Eqva (EQVA) Q2 2024 earnings summary

Executive summary

• Achieved strong operational performance in H1 2024, with revenue up 53% year-over-year to NOK 508.7 million and EBITDA at NOK 62.5 million, driven by Products, Solutions & Renewables, especially BKS.

• Focused on being a leading investment company in industrial services, targeting the green transition in maritime, power-intensive, and renewable sectors.

• Growth strategy centers on organic expansion and M&A, aiming to add 2–4 companies annually, with new acquisitions and the launch of Nordic Industrial Solutions.

• Completed sale of PSV Havila Charisma, generating NOK 62 million in cash and aligning with strategic focus.

• Paid NOK 14.3 million in dividends (NOK 0.20/share) in April 2024, including extraordinary payouts.

Financial highlights

• Total operating revenues for YTD Q2 2024 reached NOK 509 million, up from NOK 333 million last year.

• EBITDA for YTD Q2 2024 was NOK 62.5 million, compared to NOK 18.8 million in H1 2023.

• Net profit for the period was NOK 44.7 million, compared to a loss of NOK 2.4 million in H1 2023.

• Order book increased to NOK 556 million as of June 30, 2024, from NOK 487 million at Q4 2023.

• Earnings per share were NOK 0.62, up from NOK -0.03 in H1 2023.

Outlook and guidance

• 2024 revenue guidance raised to NOK 750–850 million, with an EBITDA margin target of 6–8% (excluding Charisma sale), and a long-term group EBITDA margin target of 7–9%.

• Positive outlook supported by robust order book and growing demand for climate and environmental projects.

• Continued focus on organic growth, M&A, and strong cash generation expected for the remainder of 2024.

• Hydropower projects Skjeggfoss and Haugsvær on track for Q3 2024 delivery; new Gjosa plant development started.