AKVA group ASA: Q4 2025 financial reporting

High revenue and strong order intake.

AKVA group delivered high quarterly revenue in Q4 2025 of NOK 1,113 million, an increase of NOK 321 million or 41% compared to Q4 2024.  

Land Based with record high quarterly revenue of NOK 422 million, an increase of NOK 205 million or 94% compared to Q4 2024. 

Sea Based secured strong order intake of NOK 952 million, contributing to total order intake of NOK 1,250 million.

A RAS contract valued at approx. NOK 220 million was awarded from Tytlandsvik Aqua at the start of Q4.

Order backlog totaled NOK 2,539 million at the end of Q4 2025. 

EBITDA increased by NOK 27 million from NOK 76 million in Q4 2024 to NOK 103 million in Q4 2025. 

Robust cash flow generation in Q4, supported by NOK 153 million in net working capital release.

A dividend of NOK 1 per share will be distributed during the first half year of 2026. 

The activity level in the fourth quarter of 2025 was high with revenue of NOK 1,113 million and order intake of NOK 1,250 million. 

Profitability improved in the fourth quarter compared to last year and is related to the increased revenue. 

Sea Based (SB)
SB revenue for Q4 2025 ended at NOK 653 million (NOK 542 million). EBITDA and EBIT for the segment in Q4 ended at NOK 54 million (NOK 48 million) and NOK 11 million (NOK 8 million), respectively. The related EBITDA and EBIT margins were 8.2% (8.8%) and 1.7% (1.4%).

Order intake in Q4 2025 was NOK 952 million compared to NOK 946 million in Q4 2024. Order backlog ended at NOK 1,044 million compared to NOK 1,115 million last year.

The Nordic region experienced an increase in revenue from NOK 344 million in Q4 2024 to NOK 409 million in Q4 2025.

In the Americas region, the revenue was NOK 169 million, which is an increase from NOK 146 million in the fourth quarter last year.

Europe and Middle East (EME) had a revenue of NOK 75 million in Q4 2025, compared to NOK 52 million in the fourth quarter last year.

Land Based (LB)
Revenue for the fourth quarter was NOK 422 million (NOK 217 million). EBITDA and EBIT ended at NOK 37 million (NOK 21 million) and NOK 34 million (NOK 19 million), respectively. The related EBITDA and EBIT margins were 8.8% (9.8%) and 8.0% (8.8%).

Order intake in Q4 2025 of NOK 221 million compared to NOK 114 million in Q4 2024. Order backlog ended at NOK 1,273 million compared to NOK 1,408 million last year.

Digital (DI)
The revenue in the segment was NOK 38 million (NOK 33 million) in Q4 2025. EBITDA and EBIT ended at NOK 12 million (NOK 7 million) and NOK -0 million (NOK -4 million), respectively. The related EBITDA and EBIT margins were 31.8% (22.9%) and -1.1% (-12.3%). 

Order intake in Q4 2025 was NOK 77 million compared to NOK 22 million in Q4 2024. The increase is primarily related to two large- scale contracts for AKVA Observe in Scotland. Order backlog ended at NOK 222 million, compared to NOK 136 million last year.

Balance sheet
Working capital as a percentage of 12 months rolling revenue is 6.2% (9.4%). Cash and unused credit facilities amounted to NOK 547 million (NOK 353 million) at the end of Q4. Total assets and total equity amounted to NOK 4,216 million and NOK 1,378 million respectively, resulting in an equity ratio of 32.7% (32.4%) at the end of Q4 2025. The leverage ratio was 2.37 as of 31 December 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. The company has decided to pay a dividend of NOK 1 per share for the first half year of 2026. 

Order Backlog
The order backlog at the end of Q4 was NOK 2,539 million (NOK 2,658 million). NOK 1,273 million or 50% of total order backlog at the end of Q4 relates to Land Based (LB).

Outlook
Foreseeing a continued strong momentum for deep farming concepts. 

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

AKVA is aiming for revenue of minimum NOK 5 billion and EBIT of 9% in 2027.

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 501 employees, offices in 11 countries and had a total turnover of NOK 4.4 billion in 2025. 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: 13 February 2026
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

• 2025 Q4 AKVA group presentation
• AKVA Group Quarterly Report Q4 2025