Arctic: BEWI - An attractive recovery story

Research evidence excerpt

Arctic: BEWI - An attractive recovery story

BEWI Buy Hold

BEWI NO | Construction | Initiation of Coverage | 19 May 2026 | 05:52 Sell

An attractive recovery story Financials and estimates changes Target NOK 24.00

We initiate coverage of BEWI with a Buy recommendation and NOK 24/sh TP. The company Key Figures (EURm) Dec-24e Dec-25e Dec-26e Dec-27e Dec-28e Highlights

has been through three rough years after acquiring Jackon, ultimately increasing the Recommendation Buy

Revenue 775.0 798.4 854.6 899.2 939.4 Target Price NOK 24.00

production capacity by 50% whilst entering the worst European residential building market

EBIT 12.7 3.6 34.9 49.7 65.1 Share Price NOK 17.8

in decades. The balance sheet has been improved after last year’s EUR 30m divestment of EPS (0.20) (0.18) (0.02) 0.05 0.11 Upside (%) 34.8

51% of BEWI Raw and a EUR 75m equity issue. Coupled with a right sized cost base and an Adj. EBITDA 69.1 78.8 98.6 112.0 121.3 Market cap (NOKm) 4,210

improving market outlook, and EPS price dynamics pave the way for improving profitability Adj. EBITDA margin (%) 8.9 9.9 11.5 12.5 12.9 Enterprise Value (NOKm) 849

and returns on invested capital. We are 48%-28% above consensus on EPS for ’27e-’28e Adj. EPS (0.20) (0.18) (0.02) 0.05 0.11 Number of shares (NOKm) 237

and find risk reward attractive at ~9x-6x normalized earnings. Revenue growth (%) (5.8) 3.0 7.0 5.2 4.5

12 months share price performance:

EPS growth (%) (7.6) (7.7) (88.7) (352.4) 105.5

Insulating Europe, packaging food and components and recycling the industry Performance (%) 3M 6M 1Y

37.33 BEWI NO 10.7% 12.1% -22.8%

OSEBX 10.7% 12.1% -22.8%BEWI’s business consists of three segments; Insulation & Construction (I&C), Packaging & Net interest bearing debt 541.5 446.7 433.7 406.1 367.3 34.17