Eqva ASA reported a sequential improvement in profitability for the second quarter of 2026, with EBITDA margin rising to 5.2% from 4.9% in the prior quarter. The Oslo-listed group posted Q2 revenue of NOK 365 million, while half-year revenue totaled NOK 735 million. The company’s half-year EBITDA reached NOK 29.7 million, reflecting a 4.0% margin.
The group’s net working capital stood at NOK 373 million as of June 30, 2026, with total assets of NOK 1.378 billion and equity of NOK 413 million. Net interest-bearing debt was NOK 364 million, translating to a net leverage ratio of 3.4 times EBITDA. Cash and cash equivalents amounted to NOK 245 million. Eqva’s balance sheet includes a NOK 500 million bond term loan, a NOK 5.8 million revolving credit facility, and lease liabilities of NOK 65.5 million.
Eqva Industrial Solutions (EIS), the group’s core segment, reported pro forma last-12-month revenue of NOK 1.511 billion and EBITDA of NOK 117 million. The segment employs 740 people across Norway. Revenue by end-market in the first half of 2026 was led by aquaculture (26%), defense and other sectors (25%), and maritime (14%).
Order backlog increased to NOK 1.067 billion in Q2 2026, up from NOK 770 million at the end of 2024. Framework agreements accounted for 52% of the backlog, while fixed-price contracts represented 40%. The group also highlighted a data center contract exceeding NOK 100 million, involving partners including BKS Industri and Einar Øgrey Farsund.
Acquisitions continued to support growth, with the IMTAS Group contributing NOK 384 million in LTM revenue and 196 employees. Austevoll Rørteknikk (ART), acquired in Q4 2025, added NOK 109 million in LTM revenue and secured over NOK 150 million in contracts. Einar Øgrey Farsund, acquired in June 2026, reported a 20% compound annual growth rate from 2021 to 2025 and an EBITDA margin of approximately 9%.
Eqva’s renewable energy arm, Eqva Renewables, progressed on the Gjosa hydropower plant in Sirdal, Agder, with construction slated for completion in Q2 2027. The 3.5 MW plant is expected to generate 8.7 GWh annually and has a projected sale value of NOK 62–67 million. The project targets a 19–29% return on invested capital, according to management.
Norway’s power surplus is projected to decline from 22 terawatt-hours in 2023 to 7 terawatt-hours by 2030, with average power prices seen rising to NOK 0.67 per kilowatt-hour by that year.
