Slide 1: EQVA ASA Fourth quarter report 2024
EQVA ASA A main-board listed Norwegian Compounder Company Fourth quarter report 2024 27 February 2025 EQVA is a company group that specializes in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies
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 fourth quarter 2024. The material set out in this presentation is current as of February 2025. This presentation contains forward-looking statements in relation to
Slide 4: Eqva Q4 2024 | Status and outlook
Eqva Q4 2024 | Status and outlook Progressing through steady, incremental changes EQVA secures landmark business combination with IMTAS Group The announced acquisition of IMTAS Group expands our geographical area of operations, diversifies customer and revenue streams, and strengthens our overall se
Slide 5: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group Enclosure • Consolidated financial statements Page 5
Slide 6: About EQVA
ABOUT EQVA EQVA is a company group that specialises in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service & solutions to leading industrial companies We are dedicated to long-term ownership, focused on creating value through sustainable development, grow
Slide 7: Our strategy / Reasons to invest in EQVA ASA
Our strategy 5 Reasons to invest in EQVA ASA Objective Established 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 grow an
Slide 8: 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 9: The share
EQVA ASA The share EPS Dividend NOK +0.47 (2024) NOK 0.2 per sh. (2024) (NOK –0.33 in ’23) New bank facility allows for dividend * Total Return The Share Number of shares: 75.4 million 2022 2023 2024 ’22-24 Market cap: NOK 392 million 99 % NIBD: NOK 99 million Norwegian 304% 2.4% 65% 488% investors
Slide 10: Building an industrial platform for growth and value creation
Building an industrial platform for growth and value creation A two-year journey so far – shareholder value created – total return > 400% June 2023 March 2024 May 2024 February 2025 Strategy update, hinting at Divests Havila Charisma ownership, Launches EQVA Acquisition of IMTAS separate listing of
Slide 11: EQVA ASA at a glance
EQVA ASA at a glance EQVA - A main-board listed Norwegian Pro Forma Key highlights – Last Twelve Months (LTM) * Compounder Company focusing on Industrial Services • EQVA ASA (OSE: “EQVA” – main board), EQVA is a company NOK 1 299m NOK 88m NOK 99m group that specialises in acquiring and developing ti
Slide 12: A main-board listed Norwegian Compounder Company
EQVA ASA – A main-board listed Norwegian Compounder Company 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 Develops, owns and operates Owns and rents out production supplier of te
Slide 13: EQVA Industrial Solutions – establishing a leading industrial services group
EQVA Industrial Solutions – establishing 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 as well as proven man
Slide 14: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group Enclosure • Consolidated financial statements Page 14
Slide 15: YTD Highlights – Solid operational performance
EQVA GROUP YTD Highlights – Solid operational performance 65% y/y revenue growth and increased profits 2024 - key figures Solid operational performance in EQVA, driven by volume increase and improved sales and (unaudited, amounts in NOK) margins in the Products, Solutions & Renewables segment Robust
Slide 16: Segment overview
Segment overview Key financial figures - 2024 *Includes effects from sale of Havila Charisma. • EBITDA margin at 7.3 % for EQVA Industrial NOKm Renewables Real Estate Other* Elim. EQVA Group Group Solutions • Strong revenue growth in Industrial Revenues 1 033.6 33.0 7.5 39.1 - 9.5 1 103.6 Solutions
Slide 17: Industrial Solutions segment
Industrial Solutions segment Capitalising on strong order book – increasing volumes and margins Revenue EBITDA • Significant contribution to overall EQVA performance with Full year Full year revenue growth of 67% and EBITDA growth of 145 % 77,8 1 033,6 compared to last year • Strong organic growth i
Slide 18: 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 770 million Goodwill • BKS orderbook at NOK 620 million • Kvinnherad Elektro and Vassnes combined orderbook at NOK 150 million
Slide 19: Strong financial position
Strong financial position Balance sheet as of 31 December 2024 NOK million • Equity ratio of 37 % at the end of Q4 NOK in million 853 853 • Net interest-bearing debt* was NOK 99m at the end of Q4 Intangible 301 313 Equity assets • Cash position of NOK 99m at the end of Q4 (unrestricted cash was NOK
Slide 20: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group Enclosure • Consolidated financial statements Page 20
Slide 21: EQVA Industrial Solutions in brief – strong historic organic growth
EQVA Industrial Solutions in brief – strong historic organic growth 67% y/y increased sales, EBITDA up y/y from 5.1% to 7.5% Company highlights Financial performance Revenues, NOKm • EQVA Industrial Solutions aims to be the preferred provider of EBITDA, NOKm industrial services for the maritime, off
Slide 22: Q4 '24 highlights | EQVA Industrial Solutions
EBITA: Operational result after depreciations, before amortizations Q4 ’24 highlights | EQVA Industrial Solutions Continuous effort to deliver on key performance metrics Profitability (EBITA-margin) Cash & Growth return (EBITA/TWC) * Management comments Target: >7% Target: >40% We hold a continuous
Slide 23: 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 • Increased activity related to the upgrade and modernization of existing smelters • Increased demand for full-service deliveries • Upgrades focusing
Slide 24: EQVA Industrial Solutions 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 25: 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 26: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group Enclosure • Consolidated financial statements Page 26
Slide 27: 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 28: 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
Slide 29: Agenda
Agenda 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions 4. EQVA Renewables – Short update 5. Acquisition of IMTAS Group Enclosure • Consolidated financial statements Page 29
Slide 30: EQVA secures landmark business combination with IMTAS
ACQUISITION OF IMTAS GROUP EQVA secures landmark business combination with IMTAS Expanding into Northern Norway Landmark acquisition of Establishing a leading Combined group with Accretive acquisition New financial agreement IMTAS Group industrial services highly attractive profile terms in place gr
Slide 31: IMTAS Group at a glance
ACQUISITION OF IMTAS GROUP IMTAS Group at a glance IMTAS Group has a long track record of profitable growth within a diversified set of segments • IMTAS is a complete supplier in the areas of engineering, fabrication, installation and maintenance • Founded in 2006. H.Q. in Mo i Rana, PROCESS INDUSTR
Slide 32: IMTAS Group is known for its high-quality services
ACQUISITION OF IMTAS GROUP IMTAS Group is known for its high-quality services and its solid customer base in the North of Norway Page 32
Slide 33: The combined group will offer a highly attractive profile for industrial customers
ACQUISITION OF IMTAS GROUP The combined group will offer a highly attractive profile for industrial customers EQVA Industrial Solutions IMTAS Group Page 33
Slide 34: Expanding the geographic markets in Norway
ACQUISITION OF IMTAS GROUP Expanding the geographic markets in Norway Main market is Northern Norway Main market is Southern Norway Sunde (HQ), Sotra, Austevoll, Stord, Odda, Rosendal, Ølen, Bergen and Oslo Page 34
Slide 35: Establishing an even stronger multidisciplinary industrial service group
ACQUISITION OF IMTAS GROUP Establishing an even stronger multidisciplinary industrial service group EQVA Coordination- Industrial and Solutions investment- (EIS) platform EQVA Finance BKS Power & IMTAS and Group Automation Group Analytics Page 35
Slide 36: EQVA and IMTAS join forces to strengthen position as a provider of industrial services
ACQUISITION OF IMTAS GROUP EQVA and IMTAS join forces to strengthen position as a provider of industrial services Strengthened supplier Attractive for industrial Complementary services and position customers markets The business combination is of high strategic After the merger, EQVA Industrial Solu
Slide 37: A complementary service portfolio
ACQUISITION OF IMTAS GROUP A complementary service portfolio EQVA Industrial IMTAS Group Solutions Engineering Project management Pipe systems Load-bearing structures Plate / Welding Mechanical solutions / machining Fabrication Surface treatment Non-destructive testing Tank systems Cooling and heati
Slide 38: Summary
ACQUISITION OF IMTAS GROUP Summary EQVA is expanding with its largest acquisition to date – Bringing our success in the South to the North of Norway The acquisition of IMTAS provides both geographical expansion and revenue diversification for EQVA Expected accretive 2024e EV/EBITDA multiple of 4.8x
Slide 39: Thank you
Thank you IR: Please direct any questions to petter.sordahl@eqva.no Page 39
Slide 40: Appendix
EQVA Appendix \S Page 40
Slide 41: Consolidated statement of profit and loss
Consolidated statement of profit and loss YTD December 31, 2024 (including Kvinnherad Group from Q4) (NOK 1,000) FY 2024 FY 2023 Unaudited Audited Revenues 1 095 298 659 340 Other operating revenues 8 350 10 846 Operating income 1 103 649 670 186 Materials and consumables 534 292 275 452 Payroll exp
Slide 42: Consolidated statement of financial position
Consolidated statement of financial position December 31, 2024 (including Kvinnherad Group from Q4) EQUITY AND LIABILITIES FY 2024 FY 2023 ASSETS FY 2024 FY 2023 Unaudited Audited Unaudited Audited Equity Share capital 3 770 3 599 Non-current assets Share premium reserve 211 632 195 175 Deferred tax
Slide 43: Sustainability is key to our continued growth
Sustainability is key to our continued growth Key ESG highlights • ESG is integrated in corporate governance structures and our companies' strategies • We work proactively with our stakeholders in the transition process • EQVA aims to be a frontrunner on ESG, and a strategic priority is to increase
Slide 44: 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 45: Case Study: BKS on framework agreement with OneSubsea for Ormen Lange field
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 46: 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 47: 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 33 Office and wardrobe
Slide 48: Our Board of Directors and top shareholders
Our Board of Directors and top shareholders Board of Directors Top shareholders as of 17 February 2025 Shareholders Number of shares Ownership Nordic Corporate Bank ASA 15,920,716 21.12% Havila Holding AS 10,000,000 13.26% Nintor AS 8,729,739 11.58% ILG AS 8,729,738 11.58% Ellen Hanetho Anne Bruun-O