AKVA Group Surges on Record Revenue as Land-Based Farming Booms

BRYNE, NORWAY – February 13, 2026 – Aquaculture technology leader AKVA group ASA today reported a blockbuster fourth quarter for 2025, driven by a historic performance in its land-based farming division and robust growth across all segments. The company posted quarterly revenues of NOK 1,113 million, a staggering 41% increase compared to the same period in 2024, signaling strong momentum and reinforcing its pivotal role in the global expansion of sustainable seafood production.

The impressive top-line growth translated directly to improved profitability. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to NOK 103 million, up from NOK 76 million in Q4 2024. This strong financial performance, coupled with a healthy order backlog of over NOK 2.5 billion, prompted the company to announce a dividend of NOK 1 per share for the first half of 2026, rewarding shareholders and signaling deep confidence in its continued trajectory.

The Land-Based Revolution Takes Hold

The standout story from the report is the explosive growth within AKVA's Land Based (LB) segment. The division, which specializes in advanced Recirculating Aquaculture Systems (RAS), achieved a record-breaking quarterly revenue of NOK 422 million. This represents a 94% surge from the NOK 217 million reported in the fourth quarter of the previous year, underscoring a significant shift in the aquaculture industry towards controlled-environment farming.

This growth is not the result of a single windfall but reflects a broad and sustained increase in demand for land-based solutions. While a major contract from Tytlandsvik Aqua, valued at approximately NOK 220 million, was a significant contributor during the quarter, the company's success stems from a diverse portfolio of large-scale projects. Consistent activity with repeat customers has created a stable foundation for this expansion, indicating that the move to land-based systems is becoming a mainstream strategy for fish farmers worldwide.

Land-based RAS technology offers compelling advantages that are driving its adoption. These closed-containment systems allow for precise control over water quality, temperature, and biosecurity, drastically reducing the risks of disease, parasites like sea lice, and fish escapes that can impact traditional sea farming. Furthermore, they enable aquaculture operations to be established closer to consumer markets, cutting down on transportation costs and carbon footprints while delivering a fresher product. The segment's strong performance, which contributed to a 50% share of the company's total order backlog, firmly positions AKVA at the forefront of this technological transformation.

Broad-Based Strength Across Segments

While the land-based division captured headlines, AKVA group demonstrated comprehensive strength across its entire business. The traditional Sea Based (SB) segment, the company's largest, also posted solid results. Revenue for the quarter grew to NOK 653 million from NOK 542 million a year prior, supported by a strong order intake of NOK 952 million. This indicates continued investment by fish farmers in conventional sea-based infrastructure, including deep farming concepts where AKVA remains a market pioneer.

Geographically, the Sea Based segment saw increased activity across all its key regions. The Nordic market grew its revenue to NOK 409 million, while the Americas and the Europe and Middle East (EME) regions also saw notable increases, demonstrating healthy global demand for the company's sea-based technologies and services.

The Digital (DI) segment, though smaller, also showed significant promise and strategic importance. Revenue climbed to NOK 38 million, but more impressively, its order intake more than tripled to NOK 77 million compared to Q4 2024. This leap was primarily driven by two large-scale contracts in Scotland for AKVA Observe, a system that uses artificial intelligence and camera technology to optimize feeding and monitor fish health. This growth highlights the increasing digitalization of aquaculture, where data analytics and smart technology are becoming essential tools for improving efficiency and animal welfare. The segment's order backlog nearly doubled year-over-year, pointing to a future where data is as critical as hardware.

Fortified Financials and a Confident Outlook

The strong quarterly performance caps off a banner year for AKVA group. Total revenue for the full year 2025 reached NOK 4.4 billion, a 25% increase over 2024, marking a significant acceleration after several years of more modest growth. This performance allowed the company to comfortably exceed its guidance for the year, with a full-year EBIT margin of 6.4% and a Return on Capital Employed (ROACE) of 11.5%.

The company's balance sheet has also been significantly strengthened. A robust cash flow in the fourth quarter, supported by a NOK 153 million release in net working capital, boosted its cash and unused credit facilities to NOK 547 million. With a solid equity ratio of 32.7% and compliance with all bank covenants, AKVA group is well-capitalized to fund its ongoing investments in innovation and pursue further growth opportunities.

Looking ahead, the company has set ambitious targets for 2027, aiming for a minimum annual revenue of NOK 5 billion and an EBIT margin of 9%. While the profitability target will require a dedicated focus on operational efficiency, the revenue goal appears well within reach. The current annual revenue of NOK 4.4 billion and a massive order backlog of NOK 2,539 million provide a clear path and strong visibility for the coming years. This backlog, with half dedicated to long-term land-based projects, ensures a steady stream of activity and revenue, insulating the company from short-term market fluctuations and cementing its leadership in the future of food production.