M Vest Water: Release of Third Quarter 2024 Results - Growth in Recurring Revenue and Progress in the Middle East

19 Nov 2024 07:00 CET

Bergen, Norway, 19 November 2024. M Vest Water (MVW) today published the
financial results for the third quarter of 2024.


Key summary from the third quarter of 2024:
• Strong sales growth Year-over-year, with 56% growth compared to Q3 2023.
• Increased tender portfolio and activity in Oil & Gas, aquaculture and
dredging.
• Substantial growth in recurring revenue due to NORWAFLOC® supplies to two
additional salmon slaughterhouses from September.
• Contract awarded by an Icelandic salmon slaughterhouse, representing the third
salmon slaughterhouse to choose MVW's solution for chemical treatment.
• MVW has signed an exclusive Agent Agreement with Energy Support Trading (EST).
A partnership that has fast-tracked the process of being qualified to submit
tenders directly to all the major oil operators in the Middle East.
• Technology breakthrough in Germany. Our newly developed NORWAFLOC® completely
replaces synthetic polymers for our clients in dredging, municipal wastewater,
Sand & Gravel washing, and Mining.
• Strong regulatory drive over the past year; The EU Taxonomy's environmental
objectives include the sustainable use and protection of water and marine
resources.
• Further implementation of EU Water Framework Directive aimed at maintaining
Europe’s rivers, lakes and groundwater in a good condition.


During the third quarter of 2024, MVW achieved significant progress in both
commercial and technological sectors, alongside notable improvements in its
financial performance.

MVW`s Executive Chairman Tor Olav Gabrielsen comments, «The positive trend in
recurring revenues from the second quarter continued into the third quarter,
with chemical sales now constituting the majority of our revenues. We are
noticing a clear increase in interest for our solutions, with more inbound
inquiries. We are confident that this heightened interest, and activity will
start converting into additional new orders and sales in the upcoming periods.”


Executive Chairman Tor Olav Gabrielsen and CFO Morten Hilton Thomassen will
present the company’s results on Tuesday, 19 November 2024 at 10:00 CET, and
invite investors, analysts, and other stakeholders to join the presentation.


Register for the presentation by using the following link:
https://us06web.zoom.us/webinar/register/WN_sxPOnGpYQsieIIrLIF_JuA

Please use the Zoom desktop app instead of the browser version for better
streaming quality.

Expected duration: 30 minutes including Q&A.


The recording of the webcast and the presentation material will be published on
the Company's website afterwards.


For any questions, please contact:
Morten Hilton Thomassen, CFO mht@mvestwater.com +47 92 25 85 70



About M Vest Water AS:
M Vest Water is an environmental technology company which has developed unique
products and solutions to the water treatment industry, both Industrial as well
as the Municipal markets. The products are non-toxic, biodegradable and without
any harm to the environment. It obtains the highest degree of purification in a
cost-efficient arrangement. M Vest Water is listed on Euronext Growth under the
ticker MVW. For more information, visit www.mvestwater.com. This information is
subject to the disclosure requirements pursuant to Section 5-12 the Norwegian
Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

632572_MVW Third Quarter Report 2024.pdf