M Vest Water reported second-quarter 2026 results on September 15, 2026, showing 27% year-to-date revenue growth to NOK 15.7 million from NOK 12.4 million in the first half of 2025. Quarterly revenue approached NOK 10 million, compared with NOK 8.0 million a year earlier, while recurring chemical sales rose 36% in the quarter. The company said aquaculture accounted for more than 80% of quarterly sales.
Profitability remained the key constraint. Q2 EBITDA was negative NOK 1.7 million, an improvement from negative NOK 2.7 million in the same period last year. Operating cash flow improved to negative NOK 5.2 million from negative NOK 6.2 million. The company recorded a Q2 EBIT loss of NOK 2.5 million and a pre-tax loss of NOK 2.8 million; first-half losses were NOK 8.1 million and NOK 8.4 million, respectively.
Balance-sheet metrics showed a larger asset base but lower equity coverage. Total assets rose to NOK 62.1 million from NOK 48.0 million a year earlier, while the equity ratio fell to 39% from 45%. Book equity was NOK 24 million at quarter-end, above the NOK 20 million minimum covenant requirement. The company had drawn NOK 4 million from an NOK 8 million bank credit facility and NOK 6 million from an NOK 10 million shareholder loan facility, with shareholder loans maturing in February 2027. Full-year 2026 revenue guidance was at least NOK 30 million.
Operationally, M Vest Water secured its first order from a newly built salmon slaughterhouse, described as the third and largest facility in its portfolio, with ramp-up expected in the second half of 2026. Two sensor-driven technology deliveries were completed in Q2. In oil and gas, SAR Mongstad increased consumption of NORWAFLOC, including C508 and C508W variants, improving annual recurring revenue. The Safaniya Oil Field pilot, described in the slides as producing 30% of the Norwegian Continental Shelf's capacity, was indefinitely postponed because of regional instability, leaving equipment idle as of July 2026.
In dredging, the company said it completed the METHA pilot test in Hamburg, showing that natural-based products can fully replace synthetic chemicals while improving treatment results. The pilot began in 2022 and has moved into commercial negotiations. A NORWAPOL system has operated at Stureterminalen since 2021, and the company launched a product catalogue in September 2026.
Executive Chairman Tor Olav Gabrielsen characterized aquaculture as a profitable standalone segment with strong visibility, while describing oil and gas and dredging as having significant long-term value but lower near-term visibility. The slides outlined estimated compliance investments for 45 facilities between 2028 and 2030, representing NOK 300 million to NOK 500 million in total capital expenditure and NOK 100 million to NOK 150 million in potential annual recurring revenue. The company targeted a 70% market share by 2030.
Shares fell 10.6% to $6.75 from $7.55 at the previous close. The stock traded about 23% above its 52-week low of $4.98 and 27% below its 52-week high of $9.20.
