New Risk • Apr 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Shares are highly illiquid. Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: kr4.96 (vs kr3.58 in FY 2024) Full year 2025 results: EPS: kr4.96 (up from kr3.58 in FY 2024). Revenue: kr4.40b (up 25% from FY 2024). Net income: kr180.4m (up 39% from FY 2024). Profit margin: 4.1% (up from 3.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to kr133, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Machinery industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr211 per share. Upcoming Dividend • Apr 09
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 21 April 2026. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.0%). Declared Dividend • Mar 26
Final dividend of kr1.00 announced Dividend of kr1.00 is the same as last year. Ex-date: 14th April 2026 Payment date: 21st April 2026 Dividend yield will be 1.8%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: kr4.96 (vs kr3.58 in FY 2024) Full year 2025 results: EPS: kr4.96 (up from kr3.58 in FY 2024). Revenue: kr4.40b (up 25% from FY 2024). Net income: kr180.4m (up 39% from FY 2024). Profit margin: 4.1% (up from 3.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in the United Kingdom. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Employee Representative Director Mona Skadberg was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 29
AKVA group ASA, Annual General Meeting, May 21, 2026 AKVA group ASA, Annual General Meeting, May 21, 2026. Announcement • Nov 27
AKVA group ASA Announces Board Changes AKVA group ASA has been informed that employee representative John Morten Kristiansen will step down from the Board of Directors of AKVA following his decision to resign from employment. Deputy employee representative Mathias Bergersen Aag will replace Kristiansen with effect from 1 December 2025. A new deputy employee representative will be elected in the next ordinary election for employee representatives. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: kr1.74 (vs kr2.44 in 3Q 2024) Third quarter 2025 results: EPS: kr1.74 (down from kr2.44 in 3Q 2024). Revenue: kr1.11b (up 10.0% from 3Q 2024). Net income: kr63.4m (down 28% from 3Q 2024). Profit margin: 5.7% (down from 8.8% in 3Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Upcoming Dividend • Oct 21
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 28 October 2025. Payment date: 04 November 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (2.2%). Announcement • Sep 23
AKVA group ASA (OB:AKVA) announces an Equity Buyback for 60,000 shares, for NOK 9 million. AKVA group ASA (OB:AKVA) announces a share repurchase program. Under the program, the company will repurchase up to 60,000 shares for NOK 9 million worth of its shares. The maximum price paid per shares will be set at NOK 150. Shares purchased under the program will be used for the Company's share-based incentive scheme for the company's senior management. The repurchase program is valid till March 31, 2026. As of September 23, 2025, the company had 212,029 shares in treasury. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: kr1.32 (vs kr0.73 in 2Q 2024) Second quarter 2025 results: EPS: kr1.32 (up from kr0.73 in 2Q 2024). Revenue: kr1.17b (up 15% from 2Q 2024). Net income: kr47.8m (up 81% from 2Q 2024). Profit margin: 4.1% (up from 2.6% in 2Q 2024). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to kr105, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Machinery industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr194 per share. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr85.00, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Machinery industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr163 per share. Announcement • May 23
AKVA group ASA Approves the Election of Nomination Committee The annual general meeting of AKVA group ASA was held on 22 May 2025. In accordance with the proposal from the nomination committee, the general meeting made the following resolution: The nomination committee shall consist of the following persons for the period up until the annual general meeting in 2026: Mr. Eivind Helland, Chair; Mr. Ingvald Fardal, member; Ms. Nina Willumsen Grieg, member. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: kr1.16 (vs kr0.13 in 1Q 2024) First quarter 2025 results: EPS: kr1.16 (up from kr0.13 in 1Q 2024). Revenue: kr1.01b (up 29% from 1Q 2024). Net income: kr42.3m (up kr37.5m from 1Q 2024). Profit margin: 4.2% (up from 0.6% in 1Q 2024). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. Announcement • May 06
AKVA group's Ordinary Shares to be Deleted from OTC Equity AKVA group ASA Ordinary Shares will be deleted from OTC Equity effective May 06, 2025, due to inactive security. New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 93% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shares are highly illiquid. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Apr 01
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 08 April 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr72.80, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Machinery industry in the United Kingdom. Total loss to shareholders of 14% over the past three years. Announcement • Mar 27
Arcus European Infrastructure Fund 3 Scsp a fund managed by Arcus Infrastructure Partners LLP completed the acquisition of 21.55% stake in Abyss Group As from AKVA group ASA (OB:AKVA). Arcus European Infrastructure Fund 3 Scsp a fund managed by Arcus Infrastructure Partners LLP signed an agreement to acquire 21.55% stake in Abyss Group As from AKVA group ASA (OB:AKVA) for NOK 140 million on March 12, 2025.
The closing of the transaction is expected to take place during March 2025.
Advokatfirma Wiersholm AS acted as legal advisor to Arcus Infrastructure Partners LLP. Alvarez & Marsal Europe Limited acted as financial advisor to Arcus Infrastructure Partners LLP. Alvarez & Marsal Taxand UK LLP acted as accountant to Arcus Infrastructure Partners LLP. SEB London acted as financial advisor to Arcus Infrastructure Partners LLP. Cardo provided Commercial advice to Arcus Infrastructure Partners. Arup provided Technical and ESG advice and Lockton provided Insurance advice to Arcus Infrastructure Partners LLP. DNB Markets acted as financial advisor to Abyss Group As.
Arcus European Infrastructure Fund 3 Scsp a fund managed by Arcus Infrastructure Partners LLP completed the acquisition of 21.55% stake in Abyss Group As from AKVA group ASA (OB:AKVA) on March 27, 2025. The proceeds from the transaction will be used for continued development of AKVA's core business segments. Recent Insider Transactions • Mar 26
Chief Executive Officer recently bought kr3.3m worth of stock On the 20th of March, Knut Nesse bought around 51k shares on-market at roughly kr64.97 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Knut's only on-market trade for the last 12 months. Announcement • Mar 13
Arcus European Infrastructure Fund 3 Scsp a fund managed by Arcus Infrastructure Partners LLP signed an agreement to acquire 21.55% stake in Abyss Group As from AKVA group ASA (OB:AKVA) for NOK 140 million. Arcus European Infrastructure Fund 3 Scsp a fund managed by Arcus Infrastructure Partners LLP signed an agreement to acquire 21.55% stake in Abyss Group As from AKVA group ASA (OB:AKVA) for NOK 140 million on March 12, 2025.
The closing of the transaction is expected to take place during March 2025.
Advokatfirma Wiersholm AS acted as legal advisor to Arcus Infrastructure Partners LLP. Alvarez & Marsal Europe Limited acted as financial advisor to Arcus Infrastructure Partners LLP. Alvarez & Marsal Taxand UK LLP acted as accountant to Arcus Infrastructure Partners LLP. SEB London acted as financial advisor to Arcus Infrastructure Partners LLP. Cardo provided Commercial advice to Arcus Infrastructure Partners. Arup provided Technical and ESG advice and Lockton provided Insurance advice to Arcus Infrastructure Partners LLP. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: kr3.09 (vs kr0.49 loss in FY 2023) Full year 2024 results: EPS: kr3.09 (up from kr0.49 loss in FY 2023). Revenue: kr3.60b (up 5.2% from FY 2023). Net income: kr112.5m (up kr130.3m from FY 2023). Profit margin: 3.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Shares are highly illiquid. Earnings have declined by 28% per year over the past 5 years. Announcement • Aug 16
AKVA group ASA Provides Earnings Guidance for 2024 AKVA group ASA provided earnings guidance for 2024. AKVA is aiming for a revenue of minimum NOK 3.6 billion and EBIT of 4%-5% in 2024. Announcement • Aug 22
AKVA group ASA (OB:AKVA) acquired 51% stake in Submerged As. AKVA group ASA (OB:AKVA) acquired 51% stake in Submerged As on August 22, 2023. Post completion of the acquisition, AKVA has the option to acquire 100% shares in Submerged in 2028 based on certain conditions. The acquisition of the majority stake in Submerged is of great strategic importance to AKVA and will further develop and complement our digital offerings to the market.AKVA group ASA (OB:AKVA) completed the acquisition of 51% stake in Submerged As on August 22, 2023. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr0.34 (down from kr2.74 in FY 2020). Revenue: kr3.12b (down 1.6% from FY 2020). Net income: kr11.5m (down 87% from FY 2020). Profit margin: 0.4% (down from 2.9% in FY 2020). Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 18%, compared to a 12% growth forecast for the industry in the United Kingdom. Board Change • Mar 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 9 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (8 non-independent directors). Independent Chairperson Hans Mong is the most experienced director on the board, commencing their role in 2012. Independent Board Member Kristin Husebø was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
