BEWi ASA posted a 57% increase in adjusted EBITDA to EUR 34 million for the second quarter of 2026, driven by higher volumes and improved pricing in insulation and construction, packaging, and recycling segments. Net sales rose 19% year-over-year to EUR 246 million, while the EBITDA margin expanded to 13.8% from 10.4% in the same period a year earlier.
The Oslo-listed company reported a 13% rise in net sales for the first half of 2026, reaching EUR 475 million, with adjusted EBITDA up 52% to EUR 59.5 million. Free cash flow totaled EUR 37 million in Q2, supported by working capital releases. Net debt leverage improved to 2.7x from 7.5x a year ago, approaching the company’s medium-term target of below 2.5x.
Christian Bekken, CEO, said the results demonstrated that the company’s ambition of a 15% EBITDA margin is achievable. Stein Inge Liasjø, CFO, attributed the performance to higher volumes and improved capacity utilization, noting that more of the EBITDA increase is flowing through to cash.
Segment performance showed a 69% rise in EBITDA for the insulation and construction division, with net sales up 18% and margins improving to 12.6% from 8.9% a year earlier. Packaging and components net sales increased 16%, with adjusted EBITDA rising 17% and margins holding near 16%. The circular business, focused on recycling, posted a 28% increase in net sales and turned EBITDA positive at EUR 2.5 million, compared with a loss in the prior-year period.
BEWi maintained its medium-term targets of EUR 1 billion in sales and a 15% EBITDA margin, implying adjusted EBITDA of around EUR 150 million. The company expects free cash flow of about EUR 75 million annually under these targets, excluding major new projects and financing. Net financial items improved to a negative EUR 9.3 million from EUR 11.8 million a year earlier.
