Welcome to this presentation of Eqva's second quarter result. My name is Even Matre Ellingsen. I'm the CEO of Eqva. With me today, I have Petter Sørdal, our CFO, who will share with us some details on the financial results for the period. Let's start with reiterating our view on Eqva's strategic direction going forward, which you have heard us say before. Eqva is a knowledge-based, active owner of industrial service companies, and our ambition is to be a leading investment company on the Oslo Stock Exchange. We are investing in industrial service companies that contribute to the green transition in the maritime, power-intensive, and renewable industries. We have established a growth strategy focusing on organic growth and acquiring attractive, profitable companies. This will enable Eqva and its daughter companies to broaden our product and service scope.
I will start today's presentation by giving you a brief recap of what the new Eqva looks like, followed by a short business update. Petter will then take us through the financial and operational highlights from the second quarter, and then we will conclude by providing an outlook for the coming quarters. Here is an overview of our current assets, our investment platforms. We have 100% ownership in NIS, in Fossberg Kraft, and our real estate company. The most important platform is NIS, which we'll show you later on, has a phenomenal growth this year. It has been a very good second quarter for Eqva, and NIS is continuing its strong performance. We are reiterating our overall strategic priorities.
We will grow by having a diversified revenue stream from industry services in different markets and investing along key market trends, and we will continue to grow through a combination of M&A and organic growth. We are always open to discuss new opportunities, and we aim to add between two and four companies on a yearly basis into Eqva's portfolio. Looking a bit back, we are now two years into an exciting journey of great transition for the company. As you can see from this timeline, it has been a quite eventful and busy period. We are proud to have more than 3,000 shareholders from all over Norway, who are taking part in our exciting new direction. At the same time, we recognize the potential in attracting interest from institutional investors, both in Norway and abroad.
One of our outcomes from our strategic process was a dividend policy for the group. During the second quarter in 2024, we paid out NOK 0.2 in dividends. We believe that the combination of investing in growth combined with paying dividend is a good strategy. We believe there is at least five good reasons to invest in Eqva. We have established a growth strategy. We have a decentralized business model. We have a clear focus on performance. We have strong financial position, and we have a sustainable business with focus on towards the green transition. Welcome on board. Now I leave the floor to Petter.
Next, I will take you through some of our operational and financial highlights. We are pleased to report a solid second quarter and a first half-year period, driven by volume increase and improved sales and margins in the Products, Solutions and Renewables segment. This has resulted in both significant revenue growth and increased EBITDA compared to the figures from the same period last year.
In our segment, Products, Solutions and Renewables, the revenue is up 44% compared to the same period last year, driven by high activity in our largest projects. The EBITDA margin increased to 8.2% compared to 6.6% last year. The order book increased further in the second quarter, up to NOK 556 million from NOK 545 million at the end of the previous quarter. In the Products, Solutions and Renewables, we have increased our contract scope on already existing customers, and we maintain high volumes on frame agreements.
New contracts secured with key customers are in process within offshore and land-based industries. We see growing demand for clean energy, decarbonization, and optimized energy usage, with many ongoing and new projects in these spaces. We are expecting these to continue growing as a share of our overall business. As of the end of the second quarter, Eqva was in a strong financial position with an equity ratio of 43%. As mentioned on our first quarter report, we are still expecting strong cash generation throughout the year. Here, on the segment breakdown, we see that Product, Solutions and Renewables has had a fantastic development, with revenues up NOK 145 million from last year, thanks in large part to NIS.
For the first half of the year, we also see a strong contribution from the segment we call Other, which benefited from the effects of the Havila Kystruten sale in the first quarter. On this slide, you can see a closer breakdown of our most important segment, which has had a very encouraging progress on all the key metrics. For BKS, ongoing projects are continuing with high activity, and importantly, the order intake and order book put us in a strong position to sustain high activity levels in the time to come. For Fossberg Kraft, we expect a delivery in our two projects under construction during the third quarter. We are very proud of BKS, our full service provider, with a solid base of blue-chip customers. As you can see, through the last six years, we have demonstrated a strong revenue development with a CAGR of 27%.
Thank you, Petter. Now, let us finish this presentation by having a quick look at the outlook going forward. As you can see here, we have adjusted up the expected revenues for 2024 with about NOK 100 million, and we now estimate the turnover in the range of NOK 750 million-NOK 850 million. In addition, we expect the EBITDA margin to be in the range of 6%-8%, up from 5%-7%, thus closing in on our long-term range target of 7%-9% EBITDA margin. That concludes the main part of our presentation. To learn more about Eqva, please, visit our website and view our half-year report published today.
Here, you will get details about each of our portfolio companies' business models, historical growth, and market potential. If you have any questions about Eqva, please don't hesitate to contact us.
Thank you.