Release of First Quarter 2026 Results

Highlights:

• Total revenues for Q1 2026 amounted to NOK 5.8 million, up from NOK 4.3 million in the same period last year, representing YoY growth of 35%.
• Purchase order from Downstream Marine for the delivery of a flotation unit to a Norwegian salmon slaughterhouse, operated by one of the major global seafood companies.
• Aquaculture represents a profitable standalone business segment, with strong visibility into future earnings. MVW has a goal of reaching an annual turnover of NOK 100-150 million from this industry during 2028-2030.
• Based on current projects and our existing order book, baseline annual revenues are projected to exceed NOK 30 million in 2026. This outlook is expected to strengthen further, supported by ongoing tender activity and strong demand for our solution from both new and existing customers.
• The previously announced pilot project for a major oil producer in Saudi Arabia planned to be completed in Q1 2026, has been put on hold pending the stabilization of the geopolitical situation in the Middle East.
• The paid long-term pilot at the large-scale dredging plant METHA in Hamburg started in Q4 2025 but was paused by the operator due to the need for substantial refurbishment of the plant’s existing dewatering equipment. The pilot is scheduled to resume in May and will run throughout Q2 2026.
• MVW Bergen moved in April. Our new premises provide additional production and storage capacity, supporting the increased level of activity.

The Executive Chairman, Tor Olav Gabrielsen, comments “In the first quarter of 2026, revenues increased by 35% year-over-year. Based on current project execution and our existing order book, we project baseline revenues for 2026 to exceed NOK 30 million. We expect this outlook to strengthen further as the year progresses, supported by ongoing tender activity and rising demand from both existing and new customers. MVW is confident that our patented, proven technology, combined with a scalable, capital-light business model, positions us well to capture growth as industries invest in water treatment, reuse and circular solutions.”

Executive Chairman Tor Olav Gabrielsen and CFO Morten Hilton Thomassen will present the company’s results today on Tuesday, May 12th, 2026, at 10:00 CET, and invite investors, analysts, and other stakeholders to join the presentation.

Register for the presentation by using the following link:

Microsoft Virtual Events Powered by Teams

Expected duration: 30-45 minutes including Q&A.

The recording of the webcast and the presentation material will be published on MVW’s website afterwards.