EQVA ASA: First quarter results 2025 – Delivering on strategy: Strong start to the year

16 May 2025 07:00 CEST

16 May 2025: EQVA ASA (OSE: EQVA) delivered a strong start to the year with
solid performance across all its strategic priorities. On a pro forma basis,
revenues in the first quarter was NOK 401 million, up 56 per cent compared to
the same period last year (NOK 257 million). The pro forma EBITDA increased to
NOK 63 million, from NOK 46 million in the same period last year. The
development reflects both strong operational performance and continued value
creation through M&A. Both quarters Q1 2025 and Q1 2024 have significant impact
from divestments of companies. EPS for Q1-2025 is NOK 0,48 per share vs NOK 0,40
for the full year 2024.

The pro forma figures include profit and loss from the IMTAS Group, acquired in
March 2025 in order to show full impact as from January 1. The profits from the
sale off Vassnes group in Q1 2025 is also incorporated in the Q1 proforma report
and presented as other income.

“We continue to deliver on our strategy of building an industrial platform for
growth and value creation. The strong start to 2025 with growth in both revenues
and EBITDA reflects both the strength of our operations and our disciplined
approach to value creation through M&A. With the integration of IMTAS and
Austevoll Rørteknikk, we are further strengthening our position for Eqva in
increasingly important markets in Northen Norway and in the aquaculture sector.
EQVA also continues to deliver on its strategy as a compounder company,
acquiring high-performing companies at value-creating multiples, while divesting
underperforming entities,” says Even Matre Ellingsen, CEO of EQVA.

Operational highlights
EQVA's main operating segment, EQVA Industrial Solutions (EIS), delivered
record-high pro forma revenue of NOK 363 million in the first quarter, a growth
of 73 per cent from the same period last year. EBITDA for the segment more than
doubled to NOK 34 million, up from NOK 16 million in Q1 2024. The EBITDA margin
was 9.5 percent, compared to 7.6 percent in the same period last year. The
strong development was driven by high activity levels, solid project execution
across the portfolio, and contribution from the IMTAS Group.

The order book for EIS stood at NOK 881 million at the end of the quarter, up
from NOK 545 million at the end of the first quarter 2024. The solid order book,
combined with strong order intake and high activity levels, supports
expectations of continued growth through the remainder of the year.

Acquisitions of substantial strategic value
During the quarter, EQVA completed and announced two strategically important
acquisitions.
The acquisition of IMTAS Group was completed 21 March 2025.. The transaction
expands EQVA’s geographical presence in Northern Norway, diversifies the revenue
base, and strengthens the group’s industrial service offering.

In March, EQVA signed an agreement to acquire Austevoll Rørteknikk. This will
further strengthen the group’s position in the aquaculture sector. The combined
offering is directed towards both sea and land based fishfarming. Austevoll
Rørteknikk brings complementary capabilities in pipe systems and fabrication.
The recently signed supply agreement, valued at approximately NOK 100 million,
for a land-based aquaculture facility, to be delivered jointly by BKS Industri
and Austevoll Rørteknikk, demonstrates the strategic fit. The transaction is
expected to close in the second quarter of 2025.

Outlook
EQVA’s strong start to 2025 confirms the group’s strengths. A solid order
backlog, high activity level across the portfolio companies, and a robust
financial position provide flexibility to pursue new opportunities going
forward.

Webcast
A presentation of the results will be held by CEO Even Matre Ellingsen and CFO
Petter Sørdahl. Follow the live presentation and Q&A session at:
https://investorweb.no/ir-channel/EQVA/event/1ff76bcb-060b-4665-903e-578c95ad24c
6 from 10:00-11:00 CEST.

The presentation will also be available on the company’s web site:
https://www.eqva.no/reports-presentations.

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 is an owner of profitable businesses, specializing in acquiring and
developing leading companies. Our ownership philosophy is centred around
continuity, long-term stewardship, and sustainable value creation.

We target acquisitions aligned with our business model. Through our main
investment platform, EQVA Industrial Solutions, we deliver services and
solutions to energy intensive industries (smelters), land-based industries,
aquaculture, defence, maritime and offshore sectors. We adapt to market changes
and customer needs.

EQVA distinguishes itself as an attractive buyer, not just through competitive
financial terms, but by providing a comprehensive toolbox of expertise,
experience, and resources specifically designed to accelerate growth and value
enhancement.

Leveraging established governance frameworks, we actively support our portfolio
companies by driving strategic initiatives, operational excellence, effective
financing solutions, and impactful transactions. At EQVA, we energize and
empower companies for enduring success.

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:
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646614_20250516 Eqva Q1 2025 presentation.pdf