Eqva ASA

Earnings Release • May 16, 2023

Eqva ASA: First quarter results 2023

Eqva ASA: First quarter results 2023

Fosnavåg,16 May 2023: Eqva ASA (OSE: EQVA) reports a solid start to the new year, driven by strong operational performance, increased volume and several key contract wins.

The group achieved an operating income of NOK 200 million in the first quarter 2023, representing a 13 per cent increase from the previous quarter. EBITDA improved significantly to NOK 8.4 million, up 45 per cent from Q4 2022.

"We take great pride in the outstanding work of our employees. This has enabled us to consistently deliver high-quality results across all our projects. Their efforts have been key in driving our strong operational performance. We have built a solid order book and maintain a positive outlook for 2023, despite significant market uncertainties, particularly in the maritime sector in Norway," said CEO of Eqva, Erik Høyvik.

During the quarter, Eqva’s Products, Solutions & Renewables segment saw a significant uptick in activity, including the launch of several noteworthy projects. The group began work on its largest-ever contract with Boliden, valued at NOK 160 million, and the Maritime Service segment made significant progress in its transition to becoming a multi-service platform, eyeing multiple upcoming tenders ahead.

“The strong activity we see, both in terms of volume and incoming orders, is a confirmation that our long relationship with clients and our local presence is appreciated. Our Products, Solutions & Renewables segment continues to deliver according to plan, and with its transition to multiservice, our yard is well positioned for further growth”, says Høyvik.

With significant contracts awarded since the first quarter, Eqva's order book at the end of the quarter was NOK 461 million, representing a solid increase from NOK 345 million at year-end 2022. This provides further validation for the group's optimistic outlook for 2023.

In addition, to maintaining a robust order book, the company is actively seeking new M&A opportunities. During the quarter, Eqva identified several high-potential and attractive companies along the Norwegian coast. Currently, these processes are in an early phase, and potential acquisitions will depend on alignment with Eqva's strategic priorities and timing. This further reflects Eqva's commitment to expanding its capabilities, driving long-term growth, and delivering value to its shareholders.

A presentation of the results will be held by CEO Erik Høyvik and CFO Eirik Sævareid. The presentation will be available on the company’s web site www.eqva.no and https://vimeo.com/webinars/events/8b58ed46-9bfa-484e-ae69-60eff9dead16 from 09:00 CET.

For more information, please contact:

Erik Høyvik, Chief Executive Officer: +47 916 83 173

Eirik Sævareid, Chief Financial Officer: +47 992 74 637

Eqva ASA in brief

Eqva ASA is a knowledge-based active owner of engineering, construction and service companies that contribute to the green transition in maritime, power intensive and renewable industries. It aims to become a fully integrated service and maintenance supplier for the Norwegian landbased and maritime industry.

The group has a well-diversified product and market portfolio, and further growth will be established through a combination of company-based development, utilization of synergies between the companies in the group as well as value-creating M&A activities.

Key companies in the group are BKS Industri, Havyard Leirvik and Fossberg Kraft, each building on decades of experience and widely recognised by clients in a broad range of industries.

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.