EQVA ASA: Half year results 2024 – Solid performance, guidance increased for full-year sales and EBITDA-margin

29 Aug 2024 07:00 CEST

29 August 2024: EQVA ASA (OSE: EQVA) delivered a strong first half of 2024, with
group revenues of NOK 509 million, a growth of 53 percent compared to the
corresponding period in 2023. The EBITDA the first half year was NOK 62 million
(NOK 19 million same period in 2023). The EBITDA margin was 12.3 percent, up
from 5.7 percent in the first half of 2023.

EQVA’s main operational segment, Products, Solutions & Renewables, spearheaded
by the BKS Group recorded 44 percent revenue growth year-over-year. The EBITDA
the first half year was NOK 39 million (NOK 22 million same period in 2023), up
79 percent from same period in 2023. The EBITDA margin for the segment was 8.2
percent, compared with 6.6 percent last year.

“EQVA delivered a strong first half year, building on the positive developments
we have seen in the last quarters. The Products, Solutions & Renewables segment
continues to experience high activity across all businesses and projects,
resulting in significant volume and margin growth,” says CEO Even Matre
Ellingsen.

The orderbook at the end of the first half of 2024 was NOK 556 million, compared
to NOK 441 million a year ago and NOK 487 million at year-end 2023. The group
expects continued robust order intake and high activity level throughout 2024.

Updated outlook for 2024
EQVA operates in markets that continue to be challenged by inflation, high
interest rates, and general uncertainty. Despite this, the company benefits from
its flexible business model, diversified services, and a strong reputation among
its Norwegian customers, investors, and other business partners. Hence, EQVA
reaffirms its positive outlook and increases its guidance for turnover and
EBITDA margin for the year.

EQVA estimates 2024 revenues in the range of NOK 750-850 million, an increase of
NOK 100 million from the previous Q1 2024 guiding. In addition, the company
raises its expected EBITDA margin to 6-8%, up from 5-7 % from its Q1 2024
guiding. The company is progressing steadily towards achieving its goal of
long-term EBITDA margin between 7-9 percent.

“I am proud of our ability to adapt and innovate in the challenging market
environment we have seen in recent quarters. We are well positioned to seize
opportunities and drive sustainable growth, both on group level and in all our
portfolio companies. We are excited about the future and that we now raise our
full year guidance, which makes me confident in our capacity to deliver value
for our shareholders going forward”, says Matre Ellingsen.

A presentation of the results will be held by CEO Even Matre Ellingsen and CFO
Petter Sørdahl. The presentation will be available on the company’s web site
www.eqva.no and https://vimeo.com/event/4518383 from 09:00 CET.


For more information, please contact:
Even Matre Ellingsen, Chief Executive Officer: + 47 990 05 500
Petter Sørdahl, Chief Financial Officer: +47 917 56 147


EQVA ASA in brief
EQVA ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries.

The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development,
utilization of synergies between the companies in the group as well as
value-creating M&A activities.

Key companies in the group are BKS and Fossberg Kraft, each building on decades
of experience and widely recognized by clients in a broad range of industries.

Read more on www.eqva.no


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

626489_EQVA half year report 2024.pdf
626489_EQVA Q2 2024 presentation.pdf