General Oceans (GENO) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached NOK 385 million, up 22% year-over-year, driven by strong defense sector demand and the MRV Systems acquisition, despite negative FX effects.

• Adjusted EBITDA/EBITA rose 18% to NOK 85 million, with a 22% margin.

• The group is on track to meet its NOK 1.5 billion annual revenue target, supported by strong backlog, cash flow, and defense sector growth.

• IPO in March 2026 generated NOK 500 million in new shares, strengthening the cash position for future M&A and enabling the company to become debt-free.

• MRV acquisition consolidated from April 2026, contributing NOK 28 million to Q2 revenue and expanding robotics capabilities.

Financial highlights

• Q2 2026 revenue: NOK 385 million (up from NOK 316 million YoY); H1 2026 revenue: NOK 712 million (up 8% YoY).

• Q2 gross profit: NOK 269 million (70% margin); H1 gross profit: NOK 490 million (69% margin).

• Adjusted EBITDA/EBITA for Q2: NOK 85 million (22% margin); H1: NOK 144 million (20% margin).

• Cash reserves at NOK 546 million, with NOK 325 million in undrawn facilities and no outstanding borrowings.

• CapEx spend at NOK 17 million (2% of H1 revenue), below target range.

Outlook and guidance

• Annual revenue target of NOK 1.5 billion reaffirmed, with management confident based on H1 performance and backlog.

• Focus on defense and robotics segments, with resource reallocation to growth areas and AI-assisted development.

• Medium-term revenue target set at NOK 2.8 billion, with a 20% EBITA margin ambition.

• New product launches in the sensor segment expected to impact results primarily in 2027.

• Geopolitical tensions and FX volatility recognized as near-term risks.