AKVA group ASA: Q3 2025 financial reporting

Robust financial performance

AKVA group delivered quarterly revenue in Q3 2025 of NOK 1,112 million, an increase of NOK 176^* million or 19% compared to Q3 2024. 

EBITDA increased by NOK 20^* million from NOK 128 million in Q3 2024 to NOK 148 million in Q3 2025.

Total order intake of NOK 786 million in Q3 2025, down from NOK 803 million in Q3 2024.

On the back of high tender activity, the order intake is expected to be strong in Q4 2025 supporting continued revenue growth in 2026.

A RAS contract was awarded from Tytlandsvik Aqua start of Q4 with an estimated contract value of NOK 220 million.

The activity level in the third quarter of 2025 was high with revenue of NOK 1,112 million and order intake of NOK 786 million.

Profitability improved significantly in the third quarter compared to last year and is primarily related to the increased revenue and partly to improved project margins in the Land Based business.

Sea Based (SB)
SB revenue for Q3 2025 ended at NOK 770 million (NOK 740 million). EBITDA and EBIT for the segment in Q3 ended at NOK 113 million (NOK 112 million) and NOK 70 million (NOK 75 million), respectively. The related EBITDA and EBIT margins were 14.7% (15.2%) and 9.1% (10.1%).

Order intake in Q3 2025 was NOK 620 million compared to NOK 635 million in Q3 2024. Order backlog ended at NOK 745 million compared to NOK 711 million last year.

The Nordic region experienced an increase in revenue from NOK 528 million in Q3 2024 to NOK 545 million in Q3 2025.

In the Americas region, the revenue was NOK 134 million, which is a decrease from NOK 156 million in the third quarter last year.

Europe and Middle East (EME) had a revenue of NOK 91 million in Q3 2025, compared to NOK 55 million in the third quarter last year.

Land Based (LB)
Revenue for the third quarter was NOK 308 million (NOK 162 million). EBITDA and EBIT ended at NOK 22 million (NOK 5 million) and NOK 19 million (NOK 3 million), respectively. The related EBITDA and EBIT margins were 7.3% (3.1%) and 6.1% (1.6%).

Order intake in Q3 2025 of NOK 138 million compared to NOK 138 million in Q3 2024. Order backlog ended at NOK 1,435 million compared to NOK 1,509 million last year.

Digital (DI)
The revenue in the segment was NOK 34 million (NOK 34 million) in Q3 2025. EBITDA and EBIT ended at NOK 12 million (NOK 11 million) and NOK 0 million (NOK 1 million), respectively. The related EBITDA and EBIT margins were 36.0% (31.9%) and 0.1% (3.1%). Comparable Q3 2024 figures have been adjusted to exclude the gain and net gain from the Observe transaction, amounting to NOK 76 million and NOK 71 million, respectively.

Order intake in Q3 2025 was NOK 28 million compared to NOK 30 million in Q3 2024. Order backlog ended at NOK 183 million, compared to NOK 147 million last year.

Balance sheet
Working capital as a percentage of 12 months rolling revenue is 10.5% (7.3%). Cash and unused credit facilities amounted to NOK 442 million (NOK 448 million) at the end of Q3. Total assets and total equity amounted to NOK 4,239 million and NOK 1,373 million respectively, resulting in an equity ratio of 32.4% (32.4%) at the end of Q3 2025. The leverage ratio was 2.62 as of 30 September 2025 and AKVA was in compliance with all bank covenants.

Dividend
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. On November 4th, the company paid a dividend of NOK 1 per share for the second half year of 2025.

Order Backlog
The order backlog at the end of Q3 was NOK 2,363 million (NOK 2,367 million). NOK 1,435 million or 61% of total order backlog at the end of Q3 relates to Land Based (LB).

Outlook
Foreseeing a continued strong momentum for deep farming concepts.

AKVA is aiming for revenue of minimum NOK 4,0 billion and EBIT of 6% in 2025.

Continuing to invest and improve our solutions across Sea Based, Land Based and Digital.

Expecting strong order intake in Q4 25 to support continued revenue growth in 2026

^{* The Revenue and EBITDA in Q3 2024 is adjusted by NOK 76 million and NOK 71 million, respectively, related to the gain on the Observe transaction}

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 469 employees, offices in 11 countries and had a total turnover of NOK 3.6 billion in 2024. 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: 7 November 2025
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Nesse	Chief Executive Officer
Phone:	+47 51 77 85 00
Mobile:	+47 91 37 62 20
E-mail:	knesse@akvagroup.com

Ronny Meinkøhn	Chief Financial Officer
Phone:	+47 51 77 85 00
Mobile:	+47 98 20 67 76
E-mail:	rmeinkohn@akvagroup.com

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

Attachments

• AKVA Group Quarterly Report Q3 2025
• 2025 Q3 AKVA group presentation