16 May 2024: Eqva ASA (OSE: EQVA) delivered a strong first quarter, with group
revenues of NOK 258.1 million, a growth of 29 percent compared to the
corresponding quarter in 2023. The EBITDA margin was 18.3 percent, up from 8.4
percent in the first quarter of 2023.

The significant performance improvement was driven by the Products, Solutions &
Renewables segment, which recorded 58 percent revenue growth year-over-year. 
The EBITDA margin for the segment was 8.2 percent, compared with 6.9 percent
last year.  

The orderbook at the end of the first quarter was NOK 545 million, compared to
NOK 461 million a year ago and NOK 487 million at year-end 2023. The group
expects continued robust order intake and high activity level throughout 2024. 

"Eqva delivered a strong quarter, building on the positive developments we saw
through 2023. The Products, Solutions & Renewables segment continue to
experience high activity across all businesses and projects, resulting in
significant volume and margin growth," says CEO Even Matre Ellingsen.


Strategic focus
In March, Eqva's subsidiary Havyard Ship Invest AS entered into a
sales-agreement with Havila Holding AS to divest its 50 percent stake in the PSV
Havila Charisma. The transaction was settled by NOK 62m in cash, with NOK 4m
being repayment of debt. Importantly, it was another step towards confirming the
group's strategic direction.

"The beginning to 2024 has been encouraging, reaffirming our conviction that
Eqva's new strategic direction will position us to take advantage of more
exciting opportunities," says Ellingsen.

Eqva is now set up as a pure investment company, built on three separate
platforms: BKS, Fossberg Kraft, and real estate.  


Subsequent event
In a separate announcement on 14 May 2024, Eqva confirmed that a share purchase
agreement has been signed to acquire leading Power & Automation companies
Kvinnherad Elektro and Vassnes Group. These companies will be owned by the newly
formed industrial group, Nordic Industrial Solutions (NIS). Eqva will transfer
ownership of its subsidiary BKS to NIS, which in turn will become a platform for
further expansion and value creation with Eqva as its main owner.


Outlook
Eqva is operating in markets that continue to be challenged by inflation, high
interest rates and general uncertainty, however the company maintains a positive
outlook for the year. Eqva benefits from a flexible business model, diversified
service offerings, and a strong reputation among its Norwegian customers,
investors, and other business partners. 

Eqva has updated its expected revenues for 2024 to be in the range of NOK
650-750 million, while reiterating an EBITDA margin in the range of 5-7%. With
the announced formation of NIS and acquisition of Kvinnherad Elektro and Vassnes
Group, revenues are expected to increase to NOK 900-1,000 million on a full-year
basis, with similar EBITDA range.

A presentation of the results will be held by CEO Even Matre Ellingsen and CFO
Petter Sørdahl. The presentation will be available on the company's web site
www.eqva.no and https://vimeo.com/event/4294899 from 09:00 CET.


For more information, please contact: 
Even Matre Ellingsen, Chief Executive Officer: + 47 990 05 500
Petter Sørdahl, Chief Financial Officer: +47 917 56 147


Eqva ASA in brief
Eqva ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries. 

The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development,
utilization of synergies between the companies in the group as well as
value-creating M&A activities. 

Key companies in the group are BKS and Fossberg Kraft, each building on decades
of experience and widely recognized by clients in a broad range of industries. 

Read more on www.eqva.no


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.