AKVA Group

Investor Presentation • Nov 7, 2025

Q3 2025 Presentation

Klepp, 7 November 2025

Agenda | Q3 2025

Introduction and Highlights

Knut Nesse, CEO

Financial Performance

Ronny Meinkøhn, CFO

Q&A Session

Highlights third quarter Q3 2025

• Solid quarterly revenue of NOK 1,112 million and EBIT of NOK 89 million
• Award of RAS contract from Tytlandsvik Aqua early Q4 with estimated contract value of NOK 220 million
• Order intake is expected to be strong in Q4 providing a solid foundation for continued revenue growth in 2026
• AKVA is confident to deliver on 2025 revenue and EBIT guidance of minimum NOK 4 billion and 6%, respectively

Key figures | Q3 2025

^* EBITDA of NOK 25 million in Q3 22 is impacted by NOK 58 million in costs related to restructuring and cost saving programs

* Negative EBIT of NOK 59 million in Q3 22 is impacted by NOK 98 million in costs related to restructuring and cost saving programs

Key figures | YTD Q3 2025

^* EBITDA of NOK 131 million in Q3 22 is impacted by NOK 58 million in costs related to restructuring and cost saving programs

Development order intake and order backlog

AKVAGROUP

Pioneering a better future

A technology innovator across multiple areas

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

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

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

Unlocking growth through technology

• 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 non-green zones
• Currently applicable for close to 60% of locations
• Deep farming represents a ~NOK 6 billion market opportunity in Norway through 2030

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

The only true global RAS supplier

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

~NOK 300 million

Invested in transformation since 2020

~250 employees

High competence and industry expertise

NOK 618 million

Revenue 2024

NOK 1.4 billion

Order backlog 2024

Proven & documented technology

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

End-to-end project execution

• Concept development, engineering and design
• Procurement, manufacturing and logistics
• Construction, installation and commussioning

Advisory & services

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

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

Invested to create the globally leading Digital platform in aquaculture

• " 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

Positioned for long-term growth

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

~120 employees

(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

Complete platform

• enabling next-gen precision fish farming

Sustainable fish performance

Feeding – Biomass – Lice – Health

• 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

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

AKVAGROUP

Sustainable salmon farming driving structural investment growth

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

Source: Fiskeridirektoratet, Kontali, Company data

• 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

Driving long-term growth and shareholder value creation

2022¹

Revenue: EBIT-%: 3.4bn ➞ 3.5bn 1% ➞ 5% Restructuring and turnaround in a challenging market

• 2024² 2025 guidance 2027 target

(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

Agenda | Q3 2025

Introduction and Highlights

Knut Nesse, CEO

Financial Performance

Ronny Meinkøhn, CFO

Q&A Session

Income statement

Q3 2025

• High activity in the third quarter and revenue was NOK 176 million higher than the same quarter last year
• Solid profitability with EBITDA of 13,3% and NOK 20 million higher compared to Q3 24
• Net financial items decreased by NOK 38 million compared to Q3 24 and positive impacted by the NOK 10 million increase in market value in the investment in Nordic Aqua Partners

NOK million	2025 Q3	2024 Q3	2025 YTD	2024 YTD	2024 Total
Total revenues and other income	1 112	936	3 292	2 734	3 526
Cost of materials	657	523	1 872	1 539	1 934
Payroll expenses	247	233	815	719	976
Other operating expenses	60	52	199	171	235
EBITDA	148	128	406	305	381
EBITDA margin	13,3 %	13,7 %	12,3 %	11,2 %	10,8 %
Depreciation, amortization and impairment	59	50	170	143	197
EBIT	89	78	236	162	184
EBIT margin	8,0 %	8,4 %	7,2 %	5,9 %	5,2 %
Net Financial Items	-14	-52	-58	-92	-130
Income (loss) before tax	75	27	177	70	55
Income tax1	13	10	25	23	-1
Net income (loss)	63	16	152	47	56
Earnings per share (NOK)	1,74	0,47	4,22	1,33	1,62
1 Income tax Q3 2024 and Q3 2025 based on best estimate

Note: As a result of the acquisition of Observe, revenue and EBIT/EBITDA in Q3 2024, YTD 2024 and 2024 total in the adjacent table is adjusted for a gain and net gain of NOK 75,6 million and NOK 71,4 million, respectively

Revenue and order intake development

• Last twelve months order intake and revenue was NOK 4,120 million and NOK 4,084 million, respectively
• Revenue increased by 19% compared to Q3 24
• Book-to-bill ratio of 71% in Q3 25
• Expect strong order intake in Q4 25

Revenue Order intake

Note: Revenue in Q3 24 is adjusted for the gain of NOK 75,6 million related to the acquisition of Observe

Revenue by Market and Segment

• Increase of 22% in the Nordic market, and 27% in Australasia compared to Q3 24
• Europe & Middle East with increased revenue of 53% and Americas is reduced by 6% compared to Q3 24

• Sea Based represents 69% of total revenue in Q3 25
• Increase in revenue compared to Q3 24 is primarily related to Land Based (+90%)

AKVAGROUP

EBITDA development

• EBITDA margin decreased from 13,7% in Q3 24 to 13,3% in Q3 25
• Favourable product mix and strong EBITDA margin of 14,7% in Sea Based
• Continued improved profitability in Land Based with EBITDA margin of 7,3% due to higher revenue and improved project margins

Cash flow and financial position

Development Net interest-bearing debt

Capital expenditure

• Total CAPEX of NOK 44 million in Q3 25
• NOK 18 million applies to the three innovation agendas
• NOK 7 million is related to rental products
• CAPEX year to date of NOK 118 million

Return on capital employed

• ROACE increased from 7.0% in Q3 24 to 10.5% in

Note: ROACE is calculated with the average balance sheet items last four quarters, excl. IFRS 16. ROACE in Q3 24 – Q2 2025 is adjusted for the net gain of NOK 71,4 million related to the acquisition of Observe

Dividend

• Dividend of NOK 1 per share was paid April 15 for the first half year
• Dividend of NOK 1 per share was paid November 4 for the second half year

Sea Based Technology

Overall

• Revenue increased by 4% compared to Q3 24, and EBITDA margin decreased from 15.2% to 14.7% in the same period
• Decrease in order intake from NOK 635 million in Q3 24 to NOK 620 million in Q3 25

Nordic

• Revenue increased by 3% in Q3 25 compared to Q3 24
• 12% decrease in order intake Q3 25 compared to last year

Americas

• Revenue decreased by 14% in Q3 25 compared to Q3 24
• 103% increase in order intake Q3 25 compared to last year

Europe & Middle East

• Revenue increased by 64% in Q3 25 compared to Q3 24
• Decrease in order intake of 61% compared to Q3 24

Sea Based order intake and backlog development

Sea Based development OPEX based revenue

• OPEX based revenue was 37% of total Sea Based revenue in Q3 25
• OPEX based revenue year to date amounts to NOK 826 million compared to NOK 895 million same period last year

Land Based Technology

• Order intake of NOK 138 million in Q3 is primarily related to the contract with Laxey with estimated contract value of EUR 8,5 million
• Improved activity level and revenue increased by 90% in Q3 25 compared to Q3 24
• EBITDA improved by NOK 17 million in Q3 25 compared to Q3 24 due to the increased activity level and to higher project margins

Land Based order intake and backlog development

Digital

• Order intake of NOK 28 million is NOK 2 million lower than the same quarter last year
• Revenue same level compared to the same quarter last year
• EBITDA improved from 31,9% in Q3 24 to 36% in Q3 25

Digital order intake and backlog development

Disclaimer

• All opinions and statements in this notice are, regardless of source, given in good faith, and may only be valid as of the stated date of this notice and may be subject to change without notice. AKVA group has taken all reasonable steps to ensure that the information contained in this notice is true and not misleading. Notwithstanding such efforts, we make no guarantee as to its accuracy or completeness.
• This notice includes forward-looking statements. Forward-looking statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Words such as "expect", "anticipate", "believe", "intend", "estimate, "should" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements speaks only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events.
• Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and generally beyond AKVA group's control. Although it is believed that the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements are reasonable, investors should bear in mind that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including assumptions relating to general economic conditions in Norway and worldwide. Numerous factors exist and may occur that could cause AKVA group's actual operations, result or performance to differ from the forward-looking statements.
• Any use of information contained in this notice is at your own individual risk. AKVA group assumes no liability for any losses caused by relaying on the information contained in this notice, including investment decision taken on the basis of this notice.
• This notice is not intended for, and must not be distributed to, individuals or entities in jurisdictions where such distribution is unlawful.

AKVAGROUP

Agenda | Q3 2025

Introduction and Highlights

Knut Nesse, CEO

Financial Performance

Ronny Meinkøhn, CFO

Q&A Session

AKVA group in a brief

• AKVA group is the leading technology and service partner to the aquaculture industry worldwide

Our presence

Present in all markets with offices in:

• Norway

• Greece

• Denmark

• Turkey

• Scotland

• Chile

• England

• Canada

• Lithuania

• China

• Spain

• Australia

Balance sheet

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	4 053 925

Cash flow statement

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	-44 216	-46 053	-117 611	-128 705	-189 180
Investments in fixed assets 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

Largest shareholders

20 largest shareholders

No. of a language	0/ 4	•		0.00
No of shares	% Account		Type	Citizenship
18 703 105	*	UND GROUP AS		NOR
6 600 192	18,0 % Israel Co	•		ISR
2 191 590	6,0 % PARETO	O AKSJE NORGE VERDIPAPIRFOND		NOR
1 626 256	4,4 % J.P. Morg	gan SE	Nominee	LUX
906 510	2,5 % VERDIP	APIRFONDET ALFRED BERG GAMBA		NOR
825 180	2,3 % SIX SIS /	AG	Nominee	CHE
539 940	1,5 % FORSVA	ARETS PERSONELLSERVICE		NOR
400 621	1,1 % J.P. Morg	gan SE	Nominee	FIN
344 161	0,9 % VERDIP	APIRFONDET ALFRED BERG NORGE		NOR
314 771	0,9 % MP PEN	ISJON PK		NOR
308 923	0,8 % NESSE	& CO AS		NOR
289 606	0,8 % J.P. Morg	gan SE	Nominee	LUX
257 590	0,7 % J.P. Morg	gan SE	Nominee	FIN
216 706	0,6 % AKVA GF	ROUP ASA		NOR
139 810	0,4 % VERDIP	APIRFONDET ALFRED BERG NORGE		NOR
125 795	0,3 % DAHLE,	BJØRN		NOR
114 250	0,3 % JAKOB H	HATTELAND HOLDING AS		NOR
97 200	0,3 % BKK PEI	NSJONSKASSE		NOR
90 000	0,2 % ASKVIG	AS		NOR
75 750	0,2 % SKJÆVE	ELAND, ODD		NOR
34 167 956	93,2 % 20 large	est shareholders
2 499 777	6,8 % Other sh	nareholders
36 667 733	100,0 % Total sh

Origin of shareholders, 5 largest countries

No of shares	%	Origin	No of shareholders
26 309 978	Norway	71,75 %	1500
6 600 192	Israel	18,00 %	1
1 950 015	Luxembourg	5,32 %	3
836 395	Switzerland	2,28 %	5
704 178	Finland	1,92 %	4
98 276	Sweden	0,27 %	17
29 190	Canada	0,08 %	6
Total number of	shareholders:	1645 - from 32 different countries

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Our values

We CARE for people, the planet and profitability

Customer focus
Aquaculture knowledge
Reliability
Enthusiasm