Eqva ASA

Investor Presentation • Aug 28, 2025

EQVA ASA

A leading Norwegian compounder company on Oslo Stock Exchange main list

Second quarter report 2025

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

Presenting team

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 Q2-2025

The material set out in this presentation is current as of June 30, 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.

Agenda

1. Operational and financial highlights

• 1. This is EQVA ASA
• 1. EQVA Industrial Solutions

Enclosure

• Consolidated financial statements

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

Page 4

Pro Forma Key highlights

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

NOK 1 572m	NOK 124m	NOK 225m
Operating revenue LTM	EBITDA LTM	Net BD
NOK 386m	1.8x**	NOK 932m
Book Value Equity	Net Leverage	Order book

Our segments

Industrial Solutions	Renewables	Real Estate

End-markets in Industrial Solutions

Smelters	Offshore	Maritime	Land based	Aqua culture	Defence/ Other
----------	----------	----------	---------------	-----------------	-------------------

* Pro-forma figures on this page include IMTAS Group LTM. Accounting effect on P&L is from Q2 2025. Pro forma is including profit from sale of Vassnes Group, excluding discontinued. ** Adjusted for the sale of Vassnes Group the net leverage ratio would be app 2,2x

Strong operations drive record revenue growth and margin uplift

Strong operational performance driven by the Industrial Solutions segment with high activity level and multiple contracts secured.

Revenue growth of 47 % from same period last year.

EBITDA lifted from NOK 62.5 million YTD Q2 25 to NOK 80.2 million YTD Q2 25. The EBITDA development is affected by three main components; (1) Sale of G 1' ( ) f c m m performance of the group entities, and (3) the acquisition of IMTAS Group in Q1 2025.

Robust order book of NOK 932 million.

In closing stage of acquisition of Austevoll Rørteknikk (ART). The agreement is of substantial strategic value, boosting ' c towards the aquaculture segment. The combined forces of ART and BKS Industri has landed two contracts of significant size. The agreement is expected to be completed during Q3 2025.

*Pro-forma for Q1 2025: Incl. IMTAS Group and adjusted for discontinued operations

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Segment overview pro-forma

f c f

EBITDA margin at 10,7 % for EQVA Group and 9,4 % for Industrial Solutions

• Strong revenue growth compared to last year in Industrial Solutions segment, mainly driven by organic growth in BKS and the acquisitions of Kvinnherad Elektro (Q4 2024) and IMTAS (Q1 2025)
• Improved EBITDA margin to 9.4% in Industrial Solutions segment – compared to 8.1% same period last year
• Accounting effect of NOK 38 million from divestment of shares in Vassnes Group ( c " ")

NOKm	Industrial Solutions	Renewables Real Estate		Other	Elim.	EQVA Group pro-forma
Revenues	708.4	1.3	4.1	39.3	-3.2	749.9
Materials	296.8	0.0	0.0	0.0	0.0	296.9
Payroll	272.1	1.6	0.0	15.9	0.0	289.6
Other opex	72.6	1.8	0.3	10.9	-3.2	82.4
EBITDA	66.9	-2.2	3.8	12.5	0.0	81.0
EBITDA %	9.4 %	(NA)	(NA)	29.1 %	(NA)	10.8 %
Depreciations	ਰੇ 3
EBITA	57.6
EBITA %	8.1 %

Accounting principles in accordance with IFRS as described in annual report for 2024. All information, including figures, are unaudited. Presented figures are pro-forma, including newly acquired IMTAS group from 01.01.2025 and excluding Vassnes group (divested) from 01.01.2025.

Page 8

Selected clients in orderbook:

Orderbook remains solid

Supports continued optimistic outlook in turbulent market sentiment

• NOK in million • Industrial Solutions orderbook up 6 % from last quarter
  • •
  • •
  • m m m
• Continued strong order intake and orderbook gives traction to sustain high activity level in the next 12 months

NOK million

Equity

Current assets

Strong financial position

c f

• NOK in million f f
• et interest-bearing debt* was NOK 186m at the end of Q1 m f
• ash position of NOK 148m at the end of Q1 (restricted cash was NOK 10m) C f 1 m f ( c c m)
• Continuing cash generation expected going forward

• 1. Operational and financial highlights
• 2. This is EQVA ASA
• 1. EQVA Industrial Solutions

Enclosure

• Consolidated financial statements

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

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

We target acquisitions of companies that strategically align with our business model and investment platforms. 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.

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

EQVA – a leading Norwegian compounder company on Oslo Stock Exchange

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

Renewables

Our strategy Five reasons to invest in EQVA ASA

Objective

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

A decentralized business model with effective governance models, active ownership and proven management. Rapid and flexible decision-making, close to customers and suppliers

A clear focus on performance facilitates selffinanced, long-term growth, 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. Asset light business model.

Sustainable business.

Sustainability characterizes the entire business and creates conditions for longterm profitability and growth. We are an active partner helping our customers to decarbonize.

		Key target
Target of yearly average 10- 15% growth of revenue and EBITA over a business 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 ESG goals

Building an industrial platform for growth and value creation

A two-year journey so far – substantial shareholder value created

The EQVA share

Share price development and dividends

år	2022	2023	2024	2025-Q2
Start price	2.40	2.94	3.01	4.76
Dividend*	6.18		0.20
End price	2.94	3.01	4.76	4.78
Total return	280.0%	2.4%	64.8%	0.4%
Share price development	22.5 %	2.4 %	58.1 %	0.4 %

Market cap	211.62	216.66	358.86	391.76
Number of shares	72.0m	72.0m	75.4m	82.0m

Top shareholders as of 15 August 2025

Shareholder	Number of shares	Share
NORDIC CORPORATE BANK ASA	24,208,639	29.54%
HAVILA HOLDING AS	10,000,000	12.20%
NINTOR AS	8,729,739	10.65%
ILG AS	8,729,738	10.65%
EGGE & ØEN AS	5,868,359	7.16%
SANDHEI HOLDING AS	2,863,532	3.49%
EMINI INVEST AS	1,290,000	1.57%
HSR INVEST AS	1,290,000	1.57%
INNIDIMMAN AS	1,290,000	1.57%
MP PENSJON PK	1,162,768	1.42%
ERIK ARNESEN HOLDING AS	1,123,288	1.37%
MEDIÅ HOLDING AS	1,123,288	1.37%
HELSENGREEN, IVAR	1,116,402	1.36%
K E INVEST A/S	1,013,743	1.24%
HANDELAND EIGEDOM AS	563,000	0.69%
LBM HOLDING AS	506,330	0.62%
SKOGAN HOLDING AS	496,727	0.61%
MCE HOLDING AS	491,677	0.60%
ELLINGSEN, EVEN MATRE	440,574	0.54%
PISON AS	430,000	0.52%

An M&A Compounder

M&A compounder companies have demonstrated superior valuations the past decade

Sweden serves as a benchmark market, illustrating the potential of the decentralized M&A-driven compounder model.

EQVA is in the early stages of its compounder

Companies employing this strategy have consistently achieved robust growth, sustained profitability, and predictable earnings – contributing to high valuation multiples on the Stockholm Stock Exchange.

Peers EV / EBITA

C cc " -and- "-approach, regularly acquiring smaller businesses at lower multiples compared to their own valuations – creating substantial value (often above 20x EBITA) and investor returns.

Page 16 / 1' P F m (including IMTAS and Kvinnherad Elektro on a 12 m basis). F / 1'

e q v a . n o

Our Board of Directors

Ingrid Due-Gundersen Chair

Executive expertise in the maritime sector. Experience as former CFO and CEO of Havfram and 18 years in the Leif Høegh & Co group and Höegh Autoliners in various financial positions.

Hans Olav Lindal Board member

Seasoned lawyer with expertise in M&A, contract law, corporate law, and financing. He is a former partner at the law firm Thommessen and has substantial board experience from private and listed companies. He currently serves as CEO and Chairman of Gearbulk Shipowning AS.

Tore Schiøtz Board member

Investor and Board Executive with strong industrial background. His previous roles include Managing Partner at Contango Kapital, Group Executive Vice President at Hafslund ASA, Investment Director at Storebrand Spar, and Consultant at Andersen Consulting.

Birthe Cecilie Lepsøe Board member

Birthe Cecilie Lepsøe has work experience from DNB and Grieg Shipping, and specializes in strategy, finance and corporate governance. She brings extensive board experience from both publicly and privately owned companies, including Sparebank 1 SR Bank, Smedvig, GC Rieber, Asco Group, Belships and Nordic Halibut.

Gudmund Øvrehus Board member

Founder of the EQVA subsidiary BKS and brings significant industrial expertise to the board.

Kari Markhus Board member

Employee representative - HSE Coordinator and Document Controller at EQVA subsidiary BKS.

Tomasz Wę Board member

Employee representative - Resource Coordinator and Project Manager at EQVA subsidiary BKS.

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

Enclosure

• Consolidated financial statements

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

EQVA Industrial Solutions – a leading industrial services group

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

EQVA provides multidisciplinary services To industrial customers

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Maintenance and service

c j c Z… … w c c … c …

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. 655 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

e q v a . n o EPma ¹ , fabrication of topside modules, hook-up and integration – Johan Castberg FPSO / Equinor

Market View – macro trends and growth drivers per segment

' f f c m f f m f m c c macro environment is uncertain, although we have yet to see a significant impact on our business.

• Upgrades focusing on energy-saving initiatives
• Shift towards electrification and digitalization
• Increasing demand for domestically produced alloys (historically large import volumes from Russia) Smelters Land-based
  • Focus on ensuring delivery security for clients
  • Uncertain how tariffs will affect investments

• 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

• Increasing activity related to land-based facilities
• Customers prefer full-service suppliers
• EQVA is opportunistic regarding aquaculture going forward

• 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

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Industrial Solutions segment

Capitalising on strong order book – increasing volumes and margins

• YTD revenue growth of NOK 258m (57%) and EBITDA growth of NOK 31m (86 %) compared to last year
  • Organic growth in BKS revenues up 6 % and EBITDA up 22 %
  • Acquisitions of Kvinnherad Elektro and IMTAS Group
• High activity levels on ongoing projects
• Strong order intake and orderbook gives traction to sustain high activity level going forwards
• Continued improvement of EBITDA margins compared to last year

Amounts in NOK million

Quarterly pro-forma development | EQVA Industrial Solutions

Continuous effort to perform value creating activity (both organic and through M&A)

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

Appendix

Bridge – Reported to Pro Forma YTD

Pro forma includes accounting effects of M&A

(NOK 1,000)

* The IMTAS transaction was completed at the end of March. According to IFRS, performance must be recognized from the transaction date. To show the consolidated group as starting from January 1 we have included IMTAS.

** On March 26, EQVA divested its ownership in Vassnes Group for NOK 10 million. The gross profit from the sale (37,6 MNOK) is significant - mainly due to the demerger effect from previously reported negative equity value in Vassnes (per Q4 24). The accounting profit from the sale (less operational P&L for Vassnes for the period) is presented as discontinued operations on next slide.

Consolidated statement of profit and loss

(NOK 1,000)

Consolidated statement of financial position

(NOK 1,000)

ASSETS	Note	YTD 2025	2024	EQUITY AND LIABILITIES	Note	YTD 2025	202
		Unaudited	Audited			Unaudited	Audite
				Equity
Non-current assets				Share capital	7	4 073	377
Deferred tax benefit		19 621		Share premium reserve		246 030	211 63
				Treasury shares	7	-9	-2
Goodwill		277 042	281 615	Retained earnings		127 531	102 27
Licenses, patents and R&D		91 906	27 764	Non-controlling interests		8 113	-5 65
Property, plant and equipments		143 831	116 234	Total equity		385 740	312 00
Right of use assets	9	56 394	18 898	Non-current liabilities
Other non-current receivables		16 868	8 896	Deferred tax liability	6	O
				Lease liabilities	8,9	42 596	15 73
Total non-current assets		605 661	453 408	Loans and borrowings	8	208 578	94 59
				Other long-term liabilities	8	45 027	24 00
Current Assets				Total non-current liabilities		296 201	134 33
Inventory		15 242	21 281	Current liabilities
				Accounts payables		116 871	88 33
Accounts receivables		278 479	175 343	Tax payables	6	O	84
Other current receivables		28 079	17 037	Public duties payables		80 698	69 30
Contract assets customer contracts		72 989	62 828	Loans and borrowings, current	8	71 406	87 90
		125 928	99 377	Contract liabilities		11 919	5 16
Cash and cash equivalents				Lease liabilities, current	8,9	6 909	4 38
Total current assets		520 717	375 865	Other current liabilities Total current liabilities		156 635 444 438	127 00 382 93
				Total liabilities		740 639	517 27
TOTAL ASSETS		1 126 378	829 273	TOTAL EQUITY AND LIABILITIES		1 126 378	829 27

Sustainability is key to our continued growth Key ESG highlights

• ESG is integrated into our corporate governance structures and the strategies of our portfolio companies'
• We are embedding sustainable practices across all areas of our operations while maintaining transparency in our reporting.
• EQVA aims to have a strong ESG view, and a strategic priority is to increase the quality of its sustainability reporting initiatives in 2025

ESG update

• ESG report 2024 was published on EQVA's web pages in Q1 2025
• Our ESG management system has now been implemented, and we are currently working on entering the data and information that will form the basis for our upcoming reporting.
• Following the acquisition earlier this year of IMTAS and Austevoll Rørteknikk, EQVA now falls within the scope of the CSRD. We have prepared for full reporting in accordance with the ESRS, which will further strengthen the level of detail in our sustainability disclosures. We look forward to accelerating our progress going forward.

Clear acquisition criteria ensure accretive acquisitions

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

' c c 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

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EQVA Industrial Solutions in brief – strong historic organic growth

S c f m 1 c m m

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 three company groups 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 640 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:

Fossberg Kraft in brief

Develops, owns and operates small and specialised hydropower plants

Company highlights

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• 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.
• " ff" m U m f f c m 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

6 plants Successfully constructed & sold

9 plants Under operations management

Approx. 14 GWh/year in potential new capacity From 2 plants ready for construction

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 " - ff" • 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 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

Portfolio, GWh/year

agreement

operations and maintenance

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A specialised small-scale hydropower plant developer

Proven experience from successful hydropower development

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

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