Eqva ASA

Earnings Release • Nov 14, 2025

EQVA ASA: Third quarter results 2025 – Strong performance and revenue growth

EQVA ASA: Third quarter results 2025 – Strong performance and revenue growth

14 November 2025: EQVA ASA (OSE: EQVA) delivered solid performance in Q3 2025, driven by our Industrial Solutions segment. On a pro forma basis, YTD revenues as of Q3 2025 were NOK 1 079 million, up 44 per cent compared to the same period last year (NOK 751 million). The pro forma EBITDA increased to NOK 105 million, from NOK 70 million in the same period last year. The development reflects strong operational performance in BKS as well as IMTAS, which became part of EQVA at the end of Q1 2025.

The pro forma figures include profit and loss from the IMTAS Group from 1 January 2025. The company was acquired in March 2025. The profit from the sale off Vassnes group in Q1 2025 is also incorporated in the Q1 pro forma report and presented as other income.

“We are pleased with the continued strong performance in the third quarter of 2025. The revenue growth of 44 per cent highlights the solid progress made in our Industrial Solutions segment. We are also pleased to have successfully completed the acquisition of Austevoll Rørteknikk, which strengthens EQVA’s capabilities within the aquaculture segment and creates new opportunities for growth. These developments demonstrate that EQVA is steadily building a stronger and more diversified platform for long-term value creation for our shareholders,” says Tore Thorkildsen, CEO of EQVA.

Operational highlights

EQVA's main operating segment, Industrial Solutions, delivered record-high pro forma YTD revenues of NOK 1 040 million as of Q3 2025, a growth of 52 per cent from the same period last year. EBITDA for the segment increased to NOK 93 million, up from NOK 51 million in the same period last year. The EBITDA margin was 9.0 per cent, compared to 7.5 per cent in the same period last year. The strong performance was driven by high activity levels, solid project execution across the portfolio, and contribution from the IMTAS Group.

The record high order book for the Industrial Solutions segment stood at NOK 973 million at the end of Q3 2025 (orderbook of Austevoll Rørteknikk not included), up 4 per cent from Q2 2025. The solid order book supports expectations of continued high activity level in 2026.

Acquisition of Austevoll Rørteknikk closed

The Austevoll Rørteknikk (ART) transaction was closed at the beginning of Q4 2025. EQVA is already leveraging ART’s strong position in the aquaculture sector through collaboration with EQVA’s portfolio company BKS. In collaboration, ART and BKS Industri have secured two contracts of significant size within land-based aquaculture. These projects demonstrate the combined capabilities of the two companies and highlight EQVA’s strengthened offering across both sea- and land-based aquaculture.

Appointment of Chief Executive Officer

Olav Hilmar Koløy has commenced his position as CEO of EQVA, effective from 13 November 2025.

Webcast

A presentation of the results will be held by CFO Petter Sørdahl. Follow the presentation and Q&A session at: https://www.eqva.no/eqva-share#EQVA/event/40bb792a?quarterly-report-q3-2025 from 10:00-11:00 CEST.

The presentation will also be available on the group’s web site: https://www.eqva.no/reports-presentations.

For more information, please contact:

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

EQVA ASA in brief

EQVA is an owner of profitable businesses, specializing in acquiring and developing leading companies. Our ownership philosophy is centred around continuity, long-term stewardship, and sustainable value creation.

We target acquisitions aligned with our business model. Through our main investment platform, EQVA Industrial Solutions, we deliver services and solutions to energy intensive industries (smelters), land-based industries, aquaculture, defence, maritime and offshore sectors. We adapt to market changes and customer needs.

EQVA distinguishes itself as an attractive buyer, not just through competitive financial terms, but by providing a comprehensive toolbox of expertise, experience, and resources specifically designed to accelerate growth and value enhancement.

Leveraging established governance frameworks, we actively support our portfolio companies by driving strategic initiatives, operational excellence, effective financing solutions, and impactful transactions. At EQVA, we energize and empower companies for enduring success.

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.

Update: Corrected link to webcast