AKVA posts strong Q4 2025 results

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AKVA Group has delivered high activity and improved profitability in the fourth quarter of 2025, reporting revenue of NOK 1,113 million (€98.54 million), up NOK 321 million (€28.42 million) or 41% from the same period last year.

Total order intake reached NOK 1,250 million (€110.67 million) during the quarter, reflecting continued strong demand across business segments.

Fish pens in a stormy sea with mountains behind

Source: AKVA Group

AKVA has reported a record Q4 revenue, improved profitability, strong order intake and backlog growth

Land Based achieved record quarterly revenue of NOK 422 million (€37.36 million), an increase of NOK 205 million (€18.15 million) or 94% compared to Q4 2024. The segment reported EBITDA of NOK 37 million (€3.28 million) and EBIT of NOK 34 million (€30.46 million), with solid margins despite high activity levels. Order intake more than doubled year-on-year to NOK 221 million (€19.57 million).

Sea Based generated revenue of NOK 653 million (€57.81 million), up from NOK 542 million (€50 million) in Q4 2024. EBITDA rose to NOK 54 million (€4.78 million0, while EBIT improved to NOK 11 million (€970,000). Order intake remained strong at NOK 952 million (€84.29 million), contributing the majority of group orders. Regional growth was recorded in the Nordics, the Americas, and across Europe and the Middle East.

Digital reported revenue of NOK 38 million (€3.36 million), with EBITDA of NOK 12 million (€1.06 million) and a significant improvement in EBIT. Order intake increased to NOK 77 million (€6.82 milion), driven primarily by two large-scale AKVA Observe contracts in Scotland.

During the quarter, a recirculating aquaculture system contract valued at approximately NOK 220 million (€19.48 million) was awarded by Tytlandsvik Aqua. The total order backlog stood at NOK 2,539 million (€224.8 million) at the end of Q4 2025, with 50% related to Land Based.

Group EBITDA increased to NOK 103 million (€9.12 million) from NOK 76 million (€6.73 million) a year earlier. Cash flow was robust, supported by a NOK 153 million (€40.11 million) net working capital release.

The company will distribute a dividend of NOK 1 (€0.09) per share in the first half of 2026 and continues to target minimum revenue of NOK 5 billion (€440 million) and an EBIT margin of 9% by 2027.