AKVA Group (AKVA) CMD 2025 summary

Strategic direction and industry outlook

• Focus on innovation and technology, including deep farming, post-smolt, and digital/AI-driven solutions, to address industry barriers and drive sustainable growth.

• Targeting 5% annual growth in global salmon production to double output by 2040, leveraging new technologies and investments.

• Emphasis on regulatory stability, collaboration among government, R&D, and industry, and sustainability to revitalize growth.

• International expansion in Chile, China, Canada, UK, Turkey, and Asia, leveraging proven RAS technology and digital platforms tailored to local challenges.

• Recurring revenue models and SaaS-based digital solutions prioritized for scalable, high-margin growth.

Business platform developments and innovation

• Sea-based segment leads with deep farming (Nautilus), offering up to 80% reduction in sea lice treatments and higher production volumes.

• Deep farming and post-smolt solutions positioned to unlock 15-35% additional capacity, with a NOK 6bn market opportunity in Norway by 2030.

• Land-based RAS grow-out facilities gaining traction, with commercial validation in Norway, China, and Iceland and a robust NOK 1.4bn order backlog.

• Digital segment features a comprehensive platform (FishTalk, AquaConnect, Observe, Submerge), with 60% global market share in biological ERP and new SaaS/cloud models targeting >20% CAGR.

• Service and after-sales revenue is growing, supported by a network of service stations, high customer retention, and increasing equipment complexity.

Financial guidance and targets

• Revenue target of NOK 5 billion by 2027, representing 12% annual growth from 2024, with ambition to reach NOK 7 billion by 2030.

• EBITDA margin targeted at 14% in 2027, up from 11% in 2024, with EBITDA projected to nearly double from NOK 381m in 2024 to ~NOK 700m in 2027.

• EBIT margin to improve from 5% in 2024 to 9% in 2027, with ambition for minimum 10% EBIT margin by 2030.

• CapEx intensity expected to decline to ~4% of revenue as platforms are fully invested, supporting capital-light growth and improved ROACE from 8% in 2024 to 20% by 2027.

• Dividend payments resumed, with a new policy to return 40%-50% of cash flow after CapEx to shareholders.