Release of Annual Report 2025

11 Mar 2026 07:00 CET

Bergen, Norway, 11th March 2026. M Vest Water (MVW) today published the Annual
Report of 2025.

2025 Highlights:

* MVW is experiencing strong demand and high activity levels, supported by a
growing number of customer enquiries driven by regulatory requirements and
increasing global water scarcity.
* Chemical sales grew by 67% Year-over-Year, strengthening both margins and
the foundation for recurring revenue.
* EBITDA in 2025 improved by about 17% compared to 2024.
* Aquaculture is a cash positive business segment, and MVW expects the
development to continue as the major companies within the industry are
increasing their investments in water treatment to meet the regulatory
demands. Within the next 2-4 years we expect the market to grow to around
NOK 100-150 million in annual recurring revenue (ARR).
* MVW made strong technical progress during the year. Our sensor-based,
adaptive water-treatment technology, implemented at a Norwegian salmon
slaughterhouse in Q2 2025, has delivered stable operations and high
purification efficiency. As a result, MVW received two purchase orders in Q4
2025, both incorporating our latest technology.
* In October 2025, MVW received a purchase order from METHA on commercial
terms for a long-term pilot at the Hamburg dredging facility. The purchase
order followed MVW's successful completion of the third of four NORWAFLOC®
qualification stages earlier in 2025.
* The earlier announced pilot for a major oil producer in Saudi Arabia,
originally planned for June 2025, is scheduled for completion in Q1 2026 due
to the geopolitical situation in the area.
* Private Placement completed in October 2025, raising NOK 8.0 million in
gross proceeds and converting an additional NOK 12.6 million in shareholder
loans.
* In February 2026, MVW secured a long-term loan facility from its largest
shareholder, providing a committed credit facility of up to NOK 10 million.

The Executive Chairman, Tor Olav Gabrielsen, comments "MVW enters 2026 with a
solid ARR base, following our strongest quarterly chemical sales performance
in Q4 2025. Aquaculture remained our main growth segment and performed in line
with expectations, accounting for nearly 90% of total revenues in 2025. Our
leading position in this market provides strong visibility into the timing of
new water-treatment requirements and supports predictable growth. Activity is
expected to build gradually through 2026, followed by significantly stronger
growth from 2027 to 2030. The market potential is estimated at NOK 100-150
million in ARR, and we expect salmon slaughterhouses to invest approximately
NOK 300-500 million to meet regulatory requirements. MVW's international
growth initiatives represent meaningful long-term value. While Dredging and
Oil & Gas typically involve longer lead times and lower visibility, we remain
confident in the relevance of our solutions. We are fully focused on executing
current and upcoming pilot projects, with the ambition to convert them into
long-term contracts for our environmentally friendly technology."

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, through the
agency of the contact persons set out above, at 2026-03-11 07:00 CET.

More information:
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667957_Annual Report MVW 2025.pdf