Klepp, Norway-based aquaculture technology provider AKVA group achieved record first-quarter revenues in the opening three months of this year.
The firm’s revenue for Q1 2025 rose 29 percent year over year to just over NOK 1 billion (USD 96.2 million, EUR 85.6 million).
By segment, revenues earned by its Sea-Based Technology (SBT) division in Q1 2025 totaled NOK 804 million (USD 77.4 million, EUR 68.8 million), which was up from the NOK 646 million (USD 62.2 million, EUR 55.3 million) earned a year previously. Its EBITDA and EBIT ended at NOK 96 million (USD 9.2 million, EUR 8.2 million) and NOK 56 million (USD 5.4 million, EUR 4.8 million), which marked an increase from NOK 64 million (USD 6.2 million, EUR 5.5 million) and NOK 29 million (USD 2.8 million, EUR 2.5 million), respectively, in Q1 2024.
Revenues for AKVA’s Land-Based Technology (LBT) arm in Q1 reached NOK 176 million (USD 16.9 million, EUR 15.1 million), which was up NOK 75 million (USD 7.2 million, EUR 6.4 million) year over year. Its EBITDA and EBIT ended the period at NOK 10 million (USD 962,500, EUR 815,500) and NOK 6 million (USD 577,000, EUR 513,500), respectively, versus NOK -3 million (USD -299,000, EUR -257,000) and NOK -6 million (USD -577,000, EUR -513,500) in Q1 2024.
Revenues for AKVA’s Digital (DI) segment, meanwhile, fell NOK 5 million (USD 481,000, EUR 428,000) in the period to NOK 32 million (USD 3.1 million, EUR 2.7 million). Its EBITDA and EBIT were NOK 7 million (USD 673,000, EUR 599,000) and a loss of NOK 5 million (USD 481,000, EUR 428,000), respectively.
Thanks to the increased revenue, AKVA CEO Knut Nesse said the group’s EBITDA increased by NOK 46 million (USD 4.4 million, EUR 3.9 million) to NOK 113 million (USD 10.9 million, EUR 9.7 million).
In the period, AKVA also enjoyed a strong order intake of NOK 1.2 billion (USD 115.5 million, EUR 102.6 million), including a EUR 30 million (USD 33.7 million) contract from salmon producer Cermaq Chile for a new smolt facility.
“We are pleased to strengthen our partnership with Cermaq and to further expand our [recirculating aquaculture system] presence in the Chilean market, where we have successfully delivered several projects,” AKVA COO Johan Fredrik Gjesdal said in a release.
During Q1, Nesse also confirmed the firm divested from Abyss Group, which resulted in a gain of NOK 12 million (USD 1.2 million, EUR 1 million) with a total net consideration of approximately NOK 144 million (USD 13.9 million, EUR 12.3 million).
For the full year, AKVA is aiming for revenues of around NOK 4 billion (USD 385.9 million, EUR 342.2 million) and is guiding an EBIT increase of 6 percent.
Delivering the group’s Q1 2025 results, Nesse said new technology is needed to bridge the demand for farmed salmon, making AKVA particularly poised for growth. He advised that with current capacity and infrastructure, in the next 15 years, traditional cage production can only facilitate a volume growth of around 1.5 percent annually while consumption growth could increase at a rate of 5 percent annually during the same time frame.
“People want to consume salmon; it’s a megatrend … and in order to support growth, I think it's fair to say that new technology will be needed,” Nesse said.
As for what technology is most likely to realize growth in the near term, Nesse said he believes deep/protected farming and post-smolt systems offer the most potential, as both strategies likely lead to a reduced number of sea lice treatments, better fish health, and lower mortalities.
Super-exposed salmon production systems also offer opportunities but not in the immediate future, according to Nesse, who added that these strategies will probably need more regulatory, tax, and licensing support to get off the ground.
The firm’s strong Q1 results followed a fourth quarter in 2024 that featured relatively stagnant growth, with revenues dropping year over year in the period to NOK 792 million (USD 71.1 million, EUR 67.9 million).
