2019, Isobouw GmbH was merged into Hirsch Porozell GmbH and the combined company now operates

six insulation production sites in Germany.

Hirsch France SAS (34 per cent ownership)

On 31 December 2019, BEWI, together with Hirsch Servo Group, closed a deal in which six insulation production sites in France

and 49.9 per cent of the shares in the French company Issosol SAS were acquired from Placopatre SA, a subsidiary of Saint

Gobain. The acquisitions were done through a newly incorporated French company, Hirsch France SAS, 34 per cent owned by

BEWI and 66 per cent owned by Hirsch Servo Group.

Energijägarna & Dorocell AB (49.8 per cent ownership)

Energijägarna & Dorocell AB was sold in December 2024.

Remondis Technology Spólka z o.o (34 per cent ownership)

BEWI owns 34% in the Polish recycling company Remondis Technology Sp. z.o.o since the acquisition of BEWi Drift Holding AS

in 2020. The company is, among other things, collecting and reusing EPS for recycling in extruders and selling the end products

to BEWI’s RAW business.

147147Financial statements | The groupFinancial statements | The group

Note 17 Financial instruments per category

31 December 2024

million EUR

Financial assets

measured at fair value

through profit and loss

Financial assets

measured at

amortised cost Total

Balance sheet assets

Other long-term receivables - 0.1 0.1

Participations in other companies 0.0 - 0.0

Accounts receivables - 63.2 63.2

Accounts receivables - asset held for sale - 7.4 7.4

Current derivative assets 1.6 - 1.6

Cash and cash equivalents - 36.8 36.8

Cash and cash equivalents - asset held for sale - 35.9 35.9

Total 1.6 143.4 145.0

31 December 2024

million EUR

Financial liabilities

measured at fair value

through profit and loss

Financial liabilities

measured at

amortised cost Total

Balance sheet liabilities

Non-current bond loan - 249.4 249.4

Non-current liabilities to credit institutions - 70.3 70.3

Non-current liabilities leases - 221.5 221.5

Current liabilities to credit institutions - 4.0 4.0

Overdraft facillity - 1.4 1.4

Current liabilities leases - 28.0 28.0

Current derivative liability 3.6 - 3.6

Account payables - 47.8 47.8

Accounts payables - asset held for sale - 29.2 29.2

Total 3.6 651.7 655.3

31 December 2023

million EUR

Financial assets

measured at fair value

through profit and loss

Financial assets

measured at

amortised cost Total

Balance sheet assets

Other long-term receivables - 0.0 0.0

Participations in other companies 0.5 - 0.5

Accounts receivables - 129.3 129.3

Current derivative assets 3.6 - 3.6

Cash and cash equivalents - 63.6 63.6

Total 4.1 192.9 197.0

31 December 2023

million EUR

Financial liabilities

measured at fair value

through profit and loss

Financial liabilities

measured at

amortised cost Total

Balance sheet liabilities

Non-current bond loan - 247.9 247.9

Non-current liabilities to credit institutions - 125.0 125.0

Non-current liabilities leases - 201.3 201.3

Current liabilities to credit institutions - 7.4 7.4

Overdraft facillity - 4.4 4.4

Current liabilities leases - 24.8 24.8

Current derivative liability 3.2 - 3.2

Account payables - 81.6 81.6

Total 3.2 692.4 695.6

148148Financial statements | The groupFinancial statements | The group

Note 18 Accounts receivable

million EUR 31 Dec 2024 31 Dec 2023

Accounts receivables 64.2 130.7

Deducted: loss allowance -1.0 -1.4

Accounts receivables - net 63.2 129.3

The ageing analysis of all account receivables is clear from below:

million EUR 31 Dec 2024 31 Dec 2023

Not yet matured 42.4 102.1

1–30 days 15.7 20.7

31–60 2.8 3.4

> 61 days 3.2 4.5

Deducted: loss allowance -1.0 -1.4

Accounts receivables - net 63.2 129.3

31 Dec 2024 31 Dec 2023

Matured account receivables not part of the provisions for loss allowance 20.8 27.2

The group is applying the simplified approach for estimating credit losses. Estimated life-time cash shortfalls is the basis for

calculating credit losses for accounts receivables. For this purpose, accounts receivables are grouped based on certain char-

acteristics. The principles for writing off accounts receivables are based on prerequisites such as insolvency, failed legal and

other collection processes, credit risk assessments based on credit information provided by credit agencies, identified payment

behavior, company specific information such as changes in company management or lost contracts and macro-economic

outlook for industries and countries. Credit losses on accounts receivables are reported in operating income (EBIT). Reversals of

prior credit losses are also reported in operating income.

Carrying amounts, per currency, for account receivables and other receivables are the following:

million EUR 31 Dec 2024 31 Dec 2023

SEK 2.9 13.7

EUR 31.5 59.2

GBP 14.0 11.1

NOK 7.4 26.3

DKK 6.2 17.3

ISK 0.0 1.0

USD 0.9 0.4

CAD 0.1 0.1

PLN 0.1 0.1

Other 0.1 0.0

63.2 129.3

In September 2024, BEWI entered into a receivables purchase agreement (RPA) with one of the banks granting the revolving

credit facility, as further outlined in note 25 Borrowings. The RPA is an uncommitted facility with a frame of EUR 75.0 million,

giving BEWI the right to sell accounts receivable meeting certain criteria related to, among other things, credit insurance, credit

limits, credit terms and currency. At the time of the sale, BEWI receives 90 per cent of the nominal value of the accounts receiva-

ble upfront and the remaining portion when the customer has paid the receivable to the bank. Benefits from credit insurances

have also been transferred to the bank accordingly. Substantially all risks and rewards of ownership of the receivables are

transferred to the bank and the portion of the receivables sold therefore qualify for derecognition from the balance sheet. The

remaining 10 per cent of the nominal amount of the receivable sold is recognised as an other current receivable on the balance

sheet and amounted to EUR 6.1 million as of 31 December 2024. By the end of 2024, a majority of the accounts receivable in

Norway, Sweden, Denmark, Finland and the Netherlands were sold, impacting all segments except Circular. As of 31 December

2024, EUR 60.8 million of accounts receivable outstanding were sold, reducing the accounts receivable recognised on the face

of the balance sheet with that same amount.

149149Financial statements | The groupFinancial statements | The group

Note 19 Inventory

The expenditure for inventory carried as an expense forms part of the items raw materials and consumables and goods for

resale in the income statement and amounts to EUR 347.8 million (EUR 374.3 million).

EUR 0.1 million (EUR 0.4 million) was expensed as write-downs of inventory in 2024. The group reversed EUR 0.0 million (EUR 0.2

million) in 2024 of earlier write-downs of the inventory. The expense and reversed amount is reported in the item raw materials

and consumables in the income statement.

Note 20 Prepaid expenses and accrued income

million EUR 31 Dec 2024 31 Dec 2023

Prepaid energy tax expenses 0.5 0.6

Accrued bonus and discounts 1.8 1.1

Other items 19.2 12.5

Total 21.4 14.2

Note 21 Share capital

The number of shares as of December 31, 2024 amounted to 191 722 290, each with a par value of NOK 1. Each share entitles to

one vote. All shares issued by the parent company are fully paid.

Fully paid

ordinary share Type of change

Date of

decision

Changes in

number of

Change in

share capital

Total number

of shares

Total share

capital (NOK)

Par

value

(NOK)

As of 31 Dec 2022 191 347 992 191 347 992

New share issue 24 Feb 2023 374 298 374 298 191 722 290 191 722 290 1.00

As of 31 Dec 2023 191 722 290 191 722 290

- - - - - -

As of 31 Dec 2024 191 722 290 191 722 290

Following the exercise of share options by option holders under the company’s share option programme, the board of

directors resolved to increase the company’s share capital by NOK 374 298, by the issuance of 374 298 new shares on the

18 February 2023 at a subscription price of NOK 22.96 per share, by use of the authorisation granted by the general meeting on

16 November 2020.

150150Financial statements | The groupFinancial statements | The group

Largest shareholders

Name Shares Per cent

BEWI Invest AS

97 958 328 51.09

HAAS AS 32 670 000 17.04

Kverva Industrier AS 16 946 573 8.84

M2 Asset Management AB 6 441 088 3.36

J.P. Morgan SE 4 974 234 2.59

UBS AG 4 320 772 2.25

Interactive Brokers LLC 2 284 127 1.19

Union Bancaire Privee, UBP SA 2 165 467 1.13

Skandinaviska Enskilda Banken AB 1 305 828 0.68

Strawberry Capital AS 1 112 243 0.58

Other 21 543 630 11.24

Total 191 722 290 100.00

BEWI Invest AS are owned by members of the Bekken family.

Note 22 Cash flow hedge reserve

million EUR Currency forwards

Interest rate

swaps

Total Hedge

reserve

Opening balance 1 January 2023 - - -

Change in fair value of hedging instrument recogised in OCI (+) -0.1 - -0.1

Recalssified from OCI to profit or loss (-) - - -

Deferred tax (-) - - -

Closing balance 31 December 2023 -0.1 - -0.1

Opening balance 1 January 2024 -0.1 - -0.1

Change in fair value of hedging instrument recogised in OCI (+) 0.1 -3.3 -3.2

Recalssified from OCI to profit or loss (-) - - -

Deferred tax (-) - - -

Closing balance 31 December 2024 - -3.3 -3.3

Reference to Note 3 Financial risk management, chapter Interest rate risk.

151151Financial statements | The groupFinancial statements | The group

Note 23 Share-based incentive programme

In November 2020, the board of directors exercised the authorisation given by the Extraordinary General Meeting on

16 November and launched a share-based incentive programme (LTI 2020) to a maximum of 25 key employees in the company,

involving a maximum of 2 875 000 share options, and entitling the participants in the programme to subscribe for the same

number of shares in the company during a three-year period. The number of share options outstanding as of 31 December

2024 represents 1.0 per cent of the number of shares outstanding as of that date.

In August 2024, the board of directors exercised the authorisation given by the Annual General Meeting on 4 June 2025 and

decided to launch an additional share-based incentive programme (LTI 2024-LTI 2026) to a number of key employees in the

company. The program will run for 3 years, with annual allocation to participants. Each annual allocation will follow the same

grant and vesting structure. Decisions on participants and allocation will be made separately each year and the allocation for

2024 (LTI 2024) consists of 26 participants and 1 233 333 options. The number of share options outstanding as of 31 December

2024 represents 0.6 per cent of the number of shares outstanding as of that date.

The purpose of these programmes is to further align the interests of the company and its shareholders by providing incentives

in the form of awards to employees to motivate them to contribute materially to the success and profitability of the company.

The programmes also enable the company to attract and retain such employees. Settlement of the options may, at the discre-

tion of the board of directors, be done by issuing new shares or by using, if available, shares bought back by the company.

LTI 2020: At grant date on 19 November 2020, 2 625 000 share options were granted to 22 key employees. The share options

entitle the participants to subscribe for shares at a pre-set strike price, which is adjusted for dividends paid. Strike price at grant

date was NOK 24.48, equal to 110 per cent of the average share price during five days preceding the grant date on 19 November

2020. As of 31 December 2024, strike price was NOK 22.96 (22.96). The gain per option may however not exceed the strike price

at the time of exercise, multiplied by three minus strike price at grant date. The number of exercisable options will be reduced

proportionally so that the maximum gain does not exceed the maximum gain per option multiplied by the numbers of options

granted. This gain is calculated based on the average share price five days prior to the period of exercise.

LTI 2024: At grant date 15 November 2024, 1 233 333 were granted to 26 key employees. The share options entitle the par-

ticipants to subscribe for shares at a pre-set strike price, which is adjusted for dividends paid. Strike price at grant date was

NOK 25.57, equal to 110 per cent of the average share price during five days preceding the grant date on 15 November 2024. As

of 31 December 2024, strike price was NOK 25.57. The gain per option may however not exceed NOK 50 at the time of exercise.

The number of exercisable options will be reduced proportionally so that the maximum gain does not exceed the maximum

gain per option multiplied by the numbers of options granted. This gain is calculated based on the average share price five days

prior to the period of exercise.

In the event the company is not capable of delivering shares (for reasons being lack of approval in the general meeting

or lack of board authorisation to issue shares or lack of own shares in the Company) following an exercise of options, the

company shall fulfil its obligations under the programme towards participants other than Swedish residents by way of making

a cash payment equal to the excess, if any, of the share price over the strike price, multiplied by the number of exercisable

options.

Both programmes vest in three tranches during a three-year period, as presented in the table below. The options are exercisa-

ble during a window period after the release of the quarterly reports for the fourth and second quarters. Options that are not

exercised within 5 years from the date of grant will lapse and become void.

Percentage of option

programme vesting

LTI 2020 LTI 2024

Vesting date Expiry date Vesting date Expiry date

20% 19 November 2021 19 November 2025 15 November 2025 15 November 2029

30% 19 November 2022 19 November 2025 15 November 2026 15 November 2029

50% 19 November 2023 19 November 2025 15 November 2027 15 November 2029

The fair value of each option at grant date for LTI 2020 was calculated at NOK 4.59 per option and for LTI 2024 NOK 7.39 per

option. The Black-Scholes model was used for calculation of fair value and the following assumptions were used:

LTI 2020 LTI 2024

Number of options 2 625 000 1 233 333

Number of potential shares 2 625 000 1 233 333

Contractual life 5 years 5 years

Strike price 24.48 25.57

Share price 22.10 25.80

Expected lifetime 3.30 years 3.30 years

Volatility 34.32% 33.04%

Interest rate 0.32% 3.72%

Dividend 0.00 0.00

152152Financial statements | The groupFinancial statements | The group

The total value of the options granted in 2020 was EUR 1.1 million and the total value for the options granted in 2024 was EUR 0.8

million. EUR 0.0 million (0.2) of that was recognised as personnel costs during the year. In addition, EUR 0.0 million was recognised

as personnel costs related to social security charges. (2023 EUR 0.7 million in income due to reversal of accrual).

The change in the number of options outstanding during the year is presented in the table below:

LTI 2020 LTI 2024

2024 2023 2024 2023

Outstanding as of 1 January 1 999 202 2 373 500 - -

Granted during the year - - 1 233 329 -

Adjusted - - - -

Exercised - -374 298 -

Terminated -31 250 - - -

Outstanding as of 31 December 1 967 952 1 999 202 1 233 329 -

Vested but no exercised 1 967 952 1 999 202 1 233 329 -

No options were exercised during 2024. During the exercise window in March 2023, 374 298 shares were issued at a subscription

price of 22.96. The average share price at the time of exercise in 2023 was NOK 43.27.

153153Financial statements | The groupFinancial statements | The group

Note 24 Earnings per share

million EUR 2024 2023

Profit for the period attributable to parent company shareholders (million EUR) -29.6 -18.0

Average number of shares 191 722 290 191 672 042

Effect on options to employees - -

Diluted average number of shares 191 722 290 191 672 042

Basic & diluted earnings per share - EUR

From continuing operations -0.20 -0.15

From discontinuing operations 0.04 0.06

Total basic earnings per share - EUR -0.15 -0.09

Basic & diluted earnings per share - NOK

From continuing operations -2.30 -2.00

From discontinuing operations 0.51 0.92

Total basic earnings per share - NOK -1.80 -1.08

EPS in NOK is calculated using the average rate in the period.

Reconciliation of earnings used in calculating earning per share, million EUR 2024 2023

Basic and diluted earnings per share - EUR

Profit from continuing operations -35.3 -31.0

-Less profit from continuing operations attributable to non-controlling interest -2.6 -2.5

Profit from continuing operations attributable to ordinary equity holders -38.0 -33.4

Profit from discontinued operation 8.3 15.4

Profit used in calculation basic and diluted earnings per share -29.6 -18.0

The number of shares outstanding (191 722 290) are unchanged compared to 31 December 2023. Earning per share is calcu-

lated by dividing profit attributable to parent company shareholders by the weighted number of ordinary shares during the

period.

Note 25 Borrowings

Interest-bearing liabilities

million EUR 31 Dec 2024 31 Dec 2023

Non-current

Bond loan 249.4 247.9

Liabilities to credit institutions 70.3 125.0

Liabilities leases 221.6 201.3

Liabilites leases that are classified as held for sale 7.0 -

Other non-current liabilities 0.2 0.4

Total long-term borrowings 548.5 574.6

Current

Liabilities to credit institutions 4.0 7.4

Liabilities leases 28.0 24.8

Liabilites leases that are classified as held for sale 1.8 -

Overdraft 1.4 4.4

Total current borrowings 35.2 36.6

Total borrowings 583.7 611.2

Specification of net debt

Net debt by the end of the reporting period, million EUR 31 Dec 2024 31 Dec 2023

Interest-bearing liabilities 583.7 611.2

Cash and cash equivalents 36.8 63.6

Cash and cash equivalents that are classified as held for sale 35.9 -

Net debt in including IFRS 16 511.0 547.6

Subtracting liabilites capitalised in accordance with IFRS 16

Non-current liabilites leases -219.8 -193.0

Current liabilites leases -27.2 -23.5

Total -247.0 -216.5

Net debt excluding IFRS 16 264.0 331.1

154154Financial statements | The groupFinancial statements | The group

Change in net debt, million EUR 31 Dec 2024 31 Dec 2023

Change in interest-bearing liabilities -27.5 13.0

Change in cash and cash equivalents

Impact from cash flow for the period -9.2 -16.7

Impact from exchange differences 0.1 0.6

Change in net debt including IFRS 16 -36.6 -3.1

Adding back change in IFRS 16 leasing liabilities -30.5 -48.1

Change in net debt excluding IFRS 16 -67.1 -51.2

Change in interest-bearing liabilities Bond loan

Liabilities

to credit

institutions

Liabilities

leasing

Other

financial

non-current

liabilities Overdraft Total

Interest-bearing liabilities as of

31 December 2023 247.9 132.4 226.1 0.4 4.4 611.2

Cash flow affecting changes

Borrowings - - - - - -

Repayment of loans -1.6 -54.7 - -0.2 -3.0 -59.5

Repayment of leasing liabilities - - -21.1 - - -21.1

Total cash flow in financing activities -1.6 -54.7 -21.1 -0.2 -3.0 -80.6

Changes not affecting cash flow

Capitalised leasing - - 58.3 - - 58.3

Revaluation of bond 1.2 - - - - 1.2

Amortisation financing costs 1.9 - - - - 1.9

Exchange differences - -3.4 -4.9 - - -8.3

Total changes not affecting cash flow 3.1 -3.4 53.4 0.0 0.0 53.1

Total change 1.5 -58.1 32.3 -0.2 -3.0 -27.5

Interest-bearing liabilities as of

31 December 2024 249.4 74.3 258.4 0.2 1.4 583.7

Cash outflow from capitalised financing costs incurred in 2024, related to the bond loan, have been classified as cash outflow

from repayment of loans in the cash flow statement and in the table above.

Change in interest-bearing liabilities Bond loan

Liabilities

to credit

institutions

Liabilities

leasing

Other

financial

non-current

liabilities Overdraft Total

Interest-bearing liabilities as of

31 December 2022 246.9 157.3 170.5 0.7 22.8 598.2

Cash flow affecting changes

Borrowings - 64.9 - - - 64.9

Repayment of loans -0.1 -86.3 - -0.2 -17.6 -104.2

Repayment of leasing liabilities - - -16.9 - - -16.9

Total cash flow in financing activities -0.1 -21.4 -16.9 -0.2 -17.6 -56.2

Changes not affecting cash flow

Capitalised leasing - - 76.7 - - 76.7

Amortisation financing costs 1.1 - - - - 1.1

Exchange differences - -3.5 -4.2 -0.1 -0.8 -8.6

Total changes not affecting cash flow 1.1 -3.5 72.5 -0.1 -0.8 69.2

Total change 1.0 -24.9 55.6 -0.3 -18.4 13.0

Interest-bearing liabilities as of

31 December 2023 247.9 132.4 226.1 0.4 4.4 611.2

Cash outflow from capitalised financing costs incurred in 2023 and 2024, related to the bond loan, have been classified as cash

outflow from repayment of loans in the cash flow statement and in the table above.

155155Financial statements | The groupFinancial statements | The group

Bond loans

Frame Amount outstanding Date of issuance

Maturity/redemtion

date

EUR 250 million EUR 251.2 million 3 September 2021 3 September 2026

The EUR 250 million bond, which is unsecured and linked to a sustainability framework, matures on 3 September 2026, with a

possibility for BEWI to unilaterally decide on an early redemption after 3 March 2025 of 50 per cent of the bonds outstanding at

that date. The bond terms stipulate a sustainability performance target in which BEWI has committed to collect 45 000 tonnes

of EPS for recycling annually by 2024. If not reaching that target, an additional 0.75 per cent of the nominal value of the bond

will be redeemed on maturity. By 31 December 2024, the group had not reached the target. Consequently, a EUR 1.2 million

revaluation of the bond loan was made in the fourth quarter of 2024, and the same amount was reported as a financial expense.

The bond is recognised under the effective interest method at amortised cost after deductions for transaction costs. Interest

terms, as well as nominal interest rates and average interest rates recognized during the quarter are presented in the table

below.

Nominal interest Average interest

Bond loan Interest terms 2024 2023 2024 2023

EUR 250 million Euribor 3 m + 3.15% 6.08-7.11% 6.95-7.11% 9.26% 7.45%

Liabilities to credit institutions, overdraft and factoring debt

The group has a Revolving Credit Facility (RCF), granted by two banks. During 2023, the facility amounted to a total of EUR 150

million. In 2024, BEWI agreed with the two banks to reduce the credit limit and as at 31 December 2024 the credit limit had

been reduced to EUR 123.5 million. In the beginning of 2025, the credit limit was further reduced to EUR 111.5 million. As part

of this facility, one of the participating banks is providing an overdraft facility. As at 31 December 2024, the RCF was utilised by

EUR equivalent 67.7 million (EUR 119.2 million). Interest on utilised amount ranged between 5.5% - 7.0% during the year. As at

31 December 2024, nothing of the overdraft was utlised (EUR 0.0 million). Interest on utilised overdraft during the year ranged

betewen 3.6% - 8.1%.

In September 2024, BEWI entered into a receivables purchase agreement (RPA) with one of the two banks granting the RCF. The

RPA has more attractive margins than the RCF and provides a more flexible financing structure for the group’s working capital.

The RPA is an uncommitted facility with a frame of EUR 75 million. The available credit under the RCF, is reduced by the amount

utilised under the RPA. On 31 December 2024, EUR 54.7 million was utilised under the RPA facility. The utilised portion of the RPA

is subject to an interest charge, which is recognised as a financial expense in the statement of income. Interest on the utilised

portion of the RPA during the year ranged from 4.1% - 6.3%.

Interest-bearing liabilities in acquired subsidiaries are normally settled and refinanced internally after the acquisition. However,

in a specific cases liabilities to credit institutions in acquired companies, including overdraft facilities, have not been subject refi-

nancing post acquisition. Such liabilities to credit institutions have carried an interest in the range of 2.0% - 9.0% during 2024.

Liabilities leases

For leases capitalised in accordance with IFRS 16, the interest rates used for discounting the future lease payments have been

based on the Group’s bond trading and Euro benchmark spreads, adjusted for the fact that the lease liabilities are repaid over

the lease-term in contrast to the bonds that are repaid in full at maturity. Each company or relevant business unit has been

given a credit rating, derived from certain financial KPI’s, based on Moody’s methodology. These ratings have been applied

to the spreads to arrive at the discount rates. Depending on the lease-term, the rating and when the lease commenced, the

discount rates vary from 2.3-16.8% for contracts maturing within 1-3 years to 4.4-12.9% for contracts maturing after 10 years.

million EUR 31 Dec 2024 31 Dec 2023

Overdraft facility (equivalent amount in million EUR) 123.5 150.0

Overdraft utilised 67.7 119.2

Covenants and security provided

The revolving credit facility agreement and the terms and conditions for the bond loans state certain covenants that the

group has to comply with, referred to as Leverage Ratio and Interest Coverage Ratio. Leverage Ratio is defined as net debt to

EBITDA and Interest Coverage Ratio as EBITDA to net finance charges, where both EBITDA and net finance charges are adjusted.

EBITDA is adjusted for non-recurring items, as defined in the loan agreements. The impact of IFRS 16 on net debt and EBITDA

is excluded in the covenant calculation. Compliance with the covenants is calculated each quarter-end with the respect to

the revolving credit facility agreement, whereas compliance in the bond loan agreement is triggered by certain events, such

as new financial indebtedness or dividend payments from the parent company. The group has been in compliance with the

loan agreements in both 2024 and 2023. Management believes that the group will be in compliance with the loan agreements

during the next 12 months. Should the group not meet the covenants and be in compliance with the loan agreement for the

revolving credit facility, any utilisation of that facility would be classified as current in the balance sheet. As of 31 December 2024,

the utilisation amounted to EUR 67.7 million and was classified as a non-current liability to credit institutions. Events triggering

compliance with the bond covenants are normally within control of the group. The revolving credit facility is a super senior

credit facility and the bond loan is subordinated the revolving credit facility.

Some liabilities to credit institutions and overdraft facilities not refinanced post acquisition of subsidiaries are subject to securi-

ties granted in the form of mortgages and pledges. The value at the balance sheet day of the securities provided, is presented

in note 30 Pledged assets.

156156Financial statements | The groupFinancial statements | The group

Currency exposure

Carrying amounts per currency (in millions) for the group’s interest-bearing liabilities are as follows:

31 Dec 2024 31 Dec 2023

million EUR Incl. IFRS 16 Excl. IFRS 16 Incl. IFRS 16 Excl. IFRS 16

SEK 107.6 67.8 160.1 119.1

EUR 349.2 255.9 325.0 261.9

NOK 80.0 9.1 80.0 7.9

DKK 28.1 - 26.8 -

GBP 17.3 2.8 17.6 4.2

Other 1.5 1.1 1.7 1.5

583.7 336.7 611.2 394.6

Maturity

The tables below presents the maturity of the discounted cash flows of the group’s interest-bearing liabilities.

As of 31 December 2024 < 1 yr. 1–2 yr. 2–5 yr. > 5 yr.

Bond loans - 249.4 - -

Liabilities to credit institutions 4.0 68.5 1.3 0.5

Liabilities leases 29.9 29.0 67.0 132.5

Other financial non-current liabilities 0.2 - - -

Overdraft 1.4 - - -

Total 35.5 346.9 68.3 133.0

As of 31 December 2023 < 1 yr. 1–2 yr. 2–5 yr. > 5 yr.

Bond loans - - 247.9 -

Liabilities to credit institutions 7.4 122.0 3.0 -

Liabilities leases 24.8 24.0 58.6 118.7

Other financial non-current liabilities - 0.4 - -

Overdraft 4.4 - - -

Total 36.6 146.4 309.5 118.7

Note 26 Pensions and similar obligations to employees

The group provides defined benefit pension plans in the UK. The defined benefit pension plans in the UK, which are closed for

new participants, originate from the acquisition of Synbra and are related to Synbra’s

previous operations in the UK. Due to contractual obligations, the group had to pay a lump sum to the UK funds in 2018,

following the change of ownership of Synbra. As a result, the fair value of plan assets in one of the funds exceed the present

value of the pension obligation and a net pension asset is recognised on the balance sheet. The net pension asset is not subject

to asset ceiling limitations.

The defined benefit pension obligations, calculated in accordance with the Projected Unit Credit Method, are, among other

things, based on estimated salary increases, apart from the UK funds, which are closed for new participants and where the

existing participants are no longer employed by the group. In addition to the defined benefit pension plans, the group also

provides other long-term benefits in the Netherlands through a so called Jubilee plan, which entitles the participants salary

benefits for long-term service. The Jubilee plan is calculated in accordance with the Projected Unit Credit Method and is

presented below as Other long-term benefits.

157157Financial statements | The groupFinancial statements | The group

The amounts reported on the balance sheet have been calculated as follows:

Defined benefit pension plans Other long-term benefits

million EUR 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023

Present value of funded obligations -29.9 -32.5 - -

Fair value of plan assets 31.1 34.1 - -

1.2 1.5 - -

Present value of unfunded obligations - - -0.9 -1.0

Net asset(+)/liability(-) as of 31 December 1.2 1.5 -0.9 -1.0

Net pension asset

United Kingdom 1.9 2.8 - -

1.9 2.8 - -

Pension obligations and other long-term benefits

Netherlands - - -0.9 -1.0

Finland - -0.2 - -

United Kingdom -0.7 -1.0 - -

-0.7 -1.2 -0.9 -1.0

The amounts reported on the balance sheet and changes in the defined benefit pension plans during the year are as follows:

Defined benefit pension plans Other long-term benefits

31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023

Costs of service during the current year 0.0 0.0 -0.1 -0.1

Past service cost - 0.0 - -

Net Interest income/expense 0.1 -1.5 0.0 0.0

Total reported in the income statement 0.1 -1.6 -0.1 -0.1

Return on plan assets excluding amounts included

in interest expenses/income -3.3 -0.6 - -

Actuarial gains/losses from changes in

demographic assumptions 0.0 0.4 - -

Actuarial gains/losses from changes in financial

assumptions 1.8 -0.6 - -

Experience based gains/losses 0.3 -0.4 - -

Total reported in other comprehensive income -1.3 -1.2 - -

Defined benefit pension plans Other long-term benefits

Change in present value of the obligation 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023

As of 1 January -32.5 -31.7 -1.0 -0.9

Liabilitiy from discontinued operation 1.2 0.1

Current service cost 0.0 0.0 -0.1 -0.1

Past service cost - - - -

Interest cost -1.5 -1.5 0.0 0.0

Actuarial gains/losses 2.1 -0.6 - -

Benefits paid 2.2 2.0 0.1 0.1

Settlements - - 0.0 -0.1

Exchange rate differences -1.4 -0.6 - -

As of 31 December -29.9 -32.5 -0.9 -1.0

158158Financial statements | The groupFinancial statements | The group

Defined benefit pension plans Other long-term benefits

Change in fair value of plan assets 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023

As of 1 January 34.1 34.0 - -

Assets held for sale, discontinued operations -1.0

Interest income 1.6 1.7 - -

Return on plan assets excluding amounts included

in interest expenses/income -3.3 -0.6 - -

Contributions by the employer 0.5 0.3 - -

Benefits paid -2.2 -2.0 - -

Settlements - - - -

Exchange rate differences 1.5 0.7 - -

As of 31 December 31.1 34.1 - -

The most critical assumptions for the defined benefit pensions were: 31 Dec 2024 31 Dec 2023

United Kingdom

Discount rate 5.35-5.50% 4.50-4.80%

Salary increase n/a n/a

Inflation (based on CPI and RPI assumption) 2.95-3.50% 2.80-3.30%

Pension increase (based on CPI and RPI assumptions) 2.00-3.30% 1.90-3.20%

Finland

Discount rate 3.25%

Salary increase 2.75%

Inflation 2.25%

The range in assumed inflation in the United Kingdom reflects different assumptions used for CPI versus RPI. The range in

assumed pension increase in the UK reflects different limits linked to years in which the pension was accrued and different

inflation metrics applied for those limits.

The most critical assumptions for other long-term benefits were: 31 Dec 2024 31 Dec 2023

Discount rate 3.15% 3.25%

Salary increase 2.19% 2.30%

The sensitivity in the net defined benefit pension asset/liability for changes in essential assumptions are presented below

(minus equals decrease in net asset/increase in net liability).

Change in fair value of plan assets, million EUR Change

Increase in

assumption

Decrease in

assumption

Discount rate 0.50% 1.1 -1.2

Salary increase 0.50% 0.0 0.0

Pension increase 0.25% -0.4 0.4

For the financial year of 2025, the defined pension plan fees are expected to amount to EUR 0.3 million.

Plan asset allocation 31 Dec 2024 31 Dec 2023

Bonds 12.4 12.0

Equities 4.5 5.0

Hedge funds and alternatives 13.6 15.5

Insurance contracts - 1.0

Real estate 0.0 0.0

Cash 0.6 0.5

31.1 34.1

Analysis of expected undiscounted payments of defined benefits 31 Dec 2024 31 Dec 2023

Within 1 year 3.3 2.9

1–2 years 2.3 2.2

3–5 years 6.9 6.9

5 years or more 42.5 43.3

159159Financial statements | The groupFinancial statements | The group

Note 27 Other provisions

million EUR

Restoration of

environment

Restructuring

measures Staff benefits Guarantee Total

As of 1 January 2023 0.1 0.0 0.0 0.3 0.4

Reported in the income statement:

– additional provisions 0.0 4.8 - 0.1 4.9

Exchange differences - 0.1 - -0.0 0.0

Utilised durig the year - -2.6 - -0.2 -2.7

As of 31 December 2023 0.1 2.3 0.0 0.1 2.5

million EUR

Restoration of

environment

Restructuring

measures Staff benefits Guarantee Total

As of 1 January 2024 0.1 2.3 0.0 0.1 2.5

Reported in the income statement:

– additional provisions - - - - -

Reclassification -0.1 - -0.0 0.0 -0.1

Exchange differences - 0.0 - -0.0 0.0

Utilised durig the year - -2.3 - -0.1 -2.4

As of 31 December 2024 - - - - -

million EUR 31 Dec 2024 31 Dec 2023

Long-term provision - 0.2

Short-term provision - 2.3

Total provision - 2.5

Note 28 Accrued expenses and deferred income

million EUR 31 Dec 2024 31 Dec 2023

Accrued wage debt 5.0 6.4

Accrued social security fees 2.9 3.4

Accrued holiday pay including social security fees 12.6 14.2

Accrued customer bonuses 13.2 15.9

Accrued interest 1.7 1.9

Other items 17.2 18.7

Total 52.5 60.4

Note 29 Contingent liabilities

million EUR 31 Dec 2024 31 Dec 2023

Guarantees to suppliers - -

Total - -

A number of parent company guarantees have been issued towards suppliers of subsidiaries. These parent company guarantees

have prior years been reported under contingent liabilities. The obligations of the group to these suppliers can however never

exceed the liabilities already recognised in the consolidated balance sheet. As a consequence, parent company guarantees to

suppliers are no longer reported as contingent liabilities.

160160Financial statements | The groupFinancial statements | The group

Note 30 Pledged assets

The carrying amount of assets pledged as security for current and non-current borrowings are:

million EUR 31 Dec 2024 31 Dec 2023

Non-current

Property mortgages

Freehold land and buildings 1.2 12.9

Current

Floating charge

Cash an cash equivalents 0.0 0.1

Inventory 6.9

Receivables 2.8 4.2

Financial assets at fair value through profit or loss - 4.9

Plant and equipment 3.7 3.1

Business morgage 1.7 4.6

Total 16.3 29.8

The group have a bond loan and and a revolving credit facilty that are unsecured. The group also have liabilities such as local

liabilities to credit institutions, overdraft facilities and liabilites in form of lease contracts in some of its companies to an amount

of 17.6 MEUR. The pledged asset above are securitys for these loans.

Note 31 Related parties

Christian Bekken, CEO of BEWI ASA, is together with other members of the Bekken family major shareholders of BEWI ASA

through Bekken Invest AS and BEWI Invest AS. Companies owned by the Bekken family are related parties to BEWI ASA.

Other related parties are BEWI’s associated companies, for example the two 34 per cent owned companies Hirsch France SAS

and Hirsch Porozell GmbH. Transactions with the related parties’ companies are presented in the tables below.

Information on remuneration of management and the Board of Directors is found in note 6.

The number of shares in the company held by management and the board of directors as of 31 December 2024 is presented in

the table below.

Board of Directors

Person Title Shares Options

Shares held by

related parties

Gunnar Syvertsen Chair 180 506 - -

Kristina Schauman Director 193 452 - -

Ann-Lise Aukner Director - - -

Rik Dobbelaere Director 98 497 - -

Andreas M. Akselsen

Director 9 000 - 32 670 000

Pernille Skarstein

Director - - 16 946 573

Andreas is the owner of 45 per cent of HAAS AS, the second largest shareholder of BEWI ASA, holding 32 670 000 shares per 31.12.2024.

The shares are owned by Kverva Industries AS, a company owned by Kverva AS, which is a related party to Pernille. Kverva held 16 946 573 BEWI shares

at 31 December 2024. In addition, Kverva AS is a party to total return swap agreement with a third party under which Kverva AS has a financial expo-

sure to 9 092 220 shares.

161161Financial statements | The groupFinancial statements | The group

Executive Management

Person Title Shares Options

Shares held by

related parties

Christian Bekken

Chief Executive Officer 84 986 283 333 97 968 128

Marie Danielsson Chief Financial Officer 185 452 333 333

Jonas Siljeskär Chief Operating Officer Upstream 124 126 283 333

Petra Brantmark Chief Legal Officer 17 450 174 785 5 458

Karl Erik Olesen Chief Operating Officer Downstream 83 252 183 333

Stein Inge Liasjø Chief Strategy Officer 1 000 133 333

Christian is part of the Bekken family, the majority owner of BEWI Invest AS, the majority owner of BEWI ASA, holding 97 958 328 shares on 31.12.2024. In addition,

Christian’s wife Lisa Lockert Bekken owns 9 800 shares.

Transactions impacting the income statement

million EUR 2024 2023

Sale of goods to:

HIRSCH Porozell GmbH 0.0 0.1

Energijägarna och Dorocell AB 0.8 1.1

Bekken owned companies 0.2 0.0

Total 1.0 1.2

Other income from:

Bekken owned companies 0.0 0.3

Total 0.0 0.3

Rental expenses to:

Bekken owned companies 23.3 18.4

Total 23.3 18.4

Other external costs to:

Bekken owned companies 0.1 0.2

Total 0.1 0.2

The transactions were conducted on normal market terms.

Transactions impacting the balance sheet

million EUR 31 Dec 2024 31 Dec 2023

Current receivables

Bekken owned companies 0.0 0.1

HIRSCH Porozell GmbH 0.1 0.1

Total 0.1 0.2

Current liabilities

Bekken owned companies - 0.0

Total - 0.0

In 2024, three real estate properties were divested to the Swedish listed company Logistea AB in sale and leaseback transactions.

The transactions gave rise to a capital gain of EUR 4.5 million. The lease terms run for 17 years, with options to extend the lease

terms for another five years. The properties, valued at EUR 37.1 million, were located in Belgium, Poland and Germany.

162162Financial statements | The groupFinancial statements | The group

Note 32 Adjustments for non-cash items, etc.

million EUR 31 Dec 2024 31 Dec 2023

Depreciations, amortisations and write-downs 71.1 68.4

Change in pension liabilities -0.8 -0.3

Change in other provisions -1.9 2.1

Share of income from associates net of dividend received 1.5 0.2

Effect of share-based incentive programme - 0.2

Capital gain/loss from sale of assets and business -3.4 1.3

Capital gain from revaluation and sale of shares in associates - -0.3

Other - -

Total 66.5 71.6

Note 33 Subsequent events

Agreement to merge BEWI RAW with Unipol

On 5 February 2025, BEWI announced an agreement to merge its raw materials business, BEWI RAW, with Unipol, to create a

leading EPS (expanded polystyrene) producer in Europe.

BEWI will maintain a 49 per cent ownership of the combined entity, that will comprise four raw material facilities, and an annual

production capacity of 375 000 tonnes of EPS. This includes 30 000 tonnes of grey EPS and a considerable capacity to produce

recycled EPS. The entity will have annual revenues of approximately EUR 400 million and is expected to have significant

dividend capacity. The combined business will continue to be the preferred supplier of EPS to BEWI’s downstream business

through long-term agreements. As part of the transaction, BEWI will receive a cash consideration of up to EUR 75 million, of

which EUR 42.5 million is paid following closing and the remainder is subject to an earn-out agreement.

Closing of the transaction is subject to closing conditions and is expected to take place in the second quarter of 2025. After

completion of the transaction, BEWI’s core offering will be insulation and other energy-efficient solutions for buildings and a

broad selection of recyclable and recycled packaging products.

163163Financial statements | The groupFinancial statements | The group

Parent company

Income statement of the parent company

165

Statement of financial position of the parent company

166

Statement of financial position of the parent company

167

Cash flow statement for the parent company

168

Accounting principles and notes to the accounts

169

Note 01 General information

169

Note 02 Summary of key accounting principles for the parent company

169

Note 03 Net sales

170

Note 04 Employee remuneration etc.

170

Note 05 Interest income, interest expense and similar items

171

Note 06 Income tax on the profit for the year

172

Note 07 Shares in subsidiaries and associates

172

Note 08 Cash and bank balances

174

Note 09 Share capital

174

Note 10 Equity

175

Note 11 Receivables and liabilities

175

Note 12 Related parties

176

Note 13 Remuneration to auditors

176

Note 14 Contingent liabilities

176

164164Financial statements | Parent companyFinancial statements | Parent company

Income statement of the parent company

million NOK Note 2024 2023

Operating income

Net sales 3 5.1 5.0

Total operating income 5.1 5.0

Operating expenses

Other external costs 13 -54.4 -62.3

Personnel costs 4 -17.2 -14.0

Other operating costs -1.0 -0.8

Total operating expenses -72.7 -77.1

Operating profit -67.6 -72.1

Financial income 729.3 572.3

Financial expense -387.8 -335.3

Financial income and expense - net 5 341.5 236.9

Profit before taxes 273.9 164.8

Income tax 6 -2.6 31.0

Net profit for the year 271.3 195.8

165165Financial statements | Parent CompanyFinancial statements | Parent Company

Statement of financial position of the parent company

million NOK Note 31 Dec 2024 31 Dec 2023

ASSETS

Non-current assets

Financial assets

Shares in subsidiaries 7 5 301.2 6 165.4

Receivables from group companies 11 2 358.7 1 773.2

Total financial assets 7 659.8 7 938.6

Deferred tax assets 6 52.8 30.4

Total non-current assets 7 712.7 7 968.9

Current assets

Current receivables

Receivables from group companies 11 366.4 740.6

Accounts receivables 0.4 0.4

Prepaid expenses and accrued income 11.4 7.9

Total current receivables 378.4 748.9

Cash and cash equivalents 8 2.9 2.1

Total current assets 381.3 751.0

TOTAL ASSETS 8 094.0 8 719.9

166166Financial statements | Parent CompanyFinancial statements | Parent Company

Statement of financial position of the parent company

million NOK Note 31 Dec 2024 31 Dec 2023

EQUITY AND LIABILITIES

Equity

Restricted equity

Share capital (191 722 290 shares) 9, 10 191.7 191.7

Total restricted equity 191.7 191.7

Non-restricted equity

Additional paid-in capital 10 4 434.4 4 434.4

Profit or loss brought forward 10 172.0 -23.8

Net profit or loss for the year 10 271.3 195.8

Total non-restricted equity 4 877.8 4 606.4

Total equity 5 069.5 4 798.1

Non-current liabilities

Non-current bond loan 11 2 949.6 2 787.0

Liabilities to group companies 11 - 800.0

Total non-current liabilities 2 949.6 3 587.0

Current liabilities

Liabilities to group companies 11 50.9 300.7

Account payables 4.2 9.7

Other short-term liabilities 0.7 2.0

Accrued expenses and deferred income 19.1 22.4

Total current liabilities 74.9 334.8

TOTAL EQUITY AND LIABILITIES 8 094.0 8 719.9

Trondheim, Norway, 26 March 2025

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Bekken

CEO

167167Financial statements | Parent CompanyFinancial statements | Parent Company

Cash flow statement for the parent company

million NOK Note 2024 2023

Operating cash flow

Income before financial items -67.6 -72.1

Adjustments for non-cash items, etc - -

Interest paid and financing costs -247.7 -194.7

Interest received 173.5 125.5

Dividend received 543.5 -

Operating cash flow before changes to working capital 401.7 -141.3

Cash flow from working capital changes

Increase/decrease in current receivables -64.1 27.3

Increase/decrease in operating debt 180.9 -7.2

Total change to working capital 116.8 20.1

Operating cash flow 518.5 -121.3

Cash flow from investment activities

Acquisitions of subsidiary - -2.8

Other financial investments -498.0 -3.2

Cash flow from investment activities -498.0 -6.0

million NOK Note 2024 2023

Cash flow from financing activities

Borrowings, net of transaction costs 11 -19.7 115.3

New share issue, net of transaction costs - 8.6

Group contribution - -

Dividend 10 - -

Cash flow from financing activities 19.7 123.9

Cash flow for the period 0.8 -3.4

Opening cash and cash equivalents 2.1 5.5

Closing cash and cash equivalents 2.9 2.1

168168Financial statements | Parent CompanyFinancial statements | Parent Company

Parent company

Accounting principles and notes to the accounts

Note 01 General information

The parent company is a public limited company registered in Norway, with head office located in Trondheim, Norway, and address Dyre Halses gate 1A, 7042 Trondheim.

Note 02 Summary of key accounting principles for the parent company

The key accounting principles used in this annual report are

stated below. The principles have consistently been used for

all reported financial years, unless otherwise specified.

The annual report for the parent company is prepared

in accordance with the Norwegian Accounting Act and

generally accepted accounting principles in Norway. The

accounts are stated below, for which the parent company

applies accounting principles differing from those of the

group, as described in note 2 to the consolidated accounts.

The annual report has been prepared in accordance with

the cost value principle.

The preparation of reports requires the use of certain critical

accounting estimates. It also requires management to

exercise its judgement in the process of applying the parent

company’s accounting principles. The areas involving a

higher degree of judgement or complexity or areas for which

assumptions and estimates are significant to the annual

report, are stated in note 4 to the consolidated accounts.

The parent company is through its activities exposed to

several different financial risks: market risk (currency risk

and interest rate risk), credit risk and liquidity risk. The

parent company’s comprehensive financial risk manage-

ment is focused on the unpredictability of the financial

markets and strives to minimise any adverse effect on

the consolidated profits. For more information regarding

financial risks, see note 3 to the consolidated accounts.

The parent company applies accounting principles differ-

ing from those of the group for the areas are stated below:

Layout

The income statement and statement of financial position

is compliant with the layout stipulated in the Norwegian

Accounting Act. The statement of changes to equity

observes the layout of the consolidated accounts, but

must contain the columns stated in the Norwegian

Accounting Act. Furthermore, differences arise relating

to designations, in comparison with the consolidated

accounts, mainly concerning the financial income/expense

and equity.

Shares in subsidiaries

Shares in subsidiaries are reported at acquisition cost less

any impairment. The acquisition cost includes any cost

related to the acquisition and any additional purchase

price.

A calculation of the recoverable amount is undertaken, in

the event of an indicator of impairment of the shares in a

subsidiary. Should the recoverable amount be below the

carrying amount, impairment is made. Impairments are

reported in Profit from participations in group companies.

Financial instruments

Financial instruments are reported at acquisition cost.

Financial assets acquired for short-term holding will in

subsequent periods be reported at the lower of acquisition

cost or market value.

169169Financial statements | Parent CompanyFinancial statements | Parent Company

Note 03 Net sales

The parent company’s revenue derive solely from one business area and is mainly related to intra-group administrative services.

Note 04 Employee remuneration etc.

million NOK 2024 2023

Salary and other remuneration -13.8 -12.2

Social security expenses -2.3 -1.0

Pension costs - defined contribution plans -1.0 -0.5

Total remuneration to employees -17.2 -13.7

The company is obliged to have an occupational pension scheme in accordance with the Act on Mandatory Occupational

Pensions. The company pension schemes satisfy the requirement of this Act.

Salary and other remunerations and pension costs for CEO´s and other senior executives

million NOK 2024 2023

Salary and other remuneration -6.2 -4.6

Bonus -0.8 -1.4

Pension costs -0.3 -0.2

Total remuneration -7.3 -6.2

170170Financial statements | Parent CompanyFinancial statements | Parent Company

Average number of employees

2023

Average number

of employees Whereof men

Norway 8 5

2024

Average number

of employees Whereof men

Norway 7 5

BEWI has two share-based incentive programmes. During 2024 a new long-term incentive program was implemented, entitling

the participants to subscribe for shares in BEWI ASA during a new three-year period. The purpose of the programme is to

further align the interests of the company and its shareholders by providing incentives in the form of awards to employees

to motivate them to contribute materially to the success and profitability of the company. The features of the programme are

further described in note 23 to the group.

The CEO of BEWI ASA was during 2024 granted 83 333 new share options.

Severence pay

Subject to the CEO’s employment agreement, there is a mutual notice period of 6 months in the agreement. Subject to the

CEO’s employment agreement, there is a mutual notice period of 6 months in the agreement. If the agreement is terminated

by the company, the employee is in addition to the notice period entitled to 12 months severance pay. The severance pay is

deductible against income or compensation from other employment.

Note 05 Interest income, interest expense and similar items

million NOK 2024 2023

Interest income, group companies 173.5 125.5

Dividend 543.5 -

Group contribution 12.3 446.8

Total interest income and similar profit or loss items 729.3 572.3

Interest expense -246.2 -196.0

Interest expense, group companies -43.0 -73.3

Exchange loss -49.4 -62.8

Other financial expenses -49.2 -3.2

Total interest expense with similar profit or loss items -387.8 -335.3

Total financial income and expense - net 341.5 236.9

171171Financial statements | Parent CompanyFinancial statements | Parent Company

Note 06 Income tax on the profit for the year

The income tax attributable to the income before taxes differs from the theoretical amount that would have arisen from the

application of the tax rate in Norway for the income of the parent company as follows:

million NOK 2024 2023

Income before taxes 273.9 164.8

Income tax calculated using the Norwegian tax rate (22%) -60.3 -36.3

Tax effects attributable to:

Revenue exempt from taxation 119.6 70.7

Non-deductible costs -12.4 -3.5

Deductible expenses not recognised in income statement -49.4 -

Total tax reported -2.6 31.0

Unutilised interest carried forward, for which no deferred tax assets have been recognised, amounts to NOK 224.8 million. In the

2023, NOK 130.6 million of unutilised interest carried forward was included in the basis for recognised deferred tax assets. This

amounts to an effect of NOK 28.7 million, which is presented in the table below under item “Other”. In the final 2023 tax return,

unutilised tax losses carried forward increased by NOK 113.7 million, which is the basis for a reclassification of NOK 25.0 million.

This is presented in the table below under item “Tax losses carry forward”.

Deferred tax assets and liabilities 2024

million NOK

Opening

balance Reclassification

Reported

in profit/

loss

Reported in

equity/OCI

Exchange

difference

Closing

balance

Tax losses carry forward 7.3 25.0 25.2 - - 57.5

Long-term liabilities -5.6 - 0.9 - - -4.7

Other 28.7 - -28.7 - - -

Total net deferred tax assets and liabilities 30.4 - -2.6 - - 52.8

Note 07 Shares in subsidiaries and associates

Subsidiaries

million NOK 31 Dec 2024 31 Dec 2023

As of January 1 6 165.4 6 162.6

Writedown of shares in subsidiaries -49.2 -

Adjustment acquisition value subsidiaries - 2.8

Dividend from subsidiaries -815.0 -

As of December 31 5 301.2 6 165.4

Name Reg. no.

Reg. office/

country

Ownership votes

and capital (%)

Carrying amount

31 Dec 2024

Carrying amount

31 Dec 2023

Directly owned

BEWI Synbra Group AB 556972 -1128 Solna, Sweden 100 2 487.5 2 487.5

BEWI Poland Spotka zoo 0000722895 Poland 100 182.3 182.3

BEWI Circular Holding AS 928 989 682 Norway 100 234.7 283.9

Jackon Holding AS 989 087 177 Norway 100 2 127.9 2 942.9

UAB BEWI Lithuania 160 421 364 Lithuania 100 268.8 268.8

Sum directly owned 5 301.2 6 165.4

172172Financial statements | Parent CompanyFinancial statements | Parent Company

Subsidary Reg. no. Reg. office / country

Ownership

votes (%)

Ownership

capital (%)

Indirectly owned

BEWI Austia GmbH 616054 Austria 100 100

BEWI Circular Belgium bvba BE 0465.783.904 Belgium 100 100

BEWI Circular Holding Belgium BE 00641.986.778 Belgium 100 100

BEWI Circular Trading Belgium bvba BE 0875.717.582 Belgium 100 100

Jackon Insulation N.V H.T.R.058089 Belgium 100 100

Kemisol NV BE 0464.536.859 Belgium 100 100

N.V. Internationaal Vervoer Brants Vallet BE 0400.670.970 Belgium 100 100

N.V. Kem-Products NV BE 0448.483.062 Belgium 100 100

Berga Recycling Inc. 7789815 Canada 100 100

BEWI Circular Czechia s.r.o 27877574 Czech Republic 100 100

BEWI Circular Denmark A/S 41 40 69 84 Denmark 100 100

BEWI Denmark A/S 31 86 7304 Denmark 100 100

BEWI Insulation DK A/S 20 04 79 41 Denmark 100 100

BEWi Cabee Oy 2083942-9 Finland 100 100

BEWi RAW Oy 10974747-6 Finland 100 100

BEWI Finland Oy 23525547 Finland 100 100

Jackon Insulation France S.a.r.l 501839-N France 100 100

Bewi Automotive Germany GmbH HRB 187767 Germany 100 100

Bewi Automotive Trading GmbH HRB 185768 Germany 100 100

Izoblok GmbH HRB 508966 Germany 79.85 73.14

Bewi RAW Jackon GmbH DE191394004 Germany 100 100

Jackon Insulation GmbH DE126959786 Germany 100 100

BEWI Iceland ehf. 620818-0890 Iceland 79 79

Besto Verpakkingsindustrie BV 5034571 Netherlands 100 100

BEWI RAW BV 20033648 Netherlands 100 100

Ertecee BV 6010160 Netherlands 100 100

Genevad Netherlands BV 70824312 Netherlands 100 100

IsoBouw Systems BV 17046081 Netherlands 100 100

Moramplastics BV 9036097 Netherlands 100 100

Subsidary Reg. no. Reg. office / country

Ownership

votes (%)

Ownership

capital (%)

Poredo BV 71961577 Netherlands 100 100

Poredo Holding BV 18051893 Netherlands 100 100

Poredo Logistics BV 88096645 Netherlands 100 100

Stramit BV 17023362 Netherlands 100 100

Synbra BV 20080670 Netherlands 100 100

Synbra Holding BV 20095683 Netherlands 100 100

Synbra International BV 20095676 Netherlands 100 100

Synprodo BV 18115693 Netherlands 100 100

Synprodo Produktie BV 10012456 Netherlands 100 100

BEWI Circular AS 922724369 Norway 100 100

BEWI Packaging Norway AS 928 878 090 Norway 100 100

BEWI Food AS 979 574 193 Norway 100 100

BEWI Insulation Norge AS 913 019 334 Norway 100 100

BEWI Norplasta AS 989 953 133 Norway 100 100

BEWI Norway AS 995 172 895 Norway 100 100

Jackon Holding AS 989 087 177 Norway 100 100

Jackon Skurup Eiendom AS 993 370 096 Norway 100 100

Izoblok S.A 00000388347 Poland 79.85 73.14

BEWI Circular Portugal, LDA 515767832 Portugal 66 66

Plastimar SA 508413770 Portugal 100 100

Aislamientos y Envases S.L B03173820 Spain 80 80

BEWI I&P Spain Holding S.L.U B72746423 Spain 100 100

Plasexpandido SL B36900157 Spain 100 100

BEWi Automotive AB 559102-5332 Sweden 100 100

BEWI Automotive Holding AB 556669-9434 Sweden 100 100

BEWi Circular Sweden AB 556628-9178 Sweden 100 100

BEWI i Öst AB 556541-7788 Sweden 100 100

BEWI Insulation Sverige AB 556383-5742 Sweden 100 100

BEWi Packaging AB 556961-3309 Sweden 100 100

Genevad Holding AB 556707-1948 Sweden 100 100

173173Financial statements | Parent CompanyFinancial statements | Parent Company

Subsidary Reg. no. Reg. office / country

Ownership

votes (%)

Ownership

capital (%)

Norplasta AB 556649-7821 Sweden 100 100

Jackon Insulation Switzerland AG CH 400.3.034.347-2 Switzerland 100 100

BEWI Insulation & Construction (UK) Ltd 12644570 United Kingdom 100 100

Jackon Holding UK Ltd 1033313 United Kingdom 100 100

Jackon UK Ltd 8235666 United Kingdom 100 100

Synbra Holding UK Ltd 9502640 United Kingdom 100 100

Volker Gruppe Ltd NI627429 United Kingdom 51 51

BEWI Packaging & Components (UK) Ltd 12644682 United Kingdom 100 100

Jablite Group Ltd 1246 41113 United Kingdom 100 100

Berga Circular Holding US Inc 6770534 USA 100 100

Berga Recycling USA Inc Delaware USA 100 100

Associates

Name Reg. no. Reg. office / country

Proportion of

shares held by

the parent (%)

Indirectly owned

HIRSCH France SAS 92044 France 34

HIRSCH Porozell GmbH FN 117255i Germany 34

Remondis Technology SP Zoo 0.34 Poland 34

Other shares and participations

Name Reg. no. Reg. office / country

Proportion of

shares held by

the parent (%)

Indirectly owned

Polystyvert Inc. N/A Canada 3.71

Note 08 Cash and bank balances

million NOK 31 Dec 2024 31 Dec 2023

Restricted cash 2.1 0.6

Other cash and bank balances 0.6 1.5

Total 2.9 2.1

Note 09 Share capital

For information regarding the share capital, see note 21 to the consolidated accounts.

174174Financial statements | Parent CompanyFinancial statements | Parent Company

Note 10 Equity

Restricted equity Non-restricted equity

million NOK Share capital

Additional

paid-in capital

Accumulated

profit (incl net

profit/loss for

the year) Total

Balance carried forward as of 31 December 2022 191.3 4 426.4 -23.8 4 593.7

New share issues 0.4 8.2 - 8.6

Net profit for the year - - 195.8 195.8

Balance carried forward as of 31 December 2023 191.7 4 434.4 172.0 4 798.1

Net profit for the year - - 271.3 195.8

Balance carried forward as of 31 December 2024 191.7 4 434.4 443.3 5 069.5

Note 11 Receivables and liabilities

million NOK 31 Dec 2024 31 Dec 2023

Balance sheet assets

Financial assets measured at amortised cost

Non-current receivables from group companies 2 358.7 1 773.2

Current receivables from group companies 366.4 740.6

Total 2 725.1 2 513.8

Balance sheet liabilities

Financial liabilities measured at amortised cost

Bond loan 2 949.6 2 787.0

Non-current liabilities to group companies - 800.0

Current liabilities to group companies 50.9 300.7

Total 3 000.5 3 887.7

The company has no liabilities with maturity over five years.

Bond loans

Frame Amount outstanding Date of issuance Maturity/redemtion date

EUR 250 million EUR 251.9 million 3 September 2021 3 September 2026

The bond is unsecured and linked to a sustainability framework with maturity on 3 September 2026. with the possibility for

BEWI to unilaterally decide on early redemption after 3 March 2025 of 50 per cent of the bond outstanding at that date. The

main terms for the bond outstanding during the year is presented in the table below. The bond terms stipulate a sustainability

performance target in which BEWI has committed to collect 45 000 tonnes of EPS for recycling annually by 2024. If not reaching

that target, an additional 0.75 per cent of the nominal value of the bond will be redeemed on maturity. By 31 December 2024,

the group had not reached the target. Consequently, a EUR 1.9 million revaluation of the bond loan was made in the fourth

quarter of 2024, and the same amount was reported as a financial expense.

Bond loan Interest terms Nominal interest 2024 Average interest 2024

EUR 250 million Euribor 3 m + 3.15% 6.08-7.11% 11.08%

175175Financial statements | Parent CompanyFinancial statements | Parent Company

Note 12 Related parties

Christian Bekken, CEO of BEWI ASA, is together with other members of the Bekken family a majority shareholder of the company

through BEWI Invest AS and Bekken Invest AS. More information on related party transactions is reported in note 31 to the

consolidated accounts. Information on remuneration of management and the board of directors is found in note 6 of the

consolidated accounts.

Note 13 Remuneration to auditors

million NOK 2024 2023

The audit assignment -1.6 -1.4

Audit activites other than the audit assignment -0.6 -0.6

Tax advice - -

Other services 0.8 -

Total remuneration to auditors -3.0 -1.9

For 2024 audit activities other than the audit assignment from PwC and other services mainly includes costs related to the ESG

transaction.

Note 14 Contingent liabilities

million NOK 31 Dec 2024 31 Dec 2023

Guarantees to suppliers 664.3 652.6

664.3 652.6

BEWI ASA has on behalf of its subsidiaries granted suppliers to pay outstanding trade liabilities in case the subsidiary fails to pay.

The amount stated above is the maximum amount according to the guarantee.

176176Financial statements | Parent CompanyFinancial statements | Parent Company

Statement by the board

of directors and CEO

The board of directors and the CEO have today

considered and approved the annual report for BEWI ASA

(“the company”) and the BEWI group (“the group”) for

the period 1 January to 31 December 2024 and as of

31 December 2024.

The consolidated financial statements have been prepared in accordance with

IFRS as adopted by EU, European Single Electronic Format (ESEF) regulations as

well as additional information requirements as per the Norwegian Accounting

Act. The financial statements for the company have been prepared in accordance

with the Norwegian Accounting Act and generally accepted accounting practice

in Norway.

We confirm, to the best of our knowledge, that

• The 2024 financial statements for the company and the group have been

prepared in accordance with applicable accounting standards

• The 2024 consolidated financial statements have been prepared in accord-

ance with the requirements of the Commission Delegated Regulation (EU)

2019/815 on the European Single Electronic Format (ESEF Regulation) and

regulation pursuant to section 5-5 of the Norwegian Securities Trading Act

• The information in the financial statements gives a true and fair view of the

company’s and the group’s assets, liabilities, financial position and result as of

31 December 2024

• The annual report for 2024 meets the information requirements of the

Norwegian accounting act with regard to the report of the board of directors,

statement on corporate governance, and report on sustainability pursuant to

the Norwegian Accounting Act section 2-6 and the EU Taxonomy article 8

• The annual report for the company and the group; – gives a true and fair view

of the company’s and the group’s development, performance and financial

position, and – includes a description of the principal risks and uncertainty

factors facing the company and the group

Trondheim, Norway, 26 March 2025

The board of directors and CEO of BEWI ASA

Gunnar Syvertsen

Chair of the Board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

Christian Bekken

CEO

177177Financial statements | Statement by the board and CEOFinancial statements | Statement by the board and CEO

To the General Meeting of BEWI ASA

Independent Auditor’s report

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of BEWI ASA,

which comprise:

• the financial statements of the parent company BEWI

ASA (the Company), which comprise the statement of

financial position as at 31 December 2024, the income

statement and cash flow statement for the year then

ended, and notes to the financial statements, including

a summary of significant accounting policies, and

• the consolidated financial statements of BEWI ASA and

its subsidiaries (the Group), which comprise the state-

ment of financial position as at 31 December 2024, the

statement of profit or loss, statement of comprehen-

sive income, statement of changes in equity and cash

flow statement for the year then ended, and notes to

the financial statements, including material accounting

policy information.

In our opinion:

• the financial statements comply with applicable

statutory requirements,

• the financial statements give a true and fair view of the

financial position of the Company as at 31 December

2024, and its financial performance and its cash

flows for the year then ended in accordance with the

Norwegian Accounting Act and accounting standards

and practices generally accepted in Norway, and

• the consolidated financial statements give a true and

fair view of the financial position of the Group as at

31 December 2024, and its financial performance and

its cash flows for the year then ended in accordance

with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the

Audit Committee.

Basis for Opinion

We conducted our audit in accordance with International

Standards on Auditing (ISAs). Our responsibilities under

those standards are further described in the Auditor’s

Responsibilities for the Audit of the Financial Statements

section of our report. We are independent of the Company

and the Group as required by relevant laws and regulations

in Norway and the International Ethics Standards Board for

Accountants’ International Code of Ethics for Professional

Accountants (including International Independence

Standards) (IESBA Code), and we have fulfilled our other

ethical responsibilities in accordance with these require-

ments. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for

our opinion.

To the best of our knowledge and belief, no prohibited

non-audit services referred to in the Audit Regulation

(537/2014) Article 5.1 have been provided.

We have been the auditor of BEWI ASA for 5 years from the

election by the general meeting of the shareholders on

29 July 2020 for the accounting year 2020.

Key Audit Matters

Key audit matters are those matters that, in our profes-

sional judgment, were of most significance in our audit

of the financial statements of the current period. These

matters were addressed in the context of our audit of

the financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate

opinion on these matters.

The Group’s business activities have remained largely

unchanged during 2024. Impairment testing of goodwill

and intangible assets with an indefinite useful life derived

from prior years’ acquisitions, still carries an inherent risk

of error, and continued to be an area of focus for the 2024

audit.

178178Financial statements | Auditor’s reportFinancial statements | Auditor’s report

Key Audit Matters How our audit addressed the Key Audit Matter

Impairment testing of goodwill and intangible assets with an indefinite useful life

Goodwill and trademarks are significant assets in the Group’s statement of financial position. The carrying amount of goodwill

and trademarks amount to EUR 205.4 million and EUR 44.9 million respectively on 31 December 2024. No impairments were

recognised in 2024.

Impairment testing requires determination of recoverable amounts of goodwill and trademarks, which is dependent on,

among other, estimated future income. We focused on this area due to the significance of the amounts involved and because

the impairment test requires application of management judgement related to assumptions such as projected future revenues,

costs and discount rate used.

The Group’s principles and methods for valuation of goodwill and trademarks are described in notes 2.5, 4.1 and note 12 to the

consolidated financial statements.

We obtained an understanding of management’s process related to assessment of valuation of goodwill and trademarks.

We reviewed management’s documentation for impairment testing, and considered whether the valuation model applied by man-

agement contained the elements and methodology required by IFRS. We found the model to be reasonable.

We also assessed the logical structure and tested the mathematical accuracy of the model finding no material deviations.

We examined how management identified cash generating units (CGUs) and compared this to how goodwill and trademarks are

monitored internally. In 2024, management consolidated CGUs due to a more integrated business structure and a greater extent of

non-separable cash flows within its segments. We assessed and found the consolidation of CGUs to be reasonable.

We evaluated the reasonableness of the assumptions applied by management, as well as management’s analysis of the sensitivity of

changes to significant assumptions that could result in a need for impairment. We found that the assumptions were reasonably aligned

with historic results and board approved strategic plans. In assessing the reasonableness of the strategic plans, we evaluated their

underlying assumptions. Further, we assessed management’s forecasting accuracy by comparing prior year budgets and forecasts to

actual results where the CGU’s were comparable with historic results. We noted no material deviations.

We performed sensitivity analyses on key assumptions in the impairment assessment and found the impairment assessment to be

sensitive to changes in WACC, and EBITDA ratios.

Further, in assessing whether management used appropriate forward-looking EBITDA ratios in their valuation models, we examined

the forecasted EBITDA ratios towards historical achieved EBITDA ratios for each CGU, and towards strategic plans. We found that man-

agement’s forecasts of EBITDA ratios were reasonably in line with historical data and strategic plans.

The discount rate used was compared to empirical data and expectations about the future returns, relevant risk premium and gearing

ratio. We found the applied discount rate to be within a range of reasonable outcomes.

We also considered whether the information provided in notes 2.5, 4.1 and 12 met the IFRS requirements.

179179Financial statements | Auditor’s reportFinancial statements | Auditor’s report

Other Information

The Board of Directors and the Managing Director (man-

agement) are responsible for the information in the Board

of Directors’ report and the other information accom-

panying the financial statements. The other information

comprises information in the annual report, but does not

include the financial statements and our auditor’s report

thereon. Our opinion on the financial statements does

not cover the information in the Board of Directors’ report

nor the other information accompanying the financial

statements.

In connection with our audit of the financial statements,

our responsibility is to read the Board of Directors’ report

and the other information accompanying the financial

statements. The purpose is to consider if there is material

inconsistency between the Board of Directors’ report

and the other information accompanying the financial

statements and the financial statements or our knowledge

obtained in the audit, or whether the Board of Directors’

report and the other information accompanying the

financial statements otherwise appears to be materially

misstated. We are required to report if there is a material

misstatement in the Board of Directors’ report or the other

information accompanying the financial statements. We

have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our

opinion that the Board of Directors’ report

• is consistent with the financial statements and

• contains the information required by applicable

statutory requirements.

Our opinion on the Board of Directors’ report applies corre-

spondingly to the statement on Corporate Governance.

Our opinion on whether the Board of Directors’ report

contains the information required by applicable statutory

requirements, does not cover the Sustainability Statement,

on which a separate assurance report is issued.

Responsibilities of Management

for the Financial Statements

Management is responsible for the preparation of financial

statements of the Company that give a true and fair view

in accordance with the Norwegian Accounting Act and

accounting standards and practices generally accepted

in Norway, and for the preparation of the consolidated

financial statements of the Group that give a true and fair

view in accordance with IFRS Accounting Standards as

adopted by the EU. Management is responsible for such

internal control as management determines is necessary to

enable the preparation of financial statements that are free

from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is

responsible for assessing the Company’s and the Group’s

ability to continue as a going concern, disclosing, as

applicable, matters related to going concern. The financial

statements of the Company use the going concern basis of

accounting insofar as it is not likely that the enterprise will

cease operations. The consolidated financial statements

of the Group use the going concern basis of accounting

unless management either intends to liquidate the Group

or to cease operations, or has no realistic alternative but to

do so.

Auditor’s Responsibilities for the

Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is

not a guarantee that an audit conducted in accordance

with ISAs will always detect a material misstatement when

it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in aggregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial

statements.

As part of an audit in accordance with ISAs, we exercise

professional judgment and maintain professional scepti-

cism throughout the audit. We also:

• identify and assess the risks of material misstatement of

the financial statements, whether due to fraud or error.

We design and perform audit procedures responsive to

those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The

risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of

internal control.

• obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness

of the Company’s and the Group’s internal control.

• evaluate the appropriateness of accounting policies

used and the reasonableness of accounting estimates

and related disclosures made by management.

• conclude on the appropriateness of management’s

use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a

material uncertainty exists related to events or condi-

tions that may cast significant doubt on the Company’s

and the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are

required to draw attention in our auditor’s report to the

related disclosures in the financial statements or, if such

disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future

events or conditions may cause the Company and the

Group to cease to continue as a going concern.

• evaluate the overall presentation, structure and

content of the financial statements, including the

disclosures, and whether the financial statements

represent the underlying transactions and events in a

manner that achieves a true and fair view.

• obtain sufficient appropriate audit evidence regarding

the financial information of the entities or business

activities within the Group to express an opinion on

the consolidated financial statements. We are respon-

sible for the direction, supervision and performance of

the group audit. We remain solely responsible for our

audit opinion.

180180Financial statements | Auditor’s reportFinancial statements | Auditor’s report

We communicate with the Board of Directors regarding,

among other matters, the planned scope and timing of

the audit and significant audit findings, including any

significant deficiencies in internal control that we identify

during our audit.

We also provide the Audit Committee with a statement

that we have complied with relevant ethical requirements

regarding independence, and to communicate with them

all relationships and other matters that may reasonably

be thought to bear on our independence, and where

applicable, actions taken to eliminate threats or safeguards

applied.

From the matters communicated with the Board of

Directors, we determine those matters that were of most

significance in the audit of the financial statements of the

current period and are therefore the key audit matters. We

describe these matters in our auditor’s report unless law

or regulation precludes public disclosure about the matter

or when, in extremely rare circumstances, we determine

that a matter should not be communicated in our report

because the adverse consequences of doing so would

reasonably be expected to outweigh the public interest

benefits of such communication.

Report on Other Legal

and Regulatory Requirements

Report on Compliance with Requirement on

European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of BEWI

ASA, we have performed an assurance engagement to

obtain reasonable assurance about whether the financial

statements included in the annual report, with the file

name BEWI-2024-12-31-0-en.zip, have been prepared, in all

material respects, in compliance with the requirements of

the Commission Delegated Regulation (EU) 2019/815 on

the European Single Electronic Format (ESEF Regulation)

and regulation pursuant to Section 5-5 of the Norwegian

Securities Trading Act, which includes requirements

related to the preparation of the annual report in XHTML

format, and iXBRL tagging of the consolidated financial

statements.

In our opinion, the financial statements, included in the

annual report, have been prepared, in all material respects,

in compliance with the ESEF regulation.

Management’s Responsibilities

Management is responsible for the preparation of the

annual report in compliance with the ESEF regulation. This

responsibility comprises an adequate process and such

internal control as management determines is necessary.

Auditor’s Responsibilities

For a description of the auditor’s responsibilities when

performing an assurance engagement of the ESEF report-

ing, see: https://revisorforeningen.no/revisjonsberetninger

Trondheim, 26 March 2025

PricewaterhouseCoopers AS

Kjetil Smørdal

State Authorised Public Accountant

(This document is signed electronically)

181181Financial statements | Auditor’s reportFinancial statements | Auditor’s report

Reconciliation alternative performance measures

Alternative performance measures not defined by IFRS

million EUR (except percentage) 2024 2023

Operating income (EBIT) 8.5 10.2

Amortisations 12.0 12.2

EBITA 20.5 22.4

Items affecting comparability -0.7 6.6

Adjusted EBITA 19.8 29.0

EBITA 20.5 22.4

Depreciations 51.4 49.2

EBITDA 71.9 71.5

Items affecting comparability -0.7 6.6

Adjusted EBITDA - continuing operations 71.2 78.1

Adjusted EBITA Rolling 12 months - continuing operations 19.8 29.0

Adjusted EBITA Rolling 12 months - discontinued operations 13.6 24.5

Adjusted EBITA Rolling 12 months - total operations 33.4 53.5

Average capital employed 946.1 983.7

Return on average capital employed (ROCE)% 3.5% 5.4%

Items affecting comparability

million EUR 2024 2023

Severance, integration and restructuring costs -0.9 -4.6

Transaction costs -2.1 -1.4

Capital gains/losses 3.8 -0.6

Other -0.1 -

Total 0.7 -6.6

182182Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Adjusted EPS

million EUR (except average number of shares) 2024 2023

Profit/loss used i calculation basic earnings per share -18.0 -18.0

Reversing adjustment items before tax

Items affecting comparability - continuing operations -0.7 6.6

Items affecting comparability - discontiued operatons 0.8 0.4

Depreciations/amortisations attributable to fair value adjustments in

business combinations - continuing operations 10.6 12.8

Depreciations/amortisations attributable to fair value adjustments in

business combinations - discontinued operations 1.3 0.9

Items affection comparablity in financial items 1.2 3.1

13.2 23.7

Reversing tax impact on adjustment items

Items affecting comparability 1.4 -1.4

Depreciations/amortisations attributable to fair value adjustments in

business combinations - continuing operations -2.4 -2.8

Depreciations/amortisations attributable to fair value adjustments in

business combinations - discontinued operations -0.3 -0.3

Items affection comparabilty in financial items - -

-1.3 -4.5

Total impact on profit/loss for the period 11.9 19.3

Attributable to non-controlling interests 1.6 -0.1

Adjusted profit attributable to the parent company shareholders -16.1 1.1

Average number of shares 191 722 290 191 672 042

Adjusted earnings per share, basic -0.08 0.01

183183Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Revenue bridge: Change in net sales from corresponding periods in 2024

million EUR I&C % P&C % Circular % Unallocated %

Intra-group

revenue

Total

net sales –

continuing

operations %

Discontinued

operations %

Intra group

revenue –

discontinued

operation

Net sales

– total

operations %

2023 458.4 321.6 57.7 0.3 -16.7 821.2 413.7 -129.6 1 105.3

Acquisitions - - -0.9 0.3% - - - - - 0.9 0.1% - - - 0.9 0.1%

Divestments - - - - - - - - - - - - - - - -

Currency 0.9 0.2% 0.3 0.1% -0.2 -0.4% - - 0.4 1.4 0.2% -0.8 -0.2% - 0.6 0.1%

Organic growth -30.9 -6.7% -14.5 -4.5% -4.9 -8.6% -0.3 -97.1% 0.3 -50.3 -6.1% -33.6 -8.1% -7.5 -91.4 -8.3%

Total increase/ decrease -29.9 -6.5% -13.3 -4.1% -5.2 -9.0% -0.3 -97.1% 0.6 -48.0 -5.8% -34.4 -8.3% -7.5 -89.9 -8.1%

2024 428.4 308.3 52.5 0.0 -16.0 773.2 379.2 -137.1 1 015.4

EBITDA bridge: Change in adjusted EBITDA from corresponding periods in 2024

million EUR I&C % P&C % Circular % Unallocated %

Adjusted

EBITDA –

continuing

operations %

Discontinued

operations %

Adjusted

EBITDA –

total

operations %

2023 40.6 45.3 -3.2 -4.7 78.1 30.7 108.8

Acquisitions - - 0.1 0.1% - - - - 0.1 0.1% - - 0.1 0.1%

Divestments - - - - - - - - - - - - - -

Currency 0.1 0.1% -0.2 -0.5% 0.0 -0.0% 0.1 2.0% -0.1 -0.1% -0.1 -0.2% -0.1 -0.1%

Organic growth -4.2 -10.3% -1.7 -3.8% -1.7 -53.5% 0.7 14.2% -7.0 -8.8% -10.6 -44.1% -17.6 -16.1%

Total increase/ decrease -4.1 -10.2% -1.9 -4.2% -1.7 -53.6% 0.8 16.2% -7.0 -8.9% -10.7 -44.4% -17.6 -16.2%

2024 36.5 43.4 -4.9 -3.9 71.2 20.0 91.2

184184Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Definitions of alternative performance measures not defined by IFRS

Organic growth Organic growth is defined as growth in net sales for the reporting period compared to the same

period last year, excluding the impact of currency and acquisitions. It is a key ratio as it shows the

underlying sales growth.

EBITDA Earnings before interest, tax, depreciation, and amortisation. EBITDA is a key performance indicator

that the group considers relevant for understanding the generation of profit before investments in

fixed assets.

EBITDA margin EBITDA as a percentage of net sales. The EBITDA margin is a key performance indicator that the

group considers relevant for understanding the profitability of the business and for making

comparisons with other companies.

EBITA Earnings before interest, tax, and amortisations. EBITA is a key performance indicator that the

group considers relevant, as it facilitates comparisons of profitability over time independent of

corporate tax rates and financing structures but including depreciations of fixed assets used in

production to generate the profits of the group.

EBITA margin EBITA as a percentage of sales. The EBITA margin is a key performance indicator that the group

considers relevant for understanding the profitability of the business and for making comparisons

with other companies.

EBIT Earnings before interest and tax. EBIT is a key performance indicator that the group considers

relevant, as it facilitates comparisons of profitability over time independent of corporate tax rates

and financing structures. Depreciations are included, however, which is a measure of resource

consumption necessary for generating the result.

Items affecting

comparability

Items affecting comparability include transaction costs related to acquisition of companies, includ-

ing the release of negative goodwill from acquisitions, severance costs and other normalisations

such as divestment of real estate, closing of facilities, unscheduled raw material production stops

and other.

Adjusted (adj.)

EBITDA

Normalised earnings before interest, tax, depreciation, and amortisation (i.e., items affecting com-

parability and deviations are added back). Adjusted EBITDA is a key performance indicator that the

group considers relevant for understanding earnings adjusted for items that affect comparability.

Adjusted (adj.)

EBITDA margin

Normalised EBITDA before items affecting comparability as a percentage of net sales. The adjusted

EBITDA margin is a key performance indicator that the group considers relevant for understanding

the profitability of the business and for making comparisons with other companies.

Adjusted (adj.) EBITA Normalised earnings before interest, tax, and amortisations (i.e., items affecting comparability and

deviations are added back). EBITA is a key performance indicator that the group considers relevant,

as it facilitates comparisons of profitability over time independent of corporate tax rates and

financing structures but including depreciations of fixed assets used in production to generate the

profits of the group.

Adjusted (adj.) EBITA

margin

Normalised EBITA before items affecting comparability as a percentage of sales. The EBITA margin

is a key performance indicator that the group considers relevant for understanding the profitability

of the business and for making comparisons with other companies.

ROCE Return on average capital employed. ROCE is a key performance indicator that the group consid-

ers relevant for measuring how well the group is generating profits from its capital in use. ROCE is

calculated as rolling 12 months adjusted EBITA as a percentage of average capital employed during

the same period. Capital employed is defined as total equity plus net debt, and the average is

calculated with each quarter during the measurement period as a measuring point.

Net debt Interest-bearing liabilities excluding obligations relating to employee benefits, minus cash and

cash equivalents. Net debt is a key performance indicator that is relevant both for the group’s

calculation of covenants based on this indicator and because it indicates the group’s financing

needs.

Adjusted (adj.)

EPS

Earnings per share (EPS) adjusted for items affecting comparability, depreciations/amortisations

attributable to fair adjustments in business combinations and fair value adjustments in financial

items, Including tax on those items. Adjusted EPS is a key performance indicator considered

relevant for the group as it presents the EPS generated by the actual operations of the group.

185185Financial statements | Alternative Performance MeasuresFinancial statements | Alternative Performance Measures

Remuneration

report

186186Remuneration Remuneration

1. Overview

This remuneration report is prepared by the board of directors (“the board”) of BEWI

ASA (the “company”) in accordance with Section 6-16b of the Norwegian Public

Limited Liabilities Companies Act as applicable per 1 January 2021 (“NPLCA”) and the

administrative regulation regarding policy and report for the remuneration of the

executive management. The report contains information regarding remuneration of

executive management and the board of directors for the financial year of 2024.

The report is based on the company’s remuneration policy, which was approved by

the general meeting on 3 June 2021, as outlined in the Statement on remuneration

of executive management.

187187Remuneration Remuneration

2. Remuneration of the board of directors

2.1 Board composition

In 2024, the board consisted of Gunnar Syvertsen (chair), Kristina Schauman, Anne-Lise Aukner, Rik Dobbelaere, Pernille Skarstein

and Andreas M. Akselsen.

Gunnar Syvertsen, Kristina Schauman, and Anne-Lise Aukner were re-elected for a period of two years at the company’s general

meeting on 4 June 2024. Andreas M. Akselsen and Rik Dobbelaere were re-elected for a period of two years at the general

meeting on 1 June 2023, and Pernille Skarstein was elected as a new director of the board for a period of two years at the

general meeting on 1 June 2023.

2.2 Remuneration

The board’s remuneration is determined by the general meeting after receiving a proposal from the nomination committee.

The remuneration is comprised of fixed payment for board directorship and work in sub-committees. Directors of the board

are also reimbursed for travelling expenses. The company is responsible for payment of social security taxes, as well as cost for

directors’ and officer’s liability insurance.

Table 1: Actual fees paid to the board of directors in 2024 and 2023

BEWI ASA 1 Jan 2024 - 31 Dec 2024 1 Jan 2023 - 31 Dec 2023

million EUR

Basic

salary incl.

benefits/

board fees

Variable

remuner-

ation

Retirement

compen-

sation

Basic

salary incl.

benefits/

board fees

Variable

remuner-

ation

Retirement

compen-

sation

Board of Directors

5 members of the board, whereof 2 women

Gunnar Syvertsen (chairman) 0.06 0.05

Kristina Schauman 0.03 0.03

Anne-Lise Aukner 0.03 0.03

Rik Dobbelaere 0.03 0.03

Andreas Mjølner Akselsen 0.03 0.03

Pernille Skarstein 0.03 0.02

Total 0.21 0.19

Consultancy services board members

Gunnar Syvertsen 0.07 0.09

Rik Dobbelaere 0.12 0.12

Andreas Mjølner Akselsen 0.15

188188Remuneration Remuneration

3. Remuneration to the executive management

3.1 Executive management

BEWI considers members of its executive management to be covered by the term Directors (Norwegian “ledende personer”)

under the NPLCA section 6-16a. The company’s executive management was changed as of 1 November 2024, from which two

new members were included, and three members left the executive management team.

The following positions / persons were therefore considered Directors in the financial year 2024:

• Chief Executive Officer Christian Bekken

• Chief Operating Officer upstream Jonas Siljeskär

• Chief Financial Officer Marie Danielsson

• Chief Legal Officer Petra Brantmark

• Chief Human Resources Officer Roger Olofsson (from 1 October 2022 to 31 October 2024)

• Chief Sustainability Officer Camilla Bjerkli (from 1 September 2023 to 31 October 2024)

• Chief Communications Officer Charlotte Knudsen (from 1 October 2022 to 31 October 2024)

• Chief Operating Officer downstream Karl Erik Olesen (from 1 November 2024)

• Chief Strategy Officer Stein Inge Liasjø (from 1 November 2024)

3.2 Remuneration composition and framework

The remuneration principles and compensation elements are described in the remuneration policy for executive management.

The elements include a (i) fixed base salary, (ii) pension, (iii) non-financial benefits (“fringe benefits”), (iv) variable pay and (v) a

long-term incentive programme (referred to as share option plan)

Directors do not receive remuneration for directorships in group companies.

Table 2 below contains an overview of the total remuneration which the Directors have received from the company in 2024

and 2023.

Table 2: Remuneration paid to executive management in 2024 and 2023

BEWI ASA 1 Jan 2024 - 31 Dec 2024

million EUR

Basic

salary

Short term

variable pay

Long term

variable pay

Other

benefits

Retirement

compensation

Total com-

pensation

Proportion of fixed

remuneration

CEO

Christian Bekken 0.27 0.04 0.01 0.32 88%

Other Senior Executives

Jonas Siljeskär 0.31 0.05 0.01 0.08 0.45 89%

Marie Danielsson 0.31 0.05 0.05 0.41 88%

Charlotte Knudsen

0.12 0.01 0.01 0.14 93%

Petra Brantmark 0.18 0.04 0.01 0.05 0.28 86%

Roger Olofsson

0.13 0.02 0.08 0.23 91%

Camilla Bjerkli

0.12 0.01 0.01 0.14 93%

Stein Inge Liasjø

0.03 0.03 100%

Karl-Erik Olesen

0.04 0.04 100%

Total 1.51 0.22 0.02 0.29 2.04 89%

Charlotte Knudsen, Roger Olofsson and Camilla Bjerkli were part of the executive management until 31 October 2024.

Stein Inge Liasjø and Karl-Erik Olesen became members of the executive management from 1 November 2024.

189189Remuneration Remuneration

BEWI ASA 1 Jan 2023 - 31 Dec 2023

million EUR

Basic

salary

Short term

variable pay

Long term

variable pay

Other

benefits

Retirement

compensation

Total com-

pensation

Proportion of fixed

remuneration

CEO

Christian Bekken 0.27 0.01 0.01 0.29 97%

Other Senior Executives

Jonas Siljeskär 0.30 0.01 0.01 0.06 0.38 97%

Marie Danielsson 0.31 0.02 0.01 0.05 0.39 95%

Charlotte Knudsen 0.14 0.01 0.01 0.16 94%

Petra Brantmark 0.16 0.01 0.01 0.05 0.23 96%

Roger Olofsson 0.16 0.01 0.01 0.03 0.21 94%

Camilla Bjerkli

0.04

Total 1.38 0.07 0.04 0.21 1.70 96%

Camilla Bjerkli became part of the executive management from 1 September 2023.

4. Share-option plan

BEWI has two share option programmes, adopted in November 2020 and November 2024 based on the approval by the general

meeting to authorise the board to issue new shares to employees under a long-term incentive programme. The aggregate

number of options under the plan shall never exceed three (3) per cent of the outstanding shares of the company, including

options already outstanding.

The strike price was set as the market price at the time of the grant of the options plus 10 per cent, to ensure that only value

creation from allocation onwards is rewarded. The options vest with 20 per cent after one year, 30 per cent after two years,

and 50 per cent three years after granted, provided the participant is still employed. The options lapses and becomes void

after a period of 5 years. If the employee resigns from his or her position with the company, all unvested options will lapse and

becomes void. The maximum profit gain from awarded options under the plan, is capped according to an agreement between

the employee and the company.

Depending on the company’s financial position or financial targets, the board reserves the right to extend the expiry dates by

an additional 2 years.

190190Remuneration Remuneration

Table 3: Long term incentive programme (share-option plan)

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

subject to perfor-

mance condition

Share options

awarded and

unvested

Share options

subject to

holding period

Christian Bekken 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 75 000 - - - - 75 000

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 125 000 - - - 125 000

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 16 667 - - 16 667

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 25 000 - - 25 000

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 41 667 - - 41 667

200 000 83 333 - - 83 333 200 000

Jonas Siljeskär 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 75 000 - - - - 75 000

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 125 000 - - - - 125 000

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 16 667 - - 16 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 25 000 - - 25 000 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 41 667 - - 41 667 -

200 000 83 333 - - 83 333 200 000

191191Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

subject to perfor-

mance condition

Share options

awarded and

unvested

Share options

subject to

holding period

Marie Danielsson 1 19.11.2020-

19.11.2021

19.11.2020 19.11.2021 19.11.2025 19.11.2021-

19.11.2025

22.96 50 000 - - - - 50 .000

1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 75 000 - - - - 75 000

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 125 000 - - - - 125 000

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 16 667 - - 16 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 25 000 - - 25 000 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 41 667 - - 41 667 -

250 000 83 333 - - 83 333 250 000

Roger Olofsson 1 19.11.2020-

19.11.2021

19.11.2020 19.11.2021 19.11.2025 19.11.2021-

19.11.2025

22.96 25 000 - - - - 25 .000

1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 37 500 - - - - 37 500

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 62 500 - - - - 62 500

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 11 667 - - 11 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 17 500 - - 17 500 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 29 167 - - 29 167 -

125 000 58 333 - - 58 333 125 000

192192Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

subject to perfor-

mance condition

Share options

awarded and

unvested

Share options

subject to

holding period

Petra Brantmark 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 28 952 - - - - 28 952

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 62 500 - - - - 62 500

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 16 667 - - 16 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 25 000 - - 25 000 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 41 667 - - 41 667 -

91 452 83 333 - - 83 333 91 452

Charlotte Knudsen 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 28 500 - - - - 28 500

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 62 500 - - - - 62 500

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 11 667 - - 11 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 17 500 - - 17 500 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 29 167 - - 29 167 -

91 000 58 333 - - 58 333 91 000

193193Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

subject to perfor-

mance condition

Share options

awarded and

unvested

Share options

subject to

holding period

Camilla Bjerkli 1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 31 250 - - - - 31 250

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 11 667 - - 11 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 17 500 - - 17 500 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 29 167 - - 29 167 -

31 250 58 333 - - 58 333 31 250

Karl-Erik Olesen 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 37 500 37 500

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 62 500 62 500

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 16 667 - - 16 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 25 000 - - 25 000 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 41 667 - - 41 667 -

100 000 83 333 - - 83 333 100 000

194194Remuneration Remuneration

The main conditions of share option plans Information regarding the reported financial year

Opening balance During the year Closing balance

Specification

of plan

Performance

period

Award

date

Vesting

date

End of holding

period

Exercise

period

Strike price

of the share

Share options hold

at the beginning of

the year

Share options

awarded

Share options

vested

Share options

subject to perfor-

mance condition

Share options

awarded and

unvested

Share options

subject to

holding period

Stein Inge Liasjø 1 19.11.2020-

19.11.2022

19.11.2020 19.11.2022 19.11.2025 19.11.2022-

19.11.2025

22.96 18 750 18 750

1 19.11.2020-

19.11.2023

19.11.2020 19.11.2023 19.11.2025 19.11.2023-

19.11.2025

22.96 31 250 31 250

2 15.11.2024-

15.11.2025

15.11.2024 15.11.2025 15.11.2029 15.11.2025-

15.11.2029

25.57 - 16 667 - - 16 667 -

2 15.11.2024-

15.11.2026

15.11.2024 15.11.2026 15.11.2029 15.11.2026-

15.11.2029

25.57 - 25 000 - - 25 000 -

2 15.11.2024-

15.11.2027

15.11.2024 15.11.2027 15.11.2029 15.11.2027-

15.11.2029

25.57 - 41 667 - - 41 667 -

50 000 83 333 - - 83 333 50 000

1 138 702 675 000 - - 675 000 1 063 702

Plan 1 refers to the plan adopted by the board on 19 November 2020. Plan 2 refers to the plan adopted by the board on 20 August 2024.

Plan 1: 20 per cent on 19 November 2021, 30 per cent on 19 November 2022 and 50 per cent on 19 November 2023. Plan 2: 20 per cent on 15 November 2025, 30 per cent on 15 November 2026 and 50 per cent on 15 November 2027. The options are only exercisable during certain windows as decided by the board, normally after the

publication of the results for the full year and/ or the half year.

Strike price at the time of award for the plan adopted on 19 November 2020 was 24.48 NOK. The strike price is adjusted for, inter alia, dividends paid. By 31 December 2024 the strike price was 22.96 (22.96 NOK at 31 December 2023).

195195Remuneration Remuneration

5. Compliance with remuneration policy

The executives are compensated based on individual criteria, including each executive’s role, experience, and competence. All

executives are evaluated yearly as part of the company’s Performance and Development Dialogue (PDD). The total compen-

sation level targets at attracting and retaining executives, and to maintain a compensation level which for each individual is

competitive compared to market conditions for the relevant position and individual.

Internal board assignments and similar internal positions are not remunerated separately. External assignments shall be

approved by the CEO or by the board.

5.1 Variable pay

The variable incentive pay programme for the executive management team is built on five criteria with the objective to

encourage achievement of financial- and operational targets. The variable pay programme is based on defined and measurable

criteria, including financial targets, targets linked to strategic priorities and targets linked to health and safety.

For 2024, the variable incentive pay program was capped at 50 per cent of the annual base salary for the Chief Executive Officer,

Chief Operating Officer upstream, and Chief Financial Officer. For other managers, the incentive pay program is capped at 40

per cent. The Chief Operating Officer downstream and Chief Strategy Officer became part of the executive management from

1 November 2024.

Criteria:

1. Adjusted EBITDA: 40 per cent of maximum was based on the group’s adjusted EBITDA target, calculated with a linear scale

from 95 per cent to 105 per cent of budgeted target.

2. Collection of 45 000 tonnes of used EPS for recycling: 20 per cent of maximum

3. Fixed cost: 10 per cent of maximum is related to development of fixed cost for the group with a maximum pay out if an

improvement of 3 per cent of budgeted targets has been achieved, calculated with a linear scale from 100 per cent to 97

per cent of budgeted fixed cost targets.

4. Health & safety: 10 per cent of maximum is related to health and safety targets with focus on number of accidents and

absence due to accidents.

5. Personal objectives: 20 per cent of maximum is related to the personal objectives, of which one needs to be related to

working capital and represent 50 per cent of the Personal objectives.

For the Chief Executive Officer, the objectives are set and evaluated by the chairman of the board, while the personal objectives

for the other managers are set and evaluated by the CEO.

Table 4: Remuneration to directors according to the variable pay programme

Name Function EBITDA

Collection and

usaged of RE-Material Fixed cost Health & Safety Personal objectives Total Maximum

Christian Bekken Chief Executive Officer 0.00% 0.00% 5.00% 5.00% 3.10% 13.10% 50.00%

Jonas Siljeskär Chief Operating Officer upstream 0.00% 0.00% 5.00% 5.00% 3.15% 13.15% 50.00%

Marie Danielsson Chief Financial Officer 0.00% 0.00% 5.00% 5.00% 3.25% 13.25% 50.00%

Roger Olofsson Chief Human Resources Officer 0.00% 0.00% 4.00% 4.00% 3.00% 11.00% 40.00%

Petra Brantmark Chief Legal Officer 0.00% 0.00% 4.00% 4.00% 3.75% 11.75% 40.00%

Charlotte Knudsen Chief Communications Officer 0.00% 0.00% 4.00% 4.00% 2.25% 10.25% 40.00%

Camilla Bjerkli Chief Sustainability Officer 0.00% 0.00% 4.00% 4.00% 3.00% 11.00% 40.00%

Stein Inge Liasjø Chief Strategy Officer 0.00% 0.00% 4.00% 4.00% 3.60% 11.60% 40.00%

Karl-Erik Olesen Chief Operating Officer downstream 0.00% 4.00% 4.00% 2.00% 6.50% 16.50% 40.00%

196196Remuneration Remuneration

6. Derogation from remuneration policy

6.1 Variable pay programme

As stated in the remuneration policy, the directors are entitled to receive a cash bonus as outlined in the variable incentive pay

programme with established criteria that reflect key drivers related to BEWI’s strategic priorities, as well as achieving financial

and sustainability targets.

All bonuses under the variable incentive pay programme were accrued for in the 2024 financial statements and are in line with

the remuneration policy.

7. Comparative information on the changes of remuneration and

group performance

Table 5 below contains information on the annual change of remuneration for each director, as well as the comparable information

regarding salary increases based on applicable collective agreement in Norway, Kjemisk Teknisk overenskomst (avtale nr.106)

Table 5: Information on annual change of remuneration and average salary increase

Name Function 2024 2023 2022 2021 2020 2020

Christian Bekken Chief Executive Officer 10% -19% 9% 38% -4% 25%

Jonas Siljeskär Chief Operating Officer upstream 12% -14% 0% 8% 48% 24%

Marie Danielsson Chief Finacial Officer 8% -13% 7% -14% 112% -30%

Roger Olofsson

Chief Human Resources Officer

Petra Brantmark

Chief Legal Officer 19%

Charlotte Knudsen

Chief Communiations Officer

Camilla Bjerkli

Chief Sustainability Officer

Stein Inge Liasjø

Chief Strategy Officer

Karl-Erik Olesen

Chief Operating Officer downstream

Company performance

Net sales Annual percentage change -8% 5% 41% 62% 8% 13%

Adj. EBITDA Annual percentage change -16% -19% 27% 68% 25% 68%

Adj.EBITDA margin (%) 9% 9.80% 12.7% 14.6% 14.0% 12.1%

Salary increase according to collective agreement

Kjemisk Teknisk overenskomst (avtale nr. 106). 4.92% 4.43% 4.24% 2.11% 1.72% 2.05%

Due to large changes in the BEWI organisation as a consequence of mergers and divestures, comparable salary data of own employees has not been reported.

Chief Human Resources Officer, Chief Communications Officer and Chief Sustainability Officer left the executive management from 1 November 2024. Chief

Operating Officer downstream and Chief Strategy Officer were included in the executive management from 1 November 2024. No comparable data for full year

2024 versus 2023

Company performance includes discontinued operations.

197197Remuneration Remuneration

8. Statement by the board of directors

The board of directors has today considered and adopted the remuneration report for executive management of BEWI ASA

for the financial year 2024. The report has been prepared in accordance with section 6-16b of the Norwegian Public Limited

Liability Companies Act, and will be presented for an advisory vote at the annual general meeting in 2025.

Trondheim, Norway, 26 March 2025

The board of directors of BEWI ASA

Gunnar Syvertsen

Chair of the board

Anne-Lise Aukner

Director

Rik Dobbelaere

Director

Andreas M. Akselsen

Director

Kristina Schauman

Director

Pernille Skarstein

Director

198198Remuneration Remuneration

To the General Meeting of BEWI ASA

Independent auditor’s assurance report on report on salary and other remuneration to directors

Opinion

We have performed an assurance engagement to obtain reasonable assurance that BEWI ASA report on salary and other remu-

neration to directors (the remuneration report) for the financial year ended 31 December 2024 has been prepared in accordance

with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.

In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-16 b of the

Norwegian Public Limited Liability Companies Act and the accompanying regulation.

Board of directors’ responsibilities

The board of directors is responsible for the preparation of the remuneration report and that it contains the information

required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and for

such internal control as the board of directors determines is necessary for the preparation of a remuneration report that is free

from material misstatements, whether due to fraud or error.

Our Independence and Quality Management

We are independent of the company as required by laws and regulations and the International Ethics Standards Board for

Accountants’ Code of International Ethics for Professional Accountants (including International Independence Standards) (IESBA

Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We apply the International

Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial

Statements, or Other Assurance or Related Services Engagements, and accordingly, maintain a comprehensive system of quality

control including documented policies and procedures regarding compliance with ethical requirements, professional standards

and applicable legal and regulatory requirements.

Auditor’s responsibilities

Our responsibility is to express an opinion on whether the remuneration report contains the information required in section

6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and that the information

in the remuneration report is free from material misstatements. We conducted our work in accordance with the International

Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial

information”.

We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures included

obtaining an understanding of the internal control relevant to the preparation of the remuneration report in order to design

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the company’s internal control. Further we performed procedures to ensure completeness and accuracy of the information

provided in the remuneration report, including whether it contains the information required by the law and accompanying

regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Trondheim, 26 March 2025

PricewaterhouseCoopers

Kjetil Smørdal

State Authorised Public Accountant

(electronically signed)

199199Remuneration Remuneration

Appendix

200200Appendix Appendix

Appendix 1 The board of directors’ statement on corporate governance for 2024 in relation to the

norwegian code of practice for corporate governance

This section provides a detailed overview of how

BEWI ASA (“BEWI” or the “company”) follows the

Norwegian code of practice for corporate govern-

ance (“the Code”) dated 14 October 2021 issued by

the Norwegian Corporate Governance Board (NCGB).

Information in accordance with the Norwegian

Accounting Act, Section 2-9 is also included. This

report should be reviewed together with the

Governance section. The Code covers 15 topics,

and this statement covers each of these topics and

describes BEWI’s adherence to the Code.

1. Implementation and reporting

on corporate governance

Compliance and regulations

The board of directors (the board) of BEWI has the

overall responsibility for ensuring that the company

has a high standard of corporate governance. The

board has adopted corporate governance principles,

and other policies related to corporate governance,

which are assessed and adopted yearly. An over-

view of the governing policies is included in the

Governance section.

BEWI ASA is a Norwegian public limited liability

company listed on the Euronext Oslo Børs and is

subject to section 2-9 of the Norwegian Accounting

Act (available at www.lovdata.no) and the Issuers

Rules of Oslo Børs, covered by the Oslo Rulebook II

chapter 4.4 (available at www.oslobors.no).

Adherence to the Code is based on a comply or

explain principle, meaning that any deviation from

the Code shall be explained. This includes to explain

what alternative solution the company has selected.

BEWI has, to the board’s best assessment, one

deviation from the Code, related to chapter 6 about

general meetings:

The Code states that the board should ensure that

the chair of the company’s nomination committee

attends the general meeting. In BEWI, all matters

covered by the general meeting in 2024 were deter-

mined to be approved prior to the meeting by way

of registered voting instructions, and the company

therefore considered it unnecessary for the chair of

the nomination committee to attend.

2. Business activity

BEWI is a provider of packaging, components, and

insulation solutions. An overview of the business is

included in the section Our business. The operations

comply with the business objective set forth in the

company’s articles of association section 3, available

on BEWI’s website, www.bewi.com

The board has defined clear objectives and strategic

priorities for the company, including long-term

financial and sustainability targets, to ensure value

creation for the shareholders and other stakeholders.

The objectives are evaluated annually.

Sustainability is integrated in the company strategy,

informed by the annual double materiality assess-

ment performed in 2024 in alignment with the

Corporate Sustainability Reporting Directive (CSRD).

The board has adopted a Code of Conduct, setting

out key principles for the ethical conduct of the

business. The principles are used to integrate consid-

erations to human rights, employee rights and social

matters, the external environment and anti-corrup-

tion efforts, and is supported by separate policies on

anti-corruption, compliance with competition law,

sanctions, privacy, and whistleblowing guidelines.

3. Equity and dividends

Capital structure

The board considers BEWI’s capital structure to be

appropriate to the company’s objectives, strategy,

and risk profile, with an appropriate balance between

equity and other sources of financing. The capital

structure is considered on an ongoing basis.

Dividends

BEWI has a dividend policy where the long-term

policy is to pay out between 30 and 50 per cent of

the company’s underlying net profit after tax, as

dividends. When deciding on the annual dividend,

the board considers the company’s financial position,

investment plans as well as the needed financial

flexibility for strategic growth.

The board do not propose any dividend distribution

based on the financial year of 2024, and did not

propose dividend distribution in 2024 based on the

financial year of 2023.

201201Appendix Appendix

Board authorisations

Authorisations to the board to increase the share

capital and buy own shares are given for periods

until the next annual general meeting (AGM) of the

company.

As of 31 December 2024, the board of BEWI had three

authorisations:

1. Authorisation to increase the share capital by up

to NOK 38 344 458 to strengthen the equity of

the company, finance future growth, acquisitions,

increase the liquidity and spread of ownership in

respect of the company’s shares or for other pur-

poses as the board decides.

2. Authorisation to increase the share capital by up to

NOK 5 751 668 in connection with the company’s

incentive programmes.

3. Authorisation to acquire own shares up to a

nominal value of 19 172 229 (equal to 10 per

cent of the company’s share capital at the time

of the authorisation). The shares shall either be

cancelled or be used for the company’s incentive

programme, investments or as settlement in

acquisitions.

All authorisations are valid until the annual general

meeting in 2025, however expiring on 30 June 2025

at the latest.

4. Equal treatment of shareholders

and transactions with close associates

In the event of capital increases based on author-

isations issued by the general meeting, where the

existing shareholders’ rights will be waived, the

reason for this will be provided in a public announce-

ment in connection with the capital increase.

Any transactions, agreements or arrangements

between the company and its shareholders,

members of the board, members of the executive

management team or close associates of any such

parties will be conducted in compliance with the

procedures set out in the Norwegian Public Limited

Liability Companies Act. The board shall arrange for a

valuation to be obtained from an independent third

party unless the transaction, agreement or arrange-

ment in question is considered immaterial. Board

members and members of the executive manage-

ment team shall immediately notify the board if they

have any material direct or indirect interest in any

transaction entered by the company.

Trading own shares

Any transaction which the company carries out in

its own shares will be carried out through the stock

exchange, and at prevailing stock exchange prices.

If there is limited liquidity in the company’s shares,

BEWI will consider other ways to ensure equal treat-

ment of its shareholders.

5. Shares and negotiability

BEWI has only one class of shares and all shares have

equal rights. Each share has a face value of NOK 1.00

and carries one vote.

The company emphasise equal treatment of its share-

holders and the shares are freely transferable.

6. General meetings

BEWI’s highest decision-making body is the general

meeting of shareholders. All shareholders have the

right to participate in the general meetings. Article 7

of the company’s articles of associations sets out the

main principles of the general meeting.

The notices calling the general meetings are made

available to shareholders no later than 21 days prior

to the meetings. The notices include information

about resolutions and supporting information is

sufficiently detailed to allow shareholders to form a

view on all matters to be considered at the meeting.

The board is represented at the AGM. General meet-

ings are opened by the chair of the board, or the

person appointed by the board. The board proposes

a person to chair the meeting.

In 2024, BEWI held its AGM on 4 June. The AGM for

2025 is scheduled to be held on 21 May 2025.

7. Nomination committee

Article 8 of the company’s articles of association

stipulates that the company shall have a nomination

committee, consisting of two to four members,

where the majority of the members shall be

independent of the board and management. The

members, including the chairperson, are elected by

the general meeting for a term of two years unless

decided by the general meeting.

Information about the work of the nomination com-

mittee is included in the Governance section.

In 2024, the nomination committee of BEWI con-

sisted of Liv Malvik (chair) and Roar Husby until the

company’s annual general meeting on 4 June 2024.

At the meeting, the following new members of the

committee was elected for a period up to the annual

general meeting in 2026: André Michaelsen, chair,

Rune Juliussen, member, Marianne Bekken, member

and Svein Jensen, member.

Instructions for the nomination committee was

adopted by the extraordinary general meeting of

the company in August 2020, with latest updates

adopted at the annual general meeting of 2024.

202202Appendix Appendix

8. Board of directors: composition

and independence

According to article 5 of BEWI’s articles of associa-

tions, the board shall consist of a minimum of three

and a maximum of eight board members elected by

the general meeting for a period of two years, unless

otherwise decided by the general meeting. The

general meeting elects the chair of the board.

In 2024, the board of BEWI consisted of six members,

whereof three female and three male members,

which is in line with the requirements of the Public

Limited Companies Act.

Information about the composition, independence,

and competencies of the board is included in the

Governance section of this report and is also available

from the company’s website www.bewi.com.

9. The work of the board of directors

The board shall ensure that the company has proper

management with clear internal distribution of

responsibilities and duties. A clear division of work

has been established between the board and the

executive management team. The CEO is responsible

for the executive management of the company.

Instructions to the board and the CEO are reviewed

and approved at least annually. The board has the

overall responsibility for the management of the

group and the supervision of its day-to-day man-

agement and business activities. The board prepares

an annual plan for its work with special emphasis

on goals, strategy, and implementation. Information

about the work of the board is included in the

Governance section.

Sub-committees of the board

Audit committee

Pursuant to the Norwegian Public Limited Liability

Companies Act and the listing rules of the Oslo

Stock Exchange, BEWI shall have an audit committee,

consisting of at least two members, of which at least

one member must have accounting or auditing

proficiency and at least one member must be

independent of the company’s business. The audit

committee is appointed by the board.

Information about the responsibilities, work, meet-

ings, and composition of BEWI’s audit committee is

included in the Governance section. In 2024, BEWI’s

audit committee consisted of Kristina Schauman

(chair) and Gunnar Syvertsen.

Remuneration committee

BEWI shall have a remuneration committee

appointed by the board. The remuneration commit-

tee shall evaluate and propose the compensation of

BEWI’s CEO, and review and advise the CEO on the

compensation of other members of the executive

management team.

Information about the responsibilities, work,

meetings, and composition of BEWI’s remuneration

committee is included in the Governance section.

In 2024, the remuneration committee consisted of

Anne-Lise Aukner (chair) and Gunnar Syvertsen.

10. Risk management and internal control

The board is responsible for ensuring that BEWI has

sound internal control and systems for risk manage-

ment that are appropriate in relation to the extent

and nature of the company’s activities. The internal

control and the systems shall also encompass the

company’s corporate values and ethical guidelines.

BEWI’s systems assess risks and opportunities across

all material activities, within own operations and

throughout the value chain. Risk assessment within

material topics are integrated into the company`s

annual Double Materiality Assessment (DMA). This

assessment informs the Enterprise Risk Management

(ERM), ensuring that sustainability considerations are

aligned with the overall risk management. The DMA

is included in the Sustainability statements, while the

ERM is available in the Governance section.

The board annually reviews and approves the DMA

and ERM, which guide the company’s strategic initia-

tives. Additionally, policies, procedures and strategic

priorities are reviewed annually, upholding rigorous

due diligence, mitigate risks, and leverage identified

opportunities.

Internal control of financial and sustainability

reporting is achieved through day-to-day follow-up

by management and supervision by the company’s

audit committee on a quarterly and annual basis in

relation to the company’s reporting.

The objective of the risk management and internal

control is to manage exposure to risks, to ensure

successful conduct of the company’s business and to

support the quality of its financial and sustainability

reporting. The board has approved routines for

internal control and risk management.

11. Board remuneration

The general meeting determines the board’s remu-

neration based on proposals from the nomination

committee. The remuneration to the board members

shall not be performance-related nor include share

option elements.

The board’s remuneration for the period from the

general meeting in 2024 to the general meeting in

2025, including extra compensation for work in sub

203203Appendix Appendix

committees, was approved by the company’s annual

general meeting on 4 June 2024.

The board shall be informed if individual board

members perform tasks for the company other than

exercising their role as board members.

As of 31 December 2024, two of the board members

had agreements to perform advisory work for the

company in addition to their assignment as board

members, of which one of the agreements expires at

the annual general meeting in 2025.

A full overview of the compensation to the board is

included in the Remuneration report.

12. Remuneration of

executive management

The company’s senior executive remuneration policy

is based primarily on the principle that executive pay

should be competitive and motivating, to attract and

retain key personnel with the necessary competence.

Pursuant to Section 6-16a of the Norwegian Public

Limited Companies Act (NPLCA), the board prepares

guidelines for determination of salaries and other

benefits payable to senior executives. The guidelines

are, in line with the said statutory provision, as well

as Section 5-6 (3) of the same Act approved by the

general meeting. If the guidelines are materially

altered, the guidelines will be laid before and

approved by the general meeting. The guidelines

will be approved by the general meeting at least

every four years. The guidelines are included in the

Governance section of this report.

In addition to the guidelines, the board prepares a

remuneration report pursuant to Section 6-16b of

NPLCA. The report is considered by the company’s

general meeting and shall be subject to an advisory

vote by the general meeting in accordance with

NPLCA Section 5-6 (4). The report is included in the

section called Remuneration report of the annual

report.

13. Information and communication

Investor relations

Communication with shareholders, investors and

analysts is a high priority for BEWI. The objective is

to ensure that the financial markets and sharehold-

ers receive correct and timely information, thus

providing a sound foundation for a valuation of the

company. All market players shall have access to the

same information, and all information is published

in English. All notices sent to the stock exchange are

made available on the company’s website and at

www.newsweb.no.

BEWI’s ambition is to comply with the latest version

of the Oslo Børs Code of Practice for IR (“the IR Code”),

including recommendations on the reporting of

information to investors on the company’s websites.

The board of BEWI has adopted a policy on handling

of inside information and other disclosure obligations,

as well as an information policy. Included in the pol-

icies are, among others, guidelines on trading in the

share by key employees, including clearance prior to

trading, and division of roles and responsibilities. The

CEO, CFO and Chief of Communications and Investor

Relations (CCO) are responsible for communicating

with shareholders between general meetings.

Financial information

The company holds investor presentations in asso-

ciation with the publication of its quarterly results.

The presentations are open to all and provide an

overview of the group’s operational and financial

performance in the previous quarter, as well as an

overview of the general market outlook. The pres-

entations are also made available on the company’s

website.

Quiet period

BEWI maintains a silent period of 30 days prior to the

day of the company’s publication of interim reports.

During this period, representatives of the company

will minimise its contact with financial media, ana-

lysts, and investors and not comment on any financial

development.

Restricted trading periods

Persons defined as primary insiders of BEWI, as well

as related parties of the primary insiders, are not

allowed to acquire or sell shares in the company or

related financial instruments during the period of 30

days prior to the company’s publication of the report

for the fourth quarter, including preliminary full year

results, and the report for the first half year. BEWI

publishes a financial calendar on its website and at

the Oslo Børs’s website, setting out the expected

dates of publication for its reports.

14. Take-over situations

In a take-over process, should it occur, the board

and the executive management team each have an

individual responsibility to ensure that the company’s

shareholders are treated equally and that there are no

unnecessary interruptions to the company’s business

activities. The board has a particular responsibility in

ensuring that the shareholders have sufficient infor-

mation and time to assess the offer.

In the event of a take-over process, the board shall

ensure that:

• the board will not seek to hinder or obstruct

any takeover bid for the company’s operations

or shares unless there are particular reasons for

doing so;

204204Appendix Appendix

• the board shall not undertake any actions intended

to give shareholders or others an unreasonable

advantage at the expense of other shareholders or

the company;

• the board shall not institute measures with the

intention of protecting the personal interests of

its members at the expense of the interests of the

shareholders; and

• the board shall be aware of the particular duty it

has for ensuring that the values and interests of the

shareholders are protected.

In the event of a take-over bid, the board will, in

addition to complying with relevant legislation and

regulations, seek to comply with the recommen-

dations in the Code. This could include obtaining a

valuation and fairness opinion from an independent

expert. On this basis, the board shall draw up a

statement containing a well-grounded evaluation of

the bid and make a recommendation as to whether

or not the shareholders should accept the bid. The

evaluation shall specify how, for example, a take-over

would affect long-term value creation of BEWI.

15. Auditor

The auditor is appointed by the annual general

meeting and is independent of BEWI. Each year

the board receives a written confirmation from the

auditor that the requirements with respect to inde-

pendence and objectivity have been met.

The auditor draws up an annual plan each year for

the execution of their auditing activities, including

financial and sustainability audits. The plan is shared

with the board and the audit committee. The board

specifically considers if the auditor to a satisfactory

degree also carries out a control function. The auditor

meets with the audit committee quarterly and has

at least an annual review of the company’s internal

control activities.

The auditor meets with the board without the CEO

or any other member of the executive management

present at least once a year. Whenever necessary,

the board shall meet with the auditor to review the

auditor’s view on the company’s accounting princi-

ples, risk areas, internal control routines, etc.

The auditor may only be used as a financial advisor to

the company provided that such use of the auditor

does not have the ability to affect or question the

auditors’ independence and objectiveness as auditor

for the company. The audit committee shall approve

any agreements in respect of such counselling

assignments in accordance with BEWI’s internal

policies.

At the annual general meeting, the board shall

present a review of the auditor’s compensation as

paid for auditory work required by law and remuner-

ation associated with other specific assignments.

The auditor for BEWI ASA is PWC.

205205Appendix Appendix

Appendix 2 Abbreviations

Abbreviation Meaning

CRP Climate Reduction Plan

CSDDD Corporate Sustainability Due Diligence Directive

CSRD Corporate Sustainability Reporting Directive

DEFRA Department for Environment, Food & Rural Affairs

DMA Double Materiality Assessment

DNSH Do No Significant Harm

EOL-treatment End-Of-Life Treatment

EPD Environmental Product Declaration

EPP Expanded PolyPropylene

EPS Expanded PolyStyrene

ESG Environment, Social and Governance

ESRS European Sustainability Reporting Standard

FTE Full Time Equivalent

GHG GreenHouse Gas

GPPS General Purpose PolyStyrene

Abbreviation Meaning

IRO Impact, Risk and Opportunities

LCA Life-Cycle Assessment

LEAP Locate Evaluate Assess Prepare

OCS Operation Clean Sweep

PE PolyEthylene

PP PolyPropylene

PS PolyStyrene

SBTi Science-Based Targets Initiative

SC Substantial Contribution

TCFD Taskforce on Climate-Related Financial Disclosures

TNFD Taskforce on Nature-Related Financial Dislosures

TSC Technical Screening Criteria

TTW Tank-To-Wheel

WTW Well-To-Wheel

XPS Extruded PolyStyrene

206206Appendix Appendix

artbox.no

BEWI ASA

Dyre Halses gate 1A

7042 Trondheim, Norway

BEWI.com

Chief Communications and

Investor Relations Officer

Charlotte Knudsen

Tel: +47 975 61 959

Chief Sustainability Officer

Camilla Louise Bjerkli

Tel: +47 984 487 56

Publication

27 March 2025

207207