EQVA ASA: First quarter results 2026

Highlights • Strong revenue growth in the quarter, with revenue up 46 per cent compared to Q1 2025, to NOK 370 million • EBITDA of NOK 11 million, impacted by delayed project start-ups and a weaker project mix • Industrial Solutions delivered revenue of NOK 370 million and EBITDA of NOK 17 million • Order backlog increased to NOK 1.1 billion – the sixth consecutive quarter of growth • Cash position of NOK 360 million following a NOK 500 million bond issue • Agreement signed to acquire the mechanical and electro-mechanical operations of Einar Øgrey Farsund AS • In May 2026 (after the balance sheet date), EQVA Renewables entered into an agreement to develop and sell a new small-scale hydropower plant – with an expected revenue of NOK 62–67 million

EQVA ASA (OSE: EQVA) delivered strong revenue growth in the first quarter of 2026, supported by contributions from recently completed acquisitions. Reported revenue in Q1 2026 was NOK 370 million, representing a 46 per cent increase compared to Q1 2025. EBITDA in the quarter was NOK 11 million.

EQVA’s main operating segment, Industrial Solutions, reported revenue of NOK 370 million and EBITDA of NOK 17 million in Q1 2026.

At the end of the quarter, EQVA held a cash position of NOK 360 million, providing significant financial capacity to act on the company’s pipeline, and execute on the Group’s growth strategy.

On a pro forma LTM basis as of Q1 2026, EQVA reported revenue of NOK 1 428 million, pro forma EBITDA of NOK 90 million – corresponding to a pro forma EBITDA margin of 6.3 per cent. On a pro forma LTM basis, the Industrial Solutions segment delivered revenue of NOK 1.4 billion and EBITDA of NOK 116 million – corresponding to a pro forma EBITDA margin of 8.2 per cent.

The quarter was partly affected by delayed project starts from customers, resulting in a less favourable project mix compared to the same period last year. Macro headwinds have led to in projects being postponed, but not cancelled, and the order backlog for the next 12 months remains solid and intact.

“We continued revenue growth in the first quarter of 2026, driven by our Industrial Solutions segment and supported by recently completed acquisitions. At the same time, current macro conditions caused slower market activity in the quarter, affecting profitability. While customers pause, we are strengthening our foundation and preparing to carry the load when activity picks up,” says Olav Hilmar Koløy, CEO of EQVA.

Key figures (first quarter 2026) • Revenue: NOK 370 million • EBITDA: NOK 11 million • Pro forma LTM revenue: NOK 1 428 million • Pro forma LTM EBITDA: NOK 90 million • Order backlog: NOK 1.1 billion – the sixth consecutive quarter of growth • Cash position: NOK 360 million • Net interest-bearing debt (bond loan definition): NOK 231 million • Pro forma leverage (bond loan definition): 2.6x EBITDA

Pro forma LTM shows the last twelve months, adjusted for completed acquisitions and other relevant structural changes.

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

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. The acquired business generated 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 in line with EQVA’s long-term ownership model and industrial focus.

After the balance sheet date, EQVA Renewables, through Fossberg Kraft, entered into an agreement to develop and sell a new small-scale hydropower plant, expected to generate NOK 62-67 million over the next 15 months. The agreement confirms the underlying value of Fossberg Kraft’s project pipeline and hydropower development rights.

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://www.eqva.no/eqva-share/#EQVA/event/d990b663?q1-2026-webcast 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, 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.