Aqualis (AQUA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was USD 83.8m, down 8% QoQ; adjusted EBIT was USD 5.0m and the 5.9% margin was the highest since 2023.

• Profitability improved across AGR and OWC; ABL remained strong, while Longitude revenue grew following SynergenOG consolidation.

• USD 1.1m of investment supported productivity, products, services and market expansion; the 2027 ROCE ambition is 20%.

Financial highlights

• Revenue was USD 83.8m versus USD 90.8m in Q2; the decline was mainly driven by AGR, partly offset by OWC and Longitude growth.

• Adjusted EBIT was USD 5.0m versus USD 5.3m in Q2 and USD 3.7m in Q3 2025; adjusted margin was 5.9% versus 5.8% and 4.2%, respectively.

• Reported EBIT was USD 4.324m, profit before tax USD 5.158m and profit after tax USD 3.983m; basic EPS was USD 0.03.

• Operating cash flow was USD 2.1m; quarter-end cash was USD 10.8m and net debt USD 21.7m.

Outlook and guidance

• Outlook remained positive through the remainder of 2026 and into 2027; cost and efficiency initiatives support the 20% ROCE target for 2027.

• Investment-programme spending was USD 1.1m in Q3 and is expected to remain at similar levels through 2027.

• Norwegian shelf activity is expected to remain soft through the rest of 2026 and into 2027; oil and gas expectations for 2027 are flat to slightly positive.

• Working capital ratio is expected to improve progressively through Q4 and Q1 toward the 40% long-term target.