EQVA ASA: First half year results 2025 – Strong performance and revenue growth

28 Aug 2025 07:00 CEST

28 August 2025: EQVA ASA (OSE: EQVA) delivered a strong first half year with
solid performance, driven by our Industrial Solutions segment. On a pro forma
basis, revenues in the first half year were NOK 602 million, up 47 per cent
compared to the same period last year (NOK 509 million). The pro forma EBITDA
increased to NOK 81 million, from NOK 62 million in the same period last year.
The development reflects strong operational performance in BKS as well as IMTAS,
which became part of EQVA at the end of Q1 2025.

The pro forma figures include profit and loss from the IMTAS Group from 1
January 2025. The company was acquired in March 2025. The profit from the sale
off Vassnes group in Q1 2025 is also incorporated in the Q1 pro forma report and
presented as other income.

“We are very pleased with the strong performance in the first half of 2025. The
revenue growth of 47 per cent underlines the strength of our operations and the
quality of our portfolio. The integration of IMTAS is progressing well, with the
company already securing important new contracts that broaden our revenue base.
At the same time, Austevoll Rørteknikk will boost EQVA’s offering towards the
aquaculture segment and demonstrate its strategic value for the group. Together,
these developments underline that EQVA is strengthening its position to deliver
long-term value creation for our shareholders,” says Tore Thorkildsen, CEO of
EQVA.

Operational highlights
EQVA's main operating segment, Industrial Solutions, delivered record-high pro
forma revenues of NOK 708 million in the first half year, a growth of 57 per
cent from the same period last year. EBITDA for the segment increased to NOK 67
million, up from NOK 36 million in H1 2024. The EBITDA margin was 9.4 per cent,
compared to 8.1 per cent in the same period last year. The strong performance
was driven by high activity levels, solid project execution across the
portfolio, and contribution from the IMTAS Group.

The record high order book for the Industrial Solutions segment stood at NOK 932
million at the end of the quarter, up 6 per cent from Q1 2025. The solid order
book, combined with strong order intake, supports expectations of continued
growth through the remainder of the year.

Acquisitions of substantial strategic value
EQVA’s recently acquired companies have delivered strong market performance in
the second quarter, confirming the strategic rationale behind the transactions.
IMTAS has secured several new contracts during the quarter, contributing to a
more diversified revenue base for the group. The Austevoll Rørteknikk (ART)
transaction is expected to close in Q3 2025. Although the transaction is not yet
closed, EQVA is already leveraging ART’s strong position in the aquaculture
sector through collaboration with EQVA’s portfolio company BKS. In
collaboration, ART and BKS Industri have secured two contracts of significant
size within land-based aquaculture. These projects demonstrate the combined
capabilities of the two companies and highlight EQVA’s strengthened offering
across both sea- and land-based aquaculture.

Webcast
A presentation of the results will be held by CFO Petter Sørdahl. Follow the
presentation and Q&A session at:
https://www.eqva.no/eqva-share#EQVA/event/df533d0d?half-year-report-2025 from
10:00-11:00 CEST.

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

For more information, please contact:
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:
Access the news on Oslo Bors NewsWeb site

654029_EQVA - First half year results 2025.pdf
654029_EQVA - Quarterly report Q2 2025.pdf