New Risk • Aug 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr18m free cash flow). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Revenue is less than US$5m (kr28m revenue, or US$3.0m). Market cap is less than US$100m (€25.9m market cap, or US$30.0m). Breakeven Date Change • May 19
Forecast breakeven date pushed back to 2028 The 2 analysts covering M Vest Water previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of kr6.00m in 2028. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Reported Earnings • May 14
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr5.88m (up 36% from 1Q 2025). Net loss: kr5.60m (flat on 1Q 2025). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Germany. Buy Or Sell Opportunity • Mar 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to €0.55. The fair value is estimated to be €0.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 115% in a year. Earnings are forecast to grow by 58% in the next year. Reported Earnings • Mar 16
Full year 2025 earnings released: kr0.57 loss per share (vs kr0.78 loss in FY 2024) Full year 2025 results: kr0.57 loss per share (improved from kr0.78 loss in FY 2024). Revenue: kr26.5m (up 17% from FY 2024). Net loss: kr19.1m (loss narrowed 22% from FY 2024). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Germany. Reported Earnings • Feb 15
Full year 2025 earnings released: kr0.58 loss per share (vs kr0.78 loss in FY 2024) Full year 2025 results: kr0.58 loss per share (improved from kr0.78 loss in FY 2024). Revenue: kr26.5m (up 17% from FY 2024). Net loss: kr19.1m (loss narrowed 22% from FY 2024). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Chemicals industry in Germany. お知らせ • Feb 13
M Vest Water AS announced that it expects to receive NOK 10 million in funding from M Vest Invest As M Vest Water AS entered into a Loan Agreement and announced a related-party private placement of Unsecured Convertible Loan to raise gross proceeds of NOK 10,000,000 on February 12, 2026. The transaction involves participation from M Vest Invest AS as returning investor and main shareholder of the company. The Loan carries an interest rate of 6% per annum and a commitment fee of 1.5 percent per annum on any undrawn portion of the facility. The loan is unsecured and matures on the first anniversary of the signing of the loan agreement. The lender has a right, but not an obligation, to convert its outstanding loan, including accrued and unpaid interest, into shares in the company at a conversion price of NOK 8 per share. Any shares issued upon conversion will grant full shareholder rights from the date the share capital increase is registered. The conversion price is subject to customary adjustments due to certain corporate actions, such as changes in nominal value or issuance of bonus shares. Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr6.92m (up 30% from 3Q 2024). Net loss: kr4.78m (loss narrowed 20% from 3Q 2024). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Chemicals industry in Germany. Board Change • Nov 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Chairman of the Board Tor Gabrielsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Mar 25
Forecast breakeven date pushed back to 2026 The analyst covering M Vest Water previously expected the company to break even in 2025. New forecast suggests losses will reduce by 39% to 2025. The company is expected to make a profit of kr2.00m in 2026. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Board Change • Mar 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Chairman of the Board & GM Tor Gabrielsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. お知らせ • Dec 18
M Vest Water AS, Annual General Meeting, Mar 27, 2025 M Vest Water AS, Annual General Meeting, Mar 27, 2025. Board Change • Dec 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Chairman of the Board Tor Gabrielsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Nov 22
Forecast breakeven date moved forward to 2025 The analyst covering M Vest Water previously expected the company to break even in 2026. New forecast suggests losses will reduce by 36% to 2024. The company is expected to make a profit of kr1.00m in 2025. Average annual earnings growth of 73% is required to achieve expected profit on schedule. Board Change • Nov 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Chairman of the Board Tor Gabrielsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Chairman of the Board Tor Gabrielsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
