AKVA Group (AKVA) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was NOK 792 million (MNOK 792), with EBIT of NOK 23 million and EBITDA of NOK 76 million; full-year adjusted revenue was NOK 3.5 billion (MNOK 3,526), up from NOK 3.43 billion in 2023.

• All-time high quarterly order intake in Sea Based at NOK 946 million (MNOK 946), driven by deep farming solutions.

• Major contracts signed: EUR 20 million with Laxey and EUR 30 million with Cermaq Chile, to be reflected in Q1 2025 order intake.

• Dividend of NOK 1 per share to be paid in H1 2025, first in three years.

• Order backlog at year-end was NOK 2,658 million, up 10.9% from Q4 2023.

Financial highlights

• Adjusted EBIT for 2024 was NOK 184 million, up from NOK 68 million in 2023; EBIT margin was 5.2%.

• EBITDA for Q4 was NOK 76 million; full-year EBITDA reached NOK 381 million, both record highs.

• Book-to-bill ratio for Q4 was 137%; order backlog at year-end was NOK 2,658 million.

• Net interest-bearing debt at year-end was NOK 1,358 million, up from NOK 1,109 million in 2023.

• Available cash at year-end was NOK 471 million.

Outlook and guidance

• 2025 revenue guidance is NOK 4 billion, with a targeted EBIT margin of at least 6%.

• CapEx for 2025 is guided between NOK 160–180 million, not exceeding 2024 levels.

• Strong order backlog and new contracts support expectations for top-line growth and higher profitability in 2025.

• Salmon prices expected to remain strong, supporting customer investment appetite.

• Focus on operational excellence, scaling Digital and Land Based business, and deep farming solutions.