Interim report
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REPORT FOURTH-QUARTER AND FULL-YEAR 2024 REPORT THIRD QUARTER 2022 REPORT THIRD-QUARTER 2025
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REPORT THIRD-QUARTER 2025 Page | 2 SOILTECH DELIVERS INCREASED REVENUES AND RESULTS Soiltech delivered another strong quarter in Q3 with revenue of NOK 102 million, representing a 50% increase year-on-year. EBITDA adj. came to NOK 24 million, an increase of 78% year-on- year, whereas profit before tax was NOK 10 million, up from NOK -10 million year-on-year. The strong performance reflects high activity across the business segments. “Third quarter was yet another solid quarter for Soiltech, demonstrating that our clients continue to respond positively to our technology-driven services. While revenues declined by 9% from the exceptionally strong second quarter, the adjusted EBITDA margin remained solid at 24% and the net profit margin was 10%, supported by disciplined cost control,” says Soiltech CEO Jan Erik Tveteraas Third quarter financial highlights • Revenue NOK 102 million, +50% year on year (YoY) • EBITDA adj. NOK 24 million, +78% YoY • EBITDA adj. margin 24%, up from 20% YoY • Profit before tax NOK 10 million, up from NOK – 10 million YoY • Profit before tax margin 9%, up from -15% YoY FIRST NINE MONTHS 2025 For the first nine months of 2025, Soiltech achieved year-on-year revenue growth of 55%, reaching NOK 299 million. The growth was evident in both business segments. 1 • Fluid treatment NOK 161 million + 15% YoY, 54% of total revenue • Solid waste management NOK 138 million +161% YoY, 46% of total revenue 1 Note: As from the third quarter, Soiltech reports its business in two business segments, Fluid treatment and Solid waste management. Norway accounted for 78% of revenue, while international contributed 22%. Commercial uptime was 100% across all projects. Year-to-date financial highlights • Revenue NOK 299 million, up +55% YoY • EBITDA adj. NOK 69 million, up +78% YoY • EBITDA adj. margin 23%, up from 19% YoY • Profit before tax NOK 29 million, up from NOK -4 million YoY • Profit before tax margin 10%, up from -2% YoY “The first nine months of 2025 have been very busy for us. We have already surpassed our full-year 2024 revenue of NOK 274 million. I am proud of the efforts of our team and of how we have managed to grow at this pace while maintaining strong profitability. This success is largely thanks to Soiltech’s culture, where customer focus, operational excellence, and innovation are key priorities,” says Jan Erik Tveteraas. CASH FLOW, FINANCING AND LIQUIDITY FIRST NINE MONTHS 2025 We generated a strong operating cash flow of NOK 62 million in the first nine months of 2025. Investments in new equipment amounted to NOK 42 million. Net cash flow from financing activities was NOK –8 million, consisting of a reduction in borrowings and lease of NOK 2 million, NOK 13 million in interest payments, and NOK 7 million in proceeds from capital increase. Net cash flow for the period was NOK 11 million. The cash balance was NOK 46 million at the end of the quarter, compared to NOK 35 million at year-end 2024. The available unused bank facility at the end of the quarter was NOK 167 million, resulting in total available liquidity of NOK 213 million as of 30 September 2025.
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REPORT THIRD-QUARTER 2025 Page | 3 OUTLOOK The visibility in our main market Europe incl. Norway remains high, driven by our clients’ ambition to maintain current oil and gas production levels beyond 2035. Internationally, we see increasing demand, primarily driven by stricter regulations and increased focus from clients on waste reduction, reuse and recovery. We expect activity in Q4 to be lower than Q3, largely due to scheduled reduction in drilling on specific projects, before activity picks up again in Q1 2026. With basis in a strong contract portfolio, we will continue to deliver solid growth in 2026. Further ahead, we see a strong and increasing market for our services, with significant growth opportunities both in Norway and in our international focus markets, supported by the recent refinancing on attractive terms. The Board emphasizes that any forward- looking statements contained in this report could depend on factors beyond its control and are subject to risks and uncertainties. Accordingly, actual results may differ materially. Sandnes, 30 October 2025 The Board of directors Soiltech ASA
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REPORT THIRD-QUARTER 2025 Page | 4 INCOME STATEMENT *Adjustments are non-cash cost related to share incentive scheme. BALANCE SHEET CASHFLOW FINANCIAL METRICS EPS = Profit after tax / weighted average number of shares in the period - see note 9 for details ROCE = (Operating profit + Adjustments + Merger & IPO expenses) last 12 months / (Total assets – Current liabilities), average last 12 months Information on Alternative Performance measures (APM) can be found in the appendix at the end of the report. KEY FINANCIALS (MNOK) Q325 % Q324 % YTD25 % YTD24 % Revenue 102 68 299 193 Operating cost 62 41 184 118 Gross profit 40 39 % 27 40 % 115 38 % 75 39 % SG&A 16 16 % 14 20 % 47 16 % 38 20 % EBITDA adj. 24 24 % 13 20 % 69 23 % 37 19 % Adjustments* 0 0 -3 1 EBITDA 24 13 66 39 Depreci ati on 9 6 23 16 Merger & IPO expenses - 14 - 17 Operating profit 16 15 % (6) -9 % 43 14 % 6 3 % N e t financial ite m s 6 4 14 9 Profit before tax 10 10 % -10 -15 % 29 10 % -4 -2 % Total assets Curre nt liabilitie s N on-curre nt liabilitie s Total equity Total e quity and liabilitie s Equity ratio % (MNOK) 30 Sep25 30 Sep24 541 408 77 64 230 152 234 192 43 % 47 % 541 408 Net cashflow from operating activities Net cashflow from investing activities Net cashflow from financing activities Total net cash flow Cash at beginning of period Cash at end of period (MNOK) YTD 30 Sep25 YTD 30 Sep24 62 19 -42 -33 -8 20 12 7 35 27 46 34 Earnings per share (EPS) Return on capital employed (ROCE) NIBD/EBITDA (12 month rolling) 2.21 NOK 0.92 NOK 2.76 (MNOK) Q325 YTD25 - 16 %
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REPORT THIRD-QUARTER 2025 Page | 5 Revenue and EBITDA adj. Historical development (MNOK) Quarterly Adjusted EBITDA 2022 – Q4 2024 (MNOK) 65 82 137 178 229 274 381 - 50 100 150 200 250 300 350 400 450 2019 2020 2021 2022 2023 2024 2025 LTM MNOK Revenue 2018 - 2025 LTM CAGR 34% 2025 LTM – Rolling revenue and EBITDA adj. for the last twelve months 10 19 26 44 51 63 94 - 10 20 30 40 50 60 70 80 90 100 2019 2020 2021 2022 2023 2024 2025 LTM MNOK EBITDA adj. 2018 - 2025 LTM CAGR 44%
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REPORT THIRD-QUARTER 2025 Page | 6 Condensed consolidated financial statements
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REPORT THIRD-QUARTER 2025 Page | 7 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Q3 Q3 YTD YTD FY (amounts in NOK 1000) Note 2025 2024 2025 2024 2024 Profit or loss Revenue 3 101 370 67 625 299 295 193 288 273 892 Other operating income 3 137 21 177 74 128 Total operating income 3 101 507 67 647 299 472 193 362 274 020 Cost of materials (18 031) (12 134) (62 608) (32 447) (44 422) Personnel expenses (51 589) (35 100) (145 476) (101 658) (136 277) Depreciation and amortisation (8 528) (6 144) (23 115) (16 079) (22 727) Other operating expenses (8 099) (6 991) (25 485) (20 449) (28 954) Total operating expenses (86 247) (60 369) (256 683) (170 633) (232 379) Expenses related to Merge & IPO 11 - (13 581) - (17 549) (17 838) Operating profit 15 260 (6 303) 42 789 5 180 23 803 Net foreign exchange gains (losses) (1 066) 12 (1 538) 784 1 351 Financial income 80 31 101 31 225 Financial expenses (4 632) (3 794) (12 849) (10 254) (14 376) Net financial items (5 618) (3 751) (14 286) (9 439) (12 800) Profit/(loss) before tax 9 642 (10 054) 28 502 (4 259) 11 003 Income tax expense 4 (2 121) 648 (6 270) (485) (3 509) Profit/(loss) for the period 7 520 (9 406) 22 232 (4 745) 7 494 Other comprehensive income Items that may be reclassified to profit or loss Currency translation differences - - - - - Income tax relating to these items - - - - - Net other comprehensive income - - - - - Total comprehensive income for the period 7 520 (9 406) 22 232 (4 745) 7 494 Total comprehensive income is attributable to: Owners of Soiltech AS 7 520 (9 406) 22 232 (4 745) 7 494 TRANSFERS Transfers to other equity 7 520 (9 406) 22 232 (4 745) 7 494 Total allocations 7 520 (9 406) 22 232 (4 745) 7 494 Earnings per share (NOK) Basic earnings per share 9 0.92 1.25- 2.76 0.64- 1.00 Diluted earnings per share 9 0.88 1.25- 2.66 0.64- 0.95
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REPORT THIRD-QUARTER 2025 Page | 8 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) (amounts in NOK 1000) ASSETS Note 30.09.2025 30.09.2024 31.12.2024 Non-current assets Deferred tax assets 4 1 681 11 039 7 877 Intangible assets 1 828 2 500 2 246 Property, plant & equipment 228 330 199 960 201 915 Right-of-use assets 167 621 97 155 112 217 Other non-current assets 0 0 0 Total non-current assets 399 460 310 654 324 255 Current assets Inventories 0 159 0 Trade receivables 6 72 571 50 807 59 854 Cash and cash equivalents 5 46 056 33 911 34 695 Contract assets 3 11 270 5 823 6 656 Other current assets 11 581 6 969 8 775 Total current assets 141 477 97 668 109 979 TOTAL ASSETS 540 937 408 323 434 234 EQUITY AND LIABILITIES Note 30.09.2025 30.09.2024 31.12.2024 Equity Share capital 1 070 1 031 1 035 Other paid-in equity 116 226 109 178 109 493 Other reserves 2 985 2 783 2 432 Retained earnings 113 776 79 305 91 544 Total equity 234 058 192 298 204 504 Non-current liabilities Borrowings 5,6 105 605 91 437 86 609 Lease liabilities 7,8 124 094 59 659 72 959 Other non-current liabilities 446 595 541 Total non-current liabilities 230 146 151 692 160 109 Current liabilities Trade payables 7 11 877 9 450 10 528 Borrowings 5,6 12 100 20 663 20 207 Lease liabilities 7,8 12 788 11 836 13 940 Tax payable 4 0 0 0 Contract liabilities 13 080 0 0 Other current liabilities 7 26 889 22 386 24 946 Total current liabilities 76 734 64 334 69 621 Total liabilities 306 879 216 026 229 730 Total equity and liabilities 540 937 408 323 434 234
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REPORT THIRD-QUARTER 2025 Page | 9 CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) YTD YTD FY (amounts in NOK 1000) Note 2025 2024 2024 Cash flows from operating activities Profit/(loss) before tax 28 502 (4 260) 11 003 Income taxes paid 4 (74) (1 121) (983) Depreciation, amortisation and impairment 23 115 16 079 22 727 Interest expense 5 12 822 9 609 13 398 Non-cash expenses related to merger 11 - 12 718 12 718 Changes in trade receivables, contract assets/liabilities 1 384 (7 107) (18 350) Changes in trade payables 1 328 (3 242) (2 626) Changes in other accruals and prepayments (5 587) (3 467) 1 056 Net cash flow from operating activities 61 491 19 208 38 943 Cash flows from investment activities Purchase of property, plant & equipment & Intangible assets (41 539) (32 553) (38 993) Net cash flow from investment activities (41 539) (32 553) (38 993) Cash flows from financing activities Proceeds from new borrowings 130 650 45 700 45 700 Transaction costs attributable to obtaining financing (595) - - Proceeds from merger 11 - 13 206 12 803 Repayments on borrowings 5 (119 108) (18 130) (23 467) Payment of principal portion of lease liabilities 5 (12 994) (9 836) (13 221) Interest paid 5 (12 880) (10 882) (14 588) Proceeds from capital increase 6 768 - 318 Net cash flow from financing activities (8 159) 20 057 7 546 NET CASH FLOW FOR THE PERIOD 11 794 6 712 7 496 Effect of exchange rate fluctuations on cash held -430 416 416 Cash and cash equivalent 01.01 34 695 26 783 26 783 Cash and Cash equivalents 46 057 33 911 34 695
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REPORT THIRD-QUARTER 2025 Page | 10 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (amounts in NOK 1000) Share capital Other paid- in equity Other reserves Retained earnings Total equity 2025 Balance at 1 January 2025 1 035 109 493 2 432 91 544 204 505 Balance at 1 January 2025 1 035 109 493 2 432 91 544 204 505 Profit/(loss) for the period 0 0 0 22 232 22 232 Other comprehensive income 0 0 0 0 0 Total comprehensive income 0 0 0 22 232 22 232 Transactions with owners Share-based payment 35 6 733 553 0 7 321 Balance at 30 Sept 2025 1 070 116 226 2 985 113 776 234 058 2024 Balance at 1 January 2024 741 83 948 1 826 84 050 170 565 Balance at 1 January 2024 741 83 948 1 826 84 050 170 565 Profit/(loss) for the period 0 0 0 -4 745 -4 745 Total comprehensive income 0 0 0 -4 745 -4 745 Transactions with owners Share-based payment 0 0 957 0 957 Merger 291 25 230 0 0 25 521 Balance at 30 Sept 2024 1 031 109 178 2 783 79 305 192 297
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REPORT THIRD-QUARTER 2025 Page | 11 Notes to the Consolidated interim financial statements Note 1 – General information Soiltech ASA (the 'Company') is a limited company domiciled in Norway. The registered office of the Company is Koppholen 25, 4313, Sandnes, Norway. The Company is an innovative technology company specializing in the treatment, recycling and sustainable handling of contaminated water and solid industrial waste streams on site. The Company was listed on Euronext Expand on 11.09.2024 with the ticker code 'STECH’ and as part of the listing converted into a public limited company (Nw.: "Allmennaksjeselskap"). The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (together referred to as the 'Group' or 'Soiltech'). The interim consolidated financial statements have not been subject to external audit. Note 2 – Summary of general accounting policies The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2024 annual financial statements. Specific accounting policies related to the individual areas in the interim consolidated financial statements are described in the relevant notes. Basis for preparation These interim consolidated financial statements are presented in accordance with IAS 34 Interim Financial Reporting. They were authorised for issue by the board of directors on 27 August 2025. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 IFRS financial statement issued by the Company on the 2nd of April 2025. The interim consolidated financial statements are presented in Norwegian Kroner (NOK) and have been rounded to the nearest thousand unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total. Accounting estimates and judgements Items in the financial statements are to a varying degree affected by estimates and assumptions made by management, reference is made to the relevant notes for the affected items. Estimates with a material impact on the interim financial statements, combined with a significant estimation uncertainty, consists of recognition of deferred tax asset (note 4)
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REPORT THIRD-QUARTER 2025 Page | 12 Segment information Given the uniform nature of the Group's services and the centralized management from its head office in Norway, the entire Group is considered as a single operating segment for internal reporting purposes. New and amended IFRS standards Of new standards and interpretations that are not mandatory for the current reporting period, none are expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Of new standards and interpretations that are not mandatory for the current reporting period, none are expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. IFRS 18 ‘Presentation and Disclosure in Financial Statements’, issued in April 2024 and effective from 1 January 2027, introduces new requirements for the presentation and aggregation of information in the primary financial statements and related disclosures. The Group is currently assessing the potential impact of this standard. Share-based payment During YTD 2025, a total of 60,000 new share options were granted to employees and board members. In the same period, 268,840 share options were exercised. Per 30.09.2025, there were 1 056 150 share options outstanding. Note 3 – Revenues Accounting policies The contracts are considered to consist of only one performance obligation, which is satisfied over time. Progress is measured based on the time the equipment and personnel is available to service the customer. In practice, revenue based on daily rates is thus recognized by the amount that the Company has a right to invoice. As a practical simplification based on materiality, any consideration associated with mobilization and demobilization are recognized over the period of the underlying contract. Mobilization cost is considered to be cost to fulfil a contract and are recognized as an asset when incurred. These costs are presented under the accounting line item “Contract assets” in the balance sheet. The asset is subsequently amortized over the contract period, as cost of materials and personnel expenses. Correspondingly, mobilization revenue is presented under the accounting line item Contract liabilities in the balance sheet and is recognized as income systematically over the contract period, in line with the amortization of mobilization costs.
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REPORT THIRD-QUARTER 2025 Page | 13 Revenues by product category Revenues by geography Revenues from major customers Note 4 – Income tax Accounting policies The Group consists of companies subject to ordinary corporate taxation in Norway, and within the same tax group with respect to offsetting of deferred tax. Income tax is therefore recognized on the basis of a general application of IAS 12 without the need for further judgments or policies of significance. Basis for recognition of deferred tax assets Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax and deferred tax assets are recognized at their nominal value and classified as non-current asset (non- current liabilities) in the consolidated statement of financial position. Q3 Q3 YTD YTD (amounts in NOK 1000) 2025 2024 2025 2024 48 355 44 711 147 233 120 848 Solid waste handling 46 909 13 845 134 740 43 593 Cleaning services 5 355 6 792 13 758 19 418 Associated services 887 2 299 3 742 9 503 101 507 67 647 299 472 193 362 Fluid treatment Total Q3 Q3 YTD YTD (amounts in NOK 1000) 2025 2024 2025 2024 76 563 52 242 234 161 143 517 Europe (Excl. Norway) 24 943 11 283 64 495 44 954 Rest of the world 0 4 123 817 4 892 101 507 67 647 299 472 193 362 Norway Total YTD YTD (amounts in NOK 1000) 2025 2024 89 810 56 601 Customer 2 56 283 0 25 062 27 037 Customer 4 19 769 0 15 560 18 132 206 483 101 770 Other (less than 10% each) 92 988 91 592 299 472 193 362 Customer 1 Customer 3 Customer 5 Total from major customers Total
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REPORT THIRD-QUARTER 2025 Page | 14 Basis for tax expense in interim periods The tax expense in interim periods is measured by multiplying profit before tax by estimated average annual effective income tax rate. Note 5 – Cash and cash equivalents Cash and cash equivalents comprise mostly ordinary bank deposits. The statement of cash flows is prepared using the indirect method. Interest income and expenses are presented as investing and financing activities, respectively. Reconciliation of cash flows from financing activities Note 6 – Borrowings Accounting policies Borrowings are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. There has not been any material transaction cost during the year. In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, replacing existing credit facilities totalling NOK 229 million (borrowings and leasing). Effective from Q3 2025, the agreements include a new NOK 150 million investment loan and a NOK 30 million overdraft facility, increasing total available financing to NOK 409 million. Covenants The loan facilities with Sparebank 1 Sør-Norge has the following covenants: -Net-interest bearing debt (NIBD)/Earnings before interest taxes, depreciation and amortization (EBITDA) 12 month rolling < 3.75 -Book equity > 30% - Bank approval required for dividends or group contributions (amounts in NOK 1000) 30.09.2025 30.09.2024 31.12.2024 3 756 2 684 5 486Payroll withholding tax account (amounts in NOK 1000) Lease liabilities Borrowings Total 86 899 106 816 193 715 Cash flows 130 650 130 650 Repayment of principal borrowings (119 108) (119 108) (12 994) (12 994) Interest paid (6 996) (5 884) (12 880) Interest expenses 6 996 5 826 12 822 62 978 - 62 978 136 883 118 300 255 183 Non-current 124 095 106 200 12 788 12 100 Repayment of principal portion of lease liability Carrying amount 31.12.2024 Proceeds from new borrowings Additions lease Carrying amount 30.09.2025 Current
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REPORT THIRD-QUARTER 2025 Page | 15 The covenants are tested quarterly, and the Company is not in breach with any of the covenants above. Specification of borrowings – 30.09.2025 Specification of borrowings – 30.09.2024 Specification of borrowings – 31.12.2024 Contractual payments on borrowings – 30.09.2025 Contractual payments on borrowings – 30.09.2024 For loans with floating interest rates, the amounts above are calculated using the current interest rate per the relevant year end. (amounts in NOK 1000) Nominal interest rate Nominal amount Capitalized financing fees Carrying amount 3 m.Nibor+1.8% 117 705 0 117 705 Carrying amount as per 30.09.2025 117 705 117 705 105 605 Current borrowings 12 100 Sparebank 1 Sør Norge Non-current borrowings (amounts in NOK 1000) Nominal interest rate Nominal amount Capitalized financing fees Carrying amount Innovasjon Norge 7.7% 1 937 0 1 937 3 m.Nibor+2.5% 110 162 0 110 162 Carrying amount as per 30.09.2024 112 099 0 112 099 91 437 Current borrowings 20 663 Non-current borrowings Rogaland Sparebank (amounts in NOK 1000) Nominal interest rate Nominal amount Capitalized financing fees Carrying amount Innovasjon Norge 7.7% 1 292 0 1 292 3 m.Nibor+2.5% 105 525 0 105 525 Carrying amount as per 31.12.2024 106 817 0 106 817 86 609 Current borrowings 20 207 Rogaland Sparebank Non-current borrowings (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years 19 996 18 377 99 642 0 Total 19 996 18 377 99 642 0 Sparebank 1 Sør Norge (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years Innovasjon Norge 2 053 0 0 25 795 24 449 65 273 16 931 Total 27 847 24 448 65 273 16 931 Rogaland Sparebank
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REPORT THIRD-QUARTER 2025 Page | 16 Contractual payments on borrowings – 31.12.2024 Carrying amount of assets pledged as security Note 7 – Financial assets and liabilities Financial liabilities per category Fair value For items measured at amortized cost, carrying amount is considered to be a reasonable approximation to fair value. Note 8 – Financial risk and capital management The Group’s policies for management of capital and financial risk aim to support the current strategy and target of maintaining a high rate of growth and developing prospective business opportunities. The Group’s capital structure shall be robust enough to maintain the desired freedom of action and utilize growth opportunities, based on strict assessments relating to the allocation of capital. The Group debt financing consist of bank and leasing financing. The loan covenants to which the Group is subject play a key role in how capital is managed and allocated, to maintain a low financing risk and financial flexibility. See note 6 borrowings for further details on the Group’s financing. Market risk The Group's exposure to financial market risk is mainly related to interest rates on external financing and various forms of currency risks. The Group has a diversified client list and evaluates changes in pricing structure contract by contract, as part of its mitigation process to cover for increased interest cost. The Group has not entered into any interest swap agreements. (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years Innovasjon Norge 1 356 0 0 0 25 868 24 512 64 063 13 906 Total 27 224 24 512 64 063 13 906 Rogaland Sparebank (amounts in NOK 1000) 30.09.2025 30.09.2024 31.12.2024 Property, plant & equipment 228 330 199 960 201 915 72 571 50 807 59 854 Total 300 900 250 766 261 769 Trade receivables (amounts in NOK 1000) 30.09.2025 30.09.2024 31.12.2024 Trade receivables 72 571 50 807 59 854 11 270 5 823 6 656 Other assets 11 581 6 969 8 775 Cash and cash equivalents 46 056 33 911 34 695 141 477 97 510 109 979 Financial assets at amortised cost Contract asset Financial assets at fair value through profit or loss Carrying amount as at 30.09 (amounts in NOK 1000) Current Non-current Current Non-current Current Non-current Borrowings 12 100 105 605 20 663 91 437 20 207 86 609 12 788 124 094 11 836 59 659 13 940 72 959 Trade payables 11 877 0 9 450 0 10 528 0 Currency forward contracts 0 0 4 213 0 0 36 765 229 699 46 161 151 096 44 675 159 568 30.09.202430.09.2025 Financial liabilities at amortised cost Lease liabilities Financial liabilities at fair value through profit or loss Carrying amount as at 30.09 31.12.2024
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REPORT THIRD-QUARTER 2025 Page | 17 Currency risk The Group has Norwegian kroner (NOK) as its base currency. However, through its operations outside Norway, the Group is exposed to fluctuations in certain exchange rates, mainly Euro (EUR), British Pound (GBP), American dollar (USD) and Romanian leu (RON). The Group also has currency risks linked to both balance sheet monetary items and investments in foreign countries. Interest rate risk The Company loan and leasing agreements have floating interest rates based on NIBOR according to the financial strategy, see Note 6 borrowings, and is thereby influenced by changes in the interest market. A change of increase of 1 percentage point in 3M NIBOR means a change in yearly net interest expenses of approximately MNOK 2.4. Credit risk Assets that may give rise to credit risk comprise mainly trade receivables and bank deposits. For the latter, the counterparties are mainly banks established in the Nordic countries, which indicates that the credit risk should be regarded as negligible. Trade receivables are characterized by a concentration in the customer base, in terms of country and industry. The customers, however, are primarily large companies with high credit ratings, and the agreed payment terms in the contracts typically ensure that any overdue amounts are kept at low level. Thus, credit losses have historically been insignificant. Liquidity risk As at year-end, the Group's portfolio of loans and loan facilities is well diversified both with regards to maturity profile and lenders. Total loan facilities with Rogaland Sparebank is NOK 255 million. The unused portion of the credit facilities was NOK 137 million as at 30.09.2025. In July 2025, Soiltech signed new financing agreements with SpareBank 1 Sør-Norge, effective now in Q3 2025. These agreements further strengthen the Group’s liquidity position by increasing total available financing and extending maturity profiles. Summary of contractual maturities 30.09.2025 (amounts in NOK 1000) Next year 1-2 years 2-5 years More than 5 years 18 869 17 986 53 197 70 256 Borrowings 19 996 18 377 99 642 0 11 877 0 0 0 Total non-derivative 50 743 36 363 152 839 70 256 Currency forward contracts 0 0 0 0 Total derivative 0 0 0 0 50 743 36 363 152 839 70 256 Trade payables Total Lease liabilities
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REPORT THIRD-QUARTER 2025 Page | 18 Note 9 – Earnings per share *As the Group reported a loss in 2024, potential ordinary shares (options) were not included in the calculation of diluted earnings per share for that period, as they would have been anti-dilutive. Note 10 – Share capital and shareholder information Share capital and ownership structure As of 30 September 2025, the share capital of the parent company, Soiltech ASA, amounts to NOK 1,070,150.51 and consists of 8,231,927 ordinary shares, each with a nominal value of NOK 0.13. The increase in share capital during the period results from the exercise of 268,840 share options. Consequently, share capital increased from NOK 1,035,201 at 31 December 2024 to NOK 1,070,150.51 at 30 September 2025. Earnings per share Q3 Q3 YTD YTD 2025 2024 2025 2024 0.92 1.25- 2.76 0.64- Diluted earnings per share 0.88 1.25- 2.66 0.64- Earnings (amounts in NOK 1000) 7 520 -9 406 22 232 -4 745 Shares used as the denominator (amounts in NOK 1000) 8 215 7 523 8 069 7 445 Adjustments for calculation of diluted earnings per share 293 293 Weighted average number of shares and potential shares 8 508 7 523 8 362 7 445 Options* Basic earnings per share Profit (loss) for the period Weighted average number of shares
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REPORT THIRD-QUARTER 2025 Page | 19 Shareholders as of 30.09.2025 Note 11 – Merger with Oceanteam ASA in 2024 Soiltech ASA completed a merger with Oceanteam ASA on September 11, 2024. The merger plan was signed 30 Mai 2024 and approved by the general meetings of the respective companies on 4 July 2024. The main purpose of the merger was to achieve a listing of Soiltech ASA on the Euronext Expand marketplace. As part of the merger, Soiltech ASA issued 527 947 new shares as consideration to the shareholders of Oceanteam ASA. This consideration was based on Oceanteam ASA having a market value of NOK 31.67 million at the date of entering into the merger agreement. At the time of the merger, Oceanteam ASA was essentially an empty shell company without any operational activities. The only significant asset in the company was a cash balance of NOK 19.1 million. Therefore, the merger has been accounted for as a share-based payment transaction in accordance with IFRS 2. The measurement of the transaction is based on the value of the shares in Oceanteam ASA at the transaction date, which was September 11, 2024. At this time, the shares were traded at NOK 0.93, corresponding to a market value for the company of NOK 30.8 million. Shareholders Number of shares Ownership interest BNP PARIBAS 1 045 953 12.7 % DNB CARNEGIE INVESTMENT BANK AB 670 980 8.2 % WELLEX AS, Associated with Glenn Åsland 608 860 7.4 % KNATTEN I AS, Associated with Jan Erik Tveteraas 605 325 7.4 % HILDR AS 584 847 7.1 % SKAGENKAIEN INVESTERING AS, Ass. w/ Mona H.S. Freuchen 570 000 6.9 % TVETERAAS INVEST AS 521 710 6.3 % KRISTIANRO AS 402 496 4.9 % DNB BANK ASA 369 002 4.5 % Riverborg B.V. Associated with With Karin Govaert 240 000 2.9 % PIMA AS, Associated with Eirik Flatebø 217 830 2.6 % HAVNEBASE EIENDOM AS 193 470 2.4 % AVANZA BANK AB 150 067 1.8 % PONDERUS INVEST AB 118 560 1.4 % GAVIN RYDER 78 000 0.9 % HOLSTEN INVEST AS 64 670 0.8 % DRAGESUND INVEST AS 60 000 0.7 % Nidal Fathia Allababidi 58 580 0.7 % ALTO HOLDING AS 57 990 0.7 % Nordea Bank Abp 55 739 0.7 % Top 20 shareholders 6 674 079 81.1 % Other 1 557 848 18.9 % Total 8 231 927 100 %
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REPORT THIRD-QUARTER 2025 Page | 20 The difference between the cash balance in Oceanteam ASA (NOK 19.1 million) and the fair value of the company is considered to reflect the value of the stock exchange listing, including access to new capital and recognized investors. This difference, amounting to NOK 12,8 million, has been recognized as an expense in the financial statements of Soiltech ASA 2024 in the line item “Expenses related to Merger & IPO”, as it does not meet the criteria to be recognized as an asset on the balance sheet. In addition to the expenses above, Soiltech ASA has incurred various transaction costs in connection with the process of completing the merger and subsequent listing on Euronext Expand, amounting to NOK 10.1 million in total. Of these, NOK 5.3 million is considered to be incremental costs directly attributable to the equity transaction and has therefore been recognized as a deduction of equity, reducing the capital increase from the merger. The remaining NOK 5.0 million has been recognized as an expense and is included in the line item «Expenses related to Merger & IPO» in the income statement for 2024. Note 12 – Events after the reporting period After the balance sheet date there are only events in the ordinary course of business and no events of an adjusting or non-adjusting nature.
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REPORT THIRD-QUARTER 2025 Page | 21 Appendix: Alternative Performance Measures
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REPORT THIRD-QUARTER 2025 Page | 22 Alternative Performance Measures The Group presents certain alternative measures of financial performance, financial position and cash flows that are not defined or specified in IFRS Accounting Standards. The Group considers these measures to provide valuable supplementary information for Management, Board of Directors and investors, as they provide additional useful information regarding the Group's financial performance and position. As not all companies define and calculate these measures in the same way, they are not always directly comparable with those used by other companies. These measures should not be regarded as replacing measures that are defined or specified in IFRS Accounting Standards but should be considered as supplemental financial information. In this report, the Alternative Performance Measures used by the Group are defined, explained and reconciled to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period. In previous reports, Gross Profit Margin, EBITDA adj. Margin, Operating profit margin and Profit before tax margin were presented as separate text items. From Q2 2025 onwards, we have replaced these textual references with a dedicated “%” column placed directly next to the absolute figures for each metric. The calculation methods for each margin remain unchanged from prior periods. The APMs used by the Group are set out below: Operating cost Operating cost is defined as the total of cost of materials, personnel expenses and other operating expenses less expenses related to onshore personnel and other onshore operating expenses, share incentive program, severance payment, legal cost related to Merger & IPO and other items defined by the Management to not relate to offshore operations. Management defines that Operating cost illustrates the expenses directly related to offshore activities. This measure provides additional information for the Management, Board of Directors and investors in order to evaluate underlying profitability of offshore operating activities and their ability to generate cash. SG&A Selling, general and administrative expenses (“SG&A”) is defined as the sum of Cost of materials, Personnel expenses and other operating expenses less operating costs (as defined above), share incentive program, severance payment, legal cost related to Merger & IPO and other items defined by management that impact comparability between periods. Management defines that SG&A illustrates the expenses directly related to onshore support activities. This measure provides additional information for management, the board and investors, in order to evaluate underlying profitability and their ability to generate cash. Gross Profit and Gross profit margin (%) Gross Profit is defined as total operating income less Operating cost (as defined above). Gross profit margin is defined as gross profit divided by total operating income. Gross profit and Gross profit margin provide additional information for Management, Board of Directors and investors to evaluate the underlying profitability generated from offshore operating activities. EBITDA and EBITDA margin EBITDA is defined as Operating profit before other gains, impairment, depreciation and amortization. EBITDA is defined as EBITDA divided by total operating income. These measures provide additional information for Management, Board of Directors and
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REPORT THIRD-QUARTER 2025 Page | 23 investors to evaluate the underlying profitability of operating activities and their ability to generate cash before investments in fixed assets and service of debt. EBITDA adj. and EBITDA adj. margin EBITDA adj. is defined as EBITDA (as defined above) adjusted for items affecting comparability such as expenses related to share incentive programs, severance payment, legal cost related to Merger & IPO and other items defined by Management that impact comparability. EBITDA adj. margin is defined as EBITDA adj. divided by total operating income. These measures provide additional information for Management, the Board of Directors and investors to evaluate underlying profitability of operating activities and their ability to generate cash before investments in fixed assets and service of debt. Net interest-bearing debt Net interest-bearing debt is defined as the total of non-current borrowings, non-current lease liabilities, current borrowings and current lease liabilities less cash and cash equivalents. This measure provides additional information for Management, Board of Directors and investors to assess the Group's financial indebtedness and as an input to assess its capacity to meet its financial commitments. Equity ratio Equity ratio is defined as total equity divided by total assets. This measure provides additional information for Management, Board of Directors and investors to assess the Group's financial position and capital structure. All margins are shown under % column in the table. Reconciliation of the APMs Operating cost Q3 Q3 YTD YTD FY (Amounts in NOK 1 000) 2025 2024 2025 2024 2024 Cost of materials 18 031 12 134 62 608 32 447 44 422 Personnel expenses 51 589 35 100 145 476 101 658 136 277 Other operating expenses 8 099 6 991 25 485 20 449 28 954 Expenses related to Merge & IPO 0 13 581 0 17 549 17 838 Less: Onshore expenses 16 033 13 695 46 545 37 859 52 842 Share incentive program (Adjustments) 151 5 2 648 (1 335) -1 062 Merger and IPO cost 0 13 581 0 17 549 17 838 Operating cost 61 535 40 524 184 375 118 031 157 870
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REPORT THIRD-QUARTER 2025 Page | 24 SG&A Gross profit and Gross profit margin EBITDA and EBITDA adj. Q3 Q3 YTD YTD FY (Amounts in NOK 1 000) 2025 2024 2025 2024 2024 Cost of materials 18 031 12 134 62 608 32 447 44 422 Personnel expenses 51 589 35 100 145 476 101 658 136 277 Other operating expenses 8 099 6 991 25 485 20 449 28 954 Expenses related to Merger & IPO 0 13 581 0 17 549 17 838 Less: Operating cost 61 535 40 524 184 375 118 031 157 870 Share incentive program (Adjustments) 151 5 2 648 (1 335) (1 062) Merger and IPO cost 0 13 581 0 17 549 17 838 SG&A 16 039 13 695 46 548 37 859 52 849 Q3 Q3 YTD YTD FY (Amounts in NOK 1 000) 2025 2024 2025 2024 2024 (a) Total operating income 101 507 67 647 299 472 193 362 274 020 Operating cost 61 535 40 524 184 375 118 031 157 870 (b) Gross profit 39 972 27 122 115 097 75 330 116 149 (b/a) Gross profit margin 39 % 40 % 38 % 39 % 42 % Q3 Q3 YTD YTD FY (Amounts in NOK 1 000) 2025 2024 2025 2024 2024 Operating profit 15 254 -6 301 42 787 5 179 23 799 Depreciation and amortization 8 528 6 144 23 115 16 079 22 727 Expenses related to IPO 0 13 581 0 17 549 17 838 (a) EBITDA 23 783 13 422 65 902 38 807 64 364 Adjusted for: Share incentive program (Adjustments) 151 5 2 648 (1 335) -1 062 (b) EBITDA adj. 23 934 13 427 68 550 37 472 63 302 (c) Total operating income 101 507 67 647 299 472 193 362 274 020 (a/c) EBITDA margin 23 % 20 % 22 % 20 % 23 % (b/c) EBITDA adj. Margin 24 % 20 % 23 % 19 % 23 %
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REPORT THIRD-QUARTER 2025 Page | 25 Net interest-bearing debt Equity ratio (Amounts in NOK 1 000) 30.09.2025 30.09.2024 31.12.2024 Non-current Borrowings 105 605 91 437 86 609 Non-current Lease liabilities 124 094 59 659 72 959 Current Borrowings 12 100 20 663 20 207 Current Lease liabilities 12 788 11 836 13 940 Cash and cash equivalents (46 056) (33 911) (34 695) Net interest-bearing debt 208 532 149 683 159 020 (Amounts in NOK 1 000) 30.09.2025 30.09.2024 31.12.2024 (a) Total equity 234 058 192 298 204 505 (b) Total assets 540 937 408 323 434 234 (a/b) Equity ratio 43 % 47 % 47 %