Ladies and gentlemen, good morning and very much welcome to the Q4 presentation of AKVA group. I will do the introduction and the highlights, then Ronny Meinkøhn, the CFO, will do financial performance, and followed by our Q&A session. So, please post any questions during the call, and our moderator will read the question during the Q&A session. I like to go straight to the highlights of the fourth quarter. We had a high quarterly revenue of NOK 1.1 billion, with a corresponding EBIT of NOK 44 million. Land-based deliver record high quarterly revenue of NOK 422 million. Sea-based secured a strong order intake of NOK 952 million, contributing to total order intake of NOK 1.25 billion.
RAS contract, the value of approx NOK 220 million, was awarded from Tytlandsvik Aqua at the start of Q4. Order backlog total around 2.5 billion at the end of Q4, 2025. We also had a very solid or robust cash flow generation in Q4, supported by NOK 153 million in net working capital release. And a dividend of NOK 1 will be paid later during first half. Key features for Q4, we had a record high revenue for the quarter of NOK 1.1 billion. First and foremost, driven by land-based, but also solid uptake on sea-based. EBITDA of NOK 103 million on the back of this high activity.
We are pleased with this EBITDA level, even though there are a few specifics to talk about related to project and product mix. That will be explained more in detail by the CFO later in the presentation. EBIT level of NOK 44 million is fair for the quarter. Year to date, revenue of NOK 4.4 billion, that is almost representing a step-up of NOK 900 million versus 2024, which is 9%. And that is certainly a very strong growth after quite a few years without any particular growth. So land-based leading there with a step-up of NOK 557 million, which is representing roughly 90% increase.
Sea-based, also solid, with +NOK 325 million, which is representing a +12% growth year-on-year. EBITDA came in at NOK 508 million, and that is 11.5% of turnover. EBIT of NOK 280 million is 6.4% of turnover. So if I am to label this year, I am very pleased with the growth, and I am also very pleased with the financial performance. So it was a good year. The order intake was also pretty good.
Order intake of NOK 1.25 billion in Q4, we always try to look a little bit at the salmon price, because the salmon price is determining a little bit the appetite for customers to place orders. And we had relatively soft salmon price in Q4, the low seventies. So in light of that, I'm in particular pleased with this order intake, just to view it a little bit. Order backlog of NOK 2.5 billion into the year is also reasonable. Then taking one step back and looking more at the bigger picture, and expressing that in our challenge, how to double salmon production by 2040. That is just illustrated by an annual growth of 5%.
Then you basically will double in 2024. I'm not saying this is a hard forecast. This is just an illustration of what does it take? But we are a believer that if we directionally is gonna go in that direction into 2040, we think that the current business model is somehow running out of capacity. Okay, on the back of better biology, we could see a good growth in 2025 of close to 12% increase in the global salmon production, so that was good. But that is not expected to repeat itself in the coming years without new significant new investments and investments in new technology.
Like, we are a believer that the drivers here will be deep farming post-smolt, and maybe a bit further out, some growth as well. And that is also needed to overcome some of the industry or the growth barriers being there, which is related to fish health, regulations, lack of social license, and the financial risk. So we believe this is the high-level picture. And then more specifically, in our context, what we believe and where we believe that there could be some growth on top of the base of some more than 3 million tons of Atlantic. We think that deep farming hold the potential to add something like 15% capacity by reducing lice and lowering mortality.
Come back a bit more in detail about status on deep farming, and the same with post-smolt, hold the potential to add 30% growth on the current base by improved biomass yield and also reduced mortality, and also utilizing your license to a bigger extent. Land-based further out has the full grow out on land, has the potential to also reach a significant volume. But there certainly will be other emerging technologies like semi-offshore, offshore, closed system, et cetera, et cetera. But I will focus on deep farming, post-smolt and on growing. Deep farming, we think that there is a potential to unlock something like 15% higher harvesting volume from existing licenses. That is on the back of significantly less sea lice treatments. We have data points supporting 80% production.
I will show that in a minute. And that leads to proven improved fish welfare, supporting and improved fish welfare, reduced mortality, supporting also the social license and regulatory green light in non-green zones. Currently, this is applicable for close to 60% of the locations. So currently, we have a few years of experience. The front runner, SinkabergHansen, they have been active now for quite some years. I think they have moved almost 100% of their production to deep farming. But also other customers are gaining experience with this. And based on our data points, in the first place, 400 cages of Nautilus is so far deployed in the sea.
So 400, we have delivered. And generally speaking, we see a significant reduction in the lice pressure and the need for sea lice treatments. I will show more detailed data next slide. Also positively, there is a higher share of superior quality. Based on the data we have access to, we see typically minimum 90% share of superior based on deep farming, and that's significantly higher than the industry average. And we also see more stable environmental parameters, positive signals regarding jellyfish and algae. Of course, this is site specific. I'm not saying one size fits all. It requires a certain depth. There are also other conditions required as well. But for the right sites, this is bringing very good results.
This data, we have data points here on generation spring 2022 to generation autumn or fall 2024. 19 sites are being fully harvested. So what we have basically done, we know the sites which are operated with the Nautilus technology, and then we have taken we have downloaded from BarentsWatch the number of sea lice treatments related to the production on those specific sites. And that gives the data plot on the right-hand side, where you basically see the number of treatments for the full generation. So this is rather this should be a very accurate data.
If you read the graph, you see that deep farming versus neighboring sites, because that is also something you can get information from BarentsWatch about. If you do that mapping, there is a 78% reduction. And then we mapped against the last generation harvested at the same site before deep farming was used, and then we got to 83% reduction. So the midpoint here is 80%. So we stick to 80%, if the starting point is correct with a site feasible for deep farming.
We have also noted that the scientist, Frode Oppedal, from Havforskningsinstituttet, he has said in public very recently that their research, that was based on 40 sites, shows 70%-90% reduction in sea lice treatment. That's supporting our data, because the midpoint there is also 80%. So we think that is something for time being, which looks realistic to achieve. Then moving on to post-smolt. Post-smolt is established as an industry growth strategy. We see that shorter production cycles from typically 17-18 months in the sea to 8-9. That is, of course, a very reduced exposure in the sea, leading to fewer lice treatments, lower mortality, and increased biomass yield.
There is very strong documentation there from both the Faroe Islands and the Rogaland regions, also other places. We see that, based on real data, there is a potential to unlock 30%-35% volume growth. With regards to the post-smolt market, we see a steady development there. For AKVA group, based on our pipeline, we expect to close on average one post-smolt contract per quarter. So we did one in Q4. We expect another one in Q1. And on average, we expect one new post-smolt contract, a RAS contract per quarter for the time to come.
The amounts, of course, it could vary a little bit, but I think the midpoint will be NOK 200 million-NOK 300 million, so something like that. There have been some shakeouts in the RAS supply sector, and today we can rightfully claim that we are the only true global RAS suppliers. We have capabilities to do projects in all the relevant salmon farming regions. We also have quite some people on the ground in Chile with own presence there. We have over the years delivered multiple projects in all relevant salmon farming regions.
So overall, I think also on the back of a very solid 25, where we had 90% growth in the top line, I think it's fair to say the statement that we are ready to capitalize in emerging growth phase for RAS. We believe our position is that we are the world's leading full-scale land-based offering. We have invested a lot of money in order to get to this position, as much as NOK 300 million over the last 5 years, but we believe it will start paying off now. We have 250 very competent and qualified people with industry expertise, RAS technology expertise. Almost NOK 1.2 billion revenue last year and NOK 1.3 billion revenue.
Land-based growth, we think it's starting to have some momentum. It's a slow birth. There are, of course, headwinds there as well. But we are advancing very well with NOAP in China. NOAP Phase Two, which we are just about to complete. That will add another 4,000 tons of production capacity for NOAP. They will have a combined capacity of 8,000 tons, and we expect that they will have a good production year, this year. That's the communication from the company.
NOAP will decide later this year about Phase Three, which is a significant additional step of 12,000 tons, where AKVA has secured the contract, but the company will need to decide when to start this one. Moving on to digital. We have also there invested to create a leading digital platform for aquaculture, at least the salmon space. We are positioned for long-term growth. Also there, we have invested significantly. Over the last five years, we talk about NOK 500 million, whereby the majority of it is to acquire the AI company, Observe, which is providing automated feeding. So we have a leading platform, and we are present in all the major markets.
Our offering is very much about biological control system, Fish Talk, where six out of ten salmon will be on our system. That's to the left. We have the control system, which is bringing hardware and steering together. There we have a 50% market share. And then we have gradually been investing in the concept in the middle or the platform in the middle, which is about short-term decision-making, supported by AI. It's either the automated feeding system or smart camera. But that's more a scale-up platform for us. But saying that, Observe, which is our star for AI, there we have very good traction.
We have now established more than 170 sites, or 170 sites is on our system with automated feeding. It's a truly scalable solution and with a global footprint with also growth opportunities in Norway. So for Observe, Q4 was truly excellent because we contracted 70 new sites which is a kind of game changer for this area, because we had 100 sites managed over a few years, and then we got another 70 in the fourth quarter, and that will be... That will add very meaningful to our financial performance into 2026, because the implementation phase is relatively fast for the 70 sites.
I think most of it will be implemented in this quarter. To sum up, with regards to the technology space, we think we can make the claim we are a global leader and trusted partner. We have the three platforms. We have Sea-Based, last year with NOK 3.1 billion turnover, where we have all the technology, all the equipment you need to run a farm in the sea, we can deliver. Land-based, both with the smolt, post-smolt and on-growing, full size salmon, and also digital, as mentioned.
So we believe with our solutions, bringing the fish in, into the deep, starting with one kilo and the digital platform, we are—we think we are part of the solution, that we are relevant for the future, and that our technology can provide growth, better fish health and lower mortality, more precise feeding with less waste. Then I want to spend a little time on this slide. This is a very important one. So of course, we are very pleased with the record growth we did see from 2024 to 2025 of NOK 900 million, equal to 25% growth and NOK 4.4 billion.
The next challenge we have communicated is the target from the capital market day back in June last year, and that's the NOK 5 billion mark for 2027. So I just want to report to you what actions we are taking this year in order to have more growth drivers. Of course, we have some organic growth from the base, and the products already being there is realistic. But we have 5 projects which will give additional growth. First and foremost, it's about further secure deep farming and Nautilus Next. And we expect to launch a new concept for Nautilus this fall.
And the headline there is easiness to operate, because today it works well, but it's too much hassle to bring the cage up and down. Very often you need a service boat to support this operation, and that comes with cost as well. So we are now developing a more advanced winch system, which will enable the farmer to operate it, to lower and bring it up in an easy way, without a big service boat being brought to the site. And we think that will help us to penetrate the market further. So that's number one. That's an internal development project we are in control of. Second is about internationalization of our net business.
Today, we are mainly running net business in Norway. So we are not a very present and visible player abroad, and that is because we are lacking the HDPE quality. And now we are busy as we speak with acquiring HDPE production capabilities. That will certainly be outside Norway and outside Europe. But when that is in place, we expect that new production line. It will take maybe up to a year to build. We are at the final stage to complete the thing from a contractual point of view, and then it needs to be built. It's a new green field.
But we expect into next year that we will also be player in the HDPE field, which is a very sizable market and where we are not present today. When it comes to the pen products, we have a fairly fair market share for the standard pens, but we are lacking one model, and it's the market is moving direction, in the direction of a bit more bigger dimension, a bit more solid pens. We are lacking that in our offering today, and now we have decided to organize that. So 6-9 months later, we will also be in position to offer the lacking product there as well.
Then about barges, traditionally, AKVA group has delivered a lot of steel barges. And we have been, we had typically a number one or number two position in the field of barges. But over the last few years, the commodity prices for cement has been more favorable than steel. So most farmers today will choose a concrete barge rather than steel. So we had a turnover of NOK 100 million on our steel barges last year. A few years ago, that used to be NOK 300 million in a normal year, even NOK 400 million in a good year. But there has been a shift towards concrete, so we have been losing out quite a bit there.
So yesterday, we announced in a trade press release that we have now entered into a partnership with, I think there are four of those yards in Norway, which can produce the concrete barges, so we have now entered a strategic partnership with one of them, Haugaland Dock, at Karmøy. And that will enable us to become a full-fledged supplier, either it's steel or concrete. So we expect that over a bit of time, probably already quite a bit into next year, that we will be back to the normal turnover within barges, regardless steel or concrete. So that's typically NOK 300 million or something.
And then the fifth one, the final one, also extremely interesting for us, and that we—AKVA group—we have delivered for decades, very solid working boats. We think we have the most robust and most secure working boats, service boats, for those are typically up to 10, 11 meters for the salmon industry. They are out there 24/7, 365 days in all kind of weather. So now, we have made a contract with the Norwegian defense industry to modify some of the models and make some unique models for the defense industry.
So we have secured already significant contract with the defense industry, and also we are together with them, financed by them, developing new models which can add very nice activity to our boat building activity in Mo i Rana. So all those five are very well-organized projects with very high level of comfort from our side, very high level of certainty that this will add—each one of them should add minimum NOK 100 million extra turnover within a few years. So we think that those are very tangible things.
Less so in 2026, we will have some from the fence industry and the boats there, but for the others, most of it will materialize gradually into 2027 and onwards. So, pretty detailed, but I just wanted to explain more in detail to you what our organic growth agenda is about. And then once again, on our base, on our current base, there is a lot of technology and products behind that. We still expect some organic growth from that as well. So, yeah, also land-based, it is very much about continuing working on the customer pipeline and the same on digital as well. All right, I'm running out of time here.
Strategic roadmap, just to conclude, we have been through a few turbulent years during 2022-2024, without top-line growth, but we were able to do a lot of internal improvements. We changed a lot of things, both within the organization and with regards to the technology platform. We invested in bad times, and we started to harvest a bit from that in 2024, with where we improved the EBIT from 1%-5% in that window. For 2025, we guided NOK 4 billion and 6%. We came in at NOK 4.4 billion at 6.4% EBIT percentage. We are pleased with that.
For 2026, we are guiding that we expect to see 20%+ EBIT growth versus 2025. And that is based on some continuous scalability and also internally, we see areas where we can improve operation performance still, but also better profitability from our digital business on the back of the new contracts and land-based as well, and some from sea-based. That's the justification of the 20% guidance. And for now, we maintain the 2027 target of a revenue of NOK 5 billion and 9% EBIT percentage. So that's that brings me to the end of my presentation, and I hand over to the CFO. Please, Ronny.
Thank you. Okay, good morning, everyone. I'm sorry. Yes, we are, of course, very satisfied with the financial performance in 2025, and we also consider the closing in Q4 to be acceptable. So revenue was strong in the quarter, like 40% higher than Q4 2024, driven by the high activity we have in land-based business. For the full year, we have an increase of 25% on revenue, from NOK 3.5 billion-NOK 4.5 billion in 2025, which is well above our guiding of NOK 4 billion for the year. So we have demonstrated good growth in sea-based in 2025 of 12% and 90% growth in land-based.
So on the basis of a high revenue in Q4, we consider the profitability to be somewhat on the soft side, mainly due to the product mix in sea-based, but also to some extent, the project mix in land-based. I will come back to this, later. EBITDA in Q4 of NOK 103 million is NOK 26 million higher than last year, and for the full year, we have an EBITDA of NOK 508 million, which is NOK 127 million higher than in 2024. And on EBIT, we have 280 on the full year, representing a margin of 6.3% or 6.4% compared to our guiding of six percent.
So we are satisfied with the quarter profit before tax of NOK 16 million, and for the full year, our profit before tax of NOK 193 million. Looking at the book-to-bill ratio, the last twelve months is just below the 100% level with an order intake of NOK 4.3 billion, with a revenue of NOK 4.4 billion. A strong book-to-bill ratio in Q4 of 112% with this good order intake of NOK 1.25 billion. Looking at the markets comparing Q4 2025 to Q4 2024, we see a strong growth in the Nordics of 45% and also 49% increase in Americas, which is both primarily driven by land-based projects.
We see sea-based business representing 59% of the total revenue in the quarter, and the increase in total revenue compared to Q4 2024 is primarily land-based, with 94% increase and 20% increase in sea-based. EBITDA margin, somewhat soft, as mentioned, of 9.2%, compared to the high 13.3% in Q3, and also the 9.6% in Q4 2024. For Sea-based, we have an EBITDA margin of 8.2%, which is primarily related to the product mix, with less impact from deep farming products compared to previous quarters. Compared with Q3 and Q2, the Sea-based revenue is also less, meaning that the economies of scale is also limited in Q4. For Land-based, we have an acceptable EBITDA margin of 8.8%.
I mentioned that this is also somewhat on the soft side due to the project mix, which I will comment later. In Digital, we have a strong EBITDA margin of 31.8%. Available cash at the end of Q4 was NOK 547 million, which is a strong increase of NOK 105 million compared to Q3. So we significantly reduced the net working capital by NOK 153 million in the quarter, from 10.5% to 6.2% in Q4. We commented during our Q3 presentation that we expected some release in Q4, but the NOK 153 million was more than we expected, and is also primarily related to the land-based segment. We expect the net working capital to increase towards the normalized 8%-9% level in Q1.
And last, the leverage ratio was reduced from 2.62 to 2.37 in Q4, which of course is comforting compared to the threshold of 4.5. We had a strong cash flow generation in Q4. Net interest-bearing debt was reduced by NOK 60 million, where the big ticket is the net working capital reduction of NOK 153 million. And for the full year of 2025, we have a reduced net interest-bearing debt of NOK 154 million, which is driven by the sale of the Abyss shares back in Q1 of NOK 144 million. And please also note that we have reduced the net working capital in 2025 of NOK 65 million, which is primarily related to our focus to reduce the inventory levels.
So we believe the NOK 65 million reduction is a good achievement when we increase the revenue by 25% compared to 2024. It's very hard to fight net working capital levels when the business is growing. CapEx of NOK 58 million in the quarter, where NOK 23 million, that's related to our three innovation agendas. Another NOK 10 million is to rental products. Rental products is equipment that we invest in and rent to our customers, which is a profitable business to AKVA. And another NOK 50 million that's related to our manufacturing facilities. So total CapEx for the year amounted to NOK 176 million. We have also seen a very positive development in return on capital employed during the last 12 months.
It has increased from 7.9% in Q4 2024 to 11.5% in Q4 2025, which is a bit above our guiding of 10% at year-end. In dividend, we paid NOK 1 per share in dividend in November last year, taking the total dividend up to NOK 2 for the full year. We also decided to distribute NOK 1 per share for the first half of 2026, and this payment will be done in April. Some more details on the financial performance in our three business segments. And for Seabased, the revenue of NOK 653 million, that's a 20% increase compared to Q4 2024. And the order intake was at the same high level of NOK 950 million.
We see the decrease in EBITDA margin from 8.8% to 8.2% related to the product mix. I mentioned the most important driver behind this is the amount or share of revenue related to deep farming concepts, which was considerably less compared to Q2 and Q3 in 2025, and also compared to Q4 2024. We see in the regions, in the Nordics, we have increased revenue by 19%, a slight reduction in order intake of 9% compared to last year. Americas, both revenue and order intake is increased by 15% and 9% respectively. And last, we have a strong improvement in Europe, Middle East. The revenue increased by 45% and an order intake by 65% compared to last year.
We see the 12-month revenue trend for Sea-based is still positive, increased by 12% the last 12 months. The order intake trend is more a flatliner, and we of course need to increase the momentum now to secure revenue growth in 2026. Order backlog just about NOK 1 billion at the end of the year, which is approximately NOK 60 million less than 2024. The ocean-based revenue in Sea-based, which is a very important part of our business, was very high in Q4, NOK 320 million, and NOK 50 million higher than Q4 2024. For the full year, we have just a little bit more than NOK 1.1 billion in revenue from ocean-based revenue, which is at the same level as in 2024.
For land-based, we have order intake of NOK 220 million in the quarter related to the RAS contract with Tytlandsvik Aqua. Revenue, all-time high, more than NOK 420 million, and 94% increase compared to 2024. We see a significant increase in EBITDA of NOK 16 million compared to last year. Please also note that Q4 2024 was positively impacted by closing of one project with a favorable outcome. I mentioned the EBITDA margin, somewhat soft in Q4, related to the project mix. So close to 40% of the revenue in the quarter is related to two projects, with a project margin which is lower than normal for the business area. First, we have a project in Chile, which we took over from Billund following the bankruptcy.
This project is very de-risked, which it should be when we take over a project, with a corresponding low project margin. And secondly, we have a hybrid flow-through project. Also, this project with a lower-than-normal project margin due to less technology content, complexity, and hence, also lower risk to Aqua. So just to summarize, the revenue related to these two projects was very high in the quarter, 40%. The project margins are lower, but reflects the underlying risks in the project, so they are fully in line with our expectations. We see positive momentum in land-based, both on revenue and order intake trend. Order backlog is still solid of NOK 1.3 billion, NOK 130 million below 2024 at the end of the year. And last, digital.
We have a strong order intake of NOK 77 million in Q4, primarily related to this new contract for Observe on the 70 sites mentioned by Knut. The revenue was 15% higher in Q4 this year compared to last year. We see a solid EBITDA margin, about 30% for the business. And we see that the 12-month revenue trend is still a flatliner for digital, but we expect this to improve during 2026, on the back of a positive development in the order intake trend. So we have a quite solid order backlog now at the end of 2025, of NOK 222 million, which is 60% higher than one year ago. That was my financial update. Give it back to you, Knut.
All right, thank you. Thank you very much, Johnny. Just to close off here and conclude. Outlook: foreseeing continued strong momentum for deep farming concepts, also supported by Nautilus Next concept, the one I explained about, which will lead to a more easy way to operate, bringing down and taking up the Nautilus cage as such. We are still continuing to invest and improving our solutions, our innovations agenda, related to both sea-based, land-based, and digital. We are aiming for a revenue above NOK 5 billion in 2027, an EBIT of 9%, also supported by the 5 organic growth initiatives. I should also mention that specifically, our guidance for 2026 is +20% on the EBIT versus 2025.
So that brings me very, very much to the conclusion, and, we will open up for, for Q&A. So let's start with the people here in the audience. Yes, please.
Henrik Knutsen, Pareto Securities. How do you see competition in the farming concepts between competitors and also the farming concepts compared to, for instance, closed facilities?
Yeah. So, we were the pioneer in deep farming together with the SinkabergHansen, and that gives us a good starting point because we have installed already 400 cages, also with much more customers than SinkabergHansen. So, by far, we have the highest installed base. But of course, competition is not sleeping either. They have been stepping up, in particular, our main competitor has been stepping up during 2025, and they also start to deliver. I don't know what the exact data points there. I know that we, by far, we are still the market leader, and that is a positioning we want to secure also long term.
I think, one thing is, the current situation and status with regards to technology, but the fact that we came first, and also we are working with a couple of very good clients on our innovation agenda, it's very important to also lead the innovation race. And my observation is that, I believe we are a little bit in the lead when it comes to the innovation race there. Because this is our new technology. There is a lot about protocols with regards to how to operate. It's a lot about choosing the right site, and it's also some about technology in order. And we think the next phase will be about easiness to operate.
So, I'm pretty optimistic that we will have a good market position for deep farming also, in the coming 3-5 years. With regards to closed, we have been... It became a little boost there when you got the incentive for closed, based on those 30,000 tons from the red zones. You could recoup by a closed technology. So with great curiosity, we have been talking with quite a few of those companies with technology. We think it will still take a bit of time to mature the technology to really commercialize it.
We saw the same with deep farming, even though we had a very good pilot there already 5-6 years ago. It takes quite some time in order to mature everything, come to good protocols, come to good piloting, come to good biological performance. So we see that there is good appetite, good interest there. We think it's still a little bit, it will still take a bit of time before you see a couple of winners. Typically in our space, you end up with 2-3 winners, and today there are a lot of players. Not all of them will be there 5 years later. That's for sure.
And for us, we are willing to consider to go into that, but we have decided not to develop ourselves because there are so many players doing a lot of things there. So then we will rather invest in what we think it could be a winner. And for the time being, we don't know the answer to that.
Thank you.
Short question on the digital side, on what you call short decision-making. I guess you're more of a challenger, but you have secured a big order, as you say. Can you elaborate a little bit on that order, and how do you see competition there from the, let's say, three big players?
You mean, the Observe activity, automated feeding?
......
Then I will talk specifically about Observe and automated feeding. I think it's fair to say that on automated feeding, that is also a space, a segment where we have been the pioneers, right? There is one other player or competitor working with one specific large customer. They have not been too active in the wider market space to date. So we are basically the supplier or the player with a lot of or a wide portfolio there. We have 170 sites across all the four main markets, Chile, Canada, U.K., and Norway. Norway is less penetrated than the others.
We got the 70 sites was distributed into three different customers. Two or three?
Two.
2, 2. More 2. So that means that the 2 of them, they had done 5, 5 plus minus pilots. They saw good results, and then they deployed it over a large number of sites. We see a lot of things happening within smart cameras, but the smart cameras, at least not currently, cannot do automated feeding. They do sea lice counting, biomass estimation into weight classes, and a fish health dashboard. But that's not automated feeding. So in specifically automated feeding, we are the leader, and we are the pioneer. Of course, also competition will wake up and move into that field. We understand that, but we also think that the relative revenue per site will increase.
There will be more sites. Today, there is a penetration of roughly 10% of all the sites in the world. The 170, there are 1,600-1,700 sites, so a penetration of 10. So there will be more penetration over the next years, and there will be more revenue per site because we are still in the first phase of development in order to come to full autonomous feeding. A full autonomous feeding application will probably trigger on twice a turnover per site, and we are now at the brink to deliver on that one. So you see value creation from more revenue per site and more sites. And of course, there will be more competition as well, but it's just at the very first, very beginning of opening that new market space.
So I think that is a very promising new segment, and you can add a lot of value from that. Today, it's like that. If you, with help of automated feeding, if you can improve FCR with 0.008, or if rounded, 0.001... That means, in practice, from 1.20 to 1.19. If we are able to bring that value to the customer, everything else on top of that is the bottom line. So that is the cost of it. So relatively low cost compared to the value you bring, and we see in a number of use cases, we are able to support with improvements, which is way more than the 0.001. So sorry for the long answer, but-
No, thank you.
It's a very exciting development.
Yeah.
Is there any... Okay, the question here, and then you can check if there is any questions from the call.
So how much of the growth in the land-based section do you, is contributed to a single contract or a single contracts versus, like, broader growth?
Last year we had a 90% step-up, and that is based on our relatively broad portfolio. And I would say we have five, six bigger projects behind that. Is that fair to say?
Yes, I think that's fair.
Yeah.
Five, six-
Yeah.
... Above NOK 100 million-
Yeah
- In revenue. Yeah.
So we see some customers which are more like repeatable customers. We expect—we have done 2 projects for NOAP. We expect the third one to be started maybe at the end of this year into next year. We see with Tytlandsvik, we are, we have been with them now from zero to the latest contract, which will allow them to have 9,000 tons of installed capacity. The same with Laxey and also is a very kind of repeatable customer. So there are quite a few, I mean, I would say 6, 7 customers, which are very stable with us. And then we have some other customers where we get 1 project. Maybe they only have the need of 1 project.
So there is a mix there. But we think we have a good traction now in the space of RAS. After all the work we have done there, and also the fact that some competition is struggling financially there, we think we have a pretty good momentum.
Do you expect that growth to continue?
Yeah, over time, we got a little bit more growth than we expected in 2025 for land-based, due to very good project progressing in Q4.
....
So, maybe 2026 on land-based will be around the same level in between, but we expect at least 2027 to come with a lot of growth. We are not sure about the 2026. There are quite some cases we are working on, which can give some extra growth in 2026, but should be hopefully minimum the level of 2025.
Thank you.
Is there any questions from the call?
Yes, there is. We have one from, Ola Trovatn. "Do you expect to close a post-smolt contract in Q1 2026? And what is the outlook for a new grow-out contract in China other than NOAP?
So, yeah, we expect to close a post-smolt contract in Q1. The answer is yes. And we are guiding that on average. It's always hard.
....
It's a marketplace with dynamic stuff, but on average, there should be one post-smolt contract per quarter for the coming period. We hope, we don't know, but we also hope to sign one new contract in China outside NOAP within this year. We are at least working on it. Whether it will materialize finally, those are very big, complex contracts, legally complex contracts in China, so we need to be on 100% solid base whenever starting a project. But the ambition is to close a new project inside NOAP in China in 2026, yes.
Well, we don't have any more incoming questions. Do we have any more questions from the audience? Let's give it 10 seconds. Okay.
Okay, thank you very much for all your attention, and have a nice-
Thank you
... Olympic-