Aquaculture technology firm AKVA group reported a sharp rise in revenue and order intake in the fourth quarter of 2025, capping a strong finish to the year via positive land-based project growth and continued momentum in sea-based projects.
AKVA posted Q4 revenues of NOK 1.11 billion (USD 116.3 million, EUR 98 million), which was up 41 percent year over year, along with EBIT of NOK 44 million (USD 4.6 million, EUR 3.9 million), which marked a rise of NOK 21 million (USD 2.2 million, EUR 1.9 million). During the three-month period, its total order intake reached NOK 1.25 billion (USD 130.9 million, EUR 110.4 million) – an increase of NOK 169 million (USD 17.7 million, EUR 14.9 million).
For the full year, AKVA reported revenues of NOK 4.4 billion (USD 460.9 million, EUR 388.7 million), compared to 2024’s NOK 3.6 billion (USD 377.2 million, EUR 318.1 million). It also posted EBIT of NOK 280 million (USD 29.3 million, EUR 24.7 million) last year – an increase of NOK 96 million (USD 10.1 million, EUR 8.5 million) year over year – and an order intake of almost NOK 4.3 billion (USD 450.4 million, EUR 379.8 million) – up from NOK 3.7 billion (USD 387.3 million, EUR 326.6 million) the year prior.
Delivering AKVA’s Q4 2025 results on 13 February, CEO Knut Nesse remarked that he was “very pleased” with the group’s growth and its financial performance.
“It was a good year,” he said.
By business segment, Land-Based (LB) operations were the standout performer in Q4, delivering record-high revenues of NOK 422 million (USD 44.2 million, EUR 37.3 million) – almost double the level seen in Q4 2024. The division also secured an order intake total of NOK 221 million (USD 23.1 million, EUR 19.5 million), aided by demand for recirculating aquaculture system (RAS) projects. Among the highlights was a RAS contract worth around NOK 220 million (USD 23 million, EUR 19.4 million) awarded by Tytlandsvik Aqua at the start of Q4.
“There have been some shakeouts in the RAS supply sector, and today, we can rightfully claim that we are the only true global RAS supplier,” Nesse said. “We have the capabilities to do projects in all the relevant salmon-farming regions … and we have already delivered multiple projects in all [of these]. On the back of a very solid [2025] where we had 90 percent growth in the top line, we are ready to capitalize on the emerging growth phase for RAS. Our position is that we are the world’s leading full-scale, land-based offering. We have invested a lot of money in order to get to this position, as much as NOK 300 million [USD 31.4 million, EUR 26.5 million] over the last five years, but we believe it will start paying off now.”
AKVA’s Sea-Based (SB) operations also delivered solid results, with revenues rising to NOK 653 million (USD 68.4 million, EUR 57.7 million) in Q4 from NOK 542 million (USD 56.8 million, EUR 47.9 million) a year earlier. Order intake in the segment totaled NOK 952 million (USD 99.7 million, EUR 84.1 million), which remained broadly in line with last year, reflecting continued investment in core farming infrastructure despite a more cautious market environment in some regions.
Regionally, sea-based revenue growth was strongest in the Nordic markets, which increased to NOK 409 million (USD 42.8 million, EUR 36.1 million) from NOK 344 million (USD 36 million, EUR 30.4 million) in Q4 2024. The Americas also recorded higher revenues, up to NOK 169 million (USD 17.7 million, EUR 14.9 million), while Europe and the Middle East rose to NOK 75 million (USD 7.9 million, EUR 6.6 million).
AKVA’s Digital (DI) division continued to scale, posting Q4 revenues of NOK 38 million (USD 4 million, EUR 3.4 million) and significantly improved margins. Order intake jumped to NOK 77 million (USD 8.1 million, EUR 6.8 million), largely driven by two large-scale AKVA Observe contracts in Scotland. The digital segment’s order backlog increased to NOK 222 million (USD 23.3 million, EUR 19.6 million), up from NOK 136 million (USD 14.2 million, EUR 12 million) a year earlier.
Across the group, the total order backlog at the end of Q4 stood at NOK 2.54 billion (USD 265.9 million, EUR 224.3 million), with land-based projects accounting for around half of the total. While the backlog was slightly lower than a year earlier, AKVA said activity levels remain high and visibility is strong.
On the back of improved performance, a dividend of NOK 1.00 (USD 0.11, EUR 0.09) per share will be paid during the first half of 2026, following a similar payout for the second half of 2025. The company said its dividend policy remains focused on balancing shareholder returns with continued investment in growth.
Looking ahead, AKVA said it sees continued strong momentum for deep-farming concepts and plans to keep investing across its LB, SB, and DI offerings. The group is targeting 20 percent EBIT growth this year and minimum revenue of NOK 5 billion (USD 523.4 million, EUR 441.4 million).
While there will be some organic growth, the group has identified actions to be taken this year that will bring additional growth, Nesse said.
In SB, among other things, it will develop and commercialize its Nautilus Next deepsea farming solution with the focus on making the concept easier to use through a new winch system. It will also look to internationalize its net business and extend its portfolio of pen products. In both LB and DI, meanwhile, the focus will be on building larger customer bases.
Across the entire business, AKVA will “continue to invest and improve our solutions and our innovation agenda,” Nesse said.
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