Interim report
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EQVA ASA HALF YEAR REPORT 2026
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2 HALF YEAR REPORT 2026 EQVA is a full-service provider of industrial services, built on development and long-term ownership of complementary industrial companies. EQVA’s customers include leading industrial players across smelting operations, process industry, aquaculture, the maritime sector, defence 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 750 specialized employees and a strong presence across several of Norway’s key industrial regions, EQVA is positioned for continued growth. THIS IS EQVA
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3 HALF YEAR REPORT 2026
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4 HALF YEAR REPORT 2026
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5 HALF YEAR REPORT 2026 Highlights and key figures The segments The EQVA share EQVA´s history Presentation of the board and management Health, safety and quality Principal risks and uncertainties Responsibility statement from the board and CEO Financial statements Consolidated financial statements Notes to the consolidated financial statements CONTENT 6 8 10 12 14 16 17 18 19 20 26
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6 HALF YEAR REPORT 2026 Highlights and key figures First half year 2026 Key figures EQVA group - first half year 2026 • NOK 735 million (602m H1 2025) in total operating revenues • NOK 30 million (34m H1 2025) in EBITDA • Orderbook is total NOK 1 067 million (932m H1 2025) • The employees total 750 FTEs. • Continued strong top-line growth in EQVA - driven by high activity in the Industrial Solutions segment and the acquisitions completed over the last 12 months. Group profitability was held back by a weaker project mix, as macro headwinds led customers to defer investment decisions and kept capacity employed on lower-margin projects. Q2 margins improved year-on-year, and the weakness in the half year is concentrated in Q1. In H1 2026, EQVA Group delivered a revenue of NOKm 735 (NOKm 602 in H1 2025), an increase of 22%. The Industrial Solutions segment generated NOKm 728 of the operating income, up from NOKm 560 in H1 last year (adjusted for discontinued operations). The growth is driven by accretive acquisitions – primarily the full-period effect of IMTAS (consolidated from the end of March 2025) and Austevoll Rørteknikk (Q4 2025), while the acquisition of the mechanical and electro-mechanical operations of Einar Øgrey Farsund AS was completed 8 June 2026 and contributed only one month to the period. EQVA EBITDA was NOKm 30 (34 in H1 2025), corresponding to a margin of 4,1% (5,6%). The Group EBITDA, in addition to the effects noted previously, is affected by transaction costs related to M&A as well as periodic effects on financial and ESG audit. Depreciation increased to NOKm 21 (10 in H1 2025), mainly because entities acquired during 2025 have been converted to IFRS 16 lease accounting, resulting in an EBIT of NOKm 9 (23). Net financial items was negative NOKm 25 (negative 17 in H1 2025), reflecting interest on lease liabilities and on the NOK 500 million secured bond issued in Q1 2026. • Segment performance. Industrial solutions delivered an EBITDA of NOKm 40 (5,5% margin). Renewables returned to positive earnings, with an EBITDA of NOKm 2 (negative NOKm 2 in H1 2025). In May 2026, Fossberg Kraft signed an agreement with Norsk Vannkraft AS for the development and sale of Gjosa Kraftverk AS in Sirdal – estimated annual production of 8,7 GWh – expected to generate NOK 62 – 67 million in revenues over the project period. The agreement confirms the underlying value of Fossberg Kraft’s project pipeline and hydropower development rights. • Orderbook and financial position. The orderbook (for the next 12 months) stood at NOK 1 067 million per H1 2026, having grown for seven consecutive quarters. Total assets amounted to NOKm 1 378 (1 124 per 31 December 2025) and equity to NOKm 413 (410m), resulting in an equity ratio of 30% (36,5%). Cash and cash equivalents were NOKm 245 (149m).
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7 HALF YEAR REPORT 2026 Fossberg Kraft AS Husnes Zenit Engineering AS Sunde Marine Support AS Storebø Austevoll Rørteknikk AS Storebø BKS Industri AS Sunde BKS VVS AS Straume Kvinnherad Elektro AS Rosendal EQVA ASA Sunde BKS Power and Automation AS Sunde IMTAS Harstad AS Harstad IMTAS AS Mo i Rana IMTAS Personell AS Mo i Rana IMTAS Prosjekt AS Mo i Rana JMVD Sleneset EQVA ASA Oslo Einar Øgrey Farsund AS Farsund Our geographical footprint Along the entire coast of Norway
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8 HALF YEAR REPORT 2026 The segments EQVA is organized into three main segments that together represent the Group’s operations and value creation: Industrial Solutions, Renewables and Real Estate, in addition to Other, which includes the parent company and holding entities. Industrial Solutions The Industrial Solutions segment accounted for 99 per cent of total income YTD 2026. The segment is comprised of BKS Group, IMTAS Group, Austevoll Rørteknikk, Kvinnherad Elektro and Einar Øgrey Farsund. BKS is a full-service provider of technical installations for smelters, land-based industry, aquaculture, maritime, defence and offshore. With a strong presence throughout the value chain, BKS has developed long-standing relationships with well-known players in the industry. BKS was established in 2008 and has locations in Sunde, Odda, Straume and Austevoll. The Group had 421 FTEs as of June 2026. IMTAS provides industrial services for smelting operations, process industry, mining and aquaculture. The Group has locations in Mo i Rana, Harstad and Sleneset, and had 196 FTEs as of June 2026. Austevoll Rørteknikk provides piping systems, equipment and service for the aquaculture sector. The company is located in Austevoll and had 17 FTEs as of June 2026. Kvinnherad Elektro provides power & automation services to industrial clients, public services and households. The company is located in Rosendal and Husnes and had 37 FTEs as of June 2026. Einar Øgrey Farsund provides mechanical and electromechanical fabrication, installation and maintenance services to smelters, land-based industry and the offshore and renewables sectors. The company was established in 1969 and is located in Farsund. The company had 65 FTEs as of June 2026. KEY MARKETS: • Smelters • Land-based industry • Maritime Industry • Offshore industry • Aquaculture • Renewable energy
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9 HALF YEAR REPORT 2026 Renewables Fossberg Kraft focuses on the development and operation of small-scale hydropower plants in southern Norway. Fossberg currently operates 10 power plants. The company is also involved in the development of new projects. Fossberg Kraft was established in 2018, and is headquartered in Husnes, Kvinnherad. Real estate The real estate segment includes the Group´s real estate properties. The properties are predominantly production related and offices.
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10 HALF YEAR REPORT 2026 The share EQVA aims to be an attractive investment for its shareholders, delivering competitive returns through sustainable growth both organically and through value-adding acquisitions. Key facts • EQVA ASA is a publicly limited company. The share is listed on the Oslo Stock Exchange and the ticker code is EQVA. • EQVA, formerly Havyard Group ASA, was listed in July 2014. • All shares have equal rights and are freely transferable. Each share grants the holder one vote and there are no structures granting disproportionate voting rights. • 98 per cent of our shares are held by Norwegian shareholders. • EQVA holds 187 623 treasury shares as of 30 June 2026. Key figures • NOK 276.5 mill market cap as of 30 June 2026. • 89 177 634 shares issued. • 2 848 shareholders. • From 1 July 2025 to 30 June 2026 the return on holding the share was -35.6 %. Share price development from 1 July 2025 to 30 June 2026
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11 HALF YEAR REPORT 2026 The 20 largest shareholders as of 30 June 2026 OWNER NUMBER OF SHARES SHARE COUNTRY 1 NORDIC CORPORATE BANK ASA 24 208 639 27,1 % Norway 2 HAVILA HOLDING AS 10 000 000 11,2 % Norway 3 ILG AS 8 729 739 9,8 % Norway 4 SCUDERIA AS 6 001 691 6,7 % Norway 5 EGGE & ØEN AS 5 888 359 6,6 % Norway 6 SANDHEI HOLDING AS 2 863 532 3,2 % Norway 7 HELSENGREEN 1 381 350 1,5 % Norway 8 EMINI INVEST AS 1 290 000 1,4 % Norway 9 HSR INVEST AS 1 290 000 1,4 % Norway 10 INNIDIMMAN AS 1 290 000 1,4 % Norway 11 NORDIC FINANCIALS AS 1 220 000 1,4 % Norway 12 CELIA HOLDING AS 1 216 769 1,4 % Norway 13 MP PENSJON PK 1 177 768 1,3 % Norway 14 ERIK ARNESEN HOLDING AS 1 123 288 1,3 % Norway 15 MEDIÅ HOLDING AS 1 123 288 1,3 % Norway 16 K E INVEST A/S 1 061 629 1,2 % Norway 17 MCE HOLDING AS 762 362 0,8 % Norway 18 HANDELAND EIGEDOM AS 563 000 0,6 % Norway 19 LBM HOLDING AS 506 330 0,6 % Norway 20 GRANHAUG INDUSTRIER AS 500 000 0,6 % Norway
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12 HALF YEAR REPORT 2026 EQVA´s history Building on a more than 100 years of history, EQVA has a rich heritage in the maritime and land-based industry. The Group has continually evolved to meet the changing demands of the market.
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13 HALF YEAR REPORT 2026 Important milestones: • 1918: Jonas Løland founded Løland Motorverksted (machine workshop) in Leirvik, which marked the start of the company's activity in the maritime industry. • 1938: The yard constructed its first new building, "Loftesnesferja", which was a significant milestone for the company. • 2008: BKS was founded as mainly a personnel and service engineering provider for the construction industry. In subsequent years, BKS expanded its operations and developed into a fully integrated service provider for land- based industries. More investors joined the company, leading to further growth and expansion of services offered. • 2014: The group was listed on the Oslo Stock Exchange under the name Havyard Group. • 2018: Fossberg Kraft was founded. • 2020: The group initiated a restructuring of its yard to shift focus from new buildings to maintenance and service offerings, which reflected the company's evolving strategy. • 2021: The group began revising its corporate strategy to focus on growth within repair, service, and maintenance in the marine service segment, which reflected its commitment to long-term success. • 2022: The group entered into a business combination agreement, whereby the group acquired all shares of HG Group, consisting of BKS and Fossberg Kraft, to start its journey towards becoming a fully integrated service provider to on- and offshore industries. • 2022: The group changed its name to EQVA and expanded its services to offer complete industrial services and renewable energy to key customers, which marked a significant step in the group’s growth and development. • 2023: The shipyard Havyard Leirvik was divested to Tersan in November 2023. • 2024: Acquisition of Kvinnherad Elektro in October 2024 to expand service offering within power & automation services. • 2025: Acquisition of IMTAS Group in April 2025, expanding EQVA’s presence into Northern Norway. The acquisition is EQVA’s largest transaction to date, strengthening our position as a prominent and fully integrated service provider within the piping, mechanical and power and automation disciplines in Norway. • 2025: Acquisition of Austevoll Rørteknikk in October 2025, enhancing EQVA’s presence on the west coast of Norway, particularly in pipe installation, maintenance, and specialized fabrication for the aquaculture industry. • 2026: Acquired Einar Øgrey Farsund in June 2026, expanding EQVA’s presence to the south coast of Norway and the Group’s service scope within mechanical and electromechanical services.
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14 HALF YEAR REPORT 2026 The board and management Olav Hilmar Koløy CEO Extensive background and experience from financial markets and roles within strategy and business development from EY, Astrup Fearnley and Aker BioMarine. Appointed CFO from December 2025. Mr. Molvik holds 114 974 shares and 300 000 share options in EQVA. Founder of the EQVA subsidiary IMTAS. 20+ years of experience in sales and industrial projects. Mr. Sandhei holds 2 863 532 shares in the company through Sandhei Holding AS. 30+ years of industrial experience from the maritime industry as well as broad experience across sales, business development and operations. Appointed CEO in October 2025. Management team Daniel Molvik CFO Johannes Sandhei CEO IMTAS Group
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15 HALF YEAR REPORT 2026 Ingrid Due-Gundersen Chairman Gudmund Øvrehus Board Member Hilde Rutledal Storhaug Board Member Hans Olav Lindal Board Member Rune Mikalsen Board Member Kari Markhus Board Member (Employee Representative) Tomasz Bartlomiej Wesierski Board Member (Employee Representative) 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. Mrs. Due-Gundersen holds 60 000 shares and 2 000 000 share options in EQVA. Founder of the EQVA subsidiary BKS and brings significant industrial expertise to the board. Mr. Øvrehus holds 8 729 738 shares in EQVA through ILG AS, as well as 100 000 share options. Hilde Rutledal Storhaug has more than 20 years of experience from the aquaculture industry, with expertise spanning strategy, leadership, production and sustainability. Former CEO and Chief Sustainability Officer of Norcod and Norway Director of WellFish Tech. Hans Olav Lindal is a 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. Rune Mikalsen has more than 20 years of experience from the seafood and aquaculture industry, combining operational management with financial and commercial expertise. Currently serves as CEO of salmon producer Kvarøy Arctic. Kari Markhus is HSE Coordinator and Document Controller at EQVA subsidiary BKS. She has been a member of the Board of EQVA since January 2024. Ms. Markhus holds 80 000 share options in EQVA. Tomasz Bartlomiej Wesierski is Resource Coordinator and Project Manager at EQVA subsidiary BKS. He has been a member of the Board of EQVA since January 2024. Mr. Wesierski holds 80 000 share options in EQVA. Board of directors
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16 HALF YEAR REPORT 2026 The Group's average total sick leave in the first half of 2026 was 5,94%, of which 2,31% was short-term sick leave and 3,63% long-term sick leave. Einar Øgrey Farsund is included in the reporting from June 2026, following the acquisition. No serious incidents or injuries requiring medical treatment were recorded across the Group during the first half of 2026. The Group continues its systematic efforts to prevent injuries and work-related risks, with a long-term objective of zero injuries. The Group places a strong emphasis on health, safety and a good working environment. The subsidiaries' HSE policies and management systems form the foundation for systematic efforts to prevent injuries, reduce work-related risks and promote a safe and healthy working environment. Procedures and guidelines ensure that employees are aware of relevant risks and how to prevent them, supported by regular safety training and workplace inspections. Safe operations remain a key priority across the Group. Sustainability is an integral part of EQVA's business and governance. The Group's sustainability priorities include climate and energy, resource use and the circular economy, responsible working conditions and business conduct. During the first half of 2026, EQVA continued to strengthen its Group-wide sustainability framework through the further development of common policies, targets and reporting practices. Several of the Group's companies operate management systems based on recognised ISO standards, including ISO 9001, ISO 14001 and ISO 45001, supporting systematic work related to quality, environmental management and occupational health and safety. HEALTH, SAFETY, QUALITY AND ENVIRONMENT - 2026
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17 HALF YEAR REPORT 2026 EQVA ASA defines operational risk as the ability to deliver at the agreed date, quality, and calculated cost. These are the factors considered to have most impact on EQVA´s financial results. Other risk factors related to the Group’s business can among others be availability of funding, availability of contracts with satisfactory margins, significant market disruptions, dependence of external suppliers, guarantee claim and customers’ ability to meet their obligations. See also info in notes related to the effects from Subsequent events and Going concern. EQVA works systematically with risk management in all its segments and subsidiaries. All managers are responsible for risk management and internal control within their business segment. Reference is made to the annual report for 2025 for a further description of risk factors and risk management. PRINCIPAL RISKS AND UNCERTAINTIES Sunde, 26 August 2026 The board of directors of EQVA ASA This document is digitally signed. Ingrid Due-Gundersen Chairman Rune Mikalsen Board member Kari Markhus Board member employee representative Hilde Rutledal Storhaug Board member Gudmund Øvrehus Board member Tomasz Bartlomiej Wesierski Board member employee representative Hans Olav Lindal Board member Olav Hilmar Koløy CEO
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18 HALF YEAR REPORT 2026 Today, the Board of Directors and the CEO of Eqva ASA have considered and approved the financial statements as of 30 June 2026 and for the six month period ended 30 June 2026. The report has been prepared in accordance with IAS 34 Interim Financial Reporting as endorsed by the EU and additional Norwegian regulations. To the best of our knowledge, we confirm that: • the financial statements for the six month period ended 30 June 2026 have been prepared in accordance with applicable financial reporting standards. • the information presented in the financial statements gives a true and fair view of the group´s assets, liabilities, financial position and results for the period. • the information presented in the financial statements gives a true and fair view of the development, performance, financial position, principle risks and uncertainties of the group. RESPONSIBILITY STATEMENT FROM THE BOARD AND CEO Sunde, 26 August 2026 The board of directors of EQVA ASA Ingrid Due-Gundersen Chairman Rune Mikalsen Board member Kari Markhus Board member employee representative Hilde Rutledal Storhaug Board member Gudmund Øvrehus Board member Tomasz Bartlomiej Wesierski Board member employee representative Hans Olav Lindal Board member Olav Hilmar Koløy CEO
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19 HALF YEAR REPORT 2026 RESPONSIBILITY STATEMENT FROM THE BOARD AND CEO Financial statements
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20 HALF YEAR REPORT 2026 CONSOLIDATED STATEMENT OF PROFIT OR LOSS EQVA ASA CONSOLIDATED STATEMENT OF PROFIT OR LOSS (NOK 1,000) Note 2026 YTD 2025 YTD 2025 Unaudited Unaudited Audited Adjusted for discontinued operation Revenues 3,4 730 803 598 142 1 278 514 Other operating revenues 4 449 3 609 2 641 Operating income 3,4 735 252 601 751 1 281 155 Materials and consumables 294 981 261 525 466 556 Payroll expenses 321 419 242 027 556 277 Other operating expenses 89 108 64 490 172 142 Operating expenses 705 508 568 043 1 194 976 Operating profit/loss before depreciation and amortisation (EBITDA) 3 29 744 33 709 86 179 Depreciation 20 627 10 366 37 327 Operating profit/loss (EBIT) 3 9 117 23 343 48 852 Financial income 3,5 6 216 932 5 536 Financial expenses 3,5 -31 005 -17 464 -40 004 Share of profit/ loss of associate 3 0 0 0 Profit / loss before tax 3 -15 672 6 811 14 383 Income tax expense 6 0 0 -14 706 Profit from continued operations 3 -15 672 6 811 29 089 Profit from discontinued operation 3, 12 0 29 504 12 790 Profit / loss for the Year 3 -15 672 36 315 41 878 Attributable to : Equity holders of parent -16 733 38 934 44 654 Non-controlling interest 1 060 -2 619 -2 776 Total -15 672 36 315 41 878 Earnings per share (NOK) -0,19 0,45 0,56 Diluted earnings per share (NOK) -0,19 0,43 0,54 Earnings pr. share from continued operations Earnings per share (NOK) -0,19 0,45 0,40 Diluted earnings per share (NOK) -0,19 0,43 0,39
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21 HALF YEAR REPORT 2026 (NOK 1,000) Note 2026 YTD 2025 YTD 2025 Unaudited Unaudited Audited Profit for the period 3 -15 672 36 315 41 878 Foreign currency translation differences 0 0 0 Other comprehensive income 0 0 0 Total comprehensive income -15 672 36 315 41 878 Attributable to : Equity holders of parent -16 733 38 934 44 654 Non-controlling interest 1 060 -2 619 -2 776 Total -15 672 36 315 41 878 CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME EQVA ASA
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22 HALF YEAR REPORT 2026 (NOK 1,000) ASSETS Note 2026 YTD 2025 Unaudited Audited Non-current assets Deferred tax benefit 0 0 Goodwill 374 222 342 047 Licenses, patents and R&D 68 596 73 068 Property, plant and equipments 164 295 153 341 Right of use assets 9 64 117 63 210 Other non-current receivables 2 935 6 347 Total non-current assets 674 166 638 013 Current Assets Inventory 25 125 16 011 Accounts receivables 278 350 223 017 Other current receivables 44 816 26 487 Contract assets customer contracts 110 057 71 462 Cash and cash equivalents 245 156 148 948 Total current assets 703 503 485 925 TOTAL ASSETS 1 377 669 1 123 938 CONSOLIDATED STATEMENT OF FINANCIAL POSITION EQVA ASA CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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23 HALF YEAR REPORT 2026 CONSOLIDATED STATEMENT OF FINANCIAL POSITION EQUITY AND LIABILITIES NOTE 2026 YTD 2025 Equity Unaudited Share capital 7 4 459 4 159 Share premium reserve 269 649 251 043 Treasury shares 7 -9 -9 Retained earnings 130 200 146 932 Non-controlling interests 8 853 7 792 Total equity 413 151 409 917 Non-current liabilities Deferred tax liability 6 0 0 Lease liabilities 8,9 47 461 46 497 Loans and borrowings 8 538 636 168 342 Other long-term liabilities 8 24 367 24 767 Total non-current liabilities 610 464 239 606 Current liabilities Accounts payables 119 543 96 774 Tax payables 6 0 0 Public duties payables 66 827 74 123 Loans and borrowings, current 8 5 408 111 280 Contract liabilities 25 382 16 874 Lease liabilities, current 8,9 18 065 17 699 Other current liabilities 118 830 157 665 Total current liabilities 354 055 474 415 Total liabilities 964 519 714 021 TOTAL EQUITY AND LIABILITIES 1 377 669 1 123 938 Sunde, 26 August 2026 The board of directors of EQVA ASA Ingrid Due-Gundersen Chairman Rune Mikalsen Board member Kari Markhus Board member employee representative Hilde Rutledal Storhaug Board member Gudmund Øvrehus Board member Tomasz Bartlomiej Wesierski Board member employee representative Hans Olav Lindal Board member Olav Hilmar Koløy CEO
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24 HALF YEAR REPORT 2026 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EQVA ASA (NOK 1,000) Note Share capital Share premium reserve Treasury shares Retained earnings Total Non- controlling interest Total equity January 1,2026 7 4 159 251 043 -9 146 932 402 125 7 792 409 917 Profit & loss -16 733 -16 733 1 060 -15 672 Issue of shares in relation to Einar Øgrey Farsund 300 18 605 18 905 18 905 June 30, 2026 7 4 459 269 648 -9 130 200 404 298 8 853 413 151 (NOK 1,000) Note Share capital Share premium reserve Treasury shares Retained earnings Total Non- controlling interest Total equity January 1, 2025 7 3 770 211 632 -23 102 278 317 657 -5 653 312 003 Profit for the year 44 654 44 654 -2 776 41 878 Derecognition of negative NCI on disposal 0 16 221 16 221 Issue of shares in relation to IMTAS Group 306 30 504 30 809 30 809 Issue of shares in relation to Austevoll Rørteknikk AS 61 5 889 5 950 5 950 Issue of shares to previous management 23 2 187 2 210 2 210 Exercise of share options by management and Board 831 14 845 845 December 31, 2025 4 159 251 043 -9 146 932 402 125 7 792 409 917 (NOK 1,000) Note Share capital Share premium reserve Treasury shares Retained earnings Total Non- controlling interest Total equity January 1, 2025 7 3 770 211 633 -23 102 278 317 657 -5 653 312 003 Profit & loss 38 934 38 934 -2 619 36 315 Capital increase Q1 - related to IMTAS acquisition 281 28 138 28 419 28 419 Capital increase Q2 - related to IMTAS acquisition 1 4 072 4 073 4 073 Capital increase Q2 - related to shareholder 23 2 187 2 210 2 210 Sale of Vassnes group 0 16 385 16 385 Change in own shares 13 819 832 832 Other changes -14 500 -14 500 -14 500 June 30, 2025 7 4 075 246 030 -9 127 531 377 625 8 113 385 740
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25 HALF YEAR REPORT 2026 CONSOLIDATED STATEMENT OF CASHFLOW CONSOLIDATED STATEMENT OF CASHFLOW EQVA ASA (NOK 1,000) Note 2026 YTD 2025 YTD 2025 CASH FLOW FROM OPERATIONS Profit/(loss) after tax 3 -15 672 36 315 41 878 Income tax expense 6 0 0 -14 706 Paid tax 0 -840 -4 313 Depreciation intangible assets & property, plant and equipment 12 003 7 270 23 464 Depreciation charge of right-of-use assets 8 624 3 096 13 863 Net financial items 24 790 16 532 34 468 Profit and loss items without cash effect in discontinued operations 0 -37 608 -20 894 Changes in inventory -1 451 6 039 1 191 Changes in accounts receivables 32 631 -103 136 21 997 Changes in accounts payable 4 154 28 542 -6 801 Changes in customer contracts, asset -38 595 -10 161 28 264 Changes in customer contracts, liabilities 8 508 6 755 11 710 Changes in restricted deposits 22 344 2 120 -5 765 Changes in other current receivables/liabilities -49 970 25 265 -21 416 Net cash flow from/(to) operating activities 7 365 -19 813 102 940 CASH FLOW FROM INVESTMENTS Investments in property, plant and equipment -15 405 -13 628 -15 522 Sale of property, plant and equipment 2 675 0 1 385 Net FOU grants 0 0 -1 781 Acquisition of Einar Øgrey Farsund -41 581 0 0 Acquisition of subsidiaries 0 -52 000 -75 101 Sale of subsidiaries 3 000 10 000 4 416 Payment of contingent considerations 0 0 -7 800 Interest income 4 380 0 3 264 Changes in long term receivables -1 460 -24 972 0 Net cash flow used in investing activities -48 391 -80 600 -91 139 CASH FLOW FROM FINANCING ACTIVITIES Net chg. in lease liabilities -10 739 25 147 -14 090 Capital increase 0 0 0 New bank debt 0 276 088 259 608 New bond loan 500 000 0 0 Downpayment Nordea loan -166 050 0 0 Installments on bank debt -67 716 -171 340 -161 680 Dividend to shareholders 0 0 0 Net chg sellers credit -53 557 20 414 -19 586 Downpayment loan to shareholders 0 -9 444 0 Acquired own shares 0 832 0 Interest payment -23 180 -12 842 -32 246 Fees bond loan -17 181 0 0 Other financial expenses -1 997 -4 623 0 Changes in other long-term liabilities 0 611 0 Net cash flow from/ (used in) financing activities 159 580 124 845 32 006 Net change in cash and cash equivalents 118 553 24 432 43 807 Cash and cash equivalents at start of the year 126 604 82 797 82 797 Cash and cash equivalents at end of the year 245 156 107 229 126 604 Restricted cash at end of period 0 18 699 22 344 Cash and cash equivalent recognised in the balance sheet 245 156 125 928 148 948
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26 HALF YEAR REPORT 2026 NOTES NOTES EQVA ASA Note 1 General information 2 Basis of preparation and changes to the group´s accounting policies 3 Segment information 4 Revenue from contracts with customers 5 Financial income and financial expenses 6 Tax 7 Share capital 8 Interest bearing debt 9 Leasing 10 Transactions with related parties 11 Business combinations and other purchases in the Group 12 Discontinued operations 13 Events after the balance sheet date 14 Contingencies and provisions 15 Going concern
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27 HALF YEAR REPORT 2026 Note 1 General information 2 Basis of preparation and changes to the group´s accounting policies 3 Segment information 4 Revenue from contracts with customers 5 Financial income and financial expenses 6 Tax 7 Share capital 8 Interest bearing debt 9 Leasing 10 Transactions with related parties 11 Business combinations and other purchases in the Group 12 Discontinued operations 13 Events after the balance sheet date 14 Contingencies and provisions 15 Going concern 1. GENERAL INFORMATION EQVA ASA is a public limited company based in Norway, and its head office is located in Kvinnherad. The Group employs a total of 750 people as of 30 June 2026, of whom all are employed in Norway. EQVA ASA (former Havyard Group) was incorporated as a public limited company 25 February 2014 and was listed on the Oslo Stock Exchange 1 July 2014. 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES The Interim Financial Statements for the period ended 30 June 2026 have been prepared in accordance with IAS 34. The Interim Financial Statements are not subject to audit, and do not include all information and disclosures required in the Annual Financial Statements. It should be read in conjunction with the Group’s Annual Financial Statements as of 31 December 2025. The Group has not implemented any new or amended accounting standards in 2026. All significant accounting principles applied are described in the Annual Report 2025. ACCOUNTS FOR 2026 ARE PRESENTED IN ENGLISH. 3. SEGMENT INFORMATION The Group's main activities are: Industrial Solutions includes BKS Group, IMTAS Group, Kvinnherad Elektro, Austevoll Rørteknikk og Einar Øgrey Farsund. BKS and IMTAS provides full-service industrial solutions – both newbuilds, modifications and service/ maintenance assignments to smelters, maritime, offshore, aquaculture and land-based industries. Kvinnherad Elektro provides power and automation services. Austevoll Rørteknikk provides piping systems, equipment and service for the aquaculture sector. Einar Øgrey Farsund provides mechanical and electromechanical fabrication, installation and maintenance services to smelters, land-based industry and the offshore and renewable sectors. Renewables includes Fossberg Kraft which specializes in the establishment and operation of small-scale hydropower plants, and Gjosa Kraftverk which is currently under construction/development. Real Estate which includes Eqva’s real estate properties. The properties are predominantly production related. Other in which the parent company is the main entity – the segment also includes companies without regular operations and eliminations of intra-group transactions. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and Others. Transfer prices between operating segments are basis in a manner similar to transactions with third parties. NOTES
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28 HALF YEAR REPORT 2026 2026 YTD (NOK million) Industrial Solutions Renewables Real estate Other / Elimination Discontinued operations EQVA Group Revenues from contracts with customers 726,2 4,1 0 0,5 0 730,8 Other operating revenues 1,9 2,4 4,1 -4,0 0,0 4,4 Operating income 728,0 6,6 4,1 -3,5 0,0 735,3 EBITDA 40,4 2,3 3,6 -16,5 0,0 29,7 Depreciation 14,2 0,0 1,5 5,0 0,0 20,6 Operating profit/(loss) (EBIT) 26,2 2,3 2,1 -21,4 0,0 9,1 Net financial items -8,2 -1,5 0,1 -15,3 0,0 -24,8 Share of profit/(loss) from associate 0,0 0,0 0,0 0,0 0,0 0,0 Profit/(Loss) before tax 18,0 0,8 2,2 -36,7 0,0 -15,7 Income tax expense 0,0 0,0 0,0 0,0 0,0 0,0 Profit/(Loss) 18,0 0,8 2,2 -36,7 0,0 -15,7 Geographical areas Norway Other Total Operating revenues 735,3 0 735,3 (NOK million) Industrial Solutions Renewables Real estate Other / Elimination Discontinued operations EQVA Group Total assets 913,8 203,6 59,9 200,4 0,0 1 377,7 Equity 166,7 24,7 13,1 208,5 0,0 413,2 Liabilities 747,1 178,9 46,7 -8,1 0,0 964,5 Addition PP&E and intangibles* 0,0 0,0 0,0 0,0 0,0 0,0 Other contains parent company items and elimination of intra-group transactions. *Property, machinery and equipment and intangible assets.
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29 HALF YEAR REPORT 2026 Geographical areas Norway Other Total Operating revenues 735,3 0 735,3 Geographical areas Norway Other Total Operating revenues 600,5 1,3 601,8 Other contains parent company items and elimination of intra-group transactions. Discontinued Operations in 2025 contain the companies Vassnes Solutions AS, Vassnes Power AS, Vassnes Mechanical AS and Vassnes Engineering AS, all previously reported under the Industrial Solutions segment. *Property, machinery and equipment and intangible assets. 2025 YTD (NOK million) Industrial Solutions Renewables Real estate Other / Elimination Discontinued operations EQVA Group Revenues from contracts with customers 645,2 1,3 0,0 -1,1 -47,3 598,1 Other operating revenues 0,0 0,0 4,1 37,1 -37,6 3,6 Operating income 645,2 1,3 4,1 36,1 -84,9 601,8 EBITDA 50,7 -2,2 3,8 12,8 -31,1 33,7 Depreciation 7,3 0,0 1,5 2,1 -0,6 10,4 Operating profit/(loss) (EBIT) 43,4 -2,2 2,3 10,7 -30,6 23,3 Net financial items 1,2 -4,1 -1,3 -8,9 -1,1 -16,5 Share of profit/(loss) from associate 0,0 0,0 0,0 0,0 0,0 0,0 Profit/(Loss) before tax 44,6 -6,3 0,9 1,8 -31,7 6,8 Income tax expense 0,0 0,0 0,0 0,0 0,0 0,0 Profit/(Loss) 44,6 -6,3 0,9 1,8 -31,7 6,8 (NOK million) Industrial Solutions Renewables Real estate Other / Elimination Discontinued operations EQVA Group Total assets 829,1 196,8 60,6 39,8 0,0 1 126,4 Equity 70,1 19,1 16,6 280,0 0,0 385,7 Liabilities 759,0 177,7 44,0 -240,2 0,0 740,6 Addition PP&E and intangibles* 0,0 0,0 0,0 0,0 0,0 0,0
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30 HALF YEAR REPORT 2026 NOTES Geographical areas Norway Other Total Operating revenues 1 278,4 2,8 1 281,2 2025 (NOK million) Industrial Solutions Renewables Real estate Other / Elimination Continued EQVA ASA Revenues from contracts with customers 1 279,9 2,7 8,5 -12,6 1 278,5 Other operating revenues 0,9 0,1 0,0 1,6 2,6 Operating income 1 280,8 2,8 8,5 -10,9 1 281,2 Materials and consumables -466,2 -0,3 0,0 0,0 -466,6 Payroll expenses -532,1 -3,5 0,0 -20,7 -556,3 Other operating expenses -160,5 -3,3 -0,8 -7,5 -172,1 EBITDA 122,0 -4,3 7,6 -39,1 86,2 Depreciation -34,3 0,0 -3,0 0,0 -37,3 Operating profit/(loss) (EBIT) 87,7 -4,3 4,6 -39,1 48,9 Net financial items -14,4 -9,0 -2,7 -8,4 -34,5 Share of profit/(loss) from associate 0,0 0,0 0,0 0,0 0,0 Profit/(Loss) before tax 73,3 -13,3 1,9 -47,5 14,4 Income tax expense 0,0 0,0 0,0 -14,7 -14,7 Profit/(Loss) 73,3 -13,3 1,9 -32,8 29,1 (NOK million) Industrial Solutions Renewables Real estate Other / Elimination Continued EQVA ASA Total assets 778,4 61,6 62,7 221,2 1 123,9 Equity 88,8 -94,7 16,5 399,3 409,9 Liabilities 689,5 156,3 46,3 -178,1 714,0 Addition PP&E and intangibles* 0,0 0,0 0,0 0,0 0,0 *Property, machinery and equipment and intangible assets.
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31 HALF YEAR REPORT 2026 *Property, machinery and equipment and intangible assets.
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32 HALF YEAR REPORT 2026 NOTES NOTE 4.2 NOTE 4.3 No revenue was recorded in 2026 on previously completed contracts NOTE 4.1 2026 YTD Disaggregation of revenue Industrial Solutions Renewables Other Total Service and maintenance 723 580 6 571 652 730 803 Total revenue from contract with customers 723 580 6 571 652 730 803 4. REVENUES FROM CONTRACTS WITH CUSTOMERS (NOK 1,000) Contract assets 2026 YTD 2025 YTD 2025 Opening balance 71 462 62 828 62 828 Payments received on assets from previous balance date -59 111 -59 687 -58 828 Assets from contracts entered into current year 97 706 69 848 67 462 Closing balance 110 057 72 989 71 462 Contract liabilities Opening balance 16 874 5 165 5 165 Revenues booked on liabilities from previous balance sheet data -16 874 - -5 165 Liabilities from contracts entered into current year 25 382 6 754 16 874 Closing balance 25 382 11 919 16 874 2025 Disaggregation of revenue Industrial Solutions Renewables Other Total Service and maintenance 1 279 879 2 721 -4 086 1 278 514 Total revenue from contract with customers 1 279 879 2 721 -4 086 1 278 514 Prepayments are presented in the balance sheet as prepayment from the customer less work done. The amount accounted as contractual liabilities on Opening balance (IB) is recognized as income over the year. Most Service- and maintenance contracts have payment-structure "pay-as-you-go". The customer is invoiced based on work done. NOTE 4.1 2025 YTD Disaggregation of revenue Industrial Solutions Renewables Other Total Service and maintenance 596 854 1 288 0 598 142 Total revenue from contract with customers 596 854 1 288 0 598 142
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33 HALF YEAR REPORT 2026 5. FINANCIAL INCOME AND FINANCIAL EXPENSES 9. DATTERSELSKAP, TILKNYTTEDE SELSKAP OG AN- DRE FINANSIELLE INVESTERINGER (NOK 1,000) 2026 YTD 2025 YTD 2025 Interest income 3 958 287 3 264 Agio income 437 353 427 Profit from share sale 0 0 0 Other financial income 1 820 293 1 845 Total financial income 6 216 932 5 536 Interest expenses 25 968 12 842 38 000 Agio loss 419 711 1309 Loss from share sale 0 0 0 Other financial expenses 4 618 3 911 694 Total financial expenses 31 005 17 464 40 004 Net financial items -24 790 -16 533 -34 468 6. TAX The tax in the income statement has been estimated using the average tax rate for each company in the group. The tax rate has been set at 22%. TAX CASE There are no ongoing tax cases in the Group. For further information see note 27 in the annual report 2025.
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34 HALF YEAR REPORT 2026 7. SHARE CAPITAL Share capital The Company's share capital is NOK 4 459 080, divided into 89 177 634 shares, each with a par value of NOK 0.05. Each share represents one vote in the Company's general meeting. Treasury shares Eqva ASA has 187 623 treasury shares as of 30/06/2026. Ordinary shares issued and fully paid 2026 YTD 2025 Number of ordinary shares 89 177 634 83 175 943 Par value (NOK) 0,05 0,05 Share capital (NOK) 4 459 080 4 158 797 All shares have equal rights. Shareholders as of 30/06/2026 Controlled by Number of shares Ownership NORDIC CORPORATE BANK ASA 24 208 639 27,1 % HAVILA HOLDING AS 10 000 000 11,2 % ILG AS Gudmund Øvrehus (Board) 8 729 739 9,8 % SCUDERIA AS 6 001 691 6,7 % EGGE & ØEN AS 5 888 359 6,6 % SANDHEI HOLDING AS Johannes Sandhei (Group management) 2 863 532 3,2 % HELSENGREEN 1 381 350 1,5 % EMINI INVEST AS 1 290 000 1,4 % HSR INVEST AS 1 290 000 1,4 % INNIDIMMAN AS 1 290 000 1,4 % NORDIC FINANCIALS AS 1 220 000 1,4 % CELIA HOLDING AS 1 216 769 1,4 % MP PENSJON PK 1 177 768 1,3 % ERIK ARNESEN HOLDING AS 1 123 288 1,3 % MEDIÅ HOLDING AS 1 123 288 1,3 % K E INVEST A/S 1 061 629 1,2 % MCE HOLDING AS 762 362 0,8 % HANDELAND EIGEDOM AS 563 000 0,6 % LBM HOLDING AS 506 330 0,6 % GRANHAUG INDUSTRIER AS 500 000 0,6 % Other shareholders 16 979 890 19,0 % TOTAL 89 177 634 100 %
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35 HALF YEAR REPORT 2026 8. INTEREST BEARING DEBT In January 2026, EQVA entered into a bond loan agreement for NOK 500 million. The bond loan term agreement includes financial covenants, that has been applicable from Q1 2026. The financial covenants are: a leverage ratio NIBD/LTM-EBITDA of less than 3.5 for the first 12 months (thereafter 3.25), and a minimum liquidity of NOK 25 million. In March 2026, EQVA entered into a new revolving credit facility agreement (facility of NOK 75 million) with Nordea (replacing the previous facility). The agreement has the following financial covenants: A minimum equity ratio of 25%, minimum liquidity of NOK 50 million, and a periodic clean down during the calendar year. As of 30 June 2026, EQVA ASA is in compliance with the financial covenants. The Liabilities to financial institutions of total NOK 544 million include; bond loan to EQVA (NOK 500 million), Nordea drawn revolving credit facility to EQVA (NOK 2.1 million), Haugesund Sparebank long-term real-estate loan to BKS Eigedom (NOK 37.5 million), drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft (NOK 3.8 million), and car financing loan in IMTAS. The long term bond loan has a remaining maturity of more than 3 years, and the revolving credit facility from Nordea has a maturity of 1 year. The real estate loan from Haugesund Sparebank to BKS Eigedom has a maturity of more than 11 years. All the loans have floating interest rates. (NOK 1,000) Interest bearing long-term debt 2026 YTD 2025 Liabilities to financial institutions 538 636 168 342 Other long- term liablities 24 367 24 767 Lease liabilities 47 461 46 497 Sum 610 464 239 606 Interest bearing short-term debt Liabilities to financial institutions 5 408 111 280 Seller's credit (included in other current liabilities) 0 49 952 Lease liabilities 18 065 17 699 Sum 23 473 178 931 Issues (+) / repayments (-) during the period 2026 YTD 2025 Total interest bearing debt at beginning of period 418 536 226 624 Borrowing 517 256 272 721 Additions by acquisition 0 135 087 Installment -301 855 -202 899 Other changes 0 -12 998 Sum outgoing balance 633 937 418 536
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36 HALF YEAR REPORT 2026 9. LEASING Amounts recognised in the statement of financial position. The statement of financial position shows the following amounts relating to leases: (NOK 1,000) 2026 YTD 2025 Right of use assets Property 23 565 19 936 Equipment 20 358 20 084 Cars 20 194 23 190 Sum 64 117 63 210 (NOK 1,000) Maturity Matrix according to IFRS 7 on non-discounted liabilities distributed by year: 2026 YTD 2025 0-1 year 18 065 17 699 > 2 years 47 461 46 497 Disposals non-discounted liabilities in the period 0 0 Amounts recognised in the statement of profit or loss. The statement of profit or loss shows the following amounts relating to leases: 2026 YTD 2025 Depreciation charge of right-of-use assets Properties 2 870 4 232 Equipment 2 613 4 226 Cars 3 141 5 405 Sum 8 624 13 863 Interest expense 5 899 9 091 Expenses relating to short-term leases* * Main part of short-term leases is rent of housing for project personnel. 21 633 35 744 Expenses relating to leases of low-value 0 0 (NOK 1,000) 2026 YTD 2025 Lease liabilities Current 18 065 17 699 Non-Current 47 461 46 497 Sum 65 526 64 196 Additions, right-of-use assets in the period 2 240 13 113 Additions by acquisition 0 52 566 Disposals of right-of-use assets in the period 0 0
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37 HALF YEAR REPORT 2026 10. TRANSACTIONS WITH RELATED PARTIES The Group have not had any transactions with related parties in 2026. All transactions in the previous year (2025) have been carried out as part of the ordinary operations and at arms` length principle The most significant transactions are as follows: (NOK 1,000) The balance sheet does not include any receivables or payables resulting from transactions with associated companies/parties. Even Matre Ellingsen ENK Sales to related parties Purchases from related parties Accounts payables to related parties 2026 YTD 0 0 0 2025 0 388 0
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38 HALF YEAR REPORT 2026 * The deferred cash settlement relates to the closing balance adjustment under the purchase agreement, and was settled on 10 July 2026. ** 6,001,691 new EQVA shares measured at the fair value at the acquisition date. The agreed subscription price under the purchase agreement was NOK 3,8632 per share. The difference of NOK 4,3 million is recognized against share premium. *** The conditional consideration (earn-out) is capped at NOK 60 million, and is based on EBITDA for 2026 and 2027, settled 50% in cash and 50% in EQVA shares. Consideration table - Acquisition of Einar Øgrey Farsund AS (NOK million) On Closing Post-closing * Total Fair Value Cash payment 39,0 39,0 Shares in EQVA ASA ** 18,9 18,9 Deferred cash settlement - closing balance adjustment 7,4 7,4 Total ordinary consideration 57,9 7,4 65,3 Est. FV of conditional future considerations (per the report date) *** 19,6 Total estimated consideration, including conditional considerations 57,9 7,4 84,9 11. BUSINESS COMBINATIONS AND OTHER PURCHASES IN THE GROUP 2026 - Acquisition of Einar Øgrey Farsund On 8th June 2026, EQVA ASA completed the acquisition of 100% of the shares in Einar Øgrey Farsund AS ("EØF"), a Farsund- based supplier of mechanical and electromechanical services. The share purchase agreement was signed on 2 February 2026. The company's HVDC business was demerged into a separate legal entity prior to closing, and was not part of the transaction. EQVA acquired 100% of the voting equity interests and obtained control through the purchase of all outstanding shares at closing. The acquisition strengthens the Group's capacity and competence within the mechanical and electromechanical industry, broadens the customer base and is expected to generate operational and commercial synergies with the Group's existing businesses. The consideration consists of a cash payment, newly issued EQVA shares and a conditional earn-out. The share consideration of 6,001,691 new EQVA shares was registered on 19 June 2026, and is measured at the share price at the acquisition date (fair value). The earn-out is capped at NOK 60 million, is based on EBITDA for 2026 and 2027, and will be settled 50% in cash and 50% in EQVA shares. The purchase price allocation is provisional. The valuation of identified intangible assets and property, plant and equipment has not been finalized at the reporting date, and the allocation may be adjusted within the measurement period of up to 12 months from the acquisition date. The goodwill recognized reflects expected synergies with the Group's other operations, the established market position in the region, the assembled workforce and the technical competence which do not qualify for separate recognition as intangible assets.
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39 HALF YEAR REPORT 2026 Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Book value FV adjustm. * Fair Value Customer relations and order backlog 0,0 0,0 Deferred tax asset 0,5 0,5 Property, plant and equipment (PPE) 2,9 2,9 Inventories 7,7 7,7 Trade and other receivables 90,2 90,2 Cash and cash equivalents 6,7 6,7 Trade payables -18,6 -18,6 Tax payable -1,4 -1,4 Public duties payable (VAT, social security, withholdings) -12,9 -12,9 Group contribution payable to the seller -5,0 -5,0 Accrued holiday pay -9,5 -9,5 Other accruals and current liabilities -4,8 -4,8 Deferred tax on fair value adjustments 0,0 0,0 Net identifiable assets acquired 55,5 0,0 55,5 Minority interests 0,0 Net identifiable assets acquired - majority share 55,5 Goodwill 29,4 Net assets acquired 84,9 * The purchase price allocation is provisional. The valuation of identified intangible assets and property, plant and equipment has not been finalized at the reporting date, and the allocation may be adjusted within the measurement period of up to 12 months from the acquisition date. The contribution from the acquisition (separately) to the Group's result 2026 Actual From closing Pro forma * Full year Operating revenue 11,5 88,4 EBITDA 1,0 7,1 Profit (loss) for the period 1,0 5,7 * Pro forma equals the acquisitions (isolated) contribution to the EQVA Group's consolidated results in first half 2026, as if the acquisition had occurred on 1st of January 2026.
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40 HALF YEAR REPORT 2026 BUSINESS COMBINATIONS AND OTHER PURCHASES IN THE GROUP 2025 (Previous year) - Acquisition of IMTAS AS with subsidiaries On 17 th of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) ("IMTAS Group"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering. The transaction was closed on the 21 st of March 2025. The consideration was a combination of (i) NOK 51 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,8 million, (iii) a locked-box-compensation of 19,9 million, and (iv) a Seller's Credit of NOK 40 million. The transaction is accounted for as a business combination under IFRS 3 Business Combinations which requires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. Consideration table - Acquisition of IMTAS Group (NOK million) On Closing Q3 25 * Seller's Credit ** Total Fair Value Cash payment 51,0 51,0 Shares in EQVA ASA 30,8 30,8 Locked-box compensation 10,0 10,0 19,9 Seller's Credit 40,0 40,0 Total ordinary consideration 81,8 10,0 50,0 141,7 Est. FV of conditional future considerations (per the report date) 25,2 Total estimated consideration, including conditional considerations 166,9 * 50% of the locked-box compensation was settled in cash in Q3 at the after finalized audited financial statements for IMTAS Group. The 100% locked-box compensation is set at NOK 19,9 million. ** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a. The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events. The estimated fair value of NOK 25,2 million has been determined using a probability-weighted approach, reflecting management's assessment of expected performance and synergies. The earn-out is expected to be settled in 2027 following completion of the measurement period, and has been discounted using the Group's discount rate. The liability is subsequently remeasured at fair value through profit or loss in accordance with IFRS 9. On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair value of the shares, NOK 30,8 million was based on a the share price at Oslo Stock Exchange per 3 rd March 2025 (5 616 438 shares) and 1st July 2025 (496 727 shares). Ahead of the acquisition, EQVA invested NOK 19,6 million to refinance IMTAS' loans to credit institutions, changing the creditor of the loans to the Group's main bank.
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41 HALF YEAR REPORT 2026 * Excess fair values of NOK 4,2 million were identified and allocated to machinery and equipment, vehicles and leased crane trucks. In addition, fair value adjustments to properties were identified at NOK 5,9 million. These adjustments represents the difference between carrying amounts and estimated fair values at the acquisition date, and will be depreciated over the respective remaining useful lives in accordance with IFRS. ** Customer relationships of NOK 48,2 million were recognized as part of the purchase price allocation. The asset reflects existing framework agreements with major customers. It is amortized on a straight-line basis over an estimated useful life of 10 years, consistent with management's assessment of expected economic benefits. *** The recognized goodwill of NOK 68 million relates to identified synergies and growth, as well as deferred tax liabilities, and are not separately identifiable as intangible assets under IFRS 3. The contribution from the acquisition (separately) to the Group's result 2025 Actual From closing Pro forma * Full year Operating revenue 289,1 399,7 EBITDA 28,5 56,3 Profit after tax 5,6 10,4 * Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results in 2025, if the acquisition had occured on 1st of January 2025. Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Fair Value Patents, trademarks and deferred tax 0,5 Property, plant and equipment (PPE) 32,1 Current assets (excl. cash and equivalents) 118,9 Cash and equivalents 9,7 Debt and other liabilities -107,6 Recognized financial leases - liabilities -52,0 Recognized financial leases - right-of-use assets 52,0 Book value of equity at closing date 53,6 Minority interests 0,0 Book value of equity at closing date - majority share 53,6 Identified adjustments to fair value Fair value adjustments on PPE * 10,2 Identified value of customer relations ** 48,2 Deferred tax -12,8 Adjusted value of equity, after adjustments to fair value 99,1 Goodwill *** 67,8 Net assets acquired 166,9
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42 HALF YEAR REPORT 2026 12. DISCONTINUED OPERATIONS 2025 (Previous year) - Sale of shares in Vassnes Solutions AS On the 26 th of March 2025, the shares in Vassnes Solutions AS (incl. the subsidiaries Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS) was sold from Kvinnherad Elektro AS to Helgevold Industri Invest AS for NOK 10 million. Vassnes Solutions AS (with subsidiaries) was part of the Industrial Solutions business area. The business provided power & automation services and solutions. The disposal was executed following a period of weak financial performance, and management assessed that the sale created more value for shareholders than continued operations. As a result, the business has been classified as discontinued operations in accordance with IFRS 5. Following the completion of the annual statements for 2025, the figures for the discontinued operations were corrected. To ensure full traceability to the previously reported H1 2025 figures, the table below show both the "H1 2025" figures as per the H1-report published for 2025, as well as the corrected figures for the annual report ("2025"-column). Results of discontinued operations H1 2025 2025 Revenue 47 335 47 335 Operating expenses 53 815 53 815 EBITDA -6 480 -6 480 Depreciation and amortization 554 554 EBIT -7 034 -7 034 Net financial items -1 097 -1 071 Profit before tax -8 131 -8 105 Income tax expense 0 0 Profit/(loss) from ordinary operations of discontinued business (after tax) -8 131 -8 105 Gain on disposal (after tax) 37 608 20 894 Profit/(loss) for the period from discontinued operations (after tax) 29 477 12 790 Earnings per share from discontinued operations (NOK) 0,16 Diluted earnings per share from discontinued operations (NOK) 0,16 Cash flows from discontinued operations H1 2025 2025 Net cash flow from operating activities 4 766 4 766 Net cash flow from investing activities -1 164 -1 164 Net cash flow from financing activities -265 -265 Net cash flow from discontinued operations 3 337 3 337
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43 HALF YEAR REPORT 2026 * the majority ownership share was 51% 13. EVENTS AFTER THE BALANCE SHEET DATE There have been no significant events after the balance sheet date. 14. CONTINGENCIES AND PROVISIONS Refer to Note 27 in the Annual Report 2025 for further information. 15. GOING CONCERN The half-year report has been prepared on the assumption of "going concern" and the board confirms that this assumption is present. For more details, please see Annual report 2025. Additional information Vassnes Solutions AS (with subsidiaries) was not a separate reportable segment under IFRS 8, but formed part of the Industrial Solutions segment. The disposal does not affect the Group's continuing segment structure. No material guarantees, earn-outs or contingent considerations were linked to the disposal consideration. Derecognition of negative NCI on disposal 2025 Recognized minority interest on time of acquisition -12 333 Minority share of result Vassnes Group since acquisition -3 888 Total derecognized NCI on disposal -16 221 Consideration and gain on disposal (on full consolidated basis) * H1 2025 2025 Cash consideration received 10 000 10 000 Total consideration 10 000 10 000 Carrying value of net assets disposed -27 608 -10 894 Disposal costs 0 0 Gain before tax 37 608 20 894 Income tax 0 0 Gain after tax 37 608 20 894
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EQVA ASA HALF YEAR REPORT 2026