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Introduction & Market Context
AKVA Group (OB:AKVA) reported record quarterly performance in its Q2 2025 presentation delivered on August 20, 2025. The aquaculture technology provider achieved all-time high revenue and EBIT figures, continuing the positive momentum seen in Q1. The company’s strategic focus on innovative technologies in deep farming, post-smolt, and land-based solutions positions it to address the industry’s challenge of doubling salmon production by 2040.
CEO Knut Nesse and CFO Ronny Meinkøhn presented the results, highlighting the company’s progress across its three business segments: Sea Based, Land Based, and Digital technologies.
Quarterly Performance Highlights
AKVA Group reported record quarterly revenue of MNOK 1,167 in Q2 2025, representing a 15% increase compared to Q2 2024. EBITDA reached MNOK 145 with a margin of 12.4%, up from 10.8% in the same quarter last year. EBIT came in at MNOK 89, reflecting the company’s improved operational efficiency.
As shown in the following chart of quarterly revenue and profitability metrics:
For the first half of 2025, AKVA Group reported revenue of MNOK 2,180, EBITDA of MNOK 258, and EBIT of MNOK 146, demonstrating consistent growth compared to previous years:
The company maintained a solid order intake of MNOK 1,052 in Q2 2025, supported by a significant land-based contract from Laxey worth approximately MEUR 20. Order backlog stood at MNOK 2,712, providing visibility for future revenue:
The Q2 2025 income statement reveals substantial improvements across key financial metrics compared to the same period last year:
Segment Performance
AKVA Group’s business is divided into three main segments, each contributing differently to the company’s overall performance:
The Sea Based Technology segment, which represents 74% of total revenue in Q2 2025, saw a 3% revenue increase compared to Q2 2024. This segment achieved a strong EBITDA margin of 14.3%, reflecting operational efficiency in its core business.
The Land Based Technology segment experienced remarkable growth, with revenue increasing by 92% compared to Q2 2024. This growth was primarily driven by the MEUR 20 contract from Laxey and improved project margins. The segment’s EBITDA also improved significantly compared to the previous year.
The Digital segment maintained stable revenue compared to Q2 2024 but showed impressive profitability improvement, with EBITDA margin increasing from 14.3% in Q2 2024 to 21.9% in Q2 2025. Order intake in this segment reached MNOK 81, more than tripling the MNOK 26 recorded in the same quarter last year.
The following chart illustrates AKVA Group’s EBITDA development across segments:
Strategic Initiatives
AKVA Group positions itself as a global leader and trusted partner in aquaculture technology, uniquely positioned to enable sustainable growth across its three business areas:
The company is focusing on three key technological innovations to address the industry’s growth challenges:
1. Deep Farming: This technology has the potential to unlock 15%+ higher harvesting volumes while reducing sea lice treatments by approximately 85%. AKVA Group has deployed over 200 Nautilus cages across more than 30 sites, establishing itself as a market leader in this segment. The company estimates a NOK 6 billion market opportunity in Norway through 2030.
2. Post-Smolt: This strategy could potentially unlock 30-35% volume growth by improving fish survival, welfare, and productivity. Compared to traditional methods, post-smolt technology offers approximately 200 fewer production days at sea, 50% lower cycle mortality, and 40% fewer treatments.
3. Land-Based Grow-Out: AKVA Group has invested approximately NOK 300 million in land-based technology since 2020 and has built a team of around 250 employees dedicated to this segment. The company reports NOK 618 million in revenue from this segment in 2024 and maintains an order backlog of NOK 1.4 billion.
Forward-Looking Statements
AKVA Group has outlined an ambitious strategic roadmap with specific revenue and profitability targets through 2027:
For 2025, the company aims to achieve revenue above BNOK 4.0 with an EBIT margin of 6%. Looking further ahead, AKVA Group targets revenue of BNOK 5.0 and an EBIT margin of 9% by 2027.
The company’s outlook for the remainder of 2025 includes:
AKVA Group has also announced a dividend of NOK 1 per share for the second half of the year, bringing the total dividend for 2025 to NOK 2 per share, a significant improvement from previous years when no dividends were paid in 2023 and 2024.
Conclusion
AKVA Group’s Q2 2025 presentation demonstrates strong financial performance and strategic positioning in the growing aquaculture technology market. The company’s focus on innovative solutions for deep farming, post-smolt, and land-based aquaculture aligns with the industry’s need to increase production while addressing challenges related to fish health, regulations, and sustainability.
With a solid order backlog, improving profitability across all segments, and clear strategic targets through 2027, AKVA Group appears well-positioned to capitalize on the growing demand for sustainable aquaculture solutions. The company’s record quarterly performance in Q2 2025 builds on the positive momentum reported in Q1, reinforcing its trajectory toward meeting its full-year guidance.
Full presentation:
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