Q2 2026 AKVA Group ASA Earnings Call
Knut Nesse: EBITDA of NOK 179 million, where the segments came in sea-based at 143, land-based at 21, and digital at 15 million NOK. Actually, we are pleased with the activity and the performance in all the segments. EBIT for the group at NOK 111 million, which is representing our record quarter. Looking into the figures for the H1, revenue there at 2,329,000, which is ballpark 7% higher than the H1 a year ago. EBITDA of 332 million NOK. Segment shares sea-based at 242, land-based at 62, and digital at 67 million NOK. EBIT at 202 million NOK, which is also representing a record. Overall order intake of 1,345,000,000, which is about 300 million NOK higher than a year ago. As you can see here, land-based at roughly 400, and that is driven by the Laxey contract.
Knut Nesse: EBITDA of NOK 179 million, where the segments came in sea-based at NOK 143 million, land-based at NOK 21 million, and digital at 15 million NOK. Actually, we are pleased with the activity and the performance in all the segments. EBIT for the group at NOK 111 million, which is representing our record quarter. Looking into the figures for the H1, revenue there at 2,329,000, which is ballpark 7% higher than the H1 a year ago. EBITDA of 332 million NOK. Segment shares sea-based at 242, land-based at 62, and digital at 67 million NOK. EBIT at 202 million NOK, which is also representing a record. Overall order intake of 1,345,000,000, which is about 300 million NOK higher than a year ago. As you can see here, land-based at roughly 400, and that is driven by the Laxey contract.
Speaker #1: EBITDA of NOK 179 million, where the segments came in seed-based at NOK 143 million, land-based at NOK 21 million, and digital at NOK 15 million. Actually, we are pleased with the activity and the performance in all the segments.
Speaker #1: EBIT for the group at NOK 111 million, which represents our record quarter. Then looking into the figures for the first half: revenue there at NOK 2,329 million, which is approximately 7% higher than the first half a year ago.
Speaker #1: EBITDA of NOK 332 million, segment share seed-based at NOK 242 million, land-based at NOK 62 million, and digital at NOK 67 million. And EBIT at NOK 202 million, which is also representing a record.
Speaker #1: Overall order intake of NOK 1,345 million, which is about NOK 300 million higher than a year ago. And as you can see here, land-based is at roughly NOK 400 million, and that's driven by the Lakseide contract.
Speaker #1: And we are also pleased with the order intake for the sea-based segment at 913, which is significantly higher than a year ago, and is also a bit fueled by the high order intake of the boats to the defense industry.
Knut Nesse: We are also pleased with the order intake for the sea-based segment at 913, which is significantly higher than a year ago and is also a bit fueled by the high order intake of the boats to the defense industry. Order backlog at 3 billion NOK, stepping up four quarters in a row in terms of building order backlog. So we are pleased with that as well. Update on the strategic review. Announcement originally made on 8 April, and the process is supported by the largest shareholders given the right market conditions. In the Q1 presentation on 8 May and following the initial phase of this review, AKVA informed the market about high-quality interest around a potential sale for the entire company and as a complete platform.
Knut Nesse: We are also pleased with the order intake for the sea-based segment at 913, which is significantly higher than a year ago and is also a bit fueled by the high order intake of the boats to the defense industry. Order backlog at 3 billion NOK, stepping up four quarters in a row in terms of building order backlog. So we are pleased with that as well. Update on the strategic review. Announcement originally made on 8 April, and the process is supported by the largest shareholders given the right market conditions. In the Q1 presentation on 8 May and following the initial phase of this review, AKVA informed the market about high-quality interest around a potential sale for the entire company and as a complete platform.
Speaker #1: Order backlog at NOK 3 billion, stepping up four quarters in a row in terms of building order backlog. So we are pleased with that as well.
Speaker #1: Update on the strategic review: the announcement was originally made on April 8, and the process is supported by the largest shareholders, given the right market conditions.
Speaker #1: In the Q1 presentation on May 8, and following the initial phase of this review, AKVA informed the market about high-quality interest around the potential sale, for the entire company, and as a complete platform.
Speaker #1: Now, the update for now is that the strategic review is in a progressed phase. Also, it's still with an expected conclusion during the fall, in line with previous communication.
Knut Nesse: Now, the update for now is that the strategic review is in a progressed phase, but still with an expected conclusion during the fall in line with previous communication. So no final decision have been taken at this stage, and AKVA will, of course, provide an update to the market when conclusion is there. Looking on the long-term salmon opportunity, the challenge is at large scale, how to double salmon production by 2040. Here you see an illustration on the graph about what the demand increase of 5% year on year will do. So that is basically a double into 2040. We think and industry believe that the 5% growth is possible, at least from the demand perspective. However, the current business model is kind of running out of capacity and new investment is required to support the demand potential.
Knut Nesse: Now, the update for now is that the strategic review is in a progressed phase, but still with an expected conclusion during the fall in line with previous communication. So no final decision have been taken at this stage, and AKVA will, of course, provide an update to the market when conclusion is there. Looking on the long-term salmon opportunity, the challenge is at large scale, how to double salmon production by 2040. Here you see an illustration on the graph about what the demand increase of 5% year on year will do. So that is basically a double into 2040. We think and industry believe that the 5% growth is possible, at least from the demand perspective. However, the current business model is kind of running out of capacity and new investment is required to support the demand potential.
Speaker #1: So no final decisions have been taken at this stage, and AKVA will, of course, provide an update to the market when a conclusion is reached.
Speaker #1: Then, looking at the long-term salmon opportunity and the challenges at large scale, how to double salmon production by 2040. Here you see an illustration on the graph showing what a demand increase of 5% year-on-year will do.
Speaker #1: So that's basically a doubling by 2040. And we think, and the industry believes, that 5% growth is possible, at least from the demand perspective.
Speaker #1: However, the current business model is kind of running out of capacity, and new investment is required to support the demand potential. In the upper right here, we believe that in terms of examples of new technology, that will be about deep farming, post-smolt, and grow-out.
Knut Nesse: Upper right here, we believe that in terms of examples of new technology, that will be about deep farming post-smolt and grow-out, and that is to overcome the industry barriers, bottom right. Unlocking growth through technology, some numbers, what we believe is possible here. On the base of 3 million tonnes of farmed Atlantic salmon today, we think that deep farming hold the potential to add 15% capacity post-smolt ballpark 30% to 35%, and land-based in over some years, but still within the 2040 framework, potential of roughly half a million tonnes. So that is the big picture the way we see it. Deep farming first potential to unlock 15% higher harvesting volumes from existing licenses. What we see from farming today, commercial farming where deep farming is deployed, is that you can reduce the sea lice treatments by ballpark 80% and reduce mortality significantly.
Knut Nesse: Upper right here, we believe that in terms of examples of new technology, that will be about deep farming post-smolt and grow-out, and that is to overcome the industry barriers, bottom right. Unlocking growth through technology, some numbers, what we believe is possible here. On the base of 3 million tonnes of farmed Atlantic salmon today, we think that deep farming hold the potential to add 15% capacity post-smolt ballpark 30% to 35%, and land-based in over some years, but still within the 2040 framework, potential of roughly half a million tonnes.
Speaker #1: And that is to overcome the industry barriers—bottom right. Unlocking growth through technology, here are some numbers of what we believe is possible. On the base of 3 million tons of farmed Atlantic salmon today, we think that deep farming holds the potential to add 15% capacity, post-smolt roughly 30% to 35%, and land-based, over some years but still within the 2040 framework, has the potential of roughly half a million tons.
Speaker #1: So that's the big picture, the way we see it. Deep farming, first, has the potential to unlock 15% higher harvesting volumes from existing licenses. And what we see from farming today—commercial farming, where deep farming is deployed—is that you can reduce the sea lice treatments by roughly 80% and reduce mortality significantly.
Knut Nesse: So that is the big picture the way we see it. Deep farming first potential to unlock 15% higher harvesting volumes from existing licenses. What we see from farming today, commercial farming where deep farming is deployed, is that you can reduce the sea lice treatments by ballpark 80% and reduce mortality significantly.
Speaker #1: One example: there is Sinkerbag, which for 2025 reported that they produced 38,000 tons of salmon, all with so-called shielded technology and a clear majority being Nautilus delivered by AKVA.
Knut Nesse: One example there is SinkabergHansen, which for 2025 reported that they produced 38,000 tons of salmon, all with so-called shielded technology and a clear majority being Nautilus delivered by AKVA. They achieved only 4% mortality and 92% superior. The way we see it, this is by far a best-in-class performance in farming. Just a little commercial update on deep farming. Outside salmon, we see quite some good commercial traction within cod farming. We are delivering now significantly volumes to cod farming. This summer we are producing, or one of our customers in Turkey is producing trout in the Black Sea on commercial scale based on deep farming or Nautilus technology. Also during H1, we have sold a solid number of new Nautilus concepts, and this is well ahead of our own plan, so we are pleased with that. The fish thrives in the depths.
Knut Nesse: One example there is SinkabergHansen, which for 2025 reported that they produced 38,000 tons of salmon, all with so-called shielded technology and a clear majority being Nautilus delivered by AKVA. They achieved only 4% mortality and 92% superior. The way we see it, this is by far a best-in-class performance in farming. Just a little commercial update on deep farming. Outside salmon, we see quite some good commercial traction within cod farming. We are delivering now significantly volumes to cod farming.
Speaker #1: And they achieved only 4% mortality and 92% superiority. The way we see it, this is by far the best-in-class performance in farming. Just a little commercial update on deep farming.
Speaker #1: We see outside salmon, we see quite some good commercial traction within cod farming. We are now delivering significant volumes to cod farming. Also, this summer, one of our customers in Turkey is producing trout in the Black Sea on a commercial scale, based on deep farming or Nautilus technology.
Knut Nesse: This summer we are producing, or one of our customers in Turkey is producing trout in the Black Sea on commercial scale based on deep farming or Nautilus technology. Also during H1, we have sold a solid number of new Nautilus concepts, and this is well ahead of our own plan, so we are pleased with that. The fish thrives in the depths.
Speaker #1: Also, during the first half, we have sold a solid number of new Nautilus concepts, and this is well ahead of our own plan. So, we are pleased with that.
Speaker #1: The fish thrives in the depths. It's a new technology, and it's a new way to improve fish health. So far, over 400 Nautilus units have been deployed to the sea.
Knut Nesse: It's a new technology, and it's a new way to improve fish health. So far, over 400 Nautilus units deployed to the sea. What we see as results is that it is a significant reduction in lice pressure and need for lice treatments. It's a higher share of superior quality, and it provides more stable environmental parameters. This data here is representing real production data from 19 harvested sites based on AKVA Nautilus. The conclusion from all the data is that we have seen 78% reduction, and then compare benchmark with neighboring sites without deep farming, or 83% reduction with the previous generation without deep farming. So those are very solid numbers. Then Post-smolt. Post-smolt is established as an industry growth strategy. Shorter production cycle with reduced exposure in the sea. Also fewer sea lice treatments, lower mortality, and increased biomass yield.
Knut Nesse: It's a new technology, and it's a new way to improve fish health. So far, over 400 Nautilus units deployed to the sea. What we see as results is that it is a significant reduction in lice pressure and need for lice treatments. It's a higher share of superior quality, and it provides more stable environmental parameters. This data here is representing real production data from 19 harvested sites based on AKVA Nautilus. The conclusion from all the data is that we have seen 78% reduction, and then compare benchmark with neighboring sites without deep farming, or 83% reduction with the previous generation without deep farming.
Speaker #1: And what we see as results is that there is a significant reduction in lice pressure and need for lice treatments. It's a higher share of superior quality.
Speaker #1: And it provides more stable environmental parameters. And these data here represent real production data from 19 harvested sites based on AKVA Nautilus.
Speaker #1: And the conclusion from all the data is that we have seen 78 products, a 78% reduction, and then compared benchmarks with neighboring sites without deep farming, or an 83% reduction with the previous generation without deep farming.
Speaker #1: So, those are very solid numbers. Then, post-smolt—post-smolt is established as an industry growth strategy. Short-term production cycle with reduced exposure in the sea.
Knut Nesse: So those are very solid numbers. Then Post-smolt. Post-smolt is established as an industry growth strategy. Shorter production cycle with reduced exposure in the sea. Also fewer sea lice treatments, lower mortality, and increased biomass yield.
Speaker #1: And also fewer sea lice treatments, lower mortality, and increased biomass yield. Commercial update here is that for the first quarter, we sold for, or had new order intake, around NOK 400 million.
Knut Nesse: Commercial update here is that for Q1, we sold for our new order intake around NOK 400 million. The same for Q2, and we expect about the same number for Q3. So relatively good commercial momentum within Post-smolt. We are now pleased with the development. To summarize on the Post-smolt side, we are the only true global Post-smolt supplier. Also, in the recent years, for those which have been following AKVA, we have been investing significantly to build our new RAS platform. We talk about NOK 300 million in the transformation since 2020. We have now 250 employees, specialists for us, and today we have scale there, and we have profitability. So we are pleased with the development and the investment done. We deliver proven and documented technology, end-to-end project execution, and advisory and services.
Knut Nesse: Commercial update here is that for Q1, we sold for our new order intake around NOK 400 million. The same for Q2, and we expect about the same number for Q3. So relatively good commercial momentum within Post-smolt. We are now pleased with the development. To summarize on the Post-smolt side, we are the only true global Post-smolt supplier. Also, in the recent years, for those which have been following AKVA, we have been investing significantly to build our new RAS platform. We talk about NOK 300 million in the transformation since 2020. We have now 250 employees, specialists for us, and today we have scale there, and we have profitability. So we are pleased with the development and the investment done. We deliver proven and documented technology, end-to-end project execution, and advisory and services.
Speaker #1: The same for the second quarter, and we expect about the same number for the third quarter. So, relatively good commercial momentum within post-smolt. We are now pleased with the development.
Speaker #1: Land, yeah, to summarize on the post-smolt side, we are the only true global post-smolt supplier. Also, in recent years, for those who have been following AKVA, we have been investing significantly to build our new RAS platform.
Speaker #1: We talk about NOK 300 million in the transformation since 2020. We now have 250 employees, specialists for RAS, and today we have scaled there and we have profitability.
Speaker #1: So, we are pleased with the development and investment done. We deliver proven and documented technology, end-to-end project execution, and advisory and services. With regards to land-based grow-out, this is now happening in particular for us in China with our key customer and partner there, Nordic AQVA Partners.
Knut Nesse: With regards to land-based growth, this is now happening, in particular for us in China with our key customer and partner there, Nordic Aqua Partners. We have now commissioned and completed phase II, which was adding another 4,000 tons of capacity. Now we are awaiting NOAP's decision, which likely will come late this year, about phase III, which is another 12,000 tons of capacity. In addition to that, we are rather advanced with one other new ongoing customers in China, and we expect to close a contract before end of the year. That's the expectation. Then moving on to digital. We have a complete digital platform within aquaculture. Also there, we have invested significantly in the recent year, as much as NOK 500 million. Majority of that was linked to the acquisition of Observe in two steps.
Knut Nesse: With regards to land-based growth, this is now happening, in particular for us in China with our key customer and partner there, Nordic Aqua Partners. We have now commissioned and completed phase II, which was adding another 4,000 tons of capacity. Now we are awaiting NOAP's decision, which likely will come late this year, about phase III, which is another 12,000 tons of capacity. In addition to that, we are rather advanced with one other new ongoing customers in China, and we expect to close a contract before end of the year. That's the expectation. Then moving on to digital. We have a complete digital platform within aquaculture. Also there, we have invested significantly in the recent year, as much as NOK 500 million. Majority of that was linked to the acquisition of Observe in two steps.
Speaker #1: And we have now commissioned and completed phase two, which was adding another 4,000 tons of capacity. And now we are awaiting NUAP's decision, which likely will come late this year, about phase three, which is another 12,000 tons of capacity.
Speaker #1: In addition to that, we are rather advanced with one other new ongoing customer in China, and we expect to close a contract before the end of the year.
Speaker #1: That's the expectation. Then, moving on to digital, we have a complete digital platform within AKVA culture. Also there, we have invested significantly in the recent year—as much as 500 million. The majority of that was linked to the acquisition of OBSERV, in two steps.
Speaker #1: We have four kinds of solutions, and they are: fish stock to the right, which is the biological ERP system. Six out of ten farmed salmon in the world will be on our system.
Knut Nesse: We have four kind of solutions, and they are Fishtalk to the right, which is the biological ERP system. 6 out of 10 farmed salmons in the world will be on our system. Then you have the control system to the right here, and that is bringing together hardware and software. Then in the middle, it is about short-term decision making supported by AI. There we talk about AKVA submerged, which is a smart camera, and Observe, which is about automated feeding, which is delivered now on more than 170 sites. Actually, we added some recently. What I can say about this commercially is that we see pretty good traction now, finally, I have to say, in the Norwegian market. So we expect to see good development there in the coming time. Also, we are very pleased with the development of our strategic expansion into the defense industry.
Knut Nesse: We have four kind of solutions, and they are Fishtalk to the right, which is the biological ERP system. 6 out of 10 farmed salmons in the world will be on our system. Then you have the control system to the right here, and that is bringing together hardware and software. Then in the middle, it is about short-term decision making supported by AI. There we talk about AKVA submerged, which is a smart camera, and Observe, which is about automated feeding, which is delivered now on more than 170 sites.
Speaker #1: Then you have the control system to the right here, and that's bringing together hardware and software. And then in the middle, it's about short-term decision making, supported by AI. There we talk about Submerged, which is a smart camera, and OBSERV, which is about automated feeding, which is delivered now on more than 170 sites—actually, we added some recently.
Knut Nesse: Actually, we added some recently. What I can say about this commercially is that we see pretty good traction now, finally, I have to say, in the Norwegian market. So we expect to see good development there in the coming time. Also, we are very pleased with the development of our strategic expansion into the defense industry.
Speaker #1: And what I can say about this commercially is that we see pretty good traction now—finally, I have to say—in the Norwegian market.
Speaker #1: So we expect to see good development there in the coming time. Also, we are very pleased with the development of our strategic expansion into the defense industry.
Knut Nesse: This is actually the same information as I gave in the last presentation. The only update here is that we have in Q2, mainly we have secured order intake of NOK 230 million for the boat segments. That is a very solid number, which will absolutely propel the activity probably 3x into next year and significantly improve the profitability. So also very pleased with that development. To summarize, AKVA Group, we see ourself as a global leader and trusted partner within our space. We have three platforms there, sea-based with a turnover of NOK 3.1 billion, land-based with NOK 1.2 billion, and digital sits at NOK 238 million. So in combination, we see ourself as part of the solution. Our solutions in totality can provide growth, better fish health, lower mortality, and more precise feeding with less waste. Also, a quick update on our organic growth agenda for 2026.
Knut Nesse: This is actually the same information as I gave in the last presentation. The only update here is that we have in Q2, mainly we have secured order intake of NOK 230 million for the boat segments. That is a very solid number, which will absolutely propel the activity probably 3x into next year and significantly improve the profitability. So also very pleased with that development. To summarize, AKVA Group, we see ourself as a global leader and trusted partner within our space.
Speaker #1: This is actually the same information as I gave in the last presentation. The only update here is that in the second quarter, mainly we have secured order intake of NOK 230 million for the boat segments.
Speaker #1: And that is a very solid number, which will absolutely propel the activity, probably 3x into next year, and significantly improve the profitability. So, also very pleased with that development.
Speaker #1: To summarize, AKVA Group, we see ourselves as a global leader and trusted partner. Within our space, we have three platforms: sea-based, with a turnover of $3.1 billion; land-based, with $1.2 billion; and digital, which sits at $138 million.
Knut Nesse: We have three platforms there, sea-based with a turnover of NOK 3.1 billion, land-based with NOK 1.2 billion, and digital sits at NOK 238 million. So in combination, we see ourself as part of the solution. Our solutions in totality can provide growth, better fish health, lower mortality, and more precise feeding with less waste. Also, a quick update on our organic growth agenda for 2026.
Speaker #1: So, in combination, we see ourselves as part of the solution. Our solutions, in totality, can provide growth, better fish health, lower mortality, and more precise feeding with less waste.
Speaker #1: Also, a quick update on our organic growth agenda for 2026. Those are the initiatives we are doing throughout this year, in order to build a more robust basis for further growth into 2027.
Knut Nesse: Those are the initiatives we are during throughout this year in order to build a more robust basis for further growth into 2027. There I am also pleased to give an update that we are making good progress. Nautilus Next, that is on track, on plan, and will be launched later this fall. Internationalization of the net business to acquire the HDPE quality. There I can tell you that we signed a joint venture with our Indian party in July. Extending the portfolio of pen products, that is the 560 Plastic Cage, and they were also on the plan will be launched to the market later this fall. Also partnering with the concrete barge producer, that is already executed. Develop both supply to the defense industry, that is also executed and ongoing. So a very, very positive development.
Knut Nesse: Those are the initiatives we are during throughout this year in order to build a more robust basis for further growth into 2027. There I am also pleased to give an update that we are making good progress. Nautilus Next, that is on track, on plan, and will be launched later this fall. Internationalization of the net business to acquire the HDPE quality. There I can tell you that we signed a joint venture with our Indian party in July. Extending the portfolio of pen products, that is the 560 Plastic Cage, and they were also on the plan will be launched to the market later this fall. Also partnering with the concrete barge producer, that is already executed. Develop both supply to the defense industry, that is also executed and ongoing. So a very, very positive development.
Speaker #1: We are also pleased to give an update that we are making good progress. Now to list next, that's on track, on plan, and will be launched later this fall.
Speaker #1: Internationalization of the net business to acquire HDPE, the HDPE quality—there I can tell you that we signed a joint venture with our Indian party in July.
Speaker #1: Extending the portfolio of PEN products, that's the 560 plastic cage, and there we also, on the plan, will be launched to the market later this fall.
Speaker #1: And also partnering with the concrete barge producer, that's already executed, and developing boat supply to the defense industry, that's also executed and ongoing. So, a very, very positive development.
Speaker #1: And to conclude, on the basis of strong financial performance for the first half, and also a strong order backlog, we would like to reiterate our 2026 target, and also confirm that we are on track for the 2027 target.
Knut Nesse: To conclude, on the basis of a strong financial performance for H1 and also a strong order backlog, we like to reiterate our 2026 target and also we are on track for the 2027 target. So that brings me very much to the end, and I like to hand over to Ronny. Please, Ronny.
Knut Nesse: To conclude, on the basis of a strong financial performance for H1 and also a strong order backlog, we like to reiterate our 2026 target and also we are on track for the 2027 target. So that brings me very much to the end, and I like to hand over to Ronny. Please, Ronny.
Speaker #1: So that brings me very much to the end, and I would like to hand over to Ronnie. Please, Ronnie.
Speaker #2: Thank you, Knut, and good morning. We are, of course, very pleased to report another quarter with a high activity level and also a record high quarterly profit.
[Company Representative] (AKVA Group): Thank you, Knut, and good morning. We are, of course, very pleased to report another quarter with high activity level and also record high quarterly profit. Revenue was strong in the quarter, NOK 22 million above Q2 last year, and the growth was driven by higher revenue in the land-based segment. For the H1, revenue is just above NOK 2.3 billion, which is approximately NOK 150 million or 7% higher than in 2025. Profitability is strong both in Q2 and for the H1 on the back of significant economies of scale, a solid product mix within sea-based, and also continued strong project execution in land-based. EBITDA in Q2 amounted to record high NOK 179 million, which is NOK 34 million higher than last year, an EBIT of NOK 111 million, that is NOK 22 million higher than the same period in 2025 and represents a record for AKVA.
Ronny Meinkøhn: Thank you, Knut, and good morning. We are, of course, very pleased to report another quarter with high activity level and also record high quarterly profit. Revenue was strong in the quarter, NOK 22 million above Q2 last year, and the growth was driven by higher revenue in the land-based segment. For the H1, revenue is just above NOK 2.3 billion, which is approximately NOK 150 million or 7% higher than in 2025. Profitability is strong both in Q2 and for the H1 on the back of significant economies of scale, a solid product mix within sea-based, and also continued strong project execution in land-based.
Speaker #2: So revenue was strong in the quarter, $22 million above last year, and the growth was driven by higher revenue in the land-based segment.
Speaker #2: For the first half year, revenue is just about $2.3 billion, which is approximately $150 million, or 7%, higher than in 2025. So, profitability is strong, both in Q2 and for the first half year, on the back of significant economies of scale.
Speaker #2: A solid product mix within sea-based, and also continued strong project execution in land-based. EBITDA in Q2 amounted to a record high of 179 million, which is 34 million higher than last year.
Ronny Meinkøhn: EBITDA in Q2 amounted to record high NOK 179 million, which is NOK 34 million higher than last year, an EBIT of NOK 111 million, that is NOK 22 million higher than the same period in 2025 and represents a record for AKVA.
Speaker #2: And EBIT of 111 million—that's 22 million higher than the same period in 2025 and represents a record for AKVA. For the first half-year, EBITDA is strong at 332 million—that's 74 million higher than last year.
[Company Representative] (AKVA Group): For the H1, EBITDA is strong of NOK 332 million. That is NOK 74 million higher than last year. An EBIT of NOK 202 million, that is NOK 56 million or 35% higher than in 2025 and provides a really strong support to our guiding for the year of delivering a minimum 20% increase on the full year EBIT compared to last year. We see a very positive trend both when it comes to revenue and order intake. The book-to-bill ratio of the last 12 months was 107%, with an order intake of NOK 4.9 billion and revenue of NOK 4.6 billion. Also in Q2 isolated, the book-to-bill ratio was strong of 113%, with an order intake of more than NOK 1.3 billion. Compared to last year, revenue increased by 83% in Europe and 75% increase in Americas, while there is a decline in revenue of 10% in the Nordic market.
Ronny Meinkøhn: For the H1, EBITDA is strong of NOK 332 million. That is NOK 74 million higher than last year. An EBIT of NOK 202 million, that is NOK 56 million or 35% higher than in 2025 and provides a really strong support to our guiding for the year of delivering a minimum 20% increase on the full year EBIT compared to last year. We see a very positive trend both when it comes to revenue and order intake. The book-to-bill ratio of the last 12 months was 107%, with an order intake of NOK 4.9 billion and revenue of NOK 4.6 billion.
Speaker #2: And EBIT of 202 million—that's 56 million, or 35%, higher than in 2025—and provides really strong support to our guidance for the year.
Speaker #2: ...of delivering a minimum 20% increase on the full-year EBIT compared to last year. So, we see a very positive trend, both when it comes to revenue and order intake.
Speaker #2: The book-to-bill ratio over the last 12 months was 107%, with an order intake of NOK 4.9 billion and revenue of NOK 4.6 billion. Also, in Q2 isolated, the book-to-bill ratio was strong at 113%, with an order intake of more than NOK 1.3 billion.
Ronny Meinkøhn: Also in Q2 isolated, the book-to-bill ratio was strong of 113%, with an order intake of more than NOK 1.3 billion. Compared to last year, revenue increased by 83% in Europe and 75% increase in Americas, while there is a decline in revenue of 10% in the Nordic market.
Speaker #2: Compared to last year, revenue increased by 83% in Europe and by 75% in the Americas, while there was a decline in revenue of 10% in the Nordic market.
[Company Representative] (AKVA Group): Sea-based represented 69% of the total revenue, and the increase in the total revenue compared to Q2 last year is within land-based, which had 23% higher revenue this year compared to 2025. EBITDA margin is strong in Q2 of 15% compared to 12.4% last year. In sea-based, we deliver a strong EBITDA margin of 17.4%, supported by a favorable product mix. Land-based continue with strong project execution and an EBITDA margin of 6.5%. Last, digital, a high EBITDA margin of 35.7% in the quarter. Available cash, including unused credit facilities, amounted to NOK 337 million at the end of the quarter, which is a reduction of NOK 105 million compared to Q1. The reason for this reduction is related to the net working capital, which increased by NOK 150 million during the quarter and ended at 11.2%.
Ronny Meinkøhn: Sea-based represented 69% of the total revenue, and the increase in the total revenue compared to Q2 last year is within land-based, which had 23% higher revenue this year compared to 2025. EBITDA margin is strong in Q2 of 15% compared to 12.4% last year. In sea-based, we deliver a strong EBITDA margin of 17.4%, supported by a favorable product mix. Land-based continue with strong project execution and an EBITDA margin of 6.5%. Last, digital, a high EBITDA margin of 35.7% in the quarter. Available cash, including unused credit facilities, amounted to NOK 337 million at the end of the quarter, which is a reduction of NOK 105 million compared to Q1. The reason for this reduction is related to the net working capital, which increased by NOK 150 million during the quarter and ended at 11.2%.
Speaker #2: Sea-based represented 69% of the total revenue, and the increase in total revenue compared to Q2 last year is within land-based, which had 23% higher revenue this year compared to Q2 2025.
Speaker #2: EPDA margin is strong in Q2 at 15%, compared to 12.4% last year. In Sea-Based, we delivered a strong EPDA margin of 17.4%, supported by a favorable product mix.
Speaker #2: Land-based continues with strong project execution and an EPDA margin of 6.5%. And last, Digital—a high EPDA margin of 35.7% in the quarter. Available cash, including unused credit facilities, amounted to €337 million at the end of the quarter, which is a reduction of €105 million compared to Q1.
Speaker #2: And the reason for this reduction is related to the net working capital, which increased by 150 million during the quarter and ended at 11.2%. So the net working capital is above our normal operating levels, and this is partly related to seasonal factors, as well as a very high activity level at the end of the quarter in Q2.
[Company Representative] (AKVA Group): The net working capital is above our normal operating levels. It is partly related to seasonal factors, as well as a very high activity level at the end of the quarter in Q2. We expect these timing effects to reverse in Q3, and be back on more normalized net working capital levels at the end of Q3. The leverage ratio was increased from 2.32 in the first quarter to 2.51 now in the second quarter, which is still reassuring and provides comfortable headroom relative to the covenant threshold of 4.5. Net interest-bearing debt increased by NOK 187 million during the quarter, related to the NOK 150 million increase in net working capital and additional NOK 56 million in CapEx. We also had a new IFRS liability of NOK 96 million. Last, we also paid dividend of NOK 36 million in April.
Ronny Meinkøhn: The net working capital is above our normal operating levels. It is partly related to seasonal factors, as well as a very high activity level at the end of the quarter in Q2. We expect these timing effects to reverse in Q3, and be back on more normalized net working capital levels at the end of Q3. The leverage ratio was increased from 2.32 in the first quarter to 2.51 now in the second quarter, which is still reassuring and provides comfortable headroom relative to the covenant threshold of 4.5. Net interest-bearing debt increased by NOK 187 million during the quarter, related to the NOK 150 million increase in net working capital and additional NOK 56 million in CapEx. We also had a new IFRS liability of NOK 96 million. Last, we also paid dividend of NOK 36 million in April.
Speaker #2: So, we expect these timing effects to reverse in Q3 and to be back at more normalized networking capital levels at the end of Q3. The leverage ratio increased from 2.32 in the first quarter to 2.51 now in the second quarter, which is still reassuring and provides comfortable headroom relative to the covenant threshold of 4.5.
Speaker #2: Net interest bearing debt increased by 187 million during the quarter, related to the 150 million increase in networking capital, and additional 56 million in Capex, we also had a new IFRS liability of 96 million, and last we also paid dividend of 36 million, in April.
Speaker #2: So, Capex in the second quarter was $56 million, with $25 million related to our three innovation agendas, another $7 million to the ongoing global ERP project, and lastly, we had $10 million related to rental equipment, which returns attractive profit margins to AKVA.
[Company Representative] (AKVA Group): CapEx in Q2 of NOK 56 million, where NOK 25 million, that is related to our three innovation agendas, another NOK 7 million to the ongoing global ERP project. Last, we had NOK 10 million related to rental equipment, which returns attractive profit margins to AKVA. The return on capital employed continued to improve on the back of strong underlying operations, and the ROACE improved from 10.1% in Q2 last year to 13.4% now in Q2 this year. We are targeting to be around 15% at the end of 2026. We paid a NOK 1 in dividend on 21 April for the H1, and the company has also decided to pay another NOK 1 per share in dividend for the H2, resulting in a total dividend of NOK 2 for 2026.
Ronny Meinkøhn: CapEx in Q2 of NOK 56 million, where NOK 25 million, that is related to our three innovation agendas, another NOK 7 million to the ongoing global ERP project. Last, we had NOK 10 million related to rental equipment, which returns attractive profit margins to AKVA. The return on capital employed continued to improve on the back of strong underlying operations, and the ROACE improved from 10.1% in Q2 last year to 13.4% now in Q2 this year. We are targeting to be around 15% at the end of 2026. We paid a NOK 1 in dividend on 21 April for the H1, and the company has also decided to pay another NOK 1 per share in dividend for the H2, resulting in a total dividend of NOK 2 for 2026.
Speaker #2: The return on capital employed continued to improve on the back of strong underlying operations. The ROIC improved from 10.1% in Q2 last year to 13.4% in Q2 this year.
Speaker #2: And we are targeting to be around 15% at the end of 2026. We paid a NOK 1 in dividend on April 21st for the first half-year, and the company has also decided to pay another NOK 1 per share in dividend for the second half-year, resulting in a total dividend of NOK 2 for 2026.
Speaker #2: We continue with some more details on the financial performance in our three business segments, and I will start with the sea-based technology. Overall, revenue was 822 million, which is 5% lower than Q2 last year.
[Company Representative] (AKVA Group): We will continue with some more details on the financial performance in our three business segments, and I will start with the Sea Based technology. Overall revenue of NOK 822 million, that is 5% lower than Q2 last year. However, the order intake was really strong, close to 40% higher this year compared to last year. EBITDA margin was strong of 17.4% compared to 14.3% last year. As mentioned, this improvement is driven by a very strong and solid product mix. Looking at the regions, we see Nordic region with decreased revenue of 17%. However, a very strong increase in order intake of 57% quarter-on-quarter. In Americas, revenue increased by 28%, while there was a decrease in order intake of 33%. Last, Europe, with the increase in both revenue and order intake of 49% and 29%, respectively.
Ronny Meinkøhn: We will continue with some more details on the financial performance in our three business segments, and I will start with the Sea Based technology. Overall revenue of NOK 822 million, that is 5% lower than Q2 last year. However, the order intake was really strong, close to 40% higher this year compared to last year. EBITDA margin was strong of 17.4% compared to 14.3% last year. As mentioned, this improvement is driven by a very strong and solid product mix. Looking at the regions, we see Nordic region with decreased revenue of 17%. However, a very strong increase in order intake of 57% quarter-on-quarter. In Americas, revenue increased by 28%, while there was a decrease in order intake of 33%. Last, Europe, with the increase in both revenue and order intake of 49% and 29%, respectively.
Speaker #2: However, the order intake was really strong—close to 40% higher this year compared to last year. EBITDA margin was strong at 17.4%, compared to 14.3% last year.
Speaker #2: And as mentioned, this improvement is driven by a very strong and solid product mix. Looking at the regions, we see the Nordic region with decreased revenue of 17%.
Speaker #2: However, there was a very strong increase in order intake of 57% quarter-on-quarter. In the Americas, revenue increased by 28%, while there was a decrease in order intake of 33%.
Speaker #2: And last, Europe, with the increase in both revenue and order intake of 49% and 29%, respectively. Looking at the 12-month order intake trend for sea-based, we see that the development is very positive.
[Company Representative] (AKVA Group): Looking at the 12 months order intake trend for Sea Based, we see that the development is very positive, and we also expect the revenue trend to turn positive in Q3 on the back of a very solid order intake during the H1 of 2026. The order backlog for Sea Based of NOK 1.4 billion is record high and close to 60% higher than in Q2 last year, which is very comforting for the activity levels in the coming quarters. The OpEx-based revenue in Sea Based was NOK 271 million in Q2, which is NOK 29 million higher than last year. The OpEx-based revenue represented 33% of the total Sea Based revenue in the quarter and is obviously a very important part of our Sea Based business.
Ronny Meinkøhn: Looking at the 12 months order intake trend for Sea Based, we see that the development is very positive, and we also expect the revenue trend to turn positive in Q3 on the back of a very solid order intake during the H1 of 2026. The order backlog for Sea Based of NOK 1.4 billion is record high and close to 60% higher than in Q2 last year, which is very comforting for the activity levels in the coming quarters. The OpEx-based revenue in Sea Based was NOK 271 million in Q2, which is NOK 29 million higher than last year. The OpEx-based revenue represented 33% of the total Sea Based revenue in the quarter and is obviously a very important part of our Sea Based business.
Speaker #2: And we also expect the revenue trend to turn positive in Q3, on the back of a very solid order intake during the first half of 2026.
Speaker #2: The order backlog for sea-based of NOK 1.4 billion is at a record high, and close to 60% higher than in Q2 last year, which is very comforting for the activity levels in the coming quarters.
Speaker #2: The OPEX-based revenue in sea-based was NOK 271 million in the second quarter, which is NOK 29 million higher than last year. The OPEX-based revenue represented 33% of the total sea-based revenue in the quarter, and is obviously a very important part of our sea-based business.
Speaker #2: For land-based, the order intake of close to NOK 400 million in the quarter is primarily related to this new contract with LAXAY on Iceland, and the revenue was very high in the quarter—23% higher than in Q2 last year.
[Company Representative] (AKVA Group): For Land Based, the order intake of close to NOK 400 million in the quarter is primarily related to this new contract with Laxey on Iceland, and the revenue was very high in the quarter, 23% higher than in Q2 last year. EBITDA improved by NOK 8 million compared to last year, and EBITDA margin ended at 6.5%. The improved profitability is related to this higher revenue which generates economies of scale. We see that both the 12 months revenue trend and order intake trend for Land Based is positive. Order backlog is solid of NOK 1.4 billion at the end of the quarter. Digital had an order intake of NOK 35 million in the quarter, which is NOK 46 million lower than the high order intake in Q2 last year. The revenue was strong, 18% higher this year compared to last year.
Ronny Meinkøhn: For Land Based, the order intake of close to NOK 400 million in the quarter is primarily related to this new contract with Laxey on Iceland, and the revenue was very high in the quarter, 23% higher than in Q2 last year. EBITDA improved by NOK 8 million compared to last year, and EBITDA margin ended at 6.5%. The improved profitability is related to this higher revenue which generates economies of scale. We see that both the 12 months revenue trend and order intake trend for Land Based is positive.
Speaker #2: EPDA improved by NOK 8 million compared to last year, and the EPDA margin ended at 6.5%. The improved profitability is related to this higher revenue, which generates economies of scale.
Speaker #2: So we see that both the 12-month revenue trend and order intake trend for land-based is positive, and the backlog is solid at NOK 1.4 billion at the end of the quarter.
Ronny Meinkøhn: Order backlog is solid of NOK 1.4 billion at the end of the quarter. Digital had an order intake of NOK 35 million in the quarter, which is NOK 46 million lower than the high order intake in Q2 last year. The revenue was strong, 18% higher this year compared to last year.
Speaker #2: And Digital had an order intake of NOK 35 million in the quarter, which is NOK 46 million lower than the high order intake in Q2 last year.
Speaker #2: The revenue was strong: 18% higher this year compared to last year. We also see a significant improvement in the EBITDA margin, from 21.9% in 2025 to 35.7% this year.
[Company Representative] (AKVA Group): We also see a significant improvement in the EBITDA margin from 21.9% in 2025 to 35.7% this year. We see a very positive revenue trend for digital, and we also see a very positive momentum in the market for our digital products. We expect the order intake trend to turn positive during Q3. Order backlog of NOK 220 million at the end of the quarter is NOK 32 million higher than one year ago. That was my financial update. I will give it back to Knut now to close off this session with the outlook and the Q&A.
Ronny Meinkøhn: We also see a significant improvement in the EBITDA margin from 21.9% in 2025 to 35.7% this year. We see a very positive revenue trend for digital, and we also see a very positive momentum in the market for our digital products. We expect the order intake trend to turn positive during Q3. Order backlog of NOK 220 million at the end of the quarter is NOK 32 million higher than one year ago. That was my financial update. I will give it back to Knut now to close off this session with the outlook and the Q&A.
Speaker #2: We see a very positive revenue trend for digital, and we also see very positive momentum in the market for our digital products. We expect the order intake trend to turn positive during Q3.
Speaker #2: Order backlog of 220 million at the end of the quarter is 32 million higher than one year ago. That was my financial update. I will give it back to Knut now to close off this session with the outlook and the Q&A.
Speaker #1: Thank you very much, Ronnie. Let's go to the outlook. We are saying we foresee continued strong momentum for deep farming concepts. Also, this is supported by the new developments in cod farming and also in trout in the Black Sea, on top of the salmon farming segment, of course.
Knut Nesse: Thank you very much, Ronny. Let's go to the outlook. We are saying we foresee continued strong momentum for deep farming concepts. Also, this is supported by the new development into cod farming and also into trout in the Black Sea, on top of the salmon farming segment, of course. The new version of Nautilus Next will also fuel further commercial traction, we expect. We continue to invest and improve our solutions across sea-based, land-based, and digital. That is our three times innovation agenda. We are aiming for a revenue above NOK 5 billion and EBIT of minimum 9% in 2027. This is backed by a solid order backlog and also the organic growth initiatives we are conducting. Strategic review is expected to be completed during the fall of 2026. That brings me to the end of the presentation.
Knut Nesse: Thank you very much, Ronny. Let's go to the outlook. We are saying we foresee continued strong momentum for deep farming concepts. Also, this is supported by the new development into cod farming and also into trout in the Black Sea, on top of the salmon farming segment, of course. The new version of Nautilus Next will also fuel further commercial traction, we expect. We continue to invest and improve our solutions across sea-based, land-based, and digital. That is our three times innovation agenda. We are aiming for a revenue above NOK 5 billion and EBIT of minimum 9% in 2027. This is backed by a solid order backlog and also the organic growth initiatives we are conducting. Strategic review is expected to be completed during the fall of 2026. That brings me to the end of the presentation.
Speaker #1: And also, the new version of Nautilus Next will further fuel commercial traction, we expect. We continue to invest in and improve our solutions across sea-based, land-based, and digital.
Speaker #1: That's our three-times innovation agenda. We are aiming for revenue above NOK 5 billion, and an EBIT of at least 9% in 2027. This is backed by a solid order backlog, as well as the organic growth initiatives we are conducting.
Speaker #1: The strategic review is expected to be concluded during the fall of 2026. That brings me to the end of the presentation. We are now ready for the Q&A session.
Knut Nesse: We are now ready for the Q&A session. Please continue to post any questions you might have, and our moderator will read the question.
Knut Nesse: We are now ready for the Q&A session. Please continue to post any questions you might have, and our moderator will read the question.
Speaker #1: So please continue to post any questions you might have, and our moderator will read the questions.
Speaker #3: Yes, indeed. We have one question from Ola Trovarten: Can you comment on what's driving this very strong order intake in sea-based in Q2?
Operator: Yes, indeed. We have one question from Ola Trovatten. Can you comment on what is driving this very strong order intake in sea-based in Q2?
Operator: Yes, indeed. We have one question from Ola Trovatten. Can you comment on what is driving this very strong order intake in sea-based in Q2?
Knut Nesse: I think I mentioned that there are basically two drivers. We had strong momentum on the deep farming, so a relatively strong order intake in the H1, and most of it came in the Q2. On that segment, we are ahead of our internal plan, our budget. That is number one. Number two is the intake of the NOK 230 million. I don't think everything came in the Q2, but the big majority of that for the boat contracts, mainly to the defense industry. Those are the two drivers in addition to the regular business.
Knut Nesse: I think I mentioned that there are basically two drivers. We had strong momentum on the deep farming, so a relatively strong order intake in the H1, and most of it came in the Q2. On that segment, we are ahead of our internal plan, our budget. That is number one. Number two is the intake of the NOK 230 million. I don't think everything came in the Q2, but the big majority of that for the boat contracts, mainly to the defense industry. Those are the two drivers in addition to the regular business.
Speaker #1: I think I mentioned that there are basically two drivers. We had strong momentum on the deep farming side, so relatively strong order intake in the first half.
Speaker #1: And most of it came in the second quarter. So, on that segment, we are ahead of our internal plan—our budget. So that is number one.
Speaker #1: And number two is the intake of the NOK 230 million. I don't think everything came in the second quarter, but the big majority of that was for the boat contracts, mainly to the defense industry.
Speaker #1: So, those are the two drivers, in addition to the regular business.
Speaker #3: Yes, we don't have any further incoming questions, but perhaps we should give it 10 seconds.
Operator: Yes, we don't have any further incoming questions, but perhaps we should give it 10 seconds.
Operator: Yes, we don't have any further incoming questions, but perhaps we should give it 10 seconds.
Speaker #1: Please post any questions. If there are no more questions, thank you for listening in, and we wish you a nice weekend. Thank you very much.
Knut Nesse: Please post any questions. If there are no more questions, thanks for listening in, and we wish you a nice weekend. Thank you very much.
Knut Nesse: Please post any questions. If there are no more questions, thanks for listening in, and we wish you a nice weekend. Thank you very much.
[Company Representative] (AKVA Group): Thank you.
Ronny Meinkøhn: Thank you.
