Q2 2026 Akva Group ASA Earnings Call Transcript
Key Points
- Record high quarterly revenue of NOK1.189 billion and record high quarterly EBIT of NOK111 million, with strong EBITDA of NOK179 million.
- Strong order intake of NOK1.345 billion and order backlog of approximately NOK3 billion, with Sea Based backlog at a record high, up nearly 60% year-over-year.
- Significant growth in deep farming technology, with over 400 Nautilus units deployed, showing 78% reduction in sea lice treatments and improved fish health, plus commercial traction in cod and trout farming.
- Land Based segment secured a major EUR28 million contract from Laxey, with strong project execution and improved EBITDA margin, and progress in China with Nordic Aqua Partners for Phase 3 expansion.
- Digital segment delivered a high EBITDA margin of 35.7%, with positive market momentum and expected order intake turnaround in Q3, supported by AI-driven solutions like Observe and Submerged.
- Strategic review is progressing well, with high-quality interest for a potential sale of the entire company, expected to conclude in fall 2026, which could unlock shareholder value.
- Defense industry expansion is on track, with NOK230 million order intake in Q2, expected to triple activity and significantly improve profitability next year.
- Net working capital increased by NOK150 million during the quarter, ending at 11.2%, above normal operating levels, leading to a reduction in available cash by NOK105 million.
- Leverage ratio increased from 2.32x to 2.51x in Q2, though still below the covenant threshold of 4.5x, indicating higher debt levels.
- Sea Based revenue decreased by 5% year-over-year in Q2, with a 17% decline in the Nordic region, despite strong order intake.
- Digital segment order intake was NOK35 million, which is NOK46 million lower than the high order intake in Q2 last year, indicating a slowdown in new orders.
- Land Based EBITDA margin remains relatively low at 6.5%, despite improvements, reflecting ongoing project execution challenges.
- The strategic review process creates uncertainty for investors, as no final decision has been made, and the outcome could impact the company's future direction.
- The company faces challenges in scaling salmon production to meet 2040 demand, requiring significant new investments in technology and infrastructure.
Ladies and gentlemen, good morning, and very much welcome to the AKVA Second Quarter Presentation. The program for this morning is that I will do the introduction and the highlights. Ronny Meinkoehn, the CFO, will do financial performance, and please post any questions during the presentation. It goes straight to the highlights of the second quarter. We had a high quarterly revenue of NOK1.189 billion and record high quarterly EBIT of NOK111 million.
We had a strong order intake of NOK1.345 billion and order backlog of approx. NOK3 billion at the end of the second quarter.
A small contract of approx. EUR28 million was awarded from Laxey in April, subject to financing, which was secured in June. A dividend of NOK1 per share will be distributed during the second half of 2026. Strategic review was announced start of April to maximize shareholder value. We'll give a comment on that later.
Then to the figures of the second quarter. It is -- in the first place, it's in line with the trading update we published on July 20. It's a
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