M Vest Water boosts margins, EBITDA with strong chemical sales growth

M Vest Water reported a 167% increase in chemical sales in the second quarter of 2025 compared to the second quarter of 2024, leading to stronger margins, EBITDA, and recurring revenues, with aquaculture remaining the primary growth driver. Despite total revenues for the first half-year being in line with last year at NOK 12,367 thousand, the company improved its negative EBITDA to NOK -2,684 thousand in the second quarter of 2025 from NOK -3,900 thousand in the second quarter of 2024.

MVW achieved several key milestones, including successful NORWAFLOC® qualification at METHA’s dredging facility in Germany and a contract award to upgrade a salmon slaughterhouse’s water treatment system. Additionally, the company secured two follow-up orders from existing customers in Norway, including a second NORWAPOL® retrofit, and entered a Green De-Oiler Technology Trial Agreement with a major oil and gas producer in Oman.

Cash flow from operating activities was NOK -6,194 thousand in the second quarter of 2025. Total assets stood at NOK 48,040 thousand, down from NOK 53,116 thousand in the same period of 2024. MVW anticipates continued growth from 2026, driven by its oil and gas and dredging segments, as it progresses with pilots and full-scale qualifications, aiming for long-term contracts.