Welcome to the presentation of the second quarter for Equa ASA. My name is Olav Hilmar Koløy.

I am the CEO of Equa. Together with my CFO, Daniel Molvik, we will take you through this presentation.

This is Equa today, a company that has transformed from a regional player into a national industrial platform over the last four years. Year-to-date through the second quarter of 2026, the group delivered 735 million in revenue and maintains a strong order backlog of 1.1 billion for the next 12 months.

This provides a good visibility going forward. Including recent acquisition, pro forma revenue is approximately 1.6 billion with a pro forma EBITDA of 6.8%, demonstrating the scalability of our business model.

Our balance sheet remains solid, with a book equity of 413 million, net interest-bearing debt of 360 million, and a pro forma net leverage ratio of 3.4 times. The key takeaway is that Equa has built a diversified industrial platform with a strong market position and a healthy order backlog, and a proven strategy for continued growth through the both organic development and acquisitions.

Equa is made up of two main business segments: Equa Industrial Solution, our industrial service group, and Fossebraut Kraft, our hydropower developer and operator. Equa Industrial Solution, or short as EIS, is a full-service industrial service group built through the development and long-term ownership of strong, complementary companies.

Through EIS, we serve customers along the entire coastline and offer a broad range service, including engineering, piping, steel structure, tank system, power automation, ventilation, and mechanical solution. Our business is well-diversified across attractive end market, led by smelters, land-based industry, land-based aquaculture, offshore, maritime, defense, and other industrial segments.

On a pro forma basis, Equa Industrial Solution generates approximately 1.5 billion in revenue and 117 million in EBITDA, supported by more than 700 employees and an order backlog exceeding 1 billion. Through Fossebraut Kraft, we have developed a proven and repeatable small-scale hydropower model.

Fossebraut Kraft is present in the entire value chain, from contracting waterfall rights, to establishing and development of projects, and finally construction and operation of the hydropower plants afterwards. We have successfully built and sold seven power plants, operates 10 for third parties, and hold a development pipeline exceeding 85 GW.

The recent sold Jøsa project is expected to contribute with between 62 and 67 million in revenue. The key message is that Equa combines industrial service, renewable energy development, and a long-term value creation in a scalable platform with a strong growth opportunities.

Now, a closer look at our Industrial Solution segment. Equa Industrial Solution brings together strong specialist company on one common industrial platform with a shared toolbox.

While each company operates successfully in its own market, they also can combine their capability to deliver integrated multidisciplinary solution. This position EIS to meet customers' growing demands for fewer suppliers, broader expertise, and a long-term strategic partnership.

The EIS toolbox is able to deliver to customers in a wide range of size and segments, with a strong set of solid industrial companies currently in our customer base. A recent and perfect example of this is the newly awarded contract in the data center segment, where several of Equa's companies together deliver on a complementary set of service.

This slide shows that Equa is positioned on both sides of one of the strongest industrial megatrends: the growth of data centers and the increasing demand for power. As data centers are built, they require power, piping, ventilation, and mechanical service.

This is exactly where Equa Industrial Solution creates value by combining capacity and specialist expertise from several group companies. A recent example is on our announced data center contract worth more than 100 million, where multiple Equa companies are working together to deliver piping, prefabrication, mechanical installation, and electrical service.

At the same time, the rapid expansion of data center is driving the growing power deficit in Norway. Through Fossebraut Kraft, Equa is also positioned to help and meet the demand with the renewable hydropower projects.

The sustainable part of Fossebraut Kraft signed waterfall rights and near-term development projects are located in the region of Norway where power demand is expected to be strongest. The key message is simple: Equa benefits from both the construction of new data centers and the increasing need for power that follows.

This is the realization of the structural value we have built in Equa, a structure we continuously work to improve, also through growth and strategic acquisitions. Equa Industrial Solution is focused on building long-term shareholder value.

Our strategy is to acquire complementary companies with a strong market position and a proven track record, strengthening our position as a fully service provider. Each acquisition creates structural value by expanding in our regional presence, broadening end customer base, improving purchasing power, and increasing capacity utilization across the group.

A key success factor is our organizational model: local management team retaining a high degree of autonomy, with a decision-making remaining close to the customers, while benefiting from group resource and governance. The result speaks for itself: in just four years, Equa has grown from a regional company into a national industrial platform.

With a strong balance sheet and an available financing capacity, we are well-positioned for continued growth. Equa has proven a track record of acquiring complementary business that strengthen our platform, expand our geographic footprint, and create commercial synergies.

Over the last few years, we have successfully integrated Imtas in northern Norway; Østvold Rørteknikk in leading land-based aquaculture; and most recently, Einar Øgrey Farsund, strengthening our position in the southern Norway. This acquisition have made a scale, capabilities, and market access while maintaining a disciplined approach to the valuation, typically acquiring businesses at 4 to 5 times EBITDA.

With 245 million in cash, low leverage, and a strong pipeline of opportunities, we remain well-positioned to continue executing our targeted M&A strategy. Our objective is simple: acquiring high-quality industrial businesses, unlock synergies across the group, and accelerate profitable growth for shareholders.

To summarize, Equa is built on four complementary platforms that creates diversified value and financial resilience. Our core business, Equa Industrial Solution, generates approx 1.6 billion in revenue and 117 million in EBITDA, providing a strong foundation for growth.

Through Fossebraut Kraft, we will develop and monetize hydropower assets, with the recently sold Jøsa project expected to generate 62 to 67 in revenue, and a strong pipeline for further development. We also own strategic industrial real estate with an estimated value of 120 million.

Our holding structure provides efficient governance and a capital allocation. With 245 million in cash on a solid balance sheet and multiple value drivers across the industry, renewables, and real estate, Equa is well-positioned for continued profitable growth.

Before Daniel takes you through the financial report, I will now sum up the recent events and a key highlights for the second quarter. Integration of Einar Øgrey Farsund.

The acquisition of Einar Øgrey Farsund was formally completed in June, and we are highly satisfied with how the integration has progressed. Thanks to the positive attitude and a strong commitment demonstrated by both the employees of Einar Øgrey and our existing companies, the business has quickly become a natural part of the Equa family.

We are already seeing tangible results from this collaboration. Einar Øgrey has begun working alongside sister companies and joint projects, clearly demonstrating the value of our decentralized, yet highly integrated business model.

By combining expertise, capacity, and experience across the group, we are able to pursue large and more complex projects than any individual company could deliver on its own. In the data center segment, the DCI data center project in Tydal is a clear example of its strength in action.

Three of our companies are working together to deliver the comprehensive solution to the customer. This project highlights the value of combined capability and reinforce our belief that similar opportunities will emerge in the future.

The data center segment represents an attractive growth market, and we expect it to become increasingly more significant for the group in the years ahead. Regarding the market, market activity has also improved during the period.

Following the relatively cautious first quarter, we are now seeing a growing number of project that were previously postponed being reactivated. While global uncertainties continues to influence the investments decision across several industries, the overall trend is positive, with activity levels gradually improving.

New contracts in strategic importance markets. Across our operation from north to south, our companies have delivered a solid performance, supported by signing of several important contracts.

This includes the DCI Tydal project and Imtas' recently awarded contract within the defense sector. Together, these contracts strengthen both our order backlog and our position in the strategical important growth markets.

When it comes to renewables energy business, Fossebraut Kraft has secured a contract for the construction and the sale of Jøsa hydropower plants. We remain highly positive about the long-term opportunities within the hydropower and the renewable energy, driven by growing demands for reliable and sustainable power generation, and significant potential for future projects and long-term value creation.

Overall, we are pleased with the positive development across the group. Our strategy of building strong, specialized company while fostering collaboration across the organization is delivering result.

It strengthens our position, opens new market opportunities, and provide us with a solid foundation for continued profitable growth. Together, we are stronger: one team, and we have one goal.

Now I hand it over to Daniel to take you through the financial part.

Thank you, Olav. Before we go into the details of the second quarter, I would like to give you an overall picture of how Equa has developed financially over time.

Revenue in the second quarter came in at 365 million. This is a continuation of a clear trend of growth in the group's top line, up from 224 million in the first quarter of 2024.

The growth over this period is naturally influenced by acquisitions. The chart shows financially reported revenue, not pro forma, companies are included from the date they were acquired.

Kvinnherad Elektro came in at the end of Q3 2024 and has since contributed on average 12 million of revenue per quarter. Imtas came in from Q2 2025, with an average of 96 million per quarter.

Østvold Rørteknikk from Q4 2025, with 43 million. Einar Øgrey Farsund lastly was completed in June 2026, and is therefore included with only one month of revenue in the Q2 figures.

While revenue is holding at a stable, high level, the revenue in the first half has been carried on a weaker project mix. After the macroeconomic uncertainty in the first quarter, where several of our larger industrial customers put investment decisions on pause, we filled that capacity with lower margin work.

This naturally shows in the operational earnings for the period. The second quarter showed an improvement in this picture, and as revenue moves back into more normal projects at more normal margins, we expect a clear improvement in the margin level.

Now at the same time, the group remains focused on revenue growth, but with an increased emphasis on ensuring that growth is delivered at improved margins. We will continue to steer revenue towards projects and segments with higher margins, and we work closely with the companies to optimize margins on existing projects and customers.

A key part of that is flexibility, continuously moving capacity into the segments where we see a good market condition and an attractive margin picture. The contract we recently won in the data center segment demonstrates this in practice, and it shows the strength of the EIS toolbox: the ability to move quickly into the segments where the margins are.

Now turning to EBITDA over time, we see the result of the development I just described. The macroeconomic conditions and the project mix that followed had a direct impact on EBITDA in the quarter.

At the same time, the market is showing improvements, and a gradual strengthening of the project mix is starting to show in the pictures. This is development we expect to continue in the coming quarters.

EBITDA in the second quarter was 19 million, up from 11 million in the first quarter, and the earnings for the period is naturally affected by the lower EBITDA and by higher financial costs following increased external financing. Now going forward, our focus is on combining revenue growth with improved margins, and consequently we expect to see a positive development in the EBITDA margin.

This in turn gives us increased earnings leverage as revenue grows, and we win new contracts in our priority segments. It's also worth noting the underlying picture: pro forma EBITDA margin of the last 12 months is 6.8%, which is up from 6.3% as per the first quarter, which shows the underlying business.

Now alongside this, we continue to see a strong order backlog. What you see here is the backlog for the next 12 months at any given time, on a reported basis historically.

The backlog stood at just over 1 billion at the end of the second quarter, which is a similar level to the end of the first quarter. This reflects the shift in the backlog noted in the first quarter report.

There is a lot happening inside that backlog. The backlog itself and the tenders and leads that come in addition to it show a buildup of contracts and customers at higher margins and within the segments we are prioritizing.

It also shows a steadily increasing diversification at customer level, with our top 10 customers making up a smaller and smaller share of total revenue and of the backlog over time. The same breakdown further back in time would have shown a far more concentrated picture.

The diversification comes from several strong and solid customers, from exposure across more segments, and from the effect of acquiring companies that bring their own customers and segments into the mix. Now on the structure, the backlog rests on three main contracting models: the semi-fixed price contracts, the time and material, and the framework agreements.

Now the framework agreements give us an exclusive right within a defined scope and a repetitive baseline volume, and this positions EIS as a preferred provider for maintenance and modification work. To the details for the quarter and the first half in isolation.

As mentioned, the second quarter showed operating income of 365 million and an EBITDA of 19 million, and a loss before tax of 8 million. The corresponding figures for the first half are operating income of 735 million, an EBITDA of 30 million, and a loss before tax of 16 million.

The EBITDA margin for the second quarter is on the same level as the same quarter last year at 5.2%. The revenue growth compared with both the second quarter and year-to-date 2025 is significant, and is driven by growth through acquisitions.

At the same time, Fossebraut Kraft has now started the construction of Jøsa Kraftverk during the second quarter, with the corresponding periodization of margins, which I will come back to on the segment overview. In addition to ordinary operations in EIS and Fossebraut Kraft, the costs in the group in the first half are affected by larger extraordinary costs for audit and related sustainability reporting work, which we do not expect to remain at this level going forward, in addition to costs in connection with acquisitions and transactions.

Now looking at the segments for the first half, revenue is still to a large extent generated by our industrial services group, EIS. EIS delivered revenues of 728 million and an EBITDA of 40 million in the first half, which is a 5.5% margin, still clearly affected by a weak first quarter.

We are all now also beginning to see meaningful effects from our hydropower development, Fossebraut Kraft. Fossebraut Kraft recognizes expected margin on the Jøsa project in line with degree of completion.

Now around one-sixth of the project was completed at the end of the second quarter, and we expect to see increasing effects on earnings as the work progresses, through to when we expect delivery of the power plant in the second quarter of 2027. Now in the first half of '26, Fossebraut Kraft delivered an EBITDA of just over 2 million on an EBITDA margin of about 30%.

The real estate is the result of internal leasing and operation of the operational properties used in the business, and the other shows the results from the parent company and the group holding companies, which shows a negative of 17 million. Now the pro forma statement shown here shows the pro forma under the bond agreement as the basis for the covenant calculation.

The starting point is the financially reported results. We then add the acquired entities as if they have been part of the group for the whole period.

We then deduct minority interest in the results, which is BKS VVS and Marine Support in the BKS structure. We make an adjustment for extraordinary costs and for costs related to transactions and refinancing.

In addition, we exclude Equa Fornybar, whose result and whose debt is excluded from the calculation. In total, the pro forma statement shows LTM operating income of just under 1.6 billion and an LTM EBITDA of 106 million.

This corresponds to an EBITDA margin of 6.8%, which is also the figure that best reflects the underlying earnings capacity of this platform that we have built. Turning to the balance sheet, we see that the balance sheet and equity position of the group remain solid and strong.

At the end of the second quarter, we have total assets of almost 1.4 billion, an equity ratio of 30%, and networking capital of above 370 million. The higher activity level in the second quarter, combined with the lower activity in the first quarter, has resulted in a larger buildup of working capital in the second quarter.

The trade receivables stood at approximately 270 million at the end of the quarter, and this has naturally also had an effect on the cash balance. When a larger part of the working capital is tied up in receivables, it reduces the cash position.

Cash is also materially affected by the acquisition of Einar Øgrey, which was paid in June, and by holiday pay disbursements in the operating entities. The cash position at the end of the quarter was 245 million.

The debt level on isolation is stable, with no material changes from the previous quarter. The interest-bearing debt of 609 million consists of the bond loan of 500 million, a revolving credit facility for EIS and one for Fossebraut Kraft, which is combined 6 million, a loan on the real estate of 38 million, and financial lease liabilities of 66 million.

When we adjust for the cash position and for the Fossebraut Kraft debt, net interest-bearing debt as defined in the bond agreement ends at 360 million. This gives a leverage ratio at the end of the quarter of 3.4 times LTM EBITDA.

Now this concludes our presentation of the second quarter and the first-half figures of '26. We would like to thank you for your attention and for joining the webcast.

As always, we have a Q&A session immediately following the presentation, and we encourage all of you to ask questions in the chat function in the video player. Those of you that have questions after the webcast, we encourage you to send questions through our investor portal at ir.equa.no.

With that, we move on to the Q&A. We will give it some time, I think, to see if any questions come in.

None at this far. Now I guess for now there are no further questions from the audience.

I guess we will say thank you again for today's presentation and for attending this webcast. Again, it's always just to post questions on our IR page, ir.equa.no, or send us an email, and we will try to, of course, answer as soon as we can on those questions.

Thank you for today.