M Vest Water As · OSL:MVW
M Vest Water As — Q2 2026 Earnings Presentation
21 slides from M Vest Water As's earnings presentation, 2026
Slide 1: Second Quarter 2026 Report
SECOND QUARTER 2026 REPORT Presented by: Tor Olav Gabrielsen, Executive Chairman Morten Hilton Thomassen, CFO
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Please read this presentation together with the published financial report. FORWARD-LOOKING UNCERTAINTY FULL DISCLAIMER INFORMATION This presentation contains forward- Actual outcomes may differ The full disclaimer is included at the looking information based on materially. Futu
Slide 3: Agenda
AGENDA 01 Highlights 02 Our Technology 03 Business Update 04 Financial Review 05 Financial Outlook 06 Q&A-session M VEST WATER 3
Slide 4: Highlights
HIGHLIGHTS NOK 15.7m 27% 36% NOK 100–150m Total revenues 1H/YTD 2026 YoY Revenues 1H/YTD 2026 YoY Q2 ARR growth Aqua ARR target (2028-2030) AQUACULTURE OIL & GAS DREDGING First order from newly built salmon SAR Mongstad, increased METHA pilot completed, slaughterhouse, third and largest in NORWAFLOC
Slide 5: The Water Treatment Paradox
THE CHALLENGE THE WATER TREATMENT PARADOX 80% of the world’s wastewater is released without treatment 1–3 million tons of microplastics enter the environment every year PARADOX Conventional methods may leave nano and microplastics in nature M VEST WATER
Slide 6: Products and Solutions
PRODUCTS AND SOLUTIONS Supporting Industries Solving Water Pollution Challenges Circular Economy Natural-based Treatment NORWAFLOC® NORWAPOL® TOTAL SOLUTION Natural-based flocculants and Polishing process that removes Products, equipment and coagulants designed to replace particles, oil droplets and
Slide 7: Key Industries
KEY INDUSTRIES OIL & GAS DREDGING AQUACULTURE Reduce oil discharge Replace synthetic Reduce discharge to Re-use produced water chemicals sea Lower water Improve dewatering Reuse bio-waste consumption Enable sludge reuse Support fish health GLOBAL DEMAND LARGE IN SIZE STRICT REGULATIONS HIGH GROWTH M
Slide 8: Proven Applications in Norway
OIL & GAS PROVEN APPLICATIONS IN NORWAY Q2 2026: Increased NORWAFLOC® consumption, Higher ARR STURETERMINALEN SAR MONGSTAD Produced water treatment Slop water treatment plant NORWAPOL® application combining NORWAFLOC® NORWAFLOC® for DAF, polishing and clarifier with AFM applications Successful opera
Slide 9: Why the Middle East?
OIL & GAS WHY THE MIDDLE EAST? DRIVERS Water Stress and Regulation Create Strong Incentives to Optimize Water Use Reuse for EOR, Water Scarcity, Regulations MARKET ACCESS ETS collaboration, US qualification SCALE Safaniya Oil Field 30% of Norwegian Continental Shelf M VEST WATER
Slide 10: Pilot in Saudi Postponed Due to Geopolitical Situation
OIL & GAS PILOT IN SAUDI POSTPONED DUE TO GEOPOLITICAL SITUATION The qualification process remains strategically important MAR 2025 JUN 2025 FEB 2026 JUL 2026 Qualification Re-scheduled to Q1 Equipment on site, Original pilot start announced 2026 awaiting situation in region M VEST WATER
Slide 11: A Stepwise Path from Partial to Full Substitution
DREDGING A STEPWISE PATH FROM PARTIAL TO FULL SUBSTITUTION REGULATORY SHIFT German regulations is moving towards zero tolerance for synthetic chemicals 100% SUBSTITUTION MVW’s solution replaces synthetic chemicals CIRCULAR VALUE Enables reuse of sludge in landfill and landscaping M VEST WATER
Slide 12: METHA - Long-Term Pilot Successfully Completed
DREDGING METHA - LONG-TERM PILOT SUCCESSFULLY COMPLETED Pilot delivered improvements in both treatment results and operational performance compared to the plant’s existing products 2022 2024 2025 2026 Full-scale Test Technological Long-term Final Qualification Test 25% Substitution Breakthrough Qual
Slide 13: A Regulation-Led Market Opportunity
AQUACULTURE A REGULATION-LED MARKET OPPORTUNITY NORWAFLOC® is effective in saltwater applications and can be combined with DAF and dosing systems REGULATION Norwegian salmon slaughterhouses - new BAT-AEL requirements FIRST-MOVER POSITION A market with limited knowledge and solutions MARKET LEADER Q2
Slide 14: A Defined Norwegian Market
AQUACULTURE A DEFINED NORWEGIAN MARKET The compliance timeline gives visibility into customer needs and investment decisions 45 Slaughterhouses require BAT-AEL by 2028- 2030 NOK 100–150m estimated annual recurring revenue potential NOK 300–500m estimated compliance investments M VEST WATER
Slide 15: Opportunities
OPPORTUNITIES Products with a wide range of applications and potential markets and segments Produced Water Dredging (small scale) Salmon Sand & Gravel Slop water Dredging (large scale) Slaugherhouses Sewage Sludge Oil terminales/ Fishmeal factories Agri-food refineries Land-based farming Mining Data
Slide 16: MVW launches its 2026 Product Catalogue in Sept
MVW launches its 2026 Product Catalogue in Sept, together with product sample kits available for ordering. The catalogue features the full NORWAFLOC® product range, including technical specifications, application areas, delivery options, and other key product information.
Slide 17: Financial Review - Key Figures
FINANCIAL REVIEW - KEY FIGURES KEY FIGURES (in NOK 1000) Q2 2026 1H/YTD 2026 Q2 2025 1H/YTD 2025 REVENUES 9862 15743 8029 12367 EBIT (2510) (8069) (3476) (8863) EBITDA (1672) (6401) (2684) (7294) PROFIT/(LOSS) BEFORE TAX (2770) (8395) (3775) (9312) OPERATING CASH FLOW (5217) (7517) (6194) (12199) TO
Slide 18: Financial Review - Revenues
FINANCIAL REVIEW - REVENUES NOK 9.9m NOK 15.7m 27% 36% Total revenues Q2, 2026 Total revenues 1H, 2026 YoY Revenue Growth 1H 2026 YoY ARR Growth, Q2 Aquaculture Oil&Gas Other Chemical Revenues ARR MNOK20 MNOK6 MNOK5 MNOK15 MNOK4 MNOK10 MNOK3 MNOK2 MNOK5 MNOK1 MNOK0 MNOK0 1H/YTD 2025 1H/YTD 2026 2Q 2
Slide 19: Financial Outlook
FINANCIAL OUTLOOK 80% NOK 100-150m NOK 300-500m NOK 30m Q2 Revenues from Aqua Estimated ARR Aqua 28-30 Compliance Investments Aqua Baseline 2026 Revenues AQUACULTURE GROWTH STRATEGY Primary growth driver CAPITAL-LIGHT AND SCALABLE BUSINESS MODEL Profitable standalone segment Strong market visibility
Slide 20: Thank You Q&A
THANK YOU Q&A M Vest Water AS Espehaugen 48, Bergen
Slide 21: Disclaimer
Disclaimer This Company Presentation (the “Presentation”) has been produced by M Vest Water (the “Company” or "MVW"). The Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to