Stable performance and improved profitability
AKVA group (“AKVA”) delivered quarterly revenue in Q3 2026 of NOK 959 million, a decrease of 14% compared to Q3 2025.
High quarterly EBITDA of NOK 170 million, an increase of NOK 22 million or 15% compared to Q3 2025.
Order intake of NOK 714 million in the quarter and solid order backlog of NOK 2,718 million at the end of Q3 2026.
A dividend of NOK 1 per share was on September 22 for the second half year.
The strategic review was concluded in October, resulting in a transaction agreement with Yanmar for a recommended voluntary cash offer of NOK 161 per share for all shares in AKVA. The transaction is expected to be completed in Q4 2026 subject to fulfilment of regulatory requirements.Transaction-related costs associated with the transaction will be recognized as an expense in Q4 2026.
The activity level in the third quarter of 2026 was acceptable with revenue of NOK 959 million and order intake of NOK 714 million.
The order backlog of NOK 2,718 million at the end of Q3 2026 is healthy and provides a solid foundation for continued organic growth into 2027.
Profitability improved in the third quarter compared to last year, and EBIT ended at NOK 99 million compared to NOK 89 million last year.
Sea Based (SB)
SB revenue for Q3 2026 ended at NOK 666 million (NOK 770 million). EBITDA and EBIT for the segment in Q3 ended at NOK 137 million (NOK 113 million) and NOK 83 million (NOK 70 million), respectively. The related EBITDA and EBIT margins were 20.5% (14.7%) and 12.5% (9.1%).
Order intake in Q3 2026 was NOK 549 million compared to NOK 620 million in Q3 2025. Order backlog ended at NOK 1,315 million compared to NOK 745 million last year.
The Nordic region experienced a decrease in revenue from NOK 545 million in Q3 2025 to NOK 449 million in Q3 2026.
In the Americas region, the revenue was NOK 130 million, which is a decrease from NOK 134 million in the third quarter last year.
Europe and Middle East (EME) had a revenue of NOK 87 million in Q3 2026, compared to NOK 91 million in the third quarter last year.
Land Based (LB)
Revenue for the third quarter was NOK 251 million (NOK 308 million). EBITDA and EBIT ended at NOK 18 million (NOK 22 million) and NOK 14 million (NOK 19 million), respectively. The related EBITDA and EBIT margins were 7.2% (7.3%) and 5.6% (6.1%).
Order intake in Q3 2026 of NOK 131 million compared to NOK 138 million in Q3 2025. Order backlog ended at NOK 1,191 million compared to NOK 1,435 million last year.
Digital (DI)
The revenue in the segment was NOK 42 million (NOK 34 million) in Q3 2026. EBITDA and EBIT ended at NOK 16 million (NOK 12 million) and NOK 2 million (NOK 0 million), respectively. The related EBITDA and EBIT margins were 37.2% (36.0%) and 3.7% (0.1%).
Order intake in Q3 2026 was NOK 34 million compared to NOK 28 million in Q3 2025. Order backlog ended at NOK 212 million, compared to NOK 183 million last year.
Balance sheet
Working capital as a percentage of 12 months rolling revenue is 10.7% (10.5%). Cash and unused credit facilities amounted to NOK 472 million (NOK 442 million) at the end of Q3. Total assets and total equity amounted to NOK 4,297 million and NOK 1,407 million respectively, resulting in an equity ratio of 32.8% (32.4%) at the end of Q3 2026. The leverage ratio was 2.34 as of 31 September 2026 and AKVA was in compliance with all bank covenants.
Dividend
The Company’s main objective is to maximize the return on the investment made by its shareholders through both increased share prices and dividend payments. The company paid a dividend of NOK 1 per share in April for the first half year of 2026 and a dividend of NOK 1 per share in September for the second half year of 2026.
Order Backlog
The order backlog at the end of Q3 was NOK 2,718 million (NOK 2,363 million). NOK 1,191 million or 44% of total order backlog at the end of Q3 relates to Land Based.
Outlook
AKVA is foreseeing a continued strong momentum for deep farming concepts.
The company is aiming for revenue of minimum NOK 5 billion and EBIT of 9% in 2027.
AKVA’s strategic priorities remain unchanged pending completion of the transaction with Yanmar, and the company continues to operate its business as usual.
About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 598 employees, offices in 11 countries and had a total turnover of NOK 4.4 billion in 2025. We are a public listed company operating in one of the world’s fastest growing industries and supply everything from single components to complete installations, both for sea farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.
Dated: 6 November 2026
AKVA group ASA
Web: www.akvagroup.com
CONTACTS:
| Knut Nesse | Chief Executive Officer |
| Phone: | +47 51 77 85 00 |
| Mobile: | +47 91 37 62 20 |
| E-mail: | knesse@akvagroup.com |
| Ronny Meinkøhn | Chief Financial Officer |
| Phone: | +47 51 77 85 00 |
| Mobile: | +47 98 20 67 76 |
| E-mail: | rmeinkohn@akvagroup.com |
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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