Introduction & Market Context
AKVA Group, the leading technology and service partner to the global aquaculture industry, presented its Q1 2025 results on May 9, 2025. The company reported record first-quarter revenue and a strong order intake, demonstrating robust growth in its aquaculture technology business. AKVA Group’s stock price had already risen 5.14% to NOK 69.60 on May 8, 2025, ahead of the results announcement.
The company, which has been listed on the Oslo Stock Exchange since 2006 and employs 1,423 people across 11 countries, continues to position itself as a technology leader in the evolving aquaculture industry, where sustainability challenges and production efficiency are driving innovation.
Quarterly Performance Highlights
AKVA Group achieved record first-quarter revenue of MNOK 1,013, representing a 29% increase compared to Q1 2024. The company reported EBIT of MNOK 57, up from MNOK 20 in the same period last year, with the EBIT margin improving from 2.6% to 5.6%.
As shown in the following key financial figures, the company has demonstrated consistent improvement in its performance metrics:
The company’s order intake remained strong at BNOK 1.2, supported by a significant MEUR 30 smolt contract with Cermaq Chile. This resulted in a healthy book-to-bill ratio of 118% and an increased order backlog of MNOK 2,799, up from MNOK 2,599 in Q1 2024.
The following chart illustrates the positive development in both order intake and backlog over recent quarters:
Breaking down performance by segment, Sea Based Technology revenue increased by 24% compared to Q1 2024, with an improved EBITDA margin of 11.9% (up from 10.0%). The Land Based Technology segment saw even stronger growth with revenue up 74%, while the Digital segment experienced a 12% revenue decline but improved its EBITDA margin from 17.1% to 22.1%.
Geographically, the Nordic market showed the strongest performance with a 46% revenue increase, followed by the Americas with a 12% increase. However, revenue in Europe & Middle East declined by 7%, and Australasia saw a 13% reduction compared to Q1 2024.
The company’s detailed income statement reveals the financial improvements across key metrics:
Strategic Initiatives
AKVA Group continues to focus on innovative solutions to address key sustainability challenges in aquaculture, particularly around fish health and production efficiency. The company highlighted its strategic focus on deep farming concepts, including its Nautilus™ technology, which aims to solve one of the biggest sustainability challenges in aquaculture: salmon lice.
The company is also expanding into re-use technology for grow-out, with significant contracts signed with Laxey. In January 2025, AKVA signed a second contract for Grow-out module 2 with an estimated value of MEUR 20, subject to financing. Laxey announced in early May 2025 that the financing was successfully completed.
In the Land Based segment, AKVA Group is seeing validation of its post-smolt RAS (Recirculating Aquaculture System) concept, which offers significant benefits including reduced time in the sea, less lice treatment, improved fish health, and better utilization of licenses.
The company’s digital solutions continue to gain traction globally, with AKVA observe implemented at more than 100 sites worldwide on a recurring revenue model, AKVA fishtalk holding a global market share of 60%, and AKVA connect deployed at more than 400 sites worldwide.
Forward-Looking Statements
AKVA Group has outlined ambitious medium-term financial targets, aiming for revenue growth of approximately 15% in 2025 to reach BNOK 4.0, and long-term organic topline growth of at least 10% year-over-year. The company is targeting a minimum EBIT margin of 6% and plans to improve Return on Average Capital Employed (ROACE) to at least 10% by the end of 2025.
The following slide details these medium-term financial targets:
In its outlook, AKVA Group foresees continued strong momentum for deep farming concepts while expecting a normalization of the post-smolt market in Norway. The company remains committed to investing in and improving its solutions across all three business segments: Sea Based, Land Based, and Digital.
The company has also announced a Capital Markets Day scheduled for June 12, 2025, at its headquarters in Klepp, Norway, where it plans to present its strategic roadmap and financial ambitions in greater detail.
Financial Position
AKVA Group’s financial position strengthened during Q1 2025, with available cash increasing to MNOK 500, up from MNOK 283 in Q1 2024. This includes a MNOK 300 credit facility with DNB and a MNOK 150 revolving loan facility.
The company’s net debt to EBITDA ratio improved to 1.230, down from 1.307 in Q1 2024, indicating a healthier balance sheet. The following chart illustrates the positive development in cash position and debt metrics:
Capital expenditure totaled MNOK 39 in Q1 2025, with MNOK 18 allocated to the company’s three innovation agendas and MNOK 3 related to the implementation of a new global ERP system.
AKVA Group paid a dividend of NOK 1.00 per share on April 15, 2025, demonstrating its commitment to returning value to shareholders while investing in future growth.
The company also completed the sale of its shares in Abyss Group to Arcus Infrastructure Partners during the quarter, generating net proceeds of MNOK 144 and a net gain of MNOK 12, further strengthening its financial position.
Full presentation:
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