Continued profitable growth - improved operating cash flow and excellent cash conversion - continued M&A activity - increased share of Green Services

Looking back on 2024 I am proud that we have continued our profitable growth journey with a total revenue growth of 15% and an adjusted EBITA of 11%. In addition, we have improved the operating cash flow through working capital management leading to an excellent cash conversion of 91%.

The M&A activity continued at a decent speed with 5 new acquisitions signed during the year, adding around NOK 300 million in annual revenues.

At Norva24 we keep advancing our sustainability effort, and we are glad to see good improvements in our key focus areas. We still have special priority in enhancing our performance in terms of relative energy consumption measured as kWh/revenue where all energy consumption is converted into kWh equivalents, and we also focus on increasing sales from green services under the EU taxonomy. It is pleasing to see that we have again decreased the relative energy consumption and increased the share of Green Services to 47% in 2024.

The public offer announced by Apax Funds in March underlines the attractiveness of the UIM industry and Norva24’s position as market leader and the progress that we have made and sets the stage for exciting opportunities ahead in the massive UIM market. We are the clear leader in Northern Europe and our strong financial position gives us the opportunity to continue our journey. I am very excited about the future for Norva24.

Henrik Norrbom

Group CEO