Eqva (EQVA) Q2 2026 earnings summary

Executive summary

• Year-to-date revenue through H1 2026 reached NOK 735 million, reflecting 22% year-over-year growth, driven by acquisitions and high activity in Industrial Solutions.

• Pro forma revenue, including recent acquisitions, is approximately NOK 1.6 billion, with a pro forma EBITDA margin of 6.8%, reflecting scalability.

• Major acquisitions, notably Einar Øgrey Farsund in June 2026, have been successfully integrated, expanding capabilities and presence in Southern Norway.

• The group operates two main segments: Eqva Industrial Solutions (EIS) and Fossberg Kraft, serving diverse industrial and renewable energy markets.

• Order backlog reached NOK 1,067 million, growing for seven consecutive quarters and supporting future revenue visibility.

Financial highlights

• H1 2026 revenue was NOK 735 million, up from NOK 598 million or NOK 602 million in H1 2025, driven by acquisitions and volume growth.

• H1 2026 EBITDA was NOK 29.7–30 million (margin 4.0–4.1%), down from NOK 33.7–34 million (5.6%) in H1 2025; Q2 EBITDA margin stable at 5.2%.

• H1 2026 loss before tax was NOK 15.7–16 million, compared to a profit of NOK 6.8 million in H1 2025.

• Cash position at quarter-end was NOK 245 million; net interest-bearing debt at NOK 360 million; net leverage ratio stood at 3.4x LTM EBITDA.

• Order backlog at Q2 2026 stood at NOK 1,067 million, supporting future revenue visibility.

Outlook and guidance

• Margin improvement expected as project mix normalizes and focus shifts to higher-margin segments, with continued emphasis on organic growth and targeted acquisitions.

• Strong order backlog and pipeline support continued revenue growth and diversification, especially in data centers and renewables.

• Renewables pipeline remains robust, with over 85 GWh in waterfall rights and two advanced projects following the successful Gjosa sale.