Aqualis (AQUA) Pareto Securities' 33rd Annual Energy Conference presentation summary

Business overview and growth

• Operates as a global consultancy in energy and oceans, with 1,970 employees across 79 offices in 44 countries.

• Revenue base increased tenfold since 2018, driven by transformative acquisitions and organic growth.

• Key acquisitions include SynergenOG (2026), Proper Marine and Techconsult (2025), and several others since 2014.

• Provides through-life support across onshore/offshore renewables, oil & gas, maritime, and carbon management.

• Operates under four main brands: ABL, AGR, OWC, and Longitude, each specializing in different consultancy areas.

Financial performance and segment analysis

• Last twelve months (LTM) revenue reached $355 million, with adjusted EBIT of $15.8 million.

• Oil & Gas remains the largest market segment, contributing 74% of LTM revenue.

• Segment EBIT split: ABL (74%), AGR (17%), OWC (9%).

• Semi-annual dividend of NOK 0.45 per share paid in June 2026, with a 9.8% increase over H1 2025.

• Targeting 20% ROCE in 2027, with ongoing focus on capital efficiency and shareholder returns.

Operational highlights and market activity

• In 2025, completed 1,300+ rig moves, 1,600+ MWS projects, 950+ vessel surveys, and 190+ well & reservoir projects.

• Worked on 890+ wind, solar, and battery projects with a potential capacity of 272+ GW.

• Managed 2,600+ maritime instructions, including loss management, marine warranty, and engineering consulting.

• Renewables segment experienced 40% annual growth from 2017–2023, but growth slowed sharply post-2023.

• Signs of recovery in renewables pipeline, with increased tendering but delays in final investment decisions due to higher costs.