AKVA Group (AKVA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached NOK 1,112 million, up 19% year-over-year, with EBIT of NOK 89 million and EBITDA of NOK 148 million, marking the best third quarter ever and reflecting strong operational performance.

• Year-to-date 2025 revenue was NOK 3,292 million, up 20% year-over-year, with EBITDA of NOK 406 million and EBIT of NOK 236 million.

• Order intake for Q3 2025 was NOK 786 million, with a significant NOK 220 million RAS contract awarded in early Q4, supporting a robust order backlog and future growth.

• Confirmed 2025 guidance of minimum NOK 4 billion in revenue and 6% EBIT margin.

• Strong tender activity and expectations for continued growth into 2026.

Financial highlights

• Q3 2025 EBITDA was NOK 148 million, NOK 20 million higher than Q3 last year, with EBIT of NOK 89 million and net income of NOK 63 million.

• Year-to-date EBITDA margin stands at 7.2%, above the 6% guidance.

• Book-to-bill ratio for Q3 2025 was 71%; ROACE increased to 10.5% from 7% year-over-year.

• Net financial costs in Q3 were NOK 14 million, aided by a NOK 10 million gain in market value from Nordic AKVA Partners.

• Dividend of NOK 2 per share for 2025, paid in April and November.

Outlook and guidance

• Strong Q4 order intake expected, supporting continued revenue growth into 2026.

• 2025 guidance reiterated: revenue of at least NOK 4 billion and EBIT margin of 6% or higher.

• Continued investment and improvement across Sea Based, Land Based, and Digital segments.

• Q4 expected to be a breakthrough for commercialization of digital platform Observe.