AKVA Group (AKVA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NOK 1,113 million, up 41% year-over-year, with EBIT of NOK 44 million, driven by record land-based revenue and strong order intake.

• Full-year 2025 revenue was NOK 4,405 million, up NOK 879 million year-over-year, with EBIT of NOK 280 million, up NOK 96 million.

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

• Robust cash flow in Q4, supported by NOK 153 million net working capital release.

• Dividends of NOK 1 per share paid twice in 2025, with another NOK 1 per share planned for H1 2026.

Financial highlights

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

• EBIT for the year was NOK 280 million (6.4% margin); Q4 EBIT was NOK 44 million (margin 4.0%).

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

• Available cash and unused credit facilities at year-end totaled NOK 547 million.

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

Outlook and guidance

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

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

• Continued investment and improvement across Sea Based, Land Based, and Digital segments, with strong momentum for deep farming concepts.