AKVA group posts strong Q1 results with revenue up 29% and improved margins.
AKVA group ASA reported first-quarter revenue of NOK 1.01 billion ($97 million / €86 million), up 29% from NOK 784 million ($75 million / €67 million) in Q1 2024, as the aquaculture technology provider saw robust activity and improved profitability across its business segments.
EBITDA rose to NOK 113 million ($10.8 million / €9.6 million) from NOK 67 million ($6.4 million / €5.7 million) a year earlier, while order intake reached NOK 1.2 billion ($115 million / €102 million), supported by a major smolt facility contract with Cermaq Chile valued at approximately EUR 30 million ($32 million). The company’s total order backlog stood at NOK 2.8 billion ($269 million / €238 million) at the end of March.
The group also reported a net gain of NOK 12 million ($1.15 million / €1.02 million) from the sale of its shares in Abyss Group to Arcus Infrastructure Partners, generating net proceeds of NOK 144 million ($13.8 million / €12.2 million).
In the Sea Based segment, revenue increased to NOK 804 million ($77 million / €68 million) from NOK 646 million ($62 million / €55 million) in Q1 2024, with EBITDA rising to NOK 96 million ($9.2 million / €8.2 million).
The Land Based segment recorded revenue of NOK 176 million ($16.9 million / €15 million), up from NOK 101 million ($9.7 million / €8.6 million), while EBITDA improved to NOK 10 million ($960,000 / €850,000) from a loss of NOK 3 million ($290,000 / €255,000) in the same period last year.
The Digital segment saw revenue decline to NOK 32 million ($3.1 million / €2.7 million), down from NOK 37 million ($3.6 million / €3.1 million), and posted a negative EBIT of NOK 5 million ($480,000 / €425,000).
Cash and unused credit facilities totalled NOK 500 million ($48 million / €43 million) at the end of Q1, with an equity ratio of 31.7%. The company announced a dividend of NOK 1 ($0.096 / €0.085) per share for the first half of 2025.
Looking ahead, AKVA said it expects continued strong demand for deep farming technologies and a normalisation of the post-smolt market in Norway. The company is targeting full-year revenue of at least NOK 4 billion ($384 million / €340 million) and an EBIT margin of 6%.