Record high Sea Based order intake.

AKVA group delivered quarterly revenue in Q4 2024 of MNOK 792 (800), a decrease of 1% compared to Q4 2023.  

EBITDA increased from MNOK 41 in Q4 2023 to MNOK 76 in Q4 2024.

All-time high quarterly order intake for Sea Based with MNOK 946, driven by deep farming solutions. The total order intake of BNOK 1,1 in Q4 2024, up from MNOK 718 in Q4 2023. 

Order backlog was BNOK 2,7 at the end of December 2024. 

RAS contract from Cermaq Chile regarding smolt facility was signed in February 2025 with contract value of approx. MEUR 30.

Award of contract with Laxey in January 2025 regarding re-use technology for grow-out facility. Estimated contract value of MEUR 20, subject to financing.

AKVA is aiming for revenue of approx. BNOK 4,0 and EBIT of 6% in 2025.

A dividend of NOK 1 per share to be paid in first half of 2025.

The revenue in Q4 2024 was at the same level as last year. The order intake was record high for the Sea Based business segment driven by continued positive momentum in the Nordic market and sale of solutions for deep farming. The market for Land Based is improving and the order intake and revenue level gradually increased during 2024. The awarded contracts from Cermaq Chile and Laxey (subject to financing) will have positive impact on the revenue level in 2025. The outlook for the post smolt market in Norway is still soft but is expected to improve gradually in 2025.

Profitability improved in the fourth quarter compared to last year, and the increased profitability is primarily related to the improved performance in the Land Based business. The profitability in Sea Based was acceptable based on a a soft revenue level. The financial performance in the Digital business is improving but the current cost base is still high compared to the current activity level resulting in soft profit margins.

Sea Based Technology (SBT)
SBT revenue for Q4 2024 ended at MNOK 542 (618). EBITDA and EBIT for the segment in Q4 ended at MNOK 55 (55) and MNOK 15 (17), respectively. The related EBITDA and EBIT margins were 10.1% (8.8%) and 2.8% (2.8%).

Order intake in Q4 2024 was MNOK 946 compared to MNOK 618 in Q4 2023. Order backlog ended at BNOK 1,1 compared to MNOK 792 last year.

The Nordic region experienced a decrease in revenue from MNOK 359 in Q4 2023 to MNOK 344 in Q4 2024.

In the Americas region, the revenue was MNOK 146, which is a decrease from 166 MNOK in the fourth quarter last year.

Europe and Middle East (EME) had a revenue of MNOK 52 in Q4 2024, compared to the revenue of MNOK 92 in the fourth quarter last year.

Land Based Technology (LBT)
Revenue for the fourth quarter was 217 (142). EBITDA and EBIT ended at MNOK 14 (-15) and MNOK 12 (-18), respectively. The related EBITDA and EBIT margins were 6.5% (-10.9%) and 5.5% (-12.6%).

Order intake in Q4 2024 of MNOK 114 compared to MNOK 0 in Q4 2023. Order backlog ended at MNOK 1,408 compared to MNOK 1,454 last year.

Digital (DI)
The revenue in the segment was MNOK 33 (40) in Q4 2024. EBITDA and EBIT ended at MNOK 7 (2) and MNOK -4 (-9), respectively. The related EBITDA and EBIT margins were 22.9 % (4.0%) and -12.3% (-22.5%).
Order intake in Q4 2024 was MNOK 22 compared to MNOK 40 in Q4 2023. Order backlog ended at MNOK 136, compared to MNOK 150 last year.

Balance sheet
Working capital as a percentage of 12 months rolling revenue is 10.1% (6.2%). Cash and unused credit facilities amounted to MNOK 471 (519) at the end of Q4. Total assets and total equity amounted to MNOK 4,116 and MNOK 1,305 respectively, resulting in an equity ratio of 31.7% (31.3%) at the end of Q4 2024. The leverage ratio was 3,00 as of 31 December 2024 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 has decided to pay dividend of NOK 1 per share in the first half year of 2025.

Order Backlog
The order backlog at the end of Q4 was MNOK 2,658 (2,396). MNOK 1,408 or 53% of total order backlog at the end of Q4 relates to Land Based Technology (LBT).

Outlook
Salmon prices are expected to remain strong driven by reduced supply.

AKVA expects to see a normalization of the post smolt market in Norway into 2025.

AKVA is aiming for revenue of minimum BNOK 4,0 and EBIT of 6% in 2025.

AKVA group will continue to invest and improve solutions, both within Sea Based, Digital and Land Based Technology.

AKVA will conduct a Capital Markets Day June 12, 2025.

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 409 employees, offices in 12 countries and had a total turnover of NOK 3.6 billion in 2024. 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: 14 February 2025
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act