Akva Group reports higher revenue and ebitda in Q3, order intake steady.
Akva Group posted third-quarter revenue of NOK 1,112 million ($109.0 million), up NOK 176 million ($17.2 million) or 19 percent from Q3 2024, with EBITDA rising to NOK 148 million ($14.5 million) from NOK 128 million ($12.5 million).
Total order intake was NOK 786 million ($77.0 million), compared with NOK 803 million ($78.7 million) a year earlier. The company said high tender activity supports expectations for a strong Q4 2025 order intake and continued revenue growth in 2026. In early Q4, Akva was awarded a RAS contract from Tytlandsvik Aqua valued at about NOK 220 million ($21.6 million).
Segment performance
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Sea based: Revenue NOK 770 million ($75.5 million) vs NOK 740 million ($72.5 million). EBITDA NOK 113 million ($11.1 million) and EBIT NOK 70 million ($6.9 million), implying margins of 14.7 percent and 9.1 percent. Order intake NOK 620 million ($60.8 million); order backlog NOK 745 million ($73.0 million).
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Nordic revenue NOK 545 million ($53.4 million) vs NOK 528 million ($51.7 million).
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Americas revenue NOK 134 million ($13.1 million) vs NOK 156 million ($15.3 million).
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Europe and Middle East revenue NOK 91 million ($8.9 million) vs NOK 55 million ($5.4 million).
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Land based: Revenue NOK 308 million ($30.2 million) vs NOK 162 million ($15.9 million). EBITDA NOK 22 million ($2.2 million) and EBIT NOK 19 million ($1.9 million), margins 7.3 percent and 6.1 percent. Order intake NOK 138 million ($13.5 million); order backlog NOK 1,435 million ($140.6 million).
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Digital: Revenue NOK 34 million ($3.3 million), EBITDA NOK 12 million ($1.2 million) and EBIT approximately NOK 0 million ($0.0 million), with margins of 36.0 percent and 0.1 percent. Order intake NOK 28 million ($2.7 million); order backlog NOK 183 million ($17.9 million). Comparable Q3 2024 figures are adjusted to exclude the Observe transaction gain.
Balance sheet and dividend
Working capital equalled 10.5 percent of 12-month rolling revenue. Cash and unused credit facilities were NOK 442 million ($43.3 million) at quarter-end. Total assets were NOK 4,239 million ($415.4 million) and equity NOK 1,373 million ($134.6 million), for an equity ratio of 32.4 percent. Leverage ratio was 2.62 as of 30 September 2025, with all bank covenants met. On 4 November, the company paid a dividend of NOK 1 ($0.10) per share for the second half of 2025.
Order backlog and outlook
The order backlog ended the quarter at NOK 2,363 million ($231.5 million), of which NOK 1,435 million ($140.6 million), or 61 percent, relates to Land Based. Akva reiterated 2025 targets of at least NOK 4.0 billion ($392.0 million) in revenue and a 6 percent EBIT margin, and said it sees continued strong momentum for deep farming concepts. The company plans to keep investing in Sea Based, Land Based and Digital solutions.
