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

Presenting team

Even Matre Ellingsen

CEO

Former Group CEO in Astrup Fearnley. Extensive experience from both regulated and non-regulated businesses. 15 years with Pareto and 10 years with Astrup Fearnley

Petter Sørdahl

CFO

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

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.

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

4 eqva.no * Adjusted for discontinued operations

Agenda

1. This is EQVA ASA

• 1. Operational and financial highlights
• 1. EQVA Industrial Solutions
• 1. EQVA Renewables Short update
• 1. Acquisition of IMTAS Group

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

Our strategy 5 Reasons to invest in EQVA ASA

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,

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)

		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

EQVA Finance & Analytics A competence centre

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

• Strong centres of excellence
• Increased efficiency
• Competence building
• Higher quality in our deliverables
• Optimized professional environments and recruitment

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:

• High -quality services
• At low cost
• With a focus on digitalization and efficiency
• Participation in these programs is optional for all companies in the group

* Given a leverage	ratio (NIBD / EBITDA LTM) of less than 1.5

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

EQVA ASA The share

Building an industrial platform for growth and value creation

A two-year journey so far – shareholder value created – total return > 400%

EQVA ASA at a glance

EQVA - A main-board listed Norwegian Compounder Company focusing on Industrial 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
• 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 longstanding relationships with well-known industry players
  • EQVA Renewables focuses on the development, ownership, 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
  • EQVA Eiendom includes EQVA's real estate property in Sunde, Kvinnherad which serves as BKS' (a EIS subsidiary) main industrial site
• 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

Pro Forma Key highlights – Last Twelve Months (LTM) *

NOK 1 299m	NOK 88m	NOK 99m
Operating revenue LTM	EBITDA LTM	Net IBD
NOK 313m	1,1x	~550
Book Value Equity	Net Leverage	Employees (FTEs)

Our segments

Industrial Solutions		Renewables		Real Estate
End-markets in Industrial Solutions
Smelters	Offshore	Maritime	Land based	Aqua culture	Defence/ 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

Overview of ownership interests – built on 3 platforms. EQVA Industrial Solutions is the main platform.

EQVA Industrial Solutions – establishing a leading industrial services group

EIS is growing, expanding both geographically and in service scope, with two recent milestone acquisitions

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

Enclosure

• Consolidated financial statements

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

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.

Page 16 Accounting principles in accordance with IFRS as described in annual report for 2023. All information, including figures, are unaudited.

Segment overview

Key financial figures - 2024

• EBITDA margin at 7.3 % for EQVA Group

• Strong revenue growth in Industrial Solutions segment – up NOK 414m from 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 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

*Includes effects from sale of Havila Charisma.

NOKm	Industrial Solutions	Renewables	Real Estate	Other*	Elim.	EQVA Group
Revenues	1 033.6	33.0	7.5	39.1	- 9.5	1 103.6
Materials	507.2	27.1	0.0	0.0	0.0	534.3
Payroll	344.0	4.3	0.0	22.1	0.0	370.4
Other opex	104.7	3.0	0.6	24.1	- 14.2	118.3
EBITDA	77.8	- 1.4	6.9	- 7.2	4.6	80.7
EBITDA %	7.5 %	-4.2 %	91.6 %	-18.4 %	-48.2 %	7.3 %
Depreciations	7.7
EBITA	70.1
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

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
  • 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

Selected clients in orderbook:

NOK million

Equity

Strong financial position

Balance sheet as of 31 December 2024

• NOK in million Equity ratio of 37 % at the end of Q4
• Net interest-bearing debt* was NOK 99m at the end of Q4
• Cash position of NOK 99m at the end of Q4 (unrestricted cash was NOK 16m)
• Continuing cash generation expected going forward

NOK million

Agenda

• 1. This is EQVA ASA
• 1. Operational and financial highlights
• 3. EQVA Industrial Solutions
• 1. EQVA Renewables Short update
• 1. 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

• EQVA Industrial Solutions aims to be the preferred provider of industrial services for the maritime, offshore, and land-based industries in Norway.
• The seven companies under EQVA Industrial Solutions specialize in engineering services, pipe- and tank systems, loadbearing structures, mechanical solutions, ventilation, and power and automation services.
• The group has a total of 550 highly qualified permanent employees with relevant certifications.
• EQVA Industrial Solutions prioritizes health, safety, and quality. The companies in the group hold all necessary certifications.

Full-service provider:

Blue-chip customer base

Q4 '24 highlights | EQVA Industrial Solutions

Continuous effort to deliver on key performance metrics

Revenue 24
1 034
EBITA 24
70 6.8%
# Employees

24

> 550 (+260 temporary)

Page 22

NOKm

* TWC defined as "Inventories" + "Accounts Receivables" + "Work in progress" – "Accounts Payable", and is measured as the average of IB and OB.

Market View – macro trends and growth drivers per segment

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

• Increased activity related to the upgrade and modernization of existing smelters
• Upgrades focusing on energy-saving initiatives
• Shift towards electrification and digitalization
• Increasing demand for domestically produced alloys (historically large import volumes from Russia)
• 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 significant investments

• Growing activity in the energy services sector Offshore Aquaculture

  • Increased focus on energy security

• Lower activity recent years due to news taxation schemes.

• Customers prefer full-service suppliers
• Expect increased activity in connection with land-based facilities

• Increased newbuild activity due to weakened NOK
• Demand for dry-docking, maintenance, and refurbishment services
• Regulatory ESG requirements and incentives for electrification
• Very high activity at Norwegian ship-yards

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

EQVA Industrial Solutions (EIS) is a provider of multidisciplinary services to industrial customers

Maintenance and service

EIS can deliver projects from A to Z… … with a proven track record …providing a broad range of services…

Industrial Solutions & Services

• Engineering
• Pipe systems
• Load-bearing structures
• Mechanical solutions
• Tank systems
• Cooling and heating systems

Power & Automation

• Electro engineering
• Electrical installation
• Instrumentation
• Related structural and mechanical services

Quality of deliveries supported by

• Approx. 550 highly qualified employees with appropriate certificates
• Management systems in place to ensure processes and control
• Certified ISO 9001, ISO 14001, ISO 3834-2, ISO 45001, and EN 1090-1

Framework contract for refabrication and installation at Green Zink Odda - Boliden

Construction of a 430-ton subsea compressor for the Ormen Lange field – OneSubsea / Shell

eqva.no EPma 1, fabrication of topside modules, hook-up and integration – Johan Castberg FPSO / Equinor

EQVA Industrial Solutions in brief

Proven track record of successful projects spanning various industrial sectors and serving a wide range of clients

Company highlights

• EQVA Industrial Solutions provides service and maintenance to the Norwegian 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
• 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
• EIS' strategic goal is to be a preferred and competitive supplier and partner to the maritime, offshore, and land-based industry in Norway

Current EQVA Industrial Solutions

Service offering by sector

	Offering	Example projects	Customer examples
melters S	• Total offering of service, maintenance and modification projects to large clients within the smelting industry	• Maintenance and modification at Hydro Husnes
Offshore	• Service and maintenance on framework agreements • Design, engineering, prefabrication, and installation	• Operation and maintenance personnel on "Jotun FPSO"
me Mariti	• Installation within hydraulic, HVAC, machine systems, ship systems, power and automation, etc.	• Rebuilding of propulsion systems to become greener (batteries, hydrogen)
d based Lan	• 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
Defence/Other	• Mainly construction and defence: Analysis, engineering, production, installation, service and maintenance, etc.	• Service and maintenance of pumps, steel, doors, ship equipment etc.

eqva.no

Agenda

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

Enclosure

• Consolidated financial statements

Fossberg Kraft in brief

Develops, owns and operates small and specialised hydropower plants

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.
• 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 plants signed in 2021.
• Through the off-take agreement, 20% of a pre-agreed selling-price is payable up front, while the remaining 80% is payable upon delivery.
• Fossberg Kraft has secured a construction loan facility with a reputable Bank with a total frame amount of NOK 80 million.

Overview and key stats

27 eqva.no 42,5 13,7 24,3 43,5 81,5 Operation and maintenance 9 plants Under operations management Approx. 14 GWh/year in potential new capacity From 2 plants ready for construction 6 plants Successfully constructed & sold A-projects B-projects C-projects Total in development and pipeline * Concession granted or application submitted Signed water-rights agreement Offer/negotiation on agreement

Value creation illustration

Plant sourcing Engineering, development and construction Operations • Fall lease catchment rights and agreement with landowners • Securing concession (NVE) and building permit • Assessments, design and calculation • Clarify whether plant is to be owned by Fossberg Kraft or subsequently • Fossberg Kraft in charge of construction of the plants – services bought at a fixed price, i.e. Fossberg Kraft takes minimal project risk • Reporting and documentation to NVE • If the plant is owned by Fossberg and operations internally, and volume and price agreements • If the plant is sold to Downing,

Portfolio, GWh/year

agreement

• Kraft, the company runs maintenance income is determined by production
• Fossberg Kraft profits off the project margin as well as the agreement for operations and maintenance

A specialised small-scale hydropower plant developer

Proven experience from successful hydropower development

Agenda

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

Enclosure

• Consolidated financial statements

EQVA secures landmark business combination with IMTAS

Expanding into Northern Norway

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)

ACQUISITION OF IMTAS GROUP

IMTAS Group at a glance

• IMTAS is a complete supplier in the areas of engineering, fabrication, installation and maintenance
• Founded in 2006. H.Q. in Mo i Rana, Norway
• 200+ employees
• CEO and co-founder: Johannes Sandhei
• Key customer segments are process industry, constructions, renewable energy and aquaculture
• Strong presence within its services in Northern Norway
• Strong financial track record over the last 10 years – with a CAGR on revenues of 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

Bergen and Oslo

Establishing an even stronger multidisciplinary industrial service group

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

Strengthened supplier position

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.

A complementary service portfolio

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

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)

(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

(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

December 31, 2024 (including Kvinnherad Group from Q4)

ASSETS	FY 2024 Unaudited	FY 2023 Audited
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
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 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
TOTAL ASSETS	834 902	667 643

EQUITY AND LIABILITIES FY 2024 FY 2023

Equity

Sustainability is key to our continued growth Key ESG highlights

• ESG is integrated in corporate governance structures and our companies' strategies
• We work proactively with our stakeholders in the transition process
• EQVA aims to be a frontrunner on ESG, and a strategic priority is to increase the quality of its sustainability reporting initiatives in 2024

ESG update

• ESG report 2023 was published on EQVA's web pages in Q1 2024
• One primary objective for 2024 is to undertake preparations to ensure compliance with CSRD standards for reporting

Clear acquisition criteria ensure accretive acquisitions

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

EQVA's acquisition criteria Comments

Strategy

• 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 markets while also increasing its presence across other Nordic countries over time
• All M&A opportunities will be pursued with the goal of being value-accretive for all stakeholders
• EQVA seeks to fund acquisitions with a combination of cash, debt, shares and earnouts

EQVA is pursuing strategic acquisitions to strengthen its market position

Case Study: BKS on framework agreement with OneSubsea for 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.

Case study: "Green Zinc Odda"

Expansion at Boliden Odda

Project Description

• 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 automation

Boliden Odda in figures
Established	1924
Operating profit (2023)	SEK 645m
Production capacity	~200 kt/year
Production post expansion	~350 kt/year
Expected completion	2025

BKS' deliveries

BKS Industri was awarded the main contract, along with several subcontracts, for the installation of process piping and associated structures and fittings

Across foundry, piping systems, casting, and infrastructure, a total of 30km of piping will be installed

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 personnel

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

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 trays.
• 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 with other counterparties related to the Green Zinc Odda project

The project at a glance

Project scope

~36	months
	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
9 9	Office, production hall and warehouse	370
10 10	Hall 3 and 4, PE production	590
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
	Sum	7,500

Our Board of Directors and top shareholders

Ellen Hanetho Chair

20+ years of financial & strategic business development

Anne Bruun-Olsen Board member

Senior Partner Cushman & Wakefield Realkapital

Tore Schiøtz Board member

Investor and Board Executive with strong industrial background

Tore Thorkildsen Board member

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

Kari Markhus

Employee representative

Board member

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