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SECOND QUARTER 2026 REPORT Presented by: Tor Olav Gabrielsen, Executive Chairman Morten Hilton Thomassen, CFO
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CAUTIONARY STATEMENT Please read this presentation together with the published financial report. M VEST WATER 2 FORWARD-LOOKING INFORMATION This presentation contains forward- looking information based on management assumptions and analysis. UNCERTAINTY Actual outcomes may differ materially. Future events and circumstances involve significant risks and uncertainties. FULL DISCLAIMER The full disclaimer is included at the end of the published report and applies to this presentation.
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AGENDA M VEST WATER 3 01 Highlights 02 Our Technology 03 Business Update 04 Financial Review 05 Financial Outlook 06 Q&A-session
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HIGHLIGHTS M VEST WATER NOK 15.7m Total revenues 1H/YTD 2026 27% YoY Revenues 1H/YTD 2026 NOK 100–150m Aqua ARR target (2028-2030) AQUACULTURE OIL & GAS DREDGING First order from newly built salmon slaughterhouse, third and largest in our portfolio, ramp-up in H2 2026 Two sensor-driven technology deliveries completed, regulatory compliance, high treatment efficiency SAR Mongstad, increased NORWAFLOC® consumption, higher recurring volumes Saudi Arabia pilot, strategic priority, postponed due to regional instability METHA pilot completed, improved performance and efficiency, commercial negotiations 36% YoY Q2 ARR growth
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M VEST WATER THE CHALLENGE THE WATER TREATMENT PARADOX 80% 1–3 million tons PARADOX of the world’s wastewater is released without treatment of microplastics enter the environment every year Conventional methods may leave nano and microplastics in nature
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PRODUCTS AND SOLUTIONS M VEST WATER NORWAFLOC® NORWAPOL® TOTAL SOLUTION Supporting Industries Solving Water Pollution Challenges Natural-based flocculants and coagulants designed to replace synthetic chemicals Chemical sales provide recurring revenue Polishing process that removes particles, oil droplets and other pollutants to very low levels Filter media combined with NORWAFLOC® Products, equipment and water-treatment expertise Designed for scalable industrial operations Circular Economy Natural-based Treatment
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M VEST WATER KEY INDUSTRIES OIL & GAS Reduce oil discharge Re-use produced water Lower water consumption DREDGING Replace synthetic chemicals Improve dewatering Enable sludge reuse AQUACULTURE Reduce discharge to sea Reuse bio-waste Support fish health GLOBAL DEMAND LARGE IN SIZE STRICT REGULATIONS HIGH GROWTH
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M VEST WATER OIL & GAS PROVEN APPLICATIONS IN NORWAY STURETERMINALEN Produced water treatment NORWAPOL® application combining NORWAFLOC® with AFM Successful operation since 2021 SAR MONGSTAD Slop water treatment plant NORWAFLOC® for DAF, polishing and clarifier applications Q2 2026: Increased NORWAFLOC® consumption, Higher ARR
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M VEST WATER OIL & GAS WHY THE MIDDLE EAST? Water Stress and Regulation Create Strong Incentives to Optimize Water Use MARKET ACCESS ETS collaboration, US qualification SCALE Safaniya Oil Field 30% of Norwegian Continental Shelf DRIVERS Reuse for EOR, Water Scarcity, Regulations
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M VEST WATER OIL & GAS PILOT IN SAUDI POSTPONED DUE TO GEOPOLITICAL SITUATION The qualification process remains strategically important Qualification announced Original pilot start Re-scheduled to Q1 2026 MAR 2025 JUN 2025 FEB 2026 JUL 2026 Equipment on site, awaiting situation in region
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M VEST WATER DREDGING A STEPWISE PATH FROM PARTIAL TO FULL SUBSTITUTION REGULATORY SHIFT German regulations is moving towards zero tolerance for synthetic chemicals 100% SUBSTITUTION MVW’s solution replaces synthetic chemicals CIRCULAR VALUE Enables reuse of sludge in landfill and landscaping
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M VEST WATER METHA - LONG-TERM PILOT SUCCESSFULLY COMPLETED 2022 2024 2025 2026 Full-scale Test 25% Substitution Technological Breakthrough 100% Substitution Qualification Test Program Long-term Final Qualification Step Successfully Completed DREDGING Pilot delivered improvements in both treatment results and operational performance compared to the plant’s existing products
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M VEST WATER AQUACULTURE A REGULATION-LED MARKET OPPORTUNITY NORWAFLOC® is effective in saltwater applications and can be combined with DAF and dosing systems REGULATION Norwegian salmon slaughterhouses - new BAT-AEL requirements FIRST-MOVER POSITION A market with limited knowledge and solutions MARKET LEADER Q2 2026: Third EU mandated slaughterhouse in our portfolio, two sensor-based technologies completed
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M VEST WATER AQUACULTURE A DEFINED NORWEGIAN MARKET The compliance timeline gives visibility into customer needs and investment decisions 45 Slaughterhouses require BAT-AEL by 2028- 2030 NOK 100–150m estimated annual recurring revenue potential NOK 300–500m estimated compliance investments
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M VEST WATER OPPORTUNITIES Produced Water Slop water Oil terminales/ refineries Produced Water Slop water Oil terminales/ refineries Dredging (small scale) Dredging (large scale) Dredging (small scale) Dredging (large scale) Products with a wide range of applications and potential markets and segments Products with a wide range of applications and potential markets and segments Partnerships Partnerships Licenced Production Licenced Production Sales Distribution Sales Distribution CAPITAL-LIGHT, SCALABLE CAPITAL-LIGHT, SCALABLE Salmon Slaugherhouses Fishmeal factories Land-based farming Sand & Gravel Sewage Sludge Agri-food Mining Data centers
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M V W l a u n c h e s i t s 2 0 2 6 P r o d u c t C a t a l o g u e i n S e p t , t o g e t h e r w i t h p r o d u c t s a m p l e k i t s a v a i l a b l e f o r o r d e r i n g . T h e c a t a l o g u e f e a t u r e s t h e f u l l N O R W A F L O C ® p r o d u c t r a n g e , i n c l u d i n g t e c h n i c a l s p e c i f i c a t i o n s , a p p l i c a t i o n a r e a s , d e l i v e r y o p t i o n s , a n d o t h e r k e y p r o d u c t i n f o r m a t i o n . M V W l a u n c h e s i t s 2 0 2 6 P r o d u c t C a t a l o g u e i n S e p t , t o g e t h e r w i t h p r o d u c t s a m p l e k i t s a v a i l a b l e f o r o r d e r i n g . T h e c a t a l o g u e f e a t u r e s t h e f u l l N O R W A F L O C ® p r o d u c t r a n g e , i n c l u d i n g t e c h n i c a l s p e c i f i c a t i o n s , a p p l i c a t i o n a r e a s , d e l i v e r y o p t i o n s , a n d o t h e r k e y p r o d u c t i n f o r m a t i o n .
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FINANCIAL REVIEW - KEY FIGURES M VEST WATER KEY FIGURES (in NOK 1000) Q2 2026 1H/YTD 2026 Q2 2025 1H/YTD 2025 REVENUES 9862 15743 8029 12367 EBIT (2510) (8069) (3476) (8863) EBITDA (1672) (6401) (2684) (7294) PROFIT/(LOSS) BEFORE TAX (2770) (8395) (3775) (9312) OPERATING CASH FLOW (5217) (7517) (6194) (12199) TOTAL ASSETS 62125 62125 48040 48040 DEBT OWNERS (6087) (6087) (12201) (12201) CASH CREDIT (OVERDRAFT) (4007) (4007) (378) (378) EQUITY RATIO 39% 39% 45% 45%
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FINANCIAL REVIEW - REVENUES M VEST WATER NOK 9.9m Total revenues Q2, 2026 NOK 15.7m Total revenues 1H, 2026 36% YoY ARR Growth, Q2 27% YoY Revenue Growth 1H 2026 Chemical Revenues ARR 2Q 2025 2Q 2026MNOK0 MNOK1 MNOK2 MNOK3 MNOK4 MNOK5 MNOK6 Aquaculture Oil&Gas Other 1H/YTD 2025 1H/YTD 2026MNOK0 MNOK5 MNOK10 MNOK15 MNOK20
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FINANCIAL OUTLOOK M VEST WATER Estimated ARR Aqua 28-30 NOK 100-150m Compliance Investments Aqua NOK 300-500m 80% Q2 Revenues from Aqua NOK 30m Baseline 2026 Revenues OIL & GAS + DREDGING Significant long-term value Large, regulated industries Lower near-term visibility AQUACULTURE Primary growth driver Profitable standalone segment Strong market visibility GROWTH STRATEGY SYNERGIES EXPERTISE, TECHNOLOGY, REFERENCES OPPORTUNITIES CAPITAL-LIGHT AND SCALABLE BUSINESS MODEL
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THANK YOU Q&A M Vest Water AS Espehaugen 48, Bergen
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