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M Vest Water
M Vest Water (MVW) investor relations material
M Vest Water Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record chemical sales in Q4 2025, up 44% year-over-year and 67% year-to-date, with production volumes up 60% and total Q4 revenues of NOK 7.2 million, a 53% increase from Q4 2024.
EBITDA improved by NOK 2 million (34%) compared to Q4 2024; net loss for Q4 reduced to NOK 4.9–5.0 million from NOK 6.5–6.7 million last year.
Aquaculture remained the primary growth driver, accounting for nearly 90% of 2025 revenues, with major new contracts and system upgrades.
Expanded international presence with ongoing pilots and contracts in Germany, the Middle East, Central Europe, and the USA.
Private placement and shareholder loan conversion raised NOK 20.6 million, strengthening the financial position.
Financial highlights
Full-year 2025 revenue reached NOK 26.5 million, up 17% from 2024; Q4 2025 revenues were NOK 7.2 million, up from NOK 4.7 million in Q4 2024.
Q4 2025 EBITDA was negative NOK 3.9 million, improving from negative NOK 6 million in Q4 2024; YTD 2025 EBITDA was NOK -14.7 million.
Net loss for 2025 improved to NOK 19–19.1 million from NOK 24.5 million in 2024.
Equity ratio at year-end 2025 was 62%, down from 74% the previous year.
Private placement in October 2025 raised NOK 8 million and converted NOK 12.6 million in shareholder loans to equity.
Outlook and guidance
Gradual activity increase expected through 2026, with stronger growth projected from 2027 to 2030, especially in aquaculture.
Targeting a 70% market share in Norwegian salmon slaughterhouses by 2030 and NOK 100–150 million in annual aquaculture revenues by 2029–2030.
International pilots in Oil & Gas and Dredging expected to convert into long-term contracts, though with longer lead times.
What underpins 70% aquaculture market share by 2030
Meta pilot: estimated annual recurring revenue
Saudi pilot conversion to full-scale contract
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Latest events from M Vest Water
- Record revenue, global expansion, and recurring chemical sales drive strong growth outlook.MVW
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- Revenue up 106% to NOK 22.7m, recurring sales and major contracts drive strong outlook.MVWQ4 202424 Dec 2025
- Q3 2025 revenue grew 33% year-over-year, driven by aquaculture and new capital raised.MVWQ3 202518 Nov 2025
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- 167% YoY chemical sales growth, strong aquaculture, and new contracts drive recurring revenue.MVWQ2 202516 Sep 2025
Next M Vest Water earnings date
Q1 202614 May, 2026
M Vest Water
Next M Vest Water earnings date
Q1 202614 May, 2026
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