Soiltech Annual report 2025 with Audit report by Soiltechas

ANINNOVATIVE TECHNOLOGYLEADERINWASTE MANAGEMENT

ThisisSoiltech

Soiltechisaninnovativetechnologycompanyspecializingin thetreatment,recyclingandsustainablehandlingof contaminatedwaterandsolidindustrialwastestreamsat site.OurtechnologiesenablecostsavingsandlowerCO2 emissionsthroughwastereduction,wasterecoveryand reuse.Soiltechoperatesworld-wide,withitsheadofficeat ForusinSandnes,Norway.

In2025,wedemonstratedprofitablegrowth throughstrongoperationalperformancedeliveredin closecollaborationwithourclients.With25active operationsacrossNorwayandinternational markets,wemaintainawell-diversifiedcontract portfoliosupportedbystrongcounterparties. Severalkeycontractawards,alongwithexpanded scopeinexistingoperations,contributedto increasedmarketshares.Notably,strongrevenue growthwasachievedwhilemaintainingkeymargins andreducingSG&Acostsrelativetorevenue,caused byscaleeffectsintheonshoresupportorganization.

Wewerepleasedtoseeayear-on-yearrevenue growthof46%,duetoanincreaseintheFluid treatmentsegmentof11%andtheSolidwaste managementbusinessof132%.Goingforward,we expectbothsegmentstogrowfurther,acrossGEO markets,inlinewithourstrategyofbeingafullserviceproviderofdrillingwastemanagement services.

Wereceivegreatfeedbackfromourclientswhenit comestoouroperationalperformance,thanksto ourcommittedpersonnelonlocationandthe onshoresupportteam.Thispositivefeedbackis importantforSoiltechasoperationalexcellenceis criticaltooursuccess.Wecontinuetoprioritizesafe operationsasafundamentalpartofourwork culture.

During2025,thenumberofemployeesincreased from126to146.In2026,weexpecttocontinue recruiting,onthebackofanexpectedgrowthin activity.Ourrecruitmentcampaignscontinueto attractstronginterest.Weremaincommittedto continuousimprovement,withtraining,competence enhancement,andtechnologyinnovationaskey drivers.

Theinternationaloperations’shareofourbusiness remainedquitestableat23%ofrevenuescompared to24%in2024.Goingforward,Iexpectour internationalactivitiestoincrease,aswesee tighteningenvironmentalregulationsworld-wide. Soiltechaimstobeamarketleaderwithin sustainableandeffectivetechnologies.Market visibilityinourcoremarketsinEuropeandMiddle Eastremainsgood,supportedbyclients’ambitionto maintainorincreaseactivitylevels.

Financially,wecontinuetorunasolidbusiness.Iam gratefulforthestrongsupportfromourbanksand owners,whichhaveprovideduswiththerequired capitaltofinanceourgrowthovertheyears.

Withseverallargecontractsawardedtowardsthe endof2025andinto2026,weareinanexcellent positiontocontinuegrowingourbusinessand createvalueforourcustomersandshareholders.

JanErikTveteraas,CEO

BoardofDirectorsreport2025

Establishedin2011,Soiltechisaninnovativetechnologycompanyspecializinginthetreatment,recyclingand sustainablehandlingofcontaminatedwaterandsolidwasteatsite.Ourtechnologiesenablecostsavingsand lowerCO2emissionsthroughwastereduction,wasterecoveryandreuse.TheGroup’sheadofficeisat Koppholen25inSandnes,Norway.

Soiltech(theGroup)consistsoftheparentcompanySoiltechASA(theCompany)andthesubsidiariesSoiltech OffshoreServicesAS,SorbwaterTechnologyASandSoiltechRomaniaSRL.

During2025,theGrouphadoperationsinNorway,UK,theNetherlands,Romania,DenmarkandMexico.

Soiltech’sbusinessmodelisdependentonseveralkeyintangibleresources.Theseincludethecompetenceand experienceofthecompany’semployees,marketleadingtechnologiesandoperationalknow-how,aswellas establishedrelationshipswithcustomersandpartnersintheoilandgasindustry.Theseresourcesenablethe Grouptodeliverefficientwastemanagementsolutionsandrepresentanimportantdriverofinnovation, competitivenessandlong-termvaluecreation.

Highlightsin2025

January.Two-yearcontractplusfiveone-yearoptionalperiodswithNorthernOceanonDeepseaBollsta January.Five-yearframecontractwithOMVPetromS.AintheBlackSeaforFluidtreatmentandSolid wastemanagementonTransoceanBarents

January.Call-offorderundertheFrameagreementwithEquinorforSolidwastemanagementonthe GranefieldinNorway

May.ContractwithOMVandNorthernOceanforFluidtreatmentandSolidwastemanagementon DeepseaBollsta

May.ThreecontractsforprovidingFluidtreatment(STT)servicestoleadingcounterpartiesintheoil& gasindustryinEurope

June.ContractforfluidtreatmentonanFPSO

June.Call-offorderundertheframeagreementwithEquinortoprovidefluidtreatmentonNjordAin Norway

July.Successfulrefinancingandincreasedbankfacilities

November.SoiltechandNOVannounceglobalcollaborationondrillingwastemanagement

December.ContractforFluidtreatment(STT)andSolidwastemanagementwithNobleCorporationon NobleResolute

December.ContractforFluidtreatment(STT)onafloaterontheNCS

December.ContractforFluidtreatment(STT),onshorewastehandlingandassociatedservicesforTotal EnergiesEPNorgeASonWestElara

Eventsafteryear-end2025

January.Multi-yearFluidtreatment(Swarf)contractwithWellboreIntegritySolutionsinDubai

January.ContractforFluidtreatment(STT),onshorewastehandlingandassociatedserviceswithDNO, WellesleyandWellExpertiseonDeepseaYantai

February.Fluidtreatment(STT)contractwithEstedamaEnvironmentalSolutionsinSaudiArabia

Keyfigures(NOKmill) 2025202420252024

Revenues401274401274

GrossProfit175129159116

GrossProfitmargin44%47%40%42% AdjustedEBITDA93639663

Profitbeforetax18124111

Netprofit328327

Totalassets583439591434

Netinterestbearingdebt207148217159

Cash51295835

WorkingCapital41324940

Equity247205246205

Equityratio42%47%42%47%

InformationonAlternativePerformancemeasures(APM)canbefoundintheappendixonpage37.

TheGroup

Theactivityhasbeenhighthroughouttheyear.Thehighactivitycanbeattributedtoanincreasingdemandfor theGroup’sinnovativeandsustainablewastetreatmenttechnologies,asclientsarelookingforsolutionsto improveoperatingefficiency,reducecostsandenhanceenvironmentalperformance.Therevenuein2025was MNOK401withagrowthof46%yearonyear.Thegrossmarginwas40%(42%)andtheadjustedEBITDAwas MNOK96(MNOK63).

ProfitbeforetaxamountedtoMNOK41(MNOK11).Notably,2024includedmergerandIPOcostofMNOK18. ThenetprofitofMNOK32istransferredtootherequity.Totalassetsatyear-endamountedtoMNOK591 (MNOK434).

CashflowfromoperatingactivitiesreachedMNOK110,whilecashflowfrominvestingactivitieswasMNOK-96 duetocapacityexpansioninitiatives.Theoperatingcashflowwassufficienttofinancethecompany’s investmentsduringtheyear.FollowinganetcontributionofMNOK9fromfinancingactivities,thenetcashflow in2025stoodatMNOK23.Thecashpositionasofyear-endwasMNOK58whiletheequityratioremainedsolid at42%(47%).

CashflowfromoperatingactivitiesamountedtoMNOK110,whiletheoperatingprofitwasMNOK60.The differenceismainlyexplainedbynon-cashitems,particularlydepreciation,aswellasapositivedevelopmentin workingcapitalduringtheyear.

InJuly2025,SoiltechsignednewfinancingagreementswithSpareBank1Sør-Norge,replacingexistingcredit facilities,borrowingsandleasingofNOK229million.EffectivefromQ32025,theloanagreementsincludean additionalNOK150millioninvestmentloanfacilityandaNOK30millionoverdraftfacility,increasingthetotal availablefinancingtoNOK409million.

TheBoardconsidersthecompany’sliquiditypositiontobesatisfactory.Theavailablecreditfacilitiestogether withcashonhandprovidesufficientliquiditytofinanceongoingoperationsandplannedinvestments.The company’sworkingcapitalrequirementsfluctuateduringtheyearinlinewithprojectactivity,butavailable committedcreditlinesareconsideredadequatetocoverpeakfundingrequirements.

TheParentCompany

TheNetprofitofMNOK32(MNOK8)istransferredtootherequity.Totalassetsatyear-endamountedtoMNOK 583(MNOK439).

Operations

TheGroupsawanincreaseinoperationsin2025,withhigheractivityacrossthetechnologyportfolio.Duringthe year,wehadupto25fluidtreatmentoperationsand6solidwastemanagementoperationsongoing.During 2025,theGrouphadoperationsinsixcountrieswithinternationalrevenuesreaching23%oftotalrevenues. Therewasnooperationalorcommercialdowntimein2025.

Riskmanagementandinternalcontrol

TheGroupcategorizesitsprimaryrisksintocommercial,operational,complianceandlegal,financialandIT-and cyber-relatedrisks.TheGrouphasevaluatedtheoverallclimaterisktobelow.Whileclimate-relatedmattersare notexpectedtocriticallyaffectassets,provisions,orfuturecashflows,theGroupacknowledgesthatindustrywideclimateriskscouldhaveanindirectimpactonitsoperationsovertime.Furtherdetailscanalsobefoundin notes18and19totheconsolidatedfinancialstatements.

Commercialrisksincluderisksrelatedtomacroindicators,suppliers,partners,competitors,andtechnology. Operationalrisksincluderisksrelatedtotechnicalandoperationalstatusandperformanceofequipment,aswell asHSEQ.Complianceandlegalrisksincluderisksrelatedtomanagementsystem,certificationsaswellas contractual,legal,regulationsandcompliance.Financialriskincludesrisksrelatedtoqualityincontinuous reportingandinternalcontrols,properfinancingandfinancingsources,forecastingandliquiditymanagementas wellasinterestrates,foreignexchange,creditandtax.ITandcyberrisksincluderisksrelatedtotheGroup’sIT andcommunicationsystems,procedures,waysofworking,aswellastechnicalbarriersandcontrols.

TheGroup’smanagementandBoardofDirectorsmanagetheserisksonacontinuousbasisthroughperiodic reviews,reporting,forecastingandothermitigatingmeasures.WhiletheCompanyoperatesinacyclicalindustry, itsclientbase,however,consistsofsolidandcredit-worthyoil&gasanddrillingcompanies.Duringtheyear,the Grouphasfocusedoncontinuousimprovementintrainingandcompetencerequirements,technicaland operationalsafetyaswellasplanningandforecasting.

TheGrouphasasolidbalancesheetandhadnotradelossesin2025.

Climaterisk

TheGroup’stechnologiesareenergyefficienttechnologiescontributingtowastereduction,wasterecoveryand reuse.Assuchthecompanycontributestoresponsibleresourcemanagementandreducedemissions.As emissionsanddischargeregulationsaretightenedglobally,theGroup’stechnologiesareexpectedtoplayan increasinglyimportantroleintheoil&gasindustry.

Climateriskisdefinedasthemeasureofvulnerabilitytoclimate-relatedimpactsthatmayhavefinancial consequences,orthatmayaffectvariousaspectsoffinancialperformance.Thoseconsequencescouldbe anythingfromminorinconveniencetoacompletelossofanasset’svalueoroperability.Withsuchhighstakes, reducingtheuncertaintyofthatoutcomeisbusinesscritical.

WhiletheGrouphasassesseditsdirectclimateriskexposuretobelow,theindustryfacesincreasingregulatory, operational,andmarket-drivenchallenges.Stricterenvironmentalregulations,evolvingcustomerpreferences, andpotentialshiftsininvestmentpatternscouldindirectlyimpactthecompany’soperations,market opportunities,andlong-termgrowthprospects.

TheGroup’soverallfocusregardingtheexternalenvironmentistoprovideknowledgetothemarketaboutthe company’stechnologies,whilehelpingourcustomersreducetheiremissions.

Liabilityinsurancefordirectorsandofficers

TheCompanyhasinplaceaDirectors&OfficersliabilityinsurancethatcoversDirectorsoftheBoardand executivemanagement.ThelimitofthecoverageisMNOK50.

Research&development

TheGrouphasastrongfocusoninnovationbutdoesnotundertakespecificresearch&developmentactivitiesas such.However,theGroupiscontinuouslyfocusingonimprovingexistingtechnologiesanddevelopingnew solutions,basedonexperiencefromoperationsandmarketneeds.

Humanresources,diversityandgovernance

TheGrouphad146employeesatend-2025comparedto126in2024.Theboardperceivestheworking environmentandthegeneralwell-beingintheworkplacetobegood.Thiswasconfirmedinthe2025 organizationalsurvey.TheGroup’sdiversityisexemplifiedbythefactthattheemployeescomefrommultiple countries.TheGroup’sonshorepersonnelconsistofbothmenandwomen.Themanagementteamconsistof threewomenandfourmen.Theboardhasfivemembers,twowomenandthreemen.TheGroup’sfield personnelmainlyconsistofmen.TheGrouphasincorporatedguidelinesaimingtoensurethatthereisno discriminationbasedongenderornationality.TheGroupworkssystematicallywithrecruitment,salaryand workingconditions,andpromotionanddevelopmentopportunities.

HSEQ

AfitforpurposemanagementsystemandrobustHSEQperformanceisfundamentaltotheGroup.TheCompany isrecertifiedaccordingtoISO9001(Quality),ISO14001(Environment)andISO45001(WorkingEnvironment). TheGrouprequestsandreceivescontinuousfeedbackfromitsclientstomeasurequalityandcontinuous improvement.Ahighdegreeofrepeatclientsisanadditionalqualityparameterthatismonitored.TheGrouphad asickleaveof2.6%in2025.

Soiltechhasazero-accidentphilosophywhenitcomestoincidentsandspillsandstrivesonacontinuousbasisto reducetheimpactofitsactivitiesontheexternalenvironment.In2025,Soiltechrecordedfournear-miss incidentsandtwofirstaidcases,withnorecoverableincidents.Thisrepresentsanimprovementinsafety performancecomparedtothepreviousyear.Reportedincidentswerefollowedupwithappropriateactions, reinforcingourcommitmenttocontinuousimprovementandaproactivesafetyculture.

Sustainability(ESG)

TheGroupwilllistentostakeholdersandcontinuetoshapeourbusinessinasustainabledirection.We acknowledgeUN’s17Sustainabledevelopmentgoals,andwewillcontributetoreachthembyfostering innovationwithintheGrouptofurtherdevelopourtechnologies.Wewillconductourbusinessinasocially responsiblemannerconsistentwiththeUNGuidingPrinciplesonBusinessandHumanRightsandtheTen PrinciplesoftheUNGlobalCompact.

Werespectallinternationallyrecognizedhumanrights,includingthoseembeddedintheUniversalDeclarationof HumanRights,theUNConventiononEconomic,SocialandCulturalRights,theUNConventiononCiviland PoliticalRightsandtheILODeclarationonFundamentalPrinciplesandRightsatWork.Theserightsinclude,but arenotlimitedto,thefreedomofassociationandtherighttobargain,andtherighttofreedomfromforced labor,childlaborordiscriminationinworkinglife.WealsorespectcurrentstandardsinInternational HumanitarianLawincludingtheTransparencyActwhichaimstoreducetheriskofhumanrightsviolations,avoid modernslavery,andensuredecentworkingconditions.TheGroup’sStatementofTransparencyactcanbefound athttps://soiltech.no/sustainability/.

Outlook

Withasolidorderbacklogandastrongfinancialposition,TheGroupiswellpositionedforcontinuedprofitable growth.MarketvisibilityinourcoremarketsinEuropeandMiddleEastremainsgood,supportedbyclients’ ambitiontomaintainorincreaseactivitylevels.Thedemandforourservicesisincreasing,drivenbyongoing technologicalimprovementsthatenhanceefficiencyandenvironmentalperformance.WeexpectactivityinQ1 2026tobeinlinewithQ42025,followedbyhigheractivitylevelsfromQ2andonwards.

TheBoardemphasizesthatanyforward-lookingstatementscontainedhereincoulddependonfactorsbeyondits controlandaresubjecttorisksanduncertainties.Accordingly,actualresultsmaydiffermaterially.

ListingonEuronextOsloBørs

TheCompanyisexploringthepotentialforanuplistingofitssharesfromEuronextExpandtoEuronextOsloBørs, themainlistoftheOsloStockExchange.TheCompanybelievesthatanuplistingwouldstrengtheninvestor visibilityandimproveliquidityintheCompany’sshares.

Goingconcernassumption

TheBoardconfirmsthattheannualaccountsandtheinformationpresentedintheboardofdirectors’report havebeenpreparedbasedongoingconcernassumptionref.IAS1.

Shareholdersandsharecapital

Atyear-end2025Soiltechhad1422shareholders.The10largestshareholdersowned67.9%ofthecompany whereasforeignownershipwas37.9%.Atyear-end2025,SoiltechhadanissuedsharecapitalofNOK1076651 and8281927outstandingshares,eachwithanominalvalueofNOK0.13,carryingequalvotingrights.Thereare noshareholdersandtransferrestrictionsasdescribedintheAccountingact,§2-2(13).

CorporateGovernance

SoiltechASAhasestablishedaCorporateGovernancePolicy.Thispolicyoutlinestheframeworkofguidelinesand principlesgoverningtheinteractionsbetweentheCompany'sshareholders,BoardofDirectors,ChiefExecutive Officer,andexecutivemanagementteam.Ourcommitmenttotheseprinciplesensurestransparency, accountability,andsustainablevaluecreationforallstakeholders. Thereportcanbefoundathttps://soiltech.no/investor/#corporategovernancepolicy

Dividend

TheBoarddoesnotproposepayingdividendfor2025.Soiltechisagrowthcompany,andweareaimingat continuedgrowth,basedonasolidfinancialposition.Ourplanistotakeadvantageofmarketopportunitiesand reinvestgeneratedcashinprofitableprojectsandenhancedservicecapacity.Theboardwillcontinuously considerwhetherpaymentofdividendswillbeappropriate.

Eventsafteryear-end

AsfarastheBoardisaware,therehavebeennosignificanteventssinceyear-endwhichwouldimpactthe financialpositionandprofitsoftheGroup,otherthanthosementionedunderEventsafteryear-endabove.

Sandnes,April14,2026

TheboardofdirectorsofSoiltechASA

MembersoftheBoard-SoiltechASA

DagSchjerven Chairmanoftheboard

EirikFlatebø Boardmember

OlafSkrivervik Boardmember

KarinGovaert Boardmember

MonaHodneSteenslandFreuchen Boardmember

CONSOLIDATEDSTATEMENTOFCOMPREHENSIVEINCOME

(amountsinNOK1000) ASSETS

Non-currentassets

Note31.12.202531.12.2024

Deferredtaxassets807877

Intangibleassets918172246

Property,plant&equipment10279140201915

Right-of-useassets11165085112217

Currentassets

Tradereceivables135926259854

Cashandcashequivalents145752534695 Contractassets387126656

Othercurrentassets12196618775

Non-currentliabilities

Borrowings14,1512566086609

Leaseliabilities11,1412265572959

Deferredtaxliabilities84920

Othernon-currentliabilities433541

Totalnon-currentliabilities

Currentliabilities

Tradepayables171843010528

Borrowings14,151443020207

Leaseliabilities111203213940

Taxpayable800

Contractliabilities398100

Othercurrentliabilities124098224946

DagSchjerven ChairmanoftheBoard

MonaHodneSteensland Freuchen MemberoftheBoard

Sandnes,April14,2026

TheboardofdirectorsofSoiltechASA

OlafSkrivervik MemberoftheBoard

EirikFlatebø MemberoftheBoard

KarinGovaert MemberoftheBoard

JanErikTveteraas ChiefExecutiveOfficer

(amountsinNOK1000) Note 20252024

Cashflowsfromoperatingactivities

Profit/(loss)beforetax 4132411003

Incometaxespaid 8(1179)(983)

Depreciation,amortisationandimpairment 53209022727

Interestexpense 71726813398

Non-cashexpensesrelatedtomerger 22 012718

Changesintradereceivables,contract assets/liabilities 8344(22315)

Changesintradepayables 7951(2626)

Changesinotheraccrualsandprepayments 41515021

Netcashflowfromoperatingactivities 10994838943

Cashflowsfrominvestmentactivities

Purchaseofproperty,plant&equipment& Intangibleassets 9,10(97681)(40898) Investmentgrantsreceived 1222561905

Netcashflowfrominvestmentactivities (95425)(38993)

Cashflowsfromfinancingactivities

Proceedsfromnewborrowings 15565045700

Transactioncostsattributabletoobtainingfinancing (544)0

Proceedsfrommerger 012803

Repaymentsonborrowings 14(121808)(23467)

Paymentofprincipalportionofleaseliabilities11,14(16484)(13221)

Interestpaid 14(17292)(14588)

Proceedsfromcapitalincrease 9018318

Netcashflowfromfinancingactivities 85417546

NETCASHFLOWFORTHEPERIOD 230647496

Effectofexchangeratefluctuationsoncashheld (232)415

Cashandcashequivalent01.01 3469526783

CashandCashequivalents 5752534695

Note1–Generalinformation

SoiltechASA(the'Company')isalimitedcompanydomiciledinNorway.TheCompany’sregisteredofficeisat Koppholen25,4313,Sandnes,Norway.

TheCompanyisaninnovativetechnologycompanyspecializinginthetreatment,recyclingandsustainable handlingofcontaminatedwaterandsolidindustrialwastestreamsonsite.

TheCompanywaslistedonEuronextExpandon11September2024withthetickercode'STECH’andconverted intoapubliclimitedcompany(Nw.:"Allmennaksjeselskap")aspartofthelisting.Theconsolidatedfinancial statementscomprisethefinancialstatementsoftheCompanyanditssubsidiaries(togetherreferredtoasthe 'Group'or'Soiltech').

TheGrouppresentsconsolidatedfinancialstatementsinaccordancewiththeIFRS®AccountingStandard adoptedbytheEU(“IFRS”)

Note2–Summaryofgeneralaccountingpolicies

Thegeneralaccountingpoliciesappliedinthepreparationoftheseconsolidatedfinancialstatementsaresetout below.Specificaccountingpoliciesrelatedtotheindividualareasinthefinancialstatementsaredescribedinthe relevantnotes.

Basisforpreparation

TheconsolidatedfinancialstatementshavebeenpreparedinaccordancewithIFRSandadditionaldisclosure requirementsintheNorwegianAccountingActaseffective31December2025.Theconsolidatedfinancial statementsarepresentedinNorwegianKroner(NOK)andhavebeenroundedtothenearestthousandunless otherwisestated.Asaresultofroundingadjustments,amountsandpercentagesmaynotadduptothetotal.The financialstatementsarepreparedonagoingconcernbasis.

Accountingestimatesandjudgements

Itemsinthefinancialstatementsaretoavaryingdegreeaffectedbyestimatesandassumptionsmadeby management;referenceismadetotherelevantnotesfortheaffecteditems.Estimateswithamaterialimpacton thefinancialstatements,combinedwithasignificantestimationuncertainty,comprisethefollowing: -Recognitionofdeferredtaxassets(note8).

Segmentinformation

GiventheuniformnatureoftheGroup'sservicesandthecentralizedmanagementfromitsheadofficeinNorway, theentireGroupisconsideredasasingleoperatingsegmentforinternalreportingpurposes.

Foreigncurrencytranslation

ThecompanieswithintheGroupprimarilyuseNOKastheirfunctionalcurrency.Forconsolidationpurposes,the resultsandfinancialpositionoftheGroup’sentitiesthathaveafunctionalcurrencyotherthanNOKare translatedusingtheclosingrateatthebalancesheetdate.Incomeandexpensesforeachincomestatementare translatedusingtheyearlyaverageexchangerate.

NewandamendedIFRSstandardsnotyetadopted

TheGrouphasappliedallnewandamendedstandardswithmandatoryapplicationforthecurrentreporting period.Thishasnot,however,hadanymaterialimpactontheamountsrecognizedinpriorperiodsandisnot expectedtosignificantlyaffectcurrentorfutureperiods.

Ofnewstandardsandinterpretationsthatarenotmandatoryforthecurrentreportingperiod,noneareexpected tohaveamaterialimpactontheamountsrecognizedinthefinancialstatementsoronforeseeablefuture transactions.TheimplementationofIFRS18is,however,expectedtointroducesomechangestothe presentationandnotedisclosures.

Note3–Revenues

Overalldescriptionofcontractswithcustomers

TheGroup'srevenuemainlyderivesfromthesaleofservicesrelatedtofluidtreatment,solidwastehandling, cleaningservicesandassociatedservices,forcustomerswithintheoil&gasindustry.Thekeyelementofthe servicedeliveriesisthedeploymentandoperationofwastetreatmentandhandlingequipmentatthecustomer's site

Thecontractconsiderationiscomposedmainlyofagreeddailyratesforequipmentandpersonnel,respectively, andthereimbursementofcostsplusamarkup.Ratesvarydependingonwhethertheequipmentisinactiveuse duringoperationsoronstandby,forexamplein-betweenoperatingactivities.Typically,thecontractdeliveries followtheoperationontherig.However,allcontractscanbeterminatedbythecustomerwithoutcauseona shortnotice,withonlycompletionofexistingworkorder.

Costsofmobilizationanddemobilizationofequipmentandpersonnelarenormallyrecoveredthroughtheagreed dailyrates,exceptforsomecontracts,wherethesecostsarereimbursedseparately.Suchreimbursementis, however,generallynotmaterialinrelationtothetotalcontractconsideration.Theconsiderationisnormally invoicedmonthly,basedonactualdeliveries.

Accountingpolicies

Thecontractsareconsideredtoconsistofonlyoneperformanceobligation,whichissatisfiedovertime.Progress ismeasuredbasedonthetimetheequipmentandpersonnelisavailabletoservicethecustomer.Inpractice, revenuebasedondailyratesisthusrecognizedbytheamountthattheCompanyhasarighttoinvoice.Asa practicalsimplificationbasedonmateriality,anyconsiderationassociatedwithmobilizationanddemobilization arerecognizedovertheperiodoftheunderlyingcontract.

Mobilizationcostisconsideredtobecosttofulfilacontractandarerecognizedasanassetwhenincurred.The assetsaresubsequentlyamortizedoverthecontractperiod,ascostofmaterialsandpersonnelexpenses.

Revenuesbyservicecategory

Revenuesbygeography

Revenuesfrommajorcustomers

Coststofulfilthecustomercontracts

Contractliabilities–Revenuefromcontractswithcustomers

Note4–Personnelexpenses

Accountingpolicies

Personnelcostsareexpensedastheemployeesearntherighttoreceivesalaryforhoursworked.

Pensions

TheGrouphasadefinedcontributionplanforitsemployees.TheGroup’sNorwegianentitiesareobligatedto followthestipulationsintheNorwegianMandatoryOccupationalPensionsAct.TheGroup'spensionscheme adherestotherequirements,assetintheAct.Paymentstothedefinedcontributionpensionplanareexpended overtheperiodinwhichtheemployeesearntherighttothecontribution.

Specificationofpersonnelexpenses

*Otherpersonnelexpensesincludeexpensesrelatedtoshare-basedpaymenttransactions.Refertonote24for furtherdetails.

(FTE)

Accountingpolicies

TheGroupconsistsofcompaniessubjecttoordinarycorporatetaxationinNorway,andwithinthesametax groupwithrespecttooffsettingofdeferredtax.Incometaxisthereforerecognizedbasedonageneral applicationofIAS12withouttheneedforfurtherjudgmentsorpoliciesofsignificance.

Basisforrecognitionofdeferredtaxassets

DeferredtaxassetsarerecognizedwhenitisprobablethattheGroupwillhavesufficientprofitfortaxpurposes insubsequentperiodstoutilizethetaxasset.TheGrouprecognizepreviouslyunrecognizeddeferredtaxassetsto theextentithasbecomeprobablethattheGroupcanutilizethedeferredtaxasset.Similarly,theGroupwill reduceadeferredtaxassettotheextentthattheGroupnolongerregardsitasprobablethatitcanutilizethe deferredtaxasset.Deferredtaxanddeferredtaxassetsaremeasuredbasedontheexpectedfuturetaxrates applicabletothecompaniesintheGroupwheretemporarydifferenceshavearisenbasedontaxrates(andtax laws)thathavebeenenactedorsubstantivelyenactedbytheendofthereportingperiod.Deferredtaxand deferredtaxassetsarerecognizedattheirnominalvalueandclassifiedasnon-currentasset(non-current liabilities)intheconsolidatedstatementoffinancialposition.

Specification

ofincometaxexpense

Reconciliationoftaxexpensewithtaxcalculatedatnominalrate

Specificationofdeferredtaxliabilitiesandassets–2025

OutoftotaltaxlosscarryforwardofMNOK1,701,adeferredtaxassethasbeenrecognizedforMNOK97.1.

Fixedassets(19359)(11973)0(31332) Other(1011)(564)0(1575) Totaldeferredtaxliabilities(20370)(12537)0(32907)

Reclassbetw.Def.taxliabilitiesandassets 2037012537032907

Netdeferredtaxliabilities 000 0

40903 Reclassbetw.Def.taxliabilitiesandassets(20370)(12537)0(32907) Non-recognizeddeferredtaxassets(147)280(119)

OutoftotaltaxlosscarryforwardsofMNOK1,719,adeferredtaxassethasbeenrecognizedforMNOK115.

Taxlosscarryforwardsandtaxaudits

ThemergerbetweenSoiltechASAandOceanteamASAin2024wascarriedoutasatax-freemergerin accordancewithChapter11oftheNorwegianTaxAct.Themergerwascompletedwithtaxcontinuity,whereby alltaxpositionsinOceanteamASAweretransferredtoSoiltechASApursuanttoSection11-7oftheNorwegian TaxAct.Aspartofthetransferredtaxpositions,ataxlosscarryforwardofapproximatelyMNOK1,604was transferredtoSoiltechASA.

InFebruary2026,theNorwegianTaxAdministrationnotifiedtheGroupoftaxauditsrelatedtothetaxtreatment ofthemergerbetweenSoiltechASAandOceanteamASAcompletedin2024,andtheacquisitionofSorbwater TechnologyASin2022.

Theauditsprimarilyconcernthecontinuedavailabilityoftaxlosscarryforwardsfollowingthetransactions.For theparentcompanySoiltechASA,thetaxauditrelatestotaxlosscarryforwardsoriginatingfrommergerwith OceanteamASAofapproximatelyMNOK1,604.ForSorbwaterTechnologyAS,thetaxauditrelatestotaxloss carryforwardsofapproximatelyMNOK115atthetimeofthe2022transaction.At31December2025,taxloss carryforwardsofapproximatelyMNOK109remaininSorbwaterTechnologyAS.

Thereviewsareongoingandnoconclusionshavebeenreachedasofthedateofapprovalofthesefinancial statements.Basedonitscurrentassessmentandadvicereceivedfromexternaladvisors,theGroupbelievesthat thetaxtreatmentappliedisconsistentwithapplicabletaxlegislation.

Basedonanassessmentoffuturetaxableprofits,andthattheriskthatsomeofthelosscarriedforwardmightbe disallowedtheGrouphasrecogniseddeferredtaxassetlossescarriedforwardequivalenttothetaxlossesthat arisefromtheacquisitionofSorbwater.TheGroupwillnotrecogniseadditionaldeferredtaxassetbeforeitis confirmedthatthetaxauthoritieswillacceptthecontinuationoftheOceanteamlosscarriedforward.

TheGroupwillreassesstheaccountingtreatmentofthesetaxpositionsifnewinformationbecomesavailableas thereviewsprogress.

Note9–Intangibleassets

Accountingpolicies

Intangibleassetsmainlycomprisegoodwilloriginatingfrompreviousacquisitions.Goodwillisnotdepreciatedbut isinsteadsubjecttoannualimpairmenttesting.Otherintangibleassetsincludepatentsandsoftwarewhichare recognisedinaccordancewiththecostmethodanddepreciatedovertheirexpectedeconomiclifetime.

servicesandswarfremoval,solidwasteskipsandvariousotherequipment.Property,plant&equipmentare recognizedinaccordancewiththecostmethodanddepreciatedovertheequipment’sexpectedeconomic lifetime.

Investmentgrantsrecognizedinthetableaboveareaccountedforonanaccrualbasisandincludeamountsnot yetreceivedatyear-end.GrantsreceivedduringtheyearamountedtoNOK2.3million(2024:NOK1.9million) andarepresentedinthestatementofcashflows.

Note11–Leases

Accountingpolicies

TheGroupisprimarilyinvolvedinleaseagreementsasalessee.Allleaseagreementsarerecognizedin accordancewithIFRS16,exceptfor:

-Leaseagreementswithashorterdurationthan12months

-LeasesofassetswithacostbelowNOK50000

Paymentsrelatingtosuchleasesarerecognizedasoperatingexpenseswhendue.TheGroupdoeshowevernot havemanysuchagreements,andtheannualexpenseisthereforeimmaterial.Right-of-useassetsarerecognized inaccordancewiththecostmethodanddepreciatedovertheleaseterm,orexpectedeconomiclifetime, dependingonwhetherapurchaseoptionisexpectedtobeexercised.

Overall

descriptionof

theleasesoftheGroup

TheGroupprimarilyleasespremises,fluidtreatmentunits(STT)andboattransfertanks(CRT).Forpremises,the leasetermisusuallybetweenthreeandtenyears,forfluidtreatmentunitsandboattransfertanksbetweenfour

exercised,andassuchtheassetsaredepreciatedovertheexpectedeconomiclifetime.

Specificationofright-of-useassets

Specificationofleaseliabilities

Contractualpaymentsonleases

Note13–Tradereceivables

Accountingpolicies

Tradereceivablesarerecognizedatanamountequaltothetransactionprice,lessprovisionsforexpectedcredit losses.TheGroupappliesthesimplifiedapproachtomeasuringexpectedcreditlosseswhichusesalifetime expectedlossallowanceforalltradereceivables.

Specificationoftradereceivables

Note14–Cashandcashequivalents

Accountingpolicies

Cashandcashequivalentscomprisemostlyordinarybankdeposits.Thestatementofcashflowsispreparedusing theindirectmethod.Interestinincomeandexpensesarepresentedasinvestingandfinancingactivities, respectively.

Proceedsfromnewborrowings0155650155650

Repaymentofprincipalborrowings0(121808)(121808) Repaymentofprincipalportionofleaseliability(16484) (16484) Interestpaid(9168)(8124)(17292)

Otherchanges Interestexpenses9165810017264 Additionslease62978062978 Transactioncostsattributabletoobtainingfinancing (544)(544) Indexregulationlease 129401294

Repaymentofprincipalportionofleaseliability(13221)0(13221) Interestpaid(5431)(9157)(14588)

Note15–Borrowings

Accountingpolicies

Borrowingsareinitiallyrecognizedatfairvalue,includingtransactioncostsdirectlyattributabletothe transaction,andaresubsequentlymeasuredatamortizedcost.Transactioncostsareincludedintheinitial measurementofborrowingsandamortizedoverthedurationoftheloan.

InJuly2025,SoiltechsignednewfinancingagreementswithSpareBank1Sør-Norge,replacingexistingcredit facilitiestotalingNOK229million(borrowingsandleasing).EffectivefromQ32025,theagreementsincludean additionalNOK150millioninvestmentloanandaNOK30millionoverdraftfacility,increasingtotalavailable financingtoNOK409million.Inconnectionwiththenewfinancingagreements,theGroupincurredtransaction costsofapproximatelyNOK0.7million.Themajorityofthesecostshavebeencapitalizedaspartofborrowings, whilecostsrelatingtoshort-termfacilitieshavebeenexpensed.

Covenants

TheloanfacilitieswithSparebank1Sør-Norgehavethefollowingcovenants: Net-interestbearingdebt(NIBD)/Earningsbeforeinteresttaxes,depreciationandamortization(EBITDA) 12monthrolling<3.75

Bookequity>30%

Bankapprovalrequiredfordividendsorgroupcontributions

Thecovenantsaretestedquarterly,andprYear-end2025theCompanyisnotinbreachofwithanyofthe covenants.

Forloanswithfloatinginterestrates,theamountsabovearecalculatedusingthecurrentinterestrateasofthe relevantyearend.

Carryingamountofassetspledgedassecurity

Note16–Financialderivatives

Accountingpolicies

Financialderivativesconsistofforeignexchangeforwardcontracts.Althoughthecontractsareheldforhedging purposes,theGroupdoesnotapplyhedgeaccounting.Theforwardcontractsaremeasuredatfairvaluethrough profitorloss.Gainsandlossesarepresentedasfinancialincomeorexpense,respectively.Foreignexchange forwardcontractsaremeasuredatlevel2inthefairvaluehierarchy,asthepresentvalueoffuturecashflowsis basedontheforwardexchangeratesatthebalancesheetdate.

Foreignexchangeforwardcontracts

TheGrouphadnoforeignexchangeforwardcontractsoutstandingatyear-end.(Year-end2024:none).

Note17–Financialinstruments

Fairvalue

Foritemsmeasuredatamortizedcost,thecarryingamountisconsideredareasonableapproximationoffair value.

Note18–Financialriskandcapitalmanagement

TheGroup’spoliciesformanagementofcapitalandfinancialriskaimtosupportthecurrentstrategyandtarget ofmaintainingahighrateofgrowthanddevelopingprospectivebusinessopportunities.TheGroup’scapital structureshallberobustenoughtomaintainthedesiredfreedomofactionandutilizegrowthopportunities, basedonstrictassessmentsrelatingtotheallocationofcapital.TheGroupdebtfinancingconsistofbankand leasingfinancing.TheloancovenantstowhichtheGroupissubjectplayakeyroleinhowcapitalismanagedand allocated,inordertomaintainalowfinancingriskandfinancialflexibility.Seenote15borrowingsforfurther detailsontheGroup’sfinancing.

Marketrisk

TheGroup'sexposuretofinancialmarketriskismainlyrelatedtointerestratesonexternalfinancingand currencyrisks.TheGrouphasadiversifiedclientlistandevaluateschangesinpricingstructurecontractby contract,aspartofitsmitigationprocesstocoverforanyincreaseininterestcost.TheGrouphasnotentered intoanyinterestswapagreements.

Currencyrisk

TheGroup’sfunctionalcurrencyandpresentationalcurrencyarebothNOK.However,throughitsinternational operations,theGroupisexposedtofluctuationsincertainexchangerates,mainlyEURO(EUR),BritishPound (GBP),Americandollar(USD)andRomanianleu(RON).TheGrouphasalsocurrencyriskslinkedtobothbalance sheetmonetaryitemsandinvestmentsinforeigncountries.ThetablesbelowshowtheGroup’smostsignificant currencyexposureasofyear-end.AstheGroupdoesnotapplyhedgeaccounting,theimpactonprofit/lossand equitywillbethesameregardlessofthedirectionoftheexchangeratechange.

(amounts in NOK 1000)

Tradereceivables3801113784780013416

Cashandcashequivalents8969754365006236

Tradepayables121(16)(277)00(172)

Interestraterisk

TheCompany’sloanandleasingagreementscarryfloatinginterestratesbasedonNIBOR,inaccordancewiththe financialstrategydescribedinNote15andarethereforeimpactedbychangesintheinterestmarket.Achangeof onepercentagepointinNIBORmeansachangeinyearlynetinterestexpensesofapproximatelyMNOK2.6.

Creditrisk

Assetsthatmaygiverisetocreditriskcomprisemainlyoftradereceivablesandbankdeposits.Forthelatter,the counterpartiesaremainlybanksestablishedintheNordiccountries,whichindicatesthatthecreditriskshouldbe regardedasnegligible.Tradereceivablesarecharacterizedbyaconcentrationinthecustomerbase,intermsof countryandindustry.Thecustomers,however,areprimarilylargecompanieswithhighcreditratings,andthe agreedpaymenttermsinthecontractstypicallyensurethatanyoverdueamountsarekeptatlowlevel.Thus, creditlosseshavehistoricallybeeninsignificant.

Currencyexposure–31.12.2025

Currencyexposure–31.12.2024

Liquidityrisk

Asatyear-end,theGroup'sportfolioofloansandloanfacilitiesiswelldiversifiedbothwithregardstomaturity profileandlenders.TotalloanfacilitieswithSparebank1SørNorgeisNOK258million.Theunusedportionofthe creditfacilitieswasNOK112millionasat31.12.2025.InJuly2025,Soiltechsignednewfinancingagreementswith SpareBank1Sør-Norge,effectivefromQ32025.TheseagreementsfurtherstrengthentheGroup’sliquidity positionbyincreasingtotalavailablefinancingandextendingmaturityprofiles.

Summaryofcontractualmaturities

Note19–Climaterisk

TheGrouphasevaluatedtheoverallclimaterisktotheGrouptobelow.Climaterelatedmattersarenot expectedtocriticallyeffectassets,provisions,orfuturecashflows.TheanalysisisbasedontheTaskForceon Climate-relatedFinancialDisclosures(TCFD)framework.TheGrouphasevaluatedthephysicalrisk,therisk associatedwithtransitionintoalowcarboncommunityandtheliabilityrisktowardstheGroup.The opportunitiesareconsideredtoexceedtherisksidentifiedfortheGroup.

Note20–Sharecapitalandshareholderinformation

Sharecapitalandownershipstructure

Asof31December2025,thesharecapitaloftheparentcompany,SoiltechASA,amountstoNOK1,076,650.51 andconsistsof8,281,927ordinaryshares,eachwithanominalvalueofNOK0.13.Theincreaseinsharecapital duringtheperiodresultsfromtheexerciseof318,840shareoptions.Consequently,sharecapitalincreasedfrom NOK1,035,201on31December2024toNOK1,076,150.51on31December2025.

asof31.12.2025

ShareholdersNumberofsharesOwnershipinterest BNPPARIBAS104577812.6% DNBCARNEGIEINVESTMENTBANKAB6518597.9% WELLEXAS,AssociatedwithGlennÅsland(COO) 6088607.4% KNATTENIAS,AssociatedwithJanErikTveteraas(CEO)6053257.3% HILDRAS5748476.9%

IncludedinOthershareholdersare5000sharesownedbyboardmemberOlafSkrivervik,18000sharesowned byCFOToveVestlieand23940sharesownedbyChairmanDagSchjerven.Foreignownershipwas37,9%atyearend2025(2024:34,6%)

Note21–Earningspershare

*Moreinformationonoptionsinnote24

Note22–Groupcompositionandsubsidiaries

Accountingpolicies

Theconsolidatedfinancialstatementscompriseofallsubsidiariescontrolledbytheparententity.Subsidiariesare fullyconsolidatedfromthedateonwhichcontrolistransferredtotheGroup.Likewise,theyaredeconsolidated fromthedatethatcontrolceases.

TheGroupestablishedasubsidiaryinRomaniaduring2025.TheRomanianentityholdscustomercontracts,while theparentcompanyprovidesoperationalservices,includingrentalofequipment,provisionofpersonneland

onshoresupport,underanintra-groupserviceagreement.Allintercompanytransactionsareeliminatedon consolidation.

Subsidiariesasof31.12.2025

RegisteredofficeOwnershipinterest Votingshare SoiltechOffshoreServicesASSandnes,Norway100%100% SorbwaterTechnologyASBergen,Norway100%100% SoiltechRomaniaS.R.LBucuresti,Romania100%100%

MergerwithOceanteamASA

SoiltechASAcompletedamergerwithOceanteamASAonSeptember11,2024.Themergerplanwassigned30 May2024andapprovedbythegeneralmeetingsoftherespectivecompanieson4July2024.Themainpurpose ofthemergerwastoachievealistingofSoiltechASAontheEuronextExpandmarketplace.

Aspartofthemerger,SoiltechASAissued527947newsharesasconsiderationtotheshareholdersof OceanteamASA.ThisconsiderationwasbasedonOceanteamASAhavingamarketvalueofNOK31.67millionat thedateofenteringintothemergeragreement.

Atthetimeofthemerger,OceanteamASAwasessentiallyanemptyshellcompanywithoutanyoperational activities.TheonlysignificantassetinthecompanywasacashbalanceofNOK19.1million.Therefore,the mergerhasbeenaccountedforasashare-basedpaymenttransactioninaccordancewithIFRS2.The measurementofthetransactionisbasedonthevalueofthesharesinOceanteamASAatthetransactiondate, whichwasSeptember11,2024.Atthistime,thesharesweretradedatNOK0.93,correspondingtoamarket valueforthecompanyofNOK30.8million.

ThedifferencebetweenthecashbalanceinOceanteamASA(NOK19.1million)andthefairvalueofthecompany isconsideredtoreflectthevalueofthestockexchangelisting,includingaccesstonewcapitalandrecognized investors.Thisdifference,amountingtoNOK12,8million,hasbeenrecognizedasanexpenseinthefinancial statementsofSoiltechASAinthelineitem“ExpensesrelatedtoMerger&IPO”,asitdoesnotmeetthecriteriato berecognizedasanassetonthebalancesheet.

Inadditiontotheexpensesabove,SoiltechASAhasincurredvarioustransactioncostsinconnectionwiththe processofcompletingthemergerandsubsequentlistingonEuronextExpand,amountingtoNOK10.1millionin total.Ofthese,NOK5.3millionisconsideredincrementalcostsdirectlyattributabletotheequitytransactionand hasthereforebeenrecognizedasadeductionofequity,reducingthecapitalincreasefromthemerger.The remainingNOK5.0millionhasbeenrecognizedasanexpenseandisincludedinthelineitem«Expensesrelated toMerger&IPO»intheincomestatement.

Note23–RemunerationtoseniorexecutivesandBoardofDirectors

PursuanttoSection6-16(b)ofthePublicLimitedLiabilityCompaniesActandapplicableregulations,SoiltechASA publishesaseparatemanagementremunerationreport,providingdetailedinformationonremunerationfor executivemanagementandtheboardofdirectors.Thisreportwillbepublishedimmediatelyaftertheannual generalmeetingon20May2026.InaccordancewiththecorporategovernancecoderecommendedbytheOslo StockExchange,thesalaryandbenefitsformanagementarespecifiedinthetablebelow.

InconnectionwiththeCompany’slong-termshareincentiveplan,anincreaseinsocialsecuritycostsresultedina costofNOK2.5millionin2025(comparedtoincomeofNOK1.1millionin2024).Asof31December2025,the correspondingliabilityamountedtoNOK1.9million(upfromNOK0.1millionthepreviousyear).Detailsofthe long-termincentiveplanareoutlinedintheguidelinesfordeterminingsalariesandotherremunerationfor executivemanagement.Theseguidelinesareavailableonthecompany’swebsite: https://soiltech.no/investor/#corporategovernancepolicy

1Includesfixedsalaryandaccruedholidaypay.

2Includescarallowance,insurance,freetelephone,etc.

3Variablebonusfor2025hasbeenaccruedforbutnotpaid.

Boardofdirectors

Note24–Share-basedpaymenttransactions

Accountingpolicies

TheGrouphasalong-termshare-basedincentiveplanforkeypersonnelandboardmembers.Thetermofthe planimpliesthatitisrecognisedasanequity-settledshare-basedpaymenttransactioninaccordancewithIFRS2. Associatedobligationstopaysocialsecuritytaxarerecognisedascash-settledshare-basedpaymenttransactions.

Long-termshare-basedincentiveplan

Thestrikepriceoftheoptionsissetatthemarketpriceatgrantdate.Grantedoptionsaredistributedoverthree equaltrancheswithvestingperiodof1-3years.Alloutstandingoptionsmustbeexercisedwithin5yearsfromthe grantdate.Grantedoptionsaremeasuredatfairvalueatthegrantdate,whichisdeterminedusingtheBlackScholesoptionpricingmodel.Companyusesathird-partycompanyforthiscalculation.

Summary

APPENDIX-AlternativePerformanceMeasures(APM)

TheGrouppresentscertainalternativemeasuresoffinancialperformance,financialpositionandcashflowsthatarenot definedorspecifiedinIFRSAccountingStandards.TheGroupconsidersthesemeasurestoprovidevaluablesupplementary informationforManagement,BoardofDirectorsandinvestors,astheyprovideadditionalusefulinformationregardingthe Group'sfinancialperformanceandposition.Asnotallcompaniesdefineandcalculatethesemeasuresinthesameway,they arenotalwaysdirectlycomparablewiththoseusedbyothercompanies.Thesemeasuresshouldnotberegardedas replacingmeasuresthataredefinedorspecifiedinIFRSAccountingStandardsbutshouldbeconsideredassupplemental financialinformation.Inthisreport,theAlternativePerformanceMeasuresusedbytheGrouparedefined,explainedand reconciledtothemostdirectlyreconcilablelineitem,subtotalortotalpresentedinthefinancialstatementsofthe correspondingperiod.

Inpreviousreports,GrossProfitMargin,EBITDAadj.Margin,OperatingprofitmarginandProfitbeforetaxmarginwere presentedasseparatetextitems.FromQ22025onwards,wehavereplacedthesetextualreferenceswithadedicated“%” columnplaceddirectlynexttotheabsolutefiguresforeachmetric.Thecalculationmethodsforeachmarginremain unchangedfrompriorperiods.

TheAPMsusedbytheGrouparesetoutbelow:

Operatingcost

Operatingcostisdefinedasthetotalofcostofmaterials,personnelexpensesandotheroperatingexpenseslessexpenses relatedtoonshorepersonnelandotheronshoreoperatingexpenses,shareincentiveprogram,severancepayment,legalcost relatedtoMerger&IPOandotheritemsdefinedbytheManagementtonotrelatetooffshoreoperations.Management definesthatOperatingcostillustratestheexpensesdirectlyrelatedtooffshoreactivities.Thismeasureprovidesadditional informationfortheManagement,BoardofDirectorsandinvestorsinordertoevaluateunderlyingprofitabilityofoffshore operatingactivitiesandtheirabilitytogeneratecash.

SG&A

Selling,generalandadministrativeexpenses(“SG&A”)isdefinedasthesumofCostofmaterials,Personnelexpensesand otheroperatingexpenseslessoperatingcosts(asdefinedabove),shareincentiveprogram,severancepayment,legalcost relatedtoMerger&IPOandotheritemsdefinedbymanagementthatimpactcomparabilitybetweenperiods.Management definesthatSG&Aillustratestheexpensesdirectlyrelatedtoonshoresupportactivities.Thismeasureprovidesadditional informationformanagement,theboardandinvestors,inordertoevaluateunderlyingprofitabilityandtheirabilityto generatecash.

GrossProfitandGrossprofitmargin(%)

GrossProfitisdefinedastotaloperatingincomelessOperatingcost(asdefinedabove).Grossprofitmarginisdefinedas grossprofitdividedbytotaloperatingincome.GrossprofitandGrossprofitmarginprovideadditionalinformationfor Management,BoardofDirectorsandinvestorstoevaluatetheunderlyingprofitabilitygeneratedfromoffshoreoperating activities.

EBITDAandEBITDAmargin

EBITDAisdefinedasOperatingprofitbeforeothergains,impairment,depreciationandamortization.EBITDAisdefinedas EBITDAdividedbytotaloperatingincome. ThesemeasuresprovideadditionalinformationforManagement,BoardofDirectorsandinvestorstoevaluatetheunderlying profitabilityofoperatingactivitiesandtheirabilitytogeneratecashbeforeinvestmentinfixedassetsandserviceofdebt.

EBITDAadj.andEBITDAadj.margin

EBITDAadj.isdefinedasEBITDA(asdefinedabove)adjustedforitemsaffectingcomparabilitysuchasexpensesrelatedto shareincentiveprograms,severancepayment,legalcostrelatedtoMerger&IPOandotheritemsdefinedbyManagement thatimpactcomparability.EBITDAadj.marginisdefinedasEBITDAadj.dividedbytotaloperatingincome.Thesemeasures provideadditionalinformationforManagement,theBoardofDirectorsandinvestorstoevaluateunderlyingprofitabilityof operatingactivitiesandtheirabilitytogeneratecashbeforeinvestmentsinfixedassetsandserviceofdebt.

Netinterest-bearingdebtisdefinedasthetotalofnon-currentborrowings,non-currentleaseliabilities,currentborrowings andcurrentleaseliabilitieslesscashandcashequivalents.ThismeasureprovidesadditionalinformationforManagement, BoardofDirectorsandinvestorstoassesstheGroup'sfinancialindebtednessandasaninputtoassessitscapacitytomeetits financialcommitments.

Equityratio

Equityratioisdefinedastotalequitydividedbytotalassets.ThismeasureprovidesadditionalinformationforManagement, BoardofDirectorsandinvestorstoassesstheGroup'sfinancialpositionandcapitalstructure.

Allmarginsareshownunder%columninthetable.

ReconciliationoftheAPMs

FINANCIALSTATEMENTSFORPARENTCOMPANY

(amountsinNOK1000)

Non-currentassets

Deferredtaxassets00

Intangibleassets1114801740

Property,plant&equipment12279140201915

Right-of-useassets1314984596303

Investmentsinsubsidiaries8860932779

Receivables

Tradereceivables154394159854

Cashandcashequivalents165090628975

Contractassets387126656

Othercurrentassets144017611242

Equity

Sharecapital1810771035

Otherpaid-inequity118470109493

Otherreserves31442432

Retainedearnings12436991963

LIABILITIES

Borrowings1712566086609

Leaseliabilities1310727857432

Deferredtaxliabilities106615721

Othernon-currentliabilities433541 Total

Currentliabilities

Tradepayables1666325742

Borrowings171443020207

Leaseliabilities131079812482

Taxpayable1000

Contractliabilities398100

Othercurrentliabilities145060915807

DagSchjerven ChairmanoftheBoard

MonaHodneSteensland Freuchen MemberoftheBoard

Sandnes,April14,2026

TheboardofdirectorsofSoiltechASA

OlafSkrivervik MemberoftheBoard

EirikFlatebø MemberoftheBoard

KarinGovaert MemberoftheBoard

JanErikTveteraas ChiefExecutiveOfficer

(amountsinNOK1000) 31.12.202531.12.2024

Cashflowsfromoperatingactivities

Operatingprofitbeforetax 1766112500

Incometaxespaid (1179)(983)

Depreciationandamortisation 2995520219

Interestexpense 1616812158

Non-cashexpensesrelatedtomerger 12718

Impairmentofsharesinsubsidiaries 241712375

Changesintradereceivables,contract assets/liabilities 23666(15939)

Changesintradepayables 7684(3685)

Changesinotheraccrualsandprepayments (11597)813

Netcashflowfromoperatingactivities 10652940175

Cashflowsfrominvestmentactivities

Purchaseofproperty,plant&equipment& Intangibleassets (97681)(40900)

Loanstorelatedparty -250-6639

Investmentgrantsreceived 22561905

Netcashflowfrominvestmentactivities (95675)(45634)

Cashflowsfromfinancingactivities

Proceedsfromnewborrowings 15565045700

Transactioncostsattributabletoobtainingfinancing (544)0

Proceedsfrommerger 012803

Repaymentsonborrowings (121808)(23467)

Paymentofprincipalportionofleaseliabilities (14815)(11575)

Interestpaid (16192)(13348)

Proceedsfromcapitalincrease 9018318

Netcashflowfromfinancingactivities 1130910433

NETCASHFLOWFORTHEPERIOD 221634974

Effectofexchangeratefluctuationsoncashheld (232)416

Cashandcashequivalent01.01 2897523586

CashandCasheqiuvalents31.12 5090628975

Note1–Generalinformation

SoiltechASA(the'Company')isalimitedcompanydomiciledinNorway.TheregisteredofficeoftheCompanyis Koppholen25,4313,Sandnes,Norway.

TheCompanyisaninnovativetechnologycompanyspecializinginthetreatment,recyclingandsustainable handlingofcontaminatedwaterandsolidindustrialwastestreamsonsite.

TheCompanywaslistedonEuronextExpandon11.09.2024withthetickercode'STECH’andaspartofthelisting convertedintoapubliclimitedcompany(Nw.:"Allmennaksjeselskap").Thefinancialstatementsfortheyear ended31December2025wereapprovedandauthorizedforissueinaccordancewitharesolutionoftheboardof directorson14ndofApril2026.

Note2–Summaryofgeneralaccountingpolicies

Thegeneralaccountingpoliciesappliedinthepreparationofthefinancialstatementsaresetoutbelow.Specific accountingpoliciesrelatedtotheindividualareasinthefinancialstatementsaredescribedintherelevantnotes.

Basisforpreparation

ThefinancialstatementhasbeenpreparedinaccordancewithNorwegianAccountingActandassociated regulations,aswellasGenerallyAcceptedAccountingPrinciples(GAAP)inNorway.Thefinancialstatementis presentedinNorwegianKroner(NOK)andhavebeenroundedtothenearestthousandunlessotherwisestated. Asaresultofroundingadjustments,amountsandpercentagesmaynotadduptothetotal.

Thefinancialstatementsarepreparedonagoingconcernbasis.

Currency

Transactionsinforeigncurrenciesaretranslatedattherateapplicableonthetransactiondate.Monetaryitemsin aforeigncurrencyaretranslatedintoNOKusingtheclosingrateatthebalancesheetdate.

Thecashflowanalysis

Thecashflowanalysishasbeenpreparedaccordingtotheindirectmethod.

Note3–Revenues

Revenuerecognition

Overalldescriptionofcontractswithcustomers

TheGroup'srevenuemainlyderivesfromthesaleofservicesrelatedtofluidtreatment,solidwaste(cuttings) handling,cleaningservicesandotherrelatedservices,forcustomerswithintheoil&gasindustry.Thekey elementoftheservicedeliveriesisthedeploymentandoperationoftreatmentandhandlingequipmentatthe customer'ssite.Thecontractconsiderationiscomposedmainlyofagreeddailyratesforequipmentand personnel,respectively,andreimbursementofcostsplusamarkup.Ratesvarydependingonwhetherthe equipmentisinactiveuseduringongoingoperationsoronstandby,forexamplewhentheequipmentison locationbutnotinoperation.Costsofmobilizationanddemobilizationofequipmentandpersonnelarenormally recoveredthroughtheagreeddailyrates,exceptforsomecontracts,wherethesecostsarereimbursed separately.Suchreimbursementsare,however,generallynotmaterialinrelationtothetotalcontract consideration.Considerationisnormallyinvoicedmonthly,basedonactualdeliveries.

Accountingpolicies

Thecontractsareconsideredtoconsistofonlyoneperformanceobligation,whichissatisfiedovertime.Progress ismeasuredbasedonthetimetheSTTunitisavailabletoservicethecustomer.Inpractice,revenuebasedon dailyratesisthusrecognizedwiththeamountthattheCompanyhasarighttoinvoice.Asapractical simplificationbasedonmateriality,anyfeesassociatedwithmobilizationanddemobilizationarerecognized linearlyovertheperiodofthecontracttheyrelateto.Costofmobilizationisconsideredcosttofulfilacontract andarerecognizedasanassetwhenincurred.Theassetsaresubsequentlyamortizedoverthecontractperiod,as costofmaterialsandpersonnelexpenses.

Revenuesbyproductcategory

Revenuesbygeography Revenues

Thecompanyhasadefinedcontributionplanforitsemployees.TheGroup’sNorwegianentitiesareobligatedto followthestipulationsintheNorwegianMandatoryOccupationalPensionsAct.TheGroup'spensionscheme adherestotherequirements,assetintheAct.Paymentstodefinedcontributionpensionsareexpensedoverthe periodinwhichtheemployeesearntherighttothedeposit.

Specificationofpersonnelexpenses

*Otherpersonnelexpensesincludeexpensesrelatedtoshare-basedpaymenttransactions.Pleaserefertonotes forConsolidationfinancialstatementforfurtherdetails.

Employees(FTE)

PursuanttoSection6-16(b)ofthePublicLimitedLiabilityCompaniesActandapplicableregulations,SoiltechASA publishesaseparatemanagementremunerationreport,providingdetailedinformationonremunerationfor executivemanagementandtheboardofdirectors.Thisreportwillbepublishedimmediatelyaftertheannual generalmeetingon20May2026andwillcomplementthefigurespresentedbelow. InaccordancewiththecorporategovernancecoderecommendedbytheOsloStockExchange,thesalaryand benefitsformanagementarespecifiedinthetablebelow.

InconnectionwiththeCompany’slong-termshareincentiveplan,anincreaseinsocialsecuritycostsresultedina costofNOK2.5millionin2025(comparedtoasavingsofNOK1.1millionin2024).Asof31December2025,the correspondingliabilityamountedtoNOK1.9million(upfromNOK0.1millionthepreviousyear).Detailsofthe long-termincentiveplanareoutlinedintheguidelinesfordeterminingsalariesandotherremunerationfor executivemanagement.Theseguidelinesareavailableonthecompany’swebsite: https://soiltech.no/investor/#corporategovernancepolicy

2 Includescarallowance,insurance,freetelephone,etc.

3 Variablebonusesfor2025hasbeenaccruedforbutnotpaid.

Specificationofdepreciationandamortisation

Note6–Otheroperatingexpenses

Specificationofotheroperatingexpenses

(amountsinNOK1000)

Specificationofauditors’remuneration

(amountsinNOK1000)

Note7-MergerwithOceanteamASA

SoiltechASAcompletedamergerwithOceanteamASAonSeptember11,2024.Themergerplanwassigned30 Mai2024andapprovedbythegeneralmeetingsoftherespectivecompanieson4July2024.Themainpurposeof themergerwastoachievealistingofSoiltechASAontheEuronextExpandmarketplace.

ThedifferencebetweenthecashbalanceinOceanteamASA(NOK19.1million)andthefairvalueofthecompany isconsideredtoreflectthevalueofthestockexchangelisting,includingaccesstonewcapitalandrecognized

investors.Thisdifference,amountingtoNOK12,8million,hasbeenrecognizedasanexpenseinthefinancial statementsofSoiltechASAinthelineitem“ExpensesrelatedtoMerger&IPO”,asitdoesnotmeetthecriteriato berecognizedasanassetonthebalancesheet.

Note8–Relatedparties

Accountingpolicies

IntheParentcompany,thesubsidiariesandinvestmentsinanyassociatedcompanyarevaluedatcost.The investmentisvaluedatthecostoftheshares,lessanyimpairmentlosses.Animpairmentlossisrecognizedifthe impairmentisnotconsideredtemporary,inaccordancewithgenerallyacceptedaccountingprinciples. Impairmentlossesarereversedifthereasonfortheimpairmentlossisrectifiedinalaterperiod.

Dividends,Groupcontributionsandotherdistributionsfromsubsidiariesarerecognizedinthesameyearasthey arerecognizedinthefinancialstatementoftheprovider.Ifdividends/groupcontributionexceedswithheld profitsaftertheacquisitiondate,theexcessamountrepresentsrepaymentofinvestedcapital,andthe distributionwillbedeductedfromtherecordedvalueoftheacquisitioninthebalancesheetfortheparent company.

AnimpairmentlossonsharesinSorbwaterTechnologyASwasrecognized,amountingtoNOK24.2million(2024: NOK2.4million).

Subsidiaries

Transactionswithrelatedparties

(amounts in NOK 1000)

PurchaseofservicesfromSoiltechOffshoreASSubsidiaryPurchaseofserv.146268101629 FundingofSorbwaterTechnologyASSubsidiaryFunding2508765 RentalofequipmentandpersonelltoSoiltechRomaniaSubsidiaryRentalincome507770 Total146518 110393

Outstandingbalanceswithgroupcompanies

(amounts in NOK 1000) RelationshipNatureofamount2025 2024

SorbwaterSubsidiary Fundingandgroup contribution(7504)(7754) SoiltechOffshoreServicesASSubsidiaryTradepayables(23920)(16662) SoiltechRomaniaS.R.LSubsidiaryRentalincome178290

Total (13595)(24416)

Interestexpensesonleases(9165)(4197) Interestexpensesonborrowings(8100)(7961) Lossonfinancialderivatives00 Impairmentofsharesinsubsidiaries(24171)(2375) Other140(80)

Note10–Incometax

Accountingpolicies

Thetaxexpenseconsistsofthetaxpayableandchangestodeferredtax.Deferredtax/taxassetsarecalculatedon alldifferencesbetweenthebookvalueandtaxvalueofassetsandliabilities,withtheexceptionof:temporary differenceslinkedtogoodwillthatarenottaxdeductible.Temporarydifferences,bothpositiveandnegative, whichwillorarelikelytoreverseinthesameperiod,arerecordedasanetamount.

Deferredtaxassetsarerecognisedwhenitisprobablethatthecompanywillhaveasufficientprofitfortax purposesinsubsequentperiodstoutilizethetaxasset.Thecompaniesrecognizepreviouslyunrecognized deferredtaxassetstotheextentithasbecomeprobablethatthecompanycanutilizethedeferredtaxasset. Similarly,thecompanywillreduceadeferredtaxassettotheextentthatthecompanynolongerregardsitas probablethatitcanutilizethedeferredtaxasset.Deferredtaxanddeferredtaxassetsaremeasuredbasedon theexpectedfuturetaxratesapplicabletothecompaniesintheGroupwheretemporarydifferenceshavearisen basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedbytheendofthereporting period.Deferredtaxanddeferredtaxassetsarerecognizedattheirnominalvalueandclassifiedasnon-current assetinvestments(non-currentliabilities)inthebalancesheet.

Specificationofincometaxexpense

(amountsinNOK1000)

Profitbeforetax1766112500 Groupcontribution00 +/-Permanentdifferences250068440 +/-Changeintemporarydifferences(21395)(24071) -Carry-forwarddeficit(21273)3131 Basisforcalculatingtax(0) 0 Taxpayable22%(0)0 +/-Changesindeferredtax(14745)4579 Prioryeartaxcorrection0(216) Taxexpenseinthestatementofprofitandloss(14745) 4363 Taxpayableintaxexpense00

Taxpayableinthebalancesheet00

Intangibleassets00 PP&EAssetsandIntangible218057139386 Currentassets87126656 Non-currentassets00 Long-termliabilities(118076)(70288) Gain&lossaccount402503 Currentliabilities(12103)(660) Taxlossescarriedforward*(1591449)(1608582) Netdifference(1494457) (1532986) Taxreducingdifferenceswhichmaynotbenetted14947541604445

Totaltemporarydifferences297

Deferred

(asset)22%66

Taxlosscarryforward

Aspartofthetransferredtaxpositions,ataxlosscarryforwardofapproximatelyMNOK1,604weretransferredto SoiltechASA.

Deferredtaxassetsrelatedtotaxlosscarryforwardsarerecognizedonlytotheextentthatitisprobablethat futuretaxableprofitswillbeavailableagainstwhichthetaxlossescanbeutilized,inaccordancewithIAS12. During2025,theCompanyreassessedtheexpectedutilizationoftaxlosseswithintheNorwegiantaxgroup. UnderNorwegiantaxrules,taxlossesintheparentcompanymustbeutilizedbeforetaxdeductionsforgroup contributionsareapplied.

Basedonthisreassessment,taxlosscarryforwardofMNOK109,6havebeenrecognizedinSoiltechASA,resulting inrecognitionofadeferredtaxassetofMNOK24,1.

TherecognitionreflectsareallocationofdeferredtaxassetswithintheNorwegiantaxgroup,wherethedeferred taxassetpreviouslyrecognizedinSorbwaterTechnologyAShasbeenreducedcorrespondingly.

IntheeventthatthetaxlosscarriedforwardfollowingtheOceanteamacquisitionweretobedisallowed,the companywillhavethepossibilitytooffsetanypayabletaxesthroughgroupcontributionstoSorbwater.

ReferenceismadetotheGroup’staxnoteforfurtherinformationregardingongoingtaxauditsrelatedtothe mergerwithOceanteamASAandtheacquisitionofSorbwaterTechnologyAS

Note11–Intangibleassets

Accountingpolicies

Property,plant&equipmentconsistsofsloptreatmentunits,equipmentforcuttingshandlingandswarfremoval, skipsandvariousotherequipment.Property,plant&equipmentarerecognizedinaccordancewiththecost methodanddepreciatedovertheirexpectedeconomiclifetime.

Note13–Leases

Accountingpolicies

TheCompanyleasescertainoperatingequipmentwhichinturnisleasedtoourcustomers.TheCompanyhas substantiallyalltherisksandrewardsofownershipandtheleasesareclassifiedasfinancialleases.Financial leasesarecapitalizedattheinceptionoftheleaseatthelowerofthefairvalueoftheleasedassetorthepresent valueofthefutureminimumleasepayments.Eachleasepaymentisallocatedbetweenthecorresponding financialleaseliabilityandfinancechargestoachieveaconstantrateontheoutstandingliability.

Depreciationofassetsheldundercapitalleasesisreportedwithin“Depreciationandamortizationexpense”in theStatementofProfitandLoss.Thedepreciationpolicyforassetsheldunderfinancialleasesisconsistentwith thatforownedassetsandisdepreciatedoverestimatedeconomiclife. (amountsinNOK1000)

Overalldescriptionoftheleasesoftheparentcompany

Theparentcompanyprimarilyleasesfluidtreatmentunits(STT)andboattransfertanks(CRT).Theleasetermis usuallybetween4and10years.Itisexpectedthatthepurchaseoptionisexercisedandassuchtheassetis depreciatedovertheexpectedeconomiclifetime.

Specificationofright-of-useassets

Specificationofleaseliabilities

Contractualpaymentsonleases

Note14–Otherassetsandliabilities

Accountingpolicies

Non-currentassetsareassetsintendedforlong-termownershiporuse.Allotherassetsarecurrentassets. Receivablesthatfalldueforpaymentwithinoneyearshallnotbeclassifiedasnon-currentassets.Similarcriteria applytoliabilities.

Othercurrentassetsarerecordedinthebalancesheetatnominalvaluelessprovisionsforexpectedcreditlosses.

Othercurrentassets

Note15–Tradereceivables

Accountingpolicies

Specificationoftradereceivables

Note16–Cashandcashequivalents

Accountingpolicies

Cashandcashequivalentscomprisemostlyordinarybankdeposits.Thestatementofcashflowsispreparedusing theindirectmethod.Interestincomeandexpensesarepresentedasinvestingandfinancingactivities, respectively.

Restrictedcash

Note17–Borrowings

Accountingpolicies

Borrowingsareinitiallyrecognizedatfairvalue,includingtransactioncostsdirectlyattributabletothe transaction,andaresubsequentlymeasuredatamortizedcost.Therehasnotbeenanymaterialtransactioncost duringtheyear.

InJuly2025,SoiltechsignednewfinancingagreementswithSpareBank1Sør-Norge,replacingexistingcredit facilitiestotallingNOK229million(borrowingsandleasing).EffectivefromQ32025,theagreementsincludean additionalNOK150millioninvestmentloanandaNOK30millionoverdraftfacility,increasingtotalavailable financingtoNOK409million.

Covenants

TheloanfacilitieswithSparebank1Sør-Norgehavethefollowingcovenants:

Thecovenantsaretestedquarterly,andprYear-end2025theCompanyisnotinbreachofwithanyofthe covenants. Othercurrentliabilities

Net-interestbearingdebt(NIBD)/Earningsbeforeinteresttaxes,depreciationandamortization(EBITDA) 12monthrolling<3.75

Bookequity>30%

Bankapprovalrequiredfordividendsorgroupcontributions

Specificationofborrowings–31.12.2024

Contractualpaymentsonborrowings–31.12.2025

Contractualpaymentsonborrowings–31.12.2024

Forloanswithfloatinginterestrates,theamountsabovearecalculatedusingthecurrentinterestrateperthe relevantyearend.

Carryingamountofassetspledgedassecurity

Note18–Sharecapitalandshareholderinformation

Sharecapitalandownershipstructure

asof31.12.2025

ShareholdersNumberofsharesOwnershipinterest

BNPPARIBAS104577812.6%

DNBCARNEGIEINVESTMENTBANKAB6518597.9% WELLEXAS,AssociatedwithGlennÅsland(COO) 6088607.4%

KNATTENIAS,AssociatedwithJanErikTveteraas(CEO)6053257.3% HILDRAS5748476.9%

SKAGENKAIENINVESTERINGAS,AssociatedwithMonaH.S.Freuchen(BoardMember)5700006.9% TVETERAASINVESTAS5217106.3% KRISTIANROAS4366765.3% DNBBANKASA3690024.5% RIVERBORGB.V.AssociatedwithKarinGovaert(BoardMember)2400002.9% PIMAAS,AssociatedwithEirikFlatebø(BoardMember) 2200002.7% HAVNEBASEEIENDOMAS1934702.3% AVANZABANKAB1257331.5% PONDERUSINVESTAB1185601.4% GAVINRYDER780000.9% HOLSTENINVESTAS646700.8% DRAGESUNDINVESTAS600000.7% NIDALFATHIAALLABABIDI 585800.7% ALTOHOLDINGAS579900.7% NORDEABANKABP

IncludedinOthershareholdersare5000sharesownedbyboardmemberOlafSkrivervik,18000sharesowned byCFOToveVestlieand23940sharesownedbyChairmanDagSchjerven.Foreignownershipwas37,9%atyearend2025(2024:34,6%)

Note19–Financialriskandcapitalmanagement

Seeinformationinconsolidatedfinancialstatement.

Note20–Climaterisk

Seeinformationinconsolidatedfinancialstatement.

Note21–RemunerationtoseniorexecutivesandBoardofDirectors

Seeinformationinconsolidatedfinancialstatement.

Note22–Share-basedpaymenttransactions

Seeinformationinconsolidatedfinancialstatement.

Note23–Eventsafterthereportingperiod

Therearenoeventsotherthanbusinessactivityintheordinarycourseofbusinessafterthebalancesheetdateof anadjustingornon-adjustingnature.

To the General Meeting of Soiltech ASA

Independent Auditor’s Report

Report on the Audit of the Financial Statements Opinion

We have audited the financial statements of Soiltech ASA, which comprise: the financial statements of the parent company Soiltech ASA (the Company), which comprise the balance sheet as at 31 December 2025, the statement of profit and loss,statement of changes in equity and statement of cash flows for the year endedand notes to the financial statements, including a summary of significant accounting policies, and the consolidated financial statements of Soiltech ASA and its subsidiaries (the Group), which comprise the statement of financial positionas at 31 December 2025, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to theconsolidatedfinancial statements, including material accounting policy information.

In our opinion

the financial statements comply with applicable statutory requirements, the financial statements give a true and fair view of the financial position of the Company as at 31 December 2025, and its financial performance for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practicesgenerally accepted in Norway, and the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.

We have been the auditor of Soiltech ASA for 4 yearsfrom the election by the general meeting of the shareholders on 31 March 2022 for the accounting year 2022.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

PricewaterhouseCoopersAS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap Advokatfirmaet PricewaterhouseCoopers AS, Org.no.: 988 371 084 MVA, Medlemmer av Advokatforeningen. advokatfirmaet@pwc.com PwC Tax Services AS, Org.no.: 962 066 321 MVA, Autorisert regnskapsførerselskap, Medlem av Regnskap Norge Kanalsletta 8, Postboks 8017, NO-4068 Stavanger, T: 02316 (+47 952 60 000) www.pwc.no

Other Information

The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report is consistent with the financial statements and contains the information required by applicable statutory requirements.

Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate Governance.

Responsibilities

of Management for the Financial Statements

Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. The consolidated financial statements of the Group use the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control.

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

Report on Compliance with Requirement on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of Soiltech ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name Soiltech_ASA-2025-12-31-1-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements.

In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation.

Management’s Responsibilities

Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary.

Auditor’s Responsibilities

For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger

Stavanger, 14 April 2026

PricewaterhouseCoopers AS

Roy Henrik Heggelund

State Authorised Public Accountant