AKVA Group (AKVA) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of NOK 1,113 million, up 41% year-over-year, and full-year revenue of NOK 4,405 million, up 25% year-over-year, driven by strong land-based and digital performance.

• EBIT for Q4 2025 was NOK 44 million, up NOK 21 million from Q4 2024; full-year EBIT reached NOK 280 million (6.4% margin).

• Order intake in Q4 2025 was NOK 1,250 million, with a year-end order backlog of NOK 2,539 million.

• Robust cash flow in Q4, supported by NOK 153 million net working capital release; available cash and unused credit facilities at year-end was NOK 547 million.

• Dividends of NOK 1 per share paid in both April and November 2025, with another NOK 1 per share planned for H1 2026.

Financial highlights

• Q4 2025 EBITDA was NOK 103 million (margin 9.2%), up from NOK 76 million in Q4 2024; full-year EBITDA NOK 508 million (margin 11.5%).

• Q4 2025 net profit was NOK 26 million, with EPS of NOK 0.74; full-year net profit was NOK 178 million, with EPS of NOK 4.96.

• Book-to-bill ratio for Q4 2025 at 112%; full-year just below 100%.

• Return on capital employed (ROACE) improved to 11.5% from 7.9% year-over-year.

• Net interest-bearing debt at year-end was NOK 1,204 million, down from NOK 1,358 million in 2024.

Outlook and guidance

• 2027 targets: revenue above NOK 5 billion and EBIT margin of 9%.

• 2026 EBIT expected to grow 20%+ versus 2025, driven by scalability and improved digital and land-based profitability.

• Continued strong momentum expected for deep farming and digital solutions, with ongoing investments across all segments.

• Average of one post-smolt contract per quarter anticipated; potential for new contracts in China.