AKVA Group — Earnings Release 2024

Feb 14, 2025

AKVA group ASA: Q4 2024 financial reporting

AKVA group ASA: Q4 2024 financial reporting

Record high Sea Based order intake.

AKVA group delivered quarterly revenue in Q4 2024 of MNOK 792 (800), a decrease

of 1% compared to Q4 2023.

EBITDA increased from MNOK 41 in Q4 2023 to MNOK 76 in Q4 2024.

All-time high quarterly order intake for Sea Based with MNOK 946, driven by deep

farming solutions. The total order intake of BNOK 1,1 in Q4 2024, up from MNOK

718 in Q4 2023.

Order backlog was BNOK 2,7 at the end of December 2024.

RAS contract from Cermaq Chile regarding smolt facility was signed in February

2025 with contract value of approx. MEUR 30.

Award of contract with Laxey in January 2025 regarding re-use technology for

grow-out facility. Estimated contract value of MEUR 20, subject to financing.

AKVA is aiming for revenue of approx. BNOK 4,0 and EBIT of 6% in 2025.

A dividend of NOK 1 per share to be paid in first half of 2025.

The revenue in Q4 2024 was at the same level as last year. The order intake was

record high for the Sea Based business segment driven by continued positive

momentum in the Nordic market and sale of solutions for deep farming. The market

for Land Based is improving and the order intake and revenue level gradually

increased during 2024. The awarded contracts from Cermaq Chile and Laxey

(subject to financing) will have positive impact on the revenue level in 2025.

The outlook for the post smolt market in Norway is still soft but is expected to

improve gradually in 2025.

Profitability improved in the fourth quarter compared to last year, and the

increased profitability is primarily related to the improved performance in the

Land Based business. The profitability in Sea Based was acceptable based on a a

soft revenue level. The financial performance in the Digital business is

improving but the current cost base is still high compared to the current

activity level resulting in soft profit margins.

Sea Based Technology (SBT)

SBT revenue for Q4 2024 ended at MNOK 542 (618). EBITDA and EBIT for the segment

in Q4 ended at MNOK 55 (55) and MNOK 15 (17), respectively. The related EBITDA

and EBIT margins were 10.1% (8.8%) and 2.8% (2.8%).

Order intake in Q4 2024 was MNOK 946 compared to MNOK 618 in Q4 2023. Order

backlog ended at BNOK 1,1 compared to MNOK 792 last year.

The Nordic region experienced a decrease in revenue from MNOK 359 in Q4 2023 to

MNOK 344 in Q4 2024.

In the Americas region, the revenue was MNOK 146, which is a decrease from 166

MNOK in the fourth quarter last year.

Europe and Middle East (EME) had a revenue of MNOK 52 in Q4 2024, compared to

the revenue of MNOK 92 in the fourth quarter last year.

Land Based Technology (LBT)

Revenue for the fourth quarter was 217 (142). EBITDA and EBIT ended at MNOK 14

(-15) and MNOK 12 (-18), respectively. The related EBITDA and EBIT margins were

6.5% (-10.9%) and 5.5% (-12.6%).

Order intake in Q4 2024 of MNOK 114 compared to MNOK 0 in Q4 2023. Order backlog

ended at MNOK 1,408 compared to MNOK 1,454 last year.

Digital (DI)

The revenue in the segment was MNOK 33 (40) in Q4 2024. EBITDA and EBIT ended at

MNOK 7 (2) and MNOK -4 (-9), respectively. The related EBITDA and EBIT margins

were 22.9 % (4.0%) and -12.3% (-22.5%).

Order intake in Q4 2024 was MNOK 22 compared to MNOK 40 in Q4 2023. Order

backlog ended at MNOK 136, compared to MNOK 150 last year.

Balance sheet

Working capital as a percentage of 12 months rolling revenue is 10.1% (6.2%).

Cash and unused credit facilities amounted to MNOK 471 (519) at the end of Q4.

Total assets and total equity amounted to MNOK 4,116 and MNOK 1,305

respectively, resulting in an equity ratio of 31.7% (31.3%) at the end of Q4

2024. The leverage ratio was 3,00 as of 31 December 2024 and AKVA was in

compliance with all bank covenants.

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. The

company has decided to pay dividend of NOK 1 per share in the first half year of

Order Backlog

The order backlog at the end of Q4 was MNOK 2,658 (2,396). MNOK 1,408 or 53% of

total order backlog at the end of Q4 relates to Land Based Technology (LBT).

Outlook

Salmon prices are expected to remain strong driven by reduced supply.

AKVA expects to see a normalization of the post smolt market in Norway into

AKVA is aiming for revenue of minimum BNOK 4,0 and EBIT of 6% in 2025.

AKVA group will continue to invest and improve solutions, both within Sea Based,

Digital and Land Based Technology.

AKVA will conduct a Capital Markets Day June 12, 2025.

About AKVA group

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

worldwide. The company has 1 409 employees, offices in 12 countries and had a

total turnover of NOK 3.6 billion in 2024. 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: 14 February 2025

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

Ronny 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