Aqualis, the Norwegian energy services provider formerly known as ABL Group, reported a 10% sequential increase in revenue to $90.8 million for the second quarter of 2026, driven entirely by organic growth. Earnings before interest and taxes rose 175% to $4.4 million, while adjusted EBIT climbed 71% to $5.3 million, lifting the adjusted EBIT margin to 5.8% from 3.1% in the prior quarter.
The company’s return on capital employed reached 15.6% for the quarter, up from 10.2% for the full year 2025, though still below its 2027 target of 20%. Operating costs increased by 7% sequentially, partly offsetting the revenue growth. Aqualis paid a $6.3 million dividend during the quarter, marking the sixth consecutive year of dividend increases, with a reported yield of 10.27%. The quarter-end cash position stood at $8.7 million, down from $12.1 million after revaluation, while net debt totaled $20.4 million.
Revenue fell short of analyst expectations by approximately $2.2 million, with analysts forecasting $93 million compared to the reported $90.8 million. The company’s stock rose 1.6% in premarket trading to $8.90 after closing at $8.76 the previous day. Aqualis operates in 44 countries with nearly 2,000 employees, having grown tenfold since 2018.
Segment performance varied, with ABL reporting a 9% quarter-over-quarter revenue increase and a 19% EBIT margin, supported by strong activity in Europe and the Middle East. AGR’s revenue grew 12%, driven by wells activity in Australia, while OWC saw flat revenue but improved profitability due to cost reductions. Longitude’s revenue rose with higher staff utilization, and its EBIT margin rebounded to 19% after implementing efficiency measures. Oil and gas accounted for approximately 75% of total revenue.
CEO Hege Marie Norheim highlighted the significant growth in adjusted EBIT, attributing it primarily to ABL and Longitude. CFO Stuart Jackson emphasized that revenue growth was entirely organic and reflected ongoing cost discipline. He noted that increased working capital at quarter-end was a timing issue expected to normalize in Q3 as invoices are collected. The company completed its acquisition of SynergenOG on July 1, with consolidation set for Q3.
