Welcome to Anmas Water's presentation of our second quarter 2026 results. My name is Tor Olav Gabrielsen, Executive Chairman of Anmas Water.

Joining me today is our CFO, Morten Hilton Thomassen, who will take you through the financial review and outlook. Please note that this webcast is being recorded.

The replay, including the presentation slides, will be available at our website later today. Here you can also find our second quarter report for more details.

Before we begin, please take note of the following mandatory disclaimer. We begin with a summary of our recent highlights, followed by a short overview of our products, solutions, and the industry challenges that Anmas Water technology helps to address.

We will then provide an update of our latest business activities and financial performance before concluding with our outlook going forward. Lastly, there will be a Q&A session, please submit your questions by using the Q&A panel.

By the end of the second quarter, our total revenues reached 15.7 million NOK, representing a year-to-date increase of 27%. In the second quarter alone, recurring revenues from chemical sales grew by 36% year-over-year.

Aquaculture continues to be a profitable stand-alone business segment, providing strong visibility into our future earnings. Our ambition in aquaculture remains to generate annual revenues of 100 to 150 million NOK between 2028 to 2030, only from salmon slaughterhouses.

During the summer, we received the first chemical order from the third Norwegian salmon slaughterhouse in our portfolio. The newly built facility is expected to ramp up production during the second half of 2026, and we estimate that in 2027, this customer will become our largest within the aquaculture segment.

In the second quarter, we also completed the delivery of two sensor-driven technologies for salmon slaughterhouses, helping our customers comply with regulatory requirements. Within oil and gas, Norway, our successful cooperation with SAR has continued, and our NOVOFLOC supply to the plant has increased significantly during 2026.

The pilot at a major oilfield in Saudi Arabia remains a project of high strategic importance to Anmas Water, but once again postponed pending a stabilization of the geopolitical situation in the Middle East. Finally, Anmas Water reached a milestone in Germany with the successful completion of the paid long-term pilot at METHA's large-scale dredging plant in Hamburg.

The pilot confirmed the performance and reliability of our technology under real operating conditions, and we are now moving into commercial negotiations with METHA. The development of Anmas Water's technology was driven by a fundamental paradox and challenge in the water treatment industry.

While wastewater treatment is essential for protecting the environment, many of the chemicals traditionally used in the process are in itself synthetic and contribute to environmental pollution. The reality is that more than 80% of the world's wastewater is discharged without treatment, while an estimated 1 to 3 million tons of nano- and microplastics are released into the environment every year.

Anmas Water was founded to address this challenge by providing natural-based alternatives that deliver effective water treatment while enabling the sustainable reuse of valuable sludge. Our two main products are NOVOFLOC, a green and natural-based water treatment product designed to replace synthetic chemicals, and NOVAPOL, a high-performance filtration technology.

Anmas Water supports industries in solving water pollution challenges by delivering complete water treatment solutions, combining products, equipment, and the chemical and technical expertise needed to meet our customers' needs. Anmas Water have established facilities in Norway and Germany, and we also operate in the US and the Middle East through partnerships and agent agreements.

Our main targeted industries are oil and gas, dredging, and aquaculture. What these industries have in common is their high water consumption, increasing regulatory and environmental requirements, and a growing demand for sustainable water treatment and sludge management solutions.

With our patented and proven technology, combined with a scalable, capital-light business model, we are well positioned to capitalize on these long-term market opportunities. In the Norwegian oil and gas market, Anmas Water has established two commercial reference installations treating highly oil-contaminated water from the North Sea.

At SAR Mongstad, NOVOFLOC has been in operation since 2023, and in 2026, the solution was expanded into a second treatment step, further strengthening recurring revenues from this site. Over several years, both facilities have delivered strong and consistent treatment results, providing valuable validation of our technology under real operating conditions.

Anmas Water has over the past years focused on establishing our presence in the Middle Eastern market. What is driving interest in our solutions across the region is the growing need for produced water reuse, increasing water scarcity, and stricter environmental requirements.

Our collaboration with Envirotech Systems, a US-based produced water treatment company, began in 2022 through an innovation program where Anmas Water's NOVAPOL technology was selected as the top-performing solution among several environmentally friendly alternatives. Today, together with Envirotech Systems, we are working towards a full-scale pilot at the Safaniya oilfield in Saudi Arabia.

Safaniya is the world's largest offshore oilfield and alone produces volumes equivalent to approximately 30% of the entire Norwegian Continental Shelf. In March last year, we announced that a large oil company in Saudi Arabia had decided to qualify our technology at one of its major oilfields.

The pilot was initially scheduled for June '25, but was postponed due to the geopolitical situation in the region following the 12-Day War. The next available execution window was during the first quarter of '26, and the pilot was rescheduled accordingly.

In February, Anmas Water and our partner, Envirotech Systems, mobilized equipment, NOVOFLOC products, and the personnel to site in preparation for the pilot. However, following the renewed outbreak of war on February 28, our focus shifted to personal safety and evacuation, and the pilot was once again placed on hold.

In July, a new execution window opened, but once again, we had to withdraw personnel from the area. Today, the field remains shut down due to the lack of export routes for the oil.

Consequently, a stabilization of the geopolitical situation is required before this strategically important pilot can be carried out. In the dredging industry, developing natural alternatives to synthetic chemicals has been a challenging process.

Over the past four years, our team has worked systematically to develop products capable of not only partially, but fully replacing the synthetic chemicals traditionally used in the industry. While regulatory pressure in Germany has been an important driver, has the ambition to develop solutions that, in addition to being natural, deliver clear economic and operational benefits to our customers.

Given the significant time and effort invested, the successful completion of the long-term pilot at METHA in Hamburg in July marked a major milestone for Anmas Water. METHA is a flagship in the dredging industry, recognized for its scale and leadership in sustainable dredging management.

The long-term pilot started in late 2025, but was temporarily paused by the operator due to the substantial need for renovation of the plant's existing dewatering equipment. In June '26, the pilot resumed and was successfully completed during the summer.

Executed under real operating conditions, the pilot demonstrated that Anmas Water's natural-based NOVOFLOC products improved both treatment performance and operational efficiency compared with the plant's existing products. Completing a paid long-term pilot at a flagship facility of METHA's scale provides strong validation of NOVOFLOC's performance, robustness, and commercial relevance, strengthening our confidence moving into the commercial negotiations.

The aqua industry is a regulatory-led market opportunity for Anmas Water. Not only salmon slaughterhouses, but also other parts of the industry, such as pelagic slaughterhouses, fishmeal factories, and land-based fish farming will have to comply with the EU regulations.

By developing solutions for salmon slaughterhouses at an early stage, Anmas Water has established a strong first-mover position in this market. While we expect competition to increase over time, our focus remains on delivering the best available technology to our customers.

A strong validation of Anmas Water's market-leading position is that the third salmon slaughterhouse mandated to have water treatment in place has selected our technology and placed its first NOVOFLOC order in July. This third and newly built facility in our portfolio is estimated to become our largest to date.

The facility is currently ramping up production and is expected to reach full operation by year-end. Another important step forward is our advanced sensor-driven technology has now been installed at two salmon slaughterhouses.

The solution provides continuous 24/7 monitoring and optimization of the treatment process, helping customers maintain regulatory compliance while ensuring stable and efficient operations. The Norwegian market for salmon slaughterhouses consists of 45 facilities that will need to comply with the new EU requirements.

Based on our current timelines, most investments are expected between 2028 and 2030. Aquaculture has become a profitable stand-alone business segment with strong visibility.

We estimate the market potential at 100 to 150 million NOK in annual recurring revenues, in addition to 300 to 500 million NOK in equipment and regulatory compliance investments. Our ambition remains high, and we are targeting a 70% market share by 2030.

Over the past several years, Anmas Water has invested in developing and piloting new technologies, improving our product portfolio, and building expertise in key industries. Our focus have been on establishing strong positions and references within aquaculture, dredging, and produced water treatment, and these market will remain our key priorities going forward.

At the same time, extensive testing has demonstrated that our products have significant potential across a broader range of water treatment applications and industries. Building on this momentum, Anmas Water is now scaling its sales efforts to expand our market footprint across both our key industries and other market opportunities.

Rather than applying a one-size-fits-all approach, we focus on identifying and developing the right commercial partners in each market we enter. The factors driving demand, regulatory pressure, water scarcity, treatment costs, and other local requirements differ significantly from region to region, and so does the type of partnership and sales model required to succeed.

Moving forward, we will focus on capturing synergies from our existing investments, expanding into closely related markets, and exploring opportunities through partnerships, sales and distribution agreements, and licensed production. This flexible strategy allows Anmas Water to enter new markets quickly, adapt our commercial approach to each opportunity, and build a broader and more diversified pipeline for NOVOFLOC and NOVAPOL worldwide.

As part of our strategy to expand our market reach and strengthening sales efforts, we are launching a new product catalog for our water and sludge treatment solutions this week. The catalog will feature the full NOVOFLOC product range, including technical specifications, application areas, delivery options, and other key product information.

Making our product portfolio more accessible is an important tool for increasing market awareness, generating new business opportunity, and supporting our expansion into new industries and applications. With that, I will hand it over to Morten, who will take you through the financial review and outlook.

Thank you.

Overall, we continue to experience an improvement in all our key financial figures compared to 2025. Looking at the second quarter 2026 financial results, we deliver higher revenues, improved EBITDA, and lower cash burn compared to the same period last year.

At the same time, our capital-light business model is reflected in a consistently low level of capex. Anmas Water maintains access to external financing through its credit facility in the bank and a loan facility provided by our largest shareholders.

At the end of the second quarter, 4 million NOK have been drawn under the 8 million NOK bank facility. In addition, 6 million NOK have been utilized under the 10 million NOK shareholder loan.

As a growth company, our working capital requirements are closely linked to project execution and order intake. The conversion of our tenders into firm orders will therefore be an important factor in determining future capital needs.

Our revenues are the most important financial indicator for Anmas Water, as they reflect both the adoption of our technology and the development of our recurring revenue base. In the second quarter, revenues reached close to 10 million NOK, bringing year-to-date revenues to 15.7 million and a year-over-year growth of 27%.

The foundation of our business model, recurring revenues from chemical sales, increased by 36% compared to the same period last year. In addition to chemical sales, our revenues include equipment deliveries and services related to process optimization and technical support.

Aquaculture continues to be our largest business segment, accounting for more than 80% of total revenues. At the same time, we experience an increase in activity within oil and gas, particularly from one of our Norwegian reference installations.

Aquaculture has become a profitable stand-alone business segment for Anmas Water. Our ambitions remain high, and we aim for the aquaculture segment alone to generate annual revenues in the range of 100 to 150 million Norwegian kroner by 2030.

In addition, equipment sales are expected to provide a significant revenue opportunity, as the industry invests an estimated 300 to 500 million Norwegian kroner to comply with new regulatory requirements. For 2026, based on project execution and our existing order book, we expect revenues to exceed 30 million NOK.

This baseline has the potential to increase further as a result of ongoing tender activity and growing demand for our solutions. Our international growth initiatives within dredging and oil and gas continue to represent substantial long-term value creation opportunities.

However, given the early stage and timing uncertainty of these projects, we remain cautious about providing revenue guidance for these markets. Anmas Water has a capital-light and scalable business model.

To support our growth strategy, we continue to evaluate opportunities where we can leverage the expertise, technology, and commercial references developed across our key industries: aquaculture, dredging, and oil and gas. With that, I would like to thank you for your attention and hand it over to our host at Fearnley, who will guide us through the Q&A session.

Yes, so that concludes the presentation of results, and we will now move over to the Q&A. If you have any questions to the management, please post them through the Q&A chat function at the top of the screen, and we will try to cover as many as possible.

Starting off, there's a question relating to the aquaculture segment. Are you seeing signs that the industry is moving ahead and starting to implement new regulations?

Do you have concrete leads or dialogues with other slaughterhouses at the moment?

Thank you for the question. Yes, I think it's fair to say that we see that the industry is starting to realizing that these EU regulations, they need to actually implement it and take it seriously.

They have set certain dates, and based on the experience, they also see that they need to be in the forefront and start planning and testing the different solutions, because every slaughterhouse is different. Yes, and we are having a lot of activity in that sector.

We have a dialogue with the most of the actors and players in that segment. We have active tenders, but we also have other kind of dialogue, how to implement the different solutions.

Yes, we are seeing a increased activity in the aquaculture sector.

Perfect. Then one question that follows on to that is, looking at the rest of 2026, do you see scope to sign another slaughterhouse or other new customers this year?

Or is the near-term story mainly about ramping what you already have? In

the near-term story, we have ramping up what you have already in our order book and what we have sent out a notice on before. The third slaughterhouse that we expect to ramp up the production during this year, and that will contribute a lot.

At the same time, as Morten mentioned, we have a tender portfolio, and we expect some of them to might convert into firm orders this year or going into 2027, as well as we have other activities in that segment as well that we hope that we can convert sooner.

Thank you. Then a question on the liquidity situation.

You have book equity of NOK 24 million against a NOK 20 million minimum equity covenant, and the shareholder loan matures in February 2027. How are you thinking about funding the business from here?

Obviously, we are quite comfortable as of now with the combination of the order book, the tender activity, and the expected conversion, as well as the credit lines, both to the bank and to the owners. As long as the company sees a good development and growth, as we saw also this quarter, we are in continuous dialogue with our main shareholders providing the credit lines, we will have backing and enough capital just for the short and long-term in order to actually fund the tender conversions that we expect in the next quarters.

Perfect. Thank you.

On METHA, can you please provide a bit more color on where you stand with METHA and, realistically, when that could start contributing to revenues?

We finished the full-scale paid pilot this summer, and we are in continuous dialogue with them with the practicalities of implementing our proposed solution for the first production line, and also obviously we are also negotiating the commercial terms. I hope that we can have some contribution from this possible client within this year.

This is a ongoing dialogue, and I hope to give you some positive news going forward in the next quarters and in the next period. We are in a commercial phase with them now.

I see. Perfect.

Thank you. There's another question relating to that topic.

Will you be delivering your products while negotiating?

We had some products that we have delivered in this period up till now, but as far as I know, they have actually used this product, they don't have any more on the site. In this commercial negotiations, we would actually like to conclude them and have a firm order before we move forward, because we are quite confident in the performance of the product, we would like to settle the commercial negotiations first.

Thank you.

As I told you, we are in those now, I hope that we can see some conclusion to this in the near term.

All right, sounds good. On to BEBO, I could not find any mention of BEBO in the report.

Is there any contribution from it today, and should it contribute to revenues going forward?

There's no contribution to the BEBO in the numbers as of second quarter this year, so that is correct. It is not mentioned as well.

We have prioritized the big and the large-scale dredging projects like METHA due to the operational efficiency that we see in this large dredging facilities, and the technology they use in that area. In the smaller dredging operations, they have other types of press.

In METHA, they are mainly using the chamber filter press, which is a very good combination with our NOVOFLOC product. It's even easier to implement.

It's larger volumes. Instead of going after many smaller dredging sites with a less volume, we are targeting now what we believe to be the low-hanging fruit with larger volumes.

That's clear. Have you ever conducted any trials with them?

With BEBO?

Yes, we have.

Okay.

We have conducted the trials at some of the smaller ponds in Germany. That has been completed in the previous quarters.

I see. We have already reached the end of the line of the questions.

If there's no more, I want to thank you all for your contributions. Can give it perhaps a minute to see if any more questions come in.

If not, I will hand it over to you, Tor Olav and Morten, for some concluding remarks.

Thank you all for following this webcast, and as always, it would be a pleasure to welcome you for a visit at our offices and production facilities so you can learn more about our technology. You are welcome also to send e-mail or any questions directly to the company and me as well.

We are quite happy with the second quarter, and we hope to see the good growth and progression going forward into the following quarters as well. Thank you, Nicolai, for hosting this event.