Eqva (EQVA) Q2 2025 earnings summary

Executive summary

• Achieved record revenue growth and margin uplift in Q2/H1 2025, driven by strong operations in Industrial Solutions and successful M&A activity.

• Revenue increased 47% year-over-year, with EBITDA rising from NOK 62.5m to NOK 80.2m YTD Q2 2025.

• Record order book of NOK 932m as of June 2025, reflecting robust demand and supporting continued high activity levels.

• Strategic acquisitions of IMTAS Group, Kvinnherad Elektro, and Austevoll Rørteknikk; divestment of Vassnes Solutions AS.

• CEO transition: Tore Thorkildsen appointed in Q2 2025.

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.

• EBITDA margin improved to 10.8% for the group and 9.4% for Industrial Solutions.

• Net interest-bearing debt at NOK 225m; equity ratio at 34%.

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

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.

• Continued focus on M&A to drive growth and expand service offerings.

• Anticipates continued strong demand for industrial services, especially in energy-intensive and land-based industries.

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