AKVA Group — Earnings Release 2017

Nov 3, 2017

AKVA group ASA: 3Q 2017 financial reporting

AKVA group ASA: 3Q 2017 financial reporting

Continued strong growth

AKVA group completed third quarter with strong growth in order intake and

revenue. Order intake came out at 546 MNOK (417 MNOK). The revenue in third

quarter of 2017 ended on 484 MNOK (354 MNOK) with an EBITDA of 61 MNOK (38

MNOK). Third quarter EBITDA margin was 12.6% (10.8%). The Net Profit increased

to 26 MNOK compared to 11 MNOK in Q3 2016.

AKVA group is ending the quarter with an order backlog of more than 1.38 BNOK,

an increase of 56% compared to the same period last year.

A half-yearly dividend of 0.75 NOK per share was paid out in September 2017.

Cage Based Technology (CBT)

As in the first and second quarter, we experienced increased revenue and margins

in the cage based segment compared to the same period last year, with the

Norwegian market as the main driver to the growth. The acquisitions of AD

Offshore and Sperre, done in Q2 and Q4 2016, is contributing to the growth in

revenue and EBITDA.

The positive development in the Americas region continues with a quarterly

revenue of 97 MNOK, up from 39 MNOK last year. All our entities in Americas has

a stronger quarter than last year in terms of revenue, and order intake ended at

a very strong 91 MNOK compared to 37 MNOK in Q3 last year.

For EME (Europe & Middle East), our entity in Scotland had a strong Q3, with a

positive development in order intake, revenue and EBITDA compared to last year.

Our Turkish operation is stable and we are ramping up activities in Spain,

Greece and Iran.

Software (SW)

In the software segment the margins continue to be lower than last year mainly

due to cost pressure in the Icelandic business, but this have improved during

the year and Q3 has higher margins than Q1 and Q2. We are currently carrying out

a strategic evaluation of Wise ehf in order to realize the potential of the

business going forward.

Land Based Technology (LBT)

Revenues and EBITDA are up year on year for the land based segment. Plastsveis

and Aquatec Solutions had a good quarter and the cost reduction initiated in

AKVA group Denmark in 2016 has given positive effect.

Balance sheet

The balance sheet remains strong. Working capital as a percentage of 12 months

rolling revenue is 6.2 % (8.8 %). The twelve months average working capital is

5.0 %. Cash and unused credit facilities amounted to 206 MNOK at the end of Q3

(165 MNOK). Total assets and total equity amounted to 1,521 MNOK (1,179 MNOK)

and 476 MNOK (438 MNOK) respectively, resulting in an equity ratio of 31 % (37

%) at the end of Q3.

Atlantis Subsea Farming AS

In partnership with the companies Sinkaberg-Hansen AS and Egersund Net AS, AKVA

group ASA established Atlantis Subsea Farming AS on February 1st, 2016 with the

purpose of developing submersible fish-farming facilities for salmon on an

industrial scale.  Atlantis Subsea Farming AS applied for six development

licenses to enable large-scale development and testing of the new technology and

operational concept.

The Norwegian Directorate of Fisheries did inform the company that the concept

has progressed another step in the process to be awarded development licenses.

The Directorate will go ahead with processing the application limited to 2

licenses, but have rejected the application in terms of the other 4 permits

applied for. On May 9th, 2017 the company appealed the decision for 2 of the 4

rejected licenses. On June 16th 2017 the Directorate forwarded the appeal to the

Norwegian Ministry of Trade, Industry and Fisheries, for their final decision.

Dividend of NOK 0.75 per share was paid out in September 2017

The Company's main objective is to maximize the return on the investment made by

its shareholders through both increased share prices and dividend payments.

According to the AKVA group ASAs' dividend policy a dividend of 0.75 NOK per

share was paid out in September 2017. Total dividend payout in September 2017

was 19.4 MNOK.

Order Backlog

We have experienced good market activity across all regions in the third quarter

of 2017. The order intake in Q3 2017 was 546 MNOK (417 MNOK). The order backlog

at the end of Q3 2017 was 1,380 MNOK (886 MNOK). MNOK 629 of total order backlog

at end of Q3 is related to land based technology.

Outlook

The market situation is expected to continue to be strong. Our order backlog is

high and the Land Based segment is in the process of delivering more profitable

orders won this year, as well as continuing to see further opportunities in this

segment coming.

We have strengthened our presence and hence our ability to win significant

contracts around the Mediterranean area as well as on the east coast of Canada.

Improvement projects across the Group are being addressed and a Group wide

strategy process is to be concluded in Q4.

About AKVA group

AKVA group is a technology and service partner to the aquaculture industry

worldwide. The company has 927 employees, offices in 11 countries and a total

turnover of NOK 1.6 billion in 2016. We are a public listed company operating in

one of the world's fastest growing industries and supply everything from single

components to complete installations, both for cage farming and land based

aquaculture. AKVA group is recognized as a pioneer and technology leader through

more than 40 years. The Corporate Headquarter is in Bryne Norway.

Dated: 3 November 2017

AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Hallvard Muri Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 58 07 50

E-mail: hmuri@akvagroup.com

Simon Nyquist Martinsen Chief Financial Officer

Phone: +47 51 77 85 00

Mobile: +47 91 63 00 42

E-mail: snmartinsen@akvagroup.com

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.