Eqva (EQVA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached NOK 370 million, up 46% year-over-year, driven by acquisitions and growth in Industrial Solutions.

• EBITDA margin declined to 2.9% (NOK 10.6–11 million), down from 6.2% in Q1 2025, due to project mix, delayed starts, and macro headwinds.

• Order backlog increased for the sixth consecutive quarter, reaching NOK 1.1 billion, supported by framework agreements and a diversified customer base.

• Completed NOK 500 million secured bond issue in January 2026, refinancing debt and providing growth capital.

• Announced acquisition of Einar Øgrey Farsund AS, expanding presence in Southern Norway and adding NOK 160 million in revenue and NOK 15 million in EBITDA (2025 figures).

Financial highlights

• Q1 2026 revenue: NOK 370 million (Q1 2025: NOK 253.1 million), mainly from acquisitions.

• EBITDA: NOK 10.6–11 million (margin 2.9%), down from NOK 15.7 million (6.2%) in Q1 2025.

• Pro forma LTM revenue: NOK 1,428 million; pro forma EBITDA: NOK 89.7–90 million (margin 6.3%).

• Order backlog stands at NOK 1.1 billion, growing for six consecutive quarters.

• Cash position at quarter-end: NOK 360 million; net interest-bearing debt: NOK 231–234 million.

Outlook and guidance

• Short-term headwinds from geopolitical instability and commodity market uncertainty are causing customers to defer investments, but projects are postponed, not cancelled.

• Order backlog remains solid, with expectations for stronger activity in summer and H2 2026 as maintenance and service demand rises.

• Q2 margins expected to remain below Q4 and Q3 levels, with upside anticipated in the second half of 2026.

• Gjosa hydropower project expected to generate NOK 62–67 million in revenue and margins of NOK 10–15 million.

• Renewables pipeline is strengthening, with several projects in advanced stages.