<div id="readability-page-1"><div><h2>How AKVA group (OB:AKVA) just reshaped its earnings story</h2> <p>AKVA group (OB:AKVA) has put up a solid set of FY 2025 numbers, with third quarter revenue at NOK 1.1b and basic EPS of NOK 1.74. This rounds out a trailing twelve month picture that shows EPS of NOK 4.51 on NOK 4.0b of revenue and net income of NOK 163.85m. The company has seen quarterly revenue move from NOK 716.40m in Q4 2024 to NOK 1.01b in Q1 2025, NOK 1.17b in Q2 2025 and NOK 1.11b in Q3 2025. Over the same period, quarterly EPS has run from NOK 0.28 to NOK 1.16, NOK 1.32 and NOK 1.74. For investors assessing this latest release, the focus is on the relationship between revenue growth, margins and earnings momentum across these reporting periods.</p> <p>See our full analysis for AKVA group.</p><p>With the recent results on the table, the next step is to see how these revenue and EPS trends line up with the narratives investors have been following, and where the numbers push back against those expectations.</p> <p>See what the community is saying about AKVA group</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dbb77959-019e-4328-af4d-9899b32a7141/chart/earnings-and-revenue-history?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dbb77959-019e-4328-af4d-9899b32a7141/chart/earnings-and-revenue-history"/><figcaption>OB:AKVA Earnings &amp; Revenue History as at Feb 2026</figcaption></figure> <h2>94.5% earnings growth meets 4.1% margin reality</h2> <ul> <li>Over the last 12 months, AKVA group reported earnings growth of 94.5% with a 4.1% net profit margin, compared with 2.3% a year earlier, on trailing revenue of NOK 4.0b and net income of NOK 163.8m.</li> <li>Bulls point to this combination of higher earnings and a 4.1% margin as the start of a stronger phase for the business, yet     <ul> <li>the bullish narrative leans on further margin expansion to around 5.5% and higher earnings in later years, while the current 4.1% margin still leaves limited buffer after financing costs, especially with interest payments already flagged as not well covered by earnings,</li> <li>and the presence of a NOK 60.7m one off gain inside that NOK 163.8m trailing net income means the recent jump in earnings that supports the bullish view is partly helped by a factor that is not described as recurring.</li> </ul> </li> </ul> <p>Strong recent earnings make the bullish story look attractive at first glance, but the mix of modest margins and a sizeable one off gain is exactly what bulls and skeptics are debating in the detailed bull case for AKVA group, which you can read in the <strong>🐂 AKVA group Bull Case</strong></p> <h2>P/E of 21.3x and NOK 96 price vs DCF fair value</h2> <ul> <li>AKVA group is trading on a trailing P/E of 21.3x at a share price of NOK 96.00, slightly below the European Machinery industry average of 21.6x and below peers at 23.4x, while a DCF fair value of NOK 180.50 sits materially higher than the current price.</li> <li>Consensus narrative argues that completed R&amp;D spending in Digital and Land Based segments can support earnings growth toward analysts' expectations, yet     <ul> <li>the valuation today, with a P/E below peers and well below the NOK 180.50 DCF fair value, suggests the market is still applying a discount even though analysts expect earnings and revenue to grow faster than the Norwegian market at roughly 19.4% and 10.3% per year respectively,</li> <li>and the spread between the current NOK 96.00 price and a single NOK 127.00 analyst target investors might use as a reference indicates there is room for different views on how quickly those investments in technology turn into consistently higher margins than the recent 4.1% level.</li> </ul> </li> </ul> <h2>Growth forecasts vs one off gains and weak interest cover</h2> <ul> <li>Alongside the 94.5% earnings growth and 10.3% revenue growth forecast per year, the last 12 months also include a NOK 60.7m one off gain and management of interest payments that are described as not well covered by earnings.</li> <li>Bears focus on this combination of one off support and financing pressure when they question how durable the growth story is, because     <ul> <li>the bearish view flags that high spending in Land Based and Digital, together with sector headwinds in salmon farming, could keep cash flow tight, which lines up with interest costs already straining coverage according to the risk summary,</li> <li>and if you strip out the NOK 60.7m one off from the NOK 163.8m trailing net income, the gap between the current 4.1% margin and the higher margin path assumed in growth forecasts becomes more sensitive to how consistently AKVA can deliver profitability across cycles.</li> </ul> </li> </ul> <p>If you want to see how these risks are set against the cautious case on margins and growth, it is worth reading the bear side of the story in the <strong>🐻 AKVA group Bear Case</strong></p> <h2> Next Steps</h2> <p>To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for AKVA group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.</p> <p>See the numbers differently? Take a couple of minutes to test your own view against these figures and shape it into a clear story with Do it your way</p> <p>A great starting point for your AKVA group research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.</p> <h2>See What Else Is Out There</h2> <p>AKVA group’s low 4.1% net margin, reliance on a NOK 60.7m one off gain and weak interest cover all point to pressure on earnings quality and resilience.</p> <p>If those tight margins and interest strains give you pause, check out our 318 resilient stocks with low risk scores to quickly find companies where financial risk scores look far more comfortable.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

<p>AKVA Group (OB:AKVA) reported a strong FY 2025 with Q3 revenue of NOK 1.1b and EPS of NOK 1.74, leading to a 94.5% earnings growth. However, this includes a NOK 60.7m one-off gain, raising concerns about the sustainability of margins, which stand at 4.1%. The company trades at a P/E of 21.3x, below industry peers, with a DCF fair value of NOK 180.50. Analysts expect revenue and earnings growth, but financing pressures and sector headwinds in salmon farming pose risks to future profitability.</p>

AKVA Group (OB:AKVA) One Off Gain Clouds 94.5% Earnings Growth Narrative