Fish farming supplier AKVA increased operating profit in Q3

Global fish farming supplier AKVA group reports that profitability improved significantly in the third quarter compared to the previous year, mainly due to increased revenues. But improved project margins within land-based operations also contributed.

AKVA group increased its EBITDA – a measure of operating profit - by NOK 20 million (£1.5m) to NOK 148m in Q3, up from NOK 128m in the same quarter last year. EBIT, another measure of operating profit, increased from NOK 78m to NOK 89m. Revenues in Q3 were NOK 1.112 billion, up from NOK 936m in the same quarter last year.

Total order intake in the third quarter of 2025 was NOK 786m, down from NOK 803m in the third quarter of 2024, but AKVA expects strong order intake in the current quarter, supported by a recent NOK 220m recirculating aquaculture system (RAS) contract from Norwegian post-smolt producer Tytlandsvik Aqua.

Sea Based (SB)

Revenue for SB in the third quarter of 2025 ended at NOK 770m (Q3 2024: 740m). EBITDA and EBIT (a different measure of operating profit) for the segment ended at NOK 113m (112m) and NOK 70m (75m), respectively. Corresponding EBITDA and EBIT margins were 14.7% (15.2%) and 9.1% (10.1%).

Order intake in Q3 2025 was NOK 620m, compared to NOK 635m in the third quarter of 2024. The order backlog at the end of the quarter was NOK 745m, up from NOK 711m the previous year.

In the Nordic region, revenue increased from 528m in Q3 2024 to 545m.

In the Americas region, revenue was NOK 134m, a decrease from NOK 156m.

Europe and the Middle East (EME) had revenue of NOK 91m in Q3 2025, compared to NOK 55m the same period last year.

Land Based (LB)

Revenue increased significantly compared to the same quarter last year, from NOK 162m to NOK 308m. EBITDA and EBIT ended at NOK 22m (5m) and NOK 19m (3m), respectively. The related EBITDA and EBIT margins were 7.3% (3.1%) and 6.1% (1.6%).

AKVA said the improved profitability is due to higher revenue and improved project margins.

Order intake in Q3 2025 of NOK 138m was at the same level as last year. Order backlog ended at NOK 1.435bn, compared to NOK 1.509bn last year.

Digital (DI)

The segment's revenue in Q3 2025 was NOK 34m (34 million). EBITDA and EBIT ended at NOK 12m (11m) and NOK 0m (1m), respectively. Corresponding EBITDA and EBIT margins were 36.0% (31.9%) and 0.1% (3.1%). The comparative figures for Q3 2024 are adjusted for the gain from the Observe transaction, which amounted to NOK 76m and NOK 71m, respectively.

Order intake in Q3 2025 was NOK 28m, compared to NOK 30m in Q3 2024. The order backlog at the end of the quarter was NOK 183m, compared to NOK 147m last year.

Order book

At the end of Q3, AKVA’s order book was worth NOK 2.363bn (2.367bn). Of this, Land-based operations accounted for NOK 1.435bn, corresponding to 61% of the total order backlog.

Outlook

AKVA group writes that it still expects strong momentum for concepts within "deep farming".

This will, among other things, help the company achieve its goal of reaching a turnover of at least NOK 4.0 billion and an EBIT margin of 6% in 2025.

“Strong order intake is expected in the fourth quarter of 2025, which will support further growth in 2026,” it says.