2025 Highlights:

• MVW is experiencing strong demand and high activity levels, supported by a growing number of customer enquiries driven by regulatory requirements and increasing global water scarcity.
• Chemical sales grew by 67% Year-over-Year, strengthening both margins and the foundation for recurring revenue.
• EBITDA in 2025 improved by about 17% compared to 2024.
• Aquaculture is a cash positive business segment, and MVW expects the development to continue as the major companies within the industry are increasing their investments in water treatment to meet the regulatory demands. Within the next 2-4 years we expect the market to grow to around NOK 100-150 million in annual recurring revenue (ARR).
• MVW made strong technical progress during the year. Our sensor-based, adaptive water-treatment technology, implemented at a Norwegian salmon slaughterhouse in Q2 2025, has delivered stable operations and high purification efficiency. As a result, MVW received two purchase orders in Q4 2025, both incorporating our latest technology.
• In October 2025, MVW received a purchase order from METHA on commercial terms for a long-term pilot at the Hamburg dredging facility. The purchase order followed MVW’s successful completion of the third of four NORWAFLOC® qualification stages earlier in 2025.
• The earlier announced pilot for a major oil producer in Saudi Arabia, originally planned for June 2025, is scheduled for completion in Q1 2026 due to the geopolitical situation in the area.
• Private Placement completed in October 2025, raising NOK 8.0 million in gross proceeds and converting an additional NOK 12.6 million in shareholder loans.
• In February 2026, MVW secured a long-term loan facility from its largest shareholder, providing a committed credit facility of up to NOK 10 million.

The Executive Chairman, Tor Olav Gabrielsen, comments “MVW enters 2026 with a solid ARR base, following our strongest quarterly chemical sales performance in Q4 2025. Aquaculture remained our main growth segment and performed in line with expectations, accounting for nearly 90% of total revenues in 2025. Our leading position in this market provides strong visibility into the timing of new water-treatment requirements and supports predictable growth. Activity is expected to build gradually through 2026, followed by significantly stronger growth from 2027 to 2030. The market potential is estimated at NOK 100-150 million in ARR, and we expect salmon slaughterhouses to invest approximately NOK 300-500 million to meet regulatory requirements. MVW’s international growth initiatives represent meaningful long-term value. While Dredging and Oil & Gas typically involve longer lead times and lower visibility, we remain confident in the relevance of our solutions. We are fully focused on executing current and upcoming pilot projects, with the ambition to convert them into long-term contracts for our environmentally friendly technology.”