Eqva ASA reported second-quarter 2026 revenue of NOK 365 million, up from NOK 352 million in the prior quarter, as the company’s acquisition-led growth strategy began to translate into margin expansion. EBITDA margin improved to 5.2% from 4.9% in Q1, while total half-year revenue reached NOK 735 million.
The group’s pro forma LTM revenue stood at NOK 1.57 billion, with EBITDA of NOK 106 million and a margin of 6.8%, according to slides released on Aug. 26. Eqva Industrial Solutions (EIS), the company’s largest segment, contributed NOK 1.51 billion in pro forma LTM revenue and NOK 117 million in EBITDA. Segment revenue for the first half of 2026 was distributed across aquaculture (26%), defense and other sectors (25%), maritime (14%), offshore (13%), land-based industries (12%) and smelters (9%).
Eqva’s order backlog rose to NOK 1.07 billion in Q2 from NOK 770 million in Q4 2024, with 40% of contracts fixed-price and 52% structured as framework agreements. The company’s cash position totaled NOK 245 million as of June 30, while net interest-bearing debt stood at NOK 364 million, yielding a net leverage ratio of 3.4 times EBITDA.
The group’s renewable energy arm reported progress on the 3.5 MW Gjosa hydropower plant, which is expected to generate 8.7 GWh annually and deliver a gross margin of NOK 10–15 million. The project’s sale to Norsk Vannkraft AS is scheduled over 15 months for NOK 62–67 million, reflecting a valuation of NOK 7.1–7.7 million per GWh of capacity. Eqva’s broader hydropower pipeline includes more than 85 GWh in development rights, with Norway’s power surplus projected to decline from 22 TWh in 2023 to 7 TWh by 2030, according to Norway’s energy directorate.
CEO Olav Hilmar Koløy highlighted the acquisition of Einar Øgrey Farsund as progressing smoothly and pointed to data centers as a key growth area, citing the DCI Tydal project. He noted that market activity had turned around following a cautious first quarter, while expressing optimism about hydropower opportunities amid tightening supply conditions.
