Aqualis ASA reported second-quarter 2026 revenue of $90.8 million, a 10% increase from the prior quarter’s $82.4 million and slightly below analyst expectations of $93 million. Adjusted earnings before interest and taxes (EBIT) rose 71% sequentially to $5.3 million, while the adjusted EBIT margin expanded to 5.8% from 3.7% in Q1 2026. The company reaffirmed its through-the-cycle EBIT margin target of 6.5%.
Return on capital employed (ROCE) improved to 15.6% on an annualized basis, up from 10.2% for full-year 2025, with management targeting a 20% ROCE by 2027. Net debt increased to $20.4 million from $12.0 million in the first quarter.
The company declared a second-quarter dividend of $6.3 million, equivalent to NOK 0.45 per share, a 9.8% increase over the first half of 2025 in U.S. dollar terms. A $0.7 million release of long-standing provisions partially offset a $0.5 million rise in corporate costs.
Segment performance showed mixed trends. ABL accounted for 44% of trailing 12-month revenue and 74% of segment EBIT, with revenue rising to $40.6 million and an adjusted EBIT margin of 19.0%. AGR contributed 41% of revenue at $37.2 million, up 12% sequentially, while maintaining a 3.7% adjusted EBIT margin. OWC’s revenue declined slightly to $6.9 million but saw its adjusted EBIT margin improve to 5.8%. Longitude reported a 21% sequential revenue increase to $6.4 million and an adjusted EBIT margin of 19.2%.
Aqualis completed the acquisition of SynergenOG in July 2026 for $2.1 million, adding 45 professionals across Malaysia, Brunei, Singapore, Indonesia, and India. The deal is expected to contribute approximately $5.0 million in annual revenue and $0.6 million in EBIT based on 2025 performance.
As of 2025, Aqualis operated 79 offices in 44 countries with roughly 1,970 employees. Revenue was split across oil and gas (74%), renewables (16%), and maritime (11%). Operational highlights included over 1,300 rig moves, 1,600 marine warranty surveying projects, and work on 890 wind, solar, and battery projects with a potential capacity exceeding 272 GW.
