AKVA group reported record first-quarter EBITDA and higher revenue as activity remained strong across its sea-based, land-based and digital divisions.
The aquaculture technology supplier posted Q1 2026 revenue of NOK 1.14 billion (€104.9 million), up 13% from NOK 1.01 billion in the same period last year.
Quarterly EBITDA reached a record NOK 153 million (€14.1 million), up from NOK 113 million a year earlier. EBITDA margin improved to 13.4% from 11.2%.
Order intake in the quarter rose to NOK 1.49 billion (€137.4 million), compared with NOK 1.20 billion last year, while order backlog stood at NOK 2.83 billion (€260.4 million) at the end of March.
The company said profitability improved due to higher revenue, economies of scale and a stronger product mix in its Sea Based division.
AKVA also confirmed that its strategic review process, announced in April, has attracted “high-quality interest”, including attention around a potential sale of the entire company.
“Engagement with interested parties remains at an early stage,” the company said, adding that the process is expected to conclude during autumn 2026.
During the quarter, AKVA secured a recirculating aquaculture systems contract worth around NOK 200 million (€18.4 million) from Årdal Aqua.
Major contracts
In April, the company was also awarded a smolt contract worth approximately €28 million from Laxey.
AKVA said four new barges for international markets were awarded during the quarter with a combined estimated contract value of €6 million.
Sea Based revenue fell to NOK 755 million (€69.5 million) from NOK 804 million last year, although EBITDA increased slightly to NOK 99 million (€9.1 million). Order intake in the segment rose sharply to NOK 1.03 billion (€95.1 million).
Land Based revenue nearly doubled to NOK 346 million (€31.8 million) from NOK 176 million last year, while EBITDA rose to NOK 41 million (€3.8 million) from NOK 10 million.
Digital revenue increased to NOK 39 million (€3.6 million), up from NOK 32 million, with EBITDA improving to NOK 13 million (€1.2 million).
Cash and unused credit facilities stood at NOK 442 million (€40.7 million) at the end of the quarter. The company reported an equity ratio of 32.1% and said it remained in compliance with all bank covenants.
AKVA paid a dividend of NOK 1 per share on 21 April.
The company reiterated its target of achieving at least NOK 5 billion (€460 million) in revenue and a 9% EBIT margin by 2027.