Eqva (EQVA) Q1 2026 earnings summary

Executive summary

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

• EBITDA was NOK 10.6 million to NOK 11 million, with margin down to 2.9%, impacted by 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.

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

• Announced acquisition of Einar Øgrey Farsund AS, expanding presence in Southern Norway and service offering.

Financial highlights

• Q1 2026 revenue: NOK 370 million (Q1 2025: NOK 253.1 million).

• EBITDA: NOK 10.6–11 million (Q1 2025: NOK 15.7 million); EBITDA margin: 2.9% (Q1 2025: 6.2%).

• Net loss before tax: NOK -7.6 million (Q1 2025: NOK 5.7 million profit).

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

• Net interest-bearing debt: NOK 231–234 million; leverage ratio: 2.6x.

• Cash position: NOK 360 million as of March 31, 2026.

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 a rebound as market momentum improves.

• Continued focus on maintaining capacity, strengthening execution, and preparing for higher activity.