Eqva (EQVA) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue and EBITDA, driven by strong operations, strategic acquisitions, and integration of acquired companies, particularly in Industrial Solutions.

• Celebrated three years since transformation, emphasizing value creation for shareholders and a robust acquisition-driven growth model.

• 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, improved financial flexibility, and contributed to other income.

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

Financial highlights

• Q1 2025 pro-forma revenue reached NOK 401 million, up 56% year-over-year; EBITDA rose to NOK 63 million from NOK 46 million, with a margin of 15.7%.

• Revenue for the last 12 months exceeded NOK 1.5 billion; full-year 2024 EPS was NOK 0.40, and Q1 2025 EPS was NOK 0.48.

• Market capitalization at Q1 2025 was NOK 405 million; equity ratio at quarter-end was 35%.

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

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

Outlook and guidance

• 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.

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

• Sees significant growth opportunities in all segments, with a small current market share in Norway.

• Robust financial position provides flexibility to pursue new opportunities.