This article first appeared on GuruFocus .

• Revenue:NOK1.189 billion in Q2, a record high; NOK2.329 billion for the first half, up 7% year-over-year.

• EBITDA:Record high NOK179 million in Q2, up NOK34 million from last year; NOK332 million for the first half, up NOK74 million.

• EBIT:Record high NOK111 million in Q2, up NOK22 million; NOK202 million for the first half, up 35% year-over-year.

• Order Intake:NOK1.345 billion in Q2, about NOK300 million higher than a year ago; book-to-bill ratio of 113% for the quarter and 107% for the last 12 months.

• Order Backlog:Approximately NOK3 billion at the end of Q2, stepping up four quarters in a row.

• Sea Based Revenue:NOK822 million in Q2, down 5% year-over-year; EBITDA margin of 17.4%.

• Land Based Revenue:23% higher than Q2 last year; EBITDA margin of 6.5%.

• Digital Revenue:18% higher year-over-year; EBITDA margin of 35.7%.

• Net Working Capital:Increased by NOK150 million during the quarter, ending at 11.2%.

• Leverage Ratio:Increased to 2.51x in Q2 from 2.32x in Q1.

• CapEx:NOK56 million in Q2.

• ROIC:Improved to 13.4% in Q2 from 10.1% last year.

• Dividend:NOK1 per share for the second half of 2026, resulting in a total of NOK2 for the year.

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Release Date: August 14, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Record high quarterly revenue of NOK1.189 billion and record high quarterly EBIT of NOK111 million, with strong EBITDA of NOK179 million.

• Strong order intake of NOK1.345 billion and order backlog of approximately NOK3 billion, with Sea Based backlog at a record high, up nearly 60% year-over-year.

• Significant growth in deep farming technology, with over 400 Nautilus units deployed, showing 78% reduction in sea lice treatments and improved fish health, plus commercial traction in cod and trout farming.

• Land Based segment secured a major EUR28 million contract from Laxey, with strong project execution and improved EBITDA margin, and progress in China with Nordic Aqua Partners for Phase 3 expansion.

• Digital segment delivered a high EBITDA margin of 35.7%, with positive market momentum and expected order intake turnaround in Q3, supported by AI-driven solutions like Observe and Submerged.

• Strategic review is progressing well, with high-quality interest for a potential sale of the entire company, expected to conclude in fall 2026, which could unlock shareholder value.

• Defense industry expansion is on track, with NOK230 million order intake in Q2, expected to triple activity and significantly improve profitability next year.