Eqva ASA

Earnings Release • Mar 3, 2025

EQVA strengthens its position in the aquaculture segment through the acquisition of Austevoll Rørteknikk AS

EQVA strengthens its position in the aquaculture segment through the acquisition of Austevoll Rørteknikk AS

March 3, 2025 – EQVA ASA («EQVA» or the “Company”) has entered into an agreement to acquire 100% of the shares in Austevoll Rørteknikk AS (“ART”). The acquisition will be carried out by EQVA’s wholly owned subsidiary EQVA Industrial Solutions AS (EIS) and aligns with EQVA’s strategy for growth and expansion within industrial services and the aquaculture segment.

This acquisition enhances EQVA’s presence on the west coast of Norway, particularly in pipe installation, maintenance, and specialized fabrication for the aquaculture industry. ART has a solid customer base, including fish farming, seafood processing, and related industries. The acquisition is of strategic importance and will potentially contribute to notable industrial synergies:

• EQVA strengthens its position in the aquaculture and seafood industry, a sector with increasing demand for maintenance and specialized technical solutions

• ART has a well-established operation that complements EQVA’s existing activities, particularly in cooperation with BKS Group, where specific joint projects already have been identified

• Expands EQVA’s customer portfolio and enhances its capacity to deliver multidisciplinary industrial projects along the Norwegian coast

• ART’s experienced management and employees will remain in their current roles to ensure business continuity and future growth

“Austevoll Rørteknikk is a well-managed company with a strong position in its market. This acquisition represents an important step in developing EQVA’s industrial services, and further on executing our growth strategy. We look forward to working with ART’s talented team to create additional value for our customers and shareholders”, says Even Matre Ellingsen, CEO of EQVA ASA.

“We are very positive about joining EQVA group. EQVA brings us strategic resources and a broader market reach that will contribute to the continued development of our company”, says Frode Mikal Vågen, Managing Director of Austevoll Rørteknikk AS.

The transaction will be partly funded by existing cash from within the group, and partly by shares in EQVA ASA. The shares will be subject to a lock-up period, with 50 percent of the shares being released after 12 and 24 months from the date of the completion of the acquisition of the shares of ART, respectively. The shares will be listed on the Oslo Stock Exchange. The acquisition is expected to be accretive for EQVA and EQVA’s shareholders.

The transaction is expected to be completed by the end of Q2 2025, subject to certain conditions and necessary approvals. ART will continue operating under its current brand and management.

About Austevoll Rørteknikk

Austevoll Rørteknikk AS was established in 2011 and specializes in piping services, maintenance, prefabrication, and specialized installations for the aquaculture and related industries. The company has a solid financial track record, with an estimated 2024 revenue of more than NOK 30 million and 2024 EBITDA of approx. NOK 3.5 million (unaudited). ART is headquartered in Austevoll, Vestland, and operates all over Norway.

About EQVA

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.

For more information, contact:

Even Matre Ellingsen CEO EQVA ASA, + 47 990 05 500