Driven by high activity within its Land-Based (LB) business segment, Klepp, Norway-based aquaculture technology firm AKVA group delivered record Q1 revenues.
In its financial report for the opening three-month period of the year, AKVA revealed its Q1 income rose 13 percent, or NOK 293 million (USD 31.8 million, EUR 27 million), year over year to NOK 1.14 billion (USD 123.7 million, EUR 105.1 million). The firm also reported a strong order intake of NOK 1.49 billion (USD 161.7 million, EUR 137.4 million) and a NOK 2.83 billion (USD 307.1 million, EUR 260.9 million) order backlog at the end of the period.
At the same time, its EBITDA of NOK 153 million (USD 16.6 million, EUR 14.1 million) and EBIT of NOK 91 million (USD 9.9 million, EUR 8.4 million) also marked new quarterly bests.
By segment, revenues earned by its LB arm totaled NOK 346 million (USD 37.6 million, EUR 31.9 million), which almost doubled Q1 2025’s NOK 176 million (USD 19.1 million, EUR 16.2 million). Its EBITDA and EBIT ended the period at NOK 41 million (USD 4.5 million, EUR 3.8 million) and NOK 37 million (USD 4 million, EUR 3.4 million), respectively, which were both up from NOK 10 million (USD 1.1 million, EUR 922,577) and NOK 6 million (USD 651,558, EUR 553,589) previously.
LB’s order intake increased from NOK 384 million (USD 41.7 million, EUR 35.4 million) to NOK 416 million (USD 45.2 million, EUR 38.4 million), while its order backlog ended at NOK 1.28 billion (USD 139 million, EUR 118.1 million), compared to NOK 1.55 billion (USD 168.3 million, EUR 143 million) last year.
Q1 revenues for AKVA’s Sea-Based (SB) division amounted to NOK 755 million (USD 82 million, EUR 69.7 million), which was down from NOK 804 million (USD 87.3 million, EUR 74.2 million) in the year-ago period. Its EBITDA and EBIT reached NOK 99 million (USD 10.8 million, EUR 9.1 million) and NOK 55 million (USD 6 million, EUR 5.1 million), respectively, compared to NOK 96 million (USD 10.4 million, EUR 8.9 million) and NOK 56 million (USD 6.1 million, EUR 5.2 million), while its order intake increased by NOK 250 million (USD 27.2 million, EUR 23.1 million) year over year to more than NOK 1 billion (USD 108.7 million, EUR 92.3 million).
SB’s order backlog ended the quarter at NOK 1.32 billion (USD 143.5 million, EUR 121.9 million) – up from NOK 1.11 billion (USD 120.6 million, EUR 102.5 million) previously.
Revenues for AKVA’s Digital (DI) segment increased NOK 7 million (USD 760,676, EUR 646,271) to NOK 39 million (USD 4.2 million, EUR 3.6 million). Its EBITDA and EBIT improved at NOK 13 million (USD 1.4 million, EUR 1.2 million) and NOK -1 million (USD -108,724, EUR -92,367), respectively, while its order intake was up NOK 12 million to NOK 44 million (USD 4.8 million, EUR 4.1 million).
Delivering the group’s interim results on 8 May, AKVA CEO Knut Nesse noted the firm secured a new NOK 200 million (USD 21.7 million, EUR 18.4 million) RAS contract from Årdal Aqua in February, followed in April by a EUR 28 million (USD 33 million) smolt contract from Laxey. Also in Q1, it secured agreements for the delivery of four new barges with a total contract value estimated at EUR 6 million (USD 7.1 million).
The group has also expanded into the defense industry, with a long-term framework agreement signed with Norwegian authorities for the delivery of “Polarcirkel” boats, which are high-speed boats designed for extreme conditions. Deliveries scheduled to start in the second half of this year, this strategic move is expected to generate significant benefits and improve the profitability for the boat business, Nesse said.
Other projects launching in 2026 include:
- Developing and commercializing Nautilus Next deep-farming technology, including the introduction of a new winch system;
- Internationalizing its net business through a new joint venture with a partner in India;
- Extending the portfolio of pen products to include new, larger solutions; and
- Partnering with a concrete barge producer so that customers can choose an alternative to steel vessels.
In the meantime, the initial phase of a strategic review AKVA has begun conducting has seen “high-quality interest” in relation to the potential sale of the company. While underlining that the process is “still in the relatively early stage,” Nesse said the sale has become a focus of the firm.
The review is expected to conclude in late summer or fall.
“No decisions have been taken at this stage,” he said. “AKVA will provide an update to the market upon conclusion of the process.”
