Eqva (EQVA) Q1 2025 earnings summary

Executive summary

• Reported record Q1 2025 revenue of NOK 401 million, up 56% year-over-year, and EBITDA of NOK 63 million, driven by robust operations, strategic M&A, and integration of acquired companies.

• EPS for Q1 2025 was NOK 0.48 per share, compared to NOK 0.40 for full year 2024.

• Strategic M&A included the acquisition of IMTAS Group and agreement to acquire Austevoll Rørteknikk, expanding geographic reach and service offerings.

• Divestment of Vassnes Group and Havila Charisma freed up resources and contributed to improved financial flexibility.

• Confirmed a cash dividend of NOK 0.20 per share for 2024, supported by a new bank facility and strong cash flow.

Financial highlights

• Q1 2025 pro-forma revenue reached NOK 401 million, up from NOK 257 million in Q1 2024; EBITDA rose to NOK 63 million from NOK 46 million.

• EBITDA margin improved to 15.7% for the group and 9.5% for Industrial Solutions, up from 7.6% last year.

• Net interest-bearing debt stood at NOK 186 million; cash position at NOK 148 million as of March 31, 2025.

• Equity ratio at quarter-end was 35%.

• Order book reached a record NOK 881 million, supporting continued high activity.

Outlook and guidance

• Management targets 10–15% average annual growth in revenue and EBITA over the business cycle.

• Strong order intake and backlog provide confidence for sustained high activity in 2025 despite macroeconomic uncertainty.

• Robust financial position provides flexibility to pursue new opportunities.

• Continued focus on strategic M&A to drive growth and expand the Nordic footprint.