AKVA group ASA reported revenue of NOK 792 million ($71.28 million) for Q4 2024, a slight decline of 1% from NOK 800 million ($72 million) in the same period the previous year.
EBITDA increased to NOK 76 million ($6.84 million) from NOK 41 million ($3.69 million) in Q4 2023.
The company recorded a Sea-Based order intake of NOK 946 million ($85.14 million), driven by demand for deep farming solutions. Total order intake for the quarter reached NOK 1.1 billion ($99 million), up from NOK 718 million ($64.62 million) in Q4 2023. The order backlog stood at NOK 2.7 billion ($243 million) as of December 2024.
In the Land-Based segment, AKVA secured a EUR 30 million ($30 million) contract with Cermaq Chile for a smolt facility, signed in February 2025. Additionally, a EUR 20 million ($20 million) contract with Laxey for grow-out re-use technology was awarded in January 2025, pending financing approval.
The company has set a revenue target of NOK 4 billion ($360 million) and an EBIT margin of 6% for 2025. A NOK 1 per share dividend is scheduled for the first half of 2025.
Segment Performance
Sea-Based Technology (SBT) revenue declined to NOK 542 million ($48.78 million) from NOK 618 million ($55.62 million) in Q4 2023. EBITDA remained stable at NOK 55 million ($4.95 million), with EBIT at NOK 15 million ($1.35 million). Order intake surged to NOK 946 million ($85.14 million), with a backlog of NOK 1.1 billion ($99 million).
- Nordic revenue: NOK 344 million ($30.96 million) (Q4 2023: NOK 359 million ($32.31 million))
- Americas revenue: NOK 146 million ($13.14 million) (Q4 2023: NOK 166 million ($14.94 million))
- Europe & Middle East (EME) revenue: NOK 52 million ($4.68 million) (Q4 2023: NOK 92 million ($8.28 million))
Land-Based Technology (LBT) revenue rose to NOK 217 million ($19.53 million) from NOK 142 million ($12.78 million) in Q4 2023. EBITDA reached NOK 14 million ($1.26 million), up from -NOK 15 million (-$1.35 million) the previous year. EBIT was NOK 12 million ($1.08 million), compared to -NOK 18 million (-$1.62 million) in Q4 2023. Order intake reached NOK 114 million ($10.26 million), up from zero in Q4 2023.
Digital (DI) revenue declined to NOK 33 million ($2.97 million) from NOK 40 million ($3.60 million) in Q4 2023. EBITDA improved to NOK 7 million ($0.63 million) from NOK 2 million ($0.18 million), but EBIT remained negative at -NOK 4 million (-$0.36 million), compared to -NOK 9 million (-$0.81 million) in Q4 2023. Order intake fell to NOK 22 million ($1.98 million) from NOK 40 million ($3.60 million) in Q4 2023.
Financial Position
- Working capital: 10.1% of rolling 12-month revenue (Q4 2023: 6.2%)
- Cash and credit facilities: NOK 471 million ($42.39 million) (Q4 2023: NOK 519 million ($46.71 million))
- Equity ratio: 31.7% (Q4 2023: 31.3%)
- Leverage ratio: 3.00
- The company remained in compliance with all bank covenants.
Outlook
AKVA expects strong salmon prices due to limited supply and anticipates a gradual recovery in the post-smolt market in Norway through 2025. The company will continue investing in Sea-Based, Land-Based, and Digital solutions. A Capital Markets Day is scheduled for June 12, 2025.
AKVA Group is a technology and service provider for the global aquaculture industry, operating in 12 countries with 1,409 employees. The company reported total revenue of NOK 3.6 billion ($324 million) in 2024.
Exchange rate used: 1 NOK = 0.090 USD
