Norwegian aquaculture technology firm AKVA group reported improved profitability for the third quarter of 2026, despite a 14 percent decline in revenue, with higher earnings from its Sea-Based and Digital divisions offsetting weaker sales from its Land-Based segment.
The company generated Q3 revenues of NOK 959 million (USD 101.5 million, EUR 91 million), compared to NOK 1.12 billion (USD 118.6 million, EUR 106.3 million) in Q3 2025. EBITDA increased by NOK 22 million (USD 2.3 million, EUR 2.1 million) to NOK 170 million (USD 18 million, EUR 16.1 million), marking a rise of 15 percent, while its EBIT improved to NOK 99 million (USD 10.5 million, EUR 9.4 million) from NOK 89 million (USD 9.4 million, EUR 8.4 million).
AKVA’s order intake totaled NOK 714 million (USD 75.5 million, EUR 67.7 million) for the quarter, down from NOK 786 million (USD 83.1 million, EUR 74.6 million) a year earlier. However, the group's order backlog increased to NOK 2.72 billion (USD 287.9 million, EUR 258.1 million) at the end of September, compared to NOK 2.36 billion (USD 249.8 million, EUR 223.9 million) at the same point last year, providing what the company described as a solid foundation for continued organic growth into 2027.
By business segment, Sea-Based operations remained AKVA's largest division, generating Q3 revenue of NOK 666 million (USD 70.5 million, EUR 63.2 million), which was down from NOK 770 million (USD 81.5 million, EUR 73.1 million) a year earlier.
Despite the lower revenue, its EBITDA increased to NOK 137 million (USD 14.5 million, EUR 13 million) from NOK 113 million (USD 12 million, EUR 10.7 million), while EBIT rose to NOK 83 million (USD 8.8 million, EUR 7.9 million) from NOK 70 million (USD 7.4 million, EUR 6.6 million).
Order intake in the division was NOK 549 million (USD 58.1 million, EUR 52.1 million), compared with NOK 620 million (USD 65.6 million, EUR 58.8 million) in the same quarter last year. Its order backlog, nevertheless, increased to NOK 1.32 billion (USD 139.7 million, EUR 125.3 million) – up from NOK 745 million (USD 78.8 million, EUR 70.7 million).
The firm’s Sea-Based operations in the Nordic region recorded the largest revenue decline, with sales falling to NOK 449 million (USD 47.5 million, EUR 42.6 million) from NOK 545 million (USD 57.7 million, EUR 51.7 million). Revenue in the Americas was NOK 130 million (USD 13.8 million, EUR 12.3 million), compared to NOK 134 million (USD 14.2 million, EUR 12.7 million), while Europe and the Middle East generated NOK 87 million (USD 9.2 million, EUR 8.3 million) – down from NOK 91 million (USD 9.6 million, EUR 8.6 million).
Land-Based revenue declined to NOK 251 million (USD 26.6 million, EUR 23.8 million) from NOK 308 million (USD 32.6 million, EUR 29.2 million) in Q3 2025. EBITDA fell to NOK 18 million (USD 1.9 million, EUR 1.7 million) from NOK 22 million (USD 2.3 million, EUR 2.1 million), while EBIT decreased to NOK 14 million (USD 1.5 million, EUR 1.3 million) from NOK 19 million (USD 2 million, EUR 1.8 million).
Order intake in the segment amounted to NOK 131 million (USD 13.9 million, EUR 12.4 million), slightly below the NOK 138 million (USD 14.6 million, EUR 13.1 million) recorded in Q3 2025. Its order backlog stood at NOK 1.19 billion (USD 125.9 million, EUR 112.9 million) – down from NOK 1.44 billion (USD 152.4 million, EUR 136.6 million) a year earlier.
Land-Based accounted for 44 percent of the group's total order backlog at the end of the quarter, underlining the continued significance of land-based aquaculture projects in AKVA's order log.
AKVA’s Digital division, meanwhile, continued to grow. Revenue increased to NOK 42 million (USD 4.4 million, EUR 4 million) from NOK 34 million (USD 3.6 million, EUR 3.2 million), with EBITDA rising from NOK 12 million (USD 1.3 million, EUR 1.1 million) to NOK 16 million (USD 1.7 million, EUR 1.5 million). EBIT totaled NOK 2 million in the segment (USD 211,542, EUR 189,747), compared to break-even in the same period last year. Its order intake grew to NOK 34 million (USD 3.6 million, EUR 3.2 million) from NOK 28 million (USD 3 million, EUR 2.7 million), while its backlog increased to NOK 212 million (USD 22.4 million, EUR 20.1 million) from NOK 183 million (USD 19.4 million, EUR 17.4 million).
The report stated the company's financial position overall remained stable at the end of Q3. Cash and unused credit facilities amounted to NOK 472 million (USD 49.9 million, EUR 44.8 million), compared to NOK 442 million (USD 46.8 million, EUR 41.9 million) a year earlier. Total assets stood at NOK 4.3 billion (USD 454.8 million, EUR 408 million) and equity at NOK 1.41 billion (USD 149.2 million, EUR 133.8 million), giving an equity ratio of 32.8 percent.
Alongside the release of its Q3 report, AKVA's board of directors has unanimously recommended that shareholders accept the per-share deal laid out in a recently announced agreement to sell all issued and outstanding shares in the company to Osaka, Japan-based Yanmar Holdings, with the offer period running from 6 November to 20 November, subject to any extensions permitted under the offer terms.
AKVA previously said it expected the transaction to be completed in Q4, subject to regulatory requirements. Transaction-related costs will be recognized as a Q4 expense. It has also advised its strategic priorities remain unchanged pending completion of the transaction and that it continues to operate its business as usual.
