Norva24

On track to deliver on our targets 
- solid organic and acquired growth 
– continued excellent operating cash flow
- 44% defined as green services in Norva24 in 2022

”As we look back on Norva24’s first full year as a listed company, we proudly look back at a year with strong revenue growth of 22%, driven by currency adjusted organic growth of 9% and acquisition
growth of 14%. Adjusted EBITA margin was 11%. Norva24 is well on track to deliver on the financial targets.
 
We are comfortable with our healthy financial position, excellent cash flow and leverage. Our leverage was proforma, below 2.0x adjusted EBITDA at year-end and this current leverage provides significant headroom to the financial covenants in t
financing facility. Net debt excluding all IFRS16 lease liabilities amounted to NOK 340 million. We had as of year-end NOK 611 million available in the credit facility to enable continued strong M&A pace going forward.
 
On green services we have adapted to the EU’s Taxonomy, and this shows that Norva24 has more than 44% green services. This shows that we are very much a green company.”

CEO Henrik Damgaard

Read more in the English edition of Norva24's Annual and Sustainability Report 2022, which can be found via the following link: 
https://www.norva24.com/investors/reports-and-presentations/

For further information, please contact

Henrik Damgaard, CEO +47 907 72 943
Stein Yndestand Chief Development officer + 47 916 86 696
Sture Stölen, Head of IR +46 723 68 65 07

Norva24 is the leading northern European player in the UIM industry [1] and offers UIM services, such as emptying, pressure washing and pipe services. As of today, the company operated 76 branches [2] in Norway, Germany, Sweden and Denmark, with approximately 1,600 employees. The company’s history dates back to 1919 and Norva24 has since evolved from a company with Norwegian roots to being a market leader in UIM services in Norway, Germany, Sweden and Denmark. Norva24 has a history of completing acquisitions in order to enter new markets or to consolidate its local market position, taking advantage of the highly fragmented UIM market in Europe, which is characterized by mostly small, local companies. In its four markets, the company has conducted 40 acquisitions since 2015. www.norva24.com.

[1] Measured in revenue.
[2] The term “branch” refers to places of business in various locations in which the company conducts its operations.