Slide 1: EQVA ASA First quarter report 2025
EQVA ASA A leading Norwegian compounder company on Oslo Stock Exchange main list First quarter report 2025 16 May 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-
Slide 2: Presenting team
Presenting team Even Matre Ellingsen CEO Former Group CEO in Astrup Fearnley. Extensive experience from both regulated and non-regulated businesses. 15 years with Pareto and 10 years with Astrup Fearnley Petter Sørdahl CFO 15+ years of experience from audit, financial markets, M&A and business devel
Slide 3: Disclaimer
Disclaimer This presentation by EQVA ASA is designed to provide a high-level financial update of EQVA and subsidiaries operations as of Q1-2025 The material set out in this presentation is current as of March 31, 2025. This presentation contains forward-looking statements in relation to operations o
Slide 4: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 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
Slide 5: This is EQVA
THIS IS EQVA 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 wi
Slide 6: EQVA – a leading Norwegian compounder company on Oslo Stock Exchange
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. 100% 100% 100% Real estate Renewables A fully integrated system supplier of Develops, owns and operates small Owns and rents ou
Slide 7: Our strategy: Five reasons to invest in EQVA ASA
Our strategy Five reasons to invest in EQVA ASA Objective Established a growth A decentralized business A clear focus on Strong financial position, Sustainable business. strategy focused on model with effective performance facilitates strong cash flow from Sustainability characterizes the organic gr
Slide 8: Building an industrial platform for growth and value creation
Building an industrial platform for growth and value creation A two-year journey so far – substantial shareholder value created March 2024 May 2024 February 2025 Divests Havila Charisma ownership, Launches EQVA Acquisition of IMTAS freeing up important resources Industrial Solutions (EIS) Group Octo
Slide 9: The share
EQVA ASA The share EPS Dividend NOK +0.48 (Q1 2025) NOK 0.2 per sh. (2024) NOK +0.40 (Full Year 2024) NOK –0.33 (Full Year 2023) New bank facility allows for dividend* Total Return** The Share Number of shares: 81,0 million 2022 2023 2024 Q1-25 Market cap: NOK 405 million 99 % NIBD: NOK 186 million
Slide 10: An M&A Compounder
An M&A Compounder M&A compounder companies have demonstrated superior valuations the past decade Companies employing this strategy have Central to their success is a targeted “buy-and- Sweden serves as a benchmark market, illustrating consistently achieved robust growth, sustained build”-approach, r
Slide 11: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 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
Slide 12: Pro Forma Key highlights
Pro Forma Key highlights Last Twelve Months (LTM) Key highlights – Last Twelve Months (LTM) * NOK 1 534m NOK 132m NOK 186m Operating revenue LTM EBITDA LTM Net IBD NOK 378m 1,4x** NOK 881m Book Value Equity Net Leverage Order book Our segments Industrial Solutions Renewables Real Estate End-markets
Slide 13: Strategic highlights Q1 2025
Strategic highlights Q1 2025 Delivering on all our strategic priorities EQVA Industrial Solutions delivers record revenue, a strong EBITDA (NOKm 34 Q1 Pro Forma) and record high cash position end of Q1 Major improvement Y/Y on sales, margins, cash flow and profit. NIBD of NOK 186 million including l
Slide 14: Highlights Q1 2025
Highlights Q1 2025 Strong operations and M&A activities drive record revenue growth and margin uplift Strong operational performance mainly driven by the Industrial Solutions Q1 2025 - group figures segment with volume increase and multiple contracts secured. (unaudited, pro-forma*, amounts in NOKm)
Slide 15: Segment overview
Segment overview Key financial figures – Q1 2025 • EBITDA margin at 15.7 % for EQVA Group and 9,5% for Industrial Solutions • Strong revenue growth in Industrial Solutions segment, driven by organic growth in BKS and acquisitions of Kvinnherad Elektro and IMTAS • Improved EBITDA margin to 9.5% in In
Slide 16: Orderbook remains solid
Orderbook remains solid Supports continued optimistic outlook in turbulent market sentiment NOK in million NOK million Equity • Industrial Solutions orderbook at approx. NOK 881 million Goodwill • BKS Group orderbook at NOK 640 million • IMTAS orderbook at NOK 188 million • Kvinnherad Elektro orderb
Slide 17: Strong financial position
Strong financial position Balance sheet as of 31 March 2025 NOK million • Equity ratio of 35 % at the end of Q1 NOK in million 1,067 1,067 • Net interest-bearing debt* was NOK 186m at the end of Q1 • Cash position of NOK 148m at the end of Q1 Intangible 370 Equity assets (restricted cash was NOK 10m
Slide 18: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 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
Slide 19: EQVA Industrial Solutions (EIS) – a leading industrial services group
EQVA Industrial Solutions (EIS) – a leading industrial services group EIS is growing, expanding both geographically and in service scope, with two recent milestone acquisitions A decentralized business model with effective corporate governance models and active ownership. Rapid and flexible decision
Slide 20: Market View – macro trends and growth drivers per segment
Market View – macro trends and growth drivers per segment EIS and its diverse portfolio of companies are poised to benefit from favorable macro trends. However, the current macro environment is uncertain, although we have yet to see a significant impact on our business. • Increased activity related
Slide 21: Industrial Solutions segment
Industrial Solutions segment Capitalising on strong order book – increasing volumes and margins Revenue EBITDA • Significant contribution to overall EQVA performance with 363,2 34,4 revenue growth of NOK 153m (73%) and EBITDA growth of NOK 18m (114 %) compared to last year 210,5 • Strong organic gro
Slide 22: Quarterly pro-forma development | EQVA Industrial Solutions
Quarterly pro-forma development | EQVA Industrial Solutions Continuous effort to perform value creating activity (both organic and through M&A) Revenue (quarterly) EBITDA (quarterly) (pro forma included entities from quarter when acquisition announced) (pro forma included entities from quarter when
Slide 23: EQVA Industrial Solutions in brief – strong historic organic growth
EQVA Industrial Solutions in brief – strong historic organic growth 73% y/y increased sales, EBITDA margin up y/y from 7.6% to 9.5% Company highlights Financial performance Revenues, NOKm • EQVA Industrial Solutions aims to be the preferred provider of EBITDA, NOKm industrial services for the mariti
Slide 24: Thank you
Thank you IR: Please direct any questions to petter.sordahl@eqva.no Page 24
Slide 25: Appendix
Appendix Page 25
Slide 26: Bridge – Reported to Pro Forma Q1 2025
Bridge – Reported to Pro Forma Q1 2025 Pro forma includes accounting effects of M&A. (NOK 1,000) Q1 2025 IMTAS Q1* Sale Vassnes** Q1 2025 ProForma Unaudited Adjusted for discontinued operation Revenues 253 077 110 507 0 363 584 Other operating revenues 0 0 37 608 37 608 Operating income 253 077 110
Slide 27: Consolidated statement of profit and loss
Consolidated statement of profit and loss YTD March 31, 2025 (NOK 1,000) Q1 2025 Q1 2024 Unaudited Unaudited Adjusted for discontinued operation Revenues 253 077 219 509 Other operating revenues 0 38 564 Operating income 253 077 258 073 Materials and consumables 113 099 106 547 Payroll expenses 98 3
Slide 28: Consolidated statement of financial position
Consolidated statement of financial position March 31, 2025 ASSETS Q1 2025 2024 EQUITY AND LIABILITIES Q1 2025 2024 Unaudited Audited Unaudited Audited Equity Non-current assets Share capital 4 051 3 770 Deferred tax benefit 10 639 0 Share premium reserve 239 771 211 632 Goodwill 277 002 281 615 Tre
Slide 29: Sustainability is key to our continued growth
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. •
Slide 30: Clear acquisition criteria ensure accretive acquisitions
Clear acquisition criteria ensure accretive acquisitions EQVA will utilize funds to acquire complementary companies to broaden its product offering EQVA’s acquisition criteria Comments Strategy Operational criteria Financial criteria • Through EIS, EQVA seeks to acquire industrial service companies
Slide 31: Our Board of Directors and top shareholders
Our Board of Directors and top shareholders Board of Directors Top shareholders as of 5 May 2025 Ellen Hanetho Anne Bruun-Olsen Tore Schiøtz Chair Board member Board member 20+ years of financial Senior Partner Investor and Board & strategic business Cushman & Wakefield Executive with strong develop
Slide 32: EQVA Industrial Solutions in brief
EQVA Industrial Solutions in brief Proven track record of successful projects spanning various industrial sectors and serving a wide range of clients Company highlights Service offering by sector • EQVA Industrial Solutions provides service and maintenance to the Norwegian Offering Example projects
Slide 33: EQVA Industrial Solutions (EIS) is a provider of multidisciplinary services to industrial customers
EQVA Industrial Solutions (EIS) is a provider of multidisciplinary services to industrial customers EIS can deliver projects from A to Z… …providing a broad range of services… … with a proven track record Industrial Solutions & Services 1 Design and engineering • Engineering • Pipe systems • Load-be
Slide 34: Case Study: BKS on framework agreement with OneSubsea for Ormen Lange
Case Study: BKS on framework agreement with OneSubsea for construction to Ormen Lange field Shell to increase production from the Ormen Lange field. Increased value of production NOK 80 bn. Ormen Lange Subsea Development 120 km from shore, 900 m depth, water temperature below freezing point, operate
Slide 35: Case study: Green Zinc Odda
Case study: “Green Zinc Odda” Expansion at Boliden Odda Project Description BKS’ deliveries EQVA is taking on several contracts The project at a glance • Boliden is expanding the world´s most climate- BKS Industri was awarded the main contract, • The main contract is a time-and-material-based effect
Slide 36: EQVA Finance & Analytics
EQVA Finance & Analytics A competence centre Legal & At EQVA, we believe that bringing together our administrative EQVA Compliance and support functions into a shared competence environment Academy (legal operational can contribute to: support, taxes & Procurement (training / (procurement / duties)
Slide 37: EQVA Eiendom owns a 33,000 sqm. industrial area
EQVA Eiendom owns a 33,000 sqm. industrial area Strategic location in Sunde, Kvinnherad, with BKS Industri as the main tenant Building area Nr Property (sqm) 6 1 Weather protected storage and quay area 480 5 7 8 2 Production hall with cloakroom, office and canteen 1,020 3 2 9 3 Office and wardrobe 1
Slide 38: Fossberg Kraft in brief
EQVA RENEWABLES Fossberg Kraft in brief Develops, owns and operates small and specialised hydropower plants Company highlights Value creation illustration Engineering, development and • Fossberg Kraft, founded in 2018, constructs, owns and operates small- Plant sourcing Operations construction scale
Slide 39: A specialised small-scale hydropower plant developer
EQVA RENEWABLES A specialised small-scale hydropower plant developer Proven experience from successful hydropower development Sourcing, Development & Engineering Construction management Operations Ljotå Kraftverk, Bjørnafjorden kommuna Fossberg Kraft has successfully constructed and sold four power