Erria (ERRIA) Investor presentation summary

Business overview and strategy

• Operates a capital-light, multi-segment maritime services platform with five business units across Denmark, Vietnam, and Singapore, serving blue-chip clients in offshore energy, container shipping, and maritime infrastructure.

• Combines Nordic governance with strong operational capabilities in Southeast Asia, leveraging over 20 years of local experience.

• Pursues growth through selective acquisitions, targeting capital-light maritime service businesses in Denmark, Vietnam, and adjacent Asian markets.

• Maintains a recurring contract base with major clients such as Orsted, Maersk, ONE, and Hapag-Lloyd.

• Integration model retains existing management teams and consolidates back-office functions for synergies.

Financial performance and capital structure

• Achieved record 2025 revenue of DKK 215.2m (+13.6% YoY), EBITDA of DKK 12.0m (+15.4%), and net profit of DKK 8.0m (+11.2%).

• ROIC reached 43.1% in 2025, significantly above the sector WACC of 8-12%.

• Equity rebuilt from negative DKK 11.7m to positive DKK 23.3m over four years, with no bank debt.

• Near-full free cash flow conversion, with organic FCF matching net profit at DKK 8.0m.

• Strengthened balance sheet through a DKK 6.5m directed share issue in March 2026 and a planned DKK 16m rights issue.

Business units and acquisitions

• Five business units: Maritime Services (DK), Nordic Marine Partner (DK), Mermaid Maritime (VN), Cathay Seal (SG), and Erria Container Services (VN).

• Recent acquisitions: Mermaid Maritime Vietnam (2021), Cathay Seal Singapore (2022), and Nordic Marine Partner Denmark (2025).

• All acquisitions structured with cash, shares, and deferred payments to align management interests.

• Active acquisition pipeline in Denmark and Southeast Asia, aiming for 1-2 acquisitions per year in 2026-2027.