AKVA Group

Quarterly Report • Nov 7, 2025

11 About us Highlights Financial review Financial statement Notes ☰

Q3 2025

Third quarter report

Content

About us

This is AKVA group 3

Highlights

Highlights Quarter 5 Highlights Year to date 6 Order intake, revenues and profit for the Group 7

Financial review

Business area financial performance 8 Revenue per geographic region 11 Revenue per CAPEX / OPEX 12 Revenue per fish species 13 Balance sheet and cash flow 14 Other shareholder information 15

Financial statement

Statementfrom the Board and Chief Executive Officer 16 Financials 17

Notes

Notes 20 Our offices 26

AKVA group ASA together with its consolidated subsidiaries are referred to as the Group or AKVA group. AKVA group ASA is referred to as AKVA group ASA or the company.

This is AKVA group

AKVA group is the world's largest supplier of solutions and services to the aquaculture industry. With over 50 years of history, we keep pioneering advancements in land based and sea based fish farming.

We are a public listed company, and our solutions range from single components to fully integrated production systems, all designed to optimise fish performance and fish welfare, while improving customer profitability and ensuring sustainability is maintained.

Global presence

With offices in Norway, Denmark, United Kingdom, Lithuania, Spain, Greece, Turkey, Chile, Canada, China, and Australia, we have truly a global presence. The strong global presence is supported by established production facilities and service organizations in many of the countries.

Our team of over 1,400 employees world-wide, representing 39 nationalities, brings together expertise in technology, data, biology, and aquaculture, enabling us to meet the most complex challenges of the industry.

Market and strategic position

AKVA group is known for delivering innovative and sustainable solutions. With a significant share in key markets, we maintain a competitive edge through our focus on cutting-edge technology, customer-centric approaches, and commitment to environmental sustainability.

THIRD QUARTER 2025

Highlights and key figures

All figures are presented in NOK million. Comparative figures for the same quarter last year are shown in brackets.

REVENUES AND OTHER INCOME

1,112 (936) 1 EBIT

89 (78) 1

786 (803)

ORDER INTAKE ORDER BACKLOG

2,363 (2,367)

• ⬤ High quarterly revenues of NOK 1,112 million and NOK 176 million higher than in Q3 2024
• ⬤ Order intake of NOK 786 and order backlog of NOK 2,363 million end of Q3 2025
• ⬤ High tender activity and order intake is expecting to be strong in Q4 25 supporting continued revenue growth in 2026
• ⬤ A RAS contract was awarded from Tytlandsvik Aqua start of Q4 with an estimated contract value of NOK 220 million
• ⬤ Solid quarterly EBIT of NOK 89 million and NOK 11 million higher than the same quarter last year

Note that the comparative figures for revenue and EBIT in Q3 2024 is adjusted for the gain and net gain of NOK 76 million and NOK 71 million, respectively. The gain was a result of the acquisition of 100% ownership in Observe which was completed during Q3 2024.

YEAR TO DATE 2025

Highlights and key figures

All figures are presented in NOK million. Comparative figures for the same period last year are shown in brackets.

REVENUES AND OTHER INCOME

3,292 (2,734)

EBIT

¹ 236 (162) 1

ORDER INTAKE ORDER BACKLOG

3,039 (2,608) 2,363 (2,367)

• ⬤ Revenue is NOK 3,292 million YTD 2025 and NOK 558 million higher than YTD Q3 2024
• ⬤ EBIT is NOK 236 million YTD 2025, increase by NOK 74 million compared to YTD Q3 2024
• ⬤ Order intake YTD 2025 is 16.5% higher than YTD Q3 2024
• ⬤ Sale of shares in Abyss Group to Arcus Infrastructure Partners in Q1 2025 resulted in a gain of NOK 12 million
• ⬤ A dividend of NOK 1 per share was paid in the first half of 2025 and a dividend of NOK 1 per share was paid in November for the second half year

Note that the comparative figures for revenue and EBIT in YTD Q3 2024 is adjusted for the gain and net gain of NOK 76 million and NOK 71 million, respectively. The gain was a result of the acquisition of 100% ownership in Observe which was completed during Q3 2024.

Order intake, revenues, and profits for the Group¹

OPERATIONS AND PROFIT

(Figures in brackets refer to 2024 unless other is specified)

The revenue in the third quarter was high of NOK 1,112 million. Tender activity is high, and the order intake is expected to be strong in Q4 2025, supported by the recent RAS contract from Tytlandsvik Aqua worth about NOK 220 million.

The order backlog of NOK 2,363 million is expected to increase in the fourth quarter of 2025 providing a solid foundation for continued revenue growth in 2026.

Note that the acquisition of 100% ownership in Observe was completed during Q3 2024, resulted in a gain of NOK 76 million reflected in the

revenues for Digital segment, with a corresponding net EBIT/EBITDA gain of NOK 71 million (including transaction related cost). The gain was a result of the step acquisition were AKVA remeasured previously held ownership of 33,7% at fair value in accordance with IFRS 3. All numbers in the report for Q3 2024 and YTD Q3 2024 includes the gain, unless other is specified.

Adjusted for the gain from the Observe transaction, the profitability improved compared to last year, and is primarily related to the higher revenue level.

Financial key figures (NOK1 000 000)	2025	2024	2025	2024
	Q3	Q3	YTD	YTD
Revenues	1,112	1,011	3,292	2,810
EBITDA	148	199	406	376
EBIT	89	150	236	233
Net profit	63	88	152	118
Net interest-bearing debt	1,264	1,265	1,264	1,265
Cash flow from operations	90	189	279	178
ROACE	10.5 %	10.3 %	10.5 %	10.3 %
Order backlog	2,363	2,367	2,363	2,367
Order intake	786	803	3,039	2,608

As a result of the acquisition of Observe, revenue and EBIT/EBITDA/Net profit/ROACE in Q3 2024, YTD 2024 in the table above includes a gain and net gain of NOK 75,6 million and NOK 71,4 million, respectively

About us Highlights ⬤ Financial review Financial statement Notes ☰

SEA BASED

Revenue and other income for Sea Based increased compared to the same quarter last year, from NOK 740 million to NOK 770 million. EBITDA and EBIT ended at NOK 113 million (112) and NOK 70 million (75), respectively. The related EBITDA and EBIT margins were 14.7% (15.2%) and 9.1% (10.1%), respectively.

Order intake in Q3 2025 was NOK 620 million compared to NOK 635 million in Q3 2024. Order backlog ended at NOK 745 million compared to NOK 711 million last year.

Revenue and other income in the Nordic region ended at NOK 545 million (528), and with an order intake of NOK 338 million (386). In the Americas region, revenue and other income decreased from NOK 156 million to NOK 134 million, with an order intake of NOK 228 million (112). Europe and Middle East (EME) had a revenue and other income of NOK 91 million in Q3 2025, compared to a revenue of NOK 55 million in the same quarter last year. The order intake was NOK 54 million (137) in the quarter.

LAND BASED

Revenue for Land Based increased significantly compared to the same quarter last year, from NOK 162 million to NOK 308 million. EBITDA and EBIT ended at NOK 22 million (5) and NOK 19 million (3), respectively. The related EBITDA and EBIT margins were 7.3% (3.1%) and 6.1% (1.6%). The improved profitability is due to higher revenue and improved project margins.

Order intake in Q3 2025 of NOK 138 million was at the same level as last year. Order backlog ended at NOK 1,435 million, compared to NOK 1,509 million last year.

DIGITAL

Revenue amounted to NOK 34 million (34) in Q3 2025. EBITDA and EBIT ended at NOK 12 million (11) and NOK 0 million (1), respectively. The related EBITDA and EBIT margins were 36.0% (31.9%) and 0.1% (3.1%).

Order intake in Q3 2025 of NOK 28 million compared to NOK 30 million in Q3 2024. Order backlog ended at NOK 183 million, compared to NOK 147 million last year.

The information below shows AKVA group's three business segments, Sea Based , Land Based and Digital (ref. notes to the interim financial statements).

Order intake Order backlog

About us Highlights ⬤ Financial review Financial statement Notes ☰

Revenue¹

Sea Based and Land Based had an increase in activity level this quarter of 4.1% and 90.1% compared to the same quarter last year. Digital had a decrease in revenue of 69.3% compared to the same quarter last year. Adjusted for the gain of NOK 76 million related to Observe in Q3 24 the revenue decreased by 0.2%.

Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is reflected in the revenues for the Digital segment

About us Highlights ⬤ Financial review Financial statement Notes ☰

Revenue per geographic region¹

Nordic had an increase in activity level this quarter of 11.4% compared to the same quarter last year. Adjusted for the gain of NOK 76 million related to the Observe transaction in Q3 24 the increase was 23.6%. Revenue in Americas was 11.2% lower compared to the same quarter last year. Europe and Middle East (EME) had an increase in revenues compared to the same quarter last year of 61.6%.

Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is reflected in the revenues for the Nordic region

Revenue per CAPEX / OPEX¹

The CAPEX based revenues increased with 28.6% in the third quarter compared to the same quarter in 2024, whilst the OPEX based revenues decreased with (22.5)% in the same period.

Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is classified as OPEX based revenue

About us Highlights ⬤ Financial review Financial statement Notes ☰

Revenue per fish species¹

Most of the revenues are generated from the Salmon segment. The revenues from other species relate mainly to the Mediterranean area.

Balance sheet and cash flow

Working capital was NOK 428 million on 30 September 2025, an increase from NOK 263 million on 30 September 2024. The working capital relative to last twelve months revenue was 10.5% at the end of September 2025, compared to 7.3% at the end of September 2024.

Total CAPEX in Q3 2025 was NOK 44 million. NOK 18 million relates to capitalized R&D expenses, NOK 7 is related to rental products and NOK 19 million was other CAPEX.

Cash and unused credit facilities amounted to NOK 442 million at the end of Q3 2025 versus NOK 448 million at the end of Q3 2024. The unused credit and revolving facility (at DNB) is NOK 231 million.

Net interest-bearing debt was NOK 1,264 million at the end of September 2025, including lease liabilities of NOK 433 million, compared to NOK 1,265 million and NOK 464 million at the end of Q3 2024.

Gross interest-bearing debt was NOK 1,567 million at the end of Q3 2025 versus NOK 1,506 million at the end of Q3 2024. The short-term interestbearing debt in the balance sheet includes the next 12 months instalments of the long-term debt. The IFRS 16 lease liability of NOK 433 million (464) at the end of Q3 2025, is included in the interest-bearing debt.

Leverage ratio of 2.62 as at 30 September 2025 and AKVA group was in compliance with all bank covenants. The Group continues to closely monitor its financial performance to ensure compliance with financial covenants.

Trailing 12 months average return on capital employed (ROACE) ended at 10.5% (10.3%) for the quarter.

Total assets and total equity amounted to NOK 4,239 million and NOK 1,373 million respectively, resulting in an equity ratio of 32.4% (32.4%) at the end of Q3 2025.

Other shareholder information

Earnings per share of NOK 1.74 (2.44), based on 36,400,812 (36,316,177) shares on average.

Dividend of NOK 1 per share was paid in April 2025.

Dividend of NOK 1 per share was paid in the beginning of November 2025.

As a result of participation in capital increases in Submerged in Q2 and Q3 2025, the ownership increased from 51% to 58% in August. The portion of the equity in Submerged that is presented as minority interest in the balance sheet has changed from 49% to 42%.

Portion of equity in Newfoundland Aqua Service Ltd. (1.5%) and Submerged AS (42%) that is not owned by the Group is presented as minority interests in the balance sheet.

A presentation of the 20 largest shareholders is presented in note 6 of this report.

MARKET AND FUTURE OUTLOOK

Foreseeing continued strong momentum for deep farming concepts.

Aiming for revenue of minimum NOK 4.0 billion and EBIT of 6% in 2025.

Continuing to invest and improve our solutions across Sea Based, Land Based and Digital.

Expecting strong order intake in Q4 2025 to support continued revenue growth in 2026.

Statement from the Board and Chief Executive Officer

We confirm that, to the best of our knowledge, the condensed set of financial statements for the period 1 January to 30 September 2025, which have been prepared in accordance with IAS 34 Interim Financial Statements, gives a true and fair view of the company's consolidated assets, liabilities, financial position and results of operations, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.

Board of Directors and CEO AKVA group ASA

Klepp, Norway, 6 November 2025

Hans Kristian Mong

Kristin Reitan Husebø Deputy chair Odd Jan Håland Board member

Frode Teigen
Board member

Heidi Nag Flikka Board member

Irene Heng Lauvsnes Board member

here H. Lawsnes

John Morten Kristiansen Board member

John Morte Kristianers

Yoav Doppelt Board member

Tore Rasmussen Board member Knut Nesse

Mona Skåtøy Skadberg Board member

Mona Scattery Stadberg

CONDENSED CONSOLIDATED INTERIM STATEMENT OF Note INCOME	2025	2024	2025	2024	2024
(NOK 1 000)	Q3	Q3	YTD	YTD	Total
OPERATING REVENUES AND OTHER INCOME	5 1,112,017 1,011,232 3,292,113 2,809,836 3,601,789
Cost of materials	657,184			522,978 1,871,752 1,539,135 1,934,003
Payroll expenses	246,841	233,035	815,398	719,156	976,367
Other operating expenses	60,057	55,826	199,346	175,130	238,676
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) 5	147,935	199,393	405,617	376,415	452,744
Depreciation	12,934	12,340	38,525	36,762	50,418
IFRS 16 Depreciation	27,854	25,779	77,119	76,243	100,631
Amortization	18,012	11,415	54,398	30,373	45,898
Impairment	0	0	0	0	0
OPERATING PROFIT (EBIT) 5	89,135	149,859	235,576	233,037	255,797
Net interest expense	-16,876	-20,575	-50,450	-53,400	-74,266
IFRS 16 Interest expenses	-5,283	-5,786	-15,903	-17,501	-23,018
Other financial items	8,420	-25,498	7,913	-20,661	-32,550
Net financial items	-13,740	-51,859	-58,440	-91,561	-129,834
PROFIT BEFORE TAX	75,395	98,001	177,136	141,476	125,963
Taxes1	12,598	10,181	24,979	23,232	-1,217
NET PROFIT	62,797	87,819	152,157	118,243	127,180
Net profit (loss) attributable to:
Non-controlling interests	-617	-763	-1,371	-1,595	-2,977
Equity holders of AKVA group ASA	63,414	88,582	153,528	119,839	130,157
Earnings per share equity holders of AKVA group ASA	1.74	2.44	4.22	3.29	3.58
Diluted earnings per share equity holders of AKVA group ASA	1.74	2.44	4.22	3.29	3.58
Average number of shares outstanding (in 1 000)	36,401	36,316	36,354	36,381	36,363
Diluted number of shares outstanding (in 1 000)	36,401	36,316	36,354	36,381	36,363

Income tax Q3 2024 and Q3 2025 based on best estimate

STATEMENT OF INCOME STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENT Note OF COMPREHENSIVE INCOME	2025	2024	2025	2024	2024
(NOK 1 000)	Q3	Q3	YTD	YTD	Total
NET PROFIT	62,797	87,819	152,157	118,243	127,180
Other comprehensive income that may be reclassified subsequently to income statement:
Translation differences on foreign operations	-25,747	25,886	-69,314	22,626	25,438
Income tax effect	0	0	0	0	0
Total	-25,747	25,886	-69,314	22,626	25,438
Gains(+)/losses(-) on cash flow hedges	475	-5,580	-6,653	2,306	9,830
Income tax effect	-104	1,228	1,464	-507	-2,163
Total	370	-4,352	-5,190	1,799	7,667
Total other comprehensive income, net of tax	-25,377	21,534	-74,504	24,425	33,105
TOTAL COMPREHENSIVE INCOME, NET OF TAX	37,420	109,353	77,653	142,668	160,285
Attributable to:
Non-controlling interests	-617	-763	-1,371	-1,595	-2,977
Equity holders of AKVA group ASA	38,038	110,116	79,024	144,263	163,261

STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CHANGES Note IN EQUITY	2025	2024	2025	2024	2024
(NOK 1 000)	Q3	Q3	YTD	YTD	Total
Balance at start of period before non-controlling interest	1,320,353	1,156,026	1,305,978	1,142,451	1,142,451
The period's net profit	63,414	88,582	153,528	119,839	130,157
Buyback of own shares	-592	-3,734	-592	-13,241	-13,241
Gains/(losses) on cash flow hedges (fair value)	370	-4,352	-5,190	1,799	7,667
Dividend	0	0	-36,309	0	0
Share-based payments	7,140	2,222	11,317	3,727	4,868
Adjustment related to prior periods	0	20,518	0	3,213	-5,840
Translation differences	-25,747	25,886	-69,314	22,626	25,438
Other adjustments	2,443	6,904	7,964	11,637	14,478
Equity before non-controlling interests	1,367,382	1,292,053	1,367,382	1,292,053	1,305,978
Non-controlling interests	5,877	8,630	5,877	8,630	7,248
Book equity at the end of the period	1,373,259	1,300,683	1,373,259	1,300,683	1,313,226

STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOW

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note	2025	2024	2024
(NOK 1 000)	30.9.	30.9.	31.12.
Intangible fixed assets 1,3	1,603,071	1,576,670	1,621,569
Deferred tax assets	75,239	78,694	85,999
Tangible fixed assets	626,882	647,423	640,446
Long-term financial assets 2	179,821	284,150	291,012
FIXED ASSETS	2,485,012	2,586,937	2,639,027
Stock	637,634	627,371	649,367
Trade receivables	718,286	543,118	485,881
Other receivables	186,769	92,085	118,461
Cash and cash equivalents	210,979	168,618	161,190
CURRENT ASSETS	1,753,668	1,431,191	1,414,898
TOTAL ASSETS	4,238,680	4,018,128	4,053,925
Equity attributable to equity holders of AKVA group ASA	1,367,382	1,292,053	1,305,978
Non-controlling interests 1,3	5,877	8,630	7,248
TOTAL EQUITY	1,373,259	1,300,683	1,313,226
Deferred tax	40,398	47,402	26,921
Other long term debt	143,900	164,513	196,306
Lease Liability - Long-term	333,111	368,794	356,445
Long-term interest bearing debt 1	946,859	983,486	1,043,950
LONG-TERM DEBT	1,464,268	1,564,195	1,623,622
Short-term interest bearing debt	186,386	58,433	108,127
Lease Liability - Short-term	100,295	95,079	95,065
Trade payables	328,728	306,925	307,546
Public duties payable	178,045	115,897	98,771
Contract liabilities	282,705	282,134	205,492
Other current liabilities	324,995	294,782	302,076
SHORT-TERM DEBT	1,401,153	1,153,251	1,117,077
TOTAL EQUITY AND DEBT	4,238,680	4,018,128	4,053,923

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	2025	2024	2025	2024	2024
(NOK 1 000)	Q3	Q3	YTD	YTD	Total
Cash flow from operating activities
Profit before taxes	75,395	98,000	177,136	141,475	125,963
Taxes paid	453	-2,254	1,435	-9,749	-5,967
Share of profit(-)/loss(+) from associates	-1,681	-8,159	-7,974	-7,131	-7,438
Net interest cost	22,159	26,361	66,353	70,901	97,284
Share-based payments	-1,635	0	2,680	0	4,867
Gain from acquisition of subsidiary	0	-75,552	0	-75,552	-75,552
Gain(-)/loss(+) on disposal of fixed assets	-65	175	-236	74	74
Gain(-)/loss(+) on financial fixed assets	-9,585	26,325	-24,725	7,145	9,496
Depreciation, amortization and impairment	58,800	49,533	170,041	143,378	196,946
Changes in stock, accounts receivable and trade payables	-70,684	93,452	-151,490	-54,789	-18,928
Changes in other receivables and payables	14,952	-1,469	63,096	3,995	-134,844
Net foreign exchange difference	2,375	-17,089	-16,859	-41,506	-39,779
Cash generated from operating activities	90,484	189,322	279,458	178,242	152,122
Cash flow from investment activities
Investments in fixed assets	-44,216	-46,053	-117,611	-128,705	-189,180
Proceeds from sale of fixed assets	192	110	1,257	125	395
Dividends payment from NCI	0	0	1,051	3,642	5,264
Acquisition of subsidiary, net of cash	0	-73,812	0	-73,812	-73,813
Equity issued in associates and group companies	-5,000	0	-9,978	-4,371	-12,411
Proceeds from sale of associates	0	0	144,116	0	0
Net cash flow from investment activities	-49,024	-119,755	18,835	-203,121	-269,745
Cash flow from financing activities
Repayment of borrowings	-69,303	-34,009	-205,398	-112,730	-39,624
Proceed from borrowings	-13,155	-7,150	78,259	170,933	290,627
Repayment of lease liabilities	20,121	0	-18,105	0	-81,058
IFRS 16 interest	-5,283	-5,786	-15,903	-17,501	-23,018
Net other interest	-16,876	-20,575	-50,450	-53,400	-74,266
Dividend payment	0	0	-36,309	0	0
Sale/(purchase) own shares	-598	-3,716	-598	-13,200	-13,241
Net cash flow from financing activities	-85,094	-71,236	-248,503	-25,898	59,419
Cash and cash equivalents at beginning of period	254,614	170,286	161,190	219,394	219,394
Net change in cash and cash equivalents	-43,635	-1,668	49,789	-50,776	-58,204
Cash and cash equivalents at end of period	210,979	168,618	210,979	168,618	161,190

General information and basis for preparation

AKVA group consists of AKVA group ASA and its controlled subsidiaries.

These condensed interim financial statements are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting as adopted by the EU (IAS 34). The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statement. The condensed interim financial statements do not include all of the information and disclosures required by International Reporting Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in conjunction with the most recent annual financial statements. The annual financial statements were prepared in accordance with International Financial Reporting Standards and interpretations as issued by the International Standards Board and as adopted by the EU. A description of the significant accounting policies applied in preparing these condensed interim financial statements is included in AKVA group's consolidated financial statements for 2024. There have been no changes to significant accounting policies since the preparation of the annual financial statements for 2024. The condensed interim financial statements are unaudited.

Because of rounding differences, numbers or percentages may not add up to the total. The consolidated financial statements for the Group for the year ended 31 December 2024 are available upon request from the company's office at Plogfabrikkveien 11, 4353 Klepp Stasjon, Norway or at our website.

NOTE 2

Accounting principles

All significant accounting principles applied in the consolidated financial statement are described in the Annual Report 2024 (as published on the OSE on 7 April 2025).

AKVA group accounts for associates owned between 20% and 50% by using the equity method. Gain/loss on investments are recognized as other operating revenue, subject to the investment being of similar character and type as the other businesses within the group.

In first half of 2024 IAS 29, financial reporting in hyperinflationary economies, was implemented in relation to subsidiary in Turkey. In Turkey the Asper Law 555 dated 30.12.2023 require companies to apply inflation accounting. All non-monetary assets are reevaluated in accordance with IAS 29. The effect of the revaluation is balanced against retained earnings.

No new standards have been adopted in 2025.

Recognition and measurement of assets and liabilities in connection with acquisitions

IFRS 3 permits adjustments to items recognized in the original accounting for business combination, for a maximum of one year after the acquisition date, if, and when new information about facts and circumstances existing at the acquisition date is obtained. AKVA group will make a final assessment before this one-year period comes to an end.

Dividend

AKVA group ASA paid dividend in April of NOK 1.00 per share, in total NOK 36,309,017.

The company decided to pay a dividend of NOK 1.00 per share for the second half year, refer to note 4.

Intragroup mergers

The intragroup merger of AKVA group Software AS and Polarcirkel AS with AKVA group ASA as surviving entity was completed in Q1 2025.

NOTE 4

Events after the reporting period

Dividend of NOK 1.00 per share was paid on November 4, 2025.

There have been no other events subsequent to the reporting period that might have a significant effect on the financial report for the third quarter of 2025.

Business segments

AKVA group is organized in three business segments; Sea Based, Land Based and Digital.

Sea Based consist of the following companies: AKVA group ASA, Helgeland Plast AS, AKVA group Services AS, Sperre AS, AKVA group Scotland Ltd, AKVASmart Turkey Ltd, AKVA group Australia Pty Ltd, AKVA group Chile S.A., AKVA group North America Inc, AKVA group Hellas, Newfoundland Aqua Service Ltd., AKVA group España, Egersund Net AS, Egersund Trading AS, UAB Egersund Net and Grading Systems Ltd. The products included in the segment are: pens, barges, feed systems, sensors, net cleaning systems, nets and other operational technologies and systems for seabased aquaculture.

Land Based consist of the following companies: AKVA group ASA, AKVA group Land Based Sømna AS, AKVA group Land Based A/S and AKVA group Land Based Americas SA. The products included in the segment is recirculation systems and other technologies for land based aquaculture and post smolt facilities.

Digital consist of the following companies: AKVA group ASA, Submerged AS and Observe Technologies Ltd. The products offered includes digital solutions and professional services and are sold worldwide by the Group.

Same accounting principles as for the Group financial statements have been applied for the segment reporting. Inter-segment transfers or transactions are entered into under normal commercial terms and conditions, and the measurement used in the segment reporting is the same as used for the actual transactions.

CONDENSED CONSOLIDATED BUSINESS SEGMENTS

CONDENSED CONSOLIDATED BUSINESS SEGMENTS	2025	2024	2025	2024	2024
(NOK 1 000)	Q3	Q3	YTD	YTD	Total
Sea Based
Nordic operating revenues	544,840	528,399	1,803,939	1,558,65	1,902,737
Americas operating revenues	134,490	156,074	401,739	3 462,256	608,572
Europe & Middle East operating revenues	90,750	55,425	236,664	207,325	259,092
INTRA SEGMENT REVENUE	770,081	739,898	2,442,342	2,228,23	2,770,401
Operating costs ex depreciations	656,644	627,596	2,108,684	5 1,945,78	2,433,306
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	113,437	112,302	333,658	7 282,448	337,095
Depreciation & amortization	43,224	37,544	122,814	110,611	150,391
OPERATING PROFIT (EBIT)	70,212	74,758	210,844	171,837	186,703
Digital
Nordic operating revenues	17,700	94,354	55,068	136,071	154,261
Americas operating revenues	12,610	12,048	36,552	36,002	47,952
Europe & Middle East operating revenues	3,239	2,749	9,147	8,630	11,237
INTRA SEGMENT REVENUE	33,549	109,152	100,766	180,703	213,450
Operating costs ex depreciations	21,456	27,017	73,872	87,185	112,440
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	12,093	82,135	26,894	93,518	101,010
Depreciation & amortization	12,064	9,667	36,667	25,360	36,869
OPERATING PROFIT (EBIT)	29	72,468	-9,773	68,158	64,141
Land Based
Nordic operating revenues	284,951	138,266	691,452	342,702	617,879
Americas operating revenues	23,437	23,915	57,553	58,197	60
Europe & Middle East operating revenues	0	0	0	0	0
INTRA SEGMENT REVENUE	308,388	162,182	749,005	400,898	617,939
Operating costs ex depreciations	285,982	157,226	703,940	400,450	603,300
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	22,406	4,956	45,064	449	14,639
Depreciation and amortization	3,512	2,322	10,559	7,407	9,687
OPERATING PROFIT (EBIT)	18,894	2,634	34,505	-6,958	4,952

Top 20 shareholders as of 30 September 2025

Number of shares	Ownership percentage	Shareholders	Country
18,703,105	51.0%	EGERSUND GROUP AS	NOR
6,600,192	18.0%	Israel Corporation Ltd	ISR
2,191,590	6.0%	PARETO AKSJE NORGE VERDIPAPIRFOND	NOR
1,626,256	4.4%	J.P. Morgan SE	LUX
906,510	2.5%	VERDIPAPIRFONDET ALFRED BERG GAMBA	NOR
825,180	2.3%	SIX SIS AG	CHE
539,940	1.5%	FORSVARETS PERSONELLSERVICE	NOR
400,621	1.1%	J.P. Morgan SE	FIN
344,161	0.9%	VERDIPAPIRFONDET ALFRED BERG NORGE	NOR
314,771	0.9%	MP PENSJON PK	NOR
308,923	0.8%	NESSE & CO AS	NOR
289,606	0.8%	J.P. Morgan SE	LUX
257,590	0.7%	J.P. Morgan SE	FIN
216,706	0.6%	AKVA GROUP ASA	NOR
139,810	0.4%	VERDIPAPIRFONDET ALFRED BERG NORGE	NOR
125,795	0.3%	DAHLE, BJØRN	NOR
114,250	0.3%	JAKOB HATTELAND HOLDING AS	NOR
97,200	0.3%	BKK PENSJONSKASSE	NOR
90,000	0.2%	ASKVIG AS	NOR
75,750	0.2%	SKJÆVELAND, ODD	NOR
34,167,956	93.2%	20 largest shareholders
2,499,777	6.8%	Other shareholders
36,667,733	100.0%	Total shares

An updated overview of the 20 largest shareholders is available on AKVA group's investor relations webpage.

Alternative Performance Measures - Non IFRS Financial Measures

AKVA group discloses alternative performance measures as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are used to provide an enhanced insight into the operating performance, financing and future prospects of the company and are frequently used by analysts, investors and other interested parties. The definition of these measures are as follows:

• ⬤ Available cash is a non-IFRS financial measure, calculated by summarizing all cash in the Group in addition to available cash from established credit facilities.
• ⬤ Capital Employed is calculated using the formula (total assets cash and RoU asset) – (total current liabilities – liabilities to financial institutions and lease liability).
• ⬤ EBITDA is the earnings before interest, taxes, depreciation, and amortizations. It can be calculated by the EBIT added by the depreciations and amortizations.
• ⬤ NIBD Net interest-bearing debt is a non-IFRS financial measure, equal to our interest-bearing debt plus lease liability minus our cash and cash equivalents at the balance sheet date.
• ⬤ NIBD / EBITDA is a non-IFRS measure, calculated as period end NIBD divided by the prior 12 months EBITDA.

• ⬤ Order backlog is a non-IFRS measure, calculated as signed orders and contracts at the balance sheet date.

• ⬤ Order intake is a non-IFRS measure, calculated as order backlog at the end of period minus order backlog at start of period and revenue in the period.

• ⬤ ROACE Return on average Capital Employed is a non-IFRS financial measure, calculated by dividing the last 12 months EBIT by the quarterly average of the Capital Employed ex. IFRS 16 last 12 months.
• ⬤ ROCE Return on Capital Employed is a non-IFRS financial measure, calculated by dividing the last 12 months EBIT by capital employed at the balance sheet date.
• ⬤ Working Capital is a non-IFRS financial measure calculated by current assets less cash minus current liabilities less liabilities to financial institutions.
• ⬤ Equity ratio is a non-IFRS financial measure, calculated by dividing total equity by total assets.
• ⬤ EBIT-margin, calculated as EBIT divided by total revenues.
• ⬤ EBITDA-margin, calculated as EBITDA divided by total revenues.
• ⬤ EBIT is the earnings before interest and taxes. It can be calculated by the profit before tax added by the net financial items.
• ⬤ Debt to equity ratio is a non-IFRS financial measure, calculated by dividing total gross interest-bearing debt to total equity.
• ⬤ Net free cash flow per per share is a non-IFRS financial measure, calculated as change in net free cash flow divided by the number of shares outstanding at year-end.

The following table reconciles our Alternative Performance Measures to the most directly reconcilable line item, subtotal or total presented in the financial statements:

statements:
Alternative Performance Measures - Non IFRS Financial Measures (NOK 1 000)	2025 Q3	2024 Q3	2024 31.12.
Cash and cash equivalents	211	169	161
Not utilized overdraft facilities at period end	231	279	192
Available cash	442	448	353
Total assets	4,239	4,018	4,054
Cash and cash equivalents	-211	-169	-161
IFRS 16 - RoU Asset	-415	-443	-431
Current liabilities	-1,401	-1,153	-1,117
Liabilities to financial institutions - Short-term	186	58	108
Lease Liability - Short-term	100	95	95
Capital employed	2,498	2,407	2,548
Operating profit	89	150	256
Depreciation, amortization and impairment	59	50	197
EBITDA	148	199	453
Liabilities to financial institutions	1,133	1,042	1,152
Lease liabilities	433	464	452
Other non-current liabilities	144	165	196
Non-interest bearing part of non-current liabilities	-144	-165	-196
Long term financial assets	-92	-72	-84
Cash and cash equivalents	-211	-169	-161
Net interest-bearing debt	1,264	1,265	1,358
Net interest bearing debt	1,264	1,265	1,358
EBITDA last twelve months	482	427	453
NIBD/EBITDA	2.62	2.96	3.00
Operating profit last twelve months	258	223	256
Average Capital employed last twelve months	2,471	2,170	2,324
ROACE	10.5 %	10.3 %	11.0 %
Operating profit last twelve months	258	223	256
Capital employed	2,498	2,407	2,548
ROCE	10.3 %	9.3 %	10.0 %
Current assets	1,754	1,431	1,415
Cash and cash equivalents	-211	-169	-161
Current liabilities	-1,401	-1,153	-1,117
Current lease liabilities	100	95	95
Current liabilities to financial institutions	186	58	108
Working capital	428	263	340

Our offices

Head Office AKVA group ASA Plogfabrikken 11, N-4353 Klepp Stasjon, Norway post@akvagroup.com

Other AKVA group offices:

AKVA group, Trondheim:	Tel (+47) 73 84 28 00
AKVA group, Brønnøysund:	Tel (+47) 75 00 66 00
AKVA group, Sandstad:	Tel (+47) 72 44 11 00
AKVA group, Mo i Rana:	Tel (+47) 75 14 37 50
AKVA group, Tromsø:	Tel (+47) 75 00 66 50
AKVA group, Sandnessjøen:	Tel (+47) 75 14 37 50
AKVA group, Rørvik:	Tel (+47) 75 00 66 50
Egersund Net, Egersund:	Tel (+47) 51 46 29 60
Egersund Net, Austevoll:	Tel (+47) 55 08 85 10
Egersund Net, Manger:	Tel (+47) 51 46 29 60
Egersund Net, Kristiansund:	Tel (+47) 51 46 29 60
Egersund Net, Rørvik:	Tel (+47) 51 46 29 60
Egersund Net, Brønnøysund:	Tel (+47) 51 46 29 60
Egersund Net, Vevelstad:	Tel (+47) 51 46 29 60
Egersund Net, Vesterålen:	Tel (+47) 76 14 00 00
Egersund Trading, Austevoll:	Tel (+47) 55 08 85 00
Grading Systems, Shetland:	Tel (+44) 1806 577 241
Helgeland Plast, Mo i Rana:	Tel (+47) 75 14 37 50
AKVA group Land Based, Sømna:	Tel (+47) 75 02 78 80
Sperre, Notodden:	Tel (+47) 35 02 50 00
UAB Egersund Net, Lithuania:	Tel (+370) 446 54 842
AKVA group Land Based, Fredericia:	Tel (+45) 75 88 02 22
AKVA group Chile, Puerto Montt:	Tel (+56) 65 250 250
AKVA group UK, Inverness:	Tel (+44) 1463 221 444
AKVA group North America, Campbell River, Canada:	Tel (+1) 250 286 8802
AKVA group North America, New Brunswick, Canada:	Tel (+1) 506 754 6991
AKVA group North America, Newfoundland and Labrador, Canada:	Tel (+1) 506 754 1792
AKVA group Australia, Tasmania:	Tel (+61) 488 983 498
AKVA group Turkey, Bodrum:	Tel (+90) 252 374 6434
AKVA group España, Murcia:	Tel (+34) 968 209 494
AKVA group Hellas, Athens:	Tel (+30) 69 441 660 14
AKVA group China, Ningbo:	Tel (+45) 75 88 02 22
Submerged, Stadsbygd:	Tel (+47) 51 46 13 98
Observe Technologies, London:	Tel (+44) 1463 221444

Pioneering a better future