Letter to stakeholders
Leaving 2025, we are pleased with how BEWI has executed on its strategy in a year characterised by increased geopolitical uncertainty and continued challenging market conditions for the building and construction industry. Our packaging and components business developed solidly, supported by increasing slaughter volumes for Norwegian salmon and strategic investments in automotive and HVAC components.
Through focused execution, disciplined operational management, and continued investments in people, innovation and strategic projects, we have strengthened our competitive position and further prepared the company for profitable growth.
Executing on our strategy
Our strategy is built around energy efficient solutions for buildings and circular packaging and closely linked to the megatrends shaping our industry, including the transition towards more energy‑ and resource‑efficient communities. We will continue to focus on operational excellence, while accelerating growth in our core business, supported by innovation, partnerships and targeted investments.
In 2025, we made tangible progress on both priorities. We launched several innovations incorporating recycled materials and continued to improve the efficiency of our operations. These efforts reduce our environmental footprint and strengthen our customer offerings.
Profitability improvement programmes continued to focus on cost efficiency, operational performance, and disciplined price and margin management. We capitalised on recent investments by ramping up volumes on new production assets, including construction boards, the circular facility in Norrköping, and newly acquired assets in the automotive segment.
During the year, we also completed two strategic transactions. The merger between RAW and Unipol, and the divestment of the traded food packaging business, sharpened our operational focus and strengthened our financial platform. In addition, we secured long‑term group financing through an equity raise and refinancing of our bond loan.
Our results in 2025 reflect these efforts. We delivered sales growth and improved profitability, while also progressing key environmental and social priorities, reinforcing our conviction that strong operational performance and sustainability go hand in hand.
Our people – the foundation of our performance
With approximately 3 000 dedicated employees, our people remain the foundation of BEWI’s success. Their expertise, teamwork and commitment drive innovation, operational excellence and continuous improvement across the company.
In 2025, we strengthened our focus on people and leadership development. The BEWI School was expanded with a new growth and talent programme, and we held a leadership summit in May, reinforcing alignment around strategy, culture and priorities.
Safety remains our highest priority. Through targeted HSE campaigns, we continue to increase knowledge and awareness across the organisation. Our ambition remains clear: an accident‑free working environment, every day and every hour across our operations.
Opportunities and outlook
The ongoing geopolitical developments, which have intensified since late 2025, are being closely monitored with considerable attention and concern. The increased uncertainty could lead to higher fluctuations in raw material prices – and more cautious markets.
For BEWI, improving profitability remains a key priority going forward. With the actions taken over the past years, BEWI is well positioned for growth as markets recover. In construction, demand is supported by strong fundamentals for improved energy efficiency of buildings, combined with our solid market positions and available capacity at today’s invested base. As volumes grow, this will translate into increased profitability.
Within packaging, our largest customers — including some of the world’s leading salmon farmers — continue to guide on growth, while automotive contracts and positive outlooks from HVAC customers provide visibility and confirm growth opportunities.
We support regulatory initiatives aimed at reducing packaging waste, such as the Packaging and Packaging Waste Regulation, and see these developments as further reinforcing the relevance of our business model. No other player combines access to recycled materials, innovation capabilities and end‑to‑end operational expertise in the way BEWI does. We also remain firm believers in the transition to a more circular economy.
Backed by a strong organisation and a solid financial platform, we will continue to pursue targeted profitability improvements and capitalise on attractive market opportunities aligned with our strategy. We are confident in our ability to further strengthen our market positions and deliver robust results and long‑term value for all stakeholders.
Finally, we would like to thank all our employees for their dedication and commitment throughout 2025. We also thank our customers, partners and shareholders for their continued trust and support. Together, we will continue to Protect people and goods for a better everyday.
Oslo / Trondheim, 26 March 2026,
Gunnar Syvertsen, chair of the board and Christian Bekken, Chief Executive Officer
