EQVA ASA: Third quarter results 2026

EQVA ASA (OSE: EQVA) reported operating income of NOK 349.4 million, compared with NOK 364.9 million in the second quarter, reflecting the summer holiday month. EBITDA was NOK 23.5 million in the third quarter of 2026, up from NOK 19.2 million in the second quarter. The EBITDA margin increased to 6.7 per cent, up from 5.2 per cent in the second quarter. Operating income for the first nine months of 2026 was NOK 1,084.7 million, and EBITDA was NOK 53.2 million.

Highlights of the quarter

- Cash flow from operating activities of NOK 56.4 million and a cash position of NOK 260 million - Pro forma leverage of 3.43x (covenant 3.50x) - Interest rate on NOK 200 million of the bond loan fixed until February 2028 - New contracts in July with Data Center Installations, delivered jointly by three EQVA companies, and for IMTAS in the defence segment

"We have improved EBITDA every quarter this year, from a weak first quarter. Since joining us in June, Einar Øgrey Farsund is already part of joint deliveries with its sister companies. That shows what we can achieve together. But we are not yet satisfied with the margin level. Our job now is to deliver well on the contracts we have won, lift margins across the Group and turn results into cash," says Olav Hilmar Koløy, CEO of EQVA.

Results and financial position

Higher depreciation, mainly related to leases under IFRS 16 and excess values from acquisitions, and net financial expenses of NOK 22.6 million, mainly interest on the NOK 500 million bond loan, resulted in a loss before tax of NOK 12.6 million.

At the end of the quarter, leverage was 3.43x, based on pro forma EBITDA of NOK 99.8 million for the last twelve months and net interest-bearing debt of NOK 343 million. The increase from June reflects lower EBITDA, while debt was broadly unchanged. The bond loan and net interest-bearing debt are measured at amortised cost, in line with IFRS and the bond terms. Book value of equity was NOK 400 million, an equity ratio of 29 per cent.

Fossberg Kraft continued construction of the Gjosa hydropower plant for sale to Norsk Vannkraft AS, which is expected to generate revenue of NOK 62-67 million from the second quarter of 2026 to the second quarter of 2027.

Outlook

EQVA has an order backlog of NOK 1.1 billion for the next twelve months, which has been stable through the year. The priorities for the rest of the year are to deliver the contracts the Group has won, improve margins across the Group and turn results into cash. The measures taken to improve margins take time to show fully in the figures, and EQVA aims to improve margins over time.

Webcast

A presentation of the results will be held today by CEO Olav Hilmar Koløy and CFO Daniel Hjertaker Molvik from 10:00-11:00 CET. Follow the presentation and Q&A session at: https://ir.eqva.no/events/6a46d6b2c100fdda3ea58da7

A recording of the presentation will be available on the group's web site: https://www.eqva.no/reports-presentations

For more information, please contact: Daniel Hjertaker Molvik, Chief Financial Officer: daniel.molvik@eqva.no

EQVA ASA in brief

EQVA is a full-service provider of industrial services, built on development and long-term ownership of strong and complementary industrial companies.

EQVA's customers include leading industrial players across smelting operations, process industry, aquaculture, the maritime sector, and offshore. The Group's core competencies span engineering services and mechanical solutions, steel structures, piping and tank systems, ventilation, power and automation, as well as the development and operation of hydropower plants.

EQVA combines organic growth with targeted acquisitions to strengthen cash flow, core operations, and its geographical footprint. Portfolio companies operate with a high degree of autonomy, within clearly defined frameworks for governance, reporting, and shared support functions. This model enables efficient operations, economies of scale, and the realization of synergies - while preserving close proximity to customers and end markets.

EQVA's asset-light model and strong focus on cash generation support an attractive capital structure and enable profitable growth over time. With more than 700 specialized employees and a strong presence across several of Norway's key industrial regions, EQVA is well positioned for continued growth.

Read more on www.eqva.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.