High activity and strong revenue visibility in aquaculture

03 Mar 2026 14:07 CET

The introduction of stricter EU discharge regulations for blood water
treatment is increasing both the operational requirements and the demand for
our solutions and products. The new regulatory framework also contributes to
higher investment scopes for robust and compliant treatment systems.

Under the new regulations, two of Norway's 45 salmon slaughterhouses have been
required to implement water treatment solutions. Both facilities, completed in
2024, chose to integrate M Vest Water's (MVW) chemical NORWAFLOC® from the
very start of their operations.

A third slaughterhouse subject to the same requirements is estimated to
commence production in the first half of 2026. MVW expects to supply
NORWAFLOC® chemicals from production start, following our recent purchase
order received from Downstream Marine in December 2025.

MVW is currently experiencing high activity levels, driven by an increasing
number of customer enquiries and higher tender activity as a consequence of
the new regulatory regime.

At the same time, existing customers in the aquaculture sector are
implementing automated water treatment solutions based on our technology and
are planning further investments in infrastructure to manage large-scale,
frequent deliveries from MVW. This enables consistently high purification
efficiency and robust operation, while supporting compliance and the
industry's license to operate.

During 2023 - 2025, MVW experienced steady growth in the aquaculture segment
and expects even stronger growth in the upcoming years. The market potential
is estimated at NOK 100--150 million in annual recurring revenue. In addition,
MVW expects salmon slaughterhouses to invest approximately NOK 300-500 million
in regulatory compliance measures. The rollout of new solutions is also
driving increased demand for related service and maintenance.

As regulatory requirements are phased in over the coming years, revenue
visibility in this market is considered relatively strong. Salmon
slaughterhouses are subject to compliance deadlines ranging from two to four
years. By maintaining a leading position in this market, MVW has strong
visibility into the implementation timeline of water treatment requirements,
supporting a predictable expansion and growth. Activity is expected to
increase gradually through 2026, followed by significantly higher growth
during the 2027-2030 period.

Contacts
For further information, please contact:

Tor Olav Gabrielsen, Executive Chairman
tog@mvestwater.com
+47 924 08 607

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.

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