M Vest Water (MVW) Q2 2025 earnings summary

Executive summary

• Chemical sales grew 167% year-over-year in Q2 2025, significantly boosting recurring revenues and margins.

• Aquaculture remains the primary growth driver, accounting for up to 90% of Q2 revenues, with profitable operations and strong market leadership.

• Key business wins include contracts and technology qualifications in aquaculture, oil & gas, and German dredging, including a major salmon slaughterhouse upgrade and successful METHA qualification steps.

• Expansion continues in Norway, Germany, the Middle East, and the U.S., with a focus on green, biodegradable water treatment solutions.

• Strategic focus on growing presence in aquaculture, oil & gas, dredging, and municipal wastewater markets globally.

Financial highlights

• Q2 2025 revenues reached NOK 8,029,000, with year-to-date revenues at NOK 12,367,000, slightly below the prior year but with a higher share of recurring revenues.

• EBITDA for Q2 2025 was negative NOK 2,684,000, with a year-to-date loss of NOK 7,294,000, showing improvement over the previous year.

• Cash and cash equivalents at the end of Q2 2025 were negative NOK 378,000, with interest-bearing debt at NOK 12,829,000.

• Equity ratio declined to 45% from 81% year-over-year.

• Recurring revenues now make up 65% of YTD revenues, up from 25% in 2024, supporting higher margins.

Outlook and guidance

• Recurring revenue growth is expected to continue, driven by aquaculture, with dredging and oil & gas segments anticipated to play a larger role in future growth.

• Several key pilot projects and full-scale qualifications are scheduled for the coming quarters.

• Aquaculture segment expected to see steady growth as regulatory exemptions expire between 2026 and 2030.

• Business targets include expanding chemical treatment in aquaculture and securing long-term contracts in oil & gas.