Eqva ASA

Investor Presentation • Feb 27, 2025

EQVA ASA

A main-board listed Norwegian Compounder Company

Fourth quarter report 2024 27 February 2025

EQVA is a company group that specializes in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies

Even Matre Ellingsen

CEO

Extensive experience from both regulated and non-regulated businesses. 15 years with Pareto

Petter Sørdahl

15+ years of experience from audit, financial markets, M&A and business development. Previous experience at

Disclaimer

This presentation by EQVA ASA is designed to provide a high-level financial update of EQVA and subsidiaries operations as of fourth quarter 2024.

The material set out in this presentation is current as of February 2025.

This presentation contains forward-looking statements in relation to operations of EQVA that are based on the management's own present expectations, estimates, forecasts and projections about matters relevant to EQVA's future financial performance. Words such as «likely», «aims», «looking forward», «potential», «anticipates», «expects», «predicts», «plans», «targets», «believes» and «estimates» and similar expressions are intended to identify forward-looking statements.

References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. Page 3 The financial report does not meet the requirements for an IAS 34 report, but the accounting principles (as stated in the annual accounts) are followed in the group

No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of EQVA or the likelihood that the assumptions, estimates or outcomes will be achieved.

EQVA's subsidiaries engage in project activities which means that significant fluctuations in sales and order intake from quarter to quarter can be expected. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. EQVA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.

All forward-looking statements made in this presentation are based on information presently available to management and EQVA assumes no obligation to update any forward-looking statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity.

You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

Eqva Q4 2024 | Status and outlook

Progressing through steady, incremental changes

EQVA secures landmark business combination with IMTAS Group

The announced acquisition of IMTAS Group expands our geographical area of operations, diversifies customer and revenue streams, and strengthens our overall service offering to industrial customers

Expanding revenues and EBITDA by approx. 30% and 45%, respectively (2024 pro-forma). A 75% increase in EBITDA when excluding sale of the PSV Charisma.

The 'new' EQVA is coming to life

Specialising in acquiring and developing leading companies in niche markets, companies that are providing productive, sustainable services and solutions to industrial customers

Well received by blue-chip industry customers

Evidenced by significant growth in year-over-year revenues (+65%) and margins (EBITDA +215%) in Q4 2024*

Supported by strong underlying markets

Key industry players are investing heavily in capacity expansion, service life extension, decarbonisation projects, and regular maintenance

* Adjusted for discontinued operations

Agenda

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Enclosure

• Consolidated financial statements

ABOUT EQVA

EQVA is a company group that specialises 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.

Through well established governance models, we help to develop and strengthen each portfolio company by driving strategy developments, operational improvements, financing, and transactions. We energize companies.

Owner and leasingprovider of production and office areas/buildings

Full-service provider of technical solutions and services to major industries A specialised small hydropower plant developer and operator

		Objective
Established growth strategy focused on organic grow and acquiring attractive, profitable companies. Enabling EQVA to broaden product and service scope. 9 portfolio companies today	A decentralized business model with effective corporate governance models and active ownership as well as proven management. Rapid and flexible decision-making, with decisions made close to customers and suppliers	A clear focus on performance facilitates self-financed, long-term growth and favorable returns for shareholders and a proven ability to develop operations	Strong financial position,
		Key target
Target of 10-15% growth of revenue and EBITA over the multi-year cycle	Let good managers do what their best at – avoid politics, bureaucracy and hierocracy	(EBITA/WC) > 40%, securing self-financed growth, and dividends

Equity Ratio > 30% Deliver on our own ESG goals

Our strategy 5 Reasons to invest in EQVA ASA

Objective

Strong financial position, strong cash flow from operating activities based on a solid financial

position and low leverage Sustainable business. Sustainability characterizes the entire business and creates conditions for long-term profitability and growth. We are an active partner helping our customers to decarbonize. Ref. (Boliden) Green Zink, Hydro Husnes upgrade (increase energy efficiency and reduce emissions)

EQVA Finance & Analytics A competence centre • Strong centres of excellence • Increased efficiency • Competence building • Higher quality in our deliverables • Optimized professional environments and recruitment

At EQVA, we believe that bringing together our administrative and support functions into a shared competence environment can contribute to:

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This is achieved through the establishment of EQVA Finance & Analytics (F&A). The company is organized as a subsidiary under EQVA Industrial Solutions AS (EIS), ensuring proximity to the operational companies and their needs.

At the same time, F&A will also provide services to other entities within the EQVA Group.

The mandate given to F&A involves building a robust unit that delivers:

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• companies in the group

EQVA ASA The share

		EPS		Dividend
		NOK +0.47 (2024) (NOK –0.33 in '23)		NOK 0.2 per sh. (2024) New bank facility allows for dividend *
		Total Return		The Share
2022 304%	2023 2.4%	2024 65%	'22-24 488%	Number of shares: 75.4 million Market cap: NOK 392 million NIBD: NOK 99 million (date 21/2-2025)
* Given a leverage			ratio (NIBD / EBITDA LTM) of less than 1.5

Building an industrial platform for growth and value creation

Page 10

EQVA ASA at a glance

• -
• industrial site
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EQVA ASA at a glance EQVA - A main-board listed Norwegian Compounder Company focusing on Industrial	Pro Forma Key highlights	– Last Twelve Months (LTM)	*
Services • EQVA ASA (OSE: "EQVA" – main board), EQVA is a company group that specialises in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies	NOK 1 299m Operating revenue LTM	NOK 88m EBITDA LTM	NOK 99m Net IBD
• EQVA is organized with three main subsidiary groups; EQVA Industrial Solutions ("EIS"), EQVA Renewables, and EQVA Real Estate ("EQVA Eiendom") • EIS is a full-service provider of technical and industrial solutions to land-based and maritime industries in Norway. With a strong presence throughout the value chain, EIS has developed long	NOK 313m Book Value Equity	1,1x Net Leverage	~550 Employees (FTEs)
standing relationships with well-known industry players • EQVA Renewables focuses on the development, ownership,	Our segments
and operation of small-scale hydropower plants in southern Norway. Fossberg Kraft currently operates 9 small-scale power plants and is involved in the development of 1 new project	Industrial Solutions	Renewables	Real Estate
• EQVA Eiendom includes EQVA's real estate property in Sunde, Kvinnherad which serves as BKS' (a EIS subsidiary) main industrial site	End-markets in Industrial	Solutions
• Going forward, EQVA will target further growth and value creation through a combination of organic growth initiatives driven by industrial excellence in each portfolio company, synergies within the Group, and accretive M&A activities	Smelters Offshore	Land Maritime based	Aqua Defence/ culture Other

	Operating revenue LTM	EBITDA LTM	Net IBD
	NOK 313m	1,1x	~550
	Book Value Equity	Net Leverage	Employees (FTEs)
plants and is involved in the development of 1 new project	Industrial Solutions	Renewables	Real Estate
• EQVA Eiendom includes EQVA's real estate property in Sunde, Kvinnherad which serves as BKS' (a EIS subsidiary) main industrial site	End-markets in Industrial	Solutions
• Going forward, EQVA will target further growth and value creation through a combination of organic growth initiatives driven by industrial excellence in each portfolio company, synergies within the Group, and accretive M&A activities	Smelters Offshore	Land Maritime based	Aqua Defence/ culture Other
	* Pro-forma figures include Kvinnherad Elektro Group for the full year. Accounting effect is from Q4 2024. IMTAS Group is not included in the pro forma figures.

EQVA ASA – A main-board listed Norwegian Compounder Company

EQVA Industrial Solutions – establishing a leading industrial services group

Agenda

• 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group

Enclosure

• Consolidated financial statements

EQVA GROUP YTD Highlights – Solid operational performance

EQVA GROUP YTD Highlights – Solid operational performance 65% y/y revenue growth and increased profits
Solid operational performance in EQVA, driven by volume increase and improved sales and margins in the Products, Solutions & Renewables segment Robust order book of NOK 770m and positive outlook – mainly driven by BKS Industrial Solutions segment • Significant revenue growth – up 67 % compared to last year • EBITDA margin increased to 7.5 %, compared to 5.1 % last year	2024 - key figures (unaudited, amounts in NOK) Revenues 1 104 million (670m LY)	EBITDA 81 million (26m LY)
M&A • In October 2024, we acquired the Power & Automation group Kvinnherad Elektro. • After the balance sheet date, in February 2025, EQVA announced the acquisition of IMTAS Group, an industrial service group situated in the North of Norway. Marking a significant milestone in EQVAs history, expanding both our product offering and geographical presence, as well as providing a diversification to our revenue and customer base. • The completed acquisitions uniquely positions EQVA for further expansion in the industrial services industry in Norway and the Nordics going forward.	Order book 31.12.2024 770 million	Reported: Equity ratio 37%
Accounting principles in accordance with IFRS as described in annual report for 2023. All information, including figures, are Page 15	unaudited.

Segment overview Key financial figures - 2024

Group

• Strong revenue growth in Industrial acquisition of Kvinnherad Elektro Group (effective from Q4 2024)
• 5.1% last year
• The BOD have 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

• EBITDA margin at 7.3 % for EQVA Solutions segment – up NOK 414m from last year (+67%), driven by BKS and

	*Includes effects from sale of Havila Charisma.
Group
• Strong revenue growth in Industrial last year (+67%), driven by BKS and acquisition of Kvinnherad Elektro Group (effective from Q4 2024)
• Improved EBITDA margin to 7.5% in
Industrial Solutions segment – compared to 5.1% last year
• The BOD have decided to pay bonuses in
EQVA Industrial Solutions for the first time	Depreciations	7.7
since we became a listed company. The bonus will be partly paid in EQVA Shares.	EBITA	70.1
The bonus pool (NOKm 8) has been accounted for in the 2024 accounts	EBITA %	6.8 %

Industrial Solutions segment Capitalising on strong order book – increasing volumes and margins

• Significant contribution to overall EQVA performance with revenue growth of 67% and EBITDA growth of 145 % compared to last year
  • Strong organic growth in BKS
  • Acquisition of power and automation group Kvinnherad Elektro effective from start of Q4 2024
• High activity levels on ongoing projects
• Strong order intake and orderbook gives traction to sustain high activity level going forwards
• Continued improvement of profit margins compared to last year

Amounts in NOK million

Orderbook remains solid

Supports continued optimistic outlook in turbulent market sentiment

• NOK in million • Industrial Solutions orderbook at approx. NOK 770 million
  • BKS orderbook at NOK 620 million

Selected clients in orderbook:

• Kvinnherad Elektro and Vassnes combined orderbook at NOK 150 million
• Continued strong order intake and orderbook gives traction to sustain high activity level and further growth in 2025

Equity

NOK million

Goodwill

Strong financial position

Balance sheet as of 31 December 2024

• NOK in million Equity ratio of 37 % at the end of Q4
• end of Q4 • Continuing cash generation expected going
• (unrestricted cash was NOK 16m)
• forward

Agenda

• 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group

Enclosure

• Consolidated financial statements

EQVA Industrial Solutions in brief – strong historic organic growth

67% y/y increased sales, EBITDA up y/y from 5.1% to 7.5%

Company highlights

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Full-service provider:

Blue-chip customer base

Q4 '24 highlights | EQVA Industrial Solutions

								Continuous effort to deliver on key performance metrics		Q4 '24 highlights EQVA Industrial Solutions
	Profitability (EBITA-margin)							Cash & Growth return (EBITA/TWC) *		Management comments
	Target: >7%						Target: >40%			the forthcoming quarters.		We hold a continuous focus on maintaining our cash and growth returns (EBITA/TWC), while improving our EBITA-margins, relative to our targets. Management is committed to employing strategic and targeted measures to enhance profitability and elevate all key financial metrics to our standards in
NOKm	Outcome year-end 2024 6.8%						Outcome year-end 2024 49%			an EBITA/WC of 57%.	The legacy EIS (excluding 2024 M&A)	figures for the same period represented
					Revenue (quarterly)		351		EBITA (quarterly)		24	Revenue 24 1 034
		158		193	210	240	233			19 14	13	EBITA 24
	140		128					10 7 6	1			70	6.8%
	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 Q4 2024 2024	Q1 Q2 Q3 2023 2023 2023	Q4 2023	Q1 Q2 2024 2024	Q3 Q4 2024 2024	# Employees > 550

• Increased activity related to the upgrade and • Upgrades focusing on energy-saving initiatives • Shift towards electrification and digitalization • Increasing demand for domestically produced alloys • Focus on ensuring delivery security for clients • Increased demand for full-service deliveries • Upgrades related to energy-saving • Shift towards electrification and digitalization • Focus on ensuring delivery security for clients • Increased lifespan of existing installations entails • Growing activity in the energy services sector • Increased focus on energy security Market View – macro trends and growth drivers per segment

EIS and its diverse portfolio of companies are poised to benefit from favorable macro trends

- modernization of existing smelters

• (historically large import volumes from Russia)

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• industry
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• significant investments
• Offshore Aquaculture
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- schemes.

• Lower activity recent years due to news taxation • Customers prefer full-service suppliers • Expect increased activity in connection with land-based facilities

• refurbishment services
• electrification

• Norwegian Navy
• Expect increased activity within the defence sector and • Expected increase in other segments where EIS is not yet present, potentially leading to substantial projects, to be pursued through strategic M&A initiatives

EIS can deliver projects from A to Z… … with a proven track record • Electro engineering • Electrical installation • Instrumentation • Engineering • Pipe systems • Load-bearing structures • Mechanical solutions • Tank systems • Cooling and heating systems EQVA Industrial Solutions (EIS) is a provider of multidisciplinary services to industrial customers

1 Design and engineering

2 Fabrication

3 Assembly

4 Installation, testing and commissioning

5 Specialized solutions

Maintenance and service

…providing a broad range of services…

Industrial Solutions & Services

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Power & Automation

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Quality of deliveries supported by

• appropriate certificates
• processes and control
• Notes: 1) EPma = Engineering and Procurement management 45001, and EN 1090-1

Framework contract for refabrication and installation at

Construction of a 430-ton subsea compressor for the

EPma ¹, fabrication of topside modules, hook-up and

EQVA Industrial Solutions in brief

• EQVA Industrial Solutions provides service and maintenance to the Norwegian • The company serves a variety of industrial sectors, including smelters, land-based • EIS' strategic goal is to be a preferred and competitive supplier and partner to the Proven track record of successful projects spanning various industrial sectors and serving a wide range of clients

Company highlights

• industry, functioning as a full-service provider of technical installations with a presence throughout the value chain, from design to installation and maintenance
• industry, the maritime industry, the offshore industry and the aquaculture industry
• from operational and financial synergies
• maritime, offshore, and land-based industry in Norway

Current EQVA Industrial Solutions

Service offering by sector

EQVA Industrial Solutions in brief Proven track record of successful projects spanning various industrial sectors and serving a wide range of clients
Company highlights		Service offering by sector
industry, functioning as a full-service provider of technical installations with a presence throughout the value chain, from design to installation and maintenance • The company serves a variety of industrial sectors, including smelters, land-based industry, the maritime industry, the offshore industry and the aquaculture industry	melters S	Offering • Total offering of service, maintenance and modification projects to large clients within the smelting industry	Example projects • Maintenance and modification at Hydro Husnes	Customer examples
• In addition to organic growth, EQVA seeks to acquire service companies that will secure market growth, quality deliveries, optimise resource allocation, and benefit from operational and financial synergies	Offshore	• Service and maintenance on framework agreements • Design, engineering, prefabrication, and installation	• Operation and maintenance personnel on "Jotun FPSO"
• EIS' strategic goal is to be a preferred and competitive supplier and partner to the maritime, offshore, and land-based industry in Norway	Maritime	• Installation within hydraulic, HVAC, machine systems, ship systems, power and automation, etc.	• Rebuilding of propulsion systems to become greener (batteries, hydrogen)
Current EQVA Industrial Solutions	Land based	• Engineering, pipe- and tank systems, load-bearing structures, mechanical solutions, ventilation, and power and automation	• Delivery of a complete tank facility to Equinor at Mongstad
	Aquaculture	• Production and installation of components/facilities; floating rigs, pipes, tanks, osmosis system, as well as service and maintenance	• Super Duplex pipe delivery for Arctic Offshore Farming
Newly acquired. Effective from Q1/Q2 '25	Defence/Other	• Mainly construction and defence: Analysis, engineering, production, installation, service and maintenance, etc.	• Service and maintenance of pumps, steel, doors, ship equipment etc.	e q v a n o

Agenda

• 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group

Enclosure

• Consolidated financial statements

Fossberg Kraft in brief

Company highlights

• Fossberg Kraft, founded in 2018, constructs, owns and operates smallscale hydropower plants in Norway and has seen its financial performance steadily increase since inception.
• experience from project development and operations of hydropower plants.
• corresponding management and off-take agreements. • "Take-off" agreement with UK investment fund Downing for completed • Through the off-take agreement, 20% of a pre-agreed selling-price is
• plants signed in 2021.
• payable up front, while the remaining 80% is payable upon delivery.
• Bank with a total frame amount of NOK 80 million.

²⁷ e q v a . n o 42,5 13,7 24,3 43,5 81,5 Operation and maintenance Overview and key stats 9 plants Under operations management Approx. 14 GWh/year in potential new capacity From 2 plants ready for construction 6 plants Successfully constructed & sold Total in development and pipeline * A-projects B-projects C-projects Offer/negotiation on agreement Signed water-rights agreement Concession granted or application submitted

Value creation illustration

EQVA RENEWABLES Fossberg Kraft in brief	Develops, owns and operates small and specialised hydropower plants
Company highlights	Value creation illustration
• Fossberg Kraft, founded in 2018, constructs, owns and operates small scale hydropower plants in Norway and has seen its financial performance steadily increase since inception. • The management of Fossberg Kraft has a combined 80+ years of experience from project development and operations of hydropower plants. • Since 2021, Fossberg Kraft has sold 9 hydropower plants (of which 6 are constructed by Fossberg Kraft) to the UK investment fund Downing, with corresponding management and off-take agreements. "Take-off" agreement with UK investment fund Downing for completed	Engineering, development and Plant sourcing construction • Fall lease catchment rights and • Fossberg Kraft in charge of agreement with landowners construction of the plants – • Securing concession (NVE) and services bought at a fixed price, i.e. building permit Fossberg Kraft takes minimal • Assessments, design and calculation project risk • Clarify whether plant is to be owned • Reporting and documentation to by Fossberg Kraft or subsequently NVE sold to Downing under "take-off" agreement	Operations • If the plant is owned by Fossberg Kraft, the company runs maintenance and operations internally, and income is determined by production volume and price agreements • If the plant is sold to Downing, Fossberg Kraft profits off the project margin as well as the agreement for operations and maintenance
• plants signed in 2021.	Portfolio, GWh/year
• Through the off-take agreement, 20% of a pre-agreed selling-price is payable up front, while the remaining 80% is payable upon delivery.	Development and pipeline Operations
• Fossberg Kraft has secured a construction loan facility with a reputable Bank with a total frame amount of NOK 80 million.	* In addition, Fossberg Kraft has more than 80 GWH/year on projects in assessment pipeline

Portfolio, GWh/year

EQVA RENEWABLES

A specialised small-scale hydropower plant developer

Proven experience from successful hydropower development

Agenda

• 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group

Enclosure

• Consolidated financial statements

EQVA secures landmark business combination with IMTAS

Expanding into Northern Norway

Landmark acquisition of

EQVA has entered into an agreement to acquire IMTAS Group for an Enterprise Value of NOK 190 million, excluding leasing liabilities and a conditional earn-out of up to NOK 30 million.

This reflects an implied EV/EBITDA multiple of 4.8x, based on 2024 estimates.

Sellers will reinvest NOK 68.8 million at NOK 11.25 per share, with a lock-up period. 50% being released after 9 and 18 months, respectively.

IMTAS Group Establishing a leading industrial services group

The acquisition of IMTAS expands the Group's geographical reach, diversify customer and revenue streams, and strengthen the overall service offering.

IMTAS has a long track record of revenue and EBITDA-growth.

IMTAS has never lost a frame agreement, and benefits from its loyal customer base, including Elkem, Rana Gruber and MOWI.

Combined group with highly attractive profile

Based on estimated 2024 figures, the acquisition is expected to contribute approximately NOK 376 million in revenues and NOK 39 million in EBITDA.

This brings the total pro forma revenue and EBITDA for the new combined EQVA Group in 2024 to NOK 1,576 million and NOK 120 million, respectively.

Accretive acquisition

The acquisition of IMTAS is expected to be accretive for our shareholders, with both shortand long-term growth potential.

Identified synergies going forward with the potential to make the acquisition more accretive after the combination.

terms New financial agreement in place

The acquisition of IMTAS will be financed through a new term loan from Nordea Bank, reinvestment from the sellers, and a seller's credit.

The new bank facility with Nordea will also refinance most of EQVA's existing interestbearing debt and expand the overdraft facility, offering more favourable interest rates for EQVA. The transaction is expected to be completed by the end of the first quarter of 2025 (and is subject to approval from the Norwegian Competition Authority – "Konkurransetilsynet", and certain other customary conditions)

Page 30

ACQUISITION OF IMTAS GROUP

IMTAS Group at a glance

• IMTAS is a complete supplier in the areas of engineering, fabrication, installation and maintenance • 200+ employees • CEO and co-founder: Johannes Sandhei • Key customer segments are process • Strong presence within its services in • Strong financial track record over the last
• Norway
• industry, constructions, renewable energy and aquaculture
• Northern Norway
• 19% from 2015 to 2024

IMTAS Group has a long track record of profitable growth within a diversified set of segments

Historical IMTAS Group figures are pro forma figures established by IMTAS Group, and are not audited on a consolidated basis. Page 31

IMTAS Group is known for its high-quality services and its solid customer base in the North of Norway

The combined group will offer a highly attractive profile for industrial customers

Expanding the geographic markets in Norway

ACQUISITION OF IMTAS GROUP

Establishing an even stronger multidisciplinary industrial service group

EQVA and IMTAS join forces to strengthen position as a provider of industrial services

The business combination is of high strategic value and will strengthen our position as a prominent and fully integrated system supplier within the piping, mechanical and power and automation disciplines.

Attractive for industrial customers

After the merger, EQVA Industrial Solutions, an industrial group owned by EQVA, will be the sole owner of the BKS Group, IMTAS Group and Kvinnherad Elektro Group. The combined group will offer a highly attractive profile for industrial customers.

Complementary services and markets

BKS and IMTAS have a complementary service portfolio, however in different geographical markets. The merger expands the combined geographical area of operations to all-over Norway, diversifies customers and revenue streams, and strengthens our overall service offering.

ACQUISITION OF IMTAS GROUP

A complementary service portfolio

	EQVA Industrial Solutions	IMTAS Group
Engineering
Project management
Pipe systems
Load-bearing structures
Plate / Welding
Mechanical solutions / machining
Fabrication
Surface treatment
Non-destructive testing
Tank systems
Cooling and heating systems (HVAC)
Electrical installation, automation and instrumentation
Specialized products and technical solutions
Inspections and maintenance

ACQUISITION OF IMTAS GROUP

Summary

EQVA is expanding with its largest acquisition to date – Bringing our success in the South to the North of Norway

The acquisition of IMTAS provides both geographical expansion and revenue diversification for EQVA

Expected accretive 2024e EV/EBITDA multiple of 4.8x (excluding leasing liabilities)

Adding approx. NOK 39 million in pro-forma EBITDA (2024e), with additional synergy potential and positive organic impacts

This acquisition uniquely positions EQVA for further expansion in the industrial services industry in Norway and the Nordics

Thank you

IR: Please direct any questions to petter.sordahl@eqva.no

Appendix

Consolidated statement of profit and loss YTD December 31, 2024 (including Kvinnherad Group from Q4)

Page 41 (NOK 1,000) FY 2024 FY 2023 Unaudited Audited Revenues 1 095 298 659 340 Other operating revenues 8 350 10 846 Operating income 1 103 649 670 186 Materials and consumables 534 292 275 452 Payroll expenses 370 379 273 345 Other operating expenses 118 271 95 803 Operating expenses 1 022 942 644 600 Operating profit/loss before depreciation and amortisation (EBITDA) 80 706 25 586 Depreciation 15 110 15 111 Operating profit/loss (EBIT) 65 596 10 474 Financial income 1 732 7 120 Financial expenses 31 634 33 325 Share of profit/loss of associate 3 061 Profit / loss before tax 35 695 -18 791 Income tax expense* 0 1 098 Profit/Loss from continued operations 35 695 -19 889 Profit/Loss from discontinued operation 0 -1 913 Profit/Loss for the period 35 695 -21 802 Attributable to : Equity holders of parent 34 333 -23 733 Non-controlling interest 1 362 1 931 Total 35 695 -21 802

Number of shares: 75,40m

Number of shares: 75,40m (31/12-2024)
(NOK 1,000)	FY 2024 Unaudited	FY 2023 Audited
Earnings per share (NOK) Diluted earnings per share (NOK)	0,46 0,43	-0,33 -0,32
Earnings from continued operations Earnings per share (NOK) Diluted earnings per share (NOK)	0,47 0,44	-0,28 -0,27

Consolidated statement of financial position

Non-current assets Deferred tax benefit 3 140 0 Goodwill 273 827 248 260 Licenses, patents and R&D 27 014 29 319 Property, plant and equipments 117 376 111 840 Right of use assets 18 740 12 276 Non-current liabilities Investment in associates 0 21 319 Loan to associates 0 4 988 Other non-current receivables 13 542 3 809 Total non-current assets 453 639 431 810 Current liabilities Current Assets Inventory 21 281 5 780 Accounts receivables 162 374 99 493 Other current receivables 39 406 22 096 Contract assets customer contracts 58 825 72 480 Cash and cash equivalents 99 377 35 984 Total current assets 381 262 235 834
Equity Unaudited Audited
ASSETS FY 2024 FY 2023
Consolidated statement of financial position December 31, 2024 (including Kvinnherad Group from Q4)

		EQUITY AND LIABILITIES	FY 2024	FY 2023
			Unaudited	Audited
Unaudited	Audited	Equity
		Share capital	3 770	3 599
		Share premium reserve	211 632	195 175
		Treasury shares Retained earnings	23 104 012	-30 86 360
		Non-controlling interests	-6 679	5 319
		Total equity	312 758	290 424
		Non-current liabilities
		Lease liabilities Loans and borrowings	13 602 94 380	8 870 125 293
		Other long-term liabilities	29 369	41 770
		Total non-current liabilities	137 352	175 933
		Current liabilities Accounts payables	88 330	55 666
		Taxe payables	276	1 579
		Public duties payables	69 306	28 820
		Loans and borrowings, current	87 904	78 423
		Lease liabilities	5 447	3 380
		Other current liabilities	133 531	33 420
		Total current liabilities	384 793	201 287
		Total liabilities	522 145	377 220
			834 902	667 643

• ESG is integrated in corporate governance structures and our • We work proactively with our stakeholders in the transition process • EQVA aims to be a frontrunner on ESG, and a strategic priority is Sustainability is key to our continued growth Key ESG highlights

- companies' strategies

• to increase the quality of its sustainability reporting initiatives in 2024 • One primary objective for 2024 is to undertake preparations to

ESG update

• ensure compliance with CSRD standards for reporting

EQVA's acquisition criteria Comments Clear acquisition criteria ensure accretive acquisitions

EQVA will utilize funds to acquire complementary companies to broaden its product offering

• Incrementally positive effect on Group EBITDA margins
• Asset-light business model
• Clearly identifiable synergies
• Optimize capital allocation

Strategy

• ⁴⁴ e q v a . n o • Through EIS, EQVA seeks to acquire industrial service companies to drive growth, enhance the quality of deliveries, optimise resource allocation, and leverage synergies • EQVA targets to expand its footprint in local • All M&A opportunities will be pursued with the • EQVA seeks to fund acquisitions with a
  • markets while also increasing its presence across other Nordic countries over time
  • goal of being value-accretive for all stakeholders
  • combination of cash, debt, shares and earnouts

EQVA is pursuing strategic acquisitions to strengthen its market position

Industrial service companies

Operational criteria

Operational synergies

Case Study: BKS on framework construction to Ormen Lange field

Shell to increase production from the Ormen Lange field. Increased value of production NOK 80 bn.

120 km from shore, 900 m depth, water temperature below freezing point, operated from land base.

Ormen Lange is the second largest gas field on the Norwegian Continental Shelf. At plateau production it produces 25% of UK's gas consumption.

Norwegian based (new) subsea technology (OneSubsea) is to increase production from 75% to 85% of the reserves.

BKS is working as a sub supplier to OneSubsea constructing a 430-ton subsea compressor.

• Boliden is expanding the world´s most climateeffective zinc smelter in Odda, southern Norway • The expansion enables Boliden Odda to almost double its zinc production and at the same time reduce the carbon dioxide intensity by 15% from already a world-leading position • Alongside the expansion, Boliden will modernise the facility, increase digitalisation and BKS Industri was awarded the main contract, along with several subcontracts, for the installation of process piping and associated structures and Across foundry, piping systems, casting, and infrastructure, a total of 30km of piping will be The installation will take place within a 'live' factory environment, involving work in both new and existing areas, with the latter demanding rigorous attention to health, safety, and environmental standards, meticulous planning, and skilled BKS is responsible for supplying all pipes, pipe fittings, valves, supports, clamps, and structural steel for clamps In total, over 500 tons of piping and fastening materials will be delivered, fabricated, and installed Case study: "Green Zinc Odda" Expansion at Boliden Odda

-

• automation

personnel Expansion of plant trays. Project scope Total project duration for EQVA 8 separate contracts Through different EQVA subsidiaries Established 1924 Operating profit (2023) SEK 645m Production capacity ~200 kt/year Production post ~350 kt/year expansion Expected completion 2025 e q v a n o	46	automation			Zinc producer Customer's area of operations

BKS' deliveries

fittings

installed

personnel Given the high-temperature processes within the facility, stringent requirements for heat insulation of process piping and equipment are mandated

EQVA is taking on several contracts

- The main contract is a time-and-material-based agreement, including BKS' own management, quality, and HSE personnel, as well as some

• engineering work on drawing documentation. • A fixed-price contract for pipe installations in the new foundry • Power & automation, pipe installations, and mechanical installation of furnaces, cabinets, cable trays, etc., in a fixed-price contract for Ajax Tocco, an Ohio-based company supplying induction furnaces to the foundry. • A fixed-price contract for specialty plastic pipe installations, as well as structural steel and cable • Kvinnherad Elektro delivers power & automation services as a sub-contractor to NLI • Vassnes Group delivers power & automation services to the project • Additionally, BKS has several smaller contracts
• trays.

The project at a glance

~36 months Boliden Odda AS Customer

Total project duration for EQVA

8 separate contracts Through different EQVA subsidiaries

EQVA Eiendom owns a 33,000 sqm. industrial area

Strategic location in Sunde, Kvinnherad, with BKS Industri as the main tenant

Nr	Property	Building area (sqm)
1 1	Weather protected storage and quay area	480
2 2	Production hall with cloakroom, office and canteen	1,020
3 3	Office and wardrobe	190
4 4	70-meter quay and 450-meter shoreline
5 5	Warehouse	540
6 6	Production hall, warehouse and office space	1,160
7 7	Offices	530
8 8	Apartments	620
	Office, production hall and warehouse	370
9 9		590
10 10	Hall 3 and 4, PE production
11 11	Hall 1, stainless steel production and assembly	1,100
12 12	Hall 2, machining	400
13 13	Warehouses and offices for foremen	500

Our Board of Directors and top shareholders

Chair

20+ years of financial & strategic business development

Ellen Hanetho Anne Bruun-Olsen Board member

Senior Partner Cushman & Wakefield Realkapital

Tore Schiøtz Board member

Investor and Board Executive with strong industrial background

Board member

Founder and former CEO of BKS. Has held several board positions. 30+ years of experience in sales.

Board member

Employee representative

Tore Thorkildsen Kari Markhus Tomasz Węsierski Board member

Employee representative

Board of Directors Top shareholders as of 17 February 2025

Shareholders	Number of shares	Ownership
Nordic Corporate Bank ASA	15,920,716	21.12%
Havila Holding AS	10,000,000	13.26%
Nintor AS	8,729,739	11.58%
ILG AS	8,729,738	11.58%
Neve Eiendom AS	8,297,628	11.01%
ROS Holding AS	5,660,027	7.51%
Emini Invest AS	1,290,000	1.71%
HSR Invest AS	1,290,000	1.71%
Innidimman AS	1,290,000	1.71%
MP Pensjon PK	1,162,768	1.54%
Ivar Helsengreen	1,008,000	1.34%
K E Invest A/S	986,193	1.31%
MCE Holding AS	694,558	0.92%
Handeland Eigedom AS	584,163	0.77%
Eqva ASA	454,290	0.60%
Pison AS	430,000	0.57%
Other shareholders	8,868,189	11.76%
Total shares*	75 396 009

Page 48

Daniel UPDATE

Case study: Haugsvær

Project risk significantly mitigated by the pre-sold-model with Downing, covering all project costs and securing margins for Fossberg Kraft

Key project stats

Overview of project cash flows

Building an industrial platform for growth and value creation

1.1.3 Langsiktig utvikling 2025 – 2027 Fortsatt høy aktivitet innen kraftkrevende- og landbasert industri, samt offshore • Increased activity related to the upgrade and • Upgrades focusing on energy-saving initiatives • Shift towards electrification and digitalization • Increasing demand for domestically produced alloys • Focus on ensuring delivery security for clients • Increased lifespan of existing installations entails • Growing activity in the oil services sector • Increased focus on energy security

- modernization of existing smelters

• (historically large import volumes from Russia)
• significant investments
• Offshore Aquaculture
  -

• refurbishment services Maritime
  • electrification

• Norwegian Navy
• Expect increased activity within the defence sector and • Expected increase in other segments where NIS is not yet present, potentially leading to substantial projects, to be pursued through strategic M&A initiatives

• Increased demand for full-service deliveries • Upgrades related to energy-saving • Shift towards electrification and digitalization • Focus on ensuring delivery security for clients industry

- taxation

• Lower activity recent years due to increased cost and • Customers prefer full-service suppliers • Expect increased activity in connection with land-based facilities

Industri-service | Langsiktig utvikling 2025 – 2027 Fortsatt høy aktivitet innen kraftkrevende- og landbasert industri, samt offshore

Ekspansjonsprosjektet hos Boliden fullføres i løpet av første løpende vedlikeholdsarbeid

Kraftkrevende industri Landbasert industri / offshore

Page 52

Smør på flesk? 4 gang disse tallene tas frem?

Q4 '24 highlights | EQVA Industrial Solutions (EIS)

Continued strong performance and growth year-on-year, with solid margins

Acquisitions in 2025

Q1/Q2 2025

Acquisitions in 2024

Building an industrial platform for growth and value creation

Smør på flesk? 4 gang disse tallene tas frem?

Q4 '24 highlights | EQVA Industrial Solutions (EIS)

Continued strong performance and growth year-on-year, with solid margins

A0 Når er vel KE del av "Current EIS Group"? Author; 2025-02-19T15:25:02.362

1.1.3 Langsiktig utvikling 2025 – 2027 Fortsatt høy aktivitet innen kraftkrevende- og landbasert industri, samt offshore • Increased activity related to the upgrade and • Upgrades focusing on energy-saving initiatives • Shift towards electrification and digitalization • Increasing demand for domestically produced alloys • Focus on ensuring delivery security for clients • Increased lifespan of existing installations entails • Growing activity in the oil services sector • Increased focus on energy security

- modernization of existing smelters

• (historically large import volumes from Russia)
• significant investments
• Offshore Aquaculture
  -

• refurbishment services Maritime
  • electrification

• Norwegian Navy
• Expect increased activity within the defence sector and • Expected increase in other segments where NIS is not yet present, potentially leading to substantial projects, to be pursued through strategic M&A initiatives

• Increased demand for full-service deliveries • Upgrades related to energy-saving • Shift towards electrification and digitalization • Focus on ensuring delivery security for clients industry

- taxation

• Lower activity recent years due to increased cost and • Customers prefer full-service suppliers • Expect increased activity in connection with land-based facilities

Industri-service | Langsiktig utvikling 2025 – 2027 Fortsatt høy aktivitet innen kraftkrevende- og landbasert industri, samt offshore

Ekspansjonsprosjektet hos Boliden fullføres i løpet av første løpende vedlikeholdsarbeid

Kraftkrevende industri Landbasert industri / offshore

Page 57

Our strategy 5 Reasons to invest in EQVA ASA

Established growth strategy focused on organic grow and acquiring attractive, profitable companies. Enabling EQVA to broaden product and service scope.

9 portfolio companies today A decentralized business model with effective corporate governance models and active ownership as well as proven management. Rapid and flexible decision-making, with decisions made close to customers and suppliers

Target of 10-15% growth of revenue and EBITA over the multiyear cycle

Let good managers do avoid politics, bureaucracy and hierocracy

what their best at – (EBITA/WC) > 40%, securing selffinanced growth, and dividends

A clear focus on

performance facilitates self-financed, long-term growth and favorable returns for shareholders and a proven ability to develop operations

Strong financial position,

strong cash flow from operating activities based on a solid financial position and low leverage Sustainable business, Sustainability characterizes the entire business and creates conditions for long-term profitability and growth. We are an active partner helping our customers to decarbonize. Ref. (Boliden) Green Zink, Hydro Husnes upgrade (increase energy efficiency and reduce emissions) Equity Ratio > 30% Deliver on our own ESG

goals

Page 58

EQVA – The share EPS NOK +0,47 (2024) (- 0,33 in 23) Dividend NOK 0,2 (2024) New bank facility allows for dividend* Total Return 2022 = 304% 2023 = 2,4% 2022-2024 = 488% 2024 = 65% Number of shares: 75,40m Market cap NOK 351m NIBD: NOK xxx (date 24/2-2025) 99 % Norwegian investors Headlines

EQVA ASA

A main board listed Norwegian Compounder Company

EQVA is a company group that specialises in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies 27 February 2025

Fourth quarter report 2024

EQVA ASA

A main-board listed Norwegian Compounder Company

EQVA is a company group that specializes in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies

Fourth quarter report 2024 27 February 2025