Eqva ASA

Earnings Release • Feb 27, 2025

EQVA ASA: Fourth quarter results 2024 – Strong organic growth and performance

EQVA ASA: Fourth quarter results 2024 – Strong organic growth and performance

27 February 2024: EQVA ASA (OSE: EQVA) delivered strong performance in the fourth quarter of 2024. Our unaudited Consolidated Statement of Profit and Loss shows full year group revenues of NOK 1 104 million, demonstrating a growth of 65 percent compared to 2023 (NOK 670 million adjusted for discontinued operations). The full year EBITDA was NOK 81 million (NOK 26 million in 2023 adjusted for discontinued operations). The EBITDA margin was 7.3 percent, up from 3.8 percent in 2023.

EQVA's main operational segment, Industrial Solutions, recorded a 67 per cent year-over-year revenue growth to NOK 1 034 million, with BKS as the primary driver. The EBITDA in 2024 was NOK 78 million (NOK 32 million in 2023), resulting in 145 percent EBITDA growth year-over-year. The EBITDA margin for the segment was 6.8 percent, compared to 5.1 percent last year.

“EQVA delivered a strong last quarter of 2024, continuing the positive trend we have seen during the last year. The Industrial Solutions segment experience high activity across businesses and projects, resulting in significant volume and margin growth. The BOD has decided to pay bonuses in EQVA Industrial Solutions for the first time since we became a listed company. The bonus will be partly paid in EQVA Shares. The bonus pool (NOKm 8) has been accounted for in the 2024 accounts”, says CEO Even Matre Ellingsen.

The orderbook at the end of 2024 was NOK 770 million. For comparison, the orderbook was NOK 757 million per Q3 2024 and NOK 487 million at year-end 2023. The group expects a continued robust order intake and high activity level continuing in 2025.

Landmark acquisition of IMTAS Group

With reference to notice on 17 February 2025, EQVA has entered into an agreement to purchase 100% of the shares in IMTAS AS and its subsidiaries, except for IMTAS Eiendom AS (“IMTAS Group”). This move strengthens the EQVA Group’s service offerings and market position.

The acquisition is anticipated to increase EQVA Group's pro forma revenues by approximately 30%, contributing around NOK 376 million to the revenues for the fiscal year 2024, and resulting in a total revenue of approximately NOK 1.6 billion for EQVA, based on unaudited full-year pro forma financials.

The transaction is fully funded by a combination of acquisition finance, reinvestment from IMTAS management and shareholders in Eqva ASA, as well as a seller’s credit.

The bolt-on acquisition of IMTAS is of high strategic value for EQVA and its shareholders:

- The business combination marks EQVA’ largest transaction to date, where EQVA through its fully owned subsidiary EQVA Industrial Solutions will acquire the IMTAS Group

- Repeating EQVA’s success formula from Southern Norway in Northern Norway, building an industrial service and maintenance group with a strong foothold along the entire Norwegian coast

- Strengthening our position as a prominent and fully integrated service provider within the piping, mechanical and power and automation disciplines

- Becoming an even better and more relevant partner for large customers in land- and sea-based industries

As of today, EQVA’s operations are mainly focused on markets in the Southern part of Norway. The acquisition of IMTAS Group will add valuable expertise and a strong presence in Northern Norway. The business combination strengthens EQVA’s ability to undertake major multidisciplinary contracts for industrial customers all-over Norway. Going forward, EQVA Group will consist of more than 750 highly qualified employees.

Webcast

A presentation of the results will be held by CEO Even Matre Ellingsen and CFO Petter Sørdahl. Follow the live presentation and Q&A session at: https://investorweb.no/ir-channel/EQVA/event/24e46386-244b-4aa7-841b-6df976908879 from 09:00-10:00 CET. The presentation will also be available on the company’s web site https://www.eqva.no/reports-presentations.

For more information, please contact:

Even Matre Ellingsen, Chief Executive Officer: + 47 990 05 500

Petter Sørdahl, Chief Financial Officer: +47 917 56 147

EQVA ASA in brief

EQVA is main board listed Norwegian compounder company that specializes in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies.

We are dedicated to long-term ownership, focused on creating value through sustainable development, growth, and profitability. Our goal is to acquire companies that align with our business model. We are positioning ourselves as an attractive buyer not solely based on financial terms, but by offering a comprehensive "toolbox" of expertise, experience, and resources to drive value creation.

EQVA is built on three platforms: EQVA Industrial Solutions, Renewables and Real Estate. EQVA Industrial Solutions is the main platform, generating more than 90 % of EQVA’s revenues in 2024. Key companies under EQVA Industrial Solutions include BKS Group, IMTAS Group and Kvinnherad Elektro Group. The acquisition of IMTAS Group strengthens EQVA’s position as a prominent and fully integrated service provider within the piping, mechanical and power and automation disciplines – all over Norway.

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.