General Oceans (GENO) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of NOK 1.3 billion in 2025, up 35.7% year-over-year, driven by strong organic growth and full-year inclusion of RS Aqua.

• Adjusted EBITA rose 146.2% to NOK 235.4 million, with margin improvement to 18%.

• Net profit increased to NOK 165.1 million from NOK 39.2 million in 2024.

• Largest order backlog in company history at NOK 587.2 million, providing strong visibility into 2026.

• Strategic investments, leadership changes, and successful integration of acquisitions contributed to performance.

Financial highlights

• Total revenue: NOK 1,303.9 million (2024: NOK 960.6 million), up 35.7%.

• Gross profit: NOK 844.8 million, gross margin 64.8%.

• Adjusted EBITA: NOK 235.4 million (18.1% margin), EBIT: NOK 185.5 million (14.2% margin).

• Net profit: NOK 165.1 million (12.7% margin).

• Free cash flow: NOK 199.5 million, conversion rate 84.8%.

• Equity ratio: 52.3%.

• Dividend proposed: NOK 0.12 per share (NOK 19.7 million, 9.7% of net profit).

Outlook and guidance

• Positive outlook for the blue economy, with growth in defense, marine infrastructure, and ocean science.

• Largest ever sales backlog supports revenue visibility into 2026.

• Continued focus on R&D-led organic growth and targeted M&A.

• IPO planned for Oslo Stock Exchange in first half of 2026.