2025 - ERRIA Annual Report Presentation

Presentation

of Annual Report 2025

ERRIA A/S

Brogade 7B, st. th

DK-4600 Køge

CVR No: 15 30 05 74

Financial period:

1 January - 31 December 2025

Telephone: +45 3336 4400 Email: info@erria.dk Website: www.erria.dk

2025 PRESENTAT ION OF ANNU AL REPOR T / TABLE OF CONTENTS 1

250

230

210

REVENUE (DKKm)

215.2

190

170

150

130

110

90

70

50

201.2

189.4

157.9

59.1

2021 2022 2023 2024 2025

2025 PRESENTAT ION OF ANNU AL REPOR T / ERRIA IN BRIEF 2

Erria is a listed Nordic-Asian maritime services platform.

The Group provides specialized technical services, compliance-driven maritime operations and selected product solutions across Denmark, Vietnam and Singapore.

Founded in 1992 and listed on Nasdaq First North Growth Market Denmark since 2007, Erria has evolved from a traditional shipping company into a capital-light, multi-segment maritime services group. The Group operates five complementary business units, serving blue-chip clients across the offshore energy, container shipping and maritime infrastructure sectors.

Erria's operating model prioritizes service expertise and recurring operational contracts over vessel ownership. This approach generates strong returns on invested capital, supports resilient earnings through market cycles and allows the Group to grow without the capital intensity of asset-heavy maritime businesses.

EBIT (DKKm)

14

12

10.4

10

12.1

8

9.1

6

6.8

4

2 1.2

0

2021

2022

2023

2024

2025

Maritime Services

Denmark

Revenue DKK 215.2m

Erria Container Services

Vietnam

EBITDA DKK 12.0m

23

EQUITY (DKKm)

18

13

8

7.8

3

-2

-7

-12

2021

2022

2023

2024

2025

Net Profit DKK 8.0m

Mermaid Maritime

Vietnam

ROIC 43.1%

Equity DKK 23.3m

Cathay Seal

Singapore

Employees 165

Business Units 5

Nordic Marine Partner

Denmark

Geographic offices Nordics and Southeast Asia

Operating markets Global

2025 PRESENTAT ION OF ANNU AL REPOR T / ERRIA IN BRIEF 3

Shareholder Structure

Erria A/S's shareholder distribution shows Harbour Group Holding ApS as the largest shareholder with 22.8%. The top ten shareholders collectively hold more than two-thirds of the shares.

• Harbour Group Holding ApS: 22.8%

• Omnibus on behalf of clients: 16.3%

• Citibank Europe Plc.: 13.1%

• Safe Haven ApS: 6.1%

• Henrik N. Andersen (CEO): 3.9%

• Other: 37.8%

Why invest in Erria

Five consecutive years of profitable growth, with equity rebuilt from negative DKK 11.7m to positive DKK 23.3m in four years.

Citibank

Europe Plc.

Omnibus on behalf of clients

Safe

Haven ApS.

13.1%

16.3%

6.1%

Henrik N. Andersen

(CEO)

3.9%

22.8%

37.8%

Other

Share Information

Listed exchange: Nasdaq First North

Ticker symbol: ERRIA

ISIN code: DK0060101483

Bloomberg code: ERRI:DK

Reuters code: ERRIA.CO

Number of shares (31 Dec 2025): 12,287,792

Market cap (31 Dec 2025): DKK 48,413,900.48

Shareholder return 2025: 19.4%

Capital-light operating model generating ROIC of 43.1%,

well above the estimated sector cost of capital of 8-12%.

Diversified portfolio of five complementary maritime service

businesses across Denmark, Vietnam and Singapore.

Anchor contract with Ørsted and long-term relationships with Maersk Line providing structural revenue visibility across market cycles.

Active and disciplined acquisition programme with three transactions completed in four years and a growing pipeline of opportunities.

5.00 kr

4.50 kr

4.00 kr

Harbour Group Holding ApS.

Financial Calendar

26-Aug-25 Half-Year Result 23-Oct-25 Q3 Trading Update 25-Mar-26 Annual Report

08-Apr-26 AGM

03-May-26 Q1 Trading Update 1G-Aug-26 Half-Year Result 30-Oct-26 Q3 Trading Update

Certified Adviser

Norden CEF A/S Kongevejen 365 DK-2840 Holte Denmark

Hotline: +45 20 72 02 00

3.50 kr

3.94 DKK

Shareholder

return 2025

19.4%

3.00 kr

2.50 kr

2.00 kr

Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25

2025 PRESENTAT ION OF ANNU AL REPOR T / EQUITY STORY 4

Equity Story

PRESENTAT ION OF 2025 ANNU AL REPOR T / EQUITY STORY 5

Erria does not compete on vessel ownership. The Group competes on expertise, relationships and operational execution - assets that do not depreciate in the same way as a ship, and that compound in value over time.

This model has a direct consequence for capital efficiency. With limited fixed-asset investment required to grow the business, incremental revenue converts to earnings and free cash flow at a significantly higher rate than in asset-heavy maritime businesses. Erria's ROIC of 43.1% in 2025

- well above the sector's estimated cost of capital of 8-12% - reflects this structural advantage

clearly.

43.1%

ROIC in 2025

Well above the sector cost of capital of 8-12%

Recurring service contracts underpin the revenue base. The Group's three largest revenue relationships are with Ørsted, Maersk Line and the Vietnamese offshore energy sector - each representing structured, long-term operational partnerships rather than spot market exposure. This creates earnings visibility and reduces cyclicality.

The acquisition of Nordic Marine Partner in September 2025 further illustrates the model.

A technical asset management business with established client relationships and a specialist team, acquired at a multiple consistent with Erria's return requirements, funded through a combination of cash, shares and deferred-payment structures that align seller incentives with post-acquisition performance.

Erria occupies a genuinely differentiated position in the markets where it operates. The combination of Nordic listed-company governance standards with deep operational roots in Vietnam and Singapore creates a competitive profile that few companies in this segment can replicate.

In Vietnam, where Erria Container Services and Mermaid Maritime Vietnam have been operating

for many years, trust with local partners and clients is built over long periods and through

consistent delivery. Regulatory complexity, cultural understanding and local execution capability are real barriers to entry. Erria has invested in building those capabilities over time, and they are reflected in the client relationships the Group maintains - including Maersk Line, McDermott, PTSC M&C and Viking.

From an investor perspective, Nordic governance in Asian operations matters. The Group is listed on Nasdaq First North Growth Market Denmark, audited by PricewaterhouseCoopers, and governed by a board that includes independent directors with international experience across Asia and Europe. Financial reporting and capital allocation decisions follow the standards expected of a listed company, not of a private regional operator. That distinction supports access to capital markets, strengthens banking relationships and provides institutional investors with the transparency they require.

This structural positioning - operating where complexity creates barriers, governed to a standard that supports trust - is not easily replicated. It is one of the more durable sources of competitive advantage in the Erria portfolio.

LISTED

AUDITED BY

REPORTING

BOARD INDEPENDENCE

Capital-light does not mean capital-passive. Erria allocates capital deliberately: first to maintaining a strong balance sheet, then to organic growth where returns are clear, then to selective acquisitions, and ultimately to shareholder returns. That sequencing is intentional and consistent.

Nasdaq First North

Denmark

PWC Hellerup

Denmark

Danish

Statements Act

3 independent

directors

The three pillars of revenue stability:

RECURRING

CONTRACTS

Long-term structured

operational agreements.

BLUE-CHIP

CLIENTS

CAPITAL-LIGHT

MODEL

No vessel ownership.

Strong ROIC by design.

7

Erria is building

a global asset-light maritime services platform focused on offshore, ship services and logistics support.

Henrik N. Andersen

Group CEO

PRESENTAT ION OF 2025 ANNU AL REPOR T / EQUITY STORY

Life-saving& fire

fighting equip.

PRESENTAT ION OF 2025 ANNU AL REPOR T / EQUITY STORY 8

01 Equity Story

Erria's growth philosophy is grounded in a clear principle: growth should create value, not just scale. The Group has demonstrated this consistently across three acquisitions in four years, each structured to deliver a measurable return on the capital invested.

The acquisition model is repeatable and deliberately conservative. Erria targets established businesses with proven earnings, retained management and a clear operational fit with the existing Group. Consideration is structured to include cash, shares and earn-out components, aligning the interests of sellers with the performance of the business after acquisition. This approach limits upfront valuation risk while preserving incentives for post-acquisition growth.

million DKK

equity rebuilt from negative

consecutive years of profit

Organic growth is pursued where structural demand supports it. In Vietnam, the expansion of offshore energy infrastructure, shipbuilding activity and maritime services requirements creates growing demand for exactly the services Erria's units provide. The Group is positioned to capture that demand through its established local operations, without the capital

requirements that a greenfield entry would demand.

bank debt

Organic

million DKK

The five-year financial trajectory provides the most direct evidence that the model works. Equity has moved from negative DKK 11.7m in 2021 to positive DKK 23.3m at the end of 2025 - a reversal of more than DKK 35m in four years. All bank debt has been repaid. Free cash flow is positive and growing. The balance sheet is now a source of strategic optionality rather than a constraint.

The next phase of growth will be built on this foundation.

since 2024

free cash flow 2025

ACQUISITION 1

Mermaid Maritime

Vietnam

ACQUISITION 2

Cathay Seal

Singapore

ACQUISITION 3

Strategic

Expansion acquiring the buildings

of Mermaid Maritime Vietnam

ACQUISITION 3

Nordic Marine Partner

Sept. 2025

PRESENTAT ION OF 2025 ANNU AL REPOR T / LETTER FROM THE CEO 9

SECTION 02

Letter from the CEO

PRESENTAT ION OF 2025 ANNU AL REPOR T / LETTER FROM THE CEO 10

Dear shareholders and stakeholders,

Four years ago, Erria carried negative equity and net bank debt. Today, the Group is debt-free, generating DKK 8m in free cash flow, and expanding its platform through acquisition. That reversal - more than DKK 35m in equity value rebuilt from a negative position - is the foundation on which everything in this report rests. It did not happen by accident. It happened through disciplined execution, careful capital

allocation and a business model that generates real cash from real client

relationships.

2025 was the year in which that foundation began to work for

shareholders in tangible ways.

A year of financial strengthening

Revenue reached DKK 215.2m - the highest in the Group's history and growth of 13.6% over 2024. Net profit of DKK 8.0m marked our fifth consecutive positive annual result. Group equity increased to DKK 23.3m, a solvency ratio of 29.6%. Free cash flow from operations was DKK 8.0m - near-complete conversion of net profit to cash, with no reliance on working capital release or one-off items.

Free Cash Flow

DKK 8.0m

Near-full

profit conversion

ROIC of 43.1% is the single number that best captures why the Erria model works. A service business with limited fixed-asset requirements, generating strong earnings on a lean capital base, will produce high returns almost by construction. The discipline is in ensuring that every allocation decision - organic investment or acquisition - is held to the same standard. In 2025, it was.

Revenue

DKK 215.2

Record high

+13.6% YoY

Net profit

DKK 8.0m

Fifth consecutive positive year

Expanding the platform: Nordic Marine Partner

The acquisition of Nordic Marine Partner, completed on 1 September 2025, was the most significant strategic step of the year. The business brings genuine technical depth in shipowner asset management - OPEX and CAPEX control, decarbonization advisory, newbuilding support -capabilities that are in growing demand as the shipping industry navigates the energy transition and its associated regulatory complexity.

The acquisition extends our presence in Denmark, broadens our service offering for Nordic and international shipping clients, and adds nine experienced professionals with established client relationships and sector expertise that took years to build. The acquisition was financed with cash, shares and deferred-payment-structure that aligns the founding team's interests with the performance of the business after closing -consistent with how we have approached every acquisition in the past four years.

Integration is progressing well. The Nordic Marine Partner team has found its place within the Group, and the unit is performing in line with expectations. 2026 will be the first full financial year of its contribution.

Asia: Growing demand, proven execution

In Vietnam, our teams delivered results that reflect both the quality of the

people and the strength of the markets in which they operate.

Mermaid Maritime Vietnam completed the largest project in its history during 2025 - a complex life-saving appliance and firefighting equipment engagement for the Vietnamese offshore energy sector that demonstrates the growing scale of the unit's operational capability. This is not a one-off result. Vietnam's offshore energy sector is expanding across both oil and gas and offshore wind, generating a sustained pipeline of safety compliance and equipment servicing work that is directly aligned with what Mermaid does. The structural demand backdrop has rarely been stronger.

ROIC

43.1%

vs. 8-12%

Sector WACC

Erria Container Services handled over 75,000 containers for Maersk Line in 2025, performing with the operational precision and reliability that a relationship of this depth demands. The Vietnamese container market continued its recovery from the disruptions caused by Red Sea rerouting in 2023 and 2024, and the unit's leaner post-restructuring configuration delivered improved profitability as throughput normalized. The depth of the Maersk relationship - built over many years of consistent delivery at scale - is one of the Group's most durable competitive assets.

Building the capital base

A growing, acquisition-active maritime services group needs a capital base that matches its ambitions. Following the year end, we completed a directed share issue that raised approximately DKK 6m. We have announced a rights issue targeted for April 2026 with an ambition to raise approximately DKK 16m. Together, these transactions will have added approximately DKK 22m in new equity in the period immediately following the 2025 financial year.

The purpose is straightforward. Balance sheet strength is the first priority in our capital allocation framework - not because we are defensive, but because a strong balance sheet creates the optionality to act when acquisition opportunities arise and supports the banking and investor relationships on which the business depends. Growth investment and selective acquisitions follow. Shareholder returns - through dividends and buybacks - are an explicit part of our long-term ambition and the natural final step in the sequence. We will pursue them when the financial

Continues next page

position of the Group supports it, and not before.

PRESENTAT ION OF 2025 ANNU AL REPOR T / LETTER FROM THE CEO

Outlook for 2026

Our guidance for 2026 reflects a year of integration and disciplined capital deployment rather than headline revenue growth. Revenue is expected in the range of DKK 190- 210m, with EBITDA of DKK 8.5-10.5m and EBIT of DKK 7-9m.

The revenue range sits below 2025's reported DKK

215.2m at the midpoint, and that deserves a direct explanation. The 2025 figure includes a full year of Erria Container Services activity at elevated post-recovery throughput levels that we do not assume will be fully sustained, and Nordic Marine Partner contributed only four months of revenue in 2025 - its full-year run rate is embedded in our 2026 guidance rather than representing incremental growth over the prior year comparative.

The EBITDA guidance of DKK 8.5- 10.5m represents continued progress on the earnings line that matters most.

What is not uncertain is our direction. We are building a scalable, capital-light maritime services platform with the earnings quality, financial discipline and governance standards to support long-term growth and sustainable shareholder value. That is the same sentence we could have written a year ago - the difference is that in 2026 we are saying it with a stronger balance sheet, a larger platform and a capital raise that signals genuine forward momentum.

Building for the long term

The geopolitical environment remains a variable we monitor carefully but cannot control. Our response is to focus on what we can control: the quality of our service delivery, the strength of our client relationships, the discipline of our capital allocation and the integrity of our governance. These are the foundations on which durable businesses are built - and in Erria's case, they are foundations that have already been tested and

proven over five consecutive years of positive results.

To our 165 olleagues across Denmark, Vietnam and Singapore: the results in this report are yours as much as anyone's. The commitments you bring to clients every day are what make the numbers possible.

To our shareholders, our board, and our banking and advisory partners: thank you for your continued confidence as we build what comes next.

Henrik N. Andersen

Group CEO

ERRIA A/S

11

PRESENTAT ION OF 2025 ANNU AL REPOR T / FINANCIAL HIGHLIGHTS 12

Financial Highlights

PRESENTAT ION OF 2025 ANNU AL REPOR T / FINAN CIAL HIGHLIGHTS 13

The decline in gross margin from 35.2% to 31.6% reflects the revenue mix impact of Nordic Marine Partner, which operates at a different margin

profile to the existing business, and a change in the revenue composition of certain units.

EBIT margin remained stable at 4.8%, and EBITDA growth of 15.4% exceeded revenue growth, indicating continued operational leverage in the

underlying business.

The Group does not carry significant fixed-cost exposure relative to revenue, which provides meaningful downside resilience in weaker periods.

15

INFO

Why gross margin

declined

35.2% (2024)

31.6% (2025)

Nordic Marine Partner operates at a different cost structure to the existing Group.

The acquisition is the primary driver of the mix shift. EBIT margin remained stable at 4.8%.

PRESENTAT ION OF 2025 ANNU AL REPOR T / FINAN CIAL HIGHLIGHTS

Erria carries no net bank debt.

Total cash of DKK 17.4m includes approximately DKK 14m held in foreign subsidiaries subject to local currency controls in Vietnam and Singapore, which limits its immediate transferability but does not impair the Group's operating liquidity position. The Group's short-term working capital requirements are met from operating cash flows and local liquidity.

Goodwill of DKK 16.2m relates primarily to the Nordic Marine Partner acquisition

and reflects the premium paid for an established business with skilled people, existing client relationships and a clear strategic fit. The goodwill is subject to annual impairment review in accordance with the Group's accounting policies.

The rights issue

announced for April 2026, with a target of approximately DKK 16m, will further strengthen the equity base and provide additional capital for future acquisition and growth activities. Combined with the directed share issue completed in early 2026, the Group will have raised approximately DKK 22m in new equity in the period immediately following the financial year end.

16

3.5 Return on Capital

ROIC of 43.1% in 2025 is the single metric that most directly captures the value creation logic of Erria's operating model. A service business with limited fixed-asset requirements, generating DKK 8.0m in net profit on an invested capital base that reflects primarily working capital and goodwill, will produce high returns on capital almost by construction. The key discipline is ensuring that acquired goodwill is paid for at prices consistent with sustaining that return profile.

Erria's management evaluates acquisition targets explicitly against a return threshold. Growth that does not meet the Group's return requirements will not be pursued. This discipline has been maintained through three acquisitions and will continue to govern future allocation decisions.

The Group's capital allocation priorities are explicit and sequential: maintain a strong balance sheet first; invest in organic growth where the return is clear; pursue selective acquisitions within return parameters; and return capital to shareholders through dividends and buybacks when the financial position of the Group supports it. That framework gives management a clear decision rule and gives investors a clear basis for holding the Group accountable.

%

ROIC 2025

Sector cost of capital (WACC): 8-12%

Erria premium to WACC: 31-35 percentage points

PRESENTAT ION OF 2025 ANNU AL REPOR T / CASH FLOW & CAPITAL DISCIPLINE 17

Cash Flow & Capital Discipline

PRESENTAT ION OF 2025 ANNU AL REPOR T / CASH FLOW AND CAPITAL DISCIPLIN E 18

4.1 Cash Generation 4.2 Capital Allocation Framework

Cash generation is the clearest measure of whether a business model actually works. In 2025, Erria generated DKK 8.2m in cash from operating activities and DKK 8.0m in organic free cash flow - near-complete conversion of net profit to cash. For a Group of Erria's size and complexity, operating across three countries with currency -controlled subsidiaries and a recent acquisition to integrate, that result is meaningful.

The improvement from approximately zero organic free cash flow in 2024 is not the result of working capital release or one-off items. It reflects a higher underlying earnings base, continued cost discipline and the absence of the bank debt service obligations that consumed cash in prior years. The full repayment of bank debt in 2024 was the single most important structural change to the Group's cash flow profile, and its effect is visible clearly in the 2025 numbers.

Cash conversion at this level - where net profit and free cash flow are effectively the same number - is a characteristic of capital-light service businesses operating well. It is also the foundation for everything else in the capital allocation framework: a business that does not generate cash cannot fund growth, reduce debt or return capital to shareholders.

Erria now does all three.

Erria's capital allocation priorities are explicit and sequenced. The framework is not complicated, but it is important that it is stated clearly because it governs how management will make decisions as the Group grows and as more capital becomes available.

The first priority is balance sheet strength. The Group will not pursue growth at the expense of financial stability. A strong balance sheet is both a defensive necessity and a strategic asset - it creates the optionality to act when acquisition opportunities arise, and it supports the banking and investor relationships on which the business depends.

The second priority is organic growth, where the return on incremental investment is clear and meets the Group's return requirements. In practice, this means investing in operational capability, people and capacity within the existing business units where demand supports it - particularly in the Vietnamese offshore and maritime services market.

The third priority is selective acquisitions. Erria's

acquisition model is disciplined and repeatable.

Targets must have proven earnings, retained management, a clear operational fit with the Group and a purchase price consistent with the Group's ROIC requirements. The Nordic Marine Partner acquisition in 2025 is the most recent example of the model in

practice. Three acquisitions have been completed in four years, each structured with cash, shares and/or earn-out components that align seller incentives with post-acquisition performance.

The fourth priority is shareholder returns. Dividends and share buybacks are an explicit part of Erria's longterm ambition. They will be pursued when the financial position of the Group supports them - and not before. The sequencing matters: shareholder returns are the outcome of a well-run business, not a substitute for one.

Erria cash generation in 2025

8.2 mDKK from operating activities

8.0

mDKK in organic free cash flow

01

BALANCE SHEET

STRENGHT

02 03

ORGANIC GROWTH ACQUISITIONS

INVESTMENT (SELECTIVE)

04

SHAREHOLDER

RETURNS

Strong balance

sheet first.

Always.

Where returns are

clear and meet

ROIC hurdle.

Proven earnings,

retained mgmt.,

ROIC-positive.

Dividends and

buybacks when

position allows.

2025: 2025:

Net cash position. Vietnamese offshore Rights issue Apr. 2026. and MWS expansion.

2025:

Nordic

Marine Partner

2025:

Not yet.

Foundation being built.

PRESENTAT ION OF 2025 ANNU AL REPOR T / CASH FLOW AND CAPITAL DISCIPLIN E 19

Erria has not yet paid a dividend, and no dividend is proposed for the 2025 financial year. The decision reflects the Group's capital allocation sequencing: balance sheet strengthening and growth investment take priority at this stage of the Group's development. The rights issue in April 2026 is the immediate focus, and the proceeds will be deployed in support of the Group's acquisition and growth agenda.

The long-term ambition is clear, however, and it has been stated explicitly by management. As the Group's earnings base grows, its balance sheet strengthens further and its acquisition program matures, dividends and share buybacks become the natural next step in the capital allocation sequence. The timing will be determined by the financial position of the Group at the relevant point - not by an arbitrary target or external pressure.

What can be said now is that the Group has the earnings quality, the cash conversion and the strategic direction to make shareholder returns a realistic medium-term prospect. A business generating DKK 8.0m in free cash flow on a balance sheet with no net debt is a business that is building that capacity with every passing year.

The Group's short-term debt obligations are limited. There are no material bank debt maturities in the near term. Working capital requirements across the Group are met from operating cash flows and local liquidity in each subsidiary. The balance sheet is in its strongest position in at least five years.

Balance

sheet strength

Achieved:

net cash, rights issue in progress

Organic

growth investment

Active:

Vietnamese offshore, MWS expansion

All external borrowings fully

repaid in 2024.

Selective

acquisitions

Shareholder

returns

Active:

NMP acquired, pipeline being evaluated

Next:

when position supports it

PRESENTAT ION OF 2025 ANNU AL REPOR T / SEGMENT PERFORMANCE 21

Segment Performance

PRESENTAT ION OF 2025 ANNU AL REPOR T / SEGMENT PER FORMANCE 22

CERTIFIED QUALITY IN A COMPLIANCE-DRIVEN PRODUCT NICHE

CATHAY SEAL

An ISO-certified position in a non-discretionary

market

Cathay Seal manufactures and distributes security seals, labels and RFID solutions from Singapore, serving major container lines globally. The unit holds ISO 9001, ISO 17712 and ISO 14001

certifications - standards that are prerequisites for participation in the high-security seal market, where clients such as Maersk Line, ONE and Hapag-Lloyd require documented quality management and environmental compliance as conditions of supply.

These certifications are not easily or quickly obtained, and they represent a genuine barrier to entry for new competitors in Cathay Seal's core market.

The Maersk agreement delivering in full

The three-year global agreement with Maersk, implemented in 2024, provided its first full year of operational contribution in 2025. The contract underpins a significant and predictable portion of the unit's revenue and represents the kind of structured, long-term client relationship that Erria's operating model consistently seeks to build and maintain across all five of its business units.

RFID as a growth avenue

The unit's RFID product development continues to attract interest from global players, extending the addressable market beyond traditional mechanical seals into the broader supply chain security and tracking segment. As container shipping clients invest in digitalization and real-time cargo visibility, demand for RFID-enabled seal solutions represents a structural growth opportunity for Cathay Seal's product range.

Operating with four employees, the business model does not require significant incremental headcount to grow revenue - the certifications, client relationships and product capabilities it holds are the primary assets, and they scale without proportional cost growth.

PRESENTAT ION OF 2025 ANNU AL REPOR T / STR ATEGY & GROWT H 28

Strategy & Growth

PRESENTAT ION OF 2025 ANNU AL REPOR T / STRATEGY & GROWTH

6.1 Our Strategy

Erria's strategy is to build a scalable, capital-light maritime services platform with technical expertise, strong operational execution and a local presence in markets where complexity creates barriers to entry and long-term client relationships create competitive advantage.

Service over assets

The Group does not compete on vessel ownership. It competes on expertise, relationships and the ability to execute reliably in demanding operational environments.

This is a deliberate strategic choice with a direct consequence: the business generates strong returns on invested capital without the balance sheet risk, depreciation burden and market exposure that come with asset-heavy maritime operations.

A service platform with recurring contracts and retained client relationships compounds in value over time in a way that a fleet of vessels does not.

Technical depth as the moat

Across all five business units, the competitive position rests on technical capability that is not easily or quickly replicated. Ship management expertise.

Marine Warranty Survey certification. LSA compliance and servicing credentials. High-security seal ISO certification. Shipowner asset management knowledge. These are capabilities that require time, investment and track record to build.

They are also capabilities that clients in regulated, safety-critical maritime environments will not substitute lightly. Technical depth is the moat that protects the Group's earnings.

Decentralized operations, disciplined group governance

The Group operates through a decentralized structure in which each business unit maintains its own operational leadership, client relationships and local market presence. Group governance provides the financial discipline, capital allocation framework and reporting standards that a listed company requires.

This combination - operational autonomy within a governed structure -allows the Group to be responsive in complex local markets while maintaining the transparency and accountability that institutional investors expect.

Growth through two complementary channels

Organic growth is pursued where structural demand supports it, particularly in the Vietnamese offshore energy and maritime services market, where growing infrastructure investment creates demand for exactly the services Erria's units provide.

Selective acquisitions complement organic growth by adding established businesses with proven earnings, retained management and a clear operational fit with the existing platform. The two channels are complementary: organic growth strengthens the platform that makes acquisitions easier to integrate, and acquisitions extend the platform that supports organic growth.

29