Contents:
M Vest Water - In brief
Our Mission, Products and Expertise Highlights and Key figures
Letter from the Executive Chairman Markets and Patents
Sustainability
Business Update
Salmon Slaughterhouses - Two Contracts including Latest Technology
Oil & Gas - Status Pilots in the Middle East Dredging - Ongoing Long-Term Pilot at METHA
Financial Review and Outlook
Consolidated Interim Financial Statements and Notes
QUICK FACTS:
Founded in 2017
HQ in Bergen, Norway Subsidiary in Germany Listed on Oslo Euronext Growth
72 patents in 29 countries
M Vest Water (MVW)
- in brief
Delivers green and bio-degradable water and wastewater treatment products.
Support industries in solving water pollution challenges.
Targets large global industries with extensive water treatment needs such as:
Our Mission
"To innovate eco-friendly water treatment solutions,
minimize hazardous chemical impact and support a circular economy"
Our Products and ExpertiseNORWAFLOC® :
Based on natural and biodegradable products, no harm to nature.
Substitute for synthetic chemicals, widely used.
NORWAPOL®:
Novel filtration process. Removes particles, oil droplets and numerous other contaminants towards non-detectible levels.
SOLUTION PROVIDER:
Chemical & Technical Expertise. Equipment deliveries.
Highlights Chemical sales grew by 44% YoY compared to 4Q 2024 (67% YTD), strengthening both margins, EBITDA and the foundation for ARR.
Total revenues for 4Q 2025 amounted to NOK 7.2 million, up from NOK 4.7 million in the same period last year, representing YoY-growth of approximately 53%.
EBITDA in 4Q 2025 improved by about 34% compared to 4Q 2024.
Aquaculture represents a profitable standalone business segment, with strong visibility into future earnings.
Purchase order from Downstream Marine for the delivery of MVW's sensor-based and adaptive chemical treatment technology to a newly built Norwegian salmon slaughterhouse.
Additional purchase order from a global leader in aquaculture. The scope includes system upgrades to improve robustness, increase treatment efficiency, and optimizing logistics related to the supply of NORWAFLOC®.
The previously announced pilot project for a major oil producer in Saudi Arabia, originally planned for June 2025, is scheduled for completion in Q1 2026.
Purchase order from METHA for the final and long-term pilot. The pilot is expected to run throughout Q1 2026.
Private Placement completed in October, raising NOK 8.0 million in gross proceeds and converting an additional NOK 12.6 million in shareholder loans.
Key Figures:
Letter from the Executive Chairman
MVW enters 2026 with a solid base of recurring revenues, with the fourth quarter of 2025 delivering our strongest chemical sales results to date. By the end of 2025, production volumes reached 390,000 liters of NORWAFLOC®,
corresponding to a 60% increase compared to the previous year.
In 2025, the aquaculture segment continued to be our primary growth driver, delivering financial results in line with expectations. During the year, MVW achieved substantial technical progress. MVW has further optimized and tailored its water treatment solutions for salmon slaughterhouses. Through continuous real-time monitoring, we now track process variations 24/7, analyze operational data trends, and proactively adjust system parameters to ensure stable and optimal performance. This enables consistently high purification
efficiency and robust operation, while supporting the industry in maintaining its license to operate.
MVW is currently preparing to add a third Norwegian salmon slaughterhouse to our portfolio, with chemical deliveries expected in the first half of 2026. By maintaining a leading position in this market, MVW has strong visibility into the implementation timeline of water treatment requirements, supporting a predictable expansion and growth. Activity is expected to increase gradually through 2026, followed by significantly higher growth during the 2027-2030 period.
During 2025, we made progress across our priority international markets, particularly in the Middle East and Central Europe. We planned and executed key pilots, addressing both the produced water segment within Oil & Gas and the Dredging market. These are large and attractive markets facing
increasing regulatory pressure to implement sustainable water treatment practices. At the same time, these industries are undergoing significant transitions, often involving infrastructure modifications, operational adjustments, and time-consuming decision-making processes before permanent solutions are adopted.
Our international growth initiatives continue to represent significant long-term value for MVW, although their commercialization has taken longer than initially anticipated.
We remain confident in the relevance of our solutions in these markets but recognize that structural change in large industrial sectors requires time, persistence, and close collaboration with sustainability-leading customers.
MVW view the progress and insights gained in 2025, both in Norway and internationally, as a strong foundation for continued growth in the year ahead.
Thank you for sharing our vision of cleaner, more sustainable water!
This is a natural consequence of introducing new, environmentally friendly water
treatment technology
highly established
into
and
regulated industries.
Tar Osax %abriẹssẹn
Tor Olav Gabrielsen (Executive Chairman)
Markets and Patents
MVW has ongoing business in the USA, Middle East, Germany, Iceland and Norway.
Our technology qualification in the USA has been crucial for positioning ourselves in the sales arena within the international oil and gas markets in the USA and the Middle East.
Germany, as a key market in Europe for dredging and municipal wastewater, is central to MVW's strategy for local expansion.
In Norway, MVW is focusing on the aquaculture industry, which is a global leader in salmon farming.
Our unique technology is now secured by five patents, which have obtained 72 grants in 29 countries. This includes patents in North and South America, Australia, the Middle East, and Europe.
Sustainability
MVW is dedicated to responsible growth that prioritizes the well-being of both people and the planet.MVW`s products and technologies deliver environmental benefits, directly supporting 8 of the 17 United Nations Sustainable Development Goals (SDGs).
By using biodegradable materials instead of synthetic polymer-based coagulants and flocculants, MVW helps eliminate microplastic pollution. Additionally, MVW's solutions contribute to reduced discharge levels, lower CO2 emissions, and enhanced water and sludge reuse.
Our products also comply with the European Chemicals Agency's (ECHA) recommendations for restricting the intentional use of microplastics within the European Union.
Waste from our own production facilities, including waste considered harmful to the environment, is within regulatory limitations. MVW's operations are not regulated by licenses or impositions.
Fourth Quarter 2025 Business Update
Salmon Slaughterhouse Solutions - Two Contracts including Latest Technology
The positive development in the aquaculture segment continued through the fourth quarter of 2025. Chemical sales increased by 67% year-to-date compared with 2024, and the segment accounted for 87% of total revenues, confirming aquaculture as MVWs primary growth driver and a profitable standalone business segment.
New facilities using MVW solutions have gradually scaled up production. Higher water consumption and organic load increase the demand for system robustness and continuous operation. In 2025, MVW focused on further optimizing and adapting its water treatment solutions for salmon slaughterhouses.
During the year, strong technical progress was achieved. Our sensor-based and adaptive water treatment technology, implemented at a Norwegian
facility in Q2 2025, has demonstrated stable operation and high purification efficiency.
Through real-time monitoring, we now track process variations 24/7, analyze data trends, and proactively adjust system parameters to maintain optimal performance. This enables consistently high purification efficiency across relevant compliance parameters.
These technological advancements have resulted in two new contracts during the quarter.
The first is a purchase order from Downstream Marine for the delivery of MVW's sensor-based and adaptive chemical treatment technology to a newly built Norwegian salmon slaughterhouse. The delivery includes our latest technological improvements validated during 2025. MVW is expecting to supply the facility with our environmentally friendly NORWAFLOC® chemicals at production start scheduled to begin in the first half of 2026.
The second contract is an additional purchase order from an existing customer, a global leader in aquaculture. Following the initial implementation in Q2 2025, the expanded scope includes system upgrades aimed at improving robustness, increasing treatment efficiency, and optimizing logistics related to the supply of MVW's NORWAFLOC® products.
Oil & Gas - Status Pilots in the Middle East
Two important pilot projects were planned in the Middle East for 2025.
The first is an assignment to qualify our technology at an oil treatment facility in Saudi Arabia. The pilot was initially scheduled for June 2025 but was postponed due to the geopolitical situation in the region at the time.
The current expectation is to conduct the pilot in Q1 2026. Although frequent operational changes at the facility have delayed final scheduling, MVW, together with our partner Enviro-Tech Systems Ltd (ETS),
has already positioned both equipment and chemicals on site and is prepared to initiate the pilot upon approval from the customer.
The second was a Green De-Oiler Technology pilot carried out in collaboration with a national Oil & Gas producer in Oman. The pilot has been executed and met its key technical objectives. MVW is awaiting the customer's final evaluation report, which will determine the potential commercialization through sales of NORWAFLOC®.
Back in April 2024, we announced our first contract in the Middle East Oil & Gas produced water market. In the second half of 2025, we received the first set of orders associated with this contract. Project implementation is ongoing, and the first recurring commercial deliveries of NORWAFLOC® are expected in the first half of 2026. This contract is currently limited in scale but represents an important reference for future growth in the region.
In the Norwegian Oil & Gas
market, MVW supplies two treatment facilities with services, technical solutions and chemicals. Both these facilities treat highly oil-contaminated water from oil production in the North Sea with excellent results, using MVWs Eco-friendly NORWAFLOC® products. These installations provide stable revenues and serve as important commercial and technical references.
Dredging - Ongoing Long-Term Pilot at METHA
In October, MVW received a purchase order on commercial terms from METHA for a longterm pilot at the Hamburg dredging plant. This milestone follows the successful completion of the third of four qualification stages for NORWAFLOC® at METHA
announced in July 2025.
The fourth and final stage, a paid long-term pilot, has now started and is expected to be finalized in Q1 2026. Under this pilot, MVW supplies its natural
NORWAFLOC® products for the dewatering of approximately 10,000 m³ of pre-thickened dredging sludge per month, representing a significant share of the current average volumes treated at METHA.
Upon successful completion of the current long-term qualification run and provided both METHA's and Hamburg Port Authorities' expectations are met, MVW will be technically qualified for further commercial negotiations with METHA regarding long-term contracts.
METHA, a flagship in the dredging industry renowned for its scale and leadership in sustainable dredging
management. METHA's dewatering plant processes all dredging sludge generated from continuous operations required to keep the port of Hamburg operational for approximately 12,000 ships annually and is often referred to as the "washing machine of the port of Hamburg."
Fourth Quarter 2025 Financial Review
MVW enters 2026 with a solid base of annual recurring revenues (ARR), with the fourth quarter of 2025 delivering our strongest chemical sales results to date. Total revenues in the quarter amounted to NOK 7.2 million, up from NOK 4.7 million in Q4 2024. The amount derived from ARR during the quarter (88%) represented a year-over-year increase of 44% compared to Q4 2024 (67% year-to-date).
During 2025, the aquaculture segment continued to be our primary growth driver, delivering financial results in line with expectations. Revenues from this sector accounted for nearly 90% of total revenues in 2025. The revenues consist of chemical sales, equipment sales, as well as services related to process optimization and technical support.
EBITDA showed an improvement of 34%, from the negative result of NOK 6.0 million in the fourth quarter of 2024 to a negative result of
NOK 3.9 million in the fourth quarter of 2025.
Our CAPEX remains low and investments in the fourth quarter totaled NOK 0.8 million, primarily directed towards patents and R&D.
Total assets at the end of the fourth quarter were NOK 52.1 million, compared to NOK 41.0 million in the same period in 2024. Cash flow from operating activities in the quarter was negatively NOK 3.4 million. The company has a credit facility of NOK 8.0 million issued by the bank, of which NOK 1.0 million was drawn as of December 31st, 2025.
In October, MVW successfully completed a fully underwritten Private Placement, raising NOK 8 million in gross proceeds at a subscription price of NOK 8 per share. In addition, two existing shareholders have converted shareholder loans totaling NOK
12.6 million at the same subscription price.
Financial Outlook
MVW has strong visibility into the timing of upcoming water treatment requirements in the aquaculture industry. This provides a solid foundation for predictable market expansion and sustained growth. Activity is expected to increase gradually through 2026, followed by a period of significantly stronger growth from 2027 to 2030.
MVW's international growth initiatives continue to represent substantial longterm value. Although markets such as Dredging and Oil & Gas involve longer lead times and lower visibility, MVW remains confident in the relevance of our solutions in these markets. Our company is fully focused on the successful execution of current and upcoming pilot projects, with the ultimate goal of converting these into long-term contracts for our environmentally friendly technology.
Consolidated Interim Income statement and other comprehensive income
M Vest Water Group
All figures are in NOK 1000 and are unaudited
Operating in. and exp. | Notes | 4Q 2025 | 4Q/YTD 2025 | 4Q 2024 | 4Q/YTD 2024 | ||
Revenue | 7 241 | 26 523 | 4 733 | 22 685 | |||
Total revenue | 7 241 | 26 523 | 4 733 | 22 685 | |||
Cost of goods sold | 2 791 | 10 576 | 1 881 | 12 318 | |||
Change in inventory | 7 | 385 | 141 | 141 | |||
Employee benefits expense1 | 6 205 | 21 430 | 6 518 | 23 321 | |||
Capitalized employee benefits expense | -308 | -1 134 | -545 | -2 094 | |||
Depreciation and amort. 2 | 794 | 3 158 | 794 | 3 082 | |||
Other operating expenses | 2 494 | 9 988 | 2 716 | 9 870 | |||
Total expenses | 11 983 | 44 403 | 11 505 | 46 638 | |||
Operating profit/loss (EBIT) | -4 741 | -17 880 | -6 772 | -23 953 | |||
Financial income and expenses Other interest income | 6 | 8 | 223 | 276 | |||
Other financial income | 20 | 143 | 43 | 264 | |||
Other interest expenses | 211 | 1 039 | 53 | 472 | |||
Other financial expenses | 33 | 289 | 91 | 432 | |||
Net financial items | -219 | -1 176 | 122 | -364 | |||
Net profit before tax | -4 960 | -19 057 | -6 650 | -24 317 | |||
Income tax expense | 0 | 0 | 0 | 0 | |||
Net profit after tax | -4 960 | -19 057 | -6 650 | -24 317 | |||
Net profit or loss 3, 4 | -4 960 | -19 057 | -6 650 | -24 317 | |||
Total comprehensive income | -4 960 | -19 057 | -6 650 | -24 317 | |||
Attributable to Transferred from equity | 4 960 | 19 057 | 6 650 | 24 317 | |||
Total | -4 960 | -19 057 | -6 650 | -24 317 |
M Vest Water Group Side 1
Consolidated Interim Balance sheet
M Vest Water Group
Assets Notes 4Q/YTD 2025 | 4Q/YTD 2025 | 4Q/YTD 2024 | 4Q/YTD 2024 | |||
Non-current assets | ||||||
Intangible assets Capitalized R&D 2 14 198 | 14 198 | 13 064 | 13 064 | |||
Patents and trademarks 2 9 158 | 9 158 | 8 197 | 8 197 | |||
Total intangible assets 23 356 | 23 356 | 21 261 | 21 261 | |||
Machinery and equipment 2 5 091 | 5 091 | 5 417 | 5 417 | |||
Equip. and other movables 2 3 968 | 3 968 | 4 681 | 4 681 | |||
Office facilities (ROA) 2 8 557 | 8 557 | 2 890 | 2 890 | |||
Total property, plant and equipment 17 616 | 17 616 | 12 988 | 12 988 | |||
Other non-current receivables 130 | 130 | 63 | 63 | |||
Total non-current financial assets 130 | 130 | 63 | 63 | |||
Total non-current assets 41 102 | 41 102 | 34 312 | 34 312 | |||
Current assets | ||||||
Inventories 2 761 | 2 761 | 995 | 995 | |||
Debtors Accounts receivables 5 7 438 | 7 438 | 3 047 | 3 047 | |||
Other current receivables 778 | 778 | 1 399 | 1 399 | |||
Total receivables 8 217 | 8 217 | 4 446 | 4 446 | |||
Cash and cash equivalents 0 | 0 | 1 219 | 1 219 | |||
Total current assets 10 978 | 10 978 | 6 660 | 6 660 | |||
Total assets 52 080 | 52 080 | 40 972 | 40 972 |
M Vest Water Group Page 2
Consolidated Interim Balance sheet
M Vest Water Group
Equity and liabilities | Notes | 4Q/YTD 2025 | 4Q/YTD 2025 | 4Q/YTD 2024 | 4Q/YTD 2024 | |||
Equity | ||||||||
Paid-in capital Share capital | 3, 4, 6 | 80 | 80 | 74 | 74 | |||
Share premium reserve | 4 | 29 550 | 29 550 | 28 573 | 28 573 | |||
Share option based plan | 1, 4 | 2 689 | 2 689 | 1 847 | 1 847 | |||
Total paid-up equity | 32 319 | 32 319 | 30 494 | 30 494 |
Total equity | 4 | 32 319 | 32 319 | 30 494 | 30 494 | |||
Liabilities Other non-current liabilities 2 | 7 120 | 7 120 | 3 205 | 3 205 | ||||
Total non-current liabilities | 7 120 | 7 120 | 3 205 | 3 205 | ||||
Current liabilities Liabilities to fin. institutions 5 | 971 | 971 | 750 | 750 | ||||
Trade payables | 2 767 | 2 767 | 2 921 | 2 921 | ||||
Public duties payable | 2 067 | 2 067 | 1 885 | 1 885 | ||||
Other current liabilities 2, 5 | 6 837 | 6 837 | 1 717 | 1 717 | ||||
Total current liabilities | 12 641 | 12 641 | 7 273 | 7 273 | ||||
Total liabilities | 19 761 | 19 761 | 10 478 | 10 478 | ||||
Total equity and liabilities | 52 080 | 52 080 | 40 972 | 40 972 | ||||
M Vest Water Group Page 3
M Vest Water Group | ||||
Interim Consolidated Cash Flow Statement | 4Q 2025 | 4Q/YTD 2025 | 4Q/YTD 2024 | |
Cash flow from operating activities | ||||
Profit/(loss) before income tax | -4 960 | -19 057 | -24 317 | |
+ | Depreciation, amortization | 795 | 3 157 | 3 082 |
+ | Share based payment expenses | 160 | 961 | 1 143 |
+/- | (Increase)/decrease in inventories | -580 | -1 766 | -254 |
+/- | (Increase)/decrease in trade receivables | -3 871 | -4 391 | -1 349 |
+/- | (Increase)/decrease in other receivables | 436 | 562 | 1 666 |
+/- | Increase/(decrease) in other liabilities | 3 551 | 1 997 | -3 982 |
+/- | Increase/(decrease) in trade and other payables | 1 087 | -80 | 1 268 |
= | Net cash flow from operating activities | -3 383 | -18 617 | -22 743 |
Cash flow from investment activities | ||||
- | Capital expentitures PPE | -174 | -335 | -814 |
- | Capital expentitures patents, R&D | -661 | -2 139 | -4 206 |
= | Net cash flow from investment activities | -834 | -2 474 | -5 020 |
Cash flow from financing activities | ||||
- | Installments borrowings financial institutions | 0 | -750 | -1 000 |
+/- | Cash credit financial institutions * | -3 409 | 971 | 0 |
+/- | Loan from owners | 0 | 12 000 | 5 839 |
+ | Increase in paid-in share capital | 8 000 | 8 000 | 20 000 |
- | Transaction costs on share capital increase | -374 | -374 | -1 337 |
= | Net cash flow from financing activities | 4 217 | 19 847 | 23 502 |
Exclusive of cash credit: | ||||
= | Net (decrease)/increase in cash and cash equivalents | 0 | -1 244 | -4 261 |
+ | Cash and equivalents at beginning of the period | 0 | 1 244 | 5 481 |
= | Cash and equivalents at end of the period | 0 | 0 | 1 219 |
* Liquidity position incl. cash credit | ||||
= | Net change in period increase cash position/(decrease) | 3 409 | -2 215 | -4 261 |
+ | Cash (+)/ cash credit overdraft (-) beginning of the period | -4 380 | 1 244 | 5 481 |
= | Cash (+)/ cash credit overdraft (-) at end of the period | -971 | -971 | 1 219 |
Note to the financial statements
Basis of preparation
MVW's condensed consolidated interim financial statements for the fourth quarter of 2025 were authorized for issue by the Board of Directors on 11 February 2025.
The financial statements and disclosures as of 31 December 2025 are consolidated and include the activity in the 100 % owned German subsidiary M Vest Water GmbH in the period.
These condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed interim financial statements do not include all the information and disclosures required by IFRS. For a complete set of financial statements, these condensed interim financial statements should be read in conjunction with the annual statement of 2024.
The condensed interim financial statements are unaudited. The audit will be carried out in connection with the 2025 year-end closing.
Fair Value:
The condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period.
Use of estimates:
The preparation of financial statements in conformity with simplified IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, considering current and expected future market conditions.
Note 1 Share based option plan
MVW has granted share options to key employees in January 2023 and January 2024.
The option holders may exercise vested options during the period of 15 Norwegian business days from the 1st of April each year. Each option, when exercised, give the right to subscribe for one share in the company at an exercise price defined in the option plan. As of 31.12.2025, nine employees held share options.
The options are granted under the plan for no consideration and carry no dividend or voting rights before exercise of the options. The value of the options is determined at grant dates. The expected number of options exercised is estimated using an expected turnover on a yearly basis. The estimated cost is expensed over the vesting period.
Movements during the year | Average exercise price per share option | Number of options |
As at 1 January 2025 | 10,79 | 725 000 |
Granted in 2025 | 0,00 | 0 |
Exercised during the year | 0,00 | 0 |
Forfeited during the year | 8,70 | -30 000 |
Expired during the year | 0 | 0 |
As at 30 December 2025 | 10,88 | 695 000 |
Number of options | ||
Shares options held by group management and board members: | as at 31 Dec 2025 | |
Atle Mundheim (Board member and CTO) | 180 000 | |
Morten Hilton Thomassen (CFO) | 170 000 | |
Total | 350 000 | |
Personell expenses - share based remuneration: | Amounts in NOK as at 31 Dec 2025 | |
Share based renumeration (salary) | 841 668 | |
Share based renumeration (social security tax) | 118 676 | |
Total | 960 344 | |
The options granted shall vest with 1/3 upon the first anniversary of the grant date (31.01.2024/31.01.2025), 1/3 on the second anniversary of the grant date (31.01.2025/31.01.2026) and 1/3 on the third anniversary of the grant date (31.01.2026/31.01.2027). Each option expires on the third anniversary of its vesting date.
Applied assumptions and inputs in the valuation of the options
The value of the options is determined at the grant dates by applying the Black-Scholes option pricing model. The Black-Scholes model considers the share price at the grant date, time until execution, exercise price, riskfree interest rate and volatility. In addition, the value is adjusted with respect to expected turnover, as share options which belongs to employees who resigns will be terminated.
Note 2 Intangible assets, Machinery, Equipment and Right-of-use assets (ROA)
amounts in NOK 1000 | Capitalized development costs | Patents and trademarks | Machinery and equipment | Equipment and other movables | Right of use assets (IFRS 16) | Totals |
Acquisition cost | 13 064 | 8 847 | 6 099 | 7 435 | 7 934 | 43 380 |
01.01.2025 | ||||||
Additions salaries | 1 134 | 0 | 0 | 0 | 0 | 1 134 |
Additions: invoice exp. | 0 | 1 005 | 0 | 317 | 0 | 1 322 |
CPI adj/option/new lease* | 0 | 0 | 0 | 0 | 7 379 | 7 379 |
Acquisition cost | 14 198 | 9 853 | 6 099 | 7 753 | 15 313 | 53 215 |
31.12.2025 | ||||||
Acc. depreciation and | 0 | -466 | -1 008 | -3 785 | -6 756 | -12 015 |
amortization 31.12.2025 | ||||||
Acc. impairments | -228 | -228 | ||||
31.12.2025 | ||||||
Net booked amount | 14 198 | 9 158 | 5 091 | 3 968 | 8 557 | 40 972 |
31.12.2025 | ||||||
This year`s deprciation | - | -43 | -407 | -1 049 | -1 658 | -3 158 |
and amortization | ||||||
Useful economic life | Indefinite | 3 yrs 1) / Indefinite | 15 yrs 2) | 3-10 yrs | 5 yrs 3) | |
Depreciation method Annual Annual Linear | Linear | Linear | ||||
impairment | impairment/ | |||||
Linear | ||||||
Capitalized website costs are depreciated on a straight-line basis over a period of 3 years.
The mobile container Norwamix has been fully delivered and depreciation started July 2023.
Office Lease (ROA) is recorded and depreciated accordring to estimated lease duration.
Research and Development, Patents and Trademarks
The company's research and development activities encompass several innovative solutions for water treatment, including development of products, equipment, and processes. The cost of internally generated intangible assets includes all directly attributable expenses required to design, produce, and prepare the asset for its intended operational use as determined by management.
Examples of such directly attributable costs include:
Expenses for materials and services consumed during the creation of the intangible asset.
Employee benefits (as defined in IAS 19) directly related to the asset's development.
Fees for registering legal rights.
Amortization of patents and licenses necessary for generating the intangible asset.
Plant and Machinery
The company received grants totaling NOK 5.1 million from Innovation Norway to support the development of the NORWAMIX machine. The estimated useful life of the NORWAMIX machine is 15 years, with depreciation commencing in mid-2023.
Right-of-Use Assets (ROA) and Lease Liabilities (IFRS 16)
Following the adoption of simplified IFRS as of January 1, 2021, MVW has recognized its office facilities in Norway and Germany as lease contracts under IFRS 16. *The increase in ROA and corresponding lease liability during 2025 is due to the reassessment of the lease term following the exercise of an extension option in the office lease agreement in Norway (first quarter, ref. note 7 subsequent events), in addition to implementing a new office lease in Germany (fourth quarter).
Depreciation, amortization and impairment
The Group employs a linear depreciation method for its machinery and equipment, spreading the depreciation expense over their anticipated lifetime. Intangible assets within the Group are considered having an indefinite useful life (with exception of capitalized website costs), indicating no foreseeable limit to the period during which these assets are expected to yield economic benefits. Instead of depreciation, an annual impairment test (IAS 36) is conducted to assess the value of the intangible assets.
Note 3 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year.
Basic earnings per share continuing operations (amounts in NOK 1000) | YTD 4Q 2025 | YTD 4Q 2024 |
Profit/(loss) attributable to equity holders of the company | -19 057 | -24 317 |
Weighted average number of ordinary share in issue | 33 170 | 32 718 |
Basic earnings per share (NOK per share) | -0,5745 | -0,7432 |
The total outstanding amount of shares in the company was 35,295,663 common shares at 31 December 2025 with a nominal value of 0,002276522765 per share. There are only one share class.
Note 4 Equity | ||||
amounts in NOK 1000 | Share capital | Share premium | Share option based plan | Total equity |
As at 01.01.2025 | 74 | 28 386 | 1 847 | 30 308 |
Share capital increase | 2 | 8 000 | 8 002 | |
Debt conversion | 4 | 12 619 | 12 623 | |
Costs share capital increase | -374 | -374 | ||
Share option program | 842 | 842 | ||
Total comprehensive income | -19 057 | -19 057 | ||
Translation reserve | -25 | -25 | ||
As at 31.12.2025 | 80 | 29 550 | 2 689 | 32 319 |
On October 29, 2025, M Vest Water secured 8.0 million NOK in gross proceeds through a private placement of 1,000,000 new shares, at a subscription price of NOK 8.00 per share.
In combination with the Private Placement, the company reached an agreement with two of its shareholders to convert their outstanding shareholder loans amounting to NOK 12,622,688 in total into 1,577,836 additional Offer Shares, also priced at NOK 8.00 per share.
Note 5 Liabilities to Financial Institutions and Owners
Liabilities to financial institutions: | |||
Effective Maturity interest rate date | 4Q/ YTD 2025 | 4Q/ YTD 2024 | |
Liabilities secured by mortages and guarantees | |||
amounts in 1000 NOK | |||
Loan financial institutions (5 years) | 4,5 % Oct 1st 25 | 0 | 750 |
Credit facility | 971 | 0 | |
Total liabilities to financial institutions | 971 | 750 | |
Credit facility: | |||
The company has a credit facility of 8.0 million NOK issued by the bank, hereof 0.971 million NOK drawn as of 31 December 2025. The credit facility is secured by inventory (10 million NOK), operating equipment (10 million NOK), and accounts receivable (10 million NOK). The loan draw-down cannot exceed 60 % of the value of executed contracts, accounts receivable, and inventory.
There are no other pledges, collateral, or guarantees associated with the company's debt to credit institutions.
Loan facility from owners (unsecured):
amounts in 1000 NOK
Maturity date
4Q /YTD
2025
4Q/YTD
2024
Loan facility from owners incl. interests | Dec 2025 | 0 | 0 |
Total current liabilities from owners | 0 | 0 |
In combination with the Private Placement on 29 October 2025, the company reached an agreement with two of its shareholders to convert their outstanding shareholder loans amounting to NOK 12,622,688 in total into 1,577,836 additional Offer Shares, also priced at NOK 8.00 per share (ref. note 4 Equity).
Liabilities due in > 5 years: | ||
4Q /YTD 2025 | 4Q /YTD 2024 | |
Liabilities due in > 5 years exclusive of leasing (IFRS 16) | 390 | 0 |
Total | 390 | 0 |
Note 6 Shareholders | |||
The total number of shares in MVW as at 31 Dec 2025 Ordinary shares | 35 295 663 | 0,00227652276 | 80 351 |
Total | 35 295 663 | 0,00227652276 | 80 351 |
Ownership Structure: | |||
Largest shareholders as at 31 Dec 2025 | Number of shares | Owner interest | Share of votes |
M VEST INVEST AS | 11 980 774 | 33,9 % | 33,9 % |
HAUGLAND GRUPPEN AS | 6 021 367 | 17,1 % | 17,1 % |
NORDEA FUNDS | 3 435 976 | 7,6 % | 7,6 % |
DNB ASSET MANAGEMENT | 1 937 257 | 5,5 % | 5,5 % |
ATLICKHA HOLDING AS *) | 1 837 860 | 5,2 % | 5,2 % |
M VEST ENERGY AS | 1 766 667 | 5,0 % | 5,0 % |
SLOTHE-HOLDING AS | 1 110 886 | 3,1 % | 3,1 % |
SK TUFTA HOLDING AS | 560 898 | 1,7 % | 1,7 % |
NORDNET LIVSFORSIKRING AS | 544 820 | 1,5 % | 1,5 % |
JARB HOLDING AS | 425 752 | 1,2 % | 1,2 % |
SILVERCOIN INDUSTRIES AS | 400 000 | 1,1 % | 1,1 % |
GALLARDO HOLDING AS | 395 100 | 1,1 % | 1,1 % |
STATTHAV AS | 368 073 | 1,0 % | 1,0 % |
M VEST AS | 343 990 | 1,0 % | 1,0 % |
Other ownership < 1 % | 4 166 243 | 13,6 % | 13,6 % |
Total | 35 295 663 | 100 % | 100 % |
*) Board member and CTO Atle Mundheim has 100 % ownership in Atlichka Holding AS.
Note 7 Subsequent events
As of 12 February 2026, MVW is in negotiations regarding a new lease agreement for its Norwegian premises. Although the lease agreement has not yet been formally signed, management considers it highly probable that a new agreement will be entered into. As a result, the option to extend the existing lease is no longer assessed as reasonably certain.
In the 2025 financial statements, the extension option was previously assessed as reasonably certain and therefore recognized in accordance with IFRS 16. Due to the timing and status of the new lease negotiations, the effect of the revised assessment is not reflected in the Q4 report.
The right-of-use asset and lease liability related to the extension option will be derecognized in the 2025 annual financial statements. As of 31 December 2025, the amounts recognized in the Q4 report were NOK
6.7 million, resulting in a corresponding reduction of both assets and liabilities in the statement of financial position.
Phone Number
+47 55 98 99 99
Email Address
info@mvestwater.com
Website
https://www.mvestwater.com