AKVA group posts record revenue in Q2 on strong land-based growth.
AKVA group reported record second-quarter revenue of NOK 1.17 billion ($113.2 million) in Q2 2025, a 15 percent increase from NOK 1.01 billion ($98.3 million) in the same period last year.
EBITDA rose to NOK 145 million ($14.1 million), compared to NOK 110 million ($10.7 million) in Q2 2024. Order intake for the quarter reached NOK 1.1 billion ($106.7 million), up from NOK 888 million ($86.2 million) last year. The order backlog ended the period at NOK 2.7 billion ($262 million).
The quarter was supported by new land-based contracts with Laxey, including one signed in May worth around EUR 20 million ($21.8 million) and another in July worth EUR 8.5 million ($9.3 million).
Segment performance
Sea Based revenue reached NOK 868 million ($84.2 million), up from NOK 842 million ($81.7 million) in Q2 2024. EBITDA rose to NOK 124 million ($12 million) and EBIT to NOK 85 million ($8.2 million). Order intake fell to NOK 655 million ($63.6 million) from NOK 713 million ($69.2 million) last year, with backlog at NOK 895 million ($86.8 million).
Revenue in Land Based operations almost doubled to NOK 264 million ($25.6 million), compared with NOK 137 million ($13.3 million) in Q2 2024. EBITDA improved to NOK 13 million ($1.3 million), up from negative NOK 1 million (-$0.1 million) last year. Order intake more than doubled to NOK 316 million ($30.7 million), with backlog reaching NOK 1.63 billion ($158.1 million).
Digital revenue was flat at NOK 35 million ($3.4 million). EBITDA rose to NOK 8 million ($0.8 million), while EBIT remained negative at NOK -5 million (-$0.5 million). Order intake increased more than threefold to NOK 81 million ($7.9 million), with backlog ending at NOK 188 million ($18.2 million).
Balance sheet and dividend
Working capital as a percentage of 12-month rolling revenue was 9.4 percent. Cash and unused credit facilities amounted to NOK 473 million ($45.9 million), compared with NOK 292 million ($28.3 million) last year. Total assets were NOK 4.22 billion ($409.1 million) and total equity NOK 1.33 billion ($128.8 million), resulting in an equity ratio of 31.5 percent.
AKVA will pay a dividend of NOK 1 per share in the second half of 2025. The company expects full-year 2025 revenue of at least NOK 4 billion ($388.3 million) and EBIT margin of 6 percent, citing strong momentum in deep farming concepts and continued investment across its sea-based, land-based, and digital operations.
