AKVA Group

Investor Presentation • Jun 12, 2025

Capital Markets Day 2025

Klepp, Norway 12 June 2025

Capital Markets Day 2025

Agenda

12:00	The long-term salmon opportunity Q&A
12:40	Sea based
13:10	Break
13:25	Land based
13:50	Digital
14:15	Break
14:30	Financial outlook
	Q&A
15:00	Site visit and demonstrations

Leadership team presenting today

Knut Nesse CEO

Ronny Meinkøhn CFO

Kristian Botnen COO Sea Based Nordic

Moderator

Ståle Økland CCO

Johan Fredrik Gjesdal COO Land Based

Glenn Mo COO Egersund Net

Hemang Rishi CEO Observe Technologies

2

The long-term salmon opportunity

Knut Nesse, CEO

Pioneering a better future

Driving innovation in global aquaculture for over 50 years

A technology innovator across multiple areas

Automated feeding Deep farming Smolt/Post-smolt Land-based grow-out Digital/AI

Pioneered automated and waterborne feeding solutions

Pioneered pens from first plastic pens to today's deep farming

Pioneered development and delivery of post-smolt facilities

Pioneering land-based RAS grow-out facilities globally

Pioneering digital solutions and AI in salmon farming

Salmon farming industry is at a crossroads

The challenge: How to double salmon production by 2040

Current business model running out of capacity – new investments required

Harvest volumes (in 1,000 tonnes wfe)

Growth investments require a stable framework

Revitalise collaboration between core institutions

• Predictable policy environment
• Regulatory efficiency
• Technology neutrality
• Trust-based collaboration

Unlocking growth through technology

New frontiers

Improved efficiency

• Traditional sea-based farming currently produces around 3 million tonnes of Atlantic salmon globally
  • Deep farming holds potential to add ~15% capacity by reducing lice and lowering mortality
  • Post-smolt holds potential to add 30-35% to volumes, by improving biomass yield and reducing mortality
  • Land-based grow-out beginning to gain traction, with long-term potential to 500,000 tonnes or more
  • Other emerging technologies likely required for supply to keep up with demand growth

Deep farming

• Potential to unlock 15%+ higher harvesting volumes from existing licenses
• Submerged cages reduces sea lice treatments by ~85% and reduces mortality with limited additional investment
• Proven improved fish welfare supporting social license to operate and regulatory greenlight in nongreen zones
• Currently applicable for close to 60% of locations
• Deep farming represents a ~NOK 6 billion market opportunity in Norway through 2030

We experience an 85% reduction in the number of lice treatments with deep farming compared to traditional farming. - Henning Beltestad, CEO Lerøy Seafood

Post-smolt

• Established as an industry growth strategy
• Shorter production cycles with reduced exposure in sea
• Fewer lice treatments, lower mortality and increased biomass yield
• Strong documentation from the Faroe Islands and the Rogaland region
• Potential to unlock 30-35% volume growth

Market opportunity for smolt/post-smolt technology of around NOK 10 bn in Norway through 2030

Land-based grow-out

• Land-based farming is beginning to mature

• 25,000 tonnes produced in 2024 after a decade of trial and error

• Several RAS and re-use facilities now showing commercial validation
• Nordic Aqua in China now delivering predictable and well-documented volumes of superior fish

Addressing a market opportunity for land-based RAS solutions of multiple billion NOK through 2030

Digital solutions enabling precision farming

• Invested ~ NOK 500 million to create a leading platform with unmatched digital presence
• High-growth opportunity with AKVA Observe enabling AI-driven farming with automated feeding, biomass tracking and health monitoring
• Global footprint, scalable high-margin business model and 90%+ recurring revenue
• Transitioning aquaculture from manual operations to intelligent and fully-automated precision farming

Improving fish performance with real-time data, automation and precision farming

Long production time in sea drives higher mortality and costs Traditional farming

Months in sea vs. lice treatments and proven cases of PD

Diseases and the need for lice treatments correlate with time in sea

• Tripling of PD cases in fish spending 18-21 months in sea vs fish spending 9-12 months
• Roughly doubling of mechanical lice treatments in fish spending 18-21 months in sea vs fish spending 9-12 months

Bar plot: number of production cycles within each length category, denoted in months in the sea

Global leader and trusted partner

Uniquely positioned to enable fish performance and sustainable growth

SERVICE & SUPPORT

Global professional service and preventive maintenance on all products

IMPROVED FISH HEALTH & WELFARE HIGHER GROWTH HIGHER VALUE CREATION

Sustainable salmon farming driving structural investment growth

AKVA group revenue and fixed assets investments in the Norwegian salmon farming industry (NOKbn)

• The investment level in the salmon farming industry increased by 12% annually in 2015-23, significantly outpacing the harvest volume growth of 2.3%
• Investments typically split between one-third smolt and two-thirds for the grow-out phase in sea
• AKVA group revenues have overall increased in line with industry investments
• Robust outlook for continued investment growth:
  • Need for innovation
  • Regulatory requirements
  • Mandatory equipment and technology upgrades for license renewal and capacity expansion

Our strategic roadmap

Restructuring and turnaround in a 2022¹ - 2024² Revenue: EBIT-%: 3.4bn → 3.5bn 1% → 5%

challenging market

Accelerated market expansion and scalable profitability Revenue: EBIT-%: 5bn 9% 2027 target 2030 ambition

Driving long-term growth and shareholder value creation

¹⁷ (1) EBIT 2022 adjusted for NOK 98m in restructuring cost (2) 2024 revenue and EBIT adjusted for the positive impact by NOK 76m and NOK 71m, respectively, related to the to the acquisition of Observe Technologies

Pioneering a better future – key investment highlights

Fully-invested business platforms with capacity to double revenue

Perfectly positioned for profitable growth across all segments

Attractive business model with an increasing share of recurring revenue

Strong balance sheet and increasing cash flow providing competitive returns

Experienced management team with a proven operational track record

A true partner, trusted advisor and high-quality solutions supplier to the aquaculture industry – pioneering the solutions of tomorrow

Q&A session

Sea Based

Kristian Botnen, COO Sea Based Nordic Glenn Mo, COO Egersund Net

Pioneering sea-based farming since 1974

Pens and feeding

From the world's first plastic pens and automated feeding solutions to waterborne feeding

Deep farming From TubeNet via Atlantis to NautilusTM

Sustainable solutions

From the world's first recycled pen to the first carbon neutral boat hull and the first recycled net

Broad products, services and solutions portfolio

High quality in-house production

150 employees

Clear market leader in nets with in-house production

500+ employees

Strong local presence all along the coast

• Extensive installed base driving recurring Service & Aftersales revenue growth
• 16 coastal service stations staffed with skilled service technicians
• Decades of earned consumer confidence and high replacement cost creates major barriers to entry

Recurring business model underpinned by a strong local infrastructure network

Full-service offering including inspections and system and equipment maintenance

24/7 support combined with routine site visits

Industry-leading innovation power

35 innovators

Designing and optimizing the best solutions for the aquaculture industry

• Marine Infrastructure
• Precision Feeding
• Fish Performance

▪ Annual budget: ~NOK 50 million

Innovating to solve the sea lice challenge

NAUTILUS

Deep farming with NautilusTM

A key to unlock growth in sea-based farming

IMPROVE FISH HEALTH & WELFARE DRIVE GROWTH CREATE VALUE

Fewer lice treatments

Lower mortality

Higher share of superior

Higher harvesting volumes Allowed to grow production

Volume Quality Cost

Innovating to solve the sea lice challenge

Enabling innovations – The Airdome

▪ Airdome provides stability, security, and efficiency under all conditions

▪ Provides secure access to air for the salmon to rebalance swim bladder

▪ Robust, self-righting design

▪ Gentle on the fish - form factor that eliminates edges, ropes, obstacles, etc.

▪ Efficient feeding and even feed distribution regardless of dome tilt

▪ Established new and efficient Airdome production line

Enabling innovations – Waterborne feeding

▪ Efficient feeding-in-depth solutions

▪ Feed mixed with water on barge and transported to pen an into the depths via the Airdome

▪ 'Feed sleeves' guiding fish away from net roof and Airdome during feeding

▪ Feeding zone in lit area directly under the dome, enabling the fish to see the feed and the air pocket

▪ Cost and energy efficient feeding – for better fish health and increased growth

The NautilusTM value opportunity

The NautilusTM value opportunity

Leadership in a high-growth market

• Consistent market leadership as innovator and first mover in deep farming
• Expanded customer base from pilot with Sinkaberg Hansen to half a dozen leading fish farmers
• Strong pipeline for 2025 with multiple new customers and a growing prospect list

200+ NautilusTM cages deployed on 30+ sites

"He said the company had witnessed an 85 percent reduction in lice treatment frequency in submerged cages compared to traditional farming. The first submerged cage was installed last July, "and now we're already at close to 40 percent," he said.

"This has been a game-changer for us"

-CEO Henning Beltestad, Lerøy Seafood, Intrafish vol 3, 2025

A NOK 6bn market opportunity through 2030

• Currently ~600 active fish farming sites in Norway
• 50%-60% deemed suitable for NautilusTM
• Annual deployment at 50-70 sites implies a market potential of ~NOK 1 billion per year through 2030

Clear market leader with capacity and technology to serve site-specific needs

Strong market position in Chile

The world's second largest salmon farming market

• Number one steel pen supplier in Chile
• Leading position in net cleaning, feeding, and digital systems
• Large recurring Service & Aftersales base representing ~50% of revenue in the region
• Experienced workforce with >5 years average seniority in the company
• Innovation-driven growth ahead

Growth opportunities in Chile

▪ Deep farming opportunity emerging – ~30% of sites suitable for Nautilus

▪ Significant potential for nets and waterborne feeding

▪ First low-emission systems installed

Other international growth opportunities

Canada

Service presence Newfoundland Potential for growth in net service and cleaning

UK

Market leader in plastic cages, moving toward larger pen sizes Growth potential across nets, cleaning/ROV, barges, and digital solutions

Turkey

Market leader in plastic cages and feeding systems

In-house production and service of fish farming nets with growth potential in deep farming

RoW

Focus on barges and feed systems, pens, boats, nets, services and increasing digital foundation

Growing recurring service base with upside in deep farming

Revenue and order intake (NOKm) Growth levers towards 2027

Illustrative revenue path

Our strategic and financial roadmap

Growing recurring service business in challenging market environment 2022 - 2024 Revenue: EBITDA-%: <2% CAGR → .8bn 1 % → 1 %

Pioneering sea-based farming

Strong and stable core business built on decades of innovation

Deep farming with Nautilus is unlocking the next growth frontier

Growing recurring revenue base in resilient Service & Aftermarket

solutions of tomorrow Strategic presence in all key salmon farming markets globally

A true partner, trusted advisor and high-quality solutions supplier to the aquaculture industry – pioneering the

Johan Fredrik Gjesdal, COO Land Based

Pioneering land-based farming since the early 2000s

mong world's first R S smolt facilities

World's first salmon post-smolt

Hardingsmolt, Norway - 2007 Hiddenfjord, Faroe Islands - 2014 Tytlandsvik, Norway - 2019 Nordic Aqua, China – 2024 Laxey, Iceland – 2025

World's first 1 kg post-smolt

World's first scaled RAS grow-out

Re-use in grow-out in Iceland

Stepwise evolution – Industrialisation and technology development

2025-2030s Fully automated and intelligent fish farming Data-driven decision making and evolving water technology in a fully automated production setting

The 2020s Post-smolt industrialized, proof-of-concept for full-scale grow-out

Keeping the fish on land for longer - increasing scale, complexity, and capital requirements

The 2010s Industrial-scale RAS and the emergence of post-smolt

Industrialisation of land-based fish farming, in cooperation between industry, science and regulators

The 2000s Small-scale RAS systems

The first generation of recirculation aquaculture systems (RAS) facilities emerges

Pre-2000 Simple flow-through solutions

Smolt production based on simple flow-through solutions from natural rivers

Ready to capitalize in emerging growth phase

The world's leading full-scale land-based offering

• Fully integrated RAS process systems
• Proven project delivery across design, building and service
• Scalable capacity backed by deep biological and engineering expertise

Proven and documented technology

Extensive track record Delivering high operational stability Optimized dimensioning and cost effective standardized solutions

End-to-end project execution

~NOK 300 million

Invested in transformation since 2020

~250 employees

High competence and industry expertise

Concept development, engineering and design Procurement, manufacturing and logistics Construction, installation and commissioning

Advisory and services

Technical and biological training Operational support, inspections and system revisions Services, spare-parts and support

NOK 618 million

Revenue 2024

NOK 1.4 billion Order backlog 2024

Delivering fully integrated RAS systems for excellent fish performance

Hatchery Smolt Grow-out

End-to-end process control and RAS technology Tailored to desired capacity and water quality

Scalable and standardized solutions through advanced system integration

Clean water technology

Highly automated and easy to operate

The only true global RAS supplier

The post-smolt opportunity

Post-smolt is part of the solution to the growth challenge

IMPROVE FISH HEALTH & WELFARE DRIVE GROWTH CREATE VALUE

Reduced time in sea

Fewer lice treatments

Lower mortality

Improved fish performance Higher capacity utilisation Enabling strategic stocking

Volume Fish quality

Cost

Proven international track record of post-smolt developments

Annual capacity Reached smolt size

Post-smolt improves survival, welfare and productivity

Comparing smolt >700g vs. <150g

~200

~50%

Fewer production days in sea

Lower cycle mortality

Fewer treatments

~40%

Faster growth

+5%

Postsmolt improves survival, welfare and productivity through effects which are generic; reduces time in sea, reduces risk in sea, reduces treatment need, enables strategic stocking and adapting to biological risks, increases site-capacity, increases survival

- MOWI Capital Markets Day 2024, 26 September 2024

Grieg Seafood Rogaland Successful post-smolt growth strategy

Growing salmon volumes will require more and larger smolt

Post-smolt wave offers major a market opportunity

Smolt biomass set to double by 2030 in Norway through unit growth and increased average smolt weight

Creates annual RAS technology market of NOK ~2 billion in Norway including upgrades and rebuilds

NOK >500 million annual revenue opportunity for AKVA, aiming for market share of 25-30%

NOK >200 million annual international revenue opportunity, leveraging strong global market positions

100 200 300 400 500 600 100 000 200 000 300 000 400 000 500 000 600 000 # Smolt (thousands) Average smolt size (gram) 210g ~375g

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Number of smolt released Average smolt weight

Average smolt weight increasing (Norway)

0

0

The emerging grow-out opportunity

RAS grow-out facilities – Mastering a new and more complex game

Larger size and higher complexity Food standard requirements

• Advanced operational integrations
• Comprehensive infrastructure requirements
• High capital requirements
• Introducing a "new salmon product" to the market

• Consumer quality
• Fish health and sustainability standards
• Extreme water quality requirements
• Value chain transparency

Challenges in the grow-out phase

• Challenges with off-flavour in the growout phase due to geosmin
• Managing and controlling risks through technology and strict operational procedures
• Biofilters, protein skimmers, vacuum UV, ozonation, activated carbon, etc.

Fundamentals in place for scaling up grow-out

Harvest volume land-based salmon farming

• Grow-out technologies yielding strong results
• Harvest at high quality and increasing weights
• Approaching unit economics competitive with conventional farming
• RAS leading the way as the most scalable technology globally

Re-use grow-out facility in Iceland with 70% seawater reuse

6

Grow-out sections

36,000 MT

Total targeted HOG capacity

AKVA delivering selected re-use technology

Includes post-smolt strategy serving sea-based farming

Construction start Section 1: 4,500 MT 2022 Q2 2025

First smolt transfer to post-smolt facility

2023 Q4 2024 2030 First post-smolt transfer to grow-out tanks

Contract signed Section 2: 4,500 MT Q2 2025

Full facility 6 sections expected completed

Construction start RAS Smolt station

Delivering the first Atlantic salmon grow-out in China Delivering the first Atlantic salmon grow-out in China

Stage 3: +12,000 MT Pending investment decision

Stage 1: 4,000 MT Operational since 2022

Stage 2: 4,000 MT Construction ongoing

|

3 stage build-out

Stage 4 option

20,000 MT Total targeted HOG capacity + 30,000 MT option

AKVA RAS Technology

End-to-end solution from hatchery to grow-out

Optional Stage 4 Potential for +30,000 MT

Construction start Stage 1

Production start Stage 1 Q3 2021 Q2 2024

Construction start Stage 2 Q1 2022 Q3 2023 2025

First harvest Stage 1

Production start Stage 2 Q3 2024

Investment decision Stage 3

AKVA technology yielding strong results

China – A major growth market for salmon

The world's largest seafood market

260 million middle/upper-class households by 2030 Strong preference for fresh and healthy seafood

The Atlantic salmon market

106,000 tonnes imported in 2024 Supplied by over-seas producers, Norway ~45% Significant upside in current 0.1 kg/capita consumption Estimated 200,000+ tonnes in 2030, CAGR +12%

Chinese consumption x2 by 2030

Positioned to leverage on the Asian growth opportunity

Already present and rigged for growth

NOAP serves as proven reference and technology showcase in Asia On-the-ground site teams and established supply chains with network of qualified sub-suppliers in the region

At the forefront of scaling sustainable salmon supply to serve the world's most populous markets

Existing backlog and visible pipeline support scalable growth

• Current backlog and qualified pipeline opens for significant growth through 2027
• Broad and diversified revenue base both technologically and geographically
• Roughly 50/50 revenue split between smolt/post-smolt and grow-out in 2027
• Roughly 40/60 split between Norway and international revenue in 2027

Order backlog of NOK 1.4bn Revenue conversion of order backlog and pipeline

Historic revenue Order backlog conversion Smolt/Post-smolt RAS Grow-out Re-use Grow-out

Our strategic and financial roadmap

Pioneering land-based farming

Transformation completed, positioned for profitable growth

Technology solutions delivering best-in-class fish performance

The only true global RAS supplier, from post-smolt to grow-out

Margin accretive growth driven by robust orderbook and pipeline

A true partner and trusted advisor, delivering excellence in land-based aquaculture today – pioneering the solutions of tomorrow

Digital

Knut Nesse, CEO Hemang Rishi, CEO Observe Technologies

Pioneering digital solutions in global aquaculture

World's 1st industrialized control system introduced

World's 1st biological RP system rolled out

AKVA connect - 1982 AKVA fishtalk - 1985 AKVA observe - 2024

World's 1st AI-driven feeding system acquired

Digital transformation journey in aquaculture

Digital transformation and adoption driving value in the industry

From nice-to-have to real-time and data-driven decision making

Digitalisation and automation on the agenda

Invested to create the globally leading Digital platform in aquaculture

Positioned for long-term growth

Ready to capitalise on a strong platform built with NOK 500 million¹ of committed investments since 2021

~120 employees

AI-based planning and real-time decision support

Present in all major markets

"We recognize a significant change in Akva Group' s focus on digital solutions with composable architecture and AI as key components. By continuing this trajectory Akva Group will strengthen their position as a partner in digital transition within the aquaculture industry!" - Trond Kathenes, Chief Digital Officer, Grieg Seafood ASA

(1) Total R&D and investments since 2021, including estimated capex for 2025 (2) 2024 revenue by geography, adjusted for the positive impact by NOK 76m, related to the step acquisition of Observe Technologies and the remeasurement gain

SUBMERGED

AKVA OBSERVE

Precision farming helps meet the industry challenges

IMPROVE FISH HEALTH & WELFARE DRIVE GROWTH CREATE VALUE

Enabling optimized feeding

Improved biomass control

Reduced health issues

Lower mortality

Improved fish performance

Increased growth

Volume Quality FCR OPEX

Complete platform enabling next-gen precision fish farming

Sustainable fish performance

Feeding – Biomass – Lice – Health

6 out of 10 Atlantic salmon on AKVA systems

Trusted biological ERP system designed for aquaculture

Status and oversight from broodstock to harvest

AKVA finance Biology-driven financial control and forecasting

Enabling:

Optimal planning and efficiency

Full traceability

Excellent fish quality

Increased profitability

With >95% customer retention

"Fishtalk consolidates and makes critical production data readily available in a highly effective way. It ensures documentation of fish welfare and traceability, and provides a solid foundation for informed decisionmaking at all levels across Nordlaks." - Eirik Rørdal, Controller, Nordlaks Havbruk AS

Transitioning ERP to cloud-based SaaS model

On 5 out of 10 Atlantic salmon fish farming barges and feed systems

An open platform for better feeding performance and efficient operations Enabling:

AKVA connect feeding Simplify daily feeding operation AKVA connect barge control Controls sub-systems on the feed barge – integrated into a common monitoring and control system AKVA connect camera Control all AKVA cameras and winches, in addition to selected 3rd party models

Real-time data visualisation Automated feeding schedules

rd Predictive analytics and ML party integration

3

Increased feeding efficiency

Comprehensive operational control

Informed decision making

Remote accessibility

on >50% of barges and feeding systems globally with minimal churn

First commercial delivery in 2024 – now scaling

Data accessibility All collected data is available through user friendly web-portal and APIs

Enabling:

Improved economic efficiency

Enhanced fish welfare

Improved sustainability

AQUACULTURE POWERED BY AI

The feeding challenge – adding science to the art

ultiple fragmented input signals… … creating major pain points for operators

Non-standardized feeding

No reliable benchmarking

The most advanced AI-driven feed automation system

Supplying AI software integrated into existing farm equipment

Optimising the largest cost driver in global fish farming with AI

Proven operational and biological outcomes

"As we are scaling up our remote feeding operation to all sites, we have reviewed the performance of Observe AI. The data we have so far clearly shows that the sites using Observe AI are outperforming those without AI" - Cristián Plâ Swett, CEO, Multi-X

A scalable solution with strong international traction

• Established global presence
• Active on more than 100+ sites
• Truly scalable solution
• Hardware agnostic integration
• Leveraging global footprint
• Plug-and-play delivery using existing infrastructure distribution
• Major growth opportunity in Norway
• Ready to expand in the largest untapped salmon market for AI-driven precision feeding next

Current geographical presence

Driving improved efficiency and profitability on 100+ sites worldwide and growing rapidly

Scaling recurring revenue growth through value-based upgrades

	Released	In development
Packages	Recommendation	Co-pilot automation	Auto-pilot automation
Automation path	Intelligent feed recommendations Interventions needed	Automated feeding Occasional intervention needed	AI-driven feeding Minimal intervention needed
Scalable upsell model	Plug-and-play cross-selling through installed base	Early adopters upgrading to Co pilot based on proven value	Full AI automation built on Co pilot success
Sites	Majority	Growing	In development
Price multiple	1x

50% of Recommendation users already testing Co-pilot

Introducing precision feeding of tomorrow

Creating an all-in-one AI solution for farmers for precise biomass estimation and feeding in one camera…

… providing the fish farmer the solution needed for optimizing their feeding process

Scaling recurring revenue model with strong customer retention

• Continued underlying growth
• New customer wins
• Upselling, cross-selling and innovations
• Continued minimal churn: <5%
• Maintained annual recurring revenue: >90%

Key levers driving recurring revenue growth

Our strategic and financial roadmap

Pioneering the digitalization of sustainable aquaculture

Unique end-to-end digital platform powering precision fish farming globally

Positioned for profitable growth after NOK 500m of strategic investments

Strong financial outlook with high-margin, recurring revenue scaling globally

Unlocking value from SaaS model, AI-driven feeding and data capitalisation

A true partner and trusted advisor delivering digital excellence in aquaculture today – pioneering the solutions of tomorrow

Financial outlook

Ronny Meinkøhn, CFO

Entering a new growth era

• Market affected by low industry capex in 2022-2024
• AKVA group successfully rebuilt and ready to capitalize on growth

▪ Clear growth levers across all segments

Continuing the positive EBITDA trend

• Reorganization, restructuring and cost optimization in 2022-2024
• Scale effects and increasing operational leverage from 2024

Segment bridge (NOK million)

▪ Solid contributions from all segments

EBITDA (NOK million)

Sea Based Technology – renewed growth driven by deep farming

• Growth revival driven by deep farming and continued increase in services
• Margin improvement through increased scale and continued cost efficiency
• Clearly improved order intake through 2024 and into 2025

Land Based Technology – high growth from defined projects

▪ Growth driven by post-smolt and identified landbased projects in China and Iceland

Revenue (NOK million) EBITDA (NOK million)

▪ Reaching critical mass with high operational leverage ▪ Large existing backlog and qualified project pipeline

Order backlog and revenue outlook (NOK million)

Digital – expanding a recurring revenue base

Revenue (NOK million) EBITDA (NOK million)

^{23 25 30} 24% 19% 22% ~40% 2022 2023 2024 2025e 2026e 2027e EBITDA-margin (%) 1 1

Illustrative revenue path (NOK million)

• Strong growth driven by increasing digital adoption

• 90% contract-based recurring revenue

• Margin improvement from operational leverage and scaling recurring revenues
• Mix of new sales and high opportunities for upselling to a resilient customer base with low churn

Sharp EBIT improvement driven by operational leverage

Segment bridge (NOK million)

• Successful turnaround in a challenging market in 2022 to 2024
• Capital-light growth with continued margin improvement in each segment

▪ Set to generate >30% average annual growth in operating profit from 2024 through 2027

EBIT (NOK million)

Capex intensity set to decline as revenue grows

• Spent around 5% of revenue on capex to build a strong delivery platform in 2022-2024
• Targeting only slight increase in absolute capex levels going forward
• Capital intensity set to decline to ~4% of an increased revenue level Includes ~NOK

Sharply improving return on capital

• Return on average capital employed (%) ROACE improved from 2% in 2022 to 8% in 2024
• Capital-light growth and high operational leverage set to yield sharply improving return on capital going forward
• Estimating ROACE >10% in 2025 and a doubling towards 20% by 2027

High financial flexibility

Available cash (NOK million) Net working capital (NOK million)

% of rolling 12M revenue

• Cash position of NOK 194 million per Q1 25, plus credit facilities
• Stable net working capital in Q1 25, despite high revenue growth to all-time high revenue

Net debt / EBITDA

• Reduced NIBD and NIBD/EBITDA following sale of Abyss Group and subsequent debt reduction
• Ample headroom to covenant threshold of 4.50x

Balanced capital allocation framework

Resumed dividend payments after halt in 2023-24

Cash dividend (NOK per share)

• Introducing new dividend policy:
• AKVA Group is committed to delivering long-term value to shareholders through both share price appreciation and competitive dividends. Over time, AKVA Group intends to return between 40% and 50% of cash flow after investments to shareholders in the form of dividends, subject to the capital needs of the business and prevailing market conditions.

Positioned for material value creation next three years

Continuing our growth journey – 2030 ambition

Pioneering a better future – key investment highlights

Fully-invested business platforms with capacity to double revenue

Perfectly positioned for profitable growth across all segments

Attractive business model with an increasing share of recurring revenue

Strong balance sheet and increasing cash flow providing competitive returns

Experienced management team with a proven operational track record

A true partner, trusted advisor and high-quality solutions supplier to the aquaculture industry – pioneering the solutions of tomorrow

Q&A session

Thank you

Pioneering a better future