Eqva (EQVA) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached NOK 1.3 billion, up 17% year-over-year, with an EBITDA margin of 6.7%.

• Pro forma revenue was NOK 1.4 billion and pro forma EBITDA margin 8%, reflecting recent acquisitions.

• Order book at year-end exceeded NOK 1 billion, providing strong visibility into 2026.

• Strategic focus on disciplined capital allocation, cash generation, and targeted acquisitions to strengthen market position, especially along the Norwegian coastline.

• Strengthened balance sheet with NOK 500 million secured bond issue in January 2026, enhancing financial flexibility.

Financial highlights

• EBITDA for 2025 was NOK 86 million, up 9% from 2024, with underlying improvement stronger when excluding a NOK 34 million gain from asset sale in 2024.

• Pro forma EBITDA for 2025 was NOK 112 million, with margin at 8%.

• Net profit from continuing operations was NOK 16 million; total net profit including discontinued operations was NOK 45 million.

• Earnings per share for 2025 were NOK 0.54, up from NOK 0.41 in 2024.

• Q4 revenue was NOK 358 million, slightly up from NOK 348 million in Q4 2024.

Outlook and guidance

• Order backlog above NOK 1 billion secures a significant portion of 2026 revenue.

• Management expects continued solid demand but notes increased global uncertainty from geopolitical tensions, inflation, and market volatility.

• Focus on organic growth and bolt-on acquisitions to expand service offerings and market presence.

• Completion of Einar Øgrey Farsund AS acquisition expected in Q2 2026, with significant recurring revenue secured for 2026.