AKVA Group — Earnings Release 2022

May 13, 2022

AKVA group ASA: Q1 2022 financial reporting

AKVA group ASA: Q1 2022 financial reporting

High activity level and strong momentum impacted by global instability

AKVA group delivered revenue for Q1 of MNOK 849 (719), an increase of 18%

compared to Q1 2021. EBITDA increased from MNOK 83 (ex. cyber-attack costs) in

Q1 2021 to MNOK 102 in Q1 2022. The Net Profit increased from MNOK 14 (ex.

cyber-attack costs) last year to MNOK 40 in Q1 2022.

The order intake in the quarter was BNOK 1 with a backlog of BNOK 1.8 at the end

of March 2022.

Profitability negatively impacted by supply chain restrictions and cost

inflations by estimated MNOK 30 in the quarter.

Sale of shares in Atlantis Subsea Farming AS completed in Q1 2022, resulting in

a profit of MNOK 33.

A dividend of NOK 1.00 per share paid in March 2022.

During Q4 2021 AKVA group experienced challenging profit margins due to cost

inflations and global supply chain restrictions. This has been further

intensified in Q1 2022 due to the conflict between Ukraine and Russia.

Sea Based Technology (SBT)

SBT revenue for Q1 2022 ended at MNOK 676 (590). EBITDA and EBIT for the segment

in Q1 ended at MNOK 94 (69) and MNOK 58 (27), respectively. The related EBITDA

and EBIT margins were 13.9% (11.7%) and 8.6% (4,6%), respectively.

Order intake in Q1 2022 was MNOK 759 compared to MNOK 569 in Q1 2021. Order

backlog ended at MNOK 935 compared to MNOK 829 last year.

The revenue in the Nordic region ended at MNOK 492, an increase from MNOK 412 in

the first quarter last year.

In the Americas region, the revenue was MNOK 97, which is an increase from 84

MNOK in the first quarter last year.

Europe and Middle East (EME) had a revenue of MNOK 87 in Q1 2022, a decrease

from MNOK 94 in the first quarter last year.

Land Based Technology (LBT)

Revenues for the first quarter were MNOK 151 (115). EBITDA and EBIT ended at

MNOK 4 (9) and MNOK 0 (7), respectively. The related EBITDA and EBIT margins

were 2.8% (8.2%) and 0.3% (5.9%).

Order intake in Q1 2022 was MNOK 254 compared to MNOK 69 in Q1 2021. Order

backlog ended at MNOK 935 compared to MNOK 929 last year.

Digital (DI)

The revenue in the segment was MNOK 21 (14) in Q1 2022. EBITDA and EBIT ended at

MNOK 4 (5) and MNOK 0 (2), respectively. The related EBITDA and EBIT margins

were 20.2% (34.0%) and 1.4% (13.0%).

Balance sheet

AKVA group's financial position remains strong. Working capital as a percentage

of 12 months rolling revenue is 12.6% (8.2%). Cash and unused credit facilities

amounted to MNOK 561 (469) at the end of Q1. Total assets and total equity

amounted to MNOK 3,579 and MNOK 1,303 respectively, resulting in an equity ratio

of 36.4% (30.5%) at the end of Q1 2022.

Dividend

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 NOK 1.00 per share

was paid in March 2022.

Order Backlog

The order backlog at the end of Q1 was MNOK 1,849 (1,813). MNOK 935 or 50% of

total order backlog at the end of Q1 relates to Land Based Technology (LBT).

Outlook

The order backlog and the financial profile remains strong and forms a good

foundation to execute on the organic growth strategy.

Long term fundamentals remain unchanged as presented in the Capital Markets Day

in November 2020. On the other hand, the global instability and uncertainty

related to supply chain restrictions and cost inflations may continue to impact

the profitability on short term.

Digital products are an important part of AKVA groups total product offering and

the company will continue to invest and develop attractive solutions, both

within Sea Based and Land Based Technology.

About AKVA group

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

worldwide. The company has 1 453 employees, offices in 11 countries and had a

total turnover of NOK 3.1 billion in 2021. 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 sea farming and land

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

through more than 40 years.

Dated: 13 May 2022

AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Knut Nesse Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 37 62 20

E-mail: knesse@akvagroup.com

Rony Meinkøhn Chief Financial Officer

Phone: +47 51 77 85 00

Mobile: +47 98 20 67 76

E-mail: rmeinkohn@akvagroup.com (mailto:rmeinkohn@akvagroup.com)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act