Release of Fourth Quarter 2024 Results

Key summary:

• The total revenues in 2024 increased by 106% compared to 2023.
• Entering 2025 with a strong order (sales) pipeline and high gross margins due to a high percentage of recurring NORWAFLOC® supplies (90 % of total revenues in Q4).
• Awarded a substantial long-term Frame and Cooperation Agreement with VEBIRO GmbH and VEBIRO West GmbH in Germany.
• Contract award from Downstream Marine for equipment delivery to a new salmon slaughterhouse treatment plant, operational by the end of 2025.
• Exclusive Agent Agreement with Invest Supply Company (ISC) for market penetration in Qatar, Bahrain, Oman and the Emirates.
• Increased tender portfolio and tender activity in Oil & Gas, aquaculture and dredging. Substantial potential value of tender and opportunities portfolio.

The Executive Chairman, Tor Olav Gabrielsen, comments; “Over the past quarter, MVW have established a strong foundation of recurring revenues, strengthened our position in the Middle East, and celebrated a key milestone with our first contract in dredging. Our growing tender portfolio is a proof of concept and reflects the potential of our technology. In addition, MVW’s mission aligns perfectly with global megatrends, including the urgent demand for clean, usable water and regulatory pressures targeting wastewater treatment. Supported by a scalable, capital-light business model, MVW is well-positioned to create long lasting value for our shareholders.”

Executive Chairman Tor Olav Gabrielsen and CFO Morten Hilton Thomassen will present the company’s results on Thursday, 13 February 2025 at 10:00 CET, and invite investors, analysts, and other stakeholders to join the presentation.

Register for the presentation by using the following link:

https://us06web.zoom.us/webinar/register/WN_JiJEHyEXQGi1Yv07dOe45g#/registration

Expected duration: 30 minutes including Q&A.

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