Aqualis (AQUA) Q2 2026 earnings summary

Executive summary

• Revenue increased 10% sequentially to USD 90.8 million in Q2 2026, driven by ABL and AGR segments, though still below the prior year.

• Adjusted EBIT rose to USD 5.3 million (5.8% margin), up from USD 3.1 million (3.7%) in Q1 2026, led by improved profitability in ABL and Longitude.

• Net debt increased to USD 20.4 million, mainly due to working capital build and dividend payment.

• Acquisition of SynergenOG completed in July 2026, expanding technical capabilities in Southeast Asia and to be consolidated from Q3.

• The parent company was renamed to Aqualis ASA in June 2026; brand names remain unchanged.

Financial highlights

• Revenue: USD 90.8 million in Q2 2026, up from USD 82.4 million in Q1 2026, but down 6% year-over-year.

• Adjusted EBIT: USD 5.3 million (5.8% margin), up from USD 3.1 million (3.7%) in Q1 2026.

• Net profit after tax: USD 0.9 million, a turnaround from a USD 3.4 million loss in Q2 2025.

• Order backlog at quarter-end was USD 145.1 million, up from USD 119.6 million in Q2 2025.

• Dividend of USD 6.3 million (NOK 0.45/share) paid in Q2; cash balance decreased to USD 8.7 million.

Outlook and guidance

• Targeting ROCE of 20% by 2027, with ongoing cost and efficiency initiatives and strategic acquisitions.

• Positive outlook through 2026 and into 2027, despite market volatility, inflation, and high financing costs.

• Oil and gas market expected to remain resilient but flat, with regional differences in capex and opex.

• Renewables, especially offshore wind, face volatility, delayed investments, and margin pressure from elevated costs.

• Maritime market stable, with increased demand and War Risk claims due to geopolitical conflicts.