EQVA ASA Sustainability report 2023

EQVA ASA

SUSTAINABILITY REPORT 2023

CEO LETTER FORGING A PATH TO SUSTAINABILITY

In an era of increasing environmental concerns and social responsibilities, our commitment to sustainability is more critical than ever. At EQVA ASA, we recognize that the path to a sustainable future begins with us. We are committed to embracing sustainable practices and minimizing our environmental footprint while maximizing our positive social impact.

The regulatory landscape is evolving, with governments worldwide enacting policies and regulations to promote sustainability. We're proactively adapting to these changes to stay ahead of the curve. Sustainability is more than just compliance; it's a source of competitive advantage. Our commitment to sustainability allows us to differentiate ourselves in the market, attract like ­minded partners, and meet the evolving demands of consumers.

At EQVA, we aspire to instil our sustainability initiatives with clear direction, focus, and tangible impact. A key mechanism for achieving this objective is through the formation of a sustainability approach that includes measurement, assessment, and quantification. In 2023, we formed stronger partnerships with our stakeholders, reinforcing our commitment to our ethical guidelines.

Our operational ethos aims to fully integrate sustainability, affording us valuable opportu nities to realise requisite profitability while concurrently delivering solutions that yield a positive societal influence. This overarching goal is rooted in our core objective of sustain able long­term growth. In our daily decisionmaking and service provision, we therefore endeavour to make choices that contribute to a greener and more equitable society.

This report, which is EQVA's first sustainability report on a group level, we are taking the next step in the pursuit of positive environmental and social change, while ensuring strong financial performance. Our journey toward sustainability is ongoing – we are continuously setting new targets and exploring innovative solutions.

Thank you for being a part of our journey!

Best Regards,

CEO

VALUES

ABOUT EQVA

EQVA ASA is a knowledge ­based active owner of industrial service companies that contribute to the green transition in maritime, power intensive and renewable industries.

The group has a well­ diversified product and market portfolio. Further growth and value creation will be obtained through a combination of industrial excellence in each portfolio company, synergies between the companies in the group and targeted M&A activities.

Key companies in the group are BKS and Fossberg Kraft, each building on decades of experience and widely recognised by clients in a broad range of industries.

In November 2023, we made the strategic decision to divest Havyard Leirvik. The transaction allows EQVA to concentrate on further development of its portfolio companies BKS and Fossberg Kraft. Additionally, as an investment company

and active owner, EQVA will be targeting new investment opportunities that contribute to the green transition in maritime, power intensive and renewable industries. As they are no longer a part of the group, we will not highlight them throughout this report. The performance and sustainability efforts of Havyard Leirvik during this period reflect the shared values and principles that guided our subsidiary companies. However, they are not a part of the future strategic framework presented in this report.

At EQVA, sustainability is at the core of our operations. We will remain committed to achieving our sustainability goals and maintaining transparency in our reporting with reference to the GRI Standards. Through our actions and initiatives, we aim to make a positive and lasting impact on the industrial service companies in our group, our employees, value chains, local communities, and the world at large.

WE ARE PROFESSIONALS

We strive to maintain high standards, integrity, and accountability in everything we do in our work. We act honestly, fairly, and respectfully in all work situations, taking responsibility for our actions and considering ethical implications in our decisions.

WE ARE RELIABLE

We aim to be a trustworthy provider; we keep our promises and fulfil our commitments and pledges. Our customers, partners, and colleagues can rely on us to maintain a high standard of professionalism and ethics.

WE ARE INNOVATIVE

We promote creativity, innovation, and thinking outside the box. We are open to new ideas, explore new opportunities, and continuously engage in improvement and development. Our innovation should contribute to effective solutions, sustainable development, and economic growth.

WE THINK LONG-TERM

We have a plan and strategy to achieve long­term goals, with a focus on environmental, economic, and social factors to ensure that our actions and decisions do not negatively impact future generations.

GLOBAL MEGATRENDS

Digitalization

Decarbonization and sustainability

Energy conversion

A STRONG FOUNDATION FOR FURTHER VALUE CREATION

These global megatrends are undeniably reshaping the landscape of both maritime and land­based industry sectors. This transformation is primarily instigated by the introduction and reinforcement of new environmental regulations worldwide. Governments and international bodies are increasingly recognizing the urgent need to address the environmental challenges posed by these industries.

This has led to a profound paradigm shift within the sectors in which we operate. The conventional, emissionsintensive approaches that have long been the norm are giving way to a new era of sustainability. This shift towards low emission solutions is not merely a compliance­driven endeavour; it is increasingly becoming a competitive advantage. Businesses that proactively

embrace sustainability and reduce their environmental footprint are not only meeting regulatory requirements but also gaining favour with environmentally conscious consumers and investors.

As we move forward, it is vital that EQVA deepen our commitment to low emission solutions, monitor evolving regulations, and leverage sustainability as a cornerstone of our strategies. The path to a more sustainable future for maritime and land­based industries is not only a moral imperative but also a strategic imperative for long­term success. In times of crisis, there is also opportunity. We view the pressing challenges of our era as opportunities to innovate, lead, and demonstrate our dedication to shaping a sustainable future.

Digitalization

The Norwegian government and EU green deal support solutions in maritime and landbased industries (i.e. Enova in Norway) where emission cuts are solved by improving efficiency through digitalization.

Uptake of more advanced technology is expected to increase in the coming years due to government requirements and stakeholder expectations.

Decarbonization and sustainability

The Norwegian government aims to facilitate emissionfree solutions along the coast.

• Reducing emissions from domestic shipping and fishing vessels by half by 2030

Ambitions of IMO's GHG Strategy:

• 40% reduction of CO2e by 2030, compared to 2008

• Uptake of zero or near­zero GHGe technologies, fuels and/or energy sources to represent at least 5%, striving for 10%, of the energy used by 2030

• GHGe from international shipping to reach net zero by or around 2050

Energy conversion

The cost of energy and climate emissions expected to rise with regulatory measures e.g., carbon tax.

EU's CO2 Emission Trading System (ETS)

• Achieved 35% reduction of CO2e from power generation and energy­intensive industries between 2005 and 2021

• 2030 target for ETS emissions increased to ­ 62% (previously ­ 43%), compared to 2005

• Expanded to include the maritime sector

SUSTAINABILITY APPROACH

EQVA has started the process of continuously engaging stakeholders and running periodic materiality analysis to define our most pressing environmental, social, and governance topics (ESG), which forms the foundation for our Sustainability Approach.

EQVA ' s Sustainability Approach is rooted in the following strategic framework:

ESG STRATEGY

Defining a clear ESG commitment based on the key sustainability aspects and material topics that matters the most for EQVA and our subsidiaries, ensuring the alignment of our business strategy and stakeholder expectations.

KEY OBJECTIVES AND RESPONSIBILITIES

INTEGRATION AND EXECUTION

CONTINUOUS IMPROVEMENT

STAKEHOLDER ENGAGEMENT

Measurable goals, KPIs, the continuous assessment of the scope and impact of EQVA's actions.

Ensuring that the ESG strategy is successfully aligned with EQVA's business strategy and aligned with our long-term vision. This involves data collection and management for all relevant sustainability metrics.

Track progress, evaluate impact, identify improvements, and re-assess goals.

Track progress, evaluate impact, identify improvements, and re-assess goals.

EQVA engages actively with the UN Sustainable Development Goals (SDGs). These 17 goals are a fundamental driver of our corporate strategy, shaping the framework through which we create long­term value.

In 2022, EQVA's subsidiaries Havyard Leirvik (now divested) and BKS began the process of identifying their most significant SDGs. This process laid some of the groundwork for our approach to our ESG strategy. In early 2023, EQVA reviewed the results of the separate SDG workshops conducted by its companies and found that three of the identified goals were common for both.

While EQVA recognises our part of the shared responsibility to achieve all of the 17 SDGs, we wanted to identify those where we can make the greatest impact. Consequently, we have decided to work further on these goals in the effort to adopt common SDGs as representative of the entire group. As a result of this process, we have adopted these common SDGS as representative for the entire group.

Our engagement with these SDGs forms the foundation of EQVA's Sustainability Approach which is based on our most relevant ESG topics.

In our commitment to fostering a sustainable future, we recognize the vital importance of collaboration, dedication, and structured efforts. To this end, we have in 2023 established a Sustainability Group that forms the cornerstone of our organisation's sustainability approach. This group embodies our dedication to environmental and social responsibility, providing a platform for innovation and collective action to drive positive change. Consisting of cross­functional team members from all companies in our group.

The Sustainability Group is entrusted with a number of critical functions:

• Strategy Development: crafting the group's ESG strategy, setting long­term goals, and defining the roadmap to achieve them.

• Reporting and Communication: collecting, analysing, and reporting sustainability data, thus ensuring transparency and accountability.

Our ongoing commitment to sustainability has yielded significant achievements, including but not limited to:

• BKS achieved the ISO 45001:2018 certification

• In 2023, EQVA initiated the establishment of ESG strategies and materiality assessment processes at a group level.

MATERIALITY ASSESSMENT & STAKEHOLDER DIALOGUE

EQVA acknowledges the significance of conducting a materiality assessment for the group, with reference to the GRI standards. The company has in 2023 conducted a double materiality assessment across all group companies. In this process, the materiality assessment has been linked to our influence on the UN Sustainable Development Goals (SDGs).

To arrive at these key material topics, we have carried out a double materiality assessment of material ESG topics. This process has been overseen and approved by our Board of Directors and Sustainability Group. In our assessment, we have considered the impact EQVA has on these material topics and the importance they hold for our value creation, both risks and opportunities. Additionally, we have identified and added the topics our stakeholders hold most significant through surveys and dialogue.

Global megatrends and the need for an urgent shift towards a more sustainable world pose both threats and opportunities for EQVA, while we also have a significant impact throughout our own operations, supply chain, and services. In order to achieve longterm value for our employees, clients, and society as a whole – the following topics are considered material for reporting purposes in 2023.

Environmental

Social

Governance

• Enabling the Green transition

• Energy Management

• Climate Impacts & GHG Emissions

• Human development & Wealth

• Employee health, Safety & Wellbeing

• Diversity, Equity, & Inclusion

• Local Communities & Supply Chain

• Ethical Business Practices

• Anti­ corruption & Bribery

At EQVA, our commitment to sustainability is deeply rooted in our mission to make a positive impact on people, the planet, prosperity, and governance. In this pursuit, we prioritize the identification of material topics – the key areas that hold the most significant potential to influence our value creation, and that encompass both the tangible and potential environmental and social consequences resulting from our actions across the entire value chain. By analysing the entirety of our value chain, we are able to provide a comprehensive view of the group's operations, thus proactively address key concerns and areas of potential impact.

These material topics do not only guide our strategic focus but also serve as a compass for responsible decision­making. They represent the pivotal issues that

underpin our commitment to sustainability and steer our efforts towards sustainable business practices. By identifying and addressing these topics, we aim to not only mitigate the negative impacts but also enhance the positive contributions we make to our surroundings and communities.

To summarise; our dedication to these material topics reflects our responsibility as a corporate citizen and our aspiration to be a force for positive change. This commitment underscores our recognition that value creation extends far beyond financial measures; it encompasses the well­being of society, the preservation of our environment, the promotion of economic prosperity, and the cultivation of ethical governance.

STAKEHOLDER ENGAGEMENT

STAKEHOLDER ENGAGEMENT ACTIVITIES ACTIONS TAKEN

Employees, including management

• General meetings

• Meeting with HR manager

• Department meetings

• Professional gatherings

• Employee surveys

• Employee discussions

• AMU committee

• Safety inspections or Safety rounds

• Continuous contact through projects

Customers

Suppliers

Shareholders

Financial intuitions / authorities

Team sports, environment, culture, local communities

• Meetings

• Tenders

• Annual planning meeting

• Negotiations with specific suppliers

• Supplier requirements

• Regular follow-up meetings

• Supplier audits

• General Meeting

• Quarterly Report

• Annual Report

• Reporting of significant news through Oslo Børs and the company's website

• Quarterly reporting and assessment

• Sponsorship agreements

• Participation at events

• Establishing a good routine for better structures, communication, instruction, and planning

• Commitment to development opportunities

• Presence at conventions and expos, being where the customers are

• Effective public communication

• Improve routines

• The Suppliers Code of Conduct is part of the agreement basis for both existing and new suppliers

• ESG reporting

• Statement of due diligence assessment

• ESG reporting

• Statement of due diligence assessment

• Establishing a sponsorship policy

• Increase visibility and presence

Society

• Mandatory and non-mandatory reporting through stock exchange news and website

• Social media

• ESG reporting

• Statement of due diligence assessment

MATERIAL TOPICS Environment

ENABLING THE GREEN TRANSITION

With our aim to be a leading owner of industrial service companies that contribute to the green transition in maritime, power­intensive, and renewable industries, we recognise the significant responsibility we have in managing our environmental production footprint. We are committed to not only promoting the green transition and sustainable solutions for our customers but also reducing our own climate and environmental impact.

AT EQVA

• We are dedicated to both minimizing our environmental impact and be a forerunner in the green transition, maritime, power intensive and renewable industries. Through our subsidiaries we operate with a focus on energy efficiency, emissions reduction, and the responsible disposal of waste.

• We aim to monitor our environmental performance and strive for continuous improvement through the creation of a strategy for regular assessments and audits.

CO2 EMISSION AND MITIGATION

Through our subsidiaries, EQVA has taken the first steps towards measuring and reducing the group's total emissions.

BKS companies are involved in a large number of environmental projects and have become important suppliers to many sustainable environmental investment projects. They are involved in projects reducing the environmental footprint of the maritime­ and land­based industry and energy saving projects in the process industry. We see the environment as an important area of industrial growth. BKS is certified according to ISO 14001.

BKS'S Emissions is divided in the following way for 2023:

• Scope 1: 264,70 tCO2e (19,3%)

• Scope 2: 490,18 tCO2e (35,7%)

• Scope 3: 619,54 tCO2e (45,0%).

The full breakdown is available in BKS's 2023 Sustainability Report

Fossberg Kraft is documenting their emissions through their operational partnerships.

Actions Taken

• The initiation of the development of a system to accurately capture emissions on a group level

• BKS ISO 14001 certification.

Further aims and aims for 2024

• BKS aims to increase their recycling degree to 96% in 2024

• The further development of a system to accurately capture emissions on a group level.

ENERGY MANAGEMENT

Efficient energy use and sustainable energy sourcing are crucial for ensuring a secure supply while also reducing EQVA's global greenhouse gas footprint. Although EQVA has a relatively small energy consumption at the corporate level, some of our subsidiaries are energy­intensive and rely on fossil fuels in their services. Therefore, EQVA is proactively engaging with our subsidiaries to reduce energy usage and minimise our carbon footprint.

BKS has been certified with the ISO 14001 environmental certificate, which recognises their efforts to reduce their environmental impact. This international standard requires companies to set objectives and actively work to reduce their environmental impact, particularly in areas such as greenhouse gas emissions and chemical usage. External parties regularly monitor and evaluate their activities related to certification according to ISO standards.

Actions Taken

• Consistent engagement with subsidiaries to reduce energy usage and minimise carbon footprint.

Further Aims

• Developing a framework at group level to to reduce energy usage and minimise carbon footprint.

Social

We are committed to always ensuring safe operations. We firmly believe that all incidents can and should be prevented, which is why we operate under a zero ­harm philosophy at all of our subsidiaries that guides our everyday work. In EQVA, having a skilled, engaged, and diverse workforce is the key to our continued success, and we are committed to provide a safe and healthy work environment for all our employees across all subsidiaries.

OUR PEOPLE

• Performance ­ driven culture – focus on environment, safety and superior quality in everything we do.

• 355 employees within the group with complementary competences.

AT EQVA

• We place a high value on the safety and well­being of our employees, ensuring that our products, solutions, renewables maritime services adhere to the highest safety standards.

• We are committed to fostering a diverse and inclusive workforce and maintaining good labour practices across our organisation and value chain.

EMPLOYEE HEALTH, SAFETY, AND WELLBEING

EQVA recognises that a strong health and safety culture is vital to our operations. Our environment, health, and safety (HMS) efforts are centred on a zero­harm philosophy, and we have started the implementation of HMS management systems to work systematically towards this united goal throughout the group. This is equally important as a practice within the companies and throughout their supply chains, as health, safety, and wellbeing must be a priority at every level.

The number of injuries across our subsidiaries where flat from 2022 to 2023 and there were no fatalities or no high­consequence injuries in any of our subsidiaries during 2023.

We continually monitor and improve our health and safety performance, and we aim to reduce the number of incidents by identifying and addressing risk areas through effective risk assessments and proactive measures.

Key statistic from our subsidiaries in 2023

*H1­value shows the frequency of occupational accidents that are serious enough to result in absence from work.

Actions Taken

• Implementation of HMS management

Aims for 2024

• Zero injuries

DIVERSITY, EQUITY, AND INCLUSION

As knowledge­based owner of industrial service companies, EQVA aims to promote diversity, equity, and inclusion and have highly qualified board members and managers that serve as role models in their companies no matter of gender. Women are well represented in our boards but are underrepresented in leadership roles at corporate level and in our portfolio companies. During the latest years, our companies have worked to recruit more women to the industry, and BKS have made progress in this area. EQVA has a no­tolerance policy for any forms of discrimination based on gender, pregnancy, leave due to pregnancy or adoption, ethnicity, religion, sexual­orientation, gender identity and expression, religion, disability, or age.

In 2022 BKS initiated a process to promote diversity and combat discrimination systematically. This process followed the four mandatory steps outlined in Norwegian law regarding equal rights and discrimination: (1) risk assessment, (2) analysis of identified risks, (3) implementation of appropriate measures, and (4) evaluation of results from steps 1–3. The details of this process is outlined in a separate document and made publicly available on the company's websites.

*In

BKS is the only subsidiary large enough to have data on renumeration, see their 2023 Sustainability report for more information.

Actions Taken

• Measures to foster a better work­life balance and promote overall health.

• Active recruitment to handle increase in workload.

Aims for 2024

• Continue progress in recruitment of women to the industries where the EQVA operates.

HUMAN DEVELOPMENT AND WEALTH

In EQVA, we recognise that to achieve our goal of becoming a leading owner of knowledge ­based industrial service companies, we must prioritise competence development among our managers and future executives, while also recruiting top talent to our portfolio companies.

In 2022, we launched our employee incentive scheme to not only align top managers and other employees in the group with the interests of the owners, but also to align their ambitions with EQVA's ambition –to being a leading contributor to the green transition in the maritime, power­intensive, and renewable industries. We believe that providing opportunities for wealth growth will not only benefit our employees, but also strengthen our overall organisation as we work towards a sustainable future. In 2023, we have further committed to this process.

Actions Taken & aims for 2024

• The continuation of the employee incentive scheme.

HUMAN RIGHTS

EQVA is committed to follow the UN's guiding principles on business and human rights (UNGP), and we believe transparency is crucial to ensure high­ quality services that adhere to ethical standards. We support the increasing adoption of international best practices into legal requirements, such as Norway's Transparency Act. This legislation obliges Norwegian companies to evaluate and mitigate negative impacts on human and labour rights, as well as ensuring public access to information.

As the Act takes effect, we're enhancing transparency and oversight throughout our value chain to safeguard all impacted by our business. We're committed to complying with the new law and have issued a statement on required due diligence which can be accessed on our website. We hold ourselves accountable to these principles and laws and expect all future companies we invest in to do the same.

Actions Taken

• The adoption of legal requirements such as the Norwegian Transparency Act

• The Release of a statement on required due diligence

Aims for 2024

• A continued commitment to these requirements, and to go beyond what is required by legislation.

Governance

The credibility and reputation of EQVA depend on the continuation of conducting our business with the highest level of integrity, and complying with all relevant laws and regulations that govern the group's operations. EQVA recognises the importance of upholding ethical values and has a strong commitment to acting responsibly in all aspects of our business, building trust among stakeholders, and maintaining a positive reputation.

The objective of this Code is that companies listed on regulated markets in Norway will practice corporate governance that regulates the division of roles between shareholders, the board of directors and executive management more comprehensively than is required by legislation.

More information about or corporate governance can be found in: 2023 annual report.

AT EQVA

• We strive for long­term financial stability and profitability by making responsible investment decisions, diversifying our business lines, and managing risks effectively.

• We support the economic development of the regions in which we operate by creating employment opportunities, fostering local economic growth, and engaging in fair trade practices.

• Our financial transparency and accountability ensure trust among our investors and partners.

CODE OF CONDUCT, ETHICS AND CORPORATE SOCIAL RESPONSIBILITY

Our Code of Conduct aims to ensure that any person acting on EQVA's behalf does so ethically. It applies to all EQVA employees.

The guidelines in the Code of Conduct provide clear rules for maintaining ethical and responsible business relationships, including a policy on giving and receiving gifts and managing confidential information. Additionally, the guidelines provide direction on how to identify and manage potential conflicts of interest and lay out clear expectations for employee behaviour that safeguards the trust of EQVA's stakeholders.

EQVA recognises that our managers and employee representatives have a particularly important role in upholding these guidelines, Therefore, they should serve as role models in their adherence to the Code of Conduct for Business, Ethics and Corporate Social Responsibility.

The Code of Conduct is available here: Corporate Responsibility – EQVA .

Actions Taken

• In 2023 we updated our Code of Conduct for Business, Ethics, and Social Responsibility

Aims for 2024

• Keep ensuring that employees at all levels of the organisation is well­versed in and upholds the standards outlined.

• Keep ensuring that all entities in EQVA's supply chain operates within the standards outlined.

ANTI-CORRUPTION

EQVA takes a strong stance against corruption and upholds a zero ­tolerance policy towards it. To ensure that our business activities are conducted with the highest level of integrity, an anti­ corruption program has been developed, which includes the identification of potential risk areas and the implementation of active and preventive measures.

The program is designed to educate employees and business associates on the risks and consequences of corruption, and to provide clear guidelines on how to handle situations where corruption may be suspected. This includes rules for gifts (in line with our principles in our Code of Conduct) and handling of confidential information, as well as the reporting of any suspicious activities.

With our anti­corruption program, we aim to maintain a culture of transparency and ethical behaviour, and to prevent any instances of corruption from occurring within the group.

Read more about our Anti­ corruption program here: Corporate Responsibility – EQVA.

Actions Taken

• The development of an anti­ corruption program which has been shared with all employees

Aims for 2024

• Keep ensuring that all employees and business associate is acting accordance with the anticorruption program.

• The education of all employees and business associates within the framework of the anti­program.

REPORTS OF CONCERNS

EQVA believes that openness and good communication throughout the organization promotes a better work culture. EQVA acknowledges the risk of violations of the Code of Conduct and depends on the willingness of employees an external party to raise concern to uphold high ethical standards.

EQVA has established the following core principles for handling reports of concerns:

• Fair and objective process

• Protection of the whistle ­blower against retaliation

• Protection of the legal rights of the individual who is the subject of the report

• Confidentiality

• Protection of sources

• Protection of personal data

No “Reporting of concerns” were registered in EQVA in 2023.

To learn more about our Reporting of concerns go to our web site here: Corporate Responsibility – EQVA

Actions Taken

• The establishment of our core principles for handling reports of concerns.

Aims for 2024

• Keep ensuring that all handling of reports of concern are done in accordance with our core principles.

SUPPLY CHAIN

EQVA conducts due diligence assessments of our suppliers. We have chosen to begin with the largest suppliers, which may be associated with the greatest risk in terms of human rights violations and decent work.

EQVA, through our parent company, has in isolation, only 4.5 full­time employees and functions solely as a group structure (i.e. group management and certain support functions). The parent company has only a minimal number of suppliers, few of which are shared across the companies, such as IT and mobile phones.

Our data collection, analysis, and further actions is therefore largely based on the results of from the due diligence assessment undertaken by BKS.

BKS has further chosen to implement Factlines' digital system to efficiently map and evaluate our suppliers. As Fossberg Kraft is a smaller company,

they are taking a more direct approach with regard to mapping and evaluating their suppliers.

Through the due diligence assessment, we will assess aspects of our suppliers, including the extent of their risk for negative impact on the environment, social conditions, and ethical business conduct.

Actions Taken

• Due diligence assessment of our largest suppliers

Aims for 2024

• Beginning of due diligent assessment of all suppliers within the group's supply chain.

The execution of our due diligence assessments is based on the OECD's model for due diligence assessments for responsible business conduct, which is based on §4. Duty to perform due diligence assessments:

VALUE CREATION IN LOCAL COMMUNITIES

At EQVA, we recognize the integral role local communities play in our sustainability journey. We are committed to being a responsible corporate citizen and actively contributing to the well­being of the regions where we operate.

Our engagement with local communities is built on the principles of mutual respect, collaboration, and positive impact. We believe that by working hand­in­hand with the communities that surround us, we can create a more sustainable future for all. Therefore, we aim to engage with local communities and support initiatives that enhance the social fabric and quality of life in the regions we serve.

Actions Taken

• We maintain open lines of communication with local stakeholders to better understand their needs and concerns. This dialogue helps us tailor our initiatives to address specific community challenges.

• We support local businesses and entrepreneurs, promoting economic growth and job opportunities within the community.

Aims for 2024

• Maintain and continuously improve our open lines of communication.

• Increase our local value creation.

OUR SUBSIDIARIES

BKS Holding

The BKS group consists of the companies BKS Industri AS, BKS Power & Automation AS, BKS VVS AS, Zenit Engineering AS and Marine Support AS.

BKS deliver turnkey technical installations, i.e. piping, structures and electrical and automation services to power­intensive industry, shipyards, land­based industry, offshore industry and to construction. The projects often include a combination of design, engineering, construction, fabrication and installation of systems.

BKS is regularly involved in environmentally­oriented projects and have become an important supplier to projects within sustainable, environmental investments. They see the environment as an important industrial growth area.

You can read more in BKS’ full 2023 sustainability report.

CERTIFICATIONS

DNV.GL Management System Certificates

ISO 9001:2015

ISO 14001:2015

EN 1090­1:2009/A1:2011

ISO 3834 ­2:2021

Fossberg Kraft

Fossberg Kraft AS is a small­scale hydro power company that was established in March 2018. Fossberg Kraft is based at Handeland Gard in Kvinnherad municipality, the main business is investing both in concessions that are ready for development, building out small power plants and managing projects from A to Z as well as operating the power plant after commissioning.

Fossberg Kraft has constructed several hydropower plants, these are located among other plants in the Southwest of Norway. Throughout the construction process, Fossberg prioritizes minimizing their environmental footprint. Fossberg employees have extensive experience in plant development, construction and finding efficient and cost­effective solutions. Currently, Fossberg Kraft operates 8 power plants for Bagnall Energy Limited.

SUSTAINABILITY HIGHLIGHTS

• The current construction of two power plants. Throughout the construction process, they are focused on minimizing their footprint in nature.

• Small­scale hydropower which do not involve regulation/damming of rivers result in fewer disruptions in nature, and are as such even more environmentally friendly than other types of hydropower.

• Increased focus on sustainable supply chain.

ABOUT THIS REPORT

This is the EQVA ASA's first sustainability report which applies to the reporting period 01.01.23 to 31.12.23. The report was published on 21.03.24 in addition to our 2023 annual report. We are committed to responsible business practices that promote economic, environmental, and social well­being, both for our stakeholders and the global community.

The data and information presented in this report are provided at an aggregated level and encompass all of the EQVA Group subsidiaries in 2023 (BKS and Fossberg Kraft). This report is written with reference to the Global Reporting Initiative (GRI) standards. 2023 was the first year EQVA undertook a complete double materiality assessment, which will lay the foundation for our future sustainability reporting.

This report has been read and approved by the EQVA ASA Board of Directors. It has not been assured by a third party.

GRI CONTENT INDEX

EQVA has reported the information cited in this GRI content index for the period 01.01.23 to 31.12.23 with reference to the GRI Standards (GRI 1: Foundation 2021).

GRI STANDARD DISCLOSURE

LOCATION COMMENTS

2­1 Organizational details Annual report

2­2 Entities included in the organization’s sustainability reporting About EQVA, page 4

2­3 Reporting period, frequency and contact point About this report, page 26

2­ 4 Restatements of information

2­6 Activities, value chain and other business relationships Governance, page 22

2­7 Employees

2­ 8 Workers who are not employees

GRI 2: GENERAL DISCLOSURES 2021

GRI 3: MATERIAL TOPICS 2021

Social, page 16

Social, page 16

2­9 Governance structure and composition Annual report

2­10 Nomination and selection of the highest governance body Annual report

2­11 Chair of the highest governance body Annual report

2­12 Role of the highest governance body in overseeing the management of impacts Annual report

2­13 Delegation of responsibility for managing impacts Double materiality assessment, page 12

2­14 Role of the highest governance body in sustainability reporting Sustainability approach, page 8

2­15 Conflicts of interest Code of conduct

2­16 Communication of critical concerns Governance, page 21

2­17 Collective knowledge of the highest governance body EQVA website

2­18 Evaluation of the performance of the highest governance body Annual report

2­22 Statement on sustainable development strategy Sustainability approach, page 7

2­23 Policy commitments Governance, page 20

2­24 Embedding policy commitment Governance, page 20

2­25 Processes to remediate negative impacts Sustainability approach, page 7

2­26 Mechanisms for seeking advice and raising concerns Governance, page 21

2­27 Compliance with laws and regulations Code of conduct

2­29 Approach to stakeholder engagement

Double materiality assessment, page 12

2­30 Collective bargaining agreements Code of conduct

3­1 Process to determine material topics

3­2 List of material topics

3­3 Management of material topics

Double materiality assessment, page 11

Double materiality assessment, page 10

Double materiality assessment, page 10

N/A as this is the first sustainability report

GRI 201: ECONOMIC PERFORMANCE 2016

GRI 205: ANTI-CORRUPTION 2016

GRI 206: ANTI-COMPETITIVE BEHAVIOUR 2016

ENVIRONMENT

GRI 302: ENERGY 2016

GRI 305: EMISSIONS 2016

GRI 306: WASTE 2020

201­1 Direct economic value generated and distributed Annual report

205­1 Operations assessed for risks related to corruption Governance, page 20

205­2 Communication and training about anti­corruption policies and procedures Governance, page 20

205­3 Confirmed incidents of corruption and actions taken Annual report

206­1 Legal actions for anti­competitive behavior, anti­trust, and monopoly practices Annual report

GRI 403:

GRI 405: DIVERSITY AND EQUAL OPPORTUNITY

302­1 Energy consumption within the organization Environment, page 14 BKS only

305­1 Direct (Scope 1) GHG emissions Environment, page 13 BKS only

305­2 Energy indirect (Scope 2) GHG emissions Environment, page 13 BKS only

305­3 Other indirect (Scope 3) GHG emissions Environment, page 13 BKS only

306­3 Waste generated BKS report BKS only

403­1 Occupational health and safety management system People, page 16

403­2 Hazard identification, risk assessment, and incident investigation People, page 16

403­ 4 Worker participation, consultation, and communication on occupational health and safety People, page 16

403­6 Promotion of worker health People, page 16

403­7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships People, page 16

403­ 8 Workers covered by an occupational health and safety management system People, page 16

403­9 Work­related injuries People, page 16

405­1 Diversity of governance bodies and employees People, page 17

CONTACT INFO

ERIK HØYVIK

CEO

EQVA ASA

+47 916 83 173 erik.hoyvik@eqva.no

CARINA NÆRØ ERNSTSEN

Admin Manager

EQVA ASA

+47 995 07 009

carina.ernstsen@eqva.no