Photo: AKVA Group
Norwegian aquaculture technology supplier AKVA Group has reported revenue of NOK 1.14 billion (€104.4m / $122.6m) for the first quarter of 2026, up 13% from the same period last year, as it registered stronger earnings and a higher order intake.
The company said EBITDA rose to NOK 153 million (€14.0m / $16.5m), an increase of NOK 40 million (€3.7m / $4.3m) year-on-year. AKVA described the period as one of “High activity and strong financial performance”.
Order intake reached NOK 1.49 billion (€136.8m / $160.5m) during the quarter, while the order backlog stood at NOK 2.83 billion (€259.2m / $304.4m) at the end of March. According to the company, the backlog provides a basis for continued organic growth in 2026.
The results come a month after AKVA announced a strategic review that could lead to a sale of the company or another corporate transaction.
In its Q1 report, AKVA said the early phase of the review had attracted “high-quality interest”, with attention focused on a possible sale of the whole company as a platform. However, it said its engagement with interested parties remained at an early stage and that no decision had been taken. The strategic review is due to conclude in the autumn.
During the quarter, AKVA secured a recirculating aquaculture systems contract worth about NOK 200 million (€18.3m / $21.5m) from Årdal Aqua AS. It also said it was awarded four barge contracts for international customers, with a combined estimated value of €6 million (NOK 65.5m / $7.0m). After the end of the quarter, the company won a smolt contract from Laxey EHF worth about €28 million (NOK 305.7m / $32.9m).
AKVA's business areas comprise sea-based infrastructure, land-based post-smolt and grow-out systems, and digital tools including biological ERP software and AI-based feeding technology.
Of the three segments, Sea Based remained AKVA’s largest segment during the quarter, with revenue of NOK 755 million (€69.2m / $81.2m), although this was a decrease from the down from NOK 804 million in the same period last year. EBITDA for the division was NOK 99 million (€9.1m / $10.7m), compared with NOK 96 million a year earlier. The company said profitability improved because of higher activity, economies of scale and product mix.
Meanwhile, AKVA's Land Based business reported a pronounced rise in revenue, increasing to NOK 346 million (€31.7m / $37.2m) from NOK 176 million in Q1 2025. EBITDA in the segment rose to NOK 41 million (€3.8m / $4.4m), while the order backlog was NOK 1.28 billion (€117.3m / $137.8m) at the end of the quarter.
AKVA’s Digital segment recorded revenue of NOK 39 million (€3.6m / $4.2m), up from NOK 32 million a year earlier. EBITDA rose to NOK 13 million (€1.2m / $1.4m), although EBIT remained negative at NOK -1 million (€-0.1m / $-0.1m).
The company also completed the acquisition of the remaining shares in sea lice counting and biomass measurement company Submerged AS during the quarter, increasing its ownership from 58% to 100%, and paying out a dividend of NOK 1 per share on 21 April. AKVA first aquired a controlling stake in Submerged in 2023, with CEO XXX describing the move at the time as one of "great strategic importance" for the group's digital business.
Looking ahead, AKVA reiterated that it sees "continued momentum for deep farming concepts" and is maintaining its 2027 target of at least NOK 5 billion (€458.0m / $537.8m) in revenue and a 9% EBIT margin.
