M Vest Water (MVW) Q2 2026 earnings summary

Executive summary

• Revenues for the first half of 2026 reached NOK 15.7 million, up 27% year-over-year, with Q2 revenues at NOK 9.9 million, a 22% increase from Q2 2025.

• Recurring revenues from chemical sales grew by 36% year-over-year, with aquaculture as the largest and most profitable segment, accounting for 80% of Q2 revenues.

• Major milestones included adding a third, largest salmon slaughterhouse to the portfolio, completing two sensor-driven technology deliveries, and a long-term pilot at METHA in Germany.

• Oil & Gas segment saw increased NORWAFLOC® consumption at Norwegian facilities, but the Saudi Arabia pilot was postponed due to geopolitical instability.

• International growth initiatives continue, focusing on scaling sales and expanding into new markets through partnerships.

Financial highlights

• Q2 2026 revenues: NOK 9.9 million (+22% YoY); 1H 2026 revenues: NOK 15.7 million (+27% YoY).

• EBITDA improved to negative NOK 1.7 million in Q2 2026 from negative NOK 2.7 million in Q2 2025.

• Equity ratio at 39% at end of Q2 2026, down from 45% a year earlier.

• Bank credit facility of NOK 8.0 million, with NOK 4.0 million drawn; shareholder loan facility of NOK 10.0 million, with NOK 6.0 million drawn.

• Total assets at Q2 2026: NOK 62.1 million, up from NOK 48.0 million in Q2 2025, mainly due to new IFRS 16 lease recognition.

Outlook and guidance

• Annual recurring revenue potential in aquaculture estimated at NOK 100–150 million by 2028–2030, with additional NOK 300–500 million in compliance investments expected.

• 2026 revenues expected to exceed NOK 30 million, with upside from ongoing tenders.

• International growth in Dredging and Oil & Gas remains a long-term focus, despite longer lead times and lower visibility.

• Growth strategy focuses on a capital-light, scalable business model leveraging expertise and technology synergies.

• Cautious on providing revenue guidance for early-stage international projects due to timing uncertainty.