M Vest Water (MVW) Q4 2025 earnings summary

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.