Norwegian industrial services provider EQVA ASA posted a half-year operating profit of NOK 9.1 million for the first six months of 2026, as its push into data center infrastructure offset weaker margins in legacy segments. The company, which presented its Q2 and H1 results on August 26, reported revenue of NOK 735 million for the period, while EBITDA reached NOK 29.7 million, translating to a 4.0% margin.
The group’s Q2 performance showed further improvement, with revenue at NOK 365 million and EBITDA of NOK 19.2 million, representing a 5.2% margin compared with 4.9% in the first quarter. Pro forma figures, adjusted for recent acquisitions, showed a stronger LTM EBITDA margin of 6.8% on revenue of approximately NOK 1.57 billion, with a net leverage ratio of 3.4 times EBITDA. Total assets stood at NOK 1.38 billion as of June 30, with an equity ratio of 30% and NOK 245 million in cash.
EQVA’s industrial solutions segment, which accounts for the bulk of its revenue, reported H1 operating income of NOK 728 million and EBITDA of NOK 40.4 million at a 5.5% margin. The renewables unit, Fossberg Kraft, contributed NOK 6.6 million in revenue with a 34.3% EBITDA margin, while real estate operations generated NOK 4.1 million in revenue with an 87% margin. The order book totaled NOK 1.07 billion at the end of June, with 52% comprising framework agreements.
The company’s data center strategy gained momentum with a NOK 100 million contract in Tydal, delivered through a consortium including BKS Industri, Øgrey Farsund, and Kvinnherad Elektro. CEO Olav Hilmar Koløy highlighted EQVA’s positioning in both data center growth and power demand, while CFO Daniel Molvik noted the group’s ability to mobilize cross-disciplinary resources. EQVA completed the acquisition of Einar Øgrey Farsund in June 2026, a Southern Norway-based electro-mechanical specialist with annual revenue of NOK 171 million.
Hydropower projects remain a key focus, with the Gjosa plant sold to Norsk Vannkraft for NOK 62–67 million, generating an implied value of NOK 7.1–7.7 million per GWh of capacity. The Nedre Molla and Haugåna plants are scheduled for completion in Q2 2028 and Q2 2029, respectively, with capacities of 5.0 GWh and 7.0 GWh. Norway’s power surplus is projected to decline to 7 TWh by 2030, with power prices expected to reach around NOK 0.67 per kWh.
