Eqva (EQVA) investor relations material

Market context and positioning

• Norway faces a structural shift with power consumption outpacing new production, especially in NO2 region.

• Demand is driven by data centers, hydrogen, ammonia production, and electrification of industry and transport.

• Hydropower is highlighted as the key solution due to its regulatable nature, unlike solar and wind.

• Few players are positioned to deliver new, controllable renewable capacity.

Business model and track record

• Seven power plants developed and sold since 2018, validating a repeatable business model.

• Model involves identifying water rights, securing permits, building, and selling completed plants, with optional ongoing operations for buyers.

• Over 85 GWh of water rights in the project pipeline, with continuous growth expected.

Recent project and financials

• Sale of Gjosa Kraftverk in Sirdal (NO2) confirms business model, with 8.7 GWh annual production and 3.5 MW installed capacity.

• Sale value NOK 62–67 million, gross margin NOK 10–15 million, and 19–29% return on invested capital.

• Implied value per GWh production capacity is NOK 7.1–7.7 million.