Eqva ASA

Investor Presentation • May 16, 2023

Eqva ASA

First quarter results 2023

Agenda

1. Business update

• 1. Operational and financial highlights
• 1. Outlook

Enclosure

• Consolidated financial statements

The financial report does not meet the requirements for an IAS 34 report, but the accounting principles (as

Q1 Highlights

Strong operational performance driven by volume increase and major contract wins

• Solid performance driven by volume increase in the division Products, Solutions & Renewables (mainly in BKS)
• Major contract wins boost order book and 2023 outlook
• Robust business model
  • Diversified service offerings provide market resilience
  • Havyard Leirvik pre-qualified for bids in offshore and landbased industries
• Firm order book and order intake supports growth in the upper part of Eqva's 2023 revenue guidance.

New contracts awarded

High activity on current projects

• Products, Solutions & Renewables:

• Major NOK 160 million contract awarded by Boliden. Project started in Q1
• Significant contracts secured with key customers in process and land-based industries
• Increasing volumes on frame agreements with main customers
• Maritime Services:
  • Engine conversion on MF Veøy (Fjord1) underway to lower emissions. Major part of the project completed in Q1 2023.
  • Refit completed on MF Vannes (Boreal)

One of the world's most climate- effective zinc plant to become even more climate-friendly, Odda

Sustainability is key to our continued growth Key ESG highlights

• Highlights Q1 2022:
  • Identified five key SDGs that our business can significantly influence and contribute to
  • Ongoing materiality assessment process
• Plans and priorities for 2023:
  • Growing supplies to the green transition
  • Setting sustainability reporting goals
  • Preparing GRI compliant sustainability report

• 1. Business update
• 2. Operational and financial highlights
• 1. Outlook

Enclosure

• Consolidated financial statements

Solid operational performance

in challenging market environment

Q1 2023 Operational highlights

• Strong order intake for Products, Solutions & Renewables and high activities on key strategic projects in Western Norway.
• Maritime Services performed well operationally, despite slow order intake due to challenging demand environment.
• Successfully finalised the construction of Kvævebekken hydropower plant according to plan, sold to a UK-based infrastructure investor early April.

Demonstrates the value of Eqva`s strong relationship with key partners.

.

Norway's tough market environment highlights the importance of the yard's strategic shift, strong partnerships, and diversified services in mitigating market challenges.

Provides good utilisation of Eqva and Fossberg Kraft's capacity and expertise – continues to generate profits above Eqva's target levels.

Products, Solutions & Renewables

Strong orderbook into 2023

• BKS reports of high activity levels on ongoing projects
  • Continued increasing order intake
  • Order book is a fundament for continuing the company`s growth history
  • Increased volumes capitalizing on current cost structure – secures increased profit margins compared to the last years (6.9% in Q1 2023 vs. 4.9% in Q1 2022)
• Fossberg Kraft progress according to plan
  • Construction of Skjeggfoss plant (5.6 GWh) progress according to plan – Haugsvær plant (4.4 GWh) in last phase of planning
  • In tender phase of several new projects

Maritime services

Development towards a multi-service site

• The transition from newbuilding to multi-services continues according to plan, reducing risk and volatility
• Challenging demand environment in the maritime sector in Norway, but yard is well-positioned with its diverse and broad service offering
• Pre-qualified towards several large clients with tenders within land-based industry and offshore (module prefabrication)
• Some upcoming projects in the tender phase, expected to bring in significant volumes late 2023 and 2024

Segment overview Key financial figures Q1 2023

NOK million	Products, solutions & renewables	Maritime Services	Real Estate	Other/elim.	Eqva group pr. 31.03.2023
Revenues	141.6	58.4	2.9	-2.6	200.3
Materials and consumables	48.6	35.3	-	-	83.9
Payroll expenses	65.2	15.8	-	3.2	84.1
Other opex	18.2	5.9	0.2	-0.3	23.8
EBITDA	9.7	1.4	2.7	-5.4	8.4

Solid financial position

Balance sheet as of 31 March 2023

• Equity ratio of 43 per cent at the end of Q1
• Net interest-bearing debt was NOK 107 million

NOK in million

• Repaid NOK 6 million loans during Q1 according to ordinary schedules
• Strong cash generation expected in particularly 2nd half of 2023

NOK million

Orderbook remains solid

Supports continued optimistic outlook in turbulent market sentiment

NOK in million • Products, Solutions & Renewables

• BKS orderbook at NOK 402 million as of end-March Continued good order intake into Q2
• Fossberg Kraft orderbook for execution in 2023 at NOK 30 million as of end-March

• Maritime Services

• Orderbook at NOK 29 million as of end-March
• Shorter horizons for Maritime Service segment, typical for this type of business

• 1. Business update
• 1. Operational and financial highlights
• 3. Outlook

Enclosure

• Consolidated financial statements

2023 Outlook Reiterate full year guidance

Financial guidance for 2023 as of Q1 2023

FY'2023 revenue (million) 650-750

FY'2023 EBITDA margin 4-7%

Long-term EBITDA margin target for the group at 7-9 per cent

Concluding remarks

Solid start to the year

• Strong orderbook bodes well for 2023, expected to maintain high activity, particularly for Products, Services & Renewables
• Weaker market sentiment in maritime sector in Norway post resource rent tax proposal for aquaculture, may impact demand for Maritime Services short-term. Positive indications regarding strengthening of finance and guarantee mechanisms for the Norwegian maritime sector may increase demand medium and long-term
• Growing demand for modular solutions and cost-effective pre-fabrication in the medium- to long-term, which places Maritime Services at the forefront to meet this demand and become a leading subcontractor
• Well-positioned for long-term value creation by scaling our benefits as a group, while also maintaining local ownership and nurturing company independence/autonomy
• We are proactively pursuing M&A opportunities and have identified various high-potential companies along the coast for value creation.

Please direct any questions to eirik.saevareid@eqva.no

Consolidated statement of profit and loss Q1 2023

(NOK 1,000)		2023 YTD Q1	2022
		Unaudited	Audited
		Urevidert	Revidert
Revenues	Salgsinntekt	200 154	456 431
Other operating revenues	Annen driftsinntekt	164	2 562
Operating income	Driftsinntekt	200 318	458 994
Materials and consumables	Varekostnader	83 921	228 756
Payroll expenses	Lønnskostnader	84 135	172 360
Other operating expenses	Andre driftskostnader	23 866	67 219
Operating expenses	Driftskostnader	191 921	468 335
profit/loss Operating before depreciation and amortisation (EBITDA)	Driftsresultat før avskrivninger og nedskrivninger (EBITDA)	8 397	-9 342
Impairment of non-current assets	Nedskrivning av anleggsmidler		0
Depreciation	Avskrivninger	2 776	9 860
Operating profit/loss (EBIT)	Driftsresultat (EBIT)	5 621	-19 202
Financial income	Finansinntekter	47	4 138
Financial expenses	Finanskostnader	-2 589	-21 045
Share profit/loss of of associate Profit / loss before tax	Andel av resultat fra tilknyttet selskap Resultat før skatt	-3 400 -322	668 -35 441
Income tax expense	Skattekostnad	0	-15 795
Profit from continued operations	Resultat fra viderført virksomhet	-322	-19 646
Profit from discontinued operation	Resultat fra ikke viderført virksomhet	0	286 997
Profit for the period	Perioderesultat	-322	267 351
Attributable to :	Tilordnet:
of Equity holders parent	Aksjonærer i morselskapet	-863	-21 410
Non-controlling interest	Ikke-kontrollerende eierinteresser	542	1 763
Total	Sum	-322	-19 647

Share of profit/loss of associate : Main reason for negtive figure is (unrealized) agio loss in the underlying investment

(NOK) Earnings per share Diluted earnings per share (NOK)	(NOK) Resultat per aksje Utvannet resultat per aksje (NOK)	0,00 0,00	-0,27 -0,27
Earnings from continued operations	Resultat fra viderført virksomhet
Earnings per share (NOK)	Resultat per aksje (NOK)	0,00	-0,27
Diluted earnings per share (NOK)	Utvannet resultat per aksje (NOK)	0,00	-0,27

Consolidated statement of financial position 31 March 2023

(NOK 1,000)

TOTAL ASSETS	SUM EIENDELER	717 354	712 366
Total current assets	Sum omløpsmidler	263 521	242 843
Cash and cash equivalents	Bankinnskudd	48 363	61 117
Contract assets customer contracts	Kontraktseiendeler kundekontrakter	60 812	51 537
Other receivables	Andre kortsiktige fordringer	36 699	25 552
Accounts receivables	Kundefordringer	107 359	90 955
Inventory	Varelager	10 288	13 681
Current Assets	Omløpsmidler
Total non-current assets	Sum anleggsmidler	453 834	469 523
Other non-current receivables	Andre langsiktige fordringer	3 378	2 648
Investment in financial assets	Investeringer i finansielle eiendeler	3 000	16 163
Loan to associates	Lån til tilknyttet selskap	4 840	4 840
Investment in associates	Investeringer i tilknyttet selskap	22 144	25 544
Right of use assets	Bruksrett eiendeler	10 868	10 933
Property, plant and equipments	Eiendom, anlegg og utstyr	127 221	128 927
Licenses, R&D and customer relationships	Lisenser, patenter og FoU	34 123	32 208
Goodwill	Goodwill	248 260	248 260
Deferred tax benefit	Utsatt skattefordel
Non-current assets	Anleggsmidler
		Urevidert	Revidert
		Unaudited	Audited
ASSETS	EIENDELER	2023 YTD Q1	2022

Assets Equity and liabilities

ASSETS	EIENDELER	2023 YTD Q1	2022
		Unaudited	Audited
		Urevidert	Revidert
Equity	Egenkapital
Share capital	Aksjekapital	3 599	3 599
Share premium reserve	Overkurs	195 175	195 175
Treasury shares	Egne aksjer	-25	-16
Retained earnings	Opptjent egenkapital	108 624	109 991
Non-controlling interests	Ikke-kontrollerende eierinteresser	3 929	3 387
Total equity	Sum egenkapital	311 302	312 136
liabilities Non-current	Langsiktig gjeld
Deferred liability tax	Utsatt skatt	0	0
Lease liabilities	Leieforpliktelser	9 595	9 624
Loans and borrowings	Gjeld til kredittinstitusjoner	146 368	152 868
Other long-term liabilities	Annen langsiktig gjeld	43 431	41 474
Total liabilities non-current	Sum langsiktig gjeld	199 394	203 967
Current liabilities	Kortsiktig gjeld
Accounts payables	Leverandørgjeld	82 049	56 147
Taxe payables	Betalbar skatt	580	1 360
Public duties payables	Skyldig offentlige avgifter	27 413	37 524
Loans and borrowings, current	Gjeld til kredittinstitusjoner	21 507	22 498
Contract liabilities	Kontraktsforpliktelse	5 722	861
Lease liabilities	Leieforpliktelse kortsiktig	1 571	1 619
Other liabilities current	Annen kortsiktig gjeld	67 817	76 255
Total liabilities current	Sum kortsiktig gjeld	659 206	196 263
Total liabilities	Sum gjeld	406 053	400 230
TOTAL EQUITY AND	SUM EGENKAPITAL OG GJELD	717 354	712 366

Amounts in NOK 1 000