Eqva ASA

Earnings Release • May 16, 2025

EQVA ASA: First quarter results 2025 – Delivering on strategy: Strong start to the year

EQVA ASA: First quarter results 2025 – Delivering on strategy: Strong start to the year

16 May 2025: EQVA ASA (OSE: EQVA) delivered a strong start to the year with solid performance across all its strategic priorities. On a pro forma basis, revenues in the first quarter was NOK 401 million, up 56 per cent compared to the same period last year (NOK 257 million). The pro forma EBITDA increased to NOK 63 million, from NOK 46 million in the same period last year. The development reflects both strong operational performance and continued value creation through M&A. Both quarters Q1 2025 and Q1 2024 have significant impact from divestments of companies. EPS for Q1-2025 is NOK 0,48 per share vs NOK 0,40 for the full year 2024.

The pro forma figures include profit and loss from the IMTAS Group, acquired in March 2025 in order to show full impact as from January 1. The profits from the sale off Vassnes group in Q1 2025 is also incorporated in the Q1 proforma report and presented as other income.

“We continue to deliver on our strategy of building an industrial platform for growth and value creation. The strong start to 2025 with growth in both revenues and EBITDA reflects both the strength of our operations and our disciplined approach to value creation through M&A. With the integration of IMTAS and Austevoll Rørteknikk, we are further strengthening our position for Eqva in increasingly important markets in Northen Norway and in the aquaculture sector. EQVA also continues to deliver on its strategy as a compounder company, acquiring high-performing companies at value-creating multiples, while divesting underperforming entities,” says Even Matre Ellingsen, CEO of EQVA.

Operational highlights

EQVA's main operating segment, EQVA Industrial Solutions (EIS), delivered record-high pro forma revenue of NOK 363 million in the first quarter, a growth of 73 per cent from the same period last year. EBITDA for the segment more than doubled to NOK 34 million, up from NOK 16 million in Q1 2024. The EBITDA margin was 9.5 percent, compared to 7.6 percent in the same period last year. The strong development was driven by high activity levels, solid project execution across the portfolio, and contribution from the IMTAS Group.

The order book for EIS stood at NOK 881 million at the end of the quarter, up from NOK 545 million at the end of the first quarter 2024. The solid order book, combined with strong order intake and high activity levels, supports expectations of continued growth through the remainder of the year.

Acquisitions of substantial strategic value

During the quarter, EQVA completed and announced two strategically important acquisitions.

The acquisition of IMTAS Group was completed 21 March 2025.. The transaction expands EQVA’s geographical presence in Northern Norway, diversifies the revenue base, and strengthens the group’s industrial service offering.

In March, EQVA signed an agreement to acquire Austevoll Rørteknikk. This will further strengthen the group’s position in the aquaculture sector. The combined offering is directed towards both sea and land based fishfarming. Austevoll Rørteknikk brings complementary capabilities in pipe systems and fabrication. The recently signed supply agreement, valued at approximately NOK 100 million, for a land-based aquaculture facility, to be delivered jointly by BKS Industri and Austevoll Rørteknikk, demonstrates the strategic fit. The transaction is expected to close in the second quarter of 2025.

Outlook

EQVA’s strong start to 2025 confirms the group’s strengths. A solid order backlog, high activity level across the portfolio companies, and a robust financial position provide flexibility to pursue new opportunities going forward.

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/1ff76bcb-060b-4665-903e-578c95ad24c6 from 10:00-11:00 CEST.

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 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.