Nordic Aqua Partners AS

Investor Presentation • Nov 11, 2025

Nordic Aqua Q3 2025

11 November 2025

CEO Ragnar Joensen MD Andreas Thorud CFO Tom Johan Austrheim

DISCLAIMER

This presentation contains statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of Company, or any of its principal shareholders or subsidiary undertakings or any of such person's officers or employees or advisers accept any liability whatsoever arising directly or indirectly from the use of this document.

Highlights

• New local debt and equity partnerships strengthen NOAP's financial platform and strategic position in China, unlocking a clear pathway to Stage 3 expansion
• Commercial harvest of 630 tonnes HOG, with 98% superior quality. Average harvest weight of 3.1 kg HOG, (3.8 kg LW), impacted by biomass optimizations
• Average sales price of EUR 5.50/kg, impacted by low harvest weights and majority of harvest being in August
• Biomass production of 969 tonnes, driven by good biological performance and excellent fish health and welfare. Total biomass of 2,835 tonnes by quarter end
• Stage 2 CAPEX estimate reduced 16% to EUR 65 million due to good project management and close partner collaborations
• Successful first transfer of fish into Stage 2 grow-out units, on schedule for first harvest in September 2026

Harvest and sales in Q3

• Premium Atlantic Salmon sales continued, receiving positive feedback on quality from the market
• Commercial harvest of 630 tonnes HOG, with superior share of 98%
• Average harvest weight of 3.1 kg HOG, equivalent to 3.8 kg LW, impacted by harvesting of small fish to optimize the number of fish in the facility
• Average sales price in Q3 2025 was 5.50 EUR/kg, 9% above spot price
• ‒ Price achievement impacted by low average harvest weights and majority of harvest being in August when prices were low

Continued strengthening of premium position through strategic milestones and stakeholder engagements

• Prominent Participation at the Shanghai International Fisheries and Seafood Exhibition
• ‒ Generated strong interest from potential new customers as well as semented customer relatons
• Prestigious Industry Award for Product Quality and Excellence
• ‒ At the 8th Global China Salmon Industry Development Summit Nordic Aqua was honored with the prestigious "2025 China · Quality Salmon Producer" award.
• Launch of "Raised Without Antibiotics" Certification: An Industry First in China
• ‒ This milestone makes Nordic Aqua the first Atlantic salmon farm in China to achieve this prestigious certification awarded by NSF.
• Strategic Brand Integration at the Shipu Fishing Season Festival
• ‒ Nordic Aqua reinforced its regional presence by participating in the annual Fishing Season Opening Festival on Dongmen Island in Shipu which our Nordic PureAtlantic was served.
• Strengthened Brand Awareness Through Direct Consumer Interaction at the "Meet Norway" Market
• ‒ The market provided an ideal platform to engage directly with our target audience in Shanghai by offering the product to consumers.

First Atlantic salmon farm in China to achieve "Raised Without Antibiotics" Certification

Strengthened Brand Awareness Through Direct Consumer Interaction at "Meet Norway"

Compelling value proposition to local market

Unparalleled lead time to the market ensures a significantly fresher product than any competitive Atlantic Salmon.

The product is produced in a fully controllable environment and is free from antibiotics, medicines, and parasites.

Sustainability

The product holds the highest of quality when it comes to sustainability and traceability.

Agility

It is the only high quality, continuously supplied Atlantic Salmon produced in China.

Food Service Retail

137,137,137 Strategically located near Shanghai with proximity to high GDP per capita population

Source: Provincial Bureau of Statistics of China Note: 1) Rabo Research Food & Agribusiness

Gaotang

• - the ideal location for land-based farming
• Strategically located with proximity to core markets
• Highly attractive end-market for salmon
• ‒ Higher income areas
• ‒ Focus on health
• ‒ Good availability
• Gaotang location offers benefits such as;
• ‒ Suitable water quality
• ‒ Access to energy at stable prices
• ‒ Modern infrastructure

Continued strong growth in imports of Atlantic salmon to China

- market expected to double by 2030

Quarterly import 12 months rolling Fresh or chilled Atlantic salmon (1,000 tonnes)

37,500 tonnes of fresh Atlantic salmon imported in Q3 2025

- an increase of 46% YoY

^* Source - Chinese customs data

^** Source - Alibaba Group

Imports of Atlantic salmon to China Q3 2025

Norwegian export to China was 25,688 tonnes in Q3 2025, an increase of 102% YoY Volumes from Chile decreased 13% YoY

Historic average import prices above EUR 10/kg

Average import price per month

Fresh or chilled Atlantic salmon (EUR/kg). Volumes in tonnes

Stage 1

• 4,000 tonnes annual capacity
• Proving strong biological performance
• ‒ Good fish health and high survival rates
• ‒ Stable production
• Q3 biomass production of 969 tonnes
• ‒ Feeding levels were normal during the third quarter
• ‒ Total biomass of 2,835 tonnes by quarter end

Stage 2

- development on track below budget

• Bring total annual capacity to 8,000 tonnes
• Hatchery, start-feeding, parr- and smolt units finished and in operation, with first inlay of eggs completed in Q3 2024
• Construction of the on-growing RAS units is progressing according to plan
• Subsequently in October 2025, Nordic Aqua successfully transferred fish into the first on-growing RAS unit
• On schedule for first harvest in September 2026
• Revised capex estimate to EUR 65 million, down 16% from previous EUR 77 million
• ‒ Benefiting from close collaboration with AKVA Group and other suppliers
• ‒ Standardizing RAS units
• ‒ Good project management
• EUR 40.1 million of Stage 2 capex accrued by the end of Q3

Building capital-efficient RAS sites

• AKVA Group repeat-design & Chinese government funded infrastructure model
• Stage 2 capex cut by 16%, showing savings from the collaboration model
• Unique AKVA Group design-build-source deal standardises RAS units, secures bulk terms, and reduces cost and schedule risk
• Proven specs and supply chain replication expected to further cut Stage 3 capex
• Government-backed financing freeing capital and lowering risk
• AKVA Group sourcing plus Chinese financing enables NOAP to achieve industry-leading low capital intensity.

Timeline of Gaotang buildout

	2021	2022	2023	2024	2025	2026	2027	2028	2029
Stage 1 4,000 tonnes	Q3	Construction start Production start Q1		Q2	First harvest
Stage 1+2 8,000 tonnes			Q3	Construction start Q3	Production start	Q3	First harvest
Stage 1+2+3 20,000 tonnes						Detailed engineering	Start construction*		First harvest* Q2

^* Subject to final investment decision

Financial review

• Sales in Q3 2025 of EUR 3.5 million (EUR 0.3 million)
• ‒ Sales price negatively affected by low average harvest weights and majority of harvest being in August, when prices were lowest in the quarter
• Released cost from stock was EUR 6.0 million (EUR 3.3 million), equivalent to EUR 9.45/kg (EUR 6.08/kg)
• ‒ Higher than expected for steady state due to somewhat lower growth recent months for batches harvested in the quarter
• ‒ Released cost from stock was highest in July and came down during quarter. Expected to come further down during Q4 2025 and onwards
• Operating EBIT of EUR -4.8 million (EUR -12.1 million)
• ‒ Impacted by low global Atlantic Salmon prices and subdued growth
• Investments in PPE amounted of EUR 10.4 million (EUR 4.9 million)
• Biomass of EUR 19.2 million (EUR 13.2 million) at quarter end, including fair value adjustment of EUR 2.4 million (EUR 3.3 million)
• Equity ratio as of 30 September at 42% (49%)

Key Figures

(figures in EUR 1000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Revenue	3,465	255	10,859	4,929
Operating EBITDA1)	-3,542	-10,783	-4,808	-12,758
Operating EBIT2)	-4,785	-12,059	-8,731	-15,679
EBIT	-2,477	-12,339	-9,079	-14,303
Profit/loss before tax	-3,277	-13,888	-19,537	-16,699
Profit/loss for the period	-2,511	-13,888	-16,860	-15,598
Net cash flow	-8,667	-7,229	-10,399	-19,640
Cash	4,702	2,777	4,702	2,777
Total assets	159,799	117,692	159,799	117,692
Equity	66,949	57,904	66,949	57,904
Harvested tonnes, HOG	630	0	1,586	523
Other harvested tonnes, WFE	0	612	99	612
Operating EBIT/kg3)	-7.60	-19.71	-5.18	-13.81
Equity ratio4)	42%	49%	42%	49%
Net interest-bearing debt5)	38,629	28,709	38,629	28,709

¹⁾ Operating EBITDA = EBITDA excl. fair value adjustments

²⁾ Operating EBIT = EBIT excl. fair value adjustments

³⁾ Operating EBIT/kg = EBIT excl. fair value adjustments/harvested tonnes, HOG + Other harvested tonnes, WFE

⁴⁾ Equity ratio = Equity / Total assets

⁵⁾ Net interest-bearing debt (NIBD) = Long- and short-term interest-bearing debt - Cash and cash equivalents

Transformational capitalisation and financing

- offering substantial benefits for Nordic Aqua

Long-term financing by Chinese bank syndicate

Equity injection into Nordic Aqua Ningbo by two reputable Chinese investors

• Strategic and long-term local ownership accelerate strategy execution towards 20,000 tonnes
• Strategic and operational synergies
• Local support and access to competence in Bio marine university/academic institutions
• Refinancing of existing debt
• Local financial base in RMB
• Potential for IPO of Nordic Aqua Ningbo in China/HK will be considered

Debt financing in Nordic Aqua Ningbo

• Reached preliminary agreement with syndicate of local banks, strengthening NOAP's financial platform and strategic position in China
• Syndicate loan of up to RMB 585 million (EUR ~70m) at competitive terms and conditions
• ‒ RMB 385 million in long-debt to refinance existing loans
• ‒ Working capital facility of up to RMB 200 million to support ramp-up phase
• ‒ The preliminary agreement comprises financing of Stage 3
  • ‒ Subject to certain milestones and conditions
• ‒ Subject to final documentation
• ‒ Syndicate led by Bank of China
• ‒ Expected closing in Q4 2025
• Bridge financing
• ‒ NOAP has entered a short-term credit facility of EUR 10 million with major shareholder Kontrari AS
• ‒ Secure necessary financing up to closing of new equity and debt facilities

New Investors in Nordic Aqua Ningbo

• Intention to enter into an agreement with two leading Chinese investors for a co-investment in Nordic Aqua Ningbo
• New investors will inject RMB 300m (~EUR 36m) for a 20% ownership stake
• Strategic rationale:
• ‒ Long-term local ownership supporting execution of the expansion strategy toward 20,000 tonnes of annual capacity
• ‒ Strategic and operational synergies providing enhanced market access, government relationships and local expertise
• ‒ Broader financing flexibility, positioning the company for continued expansion and potential local capital market options, including a future IPO of Nordic Aqua Ningbo Co., Ltd
• Governance structure ensures transparency and alignment with local and international standards
• Subject to approval from EGM in NOAP and New Investors, and final documentation

Summary and outlook

• Entering local equity and debt partnerships, enabling acceleration of strategy execution towards 20,000 tonnes annual capacity
• Continued operational and commercial progress, receiving positive feedback from clients and consumers
• Good underlying operational and biological performance with excellent fish health and welfare
• Harvest of ~630 tonnes HOG with high quality, but average harvest weight impacted by optimization of the number of fish in the facility
• Stage 2 construction developing according to plan, at 16% reduced CAPEX, on schedule for first harvest in September 2026
• Expect full year 2025 harvest of 2,000 tonnes HOG and full year 2026 harvest in the 5,000- 6,000 tonnes HOG range

Investor Contacts

Tom Johan Austrheim CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com

Ragnar Joensen CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com

Profit & Loss

(figures in EUR 1000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Revenue	3,465	255	10,859	4,929
Purchase of goods	-2,269	-2,360	-4,047	-6,941
Change in inventory and biological assets (at cost)	799	-2,897	3,287	3,152
Other operating income	0	9	0	121
Other external expenses	-3,985	-4,214	-10,449	-9,238
Staff costs	-1,552	-1,576	-4,458	-4,781
Depreciations	-1,243	-1,276	-3,923	-2,921
Operating EBIT	-4,785	-12,059	-8,731	-15,679
Fair Value of Biological Assets	2,308	-280	-348	1,376
EBIT	-2,477	-12,339	-9,079	-14,303
Financial expense - net	-800	-1,549	-10,458	-2,396
Profit/loss before tax	-3,277	-13,888	-19,537	-16,699
Income tax expense	766	0	2,677	1,101
Profit/loss for the period	-2,511	-13,888	-16,860	-15,598
Operating EBIT/kg	-7.60	-19.71	-5.18	-13.81

• Sales in Q3 2025 of EUR 3.5 million (EUR 0.3 million)
• Sales price negatively affected by low average harvest weights and majority of harvest being in August, when prices were lowest in the quarter
• Released cost from stock was EUR 6.0 million (EUR 3.3 million), equivalent to EUR 9.45/kg (EUR 6.08/kg)
• Higher than expected for steady state due to low growth recent months for batches harvested in the quarter
• Released cost from stock was highest in July and came down during quarter - is expected to come further down during Q4 2025 and onwards
• Operating EBIT amounted to EUR -4.8 million (EUR -12.1 million)
• Negatively affected by low global Atlantic Salmon prices and low growth recent months for batches harvested in the quarter
• Net financial expenses at EUR -0.8 million in Q3 2025 (EUR -1.5 million)
• Mainly related to financial expenses
• Result for the period ended at EUR -2.5 million (EUR -13.9 million)

Financial Position

(figures in EUR 1000)	30.09.2025	30.09.2024	31.12.2024
Assets
Assets under construction	32,761	20,352	13,510
Property, plant & equipment	53,862	51,000	60,072
Right of Use assets	31,760	18,163	35,850
Deferred tax assets	5,672	1,101	3,085
Financial assets	5,519	5,863	5,908
Total non-current assets	129,574	96,479	118,425
Biological assets (Biomass)	19,247	13,247	16,661
Inventory	656	494	303
Receivables	273	181	170
Other current receivables	5,347	4,514	4,744
Cash and cash equivalents	4,702	2,777	18,044
Total current assets	30,225	21,213	39,922
Total assets	159,799	117,692	158,347
Equity and liabilities
Share capital	1,839	1,425	1,839
Other equity	65,110	56,478	85,043
Total equity	66,949	57,904	86,882
Deferred tax liabilities	526	0	600
Long-term interest-bearing debt	21,254	21,892	21,780
Long-term leasing debt	32,603	18,599	35,786
Total non-current liabilities	54,383	40,491	58,166
Short-term interest-bearing debt	22,077	9,594	4,856
Short-term leasing debt	385	424	412
Trade payables	15,133	7,265	7,078
Other current liabilities	872	2,014	954
Total current liabilities	38,467	19,297	13,299
Total liabilities	92,850	59,788	71,465
Total equity and liabilities	159,799	117,692	158,347
Equity ratio	42%	49%	55%

• Total assets of EUR 160 million (EUR 118 million), increase mainly from investments in PPE and RoU assets
• Right of use assets and Lease liabilities increased, due to the prolonged leasing period from 10+10 years to 33 years
• Biomass of EUR 19.2 million (EUR 13.2 million), including fair value adjustment of EUR 2.4 million (EUR 3.3 million)
• Equity ratio at quarter end was 42% (49%)

Cash Flow

(figures in EUR 1000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Cash flow from operating activities
EBIT	-2,477	-12,339	-9,079	-14,303
Adjustments	-1,037	1,207	4,569	1,444
Changes in working capital	2,999	3,374	4,084	3,599
Net cash flow from operating activities	-515	-7,758	-426	-9,260
Cash flow from investment activities
Payments for fixed assets and other capitalizations	-10,429	-4,883	-23,661	-20,493
Net cash flow from investment activities	-10,429	-4,883	-23,661	-20,493
Net cash flow from financing activities	1,758	5,348	13,791	10,294
Net change in cash and cash equivalents	-8,667	-7,229	-10,399	-19,640
Foreign exchange differences	118	-357	-2,943	-5
Cash and cash equivalents at the beginning of the period	13,251	10,363	18,044	22,422
Cash and cash equivalents at the end of the period	4,702	2,777	4,702	2,777
Net interest-bearing debt (NIBD)	38,629	28,709	38,629	28,709

• Net cash flow from operations in Q3 2025 EUR 0.5 million (EUR -7.8 million)
• Net cash flow from investments in Q3 2025 EUR -10.4 million (EUR -4.9 million)
• ‒ All related to PPE
• Net cash flow from financing in Q3 2025 EUR 1.8 million (EUR 5.3 million)
• Net cash flow in Q3 2025 EUR -8.7 million (EUR -7.2 million)
• Cash at the end of Q3 2025 was EUR 4.7 million (EUR million 2.8)
• NIBD was EUR 38.6 million (EUR 28.7 million) at the end of Q3 2025

Investor Contacts

Tom Johan Austrheim CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com

Ragnar Joensen CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com