Half year results 2024 – Solid performance, guidance increased for full-year sales and EBITDA-margin

29 August 2024: EQVA ASA (OSE: EQVA) delivered a strong first half of 2024, with group revenues of NOK 509 million, a growth of 53 percent compared to the corresponding period in 2023. The EBITDA the first half year was NOK 62 million (NOK 19 million same period in 2023). The EBITDA margin was 12.3 percent, up from 5.7 percent in the first half of 2023.

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EQVA’s main operational segment, Products, Solutions & Renewables, spearheaded by the BKS Group recorded 44 percent revenue growth year-over-year. The EBITDA the first half year was NOK 39 million (NOK 22 million same period in 2023), up 79 percent from same period in 2023. The EBITDA margin for the segment was 8.2 percent, compared with 6.6 percent last year.

“EQVA delivered a strong first half year, building on the positive developments we have seen in the last quarters. The Products, Solutions & Renewables segment continues to experience high activity across all businesses and projects, resulting in significant volume and margin growth,” says CEO Even Matre Ellingsen.

The orderbook at the end of the first half of 2024 was NOK 556 million, compared to NOK 441 million a year ago and NOK 487 million at year-end 2023. The group expects continued robust order intake and high activity level throughout 2024.

Updated outlook for 2024

EQVA operates in markets that continue to be challenged by inflation, high interest rates, and general uncertainty. Despite this, the company benefits from its flexible business model, diversified services, and a strong reputation among its Norwegian customers, investors, and other business partners. Hence, EQVA reaffirms its positive outlook and increases its guidance for turnover and EBITDA margin for the year.

EQVA estimates 2024 revenues in the range of NOK 750-850 million, an increase of NOK 100 million from the previous Q1 2024 guiding. In addition, the company raises its expected EBITDA margin to 6-8%, up from 5-7 % from its Q1 2024 guiding. The company is progressing steadily towards achieving its goal of long-term EBITDA margin between 7-9 percent.

“I am proud of our ability to adapt and innovate in the challenging market environment we have seen in recent quarters. We are well positioned to seize opportunities and drive sustainable growth, both on group level and in all our portfolio companies. We are excited about the future and that we now raise our full year guidance, which makes me confident in our capacity to deliver value for our shareholders going forward”, says Matre Ellingsen.

Presentation
A presentation of the results will be held by CEO Even Matre Ellingsen and CFO Petter Sørdahl. The presentation will be available on the company’s web site www.eqva.no and https://vimeo.com/event/451838... from 09:00 CET.