Release of Annual Report 2024

12 Mar 2025 06:00 CET

Bergen, Norway, 12th March 2025. M Vest Water (MVW) today published the Annual
Report of 2024.

2024 Highlights:

* The total revenues in 2024 increased by 106% compared to 2023.
* Substantial growth in recurring revenue due to NORWAFLOC® supplies to two
additional salmon slaughterhouses (Holmøy Maritime and Búlandstindur) from
September.
* Entering 2025 with a strong order (sales) pipeline and high gross margins
due to a high percentage of recurring NORWAFLOC® supplies.
* Contract award from Downstream Marine for equipment delivery to a new salmon
slaughterhouse treatment plant, operational by the end of 2025.
* Increased tender portfolio and tender activity in Oil & Gas, aquaculture and
dredging. Substantial potential value of tender and opportunities portfolio.
* Signed an exclusive Agent Agreement with Energy Support Trading (EST) and
Invest Supply Company (ISC) to boost sales in the Middle East.
* Technology breakthrough -- complete substitution of synthetic polymers for
our clients in dredging, municipal wastewater, Sand & Gravel washing, and
Mining.
* Awarded a substantial long-term Frame and Cooperation Agreement with VEBIRO
GmbH and VEBIRO West GmbH in Germany.
* Strong regulatory drive over the past year.

The Executive Chairman, Tor Olav Gabrielsen, comments; "Over the past year,
MVW have established a strong foundation of recurring revenues, strengthened
our position in the Middle East, and celebrated a key milestone with our first
contract in dredging. Our growing tender portfolio is a proof of concept and
reflects the potential of our technology. In addition, MVW's mission aligns
perfectly with global megatrends, including the urgent demand for clean,
usable water and regulatory pressures targeting wastewater treatment.
Supported by a scalable, capital-light business model, MVW is well-positioned
to create long lasting value for our shareholders."

Contact
For further information, please contact:

Morten Hilton Thomassen, CFO
mht@mvestwater.com
+47 92 25 85 70

About Us
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 disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-03-12 06:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

640973_Annual Report 2024.pdf