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"value": "The group structure is operationally organized in 4 segments (reporting structure):\u2022 Industrial Solutions which includes BKS Group,Kvinnherad Elektro, IMTAS Group and AustevollR\u00f8rteknikk. The companies within the segment provides full-service technical installations, including service and maintenance, to Norwegian industries. We aim to be the preferred and competitive partner for the maritime, offshore, and land-based sectors in Norway.\u2022 Renewables include Fossberg Kraft who is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Real Estate which includes EQVA\u2019s real estate properties. The properties are predominantly production related. \u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations of intra-group transactions.The EQVA group includes a total of 704 FTEs as of December 31, 2025.4. SEGMENT INFORMATIONThe Group's main activities are:\u2022 Industrial Solutions includes BKS group, IMTAS group, Austevoll R\u00f8rteknikk and Kvinnherad Elektro. EQVA Industrial Solutions is a full-service provider of industrial services \u2013 both newbuilds, modifications and service assignments. The segment\u2019s customers include leading industrial players across smelting operations, process industry, aquaculture, the maritime sector, and offshore. BKS provides engineering services and mechanical solutions, steel structures, piping systems, as well as power and automation. IMTAS provides engineering services and mechanical solutions, steel structures, and piping systems. Austevoll R\u00f8rteknikk provides piping systems for aquaculture and KvinnheradElektro is a provider of power and automation services. \u2022 Renewables include Fossberg Kraft, which specializes in the establishment and operation of small-scale hydropower plants.\u2022 Real Estate which includes EQVA\u2019s real estate properties. The properties are predominantly production related\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations of intra-group transactions. See note 9 for a specification of each segment at company level.The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2025 compose 43 % of total Group revenue. Customer Segment Revenue(NOK million)2025 20241. Industrial Solutions3515292. Industrial Solutions106683. Industrial Solutions9960Transfer prices between operating segments are basis in a manner similar to transactions with third parties.The accounting principles for segment reporting correspond to those used by the group.2025(NOK million) Industrial Renewables Real Other / Continued SolutionsestateEliminationEQVA ASARevenues from contracts with customers 1 279,9 2,7 8,5 -12,6 1 278,5Other operating revenues 0,9 0,1 0,0 1,6 2,6Operating income 1 280,8 2,8 8,5 -10,9 1 281,2Materials and consumables -466,2 -0,30,0 0,0-466,6Payroll expenses -532,1 -3,50,0 -20,7-556,3Other operating expenses -160,5 -3,3-0,8 -7,5-172,1EBITDA 122,0 -4,3 7,6 -39,1 86,2Depreciation -34,3 0,0 -3,0 0,0 -37,3Operating profit/(loss) (EBIT) 87,7 -4,3 4,6 -39,1 48,9Net financial items -14,4 -9,0 -2,7 -8,4 -34,5Share of profit/(loss) from associate 0,0 0,0 0,0 0,0 0,0Profit/(Loss) before tax 73,3 -13,3 1,9 -47,5 14,4Income tax expense 0,0 0,0 0,0 -14,7 -14,7Profit/(Loss) 73,3 -13,3 1,9 -32,8 29,1Total assets 778,4 61,6 62,7 221,2 1 123,9Equity 88,8 -94,7 16,5 399,3 409,9Liabilities 689,5 156,3 46,3 -178,1 714,0Addition PP&E and intangibles* 0,0 0,0 0,0 0,0 0,0Geographical areas Norway Other TotalOperating revenues 1 278,4 2,8 1 281,2\"Other\" contains parent company items and elimination of intra-group transactions.Revenues of the Real Estate segment are internal.2024(NOK million) Industrial Renewables Real Other / Continued SolutionsestateEliminationEQVA ASARevenues from contracts with customers 1 032,9 28,1 0,0 -0,2 1 060,7Other Operating revenues 0,8 0,0 7,5 29,7 38,0Operating income 1 033,6 28,1 7,5 29,5 1 098,7Materials and consumables 507,2 22,20,0 0,0529,4Payroll expenses 344,0 4,30,0 22,1370,4Other operating expenses 104,7 2,90,6 11,8120,0EBITDA 77,9 -1,4 6,9 -4,5 78,9Depreciation 10,4 0,0 3,0 1,8 15,1Operating profit/(loss) (EBIT) 67,5 -1,4 3,9 -6,2 63,9Net financial items -9,5 -4,5 -2,7 -10,8 -27,5Share of profit/(loss) from associate 0,0 0,0 0,0 0,0 0,0Profit/(Loss) before tax 58,1 -5,9 1,2 -17,0 36,4Income tax expense 5,2 0,0 0,0 0,0 5,2Profit/(Loss) 52,9 -5,9 1,2 -17,0 31,2Total assets 478,1 28,0 57,4 266,7 830,2Equity 74,2 24,6 10,4 204,4 313,6Liabilities 405,5 3,4 47,0 0,0 456,0Addition PP&E and intangibles* 10,1 0,0 0,0 0,0 10,1Geographical areas Norway Other TotalOperating revenues 1 070,7 28,1 1 098,7\"Other\" contains parent company items and elimination of intra-group transactions.Revenues of the Real Estate segment are internal.",
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"value": "2. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of EQVA ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 25 March 2026.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2025.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standards, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.2.2 Basis of consolidationThe consolidated financial statements include EQVA ASA and companies in which EQVA ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction. 2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.2.4 Presentation currency and functional currencyThe consolidated financial statements are presented in NOK, which is also the parent company\u00b4s functional currency.Each entity in the group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. 2.5 Segment informationSegments are identified based on the organization and reporting structure used by management including top decision makers. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 4 reportable segments after a change in the reporting structure in 2024:1. Industrial Solutions2. Renewables3. Real estate4. OtherCosts not directly attributable to the segments Industrial Solutions, Renewables, or Real estate, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 28.2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Newbuild projects\u2022 Modification projects\u2022 Service\u2022 Development, sale and operation of small-scale hydro power plantsNewbuild and modification projects are usually either fixed price contracts or time and material contracts. Services are usually performed under framework agreements.For framework agreements \u2013 revenue is secured through pre-determined rates and estimated scope over a longer time period. These agreements represent a \u201crepetitive\u201d baseline volume, and positions EQVA\u2019s subsidiaries as preferred providers for newbuild and modification projects.\u2022 Duration: Typically >1-year agreements\u2022 Pricing: Hourly rate, CPI-adjusted\u2022 Size: Variable \u2013 based on budgeted hoursFor time and material contracts \u2013 revenue is secured through pre-determined rates and an estimated project scope. Such contracts are typically used for projects outside the scope of existing framework agreements, and in projects which require flexibility for scope changes in order to handle uncertainty.\u2022 Duration: 1 month \u2013 2 years\u2022 Pricing: Hourly rate + mark-up on material\u2022 Size: VariableFor fixed price contracts \u2013 revenue is secured through contracts with a pre-determined scope, fixed price and timeline. Most contracts are adjusted for inflation and currency-effects on a yearly basis. Additions or changes to the pre-determined scope are handled through change orders. \u2022 Duration: 1 month \u2013 2 years\u2022 Pricing: Fixed, adjusted for change orders\u2022 Size: Fixed + change ordersA signed sales contract should be in place before purchase, fabrication and other startup costs apply. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The same costs are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in project development are treated as period costs and do not generate progress. As there is normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. If the accrued costs in the early stage do not qualify as inventory, it is recognized as operating expenses.Change orders usually arise as a result of minormodifications in a project and will therefore normally not be considered as a separate contract. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. The customer can only terminate the contract because of a breach by EQVA (subsidiaries). Power plants Power plants under development are usually organized in separate legal entities (SPVs). The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted for within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract if the Group fails to deliver as promised in the contract. EQVA has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are therefore recognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for late delivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before being delivered to a client, these revenues are presented as sales revenues. Costs related to power production are presented as operational costs.2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred. 2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill. 2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. 2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 is presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets is like those for accounts receivable.2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.2.18 ProvisionsProvisions are recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.Provisions usually relate to warranties. Provisions for warranty-related costs are recognized when the product is sold, or the service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. Key sub-suppliers have warranty responsibilities for their deliveries into projects. EQVA`s warranty obligations are related to the works carried out of EQVA in the projects.2.19 Cash flow statementsThe cash flow statements are based on the indirect method.2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover and are recognized as a reduction of other operating expenses. 2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATESThe preparation of the Group's consolidated financial statements requires management to make judgments and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors. Uncertainty about these estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods.The following judgements and estimates have the most significant risk of resulting in a material adjustment in the next financial statements:3.1 Revenue recognitionTo determine how the Group's customer conversion contracts should be recognized as income, themanagement has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.The Group does not recognize revenue from Vassnes Group from Q2 2025 as the company was sold in March 2025 (discontinued operations). Discontinued operations are disclosed in note 26.The Group recognize revenues from Imtas Group from Q1 2025, (aquired in Q1) and Austevoll R\u00f8rteknikk (acquired in Q3) from Q4 2025.3.2 Degree of completion and provision for loss contractsA part of Eqva's business consists of executing revenue-recognition projects that are recognized over time. Revenue recognition over time is based on estimates and assessments made at the discretion of management.Revenue recognition and cost estimates depend upon variables such as steel prices, labor costs and availability, and other production inputs. The Group must also evaluate and estimate the outcome of variation-orders, contract claims and requests from customers to modify contractual terms which can involve complex negotiations with customers. 3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
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"value": "2.1 Basis of preparationThe consolidated financial statements of EQVA ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 25 March 2026.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2025.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standards, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.",
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"value": "The consolidated financial statements of EQVA ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.",
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"value": "2.2 Basis of consolidationThe consolidated financial statements include EQVA ASA and companies in which EQVA ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction.",
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"value": "2.2 Basis of consolidationThe consolidated financial statements include EQVA ASA and companies in which EQVA ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction.",
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"value": "2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.",
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"value": "2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "2.4 Presentation currency and functional currencyThe consolidated financial statements are presented in NOK, which is also the parent company\u00b4s functional currency.Each entity in the group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. 2.5 Segment informationSegments are identified based on the organization and reporting structure used by management including top decision makers. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 4 reportable segments after a change in the reporting structure in 2024:1. Industrial Solutions2. Renewables3. Real estate4. OtherCosts not directly attributable to the segments Industrial Solutions, Renewables, or Real estate, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "2.4 Presentation currency and functional currencyThe consolidated financial statements are presented in NOK, which is also the parent company\u00b4s functional currency.Each entity in the group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. 2.5 Segment informationSegments are identified based on the organization and reporting structure used by management including top decision makers. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 4 reportable segments after a change in the reporting structure in 2024:1. Industrial Solutions2. Renewables3. Real estate4. OtherCosts not directly attributable to the segments Industrial Solutions, Renewables, or Real estate, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 28.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__28-1": {
"value": "2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Newbuild projects\u2022 Modification projects\u2022 Service\u2022 Development, sale and operation of small-scale hydro power plantsNewbuild and modification projects are usually either fixed price contracts or time and material contracts. Services are usually performed under framework agreements.For framework agreements \u2013 revenue is secured through pre-determined rates and estimated scope over a longer time period. These agreements represent a \u201crepetitive\u201d baseline volume, and positions EQVA\u2019s subsidiaries as preferred providers for newbuild and modification projects.\u2022 Duration: Typically >1-year agreements\u2022 Pricing: Hourly rate, CPI-adjusted\u2022 Size: Variable \u2013 based on budgeted hoursFor time and material contracts \u2013 revenue is secured through pre-determined rates and an estimated project scope. Such contracts are typically used for projects outside the scope of existing framework agreements, and in projects which require flexibility for scope changes in order to handle uncertainty.\u2022 Duration: 1 month \u2013 2 years\u2022 Pricing: Hourly rate + mark-up on material\u2022 Size: VariableFor fixed price contracts \u2013 revenue is secured through contracts with a pre-determined scope, fixed price and timeline. Most contracts are adjusted for inflation and currency-effects on a yearly basis. Additions or changes to the pre-determined scope are handled through change orders. \u2022 Duration: 1 month \u2013 2 years\u2022 Pricing: Fixed, adjusted for change orders\u2022 Size: Fixed + change ordersA signed sales contract should be in place before purchase, fabrication and other startup costs apply. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The same costs are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in project development are treated as period costs and do not generate progress. As there is normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. If the accrued costs in the early stage do not qualify as inventory, it is recognized as operating expenses.Change orders usually arise as a result of minormodifications in a project and will therefore normally not be considered as a separate contract. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. The customer can only terminate the contract because of a breach by EQVA (subsidiaries). Power plants Power plants under development are usually organized in separate legal entities (SPVs). The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted for within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract if the Group fails to deliver as promised in the contract. EQVA has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are therefore recognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for late delivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before being delivered to a client, these revenues are presented as sales revenues. Costs related to power production are presented as operational costs.3.1 Revenue recognitionTo determine how the Group's customer conversion contracts should be recognized as income, themanagement has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.The Group does not recognize revenue from Vassnes Group from Q2 2025 as the company was sold in March 2025 (discontinued operations). Discontinued operations are disclosed in note 26.The Group recognize revenues from Imtas Group from Q1 2025, (aquired in Q1) and Austevoll R\u00f8rteknikk (acquired in Q3) from Q4 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__31-1": {
"value": "2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred.2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__33-1": {
"value": "2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__34-1": {
"value": "2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__37-1": {
"value": "2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__40": {
"value": "2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 is presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets is like those for accounts receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__42": {
"value": "2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "2.18 ProvisionsProvisions are recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.Provisions usually relate to warranties. Provisions for warranty-related costs are recognized when the product is sold, or the service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. Key sub-suppliers have warranty responsibilities for their deliveries into projects. EQVA`s warranty obligations are related to the works carried out of EQVA in the projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "2.19 Cash flow statementsThe cash flow statements are based on the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover and are recognized as a reduction of other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__47": {
"value": "2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATESThe preparation of the Group's consolidated financial statements requires management to make judgments and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors. Uncertainty about these estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods.The following judgements and estimates have the most significant risk of resulting in a material adjustment in the next financial statements:3.1 Revenue recognitionTo determine how the Group's customer conversion contracts should be recognized as income, themanagement has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.The Group does not recognize revenue from Vassnes Group from Q2 2025 as the company was sold in March 2025 (discontinued operations). Discontinued operations are disclosed in note 26.The Group recognize revenues from Imtas Group from Q1 2025, (aquired in Q1) and Austevoll R\u00f8rteknikk (acquired in Q3) from Q4 2025.3.2 Degree of completion and provision for loss contractsA part of Eqva's business consists of executing revenue-recognition projects that are recognized over time. Revenue recognition over time is based on estimates and assessments made at the discretion of management.Revenue recognition and cost estimates depend upon variables such as steel prices, labor costs and availability, and other production inputs. The Group must also evaluate and estimate the outcome of variation-orders, contract claims and requests from customers to modify contractual terms which can involve complex negotiations with customers. 3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__53": {
"value": "3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__63": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2025 2024Wages 459 925 300 872Employer's part of social security costs 47 922 35 574Pension, contribution plans 34 334 15 213Other benefits 14 097 18 721Total salaries and social expenses 556 277 370 379FTEs at year end 704 632The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEQVA has established an incentive arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2025. A total bonus provision of total MNOK 10 is booked in group 2025 accounts. Of this NOK 1 million is related to the Group Management. The bonus will be paid out in 2026.Remuneration to key management personnel and the Board of Directors paid in 2025:Olav Hilmar Even MatreToreErik H\u00f8yvikDanielPetter S\u00f8rdahlKol\u00f8y CEO*EllingsenThorkildsenCFO*Hjertaker CFO*CEO*CEO*MolvikCFO*(NOK 1000) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Salary 383 0 6 020 2 188 541 0 0 723 142 0 1 665 1 361Pension 0 0 50 68 0 0 0 26 8 0 103 98Other4 0 4 220 21 0 0 0 50 0 0 622 29remunerationTotal remuneration 387 0 10 291 2 276 541 0 0 800 150 0 2 390 1 488* Even Matre Ellingsen (CEO) was replaced by Tore Thorkildsen (interim CEO) in June 2025. Olav Hilmar Kol\u00f8y was officially appointed new CEO in November 2025. Tore Thorkildsen's compensation for EQVA ASA CEO-tasks was paid by and invoiced from BKS Holding AS (his employer), and amounted to NOK 541 thousand (excl. VAT) for 2025. Petter S\u00f8rdahl was replaced by Daniel Hjertaker Molvik as CFO in December 2025.Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personnel.No loans or guarantees to the Group CEO or any member of the board per 31.12.25. The notice period for the CEO and other senior executives is up to six months, whether the termination is initiated by the executive or the company. If the company terminates the employment, severance pay of up to nine months\u2019 fixed salary may be provided, reduced by any income earned from new employment. Compensation for non-compete obligations may also be paid, but only if severance is not granted; this compensation can be up to 100% of the fixed salary and is payable for a maximum of 12 months after termination.Eqva ASA parent company: NOK 3 009 000 in board fees have been paid to external board members in 2025 (NOK 2 917 000 in 2024). Remuneration board members agreed on general meeting 19.06.2025: Chairman NOK 850 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 12 500, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. The Company\u2019s Remuneration Report for 2025 will be issued as a separate document and made available on the Company\u2019s website. Information on shares, options and other share-based remuneration arrangements granted to members of executive management and the Board of Directors, including grants during the year, exercises during the year and outstanding rights at year-end, together with the principal terms and conditions, will be provided in the Company\u2019s Remuneration Report for 2025. The Remuneration Report is issued as a separate document and made available on the Company\u2019s website.Main principles for the remuneration of Senior ExecutivesThe remuneration of Senior Executives is stipulated on the basis of the following main principles: The remuneration of Senior Executives shall be competitive and capable of attracting and retaining capable executive personnel. The remuneration (sum of payment received) should normally be about the average for the remuneration of executive personnel in corresponding positions in comparable enterprises. When stipulating the remuneration of executive personnel, due consideration must at all times be given to the company's financial situation, and the remuneration shall be set at a level that is justifiable in relation to the company's position.The remuneration of Senior Executives shall be motivating and structured in such a way that it stimulates extra effort to improve the company's valuation on the stock exchange. The main element in the remuneration of executive personnel should be a fixed salary, but variable additional benefits that are capable of motivating executive personnel to make an extra effort for the company may be granted. Variable benefits must be reasonable in relation to the company's profit performance in the year in question. Other variable benefits shall be linked to factors that it is possible for the individual to influence. The pay system should stimulate efforts that produce results over and above the individual's area of responsibility. The remuneration system shall be understandable and acceptable both within the company and externally. The remuneration system shall not be unduly difficult to explain to the general public and should not be unreasonably complex to manage. The remuneration system shall be flexible so that it can be adapted to changing needs. In order to be able to offer competitive remuneration, the company must have a flexible pay system with room for special adaptations.Annual share-based payment The establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The share option program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options yearly, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. The exercise price after the first year is equal to the strike price. The exercise price after the second year is equal to the strike price multiplied by 1,1. The exercise price after the third year is equal to the strike price multiplied by 1,21. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the annual plan:2025 2024Average Number ofAverageNumber o\ue61bexercise price options exercise price optionsAs at 1. Januay 3,34 2 613 334 3,31 1 360 000 Granted during the year 4,80 1 780 000 2,93 1 860 000 Excercised during the year 3,12 -266 667 3,31 -66 666 Forfeited during the year 4,15 -1 280 000 3,31 -540 000 As at 31. December 3,88 2 846 667 3,04 2 613 334 No options expired during the period. Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2025December 2025December 2024December 2024January 2023 January 2026 3,64 413 333 3,31 753 334 January 2024 January 2027 3,22 1 353 334 2,93 1 860 000 January 2025 January 2028 4,80 1 080 000 Weighted average remaining contractual life of options outstanding at end of period: 1,2 yearsOutstanding shares and share options for Executive Management: Olav Hilmar Kol\u00f8y, CEO EQVA, has no shares or share options as of 31. December 2025.Daniel Hjertaker Molvik, CFO EQVA, holds 82 220 shares and 300 000 share options as of 31. December 2025. Of the share options, 100 000 were granted in January 2024 and 200 000 were granted in January 2025. No share options were exercised in 2025. Trygve Kjerpeseth, COO EQVA, holds 100 000 shares and 200 000 share options as of 31. December 2025. Of the share options, 33 333 were granted in January 2023, 66 667 were granted in January 2024 and 100 000 were granted in January 2025. 100 000 share options were exercised in 2025 at an average exercise price of NOK 3.18 per share. Johannes Sandhei, CEO of EQVA subsidiary IMTAS, holds 2 863 532 shares and no share options as of 31. December 2025. Outstanding shares and share options for the Board of Directors: Ingrid Due-Gundersen, chair of the board, has no shares and 2 000 000 share options as of 31. December 2025. The share options are awarded by Nordic Corporate Bank ASA, and are not part of the outstanding share options awarded by EQVA ASA. Tore Schi\u00f8tz, board member, has no shares and 2 100 000 share options as of 31. December 2025. 2 000 000 of the share options are awarded by Nordic Corporate Bank ASA, while 100 000 share options were awarded by EQVA ASA in January 2025. Gudmund \u00d8vrehus, board member, has 8 729 738 shares and 100 000 share options as of 31. December 2025.Birthe Cecilie Leps\u00f8e, board member, has no shares or share options as of 31. December 2025. Hans Olav Lindal, board member, has no shares or share options as of 31. December 2025. Kari Markhus, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Tomasz Bartlomiej Wesierski, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Share Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries. The share purchase program is conducted annually.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2025 2024Wages 459 925 300 872Employer's part of social security costs 47 922 35 574Pension, contribution plans 34 334 15 213Other benefits 14 097 18 721Total salaries and social expenses 556 277 370 379FTEs at year end 704 632The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEQVA has established an incentive arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2025. A total bonus provision of total MNOK 10 is booked in group 2025 accounts. Of this NOK 1 million is related to the Group Management. The bonus will be paid out in 2026.Remuneration to key management personnel and the Board of Directors paid in 2025:Olav Hilmar Even MatreToreErik H\u00f8yvikDanielPetter S\u00f8rdahlKol\u00f8y CEO*EllingsenThorkildsenCFO*Hjertaker CFO*CEO*CEO*MolvikCFO*(NOK 1000) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Salary 383 0 6 020 2 188 541 0 0 723 142 0 1 665 1 361Pension 0 0 50 68 0 0 0 26 8 0 103 98Other4 0 4 220 21 0 0 0 50 0 0 622 29remunerationTotal remuneration 387 0 10 291 2 276 541 0 0 800 150 0 2 390 1 488* Even Matre Ellingsen (CEO) was replaced by Tore Thorkildsen (interim CEO) in June 2025. Olav Hilmar Kol\u00f8y was officially appointed new CEO in November 2025. Tore Thorkildsen's compensation for EQVA ASA CEO-tasks was paid by and invoiced from BKS Holding AS (his employer), and amounted to NOK 541 thousand (excl. VAT) for 2025. Petter S\u00f8rdahl was replaced by Daniel Hjertaker Molvik as CFO in December 2025.Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personnel.No loans or guarantees to the Group CEO or any member of the board per 31.12.25. The notice period for the CEO and other senior executives is up to six months, whether the termination is initiated by the executive or the company. If the company terminates the employment, severance pay of up to nine months\u2019 fixed salary may be provided, reduced by any income earned from new employment. Compensation for non-compete obligations may also be paid, but only if severance is not granted; this compensation can be up to 100% of the fixed salary and is payable for a maximum of 12 months after termination.Eqva ASA parent company: NOK 3 009 000 in board fees have been paid to external board members in 2025 (NOK 2 917 000 in 2024). Remuneration board members agreed on general meeting 19.06.2025: Chairman NOK 850 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 12 500, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. The Company\u2019s Remuneration Report for 2025 will be issued as a separate document and made available on the Company\u2019s website. Information on shares, options and other share-based remuneration arrangements granted to members of executive management and the Board of Directors, including grants during the year, exercises during the year and outstanding rights at year-end, together with the principal terms and conditions, will be provided in the Company\u2019s Remuneration Report for 2025. The Remuneration Report is issued as a separate document and made available on the Company\u2019s website.Main principles for the remuneration of Senior ExecutivesThe remuneration of Senior Executives is stipulated on the basis of the following main principles: The remuneration of Senior Executives shall be competitive and capable of attracting and retaining capable executive personnel. The remuneration (sum of payment received) should normally be about the average for the remuneration of executive personnel in corresponding positions in comparable enterprises. When stipulating the remuneration of executive personnel, due consideration must at all times be given to the company's financial situation, and the remuneration shall be set at a level that is justifiable in relation to the company's position.The remuneration of Senior Executives shall be motivating and structured in such a way that it stimulates extra effort to improve the company's valuation on the stock exchange. The main element in the remuneration of executive personnel should be a fixed salary, but variable additional benefits that are capable of motivating executive personnel to make an extra effort for the company may be granted. Variable benefits must be reasonable in relation to the company's profit performance in the year in question. Other variable benefits shall be linked to factors that it is possible for the individual to influence. The pay system should stimulate efforts that produce results over and above the individual's area of responsibility. The remuneration system shall be understandable and acceptable both within the company and externally. The remuneration system shall not be unduly difficult to explain to the general public and should not be unreasonably complex to manage. The remuneration system shall be flexible so that it can be adapted to changing needs. In order to be able to offer competitive remuneration, the company must have a flexible pay system with room for special adaptations.Annual share-based payment The establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The share option program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options yearly, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. The exercise price after the first year is equal to the strike price. The exercise price after the second year is equal to the strike price multiplied by 1,1. The exercise price after the third year is equal to the strike price multiplied by 1,21. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the annual plan:2025 2024Average Number ofAverageNumber o\ue61bexercise price options exercise price optionsAs at 1. Januay 3,34 2 613 334 3,31 1 360 000 Granted during the year 4,80 1 780 000 2,93 1 860 000 Excercised during the year 3,12 -266 667 3,31 -66 666 Forfeited during the year 4,15 -1 280 000 3,31 -540 000 As at 31. December 3,88 2 846 667 3,04 2 613 334 No options expired during the period. Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2025December 2025December 2024December 2024January 2023 January 2026 3,64 413 333 3,31 753 334 January 2024 January 2027 3,22 1 353 334 2,93 1 860 000 January 2025 January 2028 4,80 1 080 000 Weighted average remaining contractual life of options outstanding at end of period: 1,2 yearsOutstanding shares and share options for Executive Management: Olav Hilmar Kol\u00f8y, CEO EQVA, has no shares or share options as of 31. December 2025.Daniel Hjertaker Molvik, CFO EQVA, holds 82 220 shares and 300 000 share options as of 31. December 2025. Of the share options, 100 000 were granted in January 2024 and 200 000 were granted in January 2025. No share options were exercised in 2025. Trygve Kjerpeseth, COO EQVA, holds 100 000 shares and 200 000 share options as of 31. December 2025. Of the share options, 33 333 were granted in January 2023, 66 667 were granted in January 2024 and 100 000 were granted in January 2025. 100 000 share options were exercised in 2025 at an average exercise price of NOK 3.18 per share. Johannes Sandhei, CEO of EQVA subsidiary IMTAS, holds 2 863 532 shares and no share options as of 31. December 2025. Outstanding shares and share options for the Board of Directors: Ingrid Due-Gundersen, chair of the board, has no shares and 2 000 000 share options as of 31. December 2025. The share options are awarded by Nordic Corporate Bank ASA, and are not part of the outstanding share options awarded by EQVA ASA. Tore Schi\u00f8tz, board member, has no shares and 2 100 000 share options as of 31. December 2025. 2 000 000 of the share options are awarded by Nordic Corporate Bank ASA, while 100 000 share options were awarded by EQVA ASA in January 2025. Gudmund \u00d8vrehus, board member, has 8 729 738 shares and 100 000 share options as of 31. December 2025.Birthe Cecilie Leps\u00f8e, board member, has no shares or share options as of 31. December 2025. Hans Olav Lindal, board member, has no shares or share options as of 31. December 2025. Kari Markhus, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Tomasz Bartlomiej Wesierski, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Share Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries. The share purchase program is conducted annually.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2025 2024Wages 459 925 300 872Employer's part of social security costs 47 922 35 574Pension, contribution plans 34 334 15 213Other benefits 14 097 18 721Total salaries and social expenses 556 277 370 379FTEs at year end 704 632The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEQVA has established an incentive arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2025. A total bonus provision of total MNOK 10 is booked in group 2025 accounts. Of this NOK 1 million is related to the Group Management. The bonus will be paid out in 2026.Remuneration to key management personnel and the Board of Directors paid in 2025:Olav Hilmar Even MatreToreErik H\u00f8yvikDanielPetter S\u00f8rdahlKol\u00f8y CEO*EllingsenThorkildsenCFO*Hjertaker CFO*CEO*CEO*MolvikCFO*(NOK 1000) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Salary 383 0 6 020 2 188 541 0 0 723 142 0 1 665 1 361Pension 0 0 50 68 0 0 0 26 8 0 103 98Other4 0 4 220 21 0 0 0 50 0 0 622 29remunerationTotal remuneration 387 0 10 291 2 276 541 0 0 800 150 0 2 390 1 488* Even Matre Ellingsen (CEO) was replaced by Tore Thorkildsen (interim CEO) in June 2025. Olav Hilmar Kol\u00f8y was officially appointed new CEO in November 2025. Tore Thorkildsen's compensation for EQVA ASA CEO-tasks was paid by and invoiced from BKS Holding AS (his employer), and amounted to NOK 541 thousand (excl. VAT) for 2025. Petter S\u00f8rdahl was replaced by Daniel Hjertaker Molvik as CFO in December 2025.Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personnel.No loans or guarantees to the Group CEO or any member of the board per 31.12.25. The notice period for the CEO and other senior executives is up to six months, whether the termination is initiated by the executive or the company. If the company terminates the employment, severance pay of up to nine months\u2019 fixed salary may be provided, reduced by any income earned from new employment. Compensation for non-compete obligations may also be paid, but only if severance is not granted; this compensation can be up to 100% of the fixed salary and is payable for a maximum of 12 months after termination.Eqva ASA parent company: NOK 3 009 000 in board fees have been paid to external board members in 2025 (NOK 2 917 000 in 2024). Remuneration board members agreed on general meeting 19.06.2025: Chairman NOK 850 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 12 500, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. The Company\u2019s Remuneration Report for 2025 will be issued as a separate document and made available on the Company\u2019s website. Information on shares, options and other share-based remuneration arrangements granted to members of executive management and the Board of Directors, including grants during the year, exercises during the year and outstanding rights at year-end, together with the principal terms and conditions, will be provided in the Company\u2019s Remuneration Report for 2025. The Remuneration Report is issued as a separate document and made available on the Company\u2019s website.Main principles for the remuneration of Senior ExecutivesThe remuneration of Senior Executives is stipulated on the basis of the following main principles: The remuneration of Senior Executives shall be competitive and capable of attracting and retaining capable executive personnel. The remuneration (sum of payment received) should normally be about the average for the remuneration of executive personnel in corresponding positions in comparable enterprises. When stipulating the remuneration of executive personnel, due consideration must at all times be given to the company's financial situation, and the remuneration shall be set at a level that is justifiable in relation to the company's position.The remuneration of Senior Executives shall be motivating and structured in such a way that it stimulates extra effort to improve the company's valuation on the stock exchange. The main element in the remuneration of executive personnel should be a fixed salary, but variable additional benefits that are capable of motivating executive personnel to make an extra effort for the company may be granted. Variable benefits must be reasonable in relation to the company's profit performance in the year in question. Other variable benefits shall be linked to factors that it is possible for the individual to influence. The pay system should stimulate efforts that produce results over and above the individual's area of responsibility. The remuneration system shall be understandable and acceptable both within the company and externally. The remuneration system shall not be unduly difficult to explain to the general public and should not be unreasonably complex to manage. The remuneration system shall be flexible so that it can be adapted to changing needs. In order to be able to offer competitive remuneration, the company must have a flexible pay system with room for special adaptations.Annual share-based payment The establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The share option program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options yearly, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. The exercise price after the first year is equal to the strike price. The exercise price after the second year is equal to the strike price multiplied by 1,1. The exercise price after the third year is equal to the strike price multiplied by 1,21. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the annual plan:2025 2024Average Number ofAverageNumber o\ue61bexercise price options exercise price optionsAs at 1. Januay 3,34 2 613 334 3,31 1 360 000 Granted during the year 4,80 1 780 000 2,93 1 860 000 Excercised during the year 3,12 -266 667 3,31 -66 666 Forfeited during the year 4,15 -1 280 000 3,31 -540 000 As at 31. December 3,88 2 846 667 3,04 2 613 334 No options expired during the period. Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2025December 2025December 2024December 2024January 2023 January 2026 3,64 413 333 3,31 753 334 January 2024 January 2027 3,22 1 353 334 2,93 1 860 000 January 2025 January 2028 4,80 1 080 000 Weighted average remaining contractual life of options outstanding at end of period: 1,2 yearsOutstanding shares and share options for Executive Management: Olav Hilmar Kol\u00f8y, CEO EQVA, has no shares or share options as of 31. December 2025.Daniel Hjertaker Molvik, CFO EQVA, holds 82 220 shares and 300 000 share options as of 31. December 2025. Of the share options, 100 000 were granted in January 2024 and 200 000 were granted in January 2025. No share options were exercised in 2025. Trygve Kjerpeseth, COO EQVA, holds 100 000 shares and 200 000 share options as of 31. December 2025. Of the share options, 33 333 were granted in January 2023, 66 667 were granted in January 2024 and 100 000 were granted in January 2025. 100 000 share options were exercised in 2025 at an average exercise price of NOK 3.18 per share. Johannes Sandhei, CEO of EQVA subsidiary IMTAS, holds 2 863 532 shares and no share options as of 31. December 2025. Outstanding shares and share options for the Board of Directors: Ingrid Due-Gundersen, chair of the board, has no shares and 2 000 000 share options as of 31. December 2025. The share options are awarded by Nordic Corporate Bank ASA, and are not part of the outstanding share options awarded by EQVA ASA. Tore Schi\u00f8tz, board member, has no shares and 2 100 000 share options as of 31. December 2025. 2 000 000 of the share options are awarded by Nordic Corporate Bank ASA, while 100 000 share options were awarded by EQVA ASA in January 2025. Gudmund \u00d8vrehus, board member, has 8 729 738 shares and 100 000 share options as of 31. December 2025.Birthe Cecilie Leps\u00f8e, board member, has no shares or share options as of 31. December 2025. Hans Olav Lindal, board member, has no shares or share options as of 31. December 2025. Kari Markhus, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Tomasz Bartlomiej Wesierski, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Share Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries. The share purchase program is conducted annually.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "Annual share-based payment The establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The share option program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options yearly, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. The exercise price after the first year is equal to the strike price. The exercise price after the second year is equal to the strike price multiplied by 1,1. The exercise price after the third year is equal to the strike price multiplied by 1,21. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the annual plan:2025 2024Average Number ofAverageNumber o\ue61bexercise price options exercise price optionsAs at 1. Januay 3,34 2 613 334 3,31 1 360 000 Granted during the year 4,80 1 780 000 2,93 1 860 000 Excercised during the year 3,12 -266 667 3,31 -66 666 Forfeited during the year 4,15 -1 280 000 3,31 -540 000 As at 31. December 3,88 2 846 667 3,04 2 613 334 No options expired during the period. Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2025December 2025December 2024December 2024January 2023 January 2026 3,64 413 333 3,31 753 334 January 2024 January 2027 3,22 1 353 334 2,93 1 860 000 January 2025 January 2028 4,80 1 080 000 Weighted average remaining contractual life of options outstanding at end of period: 1,2 yearsOutstanding shares and share options for Executive Management: Olav Hilmar Kol\u00f8y, CEO EQVA, has no shares or share options as of 31. December 2025.Daniel Hjertaker Molvik, CFO EQVA, holds 82 220 shares and 300 000 share options as of 31. December 2025. Of the share options, 100 000 were granted in January 2024 and 200 000 were granted in January 2025. No share options were exercised in 2025. Trygve Kjerpeseth, COO EQVA, holds 100 000 shares and 200 000 share options as of 31. December 2025. Of the share options, 33 333 were granted in January 2023, 66 667 were granted in January 2024 and 100 000 were granted in January 2025. 100 000 share options were exercised in 2025 at an average exercise price of NOK 3.18 per share. Johannes Sandhei, CEO of EQVA subsidiary IMTAS, holds 2 863 532 shares and no share options as of 31. December 2025. Outstanding shares and share options for the Board of Directors: Ingrid Due-Gundersen, chair of the board, has no shares and 2 000 000 share options as of 31. December 2025. The share options are awarded by Nordic Corporate Bank ASA, and are not part of the outstanding share options awarded by EQVA ASA. Tore Schi\u00f8tz, board member, has no shares and 2 100 000 share options as of 31. December 2025. 2 000 000 of the share options are awarded by Nordic Corporate Bank ASA, while 100 000 share options were awarded by EQVA ASA in January 2025. Gudmund \u00d8vrehus, board member, has 8 729 738 shares and 100 000 share options as of 31. December 2025.Birthe Cecilie Leps\u00f8e, board member, has no shares or share options as of 31. December 2025. Hans Olav Lindal, board member, has no shares or share options as of 31. December 2025. Kari Markhus, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Tomasz Bartlomiej Wesierski, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Share Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries. The share purchase program is conducted annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "Annual share-based payment The establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The share option program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options yearly, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. The exercise price after the first year is equal to the strike price. The exercise price after the second year is equal to the strike price multiplied by 1,1. The exercise price after the third year is equal to the strike price multiplied by 1,21. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the annual plan:2025 2024Average Number ofAverageNumber o\ue61bexercise price options exercise price optionsAs at 1. Januay 3,34 2 613 334 3,31 1 360 000 Granted during the year 4,80 1 780 000 2,93 1 860 000 Excercised during the year 3,12 -266 667 3,31 -66 666 Forfeited during the year 4,15 -1 280 000 3,31 -540 000 As at 31. December 3,88 2 846 667 3,04 2 613 334 No options expired during the period. Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2025December 2025December 2024December 2024January 2023 January 2026 3,64 413 333 3,31 753 334 January 2024 January 2027 3,22 1 353 334 2,93 1 860 000 January 2025 January 2028 4,80 1 080 000 Weighted average remaining contractual life of options outstanding at end of period: 1,2 yearsOutstanding shares and share options for Executive Management: Olav Hilmar Kol\u00f8y, CEO EQVA, has no shares or share options as of 31. December 2025.Daniel Hjertaker Molvik, CFO EQVA, holds 82 220 shares and 300 000 share options as of 31. December 2025. Of the share options, 100 000 were granted in January 2024 and 200 000 were granted in January 2025. No share options were exercised in 2025. Trygve Kjerpeseth, COO EQVA, holds 100 000 shares and 200 000 share options as of 31. December 2025. Of the share options, 33 333 were granted in January 2023, 66 667 were granted in January 2024 and 100 000 were granted in January 2025. 100 000 share options were exercised in 2025 at an average exercise price of NOK 3.18 per share. Johannes Sandhei, CEO of EQVA subsidiary IMTAS, holds 2 863 532 shares and no share options as of 31. December 2025. Outstanding shares and share options for the Board of Directors: Ingrid Due-Gundersen, chair of the board, has no shares and 2 000 000 share options as of 31. December 2025. The share options are awarded by Nordic Corporate Bank ASA, and are not part of the outstanding share options awarded by EQVA ASA. Tore Schi\u00f8tz, board member, has no shares and 2 100 000 share options as of 31. December 2025. 2 000 000 of the share options are awarded by Nordic Corporate Bank ASA, while 100 000 share options were awarded by EQVA ASA in January 2025. Gudmund \u00d8vrehus, board member, has 8 729 738 shares and 100 000 share options as of 31. December 2025.Birthe Cecilie Leps\u00f8e, board member, has no shares or share options as of 31. December 2025. Hans Olav Lindal, board member, has no shares or share options as of 31. December 2025. Kari Markhus, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Tomasz Bartlomiej Wesierski, board member (employee representative), has no shares and 80 000 share options as of 31. December 2025. Share Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries. The share purchase program is conducted annually.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__66": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2025 2024Rent and leasing expenses 33 116 25 967Office and administration expenses 11 155 9 537Plant, tools and equipment (including IT) 51 579 24 536Travel and employee expenses 33 621 24 817Hired consultants 17 455 19 114Marketing and communication 9 584 8 309Other operating expenses * 15 634 7 742Total 172 142 120 022* Other operating expenses includes extraordinary effects from the change of CEO during the year Fees to the auditor consists of the following services: 2025 2024Statutory audit 4 312 3 527Fee for attestation required by law 184 0Tax advice 26 400Other assistance 574 2 201Total 5 097 6 129Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2025 2024Rent and leasing expenses 33 116 25 967Office and administration expenses 11 155 9 537Plant, tools and equipment (including IT) 51 579 24 536Travel and employee expenses 33 621 24 817Hired consultants 17 455 19 114Marketing and communication 9 584 8 309Other operating expenses * 15 634 7 742Total 172 142 120 022* Other operating expenses includes extraordinary effects from the change of CEO during the year Fees to the auditor consists of the following services: 2025 2024Statutory audit 4 312 3 527Fee for attestation required by law 184 0Tax advice 26 400Other assistance 574 2 201Total 5 097 6 129Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2025 2024Rent and leasing expenses 33 116 25 967Office and administration expenses 11 155 9 537Plant, tools and equipment (including IT) 51 579 24 536Travel and employee expenses 33 621 24 817Hired consultants 17 455 19 114Marketing and communication 9 584 8 309Other operating expenses * 15 634 7 742Total 172 142 120 022* Other operating expenses includes extraordinary effects from the change of CEO during the year Fees to the auditor consists of the following services: 2025 2024Statutory audit 4 312 3 527Fee for attestation required by law 184 0Tax advice 26 400Other assistance 574 2 201Total 5 097 6 129Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000)Consolidated income statement 2025 2024Current income tax:Taxes payable 0 840Changes in deferred tax 0 0Effect due to acquisition -14 706 4 328Income tax expense/(income) reported in the income statement -14 706 5 168Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%.(NOK 1,000) 2025 2024Profit before tax 14 383 36 402Tax expense 22% 3 164 8 008Recognized tax expense -14 706 5 168Difference between expected and recognised tax expense -17 870 -2 841Difference is related to:Results in associates (22%/ 22%) 0 0Prior year adjustments 401 0P/L sale of shares in associates 0 -8 170Other permanent differences 1 303 -5 049Addition deferred tax from aquisition -14 706 0Applied loss carried forward -4 868 0Deferred tax asset not recognized 0 10 379Total -17 870 -2 841Deferred tax relates to the following temporary differences:2025 2024(NOK 1,000)Non-current assets 49 966 39 541Immaterial assets 72 764 25 606Leasing -986 -435Current assets -3 769 -7 005Inventory -4 200 -500Accruals and provisions -10 400 -10 000Gain/(loss) account for deferral -63 -79Cut off interest to related parties carried forward -2 019 -2 019Customer contracts 23 673 14 974Tax loss carried forward -253 923 -302 425Total temporary differences -128 957 -242 343Net deferred tax lability / deferred tax asset (-) -28 371 -53 315Deferred tax asset not recognised 28 371 53 315Deferred tax liability in the balance sheet 0 0As at 31 December 2025, the Group has not recognized a deferred tax asset of NOK 28 million, arising from tax losses carried forward and deductible temporary differences. The basis for non-recognition is that, in management's judgement, it is not probable that sufficient future taxable profits will be available to fully utilize the tax loss carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000)Consolidated income statement 2025 2024Current income tax:Taxes payable 0 840Changes in deferred tax 0 0Effect due to acquisition -14 706 4 328Income tax expense/(income) reported in the income statement -14 706 5 168Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%.(NOK 1,000) 2025 2024Profit before tax 14 383 36 402Tax expense 22% 3 164 8 008Recognized tax expense -14 706 5 168Difference between expected and recognised tax expense -17 870 -2 841Difference is related to:Results in associates (22%/ 22%) 0 0Prior year adjustments 401 0P/L sale of shares in associates 0 -8 170Other permanent differences 1 303 -5 049Addition deferred tax from aquisition -14 706 0Applied loss carried forward -4 868 0Deferred tax asset not recognized 0 10 379Total -17 870 -2 841Deferred tax relates to the following temporary differences:2025 2024(NOK 1,000)Non-current assets 49 966 39 541Immaterial assets 72 764 25 606Leasing -986 -435Current assets -3 769 -7 005Inventory -4 200 -500Accruals and provisions -10 400 -10 000Gain/(loss) account for deferral -63 -79Cut off interest to related parties carried forward -2 019 -2 019Customer contracts 23 673 14 974Tax loss carried forward -253 923 -302 425Total temporary differences -128 957 -242 343Net deferred tax lability / deferred tax asset (-) -28 371 -53 315Deferred tax asset not recognised 28 371 53 315Deferred tax liability in the balance sheet 0 0As at 31 December 2025, the Group has not recognized a deferred tax asset of NOK 28 million, arising from tax losses carried forward and deductible temporary differences. The basis for non-recognition is that, in management's judgement, it is not probable that sufficient future taxable profits will be available to fully utilize the tax loss carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "Fees to the auditor consists of the following services: 2025 2024Statutory audit 4 312 3 527Fee for attestation required by law 184 0Tax advice 26 400Other assistance 574 2 201Total 5 097 6 129Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "Deferred tax relates to the following temporary differences:2025 2024(NOK 1,000)Non-current assets 49 966 39 541Immaterial assets 72 764 25 606Leasing -986 -435Current assets -3 769 -7 005Inventory -4 200 -500Accruals and provisions -10 400 -10 000Gain/(loss) account for deferral -63 -79Cut off interest to related parties carried forward -2 019 -2 019Customer contracts 23 673 14 974Tax loss carried forward -253 923 -302 425Total temporary differences -128 957 -242 343Net deferred tax lability / deferred tax asset (-) -28 371 -53 315Deferred tax asset not recognised 28 371 53 315Deferred tax liability in the balance sheet 0 0As at 31 December 2025, the Group has not recognized a deferred tax asset of NOK 28 million, arising from tax losses carried forward and deductible temporary differences. The basis for non-recognition is that, in management's judgement, it is not probable that sufficient future taxable profits will be available to fully utilize the tax loss carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__76": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2025 2024Interest income 3 264 81Agio income 427 897Other financial income 1 845 725Total financial income 5 536 1 702Interest expenses 38 000 19 850Agio loss 1 309 1 999Other financial expenses 694 7 347Total financial expenses 40 004 29 196Net financial items -34 468 -27 494",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2025 2024Interest income 3 264 81Agio income 427 897Other financial income 1 845 725Total financial income 5 536 1 702Interest expenses 38 000 19 850Agio loss 1 309 1 999Other financial expenses 694 7 347Total financial expenses 40 004 29 196Net financial items -34 468 -27 494",
"dimensions": {
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"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2025 2024Interest income 3 264 81Agio income 427 897Other financial income 1 845 725Total financial income 5 536 1 702Interest expenses 38 000 19 850Agio loss 1 309 1 999Other financial expenses 694 7 347Total financial expenses 40 004 29 196Net financial items -34 468 -27 494",
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"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2025 2024Interest income 3 264 81Agio income 427 897Other financial income 1 845 725Total financial income 5 536 1 702Interest expenses 38 000 19 850Agio loss 1 309 1 999Other financial expenses 694 7 347Total financial expenses 40 004 29 196Net financial items -34 468 -27 494",
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"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2025 2024Interest income 3 264 81Agio income 427 897Other financial income 1 845 725Total financial income 5 536 1 702Interest expenses 38 000 19 850Agio loss 1 309 1 999Other financial expenses 694 7 347Total financial expenses 40 004 29 196Net financial items -34 468 -27 494",
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"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2025EQVA ASA has the following Ownership Business office Segment Currency Share Total direct and indirect ownership in share/capital equitysubsidiaries as of 31/12/2025 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 60 250 210Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 100 10 697Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 1 000 -6 200Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 18 511Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 799BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 13 739Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 4 317Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 -47Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 400 367Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -48BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 1 546BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 131 075BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -325Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 1 316BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 9 496Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 106Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 10 456Imtas AS 100 % Mo I Rana Industrial Solutions NOK 264 -321Imtas Prosjekt AS 100 % Mo I Rana Industrial Solutions NOK 200 56 907Imtas Personell AS 100 % Mo I Rana Industrial Solutions NOK 300 5 540Imtas Harstad AS 100 % Harstad Industrial Solutions NOK 129 8 843Jacobsen Mekaniske Verksted Drift AS 100 % Sleneset Industrial Solutions NOK 200 2 183Austevoll R\u00f8rteknikkk AS 100 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 30 8080Gjosa Kraftverk AS 100 % Sunde i Kvinnherrad Renewables NOK 30 -131Changes in 2025The Vassnes Group (51% ownership) including Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS was sold to an external company in the spring 2025.The Imtas Group including Imtas AS, Imtas Personell AS, Imtas Prosjekt AS, Imtas Harstad AS og Jacobsen Mekniske Vernsted Drift AS was acquired (100%) in the spring 2025.Austevoll R\u00f8rteknikk AS was acquired (100%) in the autum 2025.EQVA ASA carried out a group internal merger in Q4 2025. Havyard Ship Invest AS, Mj\u00f8lstadneset Eiendom AS og Norwegian Marine Systems AS were merged into Eqva Holding AS. Simultaniously Eqva Industri AS was merged into Eqva Renewables AS.Group internal - Zenit Engineering AS' ownership (40%) in Zenit Eigedom AS transferred to Eqva Eigedom Holding AS in 2025. ABC Produksjon AS was filed for bankruptcy in 2025. 2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net accounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 0",
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"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2025EQVA ASA has the following Ownership Business office Segment Currency Share Total direct and indirect ownership in share/capital equitysubsidiaries as of 31/12/2025 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 60 250 210Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 100 10 697Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 1 000 -6 200Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 18 511Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 799BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 13 739Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 4 317Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 -47Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 400 367Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -48BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 1 546BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 131 075BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -325Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 1 316BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 9 496Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 106Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 10 456Imtas AS 100 % Mo I Rana Industrial Solutions NOK 264 -321Imtas Prosjekt AS 100 % Mo I Rana Industrial Solutions NOK 200 56 907Imtas Personell AS 100 % Mo I Rana Industrial Solutions NOK 300 5 540Imtas Harstad AS 100 % Harstad Industrial Solutions NOK 129 8 843Jacobsen Mekaniske Verksted Drift AS 100 % Sleneset Industrial Solutions NOK 200 2 183Austevoll R\u00f8rteknikkk AS 100 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 30 8080Gjosa Kraftverk AS 100 % Sunde i Kvinnherrad Renewables NOK 30 -131Changes in 2025The Vassnes Group (51% ownership) including Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS was sold to an external company in the spring 2025.The Imtas Group including Imtas AS, Imtas Personell AS, Imtas Prosjekt AS, Imtas Harstad AS og Jacobsen Mekniske Vernsted Drift AS was acquired (100%) in the spring 2025.Austevoll R\u00f8rteknikk AS was acquired (100%) in the autum 2025.EQVA ASA carried out a group internal merger in Q4 2025. Havyard Ship Invest AS, Mj\u00f8lstadneset Eiendom AS og Norwegian Marine Systems AS were merged into Eqva Holding AS. Simultaniously Eqva Industri AS was merged into Eqva Renewables AS.Group internal - Zenit Engineering AS' ownership (40%) in Zenit Eigedom AS transferred to Eqva Eigedom Holding AS in 2025. ABC Produksjon AS was filed for bankruptcy in 2025. 2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net accounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 0",
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"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2025EQVA ASA has the following Ownership Business office Segment Currency Share Total direct and indirect ownership in share/capital equitysubsidiaries as of 31/12/2025 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 60 250 210Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 100 10 697Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 1 000 -6 200Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 18 511Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 799BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 13 739Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 4 317Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 -47Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 400 367Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -48BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 1 546BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 131 075BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -325Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 1 316BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 9 496Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 106Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 10 456Imtas AS 100 % Mo I Rana Industrial Solutions NOK 264 -321Imtas Prosjekt AS 100 % Mo I Rana Industrial Solutions NOK 200 56 907Imtas Personell AS 100 % Mo I Rana Industrial Solutions NOK 300 5 540Imtas Harstad AS 100 % Harstad Industrial Solutions NOK 129 8 843Jacobsen Mekaniske Verksted Drift AS 100 % Sleneset Industrial Solutions NOK 200 2 183Austevoll R\u00f8rteknikkk AS 100 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 30 8080Gjosa Kraftverk AS 100 % Sunde i Kvinnherrad Renewables NOK 30 -131Changes in 2025The Vassnes Group (51% ownership) including Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS was sold to an external company in the spring 2025.The Imtas Group including Imtas AS, Imtas Personell AS, Imtas Prosjekt AS, Imtas Harstad AS og Jacobsen Mekniske Vernsted Drift AS was acquired (100%) in the spring 2025.Austevoll R\u00f8rteknikk AS was acquired (100%) in the autum 2025.EQVA ASA carried out a group internal merger in Q4 2025. Havyard Ship Invest AS, Mj\u00f8lstadneset Eiendom AS og Norwegian Marine Systems AS were merged into Eqva Holding AS. Simultaniously Eqva Industri AS was merged into Eqva Renewables AS.Group internal - Zenit Engineering AS' ownership (40%) in Zenit Eigedom AS transferred to Eqva Eigedom Holding AS in 2025. ABC Produksjon AS was filed for bankruptcy in 2025. 2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net accounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 0",
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"value": "Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 0",
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"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2025 - Acquisition of IMTAS AS with subsidiariesthOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.The transaction was closed on the 21th of March 2025. The consideration was a combination of (i) NOK 51 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,8 million, (iii) a locked-box-compensation of 19,9 million, and (iv) a Seller's Credit of NOK 40 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that requires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date.Consideration table - Acquisition of IMTAS Group On Closing Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 51,0 51,0 Shares in EQVA ASA 30,8 30,8 Locked-box compensation 10,0 10,0 19,9 Seller's Credit 40,0 40,0 Total ordinary consideration 81,8 10,0 50,0 141,7 Est. FV of conditional future considerations (per the report date) 25,2 Total estimated consideration, including conditional considerations 166,9 * 50% of the locked-box compensation was settled in cash in Q3 at the after finalized audited financial statments for IMTAS Group.The 100% locked-box compensation is set at NOK 19,9 million.** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a.The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events.The estimated fair value of NOK 25,2 million has been determined using a probability-weighted approach, reflecting management's assessment of expected performance and synergies. The earn-out is expected to be settled in 2027 following completion of the measurement period, and has been discounted using the Group's discount rate. The liability is subsequently remeasured at fair value through profit or loss in accordance with IFRS 9.On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair rdvalue of the shares, NOK 30,8 million was based on the share price at Oslo Stock Exchange per 3 March 2025 (5 616 438 shares) and st1 July 2025 (496 727 shares).Ahead of the acquisition, EQVA invested NOK 19,6 million to refinance IMTAS' loans to credit institutions, changing the creditor of the loans to the Group's main bank.Assets and liabilities recognized as a result of the acquisition Fair ValuePatents, trademarks and deferred tax 0,5 Property, plant and equipment (PPE) 32,1 Current assets (excl. cash and equivalents) 118,9 Cash and equivalents 9,7 Debt and other liabilities -107,6 Recognized financial leases - liabilities -52,0 Recognized financial leases - right-of-use assets 52,0 Book value of equity at closing date 53,6 Minority interests 0,0 Book value of equity at closing date - majority share 53,6 Identified adjustments to fair valueFair value adjustments on PPE * 10,2 Identified value of customer relations ** 48,2 Deferred tax -12,8 Adjusted value of equity, after adjustments to fair value 99,1 Goodwill *** 67,8 Net assets acquired 166,9 * Excess fair values of NOK 4,2 million were identified and allocated to machinery and equipment, vehicles and leased crane trucks. In addition, fair value adjustments to properties were identified at NOK 5,9 million. These adjustments represents the difference between carrying amounts and estimated fair values at the acquisition date, and will be depreciated over the respective remaining useful lives in accordance with IFRS.** Customer relationships of NOK 48,2 million were recognized as part of the purchase price allocation. The asset reflects existing framework agreements with major customers. It is amortized on a straight-line basis over an estimated useful life of 10 years, consistent with management's assessment of expected economic benefits.*** The recognized goodwill of NOK 68 million relates to identified synergies and growth, as well as deferred tax liabilities, and are not separately identifiable as intangible assets under IFRS 3.Actual Pro forma *The contribution from the acquisition (separately) to the Group's result 2025 From closing Full yearOperating revenue 289,1 399,7EBITDA 28,5 56,3Profit after tax 5,6 10,4* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at half year 2025,stif the acquisition had occured on 1 of January 2025.2025 - Acquisition of Austevoll R\u00f8rteknikk AS with subsidiariesthOn 5 of March 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in Austevoll R\u00f8rteknikk AS. The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.Austevoll R\u00f8rteknikk AS provides pipe installation, maintenance services, prefabrication and specialized products primarily for the aquaculture and seafood industry. The company's operations complement EQVA's existing industrial service offering and strengthen the group's presence along the Norwegian west coast. The acquisition expands EQVA's customer base and capacity to deliver multidisciplinary industrial services to the aquaculture and seafood sectors.The transaction was closed on 6th of October 2025. The consideration was a combination of (i) NOK 5,95 million in cash, and (ii) 720 042 shares in EQVA ASA at a fair value of NOK 5,95 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that requires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date.Consideration table - Acquisition of Austevoll R\u00f8rteknikk ASOn Closing Total Fair Value(NOK million)Cash payment 6,0 6,0 Shares in EQVA ASA 6,0 6,0 Total ordinary consideration 11,9 11,9 Est. FV of conditional future considerations (per the report date) 0,3 Total estimated consideration, including conditional considerations 12,2 The agreement includes a conditional earn-out of up to NOK 12,1 million. The earn-out is performance-based, and calculated on the Austevoll R\u00f8rteknikk AS' average EBITA in 2025 and 2026. No earn-out will be paid if the company's average EBITA over 2025 and 2026 is NOK 3,1 million or lower, and will reach maximum achievement at NOK 5,7 million. The earn-out shall not in any event exceed NOK 12,1 million. The EBITA is subject to certain adjustments for extraordinary events.The estimated fair value of NOK 0,3 million has been determined using a probability-weighted approach, reflecting management's assessment of expected performance and synergies. The earn-out is expected to be settled in 2027 following completion of the measurement period, and has been discounted using the Group's discount rate. The liability is subsequently remeasured at fair value through profit or loss in accordance with IFRS 9.Assets and liabilities recognized as a result of the acquisition Fair ValueResearch and development (R&D) 0,5 Property, plant and equipment (PPE) 1,3 Other non-current assets 0,1 Current assets (excluding cash and equivalents) 16,0 Cash and cash equivalents 1,7 Current operational liabilities -9,7 Recognized financial leases - liabilities -2,9 Recognized financial leases - right-of-use assets 2,9 Book value of equity at closing date 9,7 Minority interests 0,0 Book value of equity at closing date - majority share 9,7 Identified adjustments to fair valueIdentified value of customer relations * 2,5 Deferred tax -0,5 Adjusted value of equity, after adjustments to fair value 11,7 Goodwill 0,5 Net assets acquired 12,2 * Customer relationships of NOK 2,5 million were recognized as part of the purchase price allocation. The asset reflects existing framework agreements with major customers. It is amortized on a straight-line basis over an estimated useful life of 2 years, consistent with management's assessment of expected economic benefits.Actual Pro forma *The contribution from the acquisition (separately) to the Group's result 2025 From closing Full yearOperating revenue 17,8 64,9EBITDA 4,4 5,6Profit after tax 1,8 2,8* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at half year 2025,stif the acquisition had occured on 1 of January 2025.2024 (Previous year) - Acquisition of Kvinnherad Elektro AS with subsidiariesthOn 14 of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted as \"Kvinnherad Elektro Group\".Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation disciplines. The acqusition strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant upgrade and restructuring of the Norwegian industry.The transaction was closed on the 18th of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5 million, and (iii) two conditional future considerations (see detailed below).The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that enquires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation (\"PPA\") has been recognised, separate from goodwill, the identifiable assets and the liabilities assumed.Consideration table - Acquisition of Kvinnherad Elektro Group Total Fair Value(NOK million)Cash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, including conditional considerations 22,8 In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2) a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025. Assets and liabilities recognized as a result of the acquisition Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair valueGoodwill 33,4 Net assets acquired 22,8 The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions, right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million. Actual Pro forma *The contribution from the acquisition (separately) to the Group's result 2024 From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024, if the acquisition had occured on 1st of January 2024. Including minority interest.",
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"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2025 - Acquisition of IMTAS AS with subsidiariesthOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.The transaction was closed on the 21th of March 2025. The consideration was a combination of (i) NOK 51 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,8 million, (iii) a locked-box-compensation of 19,9 million, and (iv) a Seller's Credit of NOK 40 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that requires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date.Consideration table - Acquisition of IMTAS Group On Closing Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 51,0 51,0 Shares in EQVA ASA 30,8 30,8 Locked-box compensation 10,0 10,0 19,9 Seller's Credit 40,0 40,0 Total ordinary consideration 81,8 10,0 50,0 141,7 Est. FV of conditional future considerations (per the report date) 25,2 Total estimated consideration, including conditional considerations 166,9 * 50% of the locked-box compensation was settled in cash in Q3 at the after finalized audited financial statments for IMTAS Group.The 100% locked-box compensation is set at NOK 19,9 million.** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a.The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events.The estimated fair value of NOK 25,2 million has been determined using a probability-weighted approach, reflecting management's assessment of expected performance and synergies. The earn-out is expected to be settled in 2027 following completion of the measurement period, and has been discounted using the Group's discount rate. The liability is subsequently remeasured at fair value through profit or loss in accordance with IFRS 9.On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair rdvalue of the shares, NOK 30,8 million was based on the share price at Oslo Stock Exchange per 3 March 2025 (5 616 438 shares) and st1 July 2025 (496 727 shares).Ahead of the acquisition, EQVA invested NOK 19,6 million to refinance IMTAS' loans to credit institutions, changing the creditor of the loans to the Group's main bank.Assets and liabilities recognized as a result of the acquisition Fair ValuePatents, trademarks and deferred tax 0,5 Property, plant and equipment (PPE) 32,1 Current assets (excl. cash and equivalents) 118,9 Cash and equivalents 9,7 Debt and other liabilities -107,6 Recognized financial leases - liabilities -52,0 Recognized financial leases - right-of-use assets 52,0 Book value of equity at closing date 53,6 Minority interests 0,0 Book value of equity at closing date - majority share 53,6 Identified adjustments to fair valueFair value adjustments on PPE * 10,2 Identified value of customer relations ** 48,2 Deferred tax -12,8 Adjusted value of equity, after adjustments to fair value 99,1 Goodwill *** 67,8 Net assets acquired 166,9 * Excess fair values of NOK 4,2 million were identified and allocated to machinery and equipment, vehicles and leased crane trucks. In addition, fair value adjustments to properties were identified at NOK 5,9 million. These adjustments represents the difference between carrying amounts and estimated fair values at the acquisition date, and will be depreciated over the respective remaining useful lives in accordance with IFRS.** Customer relationships of NOK 48,2 million were recognized as part of the purchase price allocation. The asset reflects existing framework agreements with major customers. It is amortized on a straight-line basis over an estimated useful life of 10 years, consistent with management's assessment of expected economic benefits.*** The recognized goodwill of NOK 68 million relates to identified synergies and growth, as well as deferred tax liabilities, and are not separately identifiable as intangible assets under IFRS 3.Actual Pro forma *The contribution from the acquisition (separately) to the Group's result 2025 From closing Full yearOperating revenue 289,1 399,7EBITDA 28,5 56,3Profit after tax 5,6 10,4* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at half year 2025,stif the acquisition had occured on 1 of January 2025.2025 - Acquisition of Austevoll R\u00f8rteknikk AS with subsidiariesthOn 5 of March 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in Austevoll R\u00f8rteknikk AS. The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.Austevoll R\u00f8rteknikk AS provides pipe installation, maintenance services, prefabrication and specialized products primarily for the aquaculture and seafood industry. The company's operations complement EQVA's existing industrial service offering and strengthen the group's presence along the Norwegian west coast. The acquisition expands EQVA's customer base and capacity to deliver multidisciplinary industrial services to the aquaculture and seafood sectors.The transaction was closed on 6th of October 2025. The consideration was a combination of (i) NOK 5,95 million in cash, and (ii) 720 042 shares in EQVA ASA at a fair value of NOK 5,95 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that requires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date.Consideration table - Acquisition of Austevoll R\u00f8rteknikk ASOn Closing Total Fair Value(NOK million)Cash payment 6,0 6,0 Shares in EQVA ASA 6,0 6,0 Total ordinary consideration 11,9 11,9 Est. FV of conditional future considerations (per the report date) 0,3 Total estimated consideration, including conditional considerations 12,2 The agreement includes a conditional earn-out of up to NOK 12,1 million. The earn-out is performance-based, and calculated on the Austevoll R\u00f8rteknikk AS' average EBITA in 2025 and 2026. No earn-out will be paid if the company's average EBITA over 2025 and 2026 is NOK 3,1 million or lower, and will reach maximum achievement at NOK 5,7 million. The earn-out shall not in any event exceed NOK 12,1 million. The EBITA is subject to certain adjustments for extraordinary events.The estimated fair value of NOK 0,3 million has been determined using a probability-weighted approach, reflecting management's assessment of expected performance and synergies. The earn-out is expected to be settled in 2027 following completion of the measurement period, and has been discounted using the Group's discount rate. The liability is subsequently remeasured at fair value through profit or loss in accordance with IFRS 9.Assets and liabilities recognized as a result of the acquisition Fair ValueResearch and development (R&D) 0,5 Property, plant and equipment (PPE) 1,3 Other non-current assets 0,1 Current assets (excluding cash and equivalents) 16,0 Cash and cash equivalents 1,7 Current operational liabilities -9,7 Recognized financial leases - liabilities -2,9 Recognized financial leases - right-of-use assets 2,9 Book value of equity at closing date 9,7 Minority interests 0,0 Book value of equity at closing date - majority share 9,7 Identified adjustments to fair valueIdentified value of customer relations * 2,5 Deferred tax -0,5 Adjusted value of equity, after adjustments to fair value 11,7 Goodwill 0,5 Net assets acquired 12,2 * Customer relationships of NOK 2,5 million were recognized as part of the purchase price allocation. The asset reflects existing framework agreements with major customers. It is amortized on a straight-line basis over an estimated useful life of 2 years, consistent with management's assessment of expected economic benefits.Actual Pro forma *The contribution from the acquisition (separately) to the Group's result 2025 From closing Full yearOperating revenue 17,8 64,9EBITDA 4,4 5,6Profit after tax 1,8 2,8* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at half year 2025,stif the acquisition had occured on 1 of January 2025.2024 (Previous year) - Acquisition of Kvinnherad Elektro AS with subsidiariesthOn 14 of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted as \"Kvinnherad Elektro Group\".Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation disciplines. The acqusition strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant upgrade and restructuring of the Norwegian industry.The transaction was closed on the 18th of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5 million, and (iii) two conditional future considerations (see detailed below).The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that enquires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation (\"PPA\") has been recognised, separate from goodwill, the identifiable assets and the liabilities assumed.Consideration table - Acquisition of Kvinnherad Elektro Group Total Fair Value(NOK million)Cash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, including conditional considerations 22,8 In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2) a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025. Assets and liabilities recognized as a result of the acquisition Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair valueGoodwill 33,4 Net assets acquired 22,8 The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions, right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million. Actual Pro forma *The contribution from the acquisition (separately) to the Group's result 2024 From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024, if the acquisition had occured on 1st of January 2024. Including minority interest.",
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"value": "11. INTANGIBLE ASSETS 2025(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 2 760 32 000 281 615 316 375Additions during the year 303 50 713 68 360 119 376Disposals during the year 0 0 7 928 7 928Acquisition cost as of 31/12 3 063 82 713 342 047 427 823Accumulated amortization as of 1/1 602 6 368 0 6 970Amortization for the year 88 5 650 0 5 738Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 690 12 018 0 12 708Book value as of 31/12 2 373 70 695 342 047 415 115Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.2024(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 1 335 0 33 355 34 690Disposals during the year 0 0 0 0Acquisition cost as of 31/12 2 760 32 000 281 615 316 375Accumulated amortization as of 1/1 375 3 731 0 4 106Amortization for the year 227 2 637 0 2 864Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 602 6 368 0 6 970Book value as of 31/12 2 158 25 606 281 615 309 379Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.",
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"value": "11. INTANGIBLE ASSETS 2025(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 2 760 32 000 281 615 316 375Additions during the year 303 50 713 68 360 119 376Disposals during the year 0 0 7 928 7 928Acquisition cost as of 31/12 3 063 82 713 342 047 427 823Accumulated amortization as of 1/1 602 6 368 0 6 970Amortization for the year 88 5 650 0 5 738Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 690 12 018 0 12 708Book value as of 31/12 2 373 70 695 342 047 415 115Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.2024(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 1 335 0 33 355 34 690Disposals during the year 0 0 0 0Acquisition cost as of 31/12 2 760 32 000 281 615 316 375Accumulated amortization as of 1/1 375 3 731 0 4 106Amortization for the year 227 2 637 0 2 864Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 602 6 368 0 6 970Book value as of 31/12 2 158 25 606 281 615 309 379Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.Allocation of goodwill 2025 2024EQVA Industrial Solutions (BKS) 245 978 245 978EQVA Renewables (Fossberg Kraft) 2 282 2 282EQVA Industrial Solutions (Kvinnherad Elektro group) 25 427 33 355EQVA Industrial Solutions (IMTAS) 67 812 0EQVA Industrial Solutions (Austevoll R\u00f8rteknikk) 548 0Total goodwill 342 047 281 6152025Goodwill Goodwill is monitored and tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. NOK 248 million of the goodwill relates to the acquisition of BKS and Fossberg Kraft in late June 2022. NOK 25 million relates to the acquisition of Kvinnherad Elektro group in September 2024, adjusted for allocated goodwill in relation to the sale of Vassnes Group (a previous subsidiary of Kvinnherad Elektro group). NOK 68 million and NOK 0.5 million relates to the acquisitions in 2025 of IMTAS Group and Austevoll R\u00f8rteknikk, respectively.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2025.The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices. The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement\"Risk Adjustments: The asset beta's reflection of the company's operational risks, inclusive of EBITDAmargins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s operations.A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trendsand financial institution benchmarking. A small firm premium of 3.0% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumptions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations. The impairment test has also been tested for sensitivities without any impairment indicators identified.",
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"value": "Allocation of goodwill 2025 2024EQVA Industrial Solutions (BKS) 245 978 245 978EQVA Renewables (Fossberg Kraft) 2 282 2 282EQVA Industrial Solutions (Kvinnherad Elektro group) 25 427 33 355EQVA Industrial Solutions (IMTAS) 67 812 0EQVA Industrial Solutions (Austevoll R\u00f8rteknikk) 548 0Total goodwill 342 047 281 6152025Goodwill Goodwill is monitored and tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. NOK 248 million of the goodwill relates to the acquisition of BKS and Fossberg Kraft in late June 2022. NOK 25 million relates to the acquisition of Kvinnherad Elektro group in September 2024, adjusted for allocated goodwill in relation to the sale of Vassnes Group (a previous subsidiary of Kvinnherad Elektro group). NOK 68 million and NOK 0.5 million relates to the acquisitions in 2025 of IMTAS Group and Austevoll R\u00f8rteknikk, respectively.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2025.The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices. The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement\"Risk Adjustments: The asset beta's reflection of the company's operational risks, inclusive of EBITDAmargins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s operations.A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trendsand financial institution benchmarking. A small firm premium of 3.0% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumptions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations. The impairment test has also been tested for sensitivities without any impairment indicators identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__6__87": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2025(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 356 385 63 169 70 636 490 190Additions from aquisition 23 248 15 860 9 764 48 872Additions during the year 5 179 2 786 7 556 15 522Disposals during the year 4 305 593 4 798 9 695Acquisition cost as of 31/12 380 507 81 223 83 158 544 888Accumulated depreciation as of 1/1 263 192 57 082 53 547 373 822Depreciation for the year 3 885 7 226 7 398 18 509Impairment 0 0 0 0Disposals during the year 12 0 772 784Accumulated depreciation as of 31/12 267 065 64 308 60 174 391 547Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 113 443 16 914 22 985 153 341Useful life 10-40 years 3-10 years 3-10 years 2024(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 350 870 59 576 67 836 478 282Additions from aquisition 4 215 935 3 301 8 451Additions during the year 2 953 6 714 478 10 145Disposals during the year 1 653 4 056 1 114 6 823Acquisition cost as of 31/12 356 386 63 169 70 501 490 056Accumulated depreciation as of 1/1 258 002 53 811 53 228 365 041Depreciation for the year 5 191 3 271 319 8 781Impairment 0 0 0 0Disposals during the year 0 0 0 0Accumulated depreciation as of 31/12 263 192 57 083 53 547 373 822Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 93 193 6 086 16 955 116 234Useful life 10-40 years 3-10 years 3-10 years Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__86": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2025(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 356 385 63 169 70 636 490 190Additions from aquisition 23 248 15 860 9 764 48 872Additions during the year 5 179 2 786 7 556 15 522Disposals during the year 4 305 593 4 798 9 695Acquisition cost as of 31/12 380 507 81 223 83 158 544 888Accumulated depreciation as of 1/1 263 192 57 082 53 547 373 822Depreciation for the year 3 885 7 226 7 398 18 509Impairment 0 0 0 0Disposals during the year 12 0 772 784Accumulated depreciation as of 31/12 267 065 64 308 60 174 391 547Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 113 443 16 914 22 985 153 341Useful life 10-40 years 3-10 years 3-10 years 2024(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 350 870 59 576 67 836 478 282Additions from aquisition 4 215 935 3 301 8 451Additions during the year 2 953 6 714 478 10 145Disposals during the year 1 653 4 056 1 114 6 823Acquisition cost as of 31/12 356 386 63 169 70 501 490 056Accumulated depreciation as of 1/1 258 002 53 811 53 228 365 041Depreciation for the year 5 191 3 271 319 8 781Impairment 0 0 0 0Disposals during the year 0 0 0 0Accumulated depreciation as of 31/12 263 192 57 083 53 547 373 822Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 93 193 6 086 16 955 116 234Useful life 10-40 years 3-10 years 3-10 years Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__89": {
"value": "DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__6__91-1": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2025 2024Right of use assetsProperty 19 936 0Equipment 20 084 12 927Cars 23 190 5 971Sum 63 210 18 898Additions, right-of-use assets in the period 13 113 9 045Additions by aquisition 52 566 0Disposals of right-of-use assets in the period 0 0Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2025 2024Depreciation charge of right-of-use assetsProperties 4 232 0Equipment 4 226 1 638Cars 5 405 1 718Total 13 863 3 356Interest expense 9 091 1 024Expenses relating to short-term leases*35 744 25 967*Main part of short-term leases is rent of housing for project personnel. The total cash outflow for leases in 2025 was MNOK 21,6 (2024: MNOK 15,4) which includes short/insignificant lease arrangements.2025 2024Right of use assets - developmentRight of use assets - 01.01* 18 898 12 275Additions during the year 13 113 9 045Additions by aquisition 52 566 0Depreciation 13 863 3 356Corrections opening balance -7 504 934Right of use assets - 31.12 63 210 18 89817. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2025 2024Lease liabilities 46 497 15 737Liabilities to financial institutions 168 342 94 598Other long-term liabilities 24 767 24 001Sum 239 606 134 337Interest bearing short-term debt 2025 2024Liabilities to financial institutions 111 280 87 904Seller's credit (included in other current liabilities) 49 952 0Lease liabilities 17 699 4 384Sum 178 931 92 287Debt secured by mortgage 2025 2024Long-term debt to financial institutions 168 342 94 598Short-term debt to financial institutions 111 280 87 904Sum 279 622 182 502The Liabilities to financial institutions of total 280 MNOK include; Nordea long-term loan to EQVA, Nordea drawn revolving credit facility to EQVA (NOK 66 million), Haugsesund Sparebank long term real-estate loan to BKS Eigedom, drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft, car financing loan in IMTAS. The seller's credit to the sellers of IMTAS group (NOK 50 million, less interest), is included in \"other current liabilities\", and has a maturity of less than 1 year.The long term loan from Nordea has a maturity of less than 5 years and the revolving credit facility from Nordea has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan from Haugesund Sparebank to BKS Eigedom has a maturity of 12 years. All the loans have floating interest rates.As pr 31.12 EQVA had the following financial covenants; The long term loan at Nordea has a leverage ratio (NIBD/LTM-EBITDA) step-down that measures 2,25 per 31.12.2025 and 2,0 at Q1 2026. In addition, there is a minimum equity ratio of 32,5%. The real estate loan has a covenant of minimum liquidity of NOK 3 million, and an equity ratio of minimum 20%. In January 2026, EQVA entered into a bond loan term agreement for a bond loan of NOK 500 million. The bond loan term agreement includes financial covenants, that will be applicable from Q1 2026. The financial covenants are: a leverage ratio NIBD/LTM-EBITDA of less than 3,5 for the first 12 months (thereafter 3,25), and a minimum liquidity of NOK 25 million. On March 2026, EQVA entered into a new revolving credit facility agreement with Nordea (replacing the previous facility). Facility of NOK 75 million. The agreement has the following financial covenants: A minimum Equity ratio of 32,5%, minimum liquidity of NOK 50 million, and a periodic clean down during the calendar year.As of 31 December 2025, Eqva ASA are in compliance with the financial covenants.Leasing liabilitiesFor information about group's leasing, see note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__90": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2025 2024Right of use assetsProperty 19 936 0Equipment 20 084 12 927Cars 23 190 5 971Sum 63 210 18 898Additions, right-of-use assets in the period 13 113 9 045Additions by aquisition 52 566 0Disposals of right-of-use assets in the period 0 0Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2025 2024Depreciation charge of right-of-use assetsProperties 4 232 0Equipment 4 226 1 638Cars 5 405 1 718Total 13 863 3 356Interest expense 9 091 1 024Expenses relating to short-term leases*35 744 25 967*Main part of short-term leases is rent of housing for project personnel. The total cash outflow for leases in 2025 was MNOK 21,6 (2024: MNOK 15,4) which includes short/insignificant lease arrangements.2025 2024Right of use assets - developmentRight of use assets - 01.01* 18 898 12 275Additions during the year 13 113 9 045Additions by aquisition 52 566 0Depreciation 13 863 3 356Corrections opening balance -7 504 934Right of use assets - 31.12 63 210 18 898",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__94": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12025Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 279 879 2 721 8 465 -12 551 1 278 514Other revenues 0 0 0 0 0Total revenue from contract with customers 1 279 879 2 721 8 465 -12 551 1 278 514 See note 4 (NOK 1,000)NOTE 14.12024Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 032 856 28 058 0 -179 1 060 736Other revenues 0 0 0 0 0Total revenue from contract with customers 1 032 856 28 058 0 -179 1 060 736 See note 4 NOTE 14.2Contract assets 2025 2024Opening balance 62 828 72 480Payments received on assets from previous balance sheet date 58 828 66 122Assets from contracts entered into current year 67 462 56 470Closing balance 71 462 62 828Contract liabilities 2025 2024Opening balance 5 165 0Revenues booked on liabilities from previous balance sheet date 5 165 0Liabilities from contracts entered into current year 16 875 5 165Closing balance 16 874 5 165Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied 2025 2024performance obligationsTransaction price allocated to remaining performance 0 0Expected delivery of remaining performance obligationsWithin one year 0 0Between one and two years 0 0NOTE 14.4No revenue was recorded in 2025 on previously completed contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__92": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12025Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 279 879 2 721 8 465 -12 551 1 278 514Other revenues 0 0 0 0 0Total revenue from contract with customers 1 279 879 2 721 8 465 -12 551 1 278 514 See note 4 (NOK 1,000)NOTE 14.12024Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 032 856 28 058 0 -179 1 060 736Other revenues 0 0 0 0 0Total revenue from contract with customers 1 032 856 28 058 0 -179 1 060 736 See note 4 NOTE 14.2Contract assets 2025 2024Opening balance 62 828 72 480Payments received on assets from previous balance sheet date 58 828 66 122Assets from contracts entered into current year 67 462 56 470Closing balance 71 462 62 828Contract liabilities 2025 2024Opening balance 5 165 0Revenues booked on liabilities from previous balance sheet date 5 165 0Liabilities from contracts entered into current year 16 875 5 165Closing balance 16 874 5 165Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied 2025 2024performance obligationsTransaction price allocated to remaining performance 0 0Expected delivery of remaining performance obligationsWithin one year 0 0Between one and two years 0 0NOTE 14.4No revenue was recorded in 2025 on previously completed contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__95-1": {
"value": "15. LOSSES TO COMPLETIONAs of 31 December 2025, one ongoing project is estimated to result in a total loss of NOK 5,4 million upon completion. In accordance with the Group\u2019s accounting principles for loss-making contracts, the full expected loss has been recognised in profit or loss in 2025. The estimate is based on current assessments of contract revenue and expected costs to complete at the reporting date. No losses to completion were identified in 2024.27. CONTINGENCIES AND PROVISIONSLegal disputesThere were no legal disputes as of 31 December 2025 that may have a significant or material impact on the companies results or financial position.Tax There were no uncertain tax positions as of 31 December 2025 that may have a significant impact on the companies results or financial position.Guarantees/warrantiesNo material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__100": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2025(NOK 1,000)Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 249 504 249 504Non current receivables 0 6 347 6 347Cash and cash equivalents 0 148 948 148 948Total 0 404 799 404 799Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 96 774 96 774Other long-term liabilities 0 24 767 24 767Lease liabilities 0 64 196 64 196Other current liabilities 0 157 665 157 665Loans and borrowings 0 279 622 279 622 Total 0 623 023 623 0232024(NOK 1,000) Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 192 380 192 380Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Loans and borrowings 0 182 502 182 502 Total 0 440 924 440 924For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation methods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, market risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and mea-surement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is partly exposed to Euro (EUR) - but currency risk is considered to be limited in Eqva`s current operations.Credit/ Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart expo-sure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2025 2024Not past due 183 528 132 764Past due < 3 months 38 658 37 290Past due 3 to 6 months 3 625 5 288Past due over 6 months 973 6 800Impairment -3 768 -6 800Trade receivables 223 017 175 343Contract assets customer contracts 71 462 62 828Total credit/counterparty risk to customers 294 479 238 171Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group moni-tors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Maturities of financial liabilitiesThe tables below analyse the Group's financial liabilities into relevant maturity groupings, based on their contrac-tural maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.Liabilities in balance sheet2025 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsAccounts payables 94 995 1 787 15 -23 0 0 96 774Lease 4 425 4 425 8 849 21 005 25 492 0 64 196Other long-term liabilities 0 0 0 24 767 0 0 24 767Seller's Credit 49 952 0 0 0 0 0 49 952Loans and borrowings 9 731 9 914 94 725 86 220 74 285 34 256 309 132Total 159 102 16 127 103 590 131 969 99 777 34 256 544 8212024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 0 0 0 0 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 0 0 0 24 001 0 0 24 001Loans and borrowings 0 0 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__98": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2025(NOK 1,000)Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 249 504 249 504Non current receivables 0 6 347 6 347Cash and cash equivalents 0 148 948 148 948Total 0 404 799 404 799Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 96 774 96 774Other long-term liabilities 0 24 767 24 767Lease liabilities 0 64 196 64 196Other current liabilities 0 157 665 157 665Loans and borrowings 0 279 622 279 622 Total 0 623 023 623 0232024(NOK 1,000) Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 192 380 192 380Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Loans and borrowings 0 182 502 182 502 Total 0 440 924 440 924For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__97": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2025(NOK 1,000)Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 249 504 249 504Non current receivables 0 6 347 6 347Cash and cash equivalents 0 148 948 148 948Total 0 404 799 404 799Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 96 774 96 774Other long-term liabilities 0 24 767 24 767Lease liabilities 0 64 196 64 196Other current liabilities 0 157 665 157 665Loans and borrowings 0 279 622 279 622 Total 0 623 023 623 0232024(NOK 1,000) Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 192 380 192 380Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Loans and borrowings 0 182 502 182 502 Total 0 440 924 440 924For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation methods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, market risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and mea-surement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is partly exposed to Euro (EUR) - but currency risk is considered to be limited in Eqva`s current operations.Credit/ Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart expo-sure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2025 2024Not past due 183 528 132 764Past due < 3 months 38 658 37 290Past due 3 to 6 months 3 625 5 288Past due over 6 months 973 6 800Impairment -3 768 -6 800Trade receivables 223 017 175 343Contract assets customer contracts 71 462 62 828Total credit/counterparty risk to customers 294 479 238 171Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group moni-tors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Maturities of financial liabilitiesThe tables below analyse the Group's financial liabilities into relevant maturity groupings, based on their contrac-tural maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.Liabilities in balance sheet2025 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsAccounts payables 94 995 1 787 15 -23 0 0 96 774Lease 4 425 4 425 8 849 21 005 25 492 0 64 196Other long-term liabilities 0 0 0 24 767 0 0 24 767Seller's Credit 49 952 0 0 0 0 0 49 952Loans and borrowings 9 731 9 914 94 725 86 220 74 285 34 256 309 132Total 159 102 16 127 103 590 131 969 99 777 34 256 544 8212024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 0 0 0 0 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 0 0 0 24 001 0 0 24 001Loans and borrowings 0 0 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.",
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"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2025(NOK 1,000)Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 249 504 249 504Non current receivables 0 6 347 6 347Cash and cash equivalents 0 148 948 148 948Total 0 404 799 404 799Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 96 774 96 774Other long-term liabilities 0 24 767 24 767Lease liabilities 0 64 196 64 196Other current liabilities 0 157 665 157 665Loans and borrowings 0 279 622 279 622 Total 0 623 023 623 0232024(NOK 1,000) Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 192 380 192 380Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Loans and borrowings 0 182 502 182 502 Total 0 440 924 440 924For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation methods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, market risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and mea-surement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is partly exposed to Euro (EUR) - but currency risk is considered to be limited in Eqva`s current operations.Credit/ Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart expo-sure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2025 2024Not past due 183 528 132 764Past due < 3 months 38 658 37 290Past due 3 to 6 months 3 625 5 288Past due over 6 months 973 6 800Impairment -3 768 -6 800Trade receivables 223 017 175 343Contract assets customer contracts 71 462 62 828Total credit/counterparty risk to customers 294 479 238 171Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group moni-tors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Maturities of financial liabilitiesThe tables below analyse the Group's financial liabilities into relevant maturity groupings, based on their contrac-tural maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.Liabilities in balance sheet2025 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsAccounts payables 94 995 1 787 15 -23 0 0 96 774Lease 4 425 4 425 8 849 21 005 25 492 0 64 196Other long-term liabilities 0 0 0 24 767 0 0 24 767Seller's Credit 49 952 0 0 0 0 0 49 952Loans and borrowings 9 731 9 914 94 725 86 220 74 285 34 256 309 132Total 159 102 16 127 103 590 131 969 99 777 34 256 544 8212024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 0 0 0 0 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 0 0 0 24 001 0 0 24 001Loans and borrowings 0 0 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.29. SUSTAINABILITY AND CLIMATE RISK EQVA considers climate-related risks as part of the Group's overall risk management and sustainability framework. Climate risk may arise both from\ue61cphysical risks\ue61c related to climate change and\ue61c transition risks\ue61c associated with the transition towards a low-emission society.Physical climate risks\ue61cmay include the impact of extreme weather events, such as flooding, heavy precipitation, or frost. For parts of the Group's activities, including project development related to small-scale hydropower through Fossberg Kraft, weather conditions may affect construction timelines and project execution. Climate considerations are therefore\ue61c taken\ue61c into\ue61c accountin\ue61cplanning and project design, including assessments related to local environmental conditions and resilience to weather-related events. While such factors mayinfluence the timing of certain projects, the Group currently considers the overall physical climate risk exposure to be limited.Transition risks\ue61c may arise from changes in political priorities, regulatory developments, or marketexpectations related to climate and environmentalperformance.\ue61cThis may\ue61cinclude new regulations, taxes, reporting requirements, or other policy measuresassociated with the transition to a lower-emissioneconomy. For the Group\u2019s current activities, including operations within BKS, Kvinnherad Elektro andFossberg Kraft, transition risk is considered to berelatively limited. However, political decisions affecting certain industries, such as taxation of the aquaculture sector, may indirectly influence demand for some of the Group\u2019s services.As described in the Group\u2019s sustainability report,EQVA has conducted a structured assessment ofsustainability-related impacts, risks and opportunities (IROs) in line with the ESRS framework. Climate-related risks have been considered as part of this process. The integration of identified IROs into the Group\u2019s broader sustainability governance and reporting frameworkwill be further developed as part of the ongoingimplementation of CSRD and ESRS.At the same time, the transition towards a lower-emission economy is expected to create\ue61c business opportunities\ue61cfor the Group. A\ue61cshare\ue61cof EQVA\u2019s activities contributes to projects with positive climate effects, including electrification projects, energy efficiencyimprovements and technical upgrades within process industries and smelters. Increased focus on the green transition is therefore expected to support long-term demand for several of the Group\u2019s services.Overall, climate-related risks are currently assessed to have a\ue61climited direct impact on the Group\u2019s financial position and future earnings, while the transition towards a more sustainable economy is expected to create new opportunities for growth.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__99-1": {
"value": "Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 96 774 96 774Other long-term liabilities 0 24 767 24 767Lease liabilities 0 64 196 64 196Other current liabilities 0 157 665 157 665Loans and borrowings 0 279 622 279 622 Total 0 623 023 623 02317. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2025 2024Lease liabilities 46 497 15 737Liabilities to financial institutions 168 342 94 598Other long-term liabilities 24 767 24 001Sum 239 606 134 337Interest bearing short-term debt 2025 2024Liabilities to financial institutions 111 280 87 904Seller's credit (included in other current liabilities) 49 952 0Lease liabilities 17 699 4 384Sum 178 931 92 287Debt secured by mortgage 2025 2024Long-term debt to financial institutions 168 342 94 598Short-term debt to financial institutions 111 280 87 904Sum 279 622 182 502The Liabilities to financial institutions of total 280 MNOK include; Nordea long-term loan to EQVA, Nordea drawn revolving credit facility to EQVA (NOK 66 million), Haugsesund Sparebank long term real-estate loan to BKS Eigedom, drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft, car financing loan in IMTAS. The seller's credit to the sellers of IMTAS group (NOK 50 million, less interest), is included in \"other current liabilities\", and has a maturity of less than 1 year.The long term loan from Nordea has a maturity of less than 5 years and the revolving credit facility from Nordea has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan from Haugesund Sparebank to BKS Eigedom has a maturity of 12 years. All the loans have floating interest rates.As pr 31.12 EQVA had the following financial covenants; The long term loan at Nordea has a leverage ratio (NIBD/LTM-EBITDA) step-down that measures 2,25 per 31.12.2025 and 2,0 at Q1 2026. In addition, there is a minimum equity ratio of 32,5%. The real estate loan has a covenant of minimum liquidity of NOK 3 million, and an equity ratio of minimum 20%. In January 2026, EQVA entered into a bond loan term agreement for a bond loan of NOK 500 million. The bond loan term agreement includes financial covenants, that will be applicable from Q1 2026. The financial covenants are: a leverage ratio NIBD/LTM-EBITDA of less than 3,5 for the first 12 months (thereafter 3,25), and a minimum liquidity of NOK 25 million. On March 2026, EQVA entered into a new revolving credit facility agreement with Nordea (replacing the previous facility). Facility of NOK 75 million. The agreement has the following financial covenants: A minimum Equity ratio of 32,5%, minimum liquidity of NOK 50 million, and a periodic clean down during the calendar year.As of 31 December 2025, Eqva ASA are in compliance with the financial covenants.Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2025 2024Buildings 113 443 93 193Machinery, operating equipment 39 899 23 040Contract assets customer contracts 71 462 62 828Inventory 16 011 21 281Accounts receivables 223 017 175 343Bank deposits 148 948 99 377Sum book value of pledged assets 612 780 475 0622025Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchanges *Liabilities to financial182 502 259 608 8 263 161 680 -9 071 279 622institutionsSellers credit to shareholders 19 586 0 49 952 19 586 0 49 952Other long-term liabilities 4 415 0 24 307 0 -3 956 24 766Lease liabilities 20 121 13 113 52 566 21 633 29 64 196Total interest-bearing debt 226 624 272 721 135 087 202 899 -12 998 418 536* Other changes in liab.to fin.inst. includes the disposal of assets and liabilities after the sale of Vassnes Group in Q1 2025. 2024Loans Changes in liabilities(NOK 1,000) Start of period Borrowing* Additions by Installment* Other End of periodaquisitionchangesLiabilities to financial 203 715 71 649 28 862 121 725 0 182 502institutionsSellers credit to shareholders 25 000 0 0 5 414 0 19 586Other long-term liabilities 16 769 1 984 0 14 339 0 4 415Lease liabilities 12 250 9 045 0 3 356 2 180 20 121Total interest-bearing debt 257 734 82 678 28 862 144 834 2 180 226 624*Due to refinancing from DNB to Pareto and Haugesund Sparebank, in additions to repayment of construction loans to SR-Bank the volums of borrowing and installments are abnormal.As of 31 December 2024, the Group was in compliance with all its existing debt covenants.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__101": {
"value": "Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__102": {
"value": "Credit/ Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart expo-sure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2025 2024Not past due 183 528 132 764Past due < 3 months 38 658 37 290Past due 3 to 6 months 3 625 5 288Past due over 6 months 973 6 800Impairment -3 768 -6 800Trade receivables 223 017 175 343Contract assets customer contracts 71 462 62 828Total credit/counterparty risk to customers 294 479 238 171Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__104-1": {
"value": "The age analysis of trade receivables is as follows:NOK (1,000) 2025 2024Not past due 183 528 132 764Past due < 3 months 38 658 37 290Past due 3 to 6 months 3 625 5 288Past due over 6 months 973 6 800Impairment -3 768 -6 800Trade receivables 223 017 175 343Contract assets customer contracts 71 462 62 828Total credit/counterparty risk to customers 294 479 238 171Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received20. OTHER CURRENT AND NON\ue61aCURRENT RECEIVABLES(NOK 1,000)Other non-current receivables 2025 2024Other long term receivables 6 347 8 896Sum other non-current receivables 6 347 8 896Other current receivables 2025 2024Prepayments suppliers 19 536 3 116Employee-related items 0 143Other short-term receivables 6 952 13 778Sum other current receivables 26 487 17 037",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__103": {
"value": "The age analysis of trade receivables is as follows:NOK (1,000) 2025 2024Not past due 183 528 132 764Past due < 3 months 38 658 37 290Past due 3 to 6 months 3 625 5 288Past due over 6 months 973 6 800Impairment -3 768 -6 800Trade receivables 223 017 175 343Contract assets customer contracts 71 462 62 828Total credit/counterparty risk to customers 294 479 238 171Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__6__105": {
"value": "Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group moni-tors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Maturities of financial liabilitiesThe tables below analyse the Group's financial liabilities into relevant maturity groupings, based on their contrac-tural maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.Liabilities in balance sheet2025 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsAccounts payables 94 995 1 787 15 -23 0 0 96 774Lease 4 425 4 425 8 849 21 005 25 492 0 64 196Other long-term liabilities 0 0 0 24 767 0 0 24 767Seller's Credit 49 952 0 0 0 0 0 49 952Loans and borrowings 9 731 9 914 94 725 86 220 74 285 34 256 309 132Total 159 102 16 127 103 590 131 969 99 777 34 256 544 8212024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 0 0 0 0 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 0 0 0 24 001 0 0 24 001Loans and borrowings 0 0 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__106": {
"value": "Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__109-1": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2025 2024Lease liabilities 46 497 15 737Liabilities to financial institutions 168 342 94 598Other long-term liabilities 24 767 24 001Sum 239 606 134 337Interest bearing short-term debt 2025 2024Liabilities to financial institutions 111 280 87 904Seller's credit (included in other current liabilities) 49 952 0Lease liabilities 17 699 4 384Sum 178 931 92 287Debt secured by mortgage 2025 2024Long-term debt to financial institutions 168 342 94 598Short-term debt to financial institutions 111 280 87 904Sum 279 622 182 502The Liabilities to financial institutions of total 280 MNOK include; Nordea long-term loan to EQVA, Nordea drawn revolving credit facility to EQVA (NOK 66 million), Haugsesund Sparebank long term real-estate loan to BKS Eigedom, drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft, car financing loan in IMTAS. The seller's credit to the sellers of IMTAS group (NOK 50 million, less interest), is included in \"other current liabilities\", and has a maturity of less than 1 year.The long term loan from Nordea has a maturity of less than 5 years and the revolving credit facility from Nordea has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan from Haugesund Sparebank to BKS Eigedom has a maturity of 12 years. All the loans have floating interest rates.As pr 31.12 EQVA had the following financial covenants; The long term loan at Nordea has a leverage ratio (NIBD/LTM-EBITDA) step-down that measures 2,25 per 31.12.2025 and 2,0 at Q1 2026. In addition, there is a minimum equity ratio of 32,5%. The real estate loan has a covenant of minimum liquidity of NOK 3 million, and an equity ratio of minimum 20%. In January 2026, EQVA entered into a bond loan term agreement for a bond loan of NOK 500 million. The bond loan term agreement includes financial covenants, that will be applicable from Q1 2026. The financial covenants are: a leverage ratio NIBD/LTM-EBITDA of less than 3,5 for the first 12 months (thereafter 3,25), and a minimum liquidity of NOK 25 million. On March 2026, EQVA entered into a new revolving credit facility agreement with Nordea (replacing the previous facility). Facility of NOK 75 million. The agreement has the following financial covenants: A minimum Equity ratio of 32,5%, minimum liquidity of NOK 50 million, and a periodic clean down during the calendar year.As of 31 December 2025, Eqva ASA are in compliance with the financial covenants.Leasing liabilitiesFor information about group's leasing, see note 13.18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2025 2024Employee-related liabilities 63 162 71 631Warranty provisions 5 000 10 000Prepayment from customers 1 652 20 487Project related costs 7 788 12 917Accrued interest expense (on Seller's Credit) 3 887 129Seller's credit 49 952 0Other current liabilities * 26 224 11 841Total other current liabilities 157 665 127 005See disclosure 14, 15, 17 and 27 for further details and specifications * During the year, the Group paid NOK 9.4 million in contingent consideration to the sellers of Kvinnherad Elektro. The amount related to the sellers\u2019 contractual right to a share of a contingent customer settlement under a profit-sharing arrangement and was paid upon realisation of the underlying amount. Refer to note 10.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__6__107": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2025 2024Lease liabilities 46 497 15 737Liabilities to financial institutions 168 342 94 598Other long-term liabilities 24 767 24 001Sum 239 606 134 337Interest bearing short-term debt 2025 2024Liabilities to financial institutions 111 280 87 904Seller's credit (included in other current liabilities) 49 952 0Lease liabilities 17 699 4 384Sum 178 931 92 287Debt secured by mortgage 2025 2024Long-term debt to financial institutions 168 342 94 598Short-term debt to financial institutions 111 280 87 904Sum 279 622 182 502The Liabilities to financial institutions of total 280 MNOK include; Nordea long-term loan to EQVA, Nordea drawn revolving credit facility to EQVA (NOK 66 million), Haugsesund Sparebank long term real-estate loan to BKS Eigedom, drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft, car financing loan in IMTAS. The seller's credit to the sellers of IMTAS group (NOK 50 million, less interest), is included in \"other current liabilities\", and has a maturity of less than 1 year.The long term loan from Nordea has a maturity of less than 5 years and the revolving credit facility from Nordea has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan from Haugesund Sparebank to BKS Eigedom has a maturity of 12 years. All the loans have floating interest rates.As pr 31.12 EQVA had the following financial covenants; The long term loan at Nordea has a leverage ratio (NIBD/LTM-EBITDA) step-down that measures 2,25 per 31.12.2025 and 2,0 at Q1 2026. In addition, there is a minimum equity ratio of 32,5%. The real estate loan has a covenant of minimum liquidity of NOK 3 million, and an equity ratio of minimum 20%. In January 2026, EQVA entered into a bond loan term agreement for a bond loan of NOK 500 million. The bond loan term agreement includes financial covenants, that will be applicable from Q1 2026. The financial covenants are: a leverage ratio NIBD/LTM-EBITDA of less than 3,5 for the first 12 months (thereafter 3,25), and a minimum liquidity of NOK 25 million. On March 2026, EQVA entered into a new revolving credit facility agreement with Nordea (replacing the previous facility). Facility of NOK 75 million. The agreement has the following financial covenants: A minimum Equity ratio of 32,5%, minimum liquidity of NOK 50 million, and a periodic clean down during the calendar year.As of 31 December 2025, Eqva ASA are in compliance with the financial covenants.Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2025 2024Buildings 113 443 93 193Machinery, operating equipment 39 899 23 040Contract assets customer contracts 71 462 62 828Inventory 16 011 21 281Accounts receivables 223 017 175 343Bank deposits 148 948 99 377Sum book value of pledged assets 612 780 475 0622025Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchanges *Liabilities to financial182 502 259 608 8 263 161 680 -9 071 279 622institutionsSellers credit to shareholders 19 586 0 49 952 19 586 0 49 952Other long-term liabilities 4 415 0 24 307 0 -3 956 24 766Lease liabilities 20 121 13 113 52 566 21 633 29 64 196Total interest-bearing debt 226 624 272 721 135 087 202 899 -12 998 418 536* Other changes in liab.to fin.inst. includes the disposal of assets and liabilities after the sale of Vassnes Group in Q1 2025. 2024Loans Changes in liabilities(NOK 1,000) Start of period Borrowing* Additions by Installment* Other End of periodaquisitionchangesLiabilities to financial 203 715 71 649 28 862 121 725 0 182 502institutionsSellers credit to shareholders 25 000 0 0 5 414 0 19 586Other long-term liabilities 16 769 1 984 0 14 339 0 4 415Lease liabilities 12 250 9 045 0 3 356 2 180 20 121Total interest-bearing debt 257 734 82 678 28 862 144 834 2 180 226 624*Due to refinancing from DNB to Pareto and Haugesund Sparebank, in additions to repayment of construction loans to SR-Bank the volums of borrowing and installments are abnormal.As of 31 December 2024, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__112": {
"value": "18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2025 2024Employee-related liabilities 63 162 71 631Warranty provisions 5 000 10 000Prepayment from customers 1 652 20 487Project related costs 7 788 12 917Accrued interest expense (on Seller's Credit) 3 887 129Seller's credit 49 952 0Other current liabilities * 26 224 11 841Total other current liabilities 157 665 127 005See disclosure 14, 15, 17 and 27 for further details and specifications * During the year, the Group paid NOK 9.4 million in contingent consideration to the sellers of Kvinnherad Elektro. The amount related to the sellers\u2019 contractual right to a share of a contingent customer settlement under a profit-sharing arrangement and was paid upon realisation of the underlying amount. Refer to note 10.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__113": {
"value": "19. NON\ue61aCURRENT FINANCIAL INVESTMENTSThe Group has no investments in financial assets as per 31.12.25 (NOK 0 million as of December 31. 2024).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__115": {
"value": "21. INVENTORY(NOK 1,000) 2025 2024Raw materials (at cost) 16 011 21 281Total Inventories 16 011 21 281Impairment for obsoletness 4 200 500Inventory is measured at the lower of average cost and net realisable value, and consists of raw materials.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__117": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2025 2024Cash at banks - unrestricted 126 614 82 798Cash at banks - restricted 22 344 16 579Total 148 948 99 377Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 22 344 16 579Other 0 2 834At 31 December 2025 the Group had MNOK 10 (2024: NOK mill 88) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__116": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2025 2024Cash at banks - unrestricted 126 614 82 798Cash at banks - restricted 22 344 16 579Total 148 948 99 377Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 22 344 16 579Other 0 2 834At 31 December 2025 the Group had MNOK 10 (2024: NOK mill 88) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__118": {
"value": "23. GOVERNMENT GRANTSNOK (1,000) 2025 2024Received during the year 0 0Released to the income statement 0 0Of this - booked as reduction of other operating expenses 0 0Of this - booked as reduction of capitalized R&D 0 031.12 - Unrecognized income 0 0During the spring 2025 EQVA paid out a rest-balance of MNOK 1,781 related to a completed R&D project.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__119": {
"value": "24. SHARE CAPITALOrdinary shares issued and fully paid2025 2024Number of ordinary shares 83 175 943 75 396 009Par value (NOK) 0.05 0.05Share capital (NOK) 4 158 797 3 769 801All shares have equal rights.Treasury sharesEQVA ASA has reduced its number of treasury shares from 454 290 to 187 623 treasury shares (0.2 % of share capital) as of 31/12/2025.Capital increaseIn 2025 EQVA ASA issued 7 779 934 new shares through 4 capital increases of total MNOK 76,9. The number of shares after the share issue are 83 175 943, at par value NOK 0.05.DividendsIn 2025 EQVA ASA paid NOK 0 in dividend to its shareholders. The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31.12.2025 Controlled by Number of OwnershipsharesNordic Corporate Bank ASA 24 208 639 29,1 %Havila Holding AS 10 000 000 12,0 %ILG AS Gudmund \u00d8vrehus (Board) 8 729 738 10,5 %Egge & \u00d8en AS 5 868 359 7,1 %Apollo Asset Limited 4 300 000 5,2 %Sandhei Holding AS 2 863 532 3,4 %Helsegreen, Ivar 1 373 600 1,7 %Emini Invest AS 1 290 000 1,6 %HSR Invest AS 1 290 000 1,6 %Innidimann AS 1 290 000 1,6 %Celia Holding AS 1 216 769 1,5 %MP Pensjon PK 1 177 768 1,4 %Erik Arnesen Holding AS 1 123 288 1,4 %Medi\u00e5 Holding AS 1 123 288 1,4 %K E Invest A/S 1 046 311 1,3 %Other shareholders (<1 %) 16 274 651 19,6 %Number of shares 83 175 943 100 %Shareholders as of 31.12.2024 Controlled by Number of OwnershipsharesNordic Corporate Bank ASA 15 920 716 21,1 %Havila Holding AS 10 000 000 13,3 %Nintor AS Tore Torkildsen (Board) 8 729 739 11,6 %ILG AS 8 729 738 11,6 %FLE Invest AS Even Matre Ellingsen (CEO) 8 297 628 11,0 %ROS Holding AS 5 660 027 7,5 %Emini Invest AS 1 290 000 1,7 %HSR Invest AS 1 290 000 1,7 %Innidimann AS 1 290 000 1,7 %MP Pensjon PK 1 162 768 1,5 %K E Invest A/S 986 193 1,3 %Helsegreen, Ivar 870 901 1,2 %MCE Holding AS 750 434 1,0 %Other shareholders (<1 %) 10 417 865 13,8 %Number of shares 75 396 009 100 %",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__120": {
"value": "Treasury sharesEQVA ASA has reduced its number of treasury shares from 454 290 to 187 623 treasury shares (0.2 % of share capital) as of 31/12/2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__121": {
"value": "DividendsIn 2025 EQVA ASA paid NOK 0 in dividend to its shareholders. The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31.12.2025 Controlled by Number of OwnershipsharesNordic Corporate Bank ASA 24 208 639 29,1 %Havila Holding AS 10 000 000 12,0 %ILG AS Gudmund \u00d8vrehus (Board) 8 729 738 10,5 %Egge & \u00d8en AS 5 868 359 7,1 %Apollo Asset Limited 4 300 000 5,2 %Sandhei Holding AS 2 863 532 3,4 %Helsegreen, Ivar 1 373 600 1,7 %Emini Invest AS 1 290 000 1,6 %HSR Invest AS 1 290 000 1,6 %Innidimann AS 1 290 000 1,6 %Celia Holding AS 1 216 769 1,5 %MP Pensjon PK 1 177 768 1,4 %Erik Arnesen Holding AS 1 123 288 1,4 %Medi\u00e5 Holding AS 1 123 288 1,4 %K E Invest A/S 1 046 311 1,3 %Other shareholders (<1 %) 16 274 651 19,6 %Number of shares 83 175 943 100 %Shareholders as of 31.12.2024 Controlled by Number of OwnershipsharesNordic Corporate Bank ASA 15 920 716 21,1 %Havila Holding AS 10 000 000 13,3 %Nintor AS Tore Torkildsen (Board) 8 729 739 11,6 %ILG AS 8 729 738 11,6 %FLE Invest AS Even Matre Ellingsen (CEO) 8 297 628 11,0 %ROS Holding AS 5 660 027 7,5 %Emini Invest AS 1 290 000 1,7 %HSR Invest AS 1 290 000 1,7 %Innidimann AS 1 290 000 1,7 %MP Pensjon PK 1 162 768 1,5 %K E Invest A/S 986 193 1,3 %Helsegreen, Ivar 870 901 1,2 %MCE Holding AS 750 434 1,0 %Other shareholders (<1 %) 10 417 865 13,8 %Number of shares 75 396 009 100 %",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "0.0",
"decimals": 0,
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"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
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},
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"value": "0.0",
"decimals": 0,
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"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"f1__s8__6__124": {
"value": "25. EARNINGS PER SHARE (NOK 1,000) 2025 2024Profit attributable to equity holders of parent 44 654 29 872Weighted average number of shares outstanding (1,000 shares) 80 173 72 106Earnings per share (NOK) 0,56 0,41Adjusted weighted average number of shares outstanding (1,000 shares) 81 939 76 953Diluted earnings per share (NOK) 0,54 0,39Earnings from continued operationsEarnings per share (NOK) 0,40 0,41Diluted earnings per share (NOK) 0,39 0,39Adjusted earnings from continued operationsEarnings per share (NOK) 0,40 -0,06Diluted earnings per share (NOK) 0,39 -0,05As of 31 December 2025, 1 353 334 options were included in the diluted weighted average number of shares calculation. 1 493 333 options were excluded from the diluted weighted average number of shares calculation because their effect would have been anti-dilutive.The group has no convertible loans with a future dilution effect.Adjusted earnings from continuing operations exclude the effect of the sale of PSV Charisma in 2024, thereby pro-viding a more comparable basis for 2025 earnings per share from continuing operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__125": {
"value": "26 DISCONTINUED OPERATIONSale of shares in Vassnes Solutions ASthOn the 26 of March 2025, the shares in Vassnes Solutions AS (incl. the subsidiaries Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS) was sold from Kvinnherad Elektro AS to Helgevold Industri Invest AS for NOK 10 million.Vassnes Solutions AS (with subsidiaries) was part of the Industrial Solutions business area. The business provided power & automation services and solutions. The disposal was executed following a period of weak financial performance, and management assessed that the sale created more value for shareholders than continued operations. As a result, the business has been classified as dicontinued operations in accordance with IFRS 5.Results of discontinued operations 2025 2024Revenue 47 335 48 871 Operating expenses 53 815 47 245 EBITDA -6 480 1 626 Depreciation and amortization 554 289 EBIT -7 034 1 337 Net financial items -1 071 -1 167 Profit before tax -8 104 170 Income tax expense (estimate, 0%) 0 0 Profit/(loss) from ordinary operations of discontinued business (after tax) -8 104 170 Gain on disposal (after tax) (on full consolidated basis) * 20 894 Profit/(loss) for the period from discontinued operations (after tax) 12 790 Earnings per share from discontinued operations (NOK) 0,16 0,00Diluted earnings per share from discontinued operations (NOK) 0,16 0,00Cash flows from discontinued operations 2025 2024Net cash flow from operating activities 4 766 1 626 Net cash flow from investing activities -1 164 8 479 Net cash flow from financing activities -265 -8 879 Net cash flow from discontinued operations 3 337 1 226 Consideration and gain on disposal (on full consolidated basis) * 2025Cash consideration received 10 000 Total consideration 10 000 Carrying value of net assets disposed -10 894 Disposal costs 0 Gain before tax 20 894 Income tax 0 Gain after tax 20 894 * the majority ownership share was 51%Derecognition of negative NCI on disposal 2025Recognized minority interest on time of acquisition -12 333 Minority share of result Vassnes Group since acquisition -3 888 Total derecognized NCI on disposal -16 221Additional information Vassnes Solutions AS (with subsidiaries) was not a separate reportable segment under IFRS 8, but formed part of the Industrial Solutions segment.The disposal does not affect the Group's continuing segment structure.No material guarantees, earn-outs or contingent considerations were linked to the disposal consideration.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__130": {
"value": "27. CONTINGENCIES AND PROVISIONSLegal disputesThere were no legal disputes as of 31 December 2025 that may have a significant or material impact on the companies results or financial position.Tax There were no uncertain tax positions as of 31 December 2025 that may have a significant impact on the companies results or financial position.Guarantees/warrantiesNo material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__129": {
"value": "27. CONTINGENCIES AND PROVISIONSLegal disputesThere were no legal disputes as of 31 December 2025 that may have a significant or material impact on the companies results or financial position.Tax There were no uncertain tax positions as of 31 December 2025 that may have a significant impact on the companies results or financial position.Guarantees/warrantiesNo material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__128": {
"value": "27. CONTINGENCIES AND PROVISIONSLegal disputesThere were no legal disputes as of 31 December 2025 that may have a significant or material impact on the companies results or financial position.Tax There were no uncertain tax positions as of 31 December 2025 that may have a significant impact on the companies results or financial position.Guarantees/warrantiesNo material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__126": {
"value": "Derecognition of negative NCI on disposal 2025Recognized minority interest on time of acquisition -12 333 Minority share of result Vassnes Group since acquisition -3 888 Total derecognized NCI on disposal -16 221",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__131": {
"value": "28. RELATED PARTY TRANSACTIONS Transactions with related parties The Group has various transactions with related parties. All the transactions have been carried out as part of the ordinary operations and at arms` length principle.The most significant transactions are as follows:(NOK 1 000)Handeland Gard AS Sales to related parties Purchases from related Accounts payables to related parties parties 2025 0 0 02024 0 550 0Even Matre Ellingsen, ENK Sales to related parties Purchases from related Accounts payables to related parties parties 2025 0 388 02024 0 1 550 0The balance sheet includes the following receivables and payables resulting from transactions with associated companies:2025 2024Account receivables 0 0Account payables 0 0Net total (positive sign - net receivable) 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__133": {
"value": "30. SUBSEQUENT EVENTSRefinancing through bond loan and new RCFIn January 2026, EQVA entered into a bond loan term agreement for a bond loan of NOK 500 million. The bond loan term agreement includes financial covenants, that will be applicable from Q1 2026. The financial covenants are: a leverage ratio NIBD/LTM-EBITDA of less than 3,5 for the first 12 months (thereafter 3,25), and a minimum liquidity of NOK 25 million.On March 2026, EQVA entered into a new revolving credit facility agreement with Nordea (replacing the previous facility). The agreement has the following financial covenants: A minimum Equity ratio of 32,5%, minimum liquidity of NOK 50 million, and a periodic clean down during the calendar year.Acquisition of Einar \u00d8grey Farsund ASIn March 2026, EQVA entered into an agreement to acquire the mechanical and electro-mechanical operations of EInar \u00d8grey Farsund AS. The transaction will strengthen EQVA's capacity within mechanical and electro-mechanical services and expand the group's presence in Southern Norway, while providing access to a broader customer base and specialized technical expertise.The acquired business has approximately 65 employees, and provides services including engineering and design, mechanical fabrication, installation, maintenance of mechanical equipment and structures, certification and inspection of lifting equipment, non-destructive testing (NDT), and 3D-modelling & scanning.For 2025, the acquired business generated an estimated NOK 160 million and EBITDA of approximately NOK 15 million.The transaction is expected to be completed during the second quarter of 2026, subject to customary conditions. Prior to completion, the HVDC operations of Einar \u00d8grey Farsund will be demerged from the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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}
}