Aqualis ASA reported second-quarter 2026 revenue of $90.8 million, a 10% increase from the prior quarter, as adjusted EBIT surged 72% to $5.3 million. The adjusted EBIT margin expanded to 5.8% from 3.7% in Q1, though remaining below management’s through-the-cycle target of 6.5%. The Oslo-based company, formerly known as ABL Group, held its presentation on August 20, 2026.
Revenue growth was broad-based across segments, with ABL contributing $40.6 million and AGR reporting $37.2 million. Longitude posted the strongest sequential increase, with revenue rising 21% to $6.4 million and adjusted EBIT margin jumping to 19.2% from 1.8% in Q1. OWC’s revenue reached $6.9 million, while AGR’s vessel revenues climbed to $3.5 million, up from $0.3 million in Q1. Oil and gas accounted for 74% of total revenue, renewables 16%, and maritime 11%.
Operating costs rose 7% sequentially to $84.5 million, while net debt increased to $20.4 million from $12.0 million in Q1. The company drew $29.4 million from its $40 million revolving credit facility with HSBC, which includes a $5 million overdraft option and a $20 million accordion feature maturing in January 2029. Working capital had a $4.3 million negative impact, leaving total working capital at $45.0 million, equivalent to 50% of quarterly revenue.
Aqualis returned $6.3 million in dividends, equivalent to NOK 0.45 per share, a 9.8% increase in USD terms over the first half of 2025. The dividend yield stands at approximately 10%. Return on capital employed improved to 15.6% on an annualized basis, up from 8.9% in Q1 and exceeding the 2025 full-year figure of 10.2%, though still below the 2027 target of 20%.
CEO Hege Marie Norheim highlighted the company’s adjusted EBIT growth compared with both the prior quarter and year, while CFO Stuart Jackson noted that revenue expansion was driven by organic growth across all businesses. The company now employs 1,970 staff across 79 offices in 44 countries, with freelancer shares rising in ABL and OWC segments.
