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Third quarter report 2025 EQVA ASA A leading Norwegian compounder company on Oslo Stock Exchange main list EQVA is an owner of profitable niche businesses, and we are specializing in acquiring and developing leading companies. Our ownership philosophy is centered around continuity, long-term stewardship, and sustainable value creation. 14 November 2025
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eqva.no Presenting team Page 2 Petter Sørdahl – Group CFO
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This presentation by EQVA ASA is designed to provide a high-level financial update of EQVA and subsidiaries operations as of Q3-2025 The material set out in this presentation is current as of September 30, 2025. This presentation contains forward-looking statements in relation to operations of EQVA that are based on the management’s own present expectations, estimates, forecasts and projections about matters relevant to EQVA’s future financial performance. Words such as «likely», «aims», «looking forward», «potential», «anticipates», «expects», «predicts», «plans», «targets», «believes» and «estimates» and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of EQVA or the likelihood that the assumptions, estimates or outcomes will be achieved. EQVA’s subsidiaries engage in project activities which means that significant fluctuations in sales and order intake from quarter to quarter can be expected. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. EQVA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and EQVA assumes no obligation to update any forward-looking statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company’s shares or in making a decision to hold or sell your shares. The financial report does not meet the requirements for an IAS 34 report, but the accounting principles (as stated in the annualaccounts) are followed in the groupPage 3 Disclaimer
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Agenda 1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions Enclosure The financial report does not meet the requirements for an IAS 34 report, but the accounting principles (as stated in the annual accounts) are followed in the group Page 4
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THIS IS EQVA EQVA is an owner of profitable businesses, and we are specializing in acquiring and developing leading companies. Our ownership philosophy is centred around continuity, long-term stewardship, and sustainable value creation. We target acquisitions of companies that strategically align with our business model and investment platforms. EQVA distinguishes itself as an attractive buyer not just through competitive financial terms, but by providing a comprehensive toolbox of expertise, experience, and resources specifically designed to accelerate growth and value enhancement. Leveraging established governance frameworks, we actively support our portfolio companies by driving strategic initiatives, operational excellence, effective financing solutions, and impactful transactions. At EQVA, we energize and empower companies for enduring success. Full-service provider of technical solutions and services to major industries A specialised small hydropower plant developer and operator Owner and leasing- provider of production and office areas/buildings Page 5
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eqva.no EQVA – a leading Norwegian compounder company on Oslo Stock Exchange Overview of ownership interests – built on 3 platforms. EQVA Industrial Solutions is the main platform. Real estate A fully integrated system supplier of technical installations to maritime, offshore and land-based industries • Revenue 18-24’: +33% CAGR • EBITDA 2024: NOK 77.8m • Proven track-record: 9 plants successfully sold 21’-24’ • EBITDA 2024: NOK -1.4m • 80+ GWh/year in development and pipeline Develops, owns and operates small and specialised hydropower plants • EBITDA 2024: NOK 6.9m Owns and rents out production areas primarily used by BKS in Sunde, Kvinnherad Strategic agenda: Increase business scope towards new and existing clients, in addition to M&A opportunities Strategic agenda: Develop the portfolio/pipeline successfully Strategic agenda: Diversified portfolio of assets with stable revenue growth (CPI adj.) 100% 100% 100% Page 6 Renewables
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Our strategy Five reasons to invest in EQVA ASA Page 7 Objective Key target Established a growth strategy focused on organic grow and acquiring attractive, profitable companies. Enabling EQVA to broaden product and service scope. Target of yearly average 10- 15% growth of revenue and EBITA over a business cycle Let good managers do what their best at – avoid politics, bureaucracy and hierocracy (EBITA/WC) > 40%, securing self-financed growth, and dividends Equity Ratio > 30% Deliver on our ESG goals A decentralized business model with effective governance models, active ownership and proven management. Rapid and flexible decision-making, close to customers and suppliers A clear focus on performance facilitates self- financed, long-term growth, favorable returns for shareholders, and a proven ability to develop operations Strong financial position, strong cash flow from operating activities based on a solid financial position and low leverage. Asset light business model. Sustainable business. Sustainability characterizes the entire business and creates conditions for long- term profitability and growth. We are an active partner helping our customers to decarbonize.
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October 2022 EQVA is established as an industrial investment company March 2024 Divests Havila Charisma ownership, freeing up important resources October 2024 Acquisition of Kvinnherad Elektro Group April 2024 Confirms cash dividend payment May 2024 Launches EQVA Industrial Solutions (EIS) Page 8 February 2025 Acquisition of IMTAS Group Building an industrial platform for growth and value creation A two-year journey so far – substantial shareholder value created March 2025 Acquisition of Austevoll Rørteknikk (ART)
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Inclusion Of IMTAS GROUP Divestment Of PSV CHARISMA Page 9 A focused journey to execute on strategy Turn-around to long-term profitability 1 283 670 691 809 805 1 067 1 099 1 197 68 26 27 32 50 44 49 52 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 11,6 -21,8 -23,5 -11,7 11,1 -1,3 6,4 -2,2 Profit after tax (reported), adjusted * (last twelve months) (NOKm) EBITDA (reported), adjusted * (last twelve months) (NOKm) Revenue (reported), adjusted * (last twelve months) (NOKm) Divestment Of HAVYARD LEIRVIK Inclusion Of KVINNHERAD ELEKTRO * Adjustments of one-offs relates to: excluded NOKm 37 for the sale of the PSV Charisma in Q1-24 (revenue, EBITDA and profit after tax), and excluded NOKm 29,5 for the divestment of Vassnes Group in Q1-25 (profit after tax) Inclusion Of AUSTEVOLL RØRTEKNIKK In Q4-25 • Since 2023, EQVA has executed a focused transformation to build a stronger industrial- service group • We divested loss-making and non-strategic units; Havyard Leirvik (Q4-23) and the PSV Charisma (Q1-24), streamlining on the core business and shared functions • We accelerated growth and capability through targeted acquisitions; Kvinnherad Elektro (Q4- 24), IMTAS Group (Q1-25), and Austevoll Rørteknikk (Q4-25) • As we keep executing on the strategy and integration of acquisitions, we are building a larger, stronger platform – positioning EQVA for sustained margins, improved cash generation and diversified cash flows. • Since the start of the turnaround and initiatives (Q4-23), LTM revenue is up over 190%, LTM EBITDA over 260%, and LTM profit after tax has shifted from a negative NOKm (22) to positive NOKm 12. LTM LTM LTM LTM LTM LTM LTM LTM
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Top shareholders The EQVA share As of 30 September 2025 Share price development and dividends *Dividend 14.06.2022, 17.04.2024 Year Start price Dividend* End price Total return Share price development Market cap (NOKm) Number of shares 2022 2.40 6.18 2.94 280.0 % 22.5 % 211.6 72.0m 2023 2.94 - 3.01 2.4 % 2.4 % 216.7 72.0m 2024 3.01 0.20 4.76 64.8 % 58.1 % 358.9 75.4m 2025 YTD 4.76 - 4.85 1.9 % 1.9 % 397.5 82.0m Shareholder NORDIC CORPORATE BANK ASA HAVILA HOLDING AS NINTOR AS ILG AS EGGE & ØEN AS SANDHEI HOLDING AS EMINI INVEST AS HSR INVEST AS INNIDIMMAN AS MP PENSJON PK ERIK ARNESEN HOLDING AS MEDIÅ HOLDING AS HELSENGREEN, IVAR K E INVEST A/S HANDELAND EIGEDOM AS LBM HOLDING AS MCE HOLDING AS SKOGAN HOLDING AS ELLINGSEN, EVEN MATRE PISON AS OTHER TOTAL Number of shares 24,208,639 10,000,000 8,729,739 8,729,738 5,868,359 2,863,532 1,290,000 1,290,000 1,290,000 1,162,768 1,123,288 1,123,288 1,122,600 1,013,743 563,000 506,330 498,729 496,727 450,574 430,000 9,198,120 81,959,174 Share 29.54% 12.20% 10.65% 10.65% 7.16% 3.49% 1.57% 1.57% 1.57% 1.42% 1.37% 1.37% 1.37% 1.24% 0.69% 0.62% 0.61% 0.61% 0.55% 0.52% 11.22%
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1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions Enclosure • Consolidated financial statements The financial report does not meet the requirements for an IAS 34 report, but the accounting principles (as stated in the annual accounts) are followed in the group Agenda Page 11
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Page 12 Segment figures are unaudited. Figures presented in this report is audited for Group purposes. Bridge – Reported to Pro Forma YTD Pro forma includes accounting effects of M&A - Last Twelve Months (LTM) * The IMTAS transaction was completed at the end of March. According to IFRS, performance must be recognized from the transaction date. To show the consolidated group as starting from January 1 we have included IMTAS. ** On March 26, EQVA divested its ownership in Vassnes Group for NOK 10 million. The gross profit from the sale (37,6 MNOK) is significant - mainly due to the demerger effect from previously reported negative equity value in Vassnes (per Q4 24). The accounting profit from the sale (less operational P&L for Vassnes for the period) is presented as discontinued operations on slide 27. Revenues Other operating revenues Operating income Materials and consumables Payroll expenses Other operating expenses Operating expenses Operating profit/loss before depreciation and amortisation (EBITDA) Impairment of non-current assets Depreciation Operating profit/loss (EBIT) YTD Q3 2025 Unaudited Adjusted for discontinued operation 930 224 205 930 429 396 461 380 675 95 835 872 970 57 459 338 16 992 40 130 IMTAS Q1* 110 507 110 507 35 380 47 559 17 917 100 856 9 651 0 2 475 7 176 Sale Vassnes** 0 37 608 37 608 0 0 0 0 37 608 0 0 37 608 YTD Q3 2025 Pro forma 1 040 731 37 813 1 078 544 431 841 428 234 113 752 973 826 104 718 338 19 467 84 913 Pro forma Q4 2024 423 166 0 423 166 186 425 154 813 59 761 400 999 22 167 0 7 777 29 943 Pro forma LTM 1 463 897 37 813 1 501 710 618 266 583 047 173 513 1 374 826 126 884 338 27 244 114 857 (NOK 1,000)
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Pro Forma Key highlights Last Twelve Months (LTM) Key highlights – Pro Forma, Last TwelveMonths (LTM) * Industrial Solutions Renewables Real Estate Our segments Smelters Offshore Maritime Land- based Aqua- culture Defence/ Other End-markets in Industrial Solutions Page 13 * Pro-forma figures on this page include IMTAS Group LTM. Accounting effect on P&L is from Q2 2025. Pro forma is including profit from sale of Vassnes Group, excluding discontinued. ** Adjusted for the sale of Vassnes Group the net leverage ratio would be app 2,0x NOK 1 502m Operating revenue LTM NOK 127m EBITDA LTM NOK 210m Net IBD NOK 395m Book Value Equity 1,7x** Net Leverage NOK 973m Order book
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14 eqva.no Highlights Q3 2025 Strong operations drive record revenue growth and margin uplift Strong operational performance driven by the Industrial Solutions segment with high activity level and multiple contracts secured. Revenue growth of 44 % from same period last year. EBITDA growth of 47 % from same period last year. The YTD EBITDA development is affected by three main components; (1) Improved operational performance of the group entities, (2) the acquisition of IMTAS Group in Q1 2025, and (3) the sale of Vassnes Group in Q1 2025. Robust order book of NOK 973 million. Acquisition of Austevoll Rørteknikk (ART) closed at the beginning of Q4 2025. The agreement is of substantial strategic value, boosting EQVA’s capabilities towards the aquaculture segment. The Norwegian government has proposed to introduce a resource rent tax (“grunnrenteskatt”) on small-scale hydropower plants between 1.5 MW and 10 MW from 2027. Parties representing a majority of lawmakers in the parliament has clearly stated that they will oppose any such change and asked the government to keep the tax on current level. Before making further investment decisions, Fossberg Kraft AS will nevertheless carefully assess the financial and operational implications should the government’s proposal be adopted. (unaudited, pro-forma*, amounts in NOKm) *Pro-forma for Q1 2025: Incl. IMTAS Group and adjusted for discontinued operations Revenue Revenue EBITDA EBITDA margin Order book NB: Last year figures includes sale of PSV Havila Charisma in Q1’24 YTD Q3 2025 - group figures Q3 2024 Q3 2025 70.1 104.7 Q3 2024 Q3 2025 9.3% 9.7% Q3 2024 Q3 2025 757 973 Q3 2024 Q3 2025 751 1 079
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EBITDA margin at 10,7 % for EQVA Group and 9,4 % for Industrial Solutions • Improved EBITDA margin compared to same period last year • Strong revenue growth compared to last year in Industrial Solutions segment, mainly driven by organic growth in BKS and the acquisitions of Kvinnherad Elektro (Q4 2024) and IMTAS (Q1 2025) • Accounting effect of NOK 38 million from divestment of shares in Vassnes Group (included under “Other”) Page 15 NOKm Revenues Materials Payroll Other OPEX EBITDA EBITDA % Depreciations EBITA EB ITA % Industrial Solutions 1 039.9 431.6 407.3 107.7 93.3 9.0 % 9.3 57.6 5.5 % Renewables 2.2 0.2 2.6 2.6 -3.2 (NA) Real Estate 6.2 0.0 0.0 0.5 5.7 (NA) Other* 41.3 0.0 18.3 14.0 9.0 (NA) Elim. -11.1 0.0 0.0 -11.1 0.0 (NA) EQVA Group pro-forma 1 078.5 431.8 428.2 113.8 104.7 9.7 % Segment overview pro-forma Accounting principles in accordance with IFRS as described in annual report for 2024. All information, including figures, are unaudited. Presented figures are pro-forma, including newly acquired IMTAS group from 01.01.2025 and excluding Vassnes group (divested) from 01.01.2025. Key financial figures - YTD Q3 2025 EBITDA margin at 9.7 % for EQVA Group and 9.0 % for Industrial Solutions
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NOK in million Goodwill Other non-current assets Current assets Equity Other debt NOK million • Industrial Solutions orderbook up 4% from last quarter • • • • Continued strong order intake and orderbook gives traction to sustain high activity level in the next 12 months Selected clients in orderbook: Page 16 Orderbook remains solid Supports continued optimistic outlook in turbulent market sentiment Accounting principles in accordance with IFRS as described in annual report for 2024. All information, including figures, are unaudited. Presented figures are pro-forma, including newly acquired IMTAS group from 01.01.2025 and excluding Vassnes group (divested) from 01.01.2025. Q4 2023 Q4 2024 Q1 2025 Q2 2025 Q3 2025 487 770 881 932 973 BKS Group orderbook at NOK 675 million IMTAS orderbook at NOK 253 million Kvinnherad Elektro orderbook at NOK 45 million
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NOK in million• • et interest-bearing debt* was NOK 18m at the end of Q1 • ash position of NOK 148m at the end of Q1 (restricted cash was NOK 10m) • Continuing cash generation expected going forward NOK million *NIBD is defined as pr loan term agreements with Nordea (this includes leasing debt and provisions for potential earn-out). Construction loans in Fossberg Kraft are not included.Page 17 Strong financial position Balance sheet as of September 30, 2025 Assets Equity & Debt 1 068 1 068 Debt to financial institutions 379 199 7 484 395 336 337 Intangible assets P, P & E Other non-cur. assets Current assets Equity Other debt Equity ratio of 37 % at the end of Q3 Net interest-bearing debt* was NOK 210m at the end of Q3 Cash position of NOK 142m at the end of Q3 (restricted cash was NOK 20m)
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1. This is EQVA ASA 2. Operational and financial highlights 3. EQVA Industrial Solutions Enclosure • Consolidated financial statements The financial report does not meet the requirements for an IAS 34 report, but the accounting principles (as stated in the annual accounts) are followed in the group Agenda Page 18
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EQVA Industrial Solutions – a leading industrial services group The segment is growing, expanding both geographically and in service scope Page 19 BKS Group Power & Automation Austevoll RørteknikkIMTAS Group Personell Prosjekt Harstad JMVD Acquired Q4 2024 Acquired Q1 2025Page 19 Closed transaction Q4 2025
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• YTD revenue growth of NOK 357m (52%) and EBITDA growth of NOK 42m (83%) compared to last year • Improvement of EBITDA margins compared to last year • High activity levels on ongoing projects • Strong order intake and orderbook gives traction to sustain high activity level going forwards Revenue EBITDA Orderbook EBITDA margin Amounts in NOK million Page 20 Industrial Solutions segment Capitalising on strong order book – increasing volumes and margins Accounting principles in accordance with IFRS as described in annual report for 2024. All information, including figures, are unaudited. Presented figures are pro-forma, including newly acquired IMTAS group from 01.01.2025 and excluding Vassnes group (divested) from 01.01.2025. YTD YTD YTD Q3-24 Q3-25 683 1 040 Q3-24 Q3-25 51.0 93.3 Q3-24 Q3-25 7.5 % 9.0 % Q3-24 Q3-25 757 973
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Maintenance and modifications Fabrication Installation Testing and commissioningDesign and engineering This is EQVA Industrial Solutions Full -service provider of industrial services SERVICES: • Multi-discipline engineering • Project management • Pipe systems of all material qualities • Load-bearing structures • Mechanical solutions • Tank systems • Cooling and heating systems (HVAC) • Electrical installation • Automation • Instrumentation • Maintenance and modifications ASK US ABOUT: • Energy efficiency solutions • Decarbonization and reduction of emissions • Concept and FEED studies • Detail engineering and analysis • Power & automation systems • Pipe and process systems • Tank systems and terminals • Infrastructure for aqua culture • HVAC systems … or any relevant industrial services challenges Page 21
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IR: Please direct any questions to petter.sordahl@eqva.no Thank you Page 22
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Appendix Page 23
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Page 24 Consolidated statement of profit and loss YTD September 30, 2025 Revenues Other operating revenues Operating income Materials and consumables Payroll expenses Other operating expenses Operating expenses Operating profit/loss before depreciation and amortisation (EBITDA) Impairment of non-current assets Depreciation Operating profit/loss (EBIT) Financial income Financial expenses Share of profit/loss of associate Profit / loss before tax Income tax expense Profit from continued operations Profit from discontinued operation Profit for the period Attributable to : Equity holders of parent Non-controlling interest Total Earnings per share (NOK) Diluted earnings per share (NOK) Earnings from continued operations Earnings per share (NOK) Diluted earnings per share (NOK) Q3 2025 Unaudited Adjusted for discontinued operation 332 082 -3 404 328 678 134 936 138 648 31 345 304 928 23 750 338 6 626 16 787 -43 -6 920 0 9 823 0 9 823 0 -0 9 823 9 956 -132 9 823 0,12 0,11 0,12 0,11 Q3 2024 Unaudited Adjusted for discontinued operation 273 426 -31 049 242 377 139 747 71 871 23 173 234 792 7 585 0 1 431 6 155 -4 099 -6 046 0 -3 990 0 -3 990 0 0 -3 990 -3 889 -100 -3 989 -0,06 -0,05 -0,06 -0,05 YTD Q3 2025 Unaudited Adjusted for discontinued operation 930 224 205 930 429 396 461 380 675 95 835 872 970 57 459 338 16 992 40 130 889 -24 384 0 16 634 0 16 634 29 504 46 138 48 890 -2 751 46 138 0,56 0,54 0,20 0,19 YTD Q3 2024 Unaudited Adjusted for discontinued operation 745 215 5 862 751 077 377 483 227 017 76 492 680 993 70 084 0 9 797 60 288 2 665 -22 226 0 40 727 0 40 727 0 40 727 39 977 750 40 727 0,56 0,53 0,57 0,54 FY 2024 Audited 1 060 736 37 989 1 098 725 529 427 370 379 120 022 1 019 828 78 897 0 15 000 63 897 1 702 -29 196 0 36 402 5 168 31 234 0 31 234 29 872 1 362 31 234 0,41 0,41 0,41 0,41 (NOK 1,000)
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Page 25 Consolidated statement of financial position September 30, 2025 ASSETS Non-current assets Deferred tax benefit Goodwill Licenses, patents and R&D Property, plant and equipments Right of use assets Other non-current receivables Total non-current assets Current Assets Inventory Accounts receivables Other current receivables Contract assets customer contracts Cash and cash equivalents Total current assets TOTAL ASSETS YTD 2025 Unaudited 10 266 277 042 91 430 140 956 57 849 6 874 584 417 14 254 228 468 22 566 76 215 142 410 483 913 1 068 330 2024 Audited - 281 615 27 764 116 234 18 898 8 896 453 408 21 281 175 343 17 037 62 828 99 377 375 865 829 273 EQUITY AND LIABILITIES Equity Share capital Share premium reserve Treasury shares Retained earnings Non-controlling interests Total equity Non-current liabilities Deferred tax liability Lease liabilities Loans and borrowings Other long-term liabilities Total non-current liabilities Current liabilities Accounts payables Tax payables Public duties payables Loans and borrowings, current Contract liabilities Lease liabilities, current Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES Q3 2025 Unaudited 4 073 246 030 -9 137 243 7 981 395 319 0 42 248 177 221 41 748 261 217 102 996 -0 72 986 108 910 716 7 524 118 663 411 796 673 012 1 068 330 2024 Audited 3 770 211 632 -23 102 278 -5 653 312 003 0 15 737 94 598 24 001 134 337 88 330 840 69 306 87 904 5 165 4 384 127 005 382 933 517 270 829 273 (NOK 1,000)
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eqva.no An M&A Compounder M&A compounder companies have demonstrated superior valuations the past decade Page 26 Sweden serves as a benchmark market, illustrating the potential of the decentralized M&A-driven compounder model. Companies employing this strategy have consistently achieved robust growth, sustained profitability, and predictable earnings – contributing to high valuation multiples on the Stockholm Stock Exchange. Central to their success is a targeted “buy-and- build”-approach, regularly acquiring smaller businesses at lower multiples compared to their own valuations – creating substantial value (often above 20x EBITA) and investor returns. 6 10 12 14 19 20 22 23 28 29 30 32 35 36 Peers EV / EBITA ** Source: Annual Statements and market information * EQVA EV/EBITA based on EV per Q1’25 and Pro Forma LTM EBITA (including IMTAS and Kvinnherad Elektro on a 12 m basis). * EQVA is in the early stages of its compounder journey, positioned as a small-cap company with a focus on the industrial service segment. Rapid growth driven by strategic M&A and strong operational performance contribute to a low valuation multiple compared to peers. Additionally, institutional investor awareness of EQVA remains limited. ** For peers, EV/EBITDA based on EV per Q1’25 and EBITA 2024
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• ESG is integrated into our corporate governance structures and the strategies of our portfolio companies' • We are embedding sustainable practices across all areas of our operations while maintaining transparency in our reporting. • EQVA aims to have a strong ESG view, and a strategic priority is to increase the quality of its sustainability reporting initiatives in 2025 ESG update • ESG report 2024 was published on EQVA's web pages in Q1 2025 • Our ESG management system has now been implemented, and we are currently working on entering the data and information that will form the basis for our upcoming reporting. • Following the acquisition earlier this year of IMTAS and Austevoll Rørteknikk, EQVA now falls within the scope of the CSRD. We have prepared for full reporting in accordance with the ESRS, which will further strengthen the level of detail in our sustainability disclosures. We look forward to accelerating our progress going forward. Page 27 Sustainability is key to our continued growth Key ESG highlights
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Gudmund Øvrehus Board member Founder of the EQVA subsidiary BKS and brings significant industrial expertise to the board. Ingrid Due-Gundersen Chair Executive expertise in the maritime sector. Experience as former CFO and CEO of Havfram and 18 years in the Leif Høegh & Co group and Höegh Autoliners in various financial positions. Hans Olav Lindal Board member Seasoned lawyer with expertise in M&A, contract law, corporate law, and financing. He is a former partner at the law firm Thommessen and has substantial board experience from private and listed companies. He currently serves as CEO and Chairman of Gearbulk Shipowning AS. Kari Markhus Board member Employee representative - HSE Coordinator and Document Controller at EQVA subsidiary BKS. Tomasz Węsierski Board member Employee representative - Resource Coordinator and Project Manager at EQVA subsidiary BKS. Page 28 Tore Schiøtz Board member Investor and Board Executive with strong industrial background. His previous roles include Managing Partner at Contango Kapital, Group Executive Vice President at Hafslund ASA, Investment Director at Storebrand Spar, and Consultant at Andersen Consulting. Birthe Cecilie Lepsøe Board member Birthe Cecilie Lepsøe has work experience from DNB and Grieg Shipping, and specializes in strategy, finance and corporate governance. She brings extensive board experience from both publicly and privately owned companies, including Sparebank 1 SR Bank, Smedvig, GC Rieber, Asco Group, Belships and Nordic Halibut. Our Board of Directors