AKVA Group — Interim / Quarterly Report 2021

Aug 13, 2021

Acceptable activity and order intake but challenging profitability

Second quarter 2021 – HIGHLIGHTS

• Order intake of 880 MNOK, down from 994 MNOK in Q2 2020
• Revenue of 832 MNOK, 3% decrease compared to Q2 2020
• EBITDA of 79 MNOK, decrease from 93 MNOK in Q2 2020
• Negative impact on profitability related to final commercial cleanup and provisions for old land-based projects
• Overall, still negative P&L effects related to COVID-19 restrictions on import of foreign personnel to Norway
• Half-yearly dividend of 1.00 NOK per share was paid 14 April 2021

YTD 2021 – HIGLIGHTS

• Adjusted EBIT of 68 MNOK down from 80 MNOK in 1H 2020
• Order backlog of 1,862 MNOK, 4% increase compared to end of Q2 2020
• Overall, negative P&L effect of approx. 15 MNOK in 2021 related to COVID-19 restrictions on import of personnel to Norway

Order intake, revenues, and profits for the Group

Operations and profit

Quarterly order intake

(Figures in brackets = 2020 unless other is specified)													Order intake, revenues, and profits for the Group
Operations and profit
AKVA group have maintained a strong focus on the measures implemented after the COVID-19 outbreak in March 2020 to ensure the health and safety of our employees and customers, to monitor and optimize the overall liquidity in the company, to maintain the security of supply during the crisis and a steady order intake to ensure work for all in AKVA group. Quarterly order intake
Year		2018				2019				2020			2021
Quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Cage Based	543	342	376	732	762	644	694	591	686	738	559	599	569	735
Land Based	51	87	34	218	300	77	50	218	10	235	72	385	69	116
Digital Solutions1)	45	43	38	46	44	38	33	19	13	21	16	26	14	29
Total 1) Digital Solutions includes order intake related to Wise lausnir ehf until disposal of the subsidiary in Q3 2019.	639	471	448	997	1 107	760	778	828	709	994	647	1 009	651	880
Order intake was 880 MNOK in Q2 2021 compared to 994 MNOK in Q2 2020.
Quarterly revenue
Year	2017				2018			2019			2020		2021

Quarterly revenue

Year	2017			2018			2019		2020		2021
Ouarter			01 02 03 04 01 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 001 02
Revenue			510			637 726 852 798 771 655 752 862 806 757						719 832

Total revenue decreased with 3% compared to Q2 2020. The Cage Based segment experienced a decrease in revenue compared to Q2 2020 of 8%, whilst the Digital Solutions and Land Based segments experienced an increase in revenues compared to Q2 2020 of 12% and 31%, respectively.

Depreciation and amortization for the quarter were 47 MNOK compared to 51 MNOK in the same quarter last year.

EBITDA decreased from 93 MNOK in Q2 2020 to 79 MNOK in Q2 2021.

Net financial items were -18 MNOK, an increase from -13 MNOK in the second quarter last year. The main reason for the increase is a decline in the market value of the Group's investment in Nordic Aqua Partners in Q2 2021.

Profit before tax ended at 14 MNOK, down from 30 MNOK in Q2 2020. Estimated tax expenses were -2 MNOK in the quarter compared to 3 MNOK last year and Net Profit decreased from 26 MNOK last year to 16 MNOK in Q2 2021.

Business Segments & other information

The information below shows AKVA group's three business segments, Cage Based Technology, Land Based Technology and Digital Solutions (ref. notes to the interim financial statements). Other information includes revenues by geographical region, by fish species and by OPEX/CAPEX type of revenue.

Revenue per segment

Cage Based Technology (CBT)

CBT revenue for Q2 2021 ended at 716 MNOK (775). EBITDA and EBIT for the segment in Q2 ended at 95 MNOK (111) and 54 MNOK (68), respectively. The related EBITDA and EBIT margins were 13.3% (14.3%) and 7.5% (8.8%), respectively.

Order intake in Q2 2021 was 735 MNOK compared to 738 MNOK in Q2 2020. Order backlog ended at 848 MNOK compared to 963 MNOK last year.

The revenue in the Nordic region ended at 490 MNOK (536).

In the Nordic region, the order intake was 444 MNOK (484) in the second quarter, and the order backlog was 406 MNOK (484) at the end of June 2021.

In the Americas region, the revenue was 123 MNOK, which is a decrease from 166 MNOK in the second quarter last year.

Europe and Middle East (EME) had a revenue of 104 MNOK in Q2 2021, an increase from 72 MNOK in the second quarter last year.

Land Based Technology (LBT)

Revenues for the first quarter were 97 MNOK (74). EBITDA and EBIT ended at -20 MNOK (-17) and -23 MNOK (-22), respectively. The related EBITDA and EBIT margins were -20.8% (-23.0%) and -23.3% (-29.6%).

Order intake in Q2 2021 was 116 MNOK compared to 235 MNOK in Q2 2020. Order backlog ended at 948 MNOK compared to 771 MNOK last year.

Digital Solutions (DS)

The revenue in the segment was 18 MNOK (16) in Q2 2021. EBITDA and EBIT ended at 4 MNOK (3) and 1 MNOK (0), respectively. The related EBITDA and EBIT margins were 22.3% (19.5%) and 5.4% (2.5%).

Revenue per region

The Nordic and Americas regions had a decrease in revenues compared to the same quarter last year of 1% and 31%, respectively. The EME region had an increase in revenue compared to the same quarter last year of 44%.

AKVA group has organized its business into three geographical regions:

Nordic: Includes the Nordic countries,

Americas: Includes the Americas and Oceania, and

Europe and Middle East (EME - previously referred to as Export): Includes the rest of the world

CAPEX vs OPEX based revenue

The CAPEX and OPEX based revenues decreased with 2% and 9%, respectively in the second quarter compared to the same quarter in 2020. Egersund Net's service stations contributed with 82 MNOK in Q2 2021 compared to 93 MNOK in Q2 2020.

The revenue in AKVA group can be split between CAPEX based revenue and OPEX based revenue. The above graphs show the last eight quarters development in CAPEX and OPEX based revenues. We use the following definition:

CAPEX based: Revenue classified as CAPEX in our customers' accounts

OPEX based: Revenue classified as OPEX in our customers' accounts

Species

Most of the revenues are generated from the Salmon segment. The revenues from other species relate mainly to the Mediterranean area.

The revenue in AKVA group can be divided based on species, and the above graphs show the last eight quarters development in revenue by species. The following species are used:

Salmon: Revenue from technology and services sold for production of salmon

Other species: Revenue from technology and services sold for production of other species than salmon

Non-Seafood: Revenue from technology and services sold to non-seafood customers

Balance sheet and cash flow

The working capital was 375 MNOK on 30 June 2021, an increase from 259 MNOK on 31 March 2021. The working capital relative to last twelve months revenue was 12,1% at the end of June 2021, compared to 9.0% at the end of June 2020.

CAPEX in Q2 2021 was 37 MNOK, where 17 MNOK related to capitalized R&D expenses and 20 MNOK was other CAPEX.

Cash and unused credit facilities amounted to 322 MNOK at the end of Q2 2021 versus 516 MNOK at the end of Q2 2020. The total credit facility (at Danske Bank) is 300 MNOK.

Net interest-bearing debt was 1,252 MNOK at the end of June 2021, including lease liabilities of 519, compared to 1,080 MNOK and 413 at the end of Q2 2020.

Gross interest-bearing debt was 1,395 MNOK at the end of Q2 2021 versus 1,296 MNOK at the end of Q2 2020. The short-term interest-bearing debt in the balance sheet includes the next 12 months instalments of the long-term debt. This is in accordance with current IFRS requirements. The IFRS 16 lease liability at the end of Q2 2021 of 519 (413) MNOK, is included in the interest-bearing debt.

Trailing 12 months average return on capital employed (ROACE) ended at 4.2% (2.2%) for the quarter.

Total assets and total equity amounted to 3,310 MNOK and 986 MNOK respectively, resulting in an equity ratio of 29.8% (31.5%) at the end of Q2 2021. Adjusted for the effect of IFRS 16 assets, the equity ratio is 35.2% (36.2%).

Other shareholder issues

Earnings per share in Q2 2021 were 0.48 NOK (0.79). The calculations are based on 32,979,745 (33,156,420) shares on average.

The minority interests in Newfoundland Aqua Service are reflected in the balance sheet with 1.5% ownership based on the assumption that AKVA group will exercise its option to increase its ownership from 70% to 98.5%. The potential liability of this is estimated at 6 MNOK, due in 2023, and the amount is presented within the noninterest-bearing liabilities in the balance sheet.

The 20 largest shareholders are presented in note 6 in this report.

Atlantis Subsea Farming AS

In January 2016, AKVA group, together with Sinkaberg-Hansen AS and Egersund Net AS, established Atlantis Subsea Farming AS for the purpose of developing submersible fish-farming facilities for salmon on an industrial scale, which will both enable better and more sustainable utilization of today's locations, and open the opportunity for farming at more exposed locations.

The Atlantis Subsea Farming project requires large-scale testing of the technological and operational solutions. On 22 February 2018, the Norwegian Directorate of Fisheries announced that the company was granted one license.

Atlantis Subsea Farming AS is now in a technology testing phase with regards to execution of the project, including testing with fish in the pen. During June 2020, the fish from the second batch in Atlantis were harvested and a smolt release at a more exposed site were carried out in Q2 2021. 1 862

Market and future outlook

The order backlog remains strong and was 1,862 MNOK (1,783) at the end of Q2. 948 MNOK or 51% of total order backlog at the end of June 2021 relates to Land Based Technology (LBT).

Order backlog

In the short term, the company expects the negative impact from the COVID-19 restrictions on import of foreign personnel to Norway to continue. Long term fundamentals remain however unchanged as presented in the Capital Markets Day in November 2020.

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 Cage Based and Land Based Technology.

Statement from the Board and Chief Executive Officer

We confirm that, to the best of our knowledge, the condensed set of financial statements for the period 31 March to 30 June 2021, which have been prepared in accordance with IAS 34 Interim Financial Statements, gives a true and fair view of the Company's consolidated assets, liabilities, financial position and results of operations, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.

Klepp, 12 August 2021 Board of Directors, AKVA group ASA

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (NOK 1 000)	Note	2021 Q2	2020 Q2	2021 YTD	2020 YTD	2020 Total
OPERATING REVENUES	5	831 613	861 707	1 551 058	1 614 206	3 176 845
Operating costs ex depreciations OPERATING PROFIT BEFORE DEPR.(EBITDA)	5	752 386 79 227	768 620 93 087	1 438 448 112 610	1 435 120 179 086	2 838 754 338 091
EBITDA ex. cyber-attack costs Depreciation	5	79 227 15 452	93 087 16 971	162 310 29 899	179 086 33 267	338 091 66 219
IFRS 16 Depreciation Amortization		22 435 8 990	21 178 12 553	45 147 18 831	42 491 23 197	82 530 42 180
OPERATING PROFIT (EBIT) EBIT ex. cyber-attack costs	5	32 350 5 32 350	42 385 42 385	18 733 68 433	80 132 80 132	147 163 147 163
Net interest expense IFRS 16 Interest expenses		-5 219 -5 139	-6 857 -4 716	-10 100 -10 398	-13 132 -9 520	-20 761 -20 875
Other financial items Net financial items		-7 989 -18 347	-1 221 -12 794	-14 921 -35 419	3 732 -18 920	15 948 -25 688
PROFIT BEFORE TAX PROFIT BEFORE TAX ex. cyber-attack costs		14 004 14 004	29 592 29 592	-16 686 33 014	61 212 61 212	121 475 121 475
Taxes NET PROFIT		-1 949 15 953	3 365 26 226	-8 122 -8 564	13 490 47 720	30 776 90 698
NET PROFIT ex. cyber-attack costs		15 953	26 226	30 202	47 720	90 698
Net profit (loss) attributable to: Non-controlling interests Equity holders of AKVA group ASA		10 15 943	26 26 200	-0 -8 564	374 47 346	25 90 674
Earnings per share equity holders of AKVA group ASA Diluted earnings per share equity holders of AKVA group ASA		0,48 0,48	0,79 0,79	-0,26 -0,26	1,43 1,43	2,74 2,74
Average number of shares outstanding (in 1 000)		32 980	33 156	32 968	33 156	33 117
Diluted number of shares outstanding (in 1 000) CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	Note	32 980	33 156	32 968 2021	33 156 2020	33 117 2020
(NOK 1 000)				30.6.	30.6.	31.12.
Intangible fixed assets Deferred tax assets	1,3			1 043 641 2 352	1 055 906 12 164	1 043 350 10 872
Fixed assets Long-term financial assets				713 262 179 535	777 476 96 897	749 124 148 437
FIXED ASSETS				1 938 790	1 942 441	1 951 784
Stock				537 583	507 907	474 930
Trade receivables Other receivables				580 482 109 002	525 038 86 792	483 993 91 103
Cash and cash equivalents CURRENT ASSETS				143 920 1 370 987	215 789 1 335 526	224 884 1 274 910
TOTAL ASSETS				3 309 778	3 277 969	3 226 694
Paid in capital				880 172	880 372	880 174
Retained equity Equity attributable to equity holders of AKVA group ASA				105 965 986 137	150 357 1 030 729	161 364 1 041 538
Non-controlling interests TOTAL EQUITY	1,3			158 986 296	3 717 1 034 445	158 1 041 696
Deferred tax				37 229	68 535	58 272
Other long term debt Lease Liability - Long-term				39 120 445 952	32 539 361 197	32 361 444 920
Long-term interest bearing debt LONG-TERM DEBT	1			754 199 1 276 501	851 311 1 313 582	766 239 1 301 792
Short-term interest bearing debt Lease Liability - Short-term				122 729 72 553	31 560 51 904	844 93 821
Other current liabilities SHORT-TERM DEBT				851 700 1 046 981	846 478 929 941	788 542 883 207
TOTAL EQUITY AND DEBT				3 309 778	3 277 969	3 226 694
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (NOK 1 000)	Note	2021	2020	2021	2020	2020
		Q2	Q2	YTD	YTD	Total
Balance at start of period before non-controlling interest The period's net profit		995 504 15 943	986 340 21 027	1 041 538 -8 564	986 340 21 027	986 340 90 673
Buyback of ow n shares Gains/(losses) on cash flow hedges (fair value)		- -371	- 9 995	- -5 503	- 9 995	-14 662 7 163
Dividend Valuation adjustment option		-32 956 -	-34 955 -	-32 956 -	-34 955 -	-34 954 -3 420
Non-controlling interests arising on a business combination Effect of merged entities on opening balance		- -	967 -	- -3 837	967 -	-144 -
Translation differences Equity before non-controlling interests		8 019 986 137	50 153 1 033 528	-4 540 986 137	50 153 1 033 528	10 541 1 041 538
Non-controlling interests Book equity at the end of the period		158 986 296	3 547 1 037 075	158 986 296	3 547 1 037 075	158 1 041 696

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	2021	2020	2021	2020	2020
(NOK 1 000)	Q2	Q2	YTD	YTD	Total
Cash flow from operating activities
Profit before taxes	14 004	29 606	-16 686	61 227	121 475
Taxes paid	-4 195	-1 569	-12 658	-4 958	-27 509
Net interest cost	15 627	11 521	20 553	22 600	41 622
Gain/loss on disposal of fixed assets	-709	-3	-709	-12	5 705
Depreciation and amortization	46 877	50 686	93 877	98 939	190 928
Changes in stock, accounts receivable and trade payables	43 980	86 467	-54 927	-131 232	13 480
Changes in other receivables and payables	-161 468	89 248	-50 700	149 729	8 264
Net foreign exchange difference	2 743	-9 314	-14 870	793	-7 372
Cash generated from operating activities	-43 143	256 641	-36 120	197 086	346 592
Interest paid	-15 996	-12 714	-21 604	-25 516	-46 089
Interest received	369	1 193	1 051	2 916	4 467
Net cash flow from operating activities	-58 770	245 121	-56 673	174 486	304 970
Cash flow from investment activities
Investments in fixed assets	-37 244	-35 214	-46 340	-65 540	-103 199
Proceeds from sale of fixed assets	1 692	319	1 692	448	43 925
Net payment of long-term receivables	-0	-12 294	0	-22 112	0
Payment of shares and participations	0	0	-30 803	0	-38 585
Acquisition of shares and subsidiaries net of cash acquired	0 -35 552	-75 066 -122 256	0 -75 451	-90 525 -177 729	-90 542 -188 401
Net cash flow from investment activities
Cash flow from financing activities
	-19 819	-55 268	-45 842	-112 974	-203 076
Repayment of borrow ings	121 126	-930	128 644	200 000	200 000
Proceed from borrow ings	-32 956	0	-32 956	-33 157	-33 157
Dividend payment
Dividents payment to NCI	0	0	0	-1 798	-1 798
Sale/(purchase) ow n shares	0	0	0	0	-14 662
Net cash flow from financing activities	68 351	-56 198	49 846	52 072	-52 692
Net change in cash and cash equivalents	-25 971	66 667	-82 278	48 828	63 877
Net foreign exchange differences	1 315	-6 395	1 315	5 962	10
Cash and cash equivalents at beginning of period	168 575	155 516	224 884	160 999	160 999 224 884
Cash and cash equivalents at end of period	143 920	215 789	143 920	215 789

Selected notes to the condensed interim consolidated financial statements

Note 1 General information and basis for preparation

AKVA group consists of AKVA group ASA and its subsidiaries. In Q1 2020 AKVA group acquired 70% of shares in Newfoundland Aqua Service. In Q2 2020 AKVA group purchased 100% of the shares in Austevoll Rørteknikk AS and finalized the purchase of Sperre AS to an ownership of 100%. In addition to this a new company was formed at the start of 2020, AKVA group Land Based Americas was de-merged from AKVA group Chile. In December 2020 Austevoll Rørteknikk AS was merged in to AKVA group Land Based Norway AS and AD Eiendomsselskap AS was merged in to AKVA Marine Services AS. There have not been any other changes in the Group's legal structure since the second quarter 2020.

These condensed interim financial statements are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting as adopted by the EU (IAS 34). The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statement. The condensed interim financial statements do not include all of the information and disclosures required by International Reporting Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in conjunction with the most recent annual financial statements. The annual financial statements were prepared in accordance with International Financial Reporting Standards and interpretations as issued by the International Standards Board and as adopted by the EU. A description of the significant accounting policies applied in preparing these condensed interim financial statements is included in AKVA group's consolidated financial statements for 2019. There have been no changes to significant accounting policies since the preparation of the annual financial statements for 2020. The condensed interim financial statements are unaudited.

Because of rounding differences, numbers or percentages may not add up to the total. The consolidated financial statements for the Group for the year ended 31 December 2020 are available upon request from the company's office at Plogfabrikkveien 11, 4353 Klepp Stasjon, Norway or at

http://ir.akvagroup.com/investor-relations/financial-info-/annual-reports.

Note 2 Accounting principles

All significant accounting principles applied in the consolidated financial statement are described in the Annual Report 2020 (as published on the OSE on 14 April 2021).

AKVA group accounts for associates owned between 20% and 50% by using the equity method. Gain/loss on investments are recognized as other operating revenue, subject to the investment being of similar character and type as the other businesses within the group.

No new standards have been adopted in 2021.

In connection with the Covid-19 pandemic, AKVA group has review and assessed internal and external factors related to material discretionary items. AKVA group has, based on our assessment, made no write-downs for Q2 2021.

Note 3 Recognition and measurement of assets and liabilities in connection with acquisitions

IFRS 3 permits adjustments to items recognized in the original accounting for business combination, for a maximum of one year after the acquisition date, if, and when new information about facts and circumstances existing at the acquisition date is obtained. AKVA group will make a final assessment before this one-year period comes to an end.

Note 4 Events after the reporting period

No events after reporting period.

Note 5 Business segments

AKVA group is organized in three business segments; Cage Based Technology, Land Based Technology and Digital Solutions.

Cage Based Technology (CBT) consist of the following companies: AKVA group ASA, Helgeland Plast AS, AKVA group Services AS, AKVA Marine Services AS, Sperre AS,

AKVA group Scotland Ltd, AKVASmart Turkey Ltd, AKVA group Australia Pty Ltd, AKVA group Chile S.A., AKVA group North America Inc, AKVA group Hellas, Newfoundland Aqua Service Ltd., AKVA group España, Egersund Net AS, Egersund Trading AS, UAB Egersund Net and Grading Systems Ltd. The products included in the segment are: Cages, barges, feed systems, sensors, net cleaning systems, nets and other operational technologies and systems for Cage Based Aquaculture.

Trading AS, UAB Egersund Net and Grading Systems Ltd. The products included in the segment are: Cages, barges, feed systems, sensors, net cleaning systems, nets and other operational technologies and systems for Cage Based Aquaculture. Land Based Technology (LBT) consist of the following companies: AKVA group Land Based Norway AS, AKVA group Denmark A/S, AKVA group Land Based A/S and AKVA group Land Based Americas SA. The products included in the segment is recirculation systems and other technologies for land based aquaculture and post smolt facilities. Digital Solutions (DS) consist of the following companies: AKVA group Software AS. The products included in software includes software solutions and professional The same accounting principles as described for the Group financial statements have been applied for the segment reporting. Inter-segment transfers or transactions are entered into under normal commercial terms and conditions, and the measurement used in the segment reporting is the same as used for the actual transactions. 2021 2020 2021 2020 2020 Q2 Q2 YTD YTD Total Cage based technology Nordic operating revenues 489 547 531 464 901 367 935 427 1 747 955 122 829 171 079 206 926 293 342 602 111 103 810 72 407 197 759 203 611 356 095 INTRA SEGMENT REVENUE 716 185 774 951 1 306 052 1 432 380 2 706 161 Operating costs ex depreciations 620 908 664 015 1 184 822 1 240 511 2 375 753 OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) 95 277 110 936 121 230 191 869 330 408 EBITDA ex. cyber-attack costs 95 277 110 936 164 130 191 869 330 408 41 338 42 992 82 775 85 532 168 282 53 939 67 943 38 455 106 337 162 125 53 939 67 943 81 355 106 337 162 125 11 473 10 550 19 587 21 516 46 473 5 834 5 222 11 101 10 119 19 674 Europe & Middle East operating revenues 1 074 668 1 839 1 366 2 710 INTRA SEGMENT REVENUE 18 381 16 440 32 527 33 001 68 857 14 284 13 237 26 717 27 634 50 802 4 097 3 203 5 811 5 367 18 056 4 097 3 203 8 911 5 367 18 056 3 099 2 800 6 079 5 549 11 118 OPERATING PROFIT (EBIT) 998 404 -268 -182 6 938 EBIT ex. cyber-attack costs 998 404 2 832 -182 6 938 94 666 56 337 207 953 115 053 381 176 2 381 13 979 4 525 33 772 20 674 97 046 70 316 212 478 148 825 401 851 Operating costs ex depreciations 117 193 91 368 226 909 166 975 412 223 OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) -20 147 -21 052 -14 431 -18 150 -10 372 EBITDA ex. cyber-attack costs -20 147 -21 052 -10 731 -18 150 -10 372 Depreciation 2 440 4 910 5 023 7 874 11 528 OPERATING PROFIT (EBIT) -22 587 -25 962 -19 454 -26 023 -21 900 EBIT ex. cyber-attack costs -22 587 -25 962 -15 754 -26 023 -21 900	Newfoundland Aqua Service Ltd., AKVA group España, Egersund Net AS, Egersund
	services.
	CONDENSED CONSOLIDATED BUSINESS SEGMENTS (NOK 1 000)
	Americas operating revenues
	Europe & Middle East operating revenues
	Depreciation
	OPERATING PROFIT (EBIT)
	EBIT ex. cyber-attack costs
	Digital
	Nordic operating revenues
	Americas operating revenues
	Operating costs ex depreciations
	OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)
	EBITDA ex. cyber-attack costs
	Depreciation
	Land based technology
	Nordic operating revenues
	Americas operating revenues
	INTRA SEGMENT REVENUE

Note 6 Top 20 shareholders as of 30 June 2021
		Number of	Ownership
Shareholders	Citizenship	shares	percentage
EGERSUND GROUP AS	NOR	20 703 105	62,1 %
PARETO AKSJE NORGE VERDIPAPIRFOND	NOR	1 623 672	4,9 %
VERDIPAPIRFONDET NORDEA KAPITAL	NOR	1 056 437	3,2 %
VERDIPAPIRFONDET ALFRED BERG GAMBA	NOR	975 932	2,9 %
SIX SIS AG	CHE	949 436	2,8 %
VERDIPAPIRFONDET NORDEA AVKASTNING	NOR	889 671	2,7 %
VERDIPAPIRFONDET NORDEA NORGE PLUS	NOR	672 840	2,0 %
FORSVARETS PERSONELLSERVICE	NOR	495 100	1,5 %
VERDIPAPIRFONDET ALFRED BERG NORGE	NOR	430 000	1,3 %
J.P. Morgan Bank Luxembourg S.A.	LUX	382 950	1,1 %
	NOR	361 300	1,1 %
MP PENSJON PK
AKVA GROUP ASA	NOR	342 895	1,0 %
J.P. Morgan Bank Luxembourg S.A.	FIN	300 000	0,9 %
EQUINOR PENSJON	NOR	263 562	0,8 %
PACTUM AS	NOR	155 000	0,5 %
BJØRN DAHLE	NOR	150 000	0,4 %
JAKOB HATTELAND HOLDING AS	NOR	131 400	0,4 %
VERDIPAPIRFONDET ALFRED BERG AKTIV	NOR	124 412	0,4 %
ASKVIG AS	NOR	100 000	0,3 %
BKK PENSJONSKASSE	NOR	97 200	0,3 %
20 largest shareholders		30 204 912	90,3 %
Other shareholders Total shares		3 129 391 33 334 303	9,7 % 100,0 %

An updated overview of the 20 largest shareholders is available on AKVA group's investor relations webpage, http://ir.akvagroup.com/investor-relations/theshare/largest-shareholders.

Note 7 Non IFRS Financial Measures

Available cash is a non-IFRS financial measure, calculated by summarizing all cash in the Group in addition to available cash from established credit facilities.

EBITDA – EBITDA is the earnings before interest, taxes, depreciation, and amortizations. It can be calculated by the EBIT added by the depreciations and amortizations.

EBIT – EBIT is the earnings before interest and taxes. It can be calculated by the profit before tax added by the interest.

NIBD - Net interest-bearing debt is a non-IFRS financial measure, equal to our long-term interest-bearing debt plus liabilities to financial institutions minus our cash at the balance sheet date.

NIBD / EBITDA is a non-IFRS measure, calculated as period end NIBD divided by the prior 12 months EBITDA.

Order backlog is a non-IFRS measure, calculated as signed orders and contracts at the balance sheet date. It does not include spot-sales, spare parts, and aftermarket sales.

Order intake is a non-IFRS measure, calculated as order backlog at the end of period minus order backlog at start of period and revenue in the period

ROACE - Return on average Capital Employed is a non-IFRS financial measure, calculated by dividing the last 12 months EBIT by the average of the Capital Employed on the opening and closing dates of the period under consideration.

ROCE – Return on Capital Employed is a non-IFRS financial measure, calculated by dividing the last 12 months EBIT by capital employed at the balance sheet date. Capital Employed is calculated as the sum of NIBD, at the balance sheet date plus equity, deferred tax, and other long-term liabilities. Capital Employed can also be found by the formula (total assets – cash) – (total current liabilities – liabilities to financial institutions).

Working Capital is a non-IFRS financial measure calculated by current assets less cash minus current liabilities less liabilities to financial institutions.

AKVA group ASA,

Plogfabrikkveien 11 P.O. Box 8068, N-4353 Klepp stasjon Norway

Tel +47 51 77 85 00 Fax +47 51 77 85 01

www.akvagroup.com

Other AKVA group offices:

AKVA group, Trondheim	Tel (+47) 73 84 28 00
AKVA group, Brønnøysund	Tel (+47) 75 00 66 00
AKVA group, Sandstad	Tel (+47) 72 44 11 00
AKVA group, Mo i Rana	Tel (+47) 75 14 37 50
AKVA group, Tromsø	Tel (+47) 75 00 66 50
AKVA group, Sandnessjøen	Tel (+47) 75 14 37 50
AKVA group, Rørvik	Tel (+47) 75 00 66 50
Egersund Net, Egersund	Tel (+47) 51 46 29 60
Egersund Net, Austevoll	Tel (+47) 55 08 85 10
Egersund Net, Manger	Tel (+47) 51 46 29 60
Egersund Net, Kristiansund	Tel (+47) 51 46 29 60
Egersund Net, Rørvik	Tel (+47) 51 46 29 60
Egersund Net, Brønnøysund	Tel (+47) 51 46 29 60
Egersund Net, Vevelstad	Tel (+47) 51 46 29 60
Egersund Net, Vesterålen	Tel (+47) 76 14 00 00
Egersund Trading, Austevoll	Tel (+47) 55 08 85 00
Grading Systems, Shetland	Tel (+44) 1806 577 241
Helgeland Plast, Mo i Rana	Tel (+47) 75 14 37 50
AKVA group Land Based Norway, Sømna	Tel (+47) 75 02 78 80
AKVA Marine Services, Torvastad	Tel (+47) 47 27 04 54
Sperre, Notodden	Tel (+47) 35 02 50 00
UAB Egersund Net, Lithuania	Tel (+370) 446 54 842
AKVA group Land Based, Fredericia	Tel (+45) 75 88 02 22
AKVA group Chile, Puerto Montt	Tel (+56) 65 250 250
AKVA group UK, Inverness	Tel (+44) 1463 221 444
AKVA group North America, Campbell River, Canada	Tel (+1) 250 286 8802
AKVA group North America, New Brunswick, Canada	Tel (+1) 506 754 6991
AKVA group North America, Newfoundland and Labrador, Canada	Tel (+1) 506 754 1792
AKVA group Australia, Tasmania	Tel (+61) 488 983 498
AKVA group Turkey, Bodrum	Tel (+90) 252 374 6434
AKVA group España, Murcia	Tel (+34 968 209494
AKVA group Hellas, Athen	Tel (+30) 69 441 660 14