Eqva (EQVA) Q3 2025 earnings summary

Executive summary

• Achieved record revenue and margin growth in Q3 2025, driven by strong performance in Industrial Solutions and recent acquisitions, including IMTAS Group and Austevoll Rørteknikk.

• Strategic transformation included divestment of non-core assets and targeted M&A, resulting in a robust, diversified platform.

• Order book reached NOK 973 million, supporting continued high activity levels and a positive outlook for 2026.

• Year-to-date pro forma revenues reached NOK 1,079 million, up 44% year-over-year.

• Pro forma EBITDA increased to NOK 105 million from NOK 70 million in the same period last year.

Financial highlights

• Q3 2025 revenue up 44% year-over-year; EBITDA up 47% year-over-year.

• Last twelve months (LTM) pro forma revenue at NOK 1,502m and EBITDA at NOK 127m.

• Equity ratio at 37% and net interest-bearing debt at NOK 210m as of September 30, 2025.

• Cash position of NOK 142m at quarter-end.

• Profit after tax shifted from negative NOK 22m to positive NOK 12m LTM since Q4 2023.

Outlook and guidance

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

• Ongoing integration of acquisitions and focus on organic growth expected to support margin and cash flow improvements.

• Monitoring potential regulatory changes in hydropower taxation, with investment decisions pending further clarity.

• Record-high order book for Industrial Solutions at NOK 973 million at Q3 2025 end, up 4% from Q2 2025.