Interim report
Page 1
S e c o n d Q u a r t e r R E P O R T 2 0 2 6 2 0 2 6 C o n t e n t s : A b o u t M V e s t W a t e r O u r M i s s i o n , P r o d u c t s a n d E x p e r t i s e C E O H i g h l i g h t s K e y f i g u r e s M a r k e t s a n d P a t e n t s S u s t a i n a b i l i t y B u s i n e s s U p d a t e S a l m o n S l a u g h t e r h o u s e s – T h i r d N e w l y B u i l t F a c i l i t y A d d e d t o M V W ’ s P o r t f o l i o O i l & G a s – P i l o t i n S a u d i A r a b i a R e m a i n s a K e y P r i o r i t y D r e d g i n g – M E T H A P i l o t I m p r o v e d b o t h T r e a t m e n t a n d O p e r a t i o n a l P e r f o r m a n c e F i n a n c i a l R e v i e w F i n a n c i a l O u t l o o k C o n s o l i d a t e d I n t e r i m F i n a n c i a l S t a t e m e n t s a n d N o t e s
Page 2
F A C T S : F o u n d e d i n 2 0 1 7 H Q i n B e r g e n , N o r w a y S u b s i d i a r y i n G e r m a n y L i s t e d o n O s l o E u r o n e x t G r o w t h P a t e n t s i n 2 9 c o u n t r i e s M V E S T W A T E R ( M V W ) : D e l i v e r s n a t u r a l - b a s e d w a t e r - a n d w a s t e w a t e r t r e a t m e n t p r o d u c t s S u p p o r t i n d u s t r i e s i n s o l v i n g w a t e r p o l l u t i o n c h a l l e n g e s T a r g e t s l a r g e g l o b a l i n d u s t r i e s w i t h e x t e n s i v e w a t e r t r e a t m e n t n e e d s s u c h a s O i l & G a s , A q u a c u l t u r e a n d D r e d g i n g
Page 3
O u r M i s s i o n O u r P r o d u c t s a n d E x p e r t i s e “ t o i n n o v a t e w a t e r a n d s l u d g e t r e a t m e n t s o l u t i o n s t h a t p r o t e c t o u r e n v i r o n m e n t , p r e s e r v e v i t a l w a t e r r e s o u r c e s , a n d a c c e l e r a t e t h e t r a n s i t i o n t o a c i r c u l a r e c o n o m y ” N O R W A F L O C ® : N a t u r a l - b a s e d p r o d u c t s S u b s t i t u t e s y n t h e t i c c h e m i c a l s , w i d e l y u s e d N O R W A P O L ® : N o v e l f i l t r a t i o n p r o c e s s R e m o v e s p a r t i c l e s , o i l d r o p l e t s a n d o t h e r c o n t a m i n a n t s t o w a r d s n o n - d e t e c t i b l e l e v e l s S O L U T I O N P R O V I D E R : C h e m i c a l & T e c h n i c a l E x p e r t i s e E q u i p m e n t d e l i v e r i e s
Page 4
F i n a n c i a l H i g h l i g h t s F i n a n c i a l H i g h l i g h t s T o t a l r e v e n u e s a m o u n t e d t o N O K 1 5 . 7 m i l l i o n i n t h e f i r s t h a l f o f 2 0 2 6 , c o m p a r e d t o N O K 1 2 . 4 m i l l i o n i n t h e s a m e p e r i o d o f 2 0 2 5 , r e p r e s e n t i n g Y o Y o f 2 7 % . R e v e n u e s f r o m c h e m i c a l s a l e s i n Q 2 2 0 2 6 i n c r e a s e d b y 3 6 % c o m p a r e d t o Q 2 2 0 2 5 . A q u a c u l t u r e i s a p r o f i t a b l e s t a n d a l o n e b u s i n e s s s e g m e n t , w i t h s t r o n g v i s i b i l i t y i n t o f u t u r e e a r n i n g s . M V W h a s a g o a l o f r e a c h i n g a n a n n u a l t u r n o v e r o f N O K 1 0 0 - 1 5 0 m i l l i o n f r o m t h i s i n d u s t r y d u r i n g 2 0 2 8 - 2 0 3 0 . M V W i s l a u n c h i n g a n e w p r o d u c t c a t a l o g u e i n S e p t e m b e r a s p a r t o f o u r s t r a t e g y t o c a p t u r e s y n e r g i e s f r o m o u r e x i s t i n g i n v e s t m e n t s , i n c r e a s e m a r k e t a w a r e n e s s a n d e x p a n d o u r g l o b a l s a l e s a n d d i s t r i b u t i o n f o o t p r i n t . I n J u n e , M V W r e c e i v e d t h e f i r s t o r d e r f o r t h e s u p p l y o f N O R W A F L O C ® f r o m t h e t h i r d n e w l y b u i l t N o r w e g i a n s a l m o n s l a u g h t e r h o u s e i n i t s p o r t f o l i o . T h e f a c i l i t y i s t h e l a r g e s t a q u a c u l t u r e c u s t o m e r i n M V W ’ s p o r t f o l i o t o d a t e , a n d N O R W A F L O C ® v o l u m e s a r e e x p e c t e d t o i n c r e a s e g r a d u a l l y a s p r o d u c t i o n r a m p s u p d u r i n g t h e s e c o n d h a l f o f 2 0 2 6 . D u r i n g t h e q u a r t e r , M V W c o m p l e t e d a n d i m p l e m e n t e d t w o d e l i v e r i e s b a s e d o n i t s l a t e s t s e n s o r - d r i v e n t e c h n o l o g y . T h e a d v a n c e m e n t s e n a b l e s a l m o n s l a u g h t e r h o u s e s t o m e e t n e w E U r e g u l a t o r y r e q u i r e m e n t s w h i l e m a i n t a i n i n g c o n s i s t e n t l y h i g h t r e a t m e n t e f f i c i e n c y . I n A u g u s t , M V W r e a c h e d a n i m p o r t a n t m i l e s t o n e b y s u c c e s s f u l l y c o m p l e t i n g t h e l o n g - t e r m p i l o t a t M E T H A , o n e o f t h e l a r g e s t d r e d g i n g p l a n t s i n E u r o p e . N O R W A F L O C ® i m p r o v e d b o t h t r e a t m e n t p e r f o r m a n c e a n d o p e r a t i o n a l e f f i c i e n c y a n d s t r e n g t h e n e d M V W ’ s c o n f i d e n c e m o v i n g i n t o t h e c o m m e r c i a l n e g o t i a t i o n p h a s e . S A R ’ s w a t e r t r e a t m e n t p l a n t a t M o n g s t a d , s u p p l i e d b y M V W s i n c e 2 0 2 3 , i n c r e a s e d i t s N O R W A F L O C ® c o n s u m p t i o n d u r i n g t h e s e c o n d q u a r t e r , c o n t r i b u t i n g t o h i g h e r r e c u r r i n g p r o d u c t v o l u m e s a n d d e m o n s t r a t i n g S A R ’ s c o n t i n u e d c o m m i t m e n t t o e n v i r o n m e n t a l i m p r o v e m e n t . N e w P r o d u c t C a t a l o g u e N e w P r o d u c t C a t a l o g u e B u s i n e s s H i g h l i g h t s B u s i n e s s H i g h l i g h t s C E O H i g h l i g h t s S e c o n d Q u a r t e r 2 0 2 6 C E O H i g h l i g h t s S e c o n d Q u a r t e r 2 0 2 6 T o r O l a v G a b r i e l s e n Tor Olav Gabrielsen (Executive Chairman)
Page 5
F i n a n c i a l P e r f o r m a n c e R e v e n u e s E B I T D A +27% -1.7MNOK - 6 . 4 M N O K Q 2 2 0 2 6 K e y F i g u r e s S e c o n d Q u a r t e r 2 0 2 6 K e y F i g u r e s S e c o n d Q u a r t e r 2 0 2 6 Q 2 2 0 2 6 -2.8MNOKQ 2 2 0 2 6 - 8 . 4 M N O K +22% Y o Y Q 2 9.9MNOK R e v e n u e G r o w t h N e t P r o f i t / L o s s K E Y F I G U R E S ( i n N O K 1 0 0 0 ) Q 2 2 0 2 6 1 H / Y T D 2 0 2 6 Q 2 2 0 2 5 1 H / Y T D 2 0 2 5 R E V E N U E S 9 8 6 2 1 5 7 4 3 8 0 2 9 1 2 3 6 7 E B I T ( 2 5 1 0 ) ( 8 0 6 9 ) ( 3 4 7 6 ) ( 8 8 6 3 ) E B I T D A ( 1 6 7 2 ) ( 6 4 0 1 ) ( 2 6 8 4 ) ( 7 2 9 4 ) P R O F I T / ( L O S S ) B E F O R E T A X ( 2 7 7 0 ) ( 8 3 9 5 ) ( 3 7 7 5 ) ( 9 3 1 2 ) O P E R A T I N G C A S H F L O W ( 5 2 1 7 ) ( 7 5 1 7 ) ( 6 1 9 4 ) ( 1 2 1 9 9 ) T O T A L A S S E T S 6 2 1 2 5 6 2 1 2 5 4 8 0 4 0 4 8 0 4 0 D E B T O W N E R S ( 6 0 8 7 ) ( 6 0 8 7 ) ( 1 2 2 0 1 ) ( 1 2 2 0 1 ) C A S H C R E D I T ( O V E R D R A F T ) ( 4 0 0 7 ) ( 4 0 0 7 ) ( 3 7 8 ) ( 3 7 8 ) E Q U I T Y R A T I O 3 9 % 3 9 % 4 5 % 4 5 % 15.7MNOK Y T D / 1 H 2 0 2 6 R e v e n u e s R e v e n u e G r o w t h Y o Y Y T D / 1 H N e t P r o f i t / L o s s Y T D / 1 H 2 0 2 6 Y T D / 1 H 2 0 2 6 E B I T D A
Page 6
M a r k e t s a n d P a t e n t s M V W h a s e s t a b l i s h e d o p e r a t i o n s i n N o r w a y a n d G e r m a n y , a n d i s a l s o p r e s e n t i n t h e U S a n d t h e M i d d l e E a s t t h r o u g h p a r t n e r s h i p s a n d a g e n t a g r e e m e n t s . O u r k e y t a r g e t i n d u s t r i e s a r e O i l & G a s , D r e d g i n g a n d A q u a c u l t u r e . T h e s e m a r k e t s s h a r e h i g h w a t e r c o n s u m p t i o n , s t r i c t e r e n v i r o n m e n t a l r e q u i r e m e n t s a n d a g r o w i n g n e e d f o r s u s t a i n a b l e w a t e r t r e a t m e n t a n d s l u d g e m a n a g e m e n t s o l u t i o n s . M V W ’ s t e c h n o l o g y q u a l i f i c a t i o n i n t h e U S h a s b e e n i m p o r t a n t f o r p o s i t i o n i n g t h e c o m p a n y i n i n t e r n a t i o n a l o i l a n d g a s m a r k e t s , i n c l u d i n g t h e M i d d l e E a s t . G e r m a n y i s a k e y E u r o p e a n m a r k e t f o r d r e d g i n g a n d m u n i c i p a l w a s t e w a t e r , a n d c e n t r a l t o M V W ’ s l o c a l e x p a n s i o n s t r a t e g y . I n N o r w a y , a l e a d i n g s a l m o n f a r m i n g m a r k e t , M V W f o c u s e s p r i m a r i l y o n a q u a c u l t u r e , a l o n g s i d e o i l a n d g a s . O u r t e c h n o l o g y i s p r o t e c t e d b y p a t e n t s a c r o s s 2 9 c o u n t r i e s , i n c l u d i n g m a r k e t s i n t h e U S , A u s t r a l i a , t h e M i d d l e E a s t a n d E u r o p e . W i t h p a t e n t e d a n d p r o v e n t e c h n o l o g y , a n d a s c a l a b l e , c a p i t a l - l i g h t b u s i n e s s m o d e l , M V W i s w e l l - p o s i t i o n e d t o c a p t u r e t h e s e l o n g - t e r m m a r k e t o p p o r t u n i t i e s .
Page 7
S u s t a i n a b i l i t y M V W i s d e d i c a t e d t o r e s p o n s i b l e g r o w t h t h a t p r i o r i t i z e s t h e w e l l - b e i n g o f b o t h p e o p l e a n d t h e p l a n e t . M V W ` s p r o d u c t s a n d t e c h n o l o g i e s d e l i v e r e n v i r o n m e n t a l b e n e f i t s , d i r e c t l y s u p p o r t i n g 8 o f t h e 1 7 U n i t e d N a t i o n s S u s t a i n a b l e D e v e l o p m e n t G o a l s ( S D G s ) . B y u s i n g n a t u r a l - b a s e d m a t e r i a l s i n s t e a d o f s y n t h e t i c p o l y m e r - b a s e d c o a g u l a n t s a n d f l o c c u l a n t s , M V W h e l p s e l i m i n a t e m i c r o p l a s t i c p o l l u t i o n . A d d i t i o n a l l y , M V W ’ s s o l u t i o n s c o n t r i b u t e t o r e d u c e d d i s c h a r g e l e v e l s , l o w e r C O 2 e m i s s i o n s , a n d e n h a n c e d w a t e r a n d s l u d g e r e u s e . O u r p r o d u c t s a l s o c o m p l y w i t h t h e E u r o p e a n C h e m i c a l s A g e n c y ' s ( E C H A ) r e c o m m e n d a t i o n s f o r r e s t r i c t i n g t h e i n t e n t i o n a l u s e o f m i c r o p l a s t i c s w i t h i n t h e E u r o p e a n U n i o n . W a s t e f r o m o u r o w n p r o d u c t i o n f a c i l i t i e s , i n c l u d i n g w a s t e c o n s i d e r e d h a r m f u l t o t h e e n v i r o n m e n t , i s w i t h i n r e g u l a t o r y l i m i t a t i o n s . M V W ’ s o p e r a t i o n s a r e n o t r e g u l a t e d b y l i c e n s e s o r i m p o s i t i o n s .
Page 8
S e c o n d Q u a r t e r 2 0 2 6 B u s i n e s s U p d a t e S a l m o n S l a u g h t e r h o u s e s - T h i r d N e w l y B u i l t F a c i l i t y A d d e d t o M V W ’ s P o r t f o l i o A q u a c u l t u r e c o n t i n u e s t o b e M V W ’ s m a i n g r o w t h d r i v e r , a c c o u n t i n g f o r 8 0 p e r c e n t o f t o t a l r e v e n u e s i n t h e s e c o n d q u a r t e r . T o t a l N O R W A F L O C ® d e l i v e r i e s e x c e e d e d 1 0 0 , 0 0 0 l i t e r s i n Q 2 , r e p r e s e n t i n g a 3 6 p e r c e n t i n c r e a s e i n c h e m i c a l s a l e s a n d r e c u r r i n g r e v e n u e s c o m p a r e d w i t h t h e c o r r e s p o n d i n g p e r i o d l a s t y e a r . T h e r e c u r r i n g r e v e n u e b a s e w a s f u r t h e r s t r e n g t h e n e d d u r i n g t h e q u a r t e r a s M V W a d d e d t h e t h i r d a n d l a r g e s t s a l m o n s l a u g h t e r h o u s e t o i t s p o r t f o l i o . T h e n e w l y b u i l t f a c i l i t y , e s t a b l i s h e d t o m e e t E U r e g u l a t o r y r e q u i r e m e n t s , p l a c e d i t s f i r s t o r d e r f o r N O R W A F L O C ® i n J u n e , r e f l e c t i n g m a r k e t c o n f i d e n c e i n M V W ’ s t e c h n o l o g y a n d i t s a b i l i t y t o s u p p o r t c u s t o m e r s i n m e e t i n g s t r i c t e r d i s c h a r g e r e q u i r e m e n t s . N O R W A F L O C ® s u p p l y v o l u m e s t o t h e f a c i l i t y a r e e x p e c t e d t o i n c r e a s e g r a d u a l l y a s p r o d u c t i o n r a m p s u p d u r i n g s e c o n d h a l f o f 2 0 2 6 . A d d i t i o n a l l y , e q u i p m e n t s a l e s t o t h e a q u a c u l t u r e i n d u s t r y m a d e a s i g n i f i c a n t c o n t r i b u t i o n t o s e c o n d - q u a r t e r r e v e n u e s . D u r i n g t h e q u a r t e r , M V W c o m p l e t e d a n d i m p l e m e n t e d t w o d e l i v e r i e s b a s e d o n i t s l a t e s t s e n s o r - d r i v e n t e c h n o l o g y a d v a n c e m e n t s . T h e f i r s t d e l i v e r y , r e l a t e d t o a p u r c h a s e o r d e r f r o m D o w n s t r e a m M a r i n e , i n c l u d e d a d a p t i v e t r e a t m e n t t e c h n o l o g y f o r t h e t h i r d n e w l y b u i l t N o r w e g i a n s a l m o n s l a u g h t e r h o u s e i n M V W ’ s p o r t f o l i o , a s d e s c r i b e d a b o v e . T h e s e c o n d d e l i v e r y w a s m a d e u n d e r a n a d d i t i o n a l p u r c h a s e o r d e r f r o m a n e x i s t i n g c u s t o m e r , a g l o b a l l e a d e r i n a q u a c u l t u r e . T h e e x p a n d e d s c o p e i n c l u d e d s y s t e m u p g r a d e s d e s i g n e d t o s t r e n g t h e n o p e r a t i o n a l r o b u s t n e s s , i m p r o v e t r e a t m e n t e f f i c i e n c y a n d o p t i m i z e l o g i s t i c s r e l a t e d t o t h e s u p p l y o f N O R W A F L O C ® . E a r l i e r t h i s y e a r , M V W ’ s e x c e l l e n t c o l l a b o r a t i o n w i t h D o w n s t r e a m M a r i n e r e s u l t e d i n y e t a n o t h e r e q u i p m e n t s a l e t o a N o r w e g i a n s a l m o n s l a u g h t e r h o u s e , o p e r a t e d b y o n e o f t h e m a j o r g l o b a l s e a f o o d c o m p a n i e s .
Page 9
T h e p i l o t w a s o r i g i n a l l y s c h e d u l e d f o r e x e c u t i o n i n J u n e 2 0 2 5 b u t w a s r e s c h e d u l e d t o t h e n e x t a v a i l a b l e e x e c u t i o n w i n d o w i n F e b r u a r y 2 0 2 6 . A h e a d o f t h e p l a n n e d s t a r t - u p , M V W a n d i t s p a r t n e r , E n v i r o - T e c h S y s t e m s L t d . ( E T S ) , m o b i l i z e d e q u i p m e n t , N O R W A F L O C ® p r o d u c t s a n d p e r s o n n e l t o s i t e i n p r e p a r a t i o n f o r e x e c u t i o n . H o w e v e r , f o l l o w i n g t h e o u t b r e a k o f w a r i n F e b r u a r y , t h e f o c u s s h i f t e d t o p e r s o n n e l s a f e t y a n d e v a c u a t i o n , a n d t h e p i l o t w a s p l a c e d o n h o l d . I n J u l y 2 0 2 6 , M V W o n c e a g a i n m o b i l i z e d t o S a u d i A r a b i a t o p r e p a r e f o r t h e p i l o t . H o w e v e r , f o l l o w i n g a r e n e w e d e s c a l a t i o n o f i n s t a b i l i t y i n t h e r e g i o n d u r i n g t h e s u m m e r , f i e l d o p e r a t i o n s w e r e t e m p o r a r i l y p a u s e d , a n d M V W ’ s p e r s o n n e l r e t u r n e d w i t h o u t i n i t i a t i n g t h e p i l o t . A t p r e s e n t , t h e f i e l d r e m a i n s s h u t d o w n d u e t o t h e l a c k o f a v a i l a b l e e x p o r t r o u t e s f o r p r o d u c e d o i l . C o n s e q u e n t l y , s t a b i l i z a t i o n o f t h e g e o p o l i t i c a l s i t u a t i o n a n d r e - e s t a b l i s h m e n t o f e x p o r t r o u t e s a r e n e c e s s a r y b e f o r e t h e p i l o t c a n b e e x e c u t e d . T h e d e l i v e r y i s p l a n n e d t o b e i n s t a l l e d i n t h e t h i r d q u a r t e r o f 2 0 2 6 a n d c o m p r i s e s a f l o t a t i o n u n i t w i t h p o t e n t i a l f o r a d d i t i o n a l s a l e s o f a d o s i n g s y s t e m a n d M V W ' s n a t u r a l w a t e r t r e a t m e n t p r o d u c t , N O R W A F L O C ® . T o g e t h e r w i t h o u r c l i e n t s , M V W h a s d e v e l o p e d a n d i m p l e m e n t e d s o l u t i o n s t h a t h e l p s a l m o n s l a u g h t e r h o u s e s m e e t c u r r e n t a n d u p c o m i n g r e g u l a t o r y r e q u i r e m e n t s w h i l e d e l i v e r i n g c o n s i s t e n t l y h i g h t r e a t m e n t e f f i c i e n c y a c r o s s k e y p a r a m e t e r s . T h e s e e f f o r t s a r e k e y t o m a i n t a i n i n g M V W ’ s m a r k e t - l e a d i n g p o s i t i o n . O i l & G a s - P i l o t i n S a u d i A r a b i a R e m a i n s a K e y P r i o r i t y M V W ’ s h i g h e s t p r i o r i t y i n t h e M i d d l e E a s t r e m a i n s t h e p i l o t t o q u a l i f y i t s t e c h n o l o g y a t a n o i l t r e a t m e n t f a c i l i t y i n S a u d i A r a b i a . D u e t o g e o p o l i t i c a l i n s t a b i l i t y i n t h e r e g i o n , t h e p i l o t h a s b e e n p o s t p o n e d s e v e r a l t i m e s , m o s t r e c e n t l y d u r i n g t h e s u m m e r .
Page 10
T h e p r o v e n p e r f o r m a n c e , r e l i a b i l i t y a n d c o m m e r c i a l r e l e v a n c e o f N O R W A F L O C ® i n t h e o i l a n d g a s i n d u s t r y p r o v i d e a s t r o n g f o u n d a t i o n f o r f u r t h e r e x p a n s i o n . H a v i n g d e m o n s t r a t e d s t r o n g a n d c o n s i s t e n t r e s u l t s u n d e r r e a l o p e r a t i n g c o n d i t i o n s a t t w o N o r w e g i a n t r e a t m e n t f a c i l i t i e s o v e r s e v e r a l y e a r s , M V W i s n o w f o c u s e d o n e s t a b l i s h i n g p a r t n e r s h i p s , d i s t r i b u t i o n a g r e e m e n t s a n d l i c e n s i n g a r r a n g e m e n t s t o e x p a n d t h e c o m m e r c i a l f o o t p r i n t a n d m a r k e t r e a c h o f o u r p r o d u c t s . D r e d g i n g - M E T H A P i l o t I m p r o v e d b o t h T r e a t m e n t a n d O p e r a t i o n a l P e r f o r m a n c e I n A u g u s t , M V W r e a c h e d a n i m p o r t a n t m i l e s t o n e b y s u c c e s s f u l l y c o m p l e t i n g t h e l o n g - t e r m p i l o t a t M E T H A i n H a m b u r g , o n e o f t h e l a r g e s t d r e d g i n g p l a n t s i n E u r o p e . E x e c u t e d u n d e r r e a l o p e r a t i n g c o n d i t i o n s , t h e p i l o t d e m o n s t r a t e d t h a t M V W ’ s n a t u r a l - b a s e d N O R W A F L O C ® p r o d u c t s i m p r o v e d b o t h t r e a t m e n t p e r f o r m a n c e a n d M V W r e m a i n s f u l l y p r e p a r e d t o i n i t i a t e t h e p i l o t a s s o o n a s c o n d i t i o n s a l l o w . T o g e t h e r w i t h o u r p a r t n e r , E T S , w e r e m a i n i n c l o s e d i a l o g u e w i t h t h e o i l p r o d u c e r a n d h a v e e q u i p m e n t a n d N O R W A F L O C ® p r o d u c t s r e a d y f o r r a p i d i n i t i a t i o n . M V W c o n t i n u e s t o e x p e r i e n c e s t r o n g i n t e r e s t f r o m t h e c l i e n t a n d r e m a i n s c o n f i d e n t t h a t t h e o p p o r t u n i t y t o e x e c u t e t h e p i l o t w i l l r e - e m e r g e o n c e t h e g e o p o l i t i c a l e n v i r o n m e n t s t a b i l i z e s . I n t h e N o r w e g i a n O i l & G a s m a r k e t , M V W s u p p l i e s s e r v i c e s , t e c h n i c a l s o l u t i o n s a n d o u r n a t u r a l - b a s e d N O R W A F L O C ® p r o d u c t s t o t w o t r e a t m e n t f a c i l i t i e s . B o t h f a c i l i t i e s t r e a t h i g h l y o i l - c o n t a m i n a t e d w a t e r f r o m o i l p r o d u c t i o n i n t h e N o r t h S e a a n d c o n t i n u e t o d e l i v e r s t r o n g t r e a t m e n t r e s u l t s . S A R M o n g s t a d , w h i c h M V W h a s s u p p l i e d s i n c e 2 0 2 3 , i n c r e a s e d i t s N O R W A F L O C ® c o n s u m p t i o n d u r i n g t h e s e c o n d q u a r t e r , c o n t r i b u t i n g t o h i g h e r r e c u r r i n g p r o d u c t v o l u m e s . M V W g r e a t l y v a l u e s o u r c o l l a b o r a t i o n w i t h S A R , a n d t h e i n c r e a s e d d e l i v e r i e s d e m o n s t r a t e S A R ’ s c o n t i n u e d c o m m i t m e n t t o e n v i r o n m e n t a l i m p r o v e m e n t .
Page 11
o p e r a t i o n a l e f f i c i e n c y c o m p a r e d w i t h t h e p l a n t ’ s e x i s t i n g p r o d u c t s . I n G e r m a n y , M V W ’ s c o l l a b o r a t i o n w i t h M E T H A h a s b e e n o u r p r i m a r y f o c u s , r e f l e c t i n g M E T H A ’ s p o s i t i o n a s a l e a d i n g p l a y e r i n t h e d r e d g i n g i n d u s t r y a n d i t s r e c o g n i z e d s c a l e a n d c o m m i t m e n t t o s u s t a i n a b l e d r e d g i n g m a n a g e m e n t . C o m p l e t i n g a p a i d l o n g - t e r m p i l o t a t a f l a g s h i p f a c i l i t y o f M E T H A ’ s s c a l e p r o v i d e s s t r o n g v a l i d a t i o n o f N O R W A F L O C ® ’ s p e r f o r m a n c e , r e l i a b i l i t y a n d c o m m e r c i a l r e l e v a n c e . T h e c o n s i s t e n t p e r f o r m a n c e t h r o u g h o u t t h e p i l o t , c o m b i n e d w i t h i m p r o v e d r e s u l t s c o m p a r e d w i t h i n c u m b e n t p r o d u c t s , s t r e n g t h e n s M V W ’ s c o n f i d e n c e m o v i n g i n t o c o m m e r c i a l n e g o t i a t i o n s w i t h M E T H A . T h e s u c c e s s f u l c o m p l e t i o n o f t h e l o n g - t e r m M E T H A p i l o t , c o m b i n e d w i t h y e a r s o f t e s t i n g a n d p r o d u c t d e v e l o p m e n t i n G e r m a n y , h a s f u r t h e r d e m o n s t r a t e d t h e b r o a d e r c o m m e r c i a l p o t e n t i a l o f o u r t e c h n o l o g y . M o v i n g f o r w a r d , M V W w i l l f o c u s o n c a p t u r i n g s y n e r g i e s f r o m e x i s t i n g i n v e s t m e n t s , e x p a n d i n g i n t o c l o s e l y r e l a t e d m a r k e t s a n d p u r s u i n g o p p o r t u n i t i e s t h r o u g h p a r t n e r s h i p s , d i s t r i b u t i o n a g r e e m e n t s a n d l i c e n s e d p r o d u c t i o n .
Page 12
T o t a l r e v e n u e s a m o u n t e d t o N O K 1 5 . 7 m i l l i o n i n t h e f i r s t h a l f o f 2 0 2 6 , c o m p a r e d t o N O K 1 2 . 4 m i l l i o n i n t h e s a m e p e r i o d o f 2 0 2 5 , r e p r e s e n t i n g y e a r - o v e r - y e a r g r o w t h ( Y o Y ) o f 2 7 % . F o r t h e s e c o n d q u a r t e r , r e v e n u e s i n c r e a s e d t o N O K 9 . 9 m i l l i o n f r o m N O K 8 . 0 m i l l i o n i n Q 2 2 0 2 5 , c o r r e s p o n d i n g t o Y O Y g r o w t h o f 2 2 % . T h e a q u a c u l t u r e s e g m e n t c o n t i n u e s t o b e o u r p r i m a r y g r o w t h d r i v e r , d e l i v e r i n g f i n a n c i a l r e s u l t s i n l i n e w i t h e x p e c t a t i o n s . R e v e n u e s f r o m t h i s s e c t o r a c c o u n t e d f o r 8 0 % o f t o t a l r e v e n u e s i n t h e q u a r t e r . R e v e n u e s d e r i v e d f r o m c h e m i c a l s a l e s ( A R R ) i n Q 2 2 0 2 6 i n c r e a s e d b y 3 6 % c o m p a r e d t o Q 2 2 0 2 5 . E q u i p m e n t s a l e s t o t h e a q u a c u l t u r e i n d u s t r y r e p r e s e n t e d a s i g n i f i c a n t p o r t i o n o f s e c o n d - q u a r t e r r e v e n u e s i n b o t h y e a r s , a c c o u n t i n g f o r 3 5 % o f t o t a l r e v e n u e s i n Q 2 2 0 2 6 a n d 2 8 % i n Q 2 2 0 2 5 . E B I T D A - i m p r o v e m e n t E B I T D A - i m p r o v e m e n t F i n a n c i a l R e v i e w S e c o n d Q u a r t e r 2 0 2 6 F i n a n c i a l R e v i e w S e c o n d Q u a r t e r 2 0 2 6 R e v e n u e P e r f o r m a n c e - g r o w t h i n A R R R e v e n u e P e r f o r m a n c e - g r o w t h i n A R R C a p i t a l e x p e n d i t u r e r e m a i n e d l o w , w i t h i n v e s t m e n t s i n t h e s e c o n d q u a r t e r t o t a l i n g N O K 0 . 3 m i l l i o n , p r i m a r i l y r e l a t e d t o p a t e n t s . C A P E X - r e m a i n s l o w C A P E X - r e m a i n s l o w E B I T D A i m p r o v e d f r o m n e g a t i v e N O K 1 . 7 m i l l i o n f o r t h e q u a r t e r , u p f r o m n e g a t i v e N O K 2 . 7 m i l l i o n i n Q 2 2 0 2 5 .
Page 13
F i n a n c i a l R e v i e w S e c o n d Q u a r t e r 2 0 2 6 F i n a n c i a l R e v i e w S e c o n d Q u a r t e r 2 0 2 6 T o t a l A s s e t s - n e w I F R S 1 6 L e a s i n g T o t a l A s s e t s - n e w I F R S 1 6 L e a s i n g T o t a l a s s e t s a m o u n t e d t o N O K 6 2 . 1 m i l l i o n a t t h e e n d o f t h e s e c o n d q u a r t e r , c o m p a r e d w i t h N O K 4 8 . 0 m i l l i o n i n t h e s a m e p e r i o d i n 2 0 2 5 . T h e i n c r e a s e f r o m t h e p r e v i o u s q u a r t e r w a s p r i m a r i l y d r i v e n b y t h e r e c o g n i t i o n o f r i g h t - o f - u s e a s s e t s a n d c o r r e s p o n d i n g l e a s e l i a b i l i t i e s u n d e r I F R S 1 6 , r e l a t e d t o t h e c o m p a n y ’ s n e w 1 0 - y e a r l e a s e a g r e e m e n t f o r t h e p r e m i s e s a t E s p e h a u g e n , B e r g e n . C a s h f l o w f r o m o p e r a t i n g a c t i v i t i e s f o r s e c o n d q u a r t e r o f 2 0 2 6 i m p r o v e d t o n e g a t i v e N O K 5 . 2 m i l l i o n , u p f r o m n e g a t i v e N O K 6 . 2 m i l l i o n i n t h e s a m e p e r i o d l a s t y e a r . M V W m a i n t a i n s a c c e s s t o e x t e r n a l f i n a n c i n g t h r o u g h i t s b a n k c r e d i t f a c i l i t y a n d s h a r e h o l d e r l o a n f a c i l i t y . T h e b a n k f a c i l i t y a m o u n t e d t o N O K 8 . 0 m i l l i o n , o f w h i c h N O K 4 . 0 m i l l i o n w a s d r a w n a s o f 3 0 J u n e 2 0 2 6 . I n a d d i t i o n , M V W h a d d r a w n N O K 6 . 0 m i l l i o n u n d e r t h e N O K 1 0 . 0 m i l l i o n l o n g - t e r m l o a n f a c i l i t y p r o v i d e d b y i t s l a r g e s t s h a r e h o l d e r s . C a s h F l o w & L i q u i d i t y - i m p r o v e m e n t C a s h F l o w & L i q u i d i t y - i m p r o v e m e n t
Page 14
I n t h e a q u a c u l t u r e i n d u s t r y , M V W h a s s t r o n g v i s i b i l i t y i n t o t h e t i m i n g o f u p c o m i n g w a t e r t r e a t m e n t r e q u i r e m e n t s . T h i s p r o v i d e s a s o l i d f o u n d a t i o n f o r p r e d i c t a b l e m a r k e t e x p a n s i o n a n d s u s t a i n e d g r o w t h . A c t i v i t y i s e x p e c t e d t o i n c r e a s e g r a d u a l l y t h r o u g h 2 0 2 6 - 2 0 2 7 , f o l l o w e d b y a p e r i o d o f s i g n i f i c a n t l y s t r o n g e r g r o w t h f r o m 2 0 2 8 t o 2 0 3 0 . T h e m a r k e t p o t e n t i a l i s e s t i m a t e d a t N O K 1 0 0 – 1 5 0 m i l l i o n i n a n n u a l r e c u r r i n g r e v e n u e . I n a d d i t i o n , M V W e x p e c t s s a l m o n s l a u g h t e r h o u s e s t o i n v e s t a p p r o x i m a t e l y N O K 3 0 0 - 5 0 0 m i l l i o n i n r e g u l a t o r y c o m p l i a n c e m e a s u r e s . T h e r o l l o u t o f n e w s o l u t i o n s i s a l s o d r i v i n g i n c r e a s e d d e m a n d f o r r e l a t e d s e r v i c e s a n d m a i n t e n a n c e . M V W ’ s i n t e r n a t i o n a l g r o w t h i n i t i a t i v e s c o n t i n u e t o r e p r e s e n t s u b s t a n t i a l l o n g - t e r m v a l u e . A l t h o u g h m a r k e t s s u c h a s D r e d g i n g a n d O i l & G a s i n v o l v e l o n g e r l e a d t i m e s a n d l o w e r v i s i b i l i t y , M V W r e m a i n s c o n f i d e n t i n t h e r e l e v a n c e o f o u r s o l u t i o n s i n t h e s e m a r k e t s . O u r c o m p a n y i s f u l l y f o c u s e d o n t h e s u c c e s s f u l e x e c u t i o n o f c u r r e n t a n d u p c o m i n g p i l o t p r o j e c t s , w i t h t h e u l t i m a t e g o a l o f c o n v e r t i n g t h e s e i n t o l o n g - t e r m c o n t r a c t s f o r o u r e n v i r o n m e n t a l l y f r i e n d l y t e c h n o l o g y . O v e r a l l , M V W i s e x p e r i e n c i n g s t r o n g m a r k e t i n t e r e s t a n d e x p e c t s t o f u r t h e r s t r e n g t h e n i t s r e v e n u e o u t l o o k , s u p p o r t e d b y : s t r o n g i n b o u n d c u s t o m e r d e m a n d a n d e l e v a t e d t e n d e r a c t i v i t y , s u c c e s s f u l i m p l e m e n t a t i o n o f a u t o m a t e d t r e a t m e n t s y s t e m s a m o n g e x i s t i n g c u s t o m e r s , s t a b l e a n d g r o w i n g r e c u r r i n g r e v e n u e s f r o m c h e m i c a l d e l i v e r i e s , a n d c o n t i n u e d s t r e n g t h e n i n g o f o u r p o s i t i o n a s a l e a d i n g p r o v i d e r o f c o m p l i a n t w a t e r t r e a t m e n t s o l u t i o n s f o r t h e a q u a c u l t u r e i n d u s t r y . F i n a n c i a l O u t l o o k S e c o n d Q u a r t e r 2 0 2 6 F i n a n c i a l O u t l o o k S e c o n d Q u a r t e r 2 0 2 6
Page 15
Consolidated Interim Income statement and other comprehensive income M Vest Water Group All figures are in NOK 1000 and are unaudited Operating in. and exp. Notes 2Q 2026 1H/YTD 2026 2Q 2025 1H/YTD 2025 Revenue 9 862 15 743 8 029 12 367 Total revenue 9 862 15 743 8 029 12 367 Cost of goods sold 4 436 6 833 4 193 5 333 Change in inventory 30 47 235 282 Employee benefits expense1 4 660 9 988 3 944 9 518 Capitalized employee benefits expense 0 0 -257 -540 Depreciation and amort. 2 838 1 668 792 1 569 Other operating expenses 2 409 5 276 2 598 5 068 Total expenses 12 372 23 812 11 505 21 230 Operating profit/loss (EBIT) -2 510 -8 069 -3 476 -8 863 Financial income and expenses Other interest income 2 2 1 2 Other financial income 63 100 56 107 Other interest expenses 284 361 286 408 Other financial expenses 41 67 70 150 Net financial items -260 -326 -299 -449 Net profit before tax -2 770 -8 395 -3 775 -9 312 Income tax expense 0 0 0 0 Net profit after tax -2 770 -8 395 -3 775 -9 312 Net profit or loss 3, 4 -2 770 -8 395 -3 775 -9 312 Total comprehensive income -2 770 -8 395 -3 775 -9 312 Attributable to Transferred from equity 2 770 8 395 3 775 9 312 Total -2 770 -8 395 -3 775 -9 312 M Vest Water Group
Page 16
Consolidated Interim Balance sheet M Vest Water Group Assets Notes 2Q/YTD 2026 1H/YTD 2026 2Q/YTD 2025 1H/YTD 2025 Non-current assets Intangible assets Capitalized R&D 2 14 198 14 198 13 605 13 605 Patents and trademarks 2 10 033 10 033 8 660 8 660 Total intangible assets 24 231 24 231 22 265 22 265 Machinery and equipment 2 4 888 4 888 5 294 5 294 Equip. and other movables 2 3 860 3 860 4 253 4 253 Office facilities (ROA) 2 20 103 20 103 8 808 8 808 Total property, plant and equipment 28 851 28 851 18 355 18 355 Other non-current receivables 130 130 71 71 Total non-current financial assets 130 130 71 71 Total non-current assets 53 212 53 212 40 691 40 691 Current assets Inventories 2 739 2 739 2 173 2 173 Debtors Accounts receivables 5 3 931 3 931 3 583 3 583 Other current receivables 1 942 1 942 1 593 1 593 Total receivables 5 872 5 872 5 176 5 176 Cash and cash equivalents 302 302 0 0 Total current assets 8 913 8 913 7 349 7 349 Total assets 62 125 62 125 48 040 48 040 M Vest Water Group
Page 17
Consolidated Interim Balance sheet M Vest Water Group Equity and liabilities Notes 2Q/YTD 2026 1H/YTD 2026 2Q/YTD 2025 1H/YTD 2025 Equity Paid-in capital Share capital 3, 4, 6 80 80 74 74 Share premium reserve 4 21 183 21 183 19 050 19 050 Share option based plan 1, 4 2 806 2 806 2 412 2 412 Total paid-up equity 24 069 24 069 21 536 21 536 Total equity 4, 7 24 069 24 069 21 536 21 536 Liabilities Other non-current liabilities 2 18 255 18 255 7 428 7 428 Total non-current liabilities 18 255 18 255 7 428 7 428 Current liabilities Liabilities to fin. institutions 5 4 007 4 007 628 628 Trade payables 3 075 3 075 2 163 2 163 Public duties payable 2 372 2 372 1 566 1 566 Other current liabilities 2, 5 10 346 10 346 14 719 14 719 Total current liabilities 19 801 19 801 19 076 19 076 Total liabilities 38 056 38 056 26 504 26 504 Total equity and liabilities 62 125 62 125 48 040 48 040 M Vest Water Group
Page 18
M Vest Water Group Interim Consolidated Cash Flow Statement 2Q 20261H 20262Q 20251H 2025 Cash flow from operating activities Profit/(loss) before income tax -2 770 -8 395 -3 775 -9 312 + Depreciation, amortization 836 1 668 787 1 488 + Share based payment expenses 49 134 376 621 +/- (Increase)/decrease in inventories -569 22 -98 -1 178 +/- (Increase)/decrease in trade receivables -1 115 109 -503 -536 +/- (Increase)/decrease in other receivables -1 270 -1 164 -742 -194 +/- Increase/(decrease) in other liabilities -1 961 -674 -1 716 -1 903 +/- Increase/(decrease) in trade and other payables 1 583 783 -524 -1 185 = Net cash flow from operating activities -5 217 -7 517 -6 194-12 199 Cash flow from investment activities - Capital expentitures PPE -37 -410 -57 -89 - Capital expentitures patents, R&D -271 -888 -347 -1 034 = Net cash flow from investment activities -308 -1 298 -404 -1 123 Cash flow from financing activities - Installments borrowings financial institutions 0 0 -249 -500 +/- Cash credit financial institutions 703 2 695 -1 340 377 +/- Loan from owners 5 080 6 080 8 187 12 201 = Net cash flow from financing activities 5 783 8 775 6 598 12 078 Liquidity position excl. cash credit = Net (decrease)/increase in cash and cash equivalents 259 -40 0 -1 244 + Cash and equivalents at beginning of the period 42 342 0 1 244 = Cash and equivalents at end of the period 302 302 0 0 Liquidity position incl. cash credit = Net change in period increase cash position/(decrease) -703 -2 695 1 340 -1 622 +/- Cash (+)/ cash credit overdraft (-) beginning of the period -3 304 -1 312 -1 717 1 244 = Cash (+)/ cash credit overdraft (-) at end of the period -4 007 -4 007 -378 -378 = Net cash position end of period -3 705 -3 705 -378 -378
Page 19
Note to the financial statementsBasis of preparation MVW's condensed consolidated interim financial statements for the second quarter of 2026 were authorized for issue by the Board of Directors on 14 September 2026.The financial statements and disclosures as of 30 June 2026 are consolidated and include the activity in the 100 % owned German subsidiary M Vest Water GmbH in the period. These condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed interim financial statements do not include all the information and disclosures required by IFRS. For a complete set of financial statements, these condensed interim financial statements should be read in conjunction with the annual statement of 2025.The condensed interim financial statements are unaudited. The audit will be carried out in connection with the 2026 year-end closing. Fair Value: The condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. Use of estimates:The preparation of financial statements in conformity with simplified IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, considering current and expected future market conditions.
Page 20
Note 1 Share based option plan MVW has granted share options to key employees in January 2023 and January 2024. In addition, share options were granted on 2 July, 2026 (ref. Note 7 Subsequent events).The option holders may exercise vested options during the period of 15 Norwegian business days from the 1st of April each year. Each option, when exercised, give the right to subscribe for one share in the company at an exercise price defined in the option plan. As of 30.06.2026, seven employees held share options.The options are granted under the plan for no consideration and carry no dividend or voting rights before exercise of the options. The value of the options is determined at grant dates. The expected number of options exercised is estimated using an expected turnover on a yearly basis. The estimated cost is expensed over the vesting period.Movements during the year Average exercise price per share option Number of optionsAs at 1 January 2026 10,92 680 000Granted during the year 0,00 0Exercised during the year -11,10 -210 000Forfeited during the year 0,00 0Expired during the year 0 0As at 30 June 2026 9,27 470 000 Shares options held by group management and board members: Number of options as at 30 June 2026Morten Hilton Thomassen (CFO) 170 000Total 170 000Share-based remuneration Amounts in NOK booked in 2026 as at 30 June 2026Amounts in NOK accumulated as at 30 June 2026Personell expenses / Share-based option program 117 115 2 805 943Social security tax personell expenses/ Non-current liabilities 16 516 275 192Total 133 631 3 081 135The options granted shall vest with 1/3 upon the first anniversary of the grant date (31.01.2024/31.01.2025), 1/3 on the second anniversary of the grant date (31.01.2025/31.01.2026) and 1/3 on the third anniversary of the grant date (31.01.2026/31.01.2027). Each option expires on the third anniversary of its vesting date. Applied assumptions and inputs in the valuation of the options The value of the options is determined at the grant dates by applying the Black-Scholes option pricing model. The Black-Scholes model considers the share price at the grant date, time until execution, exercise price, riskfree interest rate and volatility. In addition, the value is adjusted with respect to expected turnover, as share options which belongs to employees who resigns will be terminated.
Page 21
Note 2 Intangible assets, Machinery, Equipment and Right-of-use assets (ROA) amounts in NOK 1000Capitalized development costsPatents and trademarksMachinery and equipmentEquipment and other movablesRight of use assets (IFRS 16)TotalsAcquisition cost 01.01.2026 14 1989 8536 0997 771 8 57546 496Additions salaries 0 0 0 0 0 0Additions: invoice exp. 0 888 0 410 0 1 298New Office lease* 0 0 0 0 19 29619 296Acquisition cost 30.06.2026 14 19810 7406 0998 18027 87167 089Acc. depreciation and amortization 30.06 0 -479-1 211-4 321-7 767-13 777Acc. impairments 30.06 -228 -228Net booked amount 30.06.2026 14 19810 0334 8883 86020 10353 083This year`s deprciation and amortization - -13-203 -518 -934 -1 668Useful economic life Indefinite 3 yrs 1) / Indefinite 15 yrs 2) 3-10 yrs 10/5 yrs 3)Depreciation method Annual impairment Annual impairment/Linear Linear Linear Linear1) Capitalized website costs are depreciated on a straight-line basis over a period of 3 years.2) The mobile container Norwamix are depreciated on a straight-line basis over a period of 15 years.3) Office Lease (ROA) is recorded and depreciated accordring to estimated lease duration.Research and Development, Patents and TrademarksThe group’s research and development activities encompass several innovative solutions for water treatment, including development of products, equipment, and processes. The cost of internally generated intangible assets includes all directly attributable expenses required to design, produce, and prepare the asset for its intended operational use as determined by management. Examples of such directly attributable costs include: • Expenses for materials and services consumed during the creation of the intangible asset. • Employee benefits (as defined in IAS 19) directly related to the asset’s development. • Fees for registering legal rights. • Amortization of patents and licenses necessary for generating the intangible asset.Starting 01.01.2026 all development costs are recognized in the statement of comprehensive income. Plant and MachineryThe company received grants totaling NOK 5.1 million from Innovation Norway to support the development ofthe NORWAMIX machine. The estimated useful life of the NORWAMIX machine is 15 years, withdepreciation commencing in mid-2023.Right-of-Use Assets (ROA) and Lease Liabilities (IFRS 16)Following the adoption of simplified IFRS as of January 1, 2021, MVW has recognized its office facilities inNorway and Germany as lease contracts under IFRS 16. *As of 1 April, 2026, MVW entered into a new 10-year office lease agreement for its new premises at Espehaugen, Bergen. The lease has been recognized in accordance with IFRS 16 and has contributed to the increase in right-of-use assets and lease liabilities during the second quarter.
Page 22
Depreciation, amortization and impairmentThe group employs a linear depreciation method for its machinery and equipment, spreading the depreciation expense over their anticipated lifetime. Intangible assets within the group are considered having an indefinite useful life (with exception of capitalized website costs), indicating no foreseeable limit to the period during which these assets are expected to yield economic benefits. Instead of depreciation, an annual impairment test (IAS 36) is conducted to assess the value of the intangible assets.Note 3 Earnings per shareBasic earnings per share are calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year. Basic earnings per share continuing operations (amounts in NOK 1000) 1H/YTD 20261H/YTD 2025Profit/(loss) attributable to equity holders of the company -8 395 -9 312Weighted average number of ordinary share in issue 35 296 32 718Basic earnings per share (NOK per share) -0,2378 -0,2846The total outstanding amount of shares in the company was 35,295,663 common shares at 30 June 2026 with a nominal value of 0,002276522765 per share. There are only one share class. Note 4 Equityamounts in NOK 1000 Share capital Share premiumTranslation reserveShare optionbased planTotal equityAs at 01.01.2026 8029 541 8 2 689 32 319Share option program 117 117Total comprehensive income -8 395 -8 395Translation reserve 0 27 27As at 30.06.2026 8021 146 35 2 806 24 069In February 2026, the company entered into an agreement with its main shareholders for a loan facility of NOK 10 000 000. The lender has the right, but not the obligation, to convert the loan into shares in the company. The facility is available for disbursements starting February 2026. The loan is unsecured, carries no instalment repayments, and matures in full in February 2027.
Page 23
Note 5 Liabilities to Financial Institutions and Loan OwnersLiabilities to financial institutions: Effective interest rateMaturity date 1H/ YTD 20261H/ YTD 2025Liabilities secured by mortages and guaranteesamounts in 1000 NOKLoan financial institutions (5 years) 4,5 %Oct 1st 25 0 250Credit facility * 4 007 378Total liabilities to financial institutions 4 007 628Non-current loan to financial institutions: The five year loan (comparison period) was repaid in full at 1 October 2025.Credit facility: The company has a credit facility of NOK 8.0 million issued by the bank, of which NOK 4.0 million was drawn as of 30 June 2026. *The drawn amount bears variable interest at NOWA plus a margin of 6.3%. Interest is calculated daily and charged monthly in arrears. A commitment fee of 0.25% per quarter is charged on the total credit facility. The credit facility is secured by inventory (NOK 10 million), operating equipment (NOK 10 million), and accounts receivable (NOK 15 million). The overdraft facility is subject to a minimum equity covenant of NOK 20 million, which is measured annually. There are no other pledges, collateral, or guarantees associated with the company’s debt to credit institutions.Loan facility from owners (unsecured): amounts in 1000 NOK Maturity date 1H /YTD 2026 1H/YTD 2025Loan facility from owners incl. interestsFeb 2027/Dec 2025 6 080 12 201Total current liabilities from owners 6 080 12 201In February 2026, the company entered into an agreement with its main shareholders for a loan facility of NOK 10 000 000. The lender has the right, but not the obligation, to convert the loan into shares in the company. The facility is available for disbursement starting February 2026. The loan is unsecured, carries no instalment repayments, and matures in full in February 2027.The loan facility in the comparison period has been converted to equity (debt conversion Oct 29, 2025).Liabilities due in > 5 years: 1H /YTD 2026 1H /YTD 2025Liabilities due in > 5 years exclusive of leasing (IFRS 16) 0 0Total 0 0
Page 24
Note 6 Shareholders The total number of shares in MVW as at 30 June 2026Ordinary shares 35 295 6630,0022765227680 351Total 35 295 6630,0022765227680 351Ownership Structure:Largest shareholders as at 30 June 2026Number of sharesOwner interestShare of votesM VEST INVEST AS 11 435 319 32,4 %32,4 % HAUGLAND GRUPPEN AS 6 021 367 17,1 %17,1 %J.P. MORGAN SE 3 435 976 9,7 % 9,7 %BANK PICTET & CIE (EUROPE) AG 1 776 592 5,0 % 5,0 %M VEST ENERGY AS 1 766 667 5,0 % 5,0 %ATLICKHA HOLDING AS 1 666 431 4,7 % 4,7 %SLOTHE-HOLDING AS 1 110 886 3,1 % 3,1 %SK TUFTA HOLDING AS 608 350 1,7 % 1,7 %NORDNET LIVSFORSIKRING AS 680 487 1,9 % 1,9 %JARB HOLDING AS 425 752 1,2 % 1,2 %SILVERCOIN INDUSTRIES AS 400 000 1,1 % 1,1 %GALLARDO HOLDING AS 395 100 1,1 % 1,1 %VINTERSTUA AS 375 691 1,1 % 1,1 %STATTHAV AS 368 073 1,0 % 1,0 %M VEST AS 343 990 1,0 % 1,0 %Other ownership < 1 % 4 484 982 12,7 % 12,7 %Total 35 295 663 100 %100 % Note 7 Subsequent eventsIn July 2026, (02.07.2026), the company granted 645,000 new (in addition to the existing 470,000) share options to executive management and key employees.
Page 25
P h o n e N u m b e r + 4 7 5 5 9 8 9 9 9 9 E m a i l A d d r e s s i n f o @ m v e s t w a t e r . c o m W e b s i t e w w w . m v e s t w a t e r . c o m