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EQVA ASA A full-service provider of industrial services, built on development and long-term ownership of strong and complementary industrial companies Second quarter and half year report 2026 26 August 2026
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Disclaimer This presentation by EQVA ASA is designed to provide a high-level financial update of EQVA and subsidiaries’ operations as of Q2-2026. The material set out in this presentation is current as of 30 June 2026. 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. 2
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e q v a . n o Second quarter report 2026 This is EQVA – and where we are heading 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
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e q v a . n o 4 2022 EQVA ASA is established as a developer and long-term owner of strong and complementary industrial companies Marking EQVA’s strategic shift to becoming the Group of today 2022 Acquires BKS Group and Fossberg Kraft 2023 Divests Havyard Leirvik 2024 Launches EIS. Acquires Kvinnherad Elektro 2025 Acquires IMTAS and ART 2026 Acquires Einar Øgrey Farsund. NOK 500m bond issue The cornerstone of the industrial platform Sharpens industrial focus Platform structure in place Northern Norway and aquaculture Southern Norway. Refinancing and growth capital This is EQVA From a regional company to a national industrial platform – in four years Key highlights – YTD Q2 2026: NOK 413m Book Value Equity NOK 735m Revenue NOK 1,067 m Orderbook 4.0% EBITDA NOK 1,567m Pro forma revenue 6.8% Pro forma EBITDA 3.4x Pro forma net leverage NOK 360m NIBD* Pro forma LTM figures – Q2 2026: (see p. 18 for pro forma bridge and p. 19 for NIBD) *Adjusted for EQVA Renewables, as per the bond definition
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e q v a . n o EQVA at a glance 5 A full-service provider of industrial services, built on development and long- term ownership of strong and complementary industrial companies Our geographical footprint With customers along the entire coast of Norway A coordinated full-service industrial group of complementary companies. Service offerings: Engineering Piping Steel structures Tank systems Power & automation Ventilation Mechanical solutions 26% 25% 13% 12% 9% 14% Smelters Land-based Aquaculture Offshore Maritime Defense & other NOK 1.511m Revenue PF-LTM NOK 117m EBITDA PF-LTM # 740 Employees NOK 1.007m Order Book 7 Plants Built & sold 10 Plants In operation GWh >85 In pipeline Gjosa est. NOK 62-67m revenue * A proven, repeatable small-scale hydropower model. Secures waterfall rights, builds the plant, sells it to long-term infrastructure owners – and stay on as an operator. Value is realized at sale, operations add recurring income. Seven plants developed and sold, ten in operation (third-parties), and a pipeline of waterfall rights of more than 85 GWh * Gjosa Power Plant expected to generate revenue of NOK 62 – 67 million, over the period Q2-26 to Q2-27. Revenue (H1-26) by end-market segments See Appendix for a company presentation
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6 Engineering Piping systems Load-bearing structures Tank systems Mechanical solutions Ventilation & climate control Power & automation HVDC Maintenance and modifications Fish tanks Specialized equipment Piping systems SMELTERS (smelters and process industry) LAND-BASED (other land-based industries) AQUACULTURE (land-based fish farming) OFFSHORE (offshore yards and supplier industry) MARITIME (maritime yards, shipbuilding) OTHER (construction, defense, renewables, and more) EQVA Industrial Solutions One toolbox of complementary deliverables, for customers in a wide range of size and segments EQVA Industrial Solutions (EIS) is an industrial group with a large and complementary toolbox. Each company is a preferred provider in its own discipline and region, and sells on its own merits. The same companies combine into a multidiscipline package, when the demand calls for it. Industrial customers are consolidating their supplier base. Fewer, broader and more complementary service providers are preferred. EIS is built for this role. A full- service provider and long- term partner.
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7 Case study – Data centre Data centres have to be built, and they have to be powered. EQVA holds both sides of the same megatrend DATA CENTRE EXPANSION Every data centre needs power, piping, ventilation and mechanical installation – a direct example of the combined capacity of EQVA Industrial Solutions POWER DEFICIT Power demand is rising fast, deepened by the build out of data centres. A documented need for new dispatchable power. Realization of structural value Recently announced significant contract (NOK >100m) with Data Centre Installations Combining capacity and specialist competence from a set of EQVA companies Prefabrication and installation of piping systems Electro-mechanical installation Electrical services Supplying the power and expertise needed for the increasing power need of Norway and data centres The power need is greatest in NO2, the area where Fossberg Kraft has the substantial part of its pipeline, including Gjosa Kraftverk under construction, and near-term projects Nedre Molla and Haugåna.
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8 • A full-service provider. More of each project. • Broad base of end- markets and customers. • More diversified. • Scale and combined disciplines that win contracts – e.g. case study on newly won data centre contract • Absorbs new revenue without proportionally higher overhead Engineering Piping systems Load-bearing structures Tank systems Mechanical solutions Ventilation & climate control Power & automation HVDC Maintenance and modifications Fish tanks Specialized equipment Piping systems EQVA Industrial Solutions Building structural value through organic growth and value-accretive acquisitions The strategy Complementary companies, with solid track record. Strengthen our profile as a full- service provider. Structural value Adding regional presence, better purchasing terms, broader client base, complementary services, and steadier capacity utilization. Organization High degree of autonomy, within clearly defined frameworks for goverance. Decision making close to the customer. Track record From a regional company to a national industrial platform in four years. Financing with capacity for further growth. M&A and growth
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EQVA with a track-record of acquiring complementary businesses Acquire high-quality industrial companies, unlock synergies across the Group, and accelerate profitable growth for shareholders IMTAS Group Einar Øgrey FarsundAustevoll Rørteknikk 9 Included from Q1 2025 Included from Q4 2025 Included from June 2026 Revenue LTM (per Q2-26) NOK 384m Revenue LTM NOK 65m Revenue (2025) NOK 161m Full-service supplier within engineering, fabrication and installation. Extended the platform’s reach to Northern Norway 196 employees Mo i Rana / Harstad Revenue LTM (per Q2-26) NOK 109m Our entry into land-based aquaculture. Already secured over NOK 150m in contracts together with BKS Industri. 17 employees Austevoll Revenue LTM NOK 65m Revenue LTM (per Q2-26) NOK 171m Strengthens Southern Norway with mechanical and electro-mechanical specialties. 20% CAGR 2021-2025. ~9% EBITDA-margin. 65 employees Farsund NOK 245m 3.4x 4-5x Active Cash position Leverage ratio Typical entry multiple (EV/EBITDA) Evaluating opportunities continuously Strengthened muscles to continue
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Multiple platforms. Shared financial strength. Distinct segments, recurring value drivers and a resilient balance sheet EQVA Industrial Solutions EQVA Renewables (Fossberg Kraft) EQVA Real Estate Parent / Holding company The industrial service segment. Strong organic and inorganic development, with a strong established platform for continued growth. LTM pro forma EBITDA (Q2-26) of 7,4 %. Main cash flow contribution from developing and selling small hydropower plants. Gjosa expected to generate revenue of NOKm 62-67 from Q2-26 to Q2-27, with two advanced projects and a significant pipeline of attractive development rights. Industrial properties, used by group companies. 33,000 sqm industrial area in BKS Eigedom. Combined estimated property value of BKS Eigedom and property in Harstad of NOK 120 million (based on external valuations) Parent/Holding company carries stable overhead OPEX (on growing group revenue base), mainly from group management, office rent, systems, office cost and consultant fees, in addition to financial expenses on Group financing Current market cap (per 30. June 2026) Net interest-bearing debt (Q2 2026) Implied Enterprise Value (EV) Book value of equity (Q2 2026) NOKm 276 NOKm 360 NOKm 636 NOKm 413 Revenue (LTM pro forma) NOKm 1 511 EBITDA (LTM pro forma) NOKm 117 Estimated property value, based on external valuations NOKm 120 Est. normalized overhead OPEX ASA/Holding NOKm 22-27 Cash position Group NOKm 245 • Newly sold project, Gjosa, expected to contribute revenue of NOKm 62-67 • 7 plants successfully constructed & sold • > 85 GWh/year in pipeline of owned waterfall rights for future development
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e q v a . n o Second quarter report 2026 Quarterly financial reporting 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
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e q v a . n o CEO summary of recent events and key highlights 12 - Olav Hilmar Koløy, CEO EQVA ASA Acquisition and integration of Einar Øgrey Farsund The acquisition of Einar Øgrey Farsund AS was formally completed in June, and we are highly satisfied with how the integration has progressed. Thanks to the positive attitude and strong commitment demonstrated by both the employees of Einar Øgrey and our existing companies, the business has quickly become a natural part of the EQVA family. We are already seeing tangible results from this collaboration. Einar Øgrey has begun working alongside its sister companies on joint projects, clearly demonstrating the value of our decentralized, yet highly integrated business model. By combining expertise, capacity, and experience across the Group, we are able to pursue larger and more complex projects than any individual company could deliver on its own. Increased foothold into the data center segment The DCI data center project in Tydal is a clear example of this strength in action. Three of our companies are working together to deliver a comprehensive solution to the customer. This project highlights the value of our combined capabilities and reinforces our belief that similar opportunities will emerge in the future. The data center segment represents an attractive growth market, and we expect it to become increasingly more significant for the Group in the years ahead. Market activity is turning Market activity has also improved during the period. Following a relatively cautious first quarter, we are now seeing a growing number of projects that were previously postponed being reactivated. While global uncertainty continues to influence investment decisions across several industries, the overall trend is positive, with activity levels gradually improving. New contracts in strategically important growth markets Across our operations, from north to south, our companies have delivered a solid performance, supported by the signing of several important contracts. These include the DCI Tydal project and IMTAS AS’ recently awarded contract within the defense sector. Together, these contracts strengthen both our order backlog and our position in strategically important growth markets. Renewables — Gjosa secured Within our renewable energy business, Fossberg Kraft has secured the contract for the construction and sale of the Gjosa hydropower plant. We remain highly positive about the long-term opportunities within hydropower and renewable energy, driven by the growing demand for reliable and sustainable power generation and a significant potential for future projects and long-term value creation. Overall, we are pleased with the positive development across the Group. Our strategy of building strong, specialized companies – while fostering collaboration across the organization – is delivering results. It strengthens our competitiveness, opens new market opportunities, and provides a solid foundation for continued profitable growth. Together, we are stronger. One team. One goal.
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Revenue overview – Q2 2026 Quarterly development Revenue development • Revenue is holding a strong level, supported by accretive acquisitions (with Einar Øgrey included one month in Q2) • However, revenue is carried on a weaker project mix. With the Q1 pause of investment decisions, capacity has been filled with lower margin work • Our priority remains to improve margins on the existing revenue base, while driving profitable growth at higher margins. Improving project mix and maintaining strong pricing discipline have been key focus areas throughout the period, and will remain so going forward Quarterly development in Revenue (NOKm) Excluded the sale of the PSV Charisma in Q1 2024 (NOK 34 million). Einar Øgrey Farsund included from June 2026 (one month in Q2-26). 13 224 251 242 348 253 349 329 351 370 365 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26
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Margin overview – Q2 2026 Quarterly development – EBITDA & profit for the period EBITDA development • Current macro- headwinds impacting the project mix of revenue - up from Q1 26 and same period last year. Recovery in Q2. • Pro forma EBITDA- margin over the last twelve months is at 6.8% (vs. 6.3% per Q1-26) – that is the underlying business Quarterly development in EBITDA & earnings (NOKm) Excluded the effects from the sale of Vassnes Group (NOKm 29 in Q1-25 – no impact on EBITDA) 14 6.5 15.4 7.6 8.8 15.7 18.0 23.8 28.5 10.6 19.2 1.0 9.7 -4.0 -9.5 5.6 1.1 10.6 -1.6 -7.6 -8.1 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 EBITDA Profit for the period
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Strong orderbook. Solid customers. 15 Orderbook for the next twelve months at given time, on a reported basis. Selected clients in orderbook: Order backlog consists of three main contracting models Fixed price contracts (40%) A majority of the revenue is secured through contracts with a pre-determined scope, fixed price and timeline (adjusted for change orders). Most contracts are adjusted for inflation and currency-effects on a yearly basis. • Duration: 1 month – 2 years • Pricing: Fixed, adjusted for change orders • Size: Fixed + change orders Time & material contracts (7%) Typically used for projects outside the scope of existing framework agreements, which require flexibility for scope changes in order to handle uncertainty. • Duration: 1 month – 2 years • Pricing: Hourly rate + mark-up on material • Size: Variable Framework agreements (52%) Give exclusive rights to provide the specified goods and services during the agreement period. This represents a “repetitive” baseline volume, and positions EIS as a preferred provider for maintenance and modification projects. • Duration: Typically >1-year agreements • Pricing: Hourly rate, CPI-adjusted • Size: Variable – based on budgeted hours Top 10 in orderbook Other orders
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P&L overview – YTD Q2 2026 Consolidated statement of profit and loss Revenue of NOK 735 million • Significant revenue growth compared to Q2 - and YTD 2025 – driven by volume growth through accretive acquisitions • Resources kept busy on lower-margin projects in Q1. Recovery in Q2. • Fossberg Kraft has started the building of Gjosa Kraftverk in Q2, with corresponding periodisation of margins EBITDA of NOK 30 million • The EBITDA margin for the 2nd quarter is on the same level as last year (5,2%) Earnings per share (NOK) YTD Q2-26 YTD Q2-25 FY-25 EPS (0.19) 0.45 0.56 Diluted EPS (0.19) 0.43 0.54 From continued operations: EPS (0.19) 0.45 0.40 Diluted EPS (0.19) 0.43 0.39 Entities acquired during 2025 converted to IFRS-16 accounting (leasing). 16 NOK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Unaudited Unaudited Unaudited Unaudited Audited Revenues 363,6 345,1 730,8 598,1 1 278,5 Other operating revenue 1,2 3,6 4,4 3,6 2,6 Operating income 364,9 348,7 735,3 601,8 1 281,2 Materials and consumables (131,2) (148,4) (295,0) (261,5) (466,6) Payroll expenses (162,0) (143,7) (321,4) (242,0) (556,3) Other operating expenses (52,5) (38,6) (89,1) (64,5) (172,1) EBITDA 19,1 18,0 29,7 33,7 86,2 EBITDA-margin 5,2 % 5,2 % 4,0 % 5,6 % 6,7 % Depreciation and amortisation (10,4) (6,5) (20,6) (10,4) (37,3) Operating profit/(loss) - EBIT 8,7 11,4 9,1 23,3 48,9 EBIT-margin 2,4 % 3,3 % 1,2 % 3,9 % 3,8 % Net financial income/expenses (16,9) (10,3) (24,8) (16,5) (34,5) Profit/(loss) before tax (8,2) 1,1 (15,7) 6,8 14,4 Income tax expense 0,0 0,0 0,0 0,0 14,7 Profit/(loss) - from continued operations (8,2) 1,1 (15,7) 6,8 29,1 Profit from discontinued operations 0,0 0,0 0,0 29,5 12,8 Profit/(loss) (8,2) 1,1 (15,7) 36,3 41,9
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NOK million Operating income 728,0 6,6 4,1 0,6 (4,1) 735,3 Material and consumables (297,2) (1,3) 0,0 (0,0) 3,5 (295,0) Payroll expenses (310,8) (1,6) 0,0 (9,0) 0,0 (321,4) Other operating expenses (79,7) (1,3) (0,6) (8,1) 0,6 (89,1) EBITDA 40,4 2,3 3,6 (16,5) (0,0) 29,7 EBITDA margin 5,5 % 34,3 % 87 % (NA) (NA) 4,0 % EQVA Group Industrial Solutions Renewables Real Estate Other Elim. Segment overview Consolidated segment income statement – H1 2026 Comments • Industrial solutions – EQVA’s industrial service companies • Renewables - Fossberg Kraft (developing small scale hydro power plants) • Real estate – Operational properties of mainly BKS Group • Other – the parent company and group holding companies. • Elim – group internal services and eliminations for consolidation purposes 17
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NOK million Q2 2026 Pro forma LTM - Q2 2026 Unaudited Unaudited Revenues 730,8 680,4 20,1 157,4 (5,5) (22,3) 0,0 1 560,9 Other operating revenue 4,4 (1,0) 4,5 0,0 (2,4) 0,0 0,0 5,6 Operating income 735,3 679,4 24,6 157,4 (8,0) (22,3) 0,0 1 566,5 Materials and consumables (295,0) (205,0) (19,9) (71,0) 1,7 14,4 0,0 (574,9) Payroll expenses (321,4) (314,3) (1,3) (50,8) 3,5 5,3 0,0 (679,0) Other operating expenses (89,1) (107,7) (1,7) (21,9) 2,8 1,3 9,6 (206,6) EBITDA 29,7 52,5 1,7 13,6 0,1 (1,2) 9,6 106,0 EBITDA-margin 4,0 % 6,8 % Excluding EQVA Renewables Einar Øgrey Q3-25 - may 26 EQVA Group Q3-Q4 2025 Austevoll Rørteknikk Q3 2025 Excluding minority share of results Transaction costs (M&A, refinancing) and one-offs Pro-forma bridge Pro forma calculation corresponds to EBITDA-definition under the new loan term agreement of the Group 18
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Balance sheet overview As of 30 June 2026 (NOKm) Specification of net interest-bearing debt: Item NOKm Bond term loan 500,0 Revolving Credit Facility 5,8 Loan on real estate, BKS Eigedom 37,5 Lease liabilities 65,5 Interest-bearing debt 608,9 Cash position 245,2 Net interest-bearing debt 363,7 NIBD, excl. EQVA Renewables RCF * 359,9 Pro Forma EBITDA (ref. page 18) 106,0 Leverage ratio (NIBD/EBITDA) 3.4 *Loan term agreements excludes EQVA Renewables IBD (Equity ratio: 30%) Intangible assets P , P & E Other non-curr. assets Current assets (excl. free cash) Free cash position Equity Interest-bearing debt Other non-curr. liab. Other current liabilities Net working capital (current assets + free cash position – other current liabilities) = NOK 373 million ,, 19
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e q v a . n o Additional information 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
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Balance Sheet – YTD 2026 Consolidated statement of financial position 21 Equity and Liabilities NOK million YTD 2026 FY 2025 Unaudited Audited Share capital 4,5 4,2 Share premium reserve 269,6 251,0 Retained earnings 130,2 146,9 Non-controlling interests 8,9 7,8 TOTAL EQUITY 413,2 409,9 Lease liabilities 47,5 46,5 Loans and borrowings 538,6 168,3 Other long-term liabilities 24,4 24,8 Total non-current liabilities 610,5 239,6 Accounts payables 119,5 96,8 Public duties payables 66,8 74,1 Loans and borrowings, current 5,4 111,3 Contract liabilities 25,4 16,9 Lease liabilities, current 18,1 17,7 Other current liabilities 118,8 157,7 Total current liabilities 354,1 474,4 TOTAL LIABILITIES 964,5 714,0 TOTAL EQUITY AND LIABILITIES 1 377,7 1 123,9 Assets NOK million YTD 2026 FY 2025 Unaudited Audited Goodwill 374,2 342,0 Licenses, patents and R&D 68,6 73,1 Property, plant and equipment 164,3 153,3 Right of use assets 64,1 63,2 Other non-current receivables 2,9 6,3 Total non-current assets 674,2 638,0 Inventory 25,1 16,0 Accounts receivables 278,3 223,0 Contract assets customer contracts 110,1 71,5 Other current receivables 44,8 26,5 Cash and cash equivalents 245,2 148,9 Total current assets 703,5 485,9 TOTAL ASSETS 1 377,7 1 123,9
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NOK million YTD 2026 2025 Unaudited Audited CASH FLOW FROM FINANCING ACTIVITIES Repayment of lease liabilities (10,7) (14,1) New bank debt 0,0 259,6 Repayment of seller's credit (53,6) (19,6) New bond loan 500,0 0,0 Downpayment Nordea loan (166,1) 0,0 Installments on bank debt (67,7) (161,7) Interest payment (23,2) (32,2) Fees bond loan (17,2) 0,0 Other financial fees (2,0) 0,0 Cash flow from financing activities 159,6 32,0 Net cash flow 118,6 43,8 Cash at start of the period 126,6 82,8 Cash at end of the period 245,2 126,6 Restricted cash 0,0 22,3 Cash balance at end of the period 245,2 148,9 Cash flow – YTD 2026 22 Consolidated statement of cash flow NOK million YTD 2026 2025 Unaudited Audited CASH FLOW FROM OPERATIONS Profit/ (loss) after tax (15,7) 41,9 Income tax expense 0,0 (14,7) Paid tax 0,0 (4,3) Depreciation 20,6 37,3 Net financial items 24,8 34,5 Gain on diposal discontinued operations 0,0 (20,9) Changes in other current assets /-liabilities (22,4) 29,2 Cash flow from operating activities 7,4 102,9 CASH FLOW FROM INVESTMENTS Net purchase and sale of PPE (12,7) (14,1) Net R&D grants 0,0 (1,8) Net purchase and sale of subsidiaries (38,6) (70,7) Payment of contingent considerations 0,0 (7,8) Interest income 4,4 3,3 Changes in long term receivables (1,5) 0,0 Cash flow from investing activities (48,4) (91,1)
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e q v a . n o Appendix 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
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From natural resources to value creation – Fossberg Kraft builds the renewable energy production of the future Operational update Originally published to market: 28 May 2026
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Uniquely positioned for Norway’s increasing power demand 25 Weakening power balance ahead NVE projections show Norway moving from a 22 TWh surplus in 2023 to 7 TWh by 2030. Consumption is growing significantly faster than new production capacity. The power balance is particularly exposed in NO2. Data centres, hydrogen, electrification Data centres, hydrogen and ammonia production, along with the electrification of industry and transport, are all increasing the power demand in the years ahead. Hydropower is the solution Solar and wind power are intermittent energy sources. To meet demand, Norway and Europe need more dispatchable renewable power – and the number of operators capable of developing it is limited. Weakened power balance is not a temporary deviation. It is a structural shift – and Fossberg Kraft is uniquely positioned to capitalise on it. 02 Background
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7 Power plants developed and sold since 2018. The model works. 26 Fossberg Kraft is 100% owned by Oslo Stock Exchange-listed EQVA ASA and serves as the company’s renewable energy arm. Since 2018, Fossberg Kraft has built an industrial environment for the operation, development, construction and sale of small-scale hydropower plants across Norway – with a pipeline that continues to grow as new projects are developed. The business model is verified and repeatable: Fossberg Kraft identifies waterfall rights, applies for concessions, designs, constructs and sells fully developed power plants — typically to energy companies or long-term investors. 7 Power plants developed & sold 10 Power plants in active operation (for buyers ) 2018 Founded – 7 years of delivery >85 GWh Waterfall rights in pipeline, of which 2 (in addition to Gjosa) are near -term * T H E B U S I N E S S M O D E L — S T E P B Y S T E P ① Identify waterfall rights ② Apply for concession and financing ③ Design and construct ④ Sell fully developed power plant ⑤ Operate on behalf of owner/buyer (optional) Step ④ is where value is realised — Gjosa now documents the nominal value of this model * Probability-weighted pipeline as of today. The portfolio is under continuous development and is expected to grow as new and existing project opportunities are advanced. About Fossberg Kraft
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Gjosa confirms the business model 27 Sale of Gjosa Power Plant G J O S A P O W E R P L A N T Location Sirdal, Agder (NO2) Production 8.7 GWh / year Installed capacity 3,5 MW Construction completed Q2 2027 Status Contract signed PRODUCTION 8.7 GWh Estimated production per year → SALES VALUE NOK 62–67m * Proceeds over 15 months Gross margin: NOK 10 – 15 million 19–29% return on invested capital NOK 7,1–7,7m Implied value per GWh of production capacity → Buyer Norsk Vannkraft AS * Subject to certain contractual terms
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85 GWh in pipeline. Gjosa marks the first realisation of a long-term pipeline with comparable value 28 Pipeline and Value PIPELINE — WATERFALL RIGHTS AND DEVELOPMENT PROJECTS: >85 GWh • Gjosa is developed at an estimated gross margin of 19-29% on invested capital. • The sale indicates a realised value of NOK 7.1–7.7 million per GWh. • Fossberg Kraft’s portfolio of waterfall rights and development projects represents more than 85 GWh (probability-weighted) – and is expected to grow as new and existing projects are advanced. The sale of Gjosa Power Plant highlights a significant value potential embedded in the existing and future pipeline. Two new projects are already well advanced in the pipeline, identified and positioned as the next realisation candidates in the portfolio. N E X T P R O J E C T S I N P I P E L I N E Nedre Molla & Haugåna Power Plants Location: NO2 Production: • Nedre Molla 5,0 GWh • Haugåna 7,0 GWh Estimated construction completion: • Nedre Molla Q2 2028 • Haugåna Q2 2029
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Norway has an immediate need for more power. Fossberg Kraft is among the few operators capable of developing and delivering new, dispatchable renewable production 29 The power market NO2 POWER BALANCE Weakened power balance 2028 Power consumption in NO2 is increasing markedly from 2027. NVE projections show the balance tightening precisely during the period in which Gjosa, Nedre Molla and Haugåna are scheduled to come online. NVE PRICE PROJECTIONS ~NOK 0.67/kWh in 2030 NVE’s long-term power market analysis (2025) estimates an average price of NOK 0.67/kWh in 2030. Dispatchable Norwegian hydropower is the most valuable resource in this context. SIRDAL DATA CENTRE 300 MW demand alone The data centre planned for Sirdal – where Fossberg Kraft operates – will alone require up to 300 MW. This creates direct local demand within NO2. Gjosa online Q2 2027 * · Nedre Molla Q2 2028 * · Haugåna Q2 2029 * · All in NO2 – where demand is greatest 06 * Estimated date of completion / delivery, subject to investment decision
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Why Fossberg Kraft – and why now 30 Summary 01 Has the expertise and experience required 7 power plants developed and sold since 2018. Fossberg Kraft has demonstrated the ability to identify, develop and realise small-scale hydropower projects. 02 Gjosa provides a documented value reference The sale of Gjosa Power Plant establishes the value of a fully developed power plant – a clear and concrete market reference for the projects that follow in the pipeline. 03 Norway needs power. We build it. With more than 85 GWh in owned waterfall rights and two projects currently under development, Fossberg Kraft is positioned at the centre of Norway’s most important energy trend. For more information about EQVA Renewables and Fossberg Kraft, please contact: EQVA ASA | eqva.no
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e q v a . n o