Release of Fourth Quarter 2025 Results

Highlights:

• Strong market: The industry is experiencing high tender activity and demand due to regulatory drivers and increased water scarcity globally.
• MVW has an increasing demand for their products.
• Aquaculture is a cash positive business segment, and we expect the development to continue as the major companies within the industry are increasing their investments in water treatment to meet the regulatory demands. Within the next 2-4 years we expect the market to grow to around NOK 100 million in annual recurring revenue (ARR).
• MVW expects to secure a long-term credit facility (Convertible loan) from its largest shareholder in case needed.
• Chemical sales grew by 44% YoY compared to 4Q 2024 (67% YTD), strengthening both margins, EBITDA and the foundation for recurring revenue.
• Total revenues for 4Q 2025 amounted to NOK 7.2 million, up from NOK 4.7 million in the same period last year, representing YoY-growth of approximately 53%.
• EBITDA in 4Q 2025 improved by about 34% compared to 4Q 2024.
• Purchase order from Downstream Marine for the delivery of MVW’s sensor-based and adaptive chemical treatment technology to a newly built Norwegian salmon slaughterhouse.
• Additional purchase order from a global leader in aquaculture. The scope includes system upgrades to improve robustness, increase treatment efficiency, and optimizing logistics related to the supply of NORWAFLOC®.
• The earlier announced pilot for a major oil producer in Saudi Arabia, originally planned for June 2025, is scheduled for completion in Q1 2026 due to the geopolitical situation in the area.
• Purchase order from METHA for the final and long-term pilot. The pilot is expected to run throughout Q1 2026.
• Private Placement completed in October, raising NOK 8.0 million in gross proceeds and converting an additional NOK 12.6 million in shareholder loans.

The Executive Chairman, Tor Olav Gabrielsen, comments “MVW enters 2026 with a solid base of annual recurring revenues, with the fourth quarter of 2025 delivering our strongest chemical sales results to date. The aquaculture segment continued to be our primary growth driver, delivering financial results in line with expectations. Revenues from this sector accounted for nearly 90% of total revenues in 2025. MVW has strong visibility into the timing of upcoming water treatment requirements in the aquaculture industry. Activity is expected to increase gradually through 2026, followed by a period of significantly stronger growth from 2027 to 2030. MVW’s international growth initiatives continue to represent substantial long-term value. Although markets such as Dredging and Oil & Gas involve longer lead times and lower visibility, MVW remains confident in the relevance of our solutions in these markets. Our company is fully focused on the successful execution of current and upcoming pilot projects, with the ultimate goal of converting these into long-term contracts for our environmentally friendly technology.”

Executive Chairman Tor Olav Gabrielsen and CFO Morten Hilton Thomassen will present the company’s results today on Thursday, February 12th, 2026, at 10:00 CET, and invite investors, analysts, and other stakeholders to join the presentation.

Register for the presentation by using the following link:

Microsoft Virtual Events Powered by Teams

Expected duration: 30-45 minutes including Q&A.

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