M Vest Water (MVW) investor relations material

Executive summary

• Q1 2026 revenues reached NOK 5.8 million, a 35% year-over-year increase, driven by strong aquaculture segment performance and equipment sales.

• Aquaculture is a profitable standalone segment, accounting for 80% of Q1 revenues, with recurring revenues making up 72% of the total.

• The company is expanding internationally, with ongoing pilots in Germany and Saudi Arabia, though the Saudi pilot is delayed due to geopolitical instability.

• New premises in Bergen have increased production and storage capacity to support growth.

• The company targets NOK 100–150 million in annual aquaculture revenues by 2028–2030, with a projected baseline revenue of over NOK 30 million for 2026.

Financial highlights

• Q1 2026 revenues: NOK 5.8 million, up 35% year-over-year from NOK 4.3 million.

• EBITDA for Q1 2026 was negative NOK 4.7 million, similar to Q1 2025.

• Net loss for Q1 2026 was NOK 5.6 million, in line with the previous year.

• Operating cash flow for the quarter was negative NOK 2.3 million.

• CapEx for the quarter was NOK 1 million, mainly for patents and test equipment.

Outlook and guidance

• Baseline annual revenues for 2026 are projected to exceed NOK 30 million, with further upside from tenders and demand.

• Aquaculture is expected to remain the primary growth driver, with ambitions for NOK 100–150 million annual revenues by 2028–2030.

• Revenue growth is supported by a robust order book, high tender activity, and growing recurring revenues.

• International growth initiatives in oil & gas and dredging are expected to yield long-term value despite longer lead times.

• Cash positive operations anticipated within 2027, depending on contract wins.