EQVA ASA: Fourth quarter and full year results 2025

24 February 2026: EQVA ASA (OSE: EQVA) delivered solid performance in Q4 2025 and for the year 2025, driven by our Industrial Solutions segment. Reported revenues were NOK 1 289 million for the full year 2025, representing a 17 per cent growth compared to 2024. EBITDA for the year amounted to NOK 86 million, a 9 per cent increase compared to 2024. Adjusting for the extraordinary gain from the sale of PSV Charisma in Q1 2024, the increase in EBITDA was 91 per cent.

The fourth quarter performance marks another quarter with solid development in EBITDA. The 2025 results are supported by both operational execution and the inclusion of acquired companies. On a pro forma basis, the full year revenues were NOK 1 403 million, with an EBITDA of NOK 112 million – resulting in a pro forma EBITDA margin of 8.0 per cent for the year.

“We are pleased with the strong finish to 2025. The results demonstrate the robustness of our industrial platform and our ability to grow both organically and through targeted acquisitions. The global environment is more uncertain – geopolitical tensions, cost inflation and market volatility create a more cautious backdrop in parts of the market. We maintain close dialogue with our customers and monitor developments carefully, and with a solid order book and strengthened financial flexibility, we believe EQVA is well positioned to grow even in a more challenging environment,” says Olav Hilmar Koløy, CEO of EQVA.

Operational highlights EQVA's main operating segment, Industrial Solutions, delivered full year reported revenues of NOK 1 288 million in 2025, a growth of 25 per cent from last year. Reported EBITDA for the segment increased to NOK 122 million, up from NOK 78 million last year. The EBITDA margin was 9.5 per cent, compared to 7.5 per cent last year. The strong performance was driven by high activity level and solid project execution across our portfolio companies, including IMTAS and ART which were acquired in Q1 2025 and Q4 2025, respectively.

Subsequent events Subsequent to the quarter, EQVA successfully completed a NOK 500 million secured bond issue. In addition to refinancing existing debt, the bond issue gives us increased flexibility and financial leverage to execute on our strategy, both organically and through acquisitions.

EQVA has a proven growth strategy and operates in niche markets with several attractive bolt-on investment opportunities, that will enable the company to both strengthen its current service offerings, while at the same time enable growth within attractive segments in our industry. In January 2026, EQVA signed an agreement to acquire the mechanical and electro-mechanical operations of Einar Øgrey Farsund AS. The acquisition strengthens EQVA’s market position in Southern Norway, expands its service offering and broadens the customer base.

This acquired business is expected to generate approximately NOK 160 million in revenue and NOK 15 million in EBITDA in 2025, with completion expected in Q2 2026. The transaction represents a strategic acquisition aligned with EQVA’s long-term ownership model and industrial focus.

Webcast A presentation of the results will be held by CEO Olav Hilmar Koløy and CFO Daniel Hjertaker Molvik. Follow the presentation and Q&A session at: https://investorcast.live/webcastdetail?id=698c05fdcbc379e34e6bc778 from 10:00-11:00 CEST.

The presentation will also 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: +47 952 26 991

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 660 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.