M Vest Water
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M Vest Water (MVW) investor relations material

M Vest Water Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record chemical sales in Q4 2025, up 44% year-over-year and 67% year-to-date, with production volumes up 60% and total Q4 revenues of NOK 7.2 million, a 53% increase from Q4 2024.

  • EBITDA improved by NOK 2 million (34%) compared to Q4 2024; net loss for Q4 reduced to NOK 4.9–5.0 million from NOK 6.5–6.7 million last year.

  • Aquaculture remained the primary growth driver, accounting for nearly 90% of 2025 revenues, with major new contracts and system upgrades.

  • Expanded international presence with ongoing pilots and contracts in Germany, the Middle East, Central Europe, and the USA.

  • Private placement and shareholder loan conversion raised NOK 20.6 million, strengthening the financial position.

Financial highlights

  • Full-year 2025 revenue reached NOK 26.5 million, up 17% from 2024; Q4 2025 revenues were NOK 7.2 million, up from NOK 4.7 million in Q4 2024.

  • Q4 2025 EBITDA was negative NOK 3.9 million, improving from negative NOK 6 million in Q4 2024; YTD 2025 EBITDA was NOK -14.7 million.

  • Net loss for 2025 improved to NOK 19–19.1 million from NOK 24.5 million in 2024.

  • Equity ratio at year-end 2025 was 62%, down from 74% the previous year.

  • Private placement in October 2025 raised NOK 8 million and converted NOK 12.6 million in shareholder loans to equity.

Outlook and guidance

  • Gradual activity increase expected through 2026, with stronger growth projected from 2027 to 2030, especially in aquaculture.

  • Targeting a 70% market share in Norwegian salmon slaughterhouses by 2030 and NOK 100–150 million in annual aquaculture revenues by 2029–2030.

  • International pilots in Oil & Gas and Dredging expected to convert into long-term contracts, though with longer lead times.

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Frequently asked questions

M Vest Water AS is a Norwegian environmental technology company specializing in water and wastewater treatment solutions. Its products are non-toxic, biodegradable, and designed to address pollution in industrial and municipal sectors. The company’s key offerings, such as NORWAFLOC and NORWAPOL, are used to treat wastewater in industries like oil and gas, aquaculture, and municipal systems. These products focus on removing microplastics, nano-pollutants, and other contaminants from water in an eco-friendly, cost-effective manner. The company is headquartered in Bergen, Norway, and its shares are listed on the Oslo Stock Exchange.

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