AKVA group ASA: Q1 2026 financial reporting

High activity and strong financial performance

AKVA group (“AKVA”) delivered high quarterly revenue in Q1 2026 of NOK 1,140 million, an increase of 13% compared to Q1 2025. 

Record high quarterly EBITDA of NOK 153 million, an increase of NOK 40 million compared to Q1 2025.

Strong order intake of NOK 1,493 million in the quarter and order backlog of NOK 2,830 million at the end of Q1 2026.

A RAS contract with value of approx. NOK 200 million was awarded from Årdal Aqua AS in February.

A smolt contract of approx. EUR 28 million was awarded from Laxey EHF in April.

Four new barges for the international market were awarded in Q1 2026 with a total contract value estimated at EUR 6 million.

Acquisition of remaining shares in Submerged AS, increasing ownership from 58% to 100%, was completed during Q1.

A dividend of NOK 1 per share was paid April 21.

Strategic review was announced start of April to maximize shareholder value. Following the initial phase of the strategic review, AKVA and its advisor are seeing high-quality interest, with particular attention around a potential sale of the entire company as a complete platform. Engagement with interested parties remains at an early stage. The strategic review is expected to be concluded during the fall of 2026. No decisions have been taken at this stage, and AKVA will provide an update to the market upon conclusion of the process.

The activity level in the first quarter of 2026 was high with revenue of NOK 1,140 million and order intake of NOK 1,493 million. The high order intake in the quarter was supported by the award of the smolt contract from Årdal Aqua and strong momentum in Sea Based including the award of four new barges for the international market.

The high order backlog of NOK 2,830 million at the end of Q1 2026 provides a strong foundation for continued organic growth in 2026.

Profitability improved in the first quarter compared to last year and is related to the increased revenue, economies of scale and robust product mix in Sea Based.

Sea Based (SB)
SB revenue for Q1 2026 ended at NOK 755 million (NOK 804 million). EBITDA and EBIT for the segment in Q1 ended at NOK 99 million (NOK 96 million) and NOK 55 million (NOK 56 million), respectively. The related EBITDA and EBIT margins were 13.2% (11.9%) and 7.3% (7.0%).

Order intake in Q1 2026 was NOK 1,034 million compared to NOK 784 million in Q1 2025. Order backlog ended at NOK 1,323 million compared to NOK 1,108 million last year.

The Nordic region experienced a decrease in revenue from NOK 583 million in Q1 2025 to NOK 533 million in Q1 2026.

In the Americas region, the revenue was NOK 142 million, which is a decrease from NOK 153 million in the first quarter last year.

Europe and Middle East (EME) had a revenue of NOK 80 million in Q1 2026, compared to NOK 68 million in the first quarter last year.

Land Based (LB)
Revenue for the first quarter was NOK 346 million (NOK 176 million). EBITDA and EBIT ended at NOK 41 million (NOK 10 million) and NOK 37 million (NOK 6 million), respectively. The related EBITDA and EBIT margins were 11.8% (5.5%) and 10.7% (3.5%).

Order intake in Q1 2026 of NOK 416 million compared to NOK 384 million in Q1 2025. Order backlog ended at NOK 1,281 million compared to NOK 1,550 million last year.

Digital (DI)
The revenue in the segment was NOK 39 million (NOK 32 million) in Q1 2026. EBITDA and EBIT ended at NOK 13 million (NOK 7 million) and NOK -1 million (NOK -5 million), respectively. The related EBITDA and EBIT margins were 32.1% (22.1%) and -3.8% (-16.1%).

Order intake in Q1 2026 was NOK 44 million compared to NOK 32 million in Q1 2025. Order backlog ended at NOK 226 million, compared to NOK 141 million last year.

Balance sheet
Working capital as a percentage of 12 months rolling revenue is 7.9% (8.9%). Cash and unused credit facilities amounted to NOK 442 million (NOK 500 million) at the end of Q1. Total assets and total equity amounted to NOK 4,319 million and NOK 1,385 million respectively, resulting in an equity ratio of 32.1% (31.7%) at the end of Q1 2026. The leverage ratio was 2.32 as of 31 March 2026 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. The company decided to pay a dividend of NOK 1 per share in April for the first half year of 2026.

Order Backlog
The order backlog at the end of Q1 was NOK 2,830 million (NOK 2,799 million). NOK 1,281 million or 45% of total order backlog at the end of Q1 relates to Land Based.

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.

Strategic review is expected to be completed during 2026.

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 546 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: 08 May 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

• AKVA Group Quarterly Report Q1 2026
• 2026 Q1 AKVA group presentation