AKVA Group — Earnings Release 2018

May 15, 2018

AKVA group ASA: 1Q 2018 financial reporting

AKVA group ASA: 1Q 2018 financial reporting

High activity across all regions

AKVA group completed first quarter with growth in order intake and revenue. The

revenue in first quarter of 2018 ended on 589 MNOK (510 MNOK) with an EBITDA of

59 MNOK (54 MNOK). First quarter EBITDA margin was 10.0% (10.6%). The Net Profit

increased to 24 MNOK compared to 20 MNOK in Q1 2017.

AKVA group is ending the quarter with an order backlog of 1.43 BNOK.

A half-yearly dividend of 0.75 NOK per share was paid out in March 2018.

Cage Based Technology (CBT)

In the Nordic region, the order intake ended at 293 MNOK (244 MNOK) in the first

quarter. ASA Nordic, Helgeland Plast and Sperre are strong contributors to the

growth. AKVA Marine Services had a slower start of the year than expected due to

weather conditions in Norway.

Americas had a strong quarter in terms of EBITDA with 6 MNOK compared to 1 MNOK

in Q1 2017. All entities in the region had a stronger EBITDA than in the same

period last year. The market activity is high in Americas and the region had an

order intake of 187 MNOK (117 MNOK) in the quarter.

EME (Europe & Middle East) more than doubled the revenue from Q1 2017, with

Scotland and deliveries to Russia through AKVA group ASA Export as the main

contributors. Our new offices in Spain, Middle East and Greece has started to

yield results and Spain had a strong quarter with an order intake of 8 MNOK.

Software (SW)

Both AKVA group Software and Wise lausnir Ehf ends the quarter with stronger

margins and EBITDA compared to the same quarter last year. As noted in a stock

notice of January 19th, we are currently conducting a strategic evaluation of

Wise lausnir Ehf with the objective to realize the potential of the business

going forward. No conclusions have yet been made.

Land Based Technology (LBT)

Revenues and margins are up year on year for the land based segment. The order

intake in Q1 2018 was 51 MNOK compared to 103 MNOK in Q1 2017. The low order

intake in the quarter was a function of some projects has pushed out in time.

The revenue increases as projects in the order book are starting to be delivered

and margins have improved compared to the same quarter last year.

Balance sheet

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

rolling revenue is 5.8% (6.8%). The twelve month average working capital is

6.3%. Cash and unused credit facilities amounted to 462 MNOK at the end of Q1

(180 MNOK). Total assets and total equity amounted to 1,755 MNOK (1,425 MNOK)

and 491 MNOK (446 MNOK) respectively, resulting in an equity ratio of 28% (31%)

at the end of Q1.

Atlantis Subsea Farming AS

In partnership with 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.

On February 22nd 2018 The Directorate announced that the Company has been

granted one license, and the Atlantis Subsea Farming AS is now in a planning

phase with regards to execution of the project.

Dividend of NOK 0.75 per share was paid in Q1 2018

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 AKVA group ASAs' dividend policy a dividend of 0.75 NOK per share

was paid in March 2018. Total dividend payout in March 2018 was 19.4 MNOK.

Order Backlog

We have experienced continued high market activity across all regions and

segments in the first quarter of 2018. The order intake in Q1 2018 was 639 MNOK

(589 MNOK). The order backlog at the end of Q1 2018 was 1,430 MNOK (1,077 MNOK).

MNOK 479 of total order backlog at end of Q1 relates to land based technology.

Outlook

Following a significant increase in order intake and order backlog in 2017, the

outlook for AKVA group is positive for 2018.

The activity in the Nordic cage based segment as well as within services

continue to be good. Services and after sales are high priority in our strategy.

The market conditions in Chile are expected to remain favorable and we have

implemented improvements in the operations and product portfolio, which further

strengthen our competitive position and presence in that market.

The salmon farming industry expects growth in eastern Canada and Iceland and we

are in the process of positioning ourselves better to participate in the

expected growth in these markets.

The strategy to focus on the "Non-Salmon" activities around the Mediterranean

Sea, has yielded good results in 2017 and in the first quarter of 2018. We will

continue to develop and invest in these markets going forward.

The land based organization was re-organized during 2017 and at the beginning of

2018 is in even better shape to compete in this segment, where we see increased

demand and investments from our customers.

The positive financial development has strengthened the Group, and during 2017

we have also carried out an extensive strategic review process, focusing on all

aspects of the business to further improve our cost position, product offerings

and ability to deliver sustainable aquaculture solutions to our customers.

About AKVA group

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

worldwide. The company has 998 employees, offices in 11 countries and a total

turnover of NOK 2.1 billion in 2017. 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: 15 May 2018

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.