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    Back in Stavanger: AKVA Group’s Capital Markets Day

    Emil Fiskå | September 18, 2025

    In June, our Equity Analyst Emil Fiskå visited his hometown Stavanger in Norway to attend AKVA Group’s Capital Markets Day. The event offered insights into one of Bonafide’s key holdings, an opportunity to meet with the local investor community, and a closer look at the company’s latest developments.

    Sunset in Stavanger, Norway

    AKVA Group – Where it all began

    The AKVA Group headquarters are located in Klepp, just down the road from where Norwegian footballer Erling Haaland first learned to kick a ball. From these modest beginnings, the company has grown to become the world’s leading aquaculture technology provider, offering farmers a comprehensive portfolio of solutions – a true 'one-stop shop'.

    While Stavanger is renowned as Norway’s oil capital and Bergen as the centre of aquaculture, much of the industry’s technological innovation has occurred in the Stavanger region over the past five decades. AKVA has developed into a global innovation hub, delivering everything from automated AI feeding systems and submerged deep-farming pens to advanced RAS facilities and world-class nets, ever since the introduction of the first plastic pens in the early 1970s.

    Having undergone a multi-year transformation, the company is now focused on execution and long-term value creation. With regulatory change, sustainability requirements, and global protein demand reshaping the industry, AKVA has positioned itself as a systems provider at the core of aquaculture’s modernization - effectively a “picks and shovels” play on aquaculture growth.

    Black-and-white photos from early salmon farming – a cage model and a coastal fish farm facility

    Source: Capital Markets Day, AKVA Group

    The Capital Markets Day

    The main takeaway from the event was the strength of AKVA’s order backlog, which supports management’s revised, higher long-term growth targets. The company expects to more than double its earnings by 2027, implying a forward P/E of around 10x - a valuation more typical of cyclical commodity businesses than of a specialized technology supplier delivering ~12% annual revenue growth.

    Speakers at AKVA Capital Markets Day in front of a large screen, with projections of fish farms in the background

    Source: Bonafide

    Chart of EBIT and margin development of AKVA Group

    Source: AKVA Group, Bonafide

    Deep Farming

    AKVA is the market leader in submerged salmon pens. These pens provide access to deeper, more stable water layers and reduce exposure to sea lice, supporting more predictable harvest profiles. Demand from major farmers is already evident in the company’s order book, and the initial performance data from the first generation of pens is encouraging.

    Schematic illustration of a modern offshore fish cage beneath the sea surface

    Source: AKVA Group

    AI Feeding

    Feeding remains the largest cost driver in fish farming. In 2021, the company acquired a 33.7% stake in Observe Technologies, achieving full ownership by 2024. AKVA now offers fully autonomous, AI-driven feeding systems which have been shown to deliver measurable biological and operational improvements compared to traditional manual methods.

    Underwater view of fish in an aquaculture cage with AI-driven feeding and real-time data analysis on screens

    Land-Based Farming

    AKVA has an established international track record in land-based aquaculture. The company covers everything from smolt RAS and reuse facilities to full grow-out projects. Notable developments include expanding post-smolt capacity in Norway and undertaking projects abroad, such as Nordic Aqua in China. The land-based division is in a strong position, with an order backlog of NOK 1.4 billion (~ EUR 120 million).

    Interior view of a modern indoor fish farming facility from AKVA Group with multiple large water tanks

    Source: AKVA Group

    Outlook

    At Bonafide, AKVA Group is often referred to as the 'John Deere of the seas', providing tools that enable efficiency, modernisation and scalability in fish farming. Much as John Deere did for agriculture, AKVA Group provides the aquaculture industry with the systems needed for long-term structural growth.

    Control room with many monitors monitoring fish shoals and environmental conditions in aquaculture facilities

    Source: Bonafide

    Tags

    Salmon Aquaculture Business Travelling

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