AKVA group ASA: Q2 2025 financial reporting

High activity and solid profitability

AKVA group delivered record high quarterly revenue in Q2 2025 of MNOK 1 167 (1 014), an increase of 15% compared to Q2 2024.

EBITDA increased from MNOK 110 in Q2 2024 to MNOK 145 in Q2 2025.

Total order intake of BNOK 1,1 in Q2 2025, up from MNOK 888 in Q2 2024. Order backlog was BNOK 2,7 at the end of June 2025.

A new land-based contract with Laxey was signed in May 2025 with contract value of approx. MEUR 20. Another land-based contract was awarded mid-July from Laxey with estimated contract value of MEUR 8.5.

The activity level in the second quarter of 2025 was high with revenue of MNOK 1 167 and order intake of MNOK 1 052. The order intake in the quarter was supported by the award of land-based contract from Laxey with estimated contract value of MEUR 20.

Profitability improved significantly in the second quarter compared to last year and is primarily related to the increased revenue and partly to improved project margins in the Land Based business.

Sea Based (SB)

SB revenue for Q2 2025 ended at MNOK 868 (842). EBITDA and EBIT for the segment in Q2 ended at MNOK 124 (106) and MNOK 85 (68), respectively. The related EBITDA and EBIT margins were 14.3% (12.6%) and 9.7% (8.1%).

Order intake in Q2 2025 was MNOK 655 compared to MNOK 713 in Q2 2024. Order backlog ended at MNOK 895 compared to MNOK 816 last year.

The Nordic region experienced an increase in revenue from MNOK 602 in Q2 2024 to MNOK 676 in Q2 2025.

In the Americas region, the revenue was MNOK 114, which is a decrease from 156 MNOK in the second quarter last year.

Europe and Middle East (EME) had a revenue of MNOK 78 in Q2 2025, compared to 84 MNOK in the second quarter last year.

Land Based (LB)

Revenue for the second quarter was 264 (137). EBITDA and EBIT ended at MNOK 13 (-1) and MNOK 9 (-4), respectively. The related EBITDA and EBIT margins were 4.9% (-0.9%) and 3.6% (-2.7%).

Order intake in Q2 2025 of MNOK 316 compared to MNOK 149 in Q2 2024. Order backlog ended at MNOK 1,630 compared to MNOK 1,451 last year.

Digital (DI)

The revenue in the segment was MNOK 35 (35) in Q2 2025. EBITDA and EBIT ended at MNOK 8 (5) and MNOK -5 (-2), respectively. The related EBITDA and EBIT margins were 21.9% (14.3%) and -13.1% (-4.3%).

Order intake in Q2 2025 was MNOK 81 compared to MNOK 26 in Q2 2024. Order backlog ended at MNOK 188, compared to MNOK 150 last year.

Balance sheet

Working capital as a percentage of 12 months rolling revenue is 9.4% (10.4%). Cash and unused credit facilities amounted to MNOK 473 (292) at the end of Q2. Total assets and total equity amounted to MNOK 4,217 and MNOK 1,327 respectively, resulting in an equity ratio of 31.5% (30.5%) at the end of Q2 2025. The leverage ratio was 2,30 as of 30 June 2025 and AKVA was in compliance with all bank covenants.

Dividend

The Company’s main objective is to maximize the return on the investment made by its shareholders through both increased share prices and dividend payments. The company has decided to pay a dividend of NOK 1 per share in the second half year of 2025.

Order Backlog

The order backlog at the end of Q2 was MNOK 2,712 (2,417). MNOK 1,630 or 60% of total order backlog at the end of Q2 relates to Land Based (LB).

Outlook

Foreseeing a continued strong momentum for deep farming concepts.

AKVA is aiming for revenue of minimum BNOK 4,0 and EBIT of 6% in 2025.

Continuing to invest and improve our solutions across Sea Based, Land Based and Digital.

About AKVA group

AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 434 employees, offices in 12 countries and had a total turnover of NOK 3.6 billion in 2024. We are a public listed company operating in one of the world’s fastest growing industries and supply everything from single components to complete installations, both for sea farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.

Dated: 20 August 2025

AKVA group ASA

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