BEWI raises adjusted EBITDA 30.1% to €30.2 million in third quarter
Key Facts
BEWI reported a 30.1% increase in adjusted EBITDA to €30.2 million in the third quarter of 2026, compared with €23.2 million in the same period a year earlier, according to its quarterly report. The adjusted EBITDA margin rose to 13.3%, from 11.4% in the third quarter of 2025. Net sales grew 11.8% to €226.8 million, from €202.9 million a year earlier. The differing growth rates for earnings and sales reflect improved profitability alongside higher revenue. The company said the increase in EBITDA was driven by higher sales, an improved gross margin, cost control and other profitability measures. The results cover the quarter reported in BEWI’s third-quarter report, published on 4 November 2026.
At the income-statement level, EBIT rose to €14.9 million in the quarter, compared with €5.3 million in the third quarter of 2025. The company posted a net profit of €2.6 million, after a net loss of €10.1 million in the same period. The improvement in operating profitability coincided with a return to net profit. In the first nine months of 2026, sales increased to €673.2 million from €599.1 million, a rise of 12.4%. Adjusted EBITDA for the period climbed to €86.6 million from €60.4 million, up 43.4%. The adjusted EBITDA margin for the nine months improved to 12.9% from 10.1% in the same period of 2025.
Results improved across all three segments in sales and adjusted EBITDA, the report said, although demand conditions varied between businesses. In the Insulation & Construction segment, third-quarter sales were €112.9 million, compared with €106.2 million a year earlier. Adjusted EBITDA for the segment rose to €11.0 million from €9.9 million, while its margin increased to 9.7% from 9.3%. However, sales volumes in the business fell 9% year on year during the quarter. BEWI attributed the decline mainly to weakness in the new residential construction market for commodity products in the Nordic countries. In the first nine months, segment volumes were 3% higher than in the same period of 2025, putting the quarterly decline in the context of broader-period performance.
In the Circular segment, sales rose 33% to €20.0 million in the third quarter, alongside a 49% increase in sales volumes of recycled GPPS. The segment’s adjusted EBITDA turned to a profit of €1.8 million, compared with a loss of €0.7 million in the third quarter of 2025. This placed the segment’s improvement among the operating measures the company cited, alongside higher sales, an improved gross margin and cost control. Group figures also showed that quarterly adjusted earnings growth outpaced net sales growth, while the adjusted EBITDA margin widened from the year-earlier period. The nine-month results provide a broader view of the improvement, with adjusted EBITDA up 43.4% and the margin rising to 12.9%.
Cash flow from operating activities was €26.4 million in the third quarter and €72.6 million in the first nine months of 2026. Net debt, as defined in the report and excluding IFRS 16 and other financial assets, fell to €150.1 million on 30 September 2026 from €197.4 million at the end of 2025. This left debt at the end of September below its level at the end of the previous year. The cash and debt figures accompanied improvements in operating earnings and the quarterly net result. The company said cost-control and profitability measures contributed to the improvement in EBITDA, alongside sales and the gross margin. The quarterly results were published on 4 November 2026, while the comparisons in the report refer to the third quarter and first nine months of 2025 or to the end of 2025, depending on the metric.