Eqva (EQVA) Q2 2025 earnings summary

Executive summary

• Achieved record revenue and margin growth in Q2/H1 2025, driven by strong operations in Industrial Solutions and strategic acquisitions, including IMTAS Group, Kvinnherad Elektro, and Austevoll Rørteknikk.

• Revenue increased 47% year-over-year in Q2 2025 to NOK 750m (pro forma), and 18% in H1 2025 to NOK 602m, with EBITDA rising to NOK 80.2m YTD Q2 and NOK 34m in H1.

• Robust order book of NOK 932m as of June 2025 supports continued high activity levels.

• CEO transition: Tore Thorkildsen appointed in Q2 2025.

• Sale of Vassnes Group/Vassnes Solutions AS in Q1 2025, generating significant accounting profit.

Financial highlights

• LTM operating revenue reached NOK 1,572m, with EBITDA at NOK 124m.

• Q2 2025 revenue was NOK 750m (pro forma), up from NOK 509m in Q2 2024; H1 2025 revenue at NOK 602m, EBITDA at NOK 34m.

• Earnings per share from continued operations at NOK 0.45 YTD Q2 2025.

• Cash position of NOK 126m at quarter-end June 2025.

• Market capitalization at NOK 391.76m as of Q2 2025.

Outlook and guidance

• Solid order book and strong order intake provide confidence for sustained high activity over the next 12 months.

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

• Focus on organic growth, integration of acquisitions, and leveraging market-leading positions.

• Expects to commence development of the "Gjosa" hydropower plant soon.