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AKVA group ASA: Q1 2024 financial reporting


Acceptable activity level in Sea Based and improved profitability.

AKVA group delivered revenue for Q1 2024 of MNOK 784 (874), a decrease of 10% compared to Q1 2023.

EBITDA increased from MNOK 59 in Q1 2023 to MNOK 67 in Q1 2024.

Total order intake of MNOK 917 (1,170) in Q1 2024 supported by strong order intake of MNOK 800 in Sea Based. Order backlog of BNOK 2,6 at the end of March 2024.

Award of three new barges for the Nordic market with a total contract value of approx. MNOK 160.

The activity level in Sea Based was acceptable in the first quarter of 2024 with a strong order intake of MNOK 800. The high order intake was driven by the award of three new barges for the Nordic market. The market for Land Based is still slow and AKVA does not expect to sign any new significant contracts during the first half of 2024. The outlook for the post smolt market in Norway is still challenging due to the resource tax but is expected to normalize during the second half of 2024.

Profitability improved compared to last year but is still below expectations. The profit margin in the Land Based business is influenced by the low activity level and to some extent closing of old contracts. The profitability in Sea Based is acceptable supported by a healthy product mix.

Sea Based Technology (SBT)
SBT revenue for Q1 2024 ended at MNOK 646 (655). EBITDA and EBIT for the segment in Q1 ended at MNOK 64 (55) and MNOK 29 (19), respectively. The related EBITDA and EBIT margins were 10.0% (8.5%) and 4.5% (2.9%), respectively.

Order intake in Q1 2024 was MNOK 800 compared to MNOK 613 in Q1 2023. Order backlog ended at MNOK 946 compared to MNOK 861 last year.

The Nordic region experienced a increase in revenue from MNOK 425 in Q1 2023 to MNOK 428 in Q1 2024.

In the Americas region, the revenue was MNOK 150, which is an increase from 121 MNOK in the first quarter last year.

Europe and Middle East (EME) had a revenue of MNOK 68 in Q1 2024, compared to the revenue of MNOK 109 in the first quarter last year.

Land Based Technology (LBT)
Revenues for the first quarter were MNOK 101 (192). EBITDA and EBIT ended at MNOK -3 (-2) and MNOK -6 (-5), respectively. The related EBITDA and EBIT margins were -3.2% (-1.3%) and -5.8% (-2.4%).

Order intake in Q1 2024 was MNOK 72 compared to MNOK 527 in Q1 2023. Order backlog ended at MNOK 1,495, compared to MNOK 1,018 last year.

Digital (DI)
The revenue in the segment was MNOK 37 (27) in Q1 2024. EBITDA and EBIT ended at MNOK 6 (6) and MNOK -3 (-4), respectively. The related EBITDA and EBIT margins were 17,4% (21,8%) and -7,6% (-13.3%).

Order intake in Q1 2024 was MNOK 45 compared to MNOK 30 in Q1 2023. Order backlog ended at MNOK 158, compared to MNOK 106 last year.

Balance sheet
Working capital as a percentage of 12 months rolling revenue is 11.3% (8.2%). Cash and unused credit facilities amounted to MNOK 283 (629) at the end of Q1. Total assets and total equity amounted to MNOK 3,767 and MNOK 1,163 respectively, resulting in an equity ratio of 30.9% (32.8%) at the end of Q1 2024.

The Company’s main objective is to maximize the return on the investment made by its shareholders through both increased share prices and dividend payments. The company has decided not to pay any dividend in the first half of 2024, and will make a new evaluation for the second half year ahead of Q2 reporting in August.

Order Backlog
The order backlog at the end of Q1 was MNOK 2,599 (1,984). MNOK 1,495 or 58% of total order backlog at the end of Q1 relates to Land Based Technology (LBT).

Salmon prices are expected to remain strong driven by reduced supply.

AKVA expects to see a normalization of the post smolt market in Norway during the second half of 2024.

As previous announced, AKVA is aiming for a revenue of minimum BNOK 3,6 and EBIT of 4-5% in 2024.

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 425 employees, offices in 11 countries and had a total turnover of NOK 3.4 billion in 2023. We are a public listed company operating in one of the world’s fastest growing industries and supply everything from single components to complete installations, both for sea farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.

Dated: 3 May 2024
AKVA group ASA



Knut Nesse Chief Executive Officer
Phone:+47 51 77 85 00
Mobile:+47 91 37 62 20

Ronny MeinkøhnChief Financial Officer
Phone:+47 51 77 85 00
Mobile:+47 98 20 67 76

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


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