Eqva ASA

Earnings Release • Feb 28, 2023

Eqva ASA: Fourth quarter results 2022

Eqva ASA: Fourth quarter results 2022

Fosnavåg, 28 February 2023: Eqva ASA (OSE: EQVA) caps off a year of milestones with a solid fourth quarter, having secured several large contracts which provide a good outlook for 2023.

Eqva reported revenues of NOK 177.0 million and an adjusted EBITDA of NOK 5.8 million in the fourth quarter 2022. Revenue and adjusted EBITDA for the full year were NOK 629.0 million and NOK 17.8 million, respectively.

"The strategic shift away from turnkey shipbuilding contracts and the inclusion of BKS Industri and Fossberg Kraft in our group, has been well received by our customers. Our order book increased to NOK 345 by the end of the year, up 50 per cent since September. Since year-end, we have announced several large contracts, which means that our order book is as much as NOK 491 million today,” said Erik Høyvik, CEO of Eqva.

Inflation and increased raw material prices and uncertainty related to the Norwegian aquaculture tax have affected the general business environment in 2022. Faced with these macroeconomic realities, Eqva’s diversified service offerings have proven remarkably stable and resilient.

The company has secured several large contracts during the fourth quarter and so far in 2023. Most noticeable among them was BKS Industri’s largest contract ever, with Boliden for NOK 160 million.

“During 2022, Eqva has positioned itself for larger pre-fabrication assignments. We are now seeing the positive effects of this strategic shift to a more robust business model, reflected in our growing order book. We are proud to be considered a preferred partner for industry, as evidenced by satisfied customers choosing us for their new projects,” says Høyvik.

Eqva is well on its way to becoming a fully integrated service and maintenance supplier for the Norwegian landbased and maritime industries.

“Our shipyard in Leirvik is strategically located with regards to providing service, maintenance and classification to shipping and aquaculture players along the coast. We are playing an important part in the green transition, winning contracts, delivering projects and in turn creating safe jobs and value for the company and our shareholders,” says Høyvik.

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.