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.

• Q3 2025 order intake was NOK 786 million, with expectations for a significantly stronger Q4 order intake and an order backlog of NOK 2,363 million at quarter-end.

• Awarded a NOK 220 million RAS contract in early Q4 2025, supporting a robust order backlog and future growth.

• Confirms 2025 guidance: revenue of at least NOK 4 billion and EBIT margin of 6% or higher, with strong momentum for deep farming and digital platforms.

Financial highlights

• Net income for Q3 2025 was NOK 63 million, up from NOK 13 million in Q3 2024; YTD net profit was NOK 152 million.

• Q3 EBITDA was NOK 148 million, NOK 20 million higher than Q3 last year; EBITDA margin for Q3 2025 was 13.3%.

• Return on capital employed (ROACE) increased to 10.5% in Q3 2025 from 7% last year.

• Book-to-bill ratio for Q3 2025 was 71%.

• Dividend of NOK 2 per share paid in 2025 (NOK 1 per share in April and November), a record level.

Outlook and guidance

• Strong Q4 2025 order intake expected to support continued revenue growth into 2026.

• 2027 target reiterated: NOK 5 billion revenue and 9% EBIT margin.

• Continued investment in Sea Based, Land Based, and Digital solutions to drive future growth.

• Q4 expected to be a soft closing due to seasonality, but momentum remains strong.