Eqva ASA reported a 63% year-over-year increase in second-quarter revenue, driven by project execution and acquisitions as the company advances its margin recovery. The Norwegian industrial group posted Q2 2026 revenue of NOK 365 million, up from NOK 224 million in the same period two years prior, while half-year revenue reached NOK 735 million.
EBITDA for the quarter rose to NOK 19 million from NOK 11 million in Q1 2026, lifting the EBITDA margin to 5.2% from 4.9%. On a half-year basis, EBITDA totaled NOK 30 million with a 4.1% margin. The company maintained a pro forma LTM EBITDA of NOK 106 million, reflecting a 6.8% margin compared with 6.3% in the prior quarter. Pretax losses narrowed to NOK 8 million in Q2 from NOK 16 million in H1 2026.
Management highlighted a 12-month order backlog exceeding NOK 1 billion, supported by a diversified portfolio spanning data centers, hydropower, and industrial infrastructure. The DCI Data Center project in Trøndelag, valued at over NOK 100 million, involves multiple Eqva subsidiaries and is expected to contribute to higher-margin work. The Gjosa hydropower project in Southern Norway, roughly one-sixth complete at quarter-end, is projected to generate NOK 62-67 million in revenue upon completion in Q2 2027.
Eqva Industrial Solutions (EIS), the group’s largest segment, reported pro forma revenue of approximately NOK 1.5 billion and EBITDA of NOK 170 million, supported by a workforce of more than 700 employees. Recent acquisitions, including Kvinnherad Elektro, IMTAS, Austevoll Rørteknikk, and Einar Øgrey Farsund, contributed an estimated NOK 151 million in quarterly revenue, with historical acquisition multiples ranging from 4 to 5 times EBITDA.
The company’s financial position remained stable with NOK 245 million in cash, NOK 413 million in book equity, and net leverage at 3.4 times LTM EBITDA. Eqva’s strategic industrial real estate was valued at NOK 120 million, while its equity ratio stood at 30%.
Shares of Eqva fell 1.96% to $3.00 following the results, trading near the bottom of its 52-week range between $2.74 and $5.36.
