About AKVA group	2
Higlights	3
Orderintake, revenues and profit for the group	5
Financial performance per segment	6
Revenue per segment	7
Revenue per region	8
Revenue per CAPEX / OPEX	9
Revenue per species	10
Balance sheet and cash flow	11
Statement from the Board and Chief Executive Officer	12
Notes	15
Our offices	19

AKVA group in brief

AKVA group is the leading technology and service partner to the aquaculture industry worldwide. The company has 1 384 employees and offices in 11 countries. The total turnover was NOK 3.4 billion in 2023.

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 based farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.

High activity level and improved profitability

Second quarter 2024 - highligts

Record high quarterly revenue of MNOK 1,014, 8% increase compared to Q2 2023
Order intake was MNOK 888, down from MNOK 1,840 in Q2 2023
Order backlog at the end of the quarter of MNOK 2,417
EBITDA of MNOK 110, increase from MNOK 86 in Q2 2023
EBIT of MNOK 63, up from MNOK 38 in Q2 2023
Acqusition of 100% ownership in Observe Technologies was completed start of Q3

YTD 2024 - highligts

Revenue of MNOK 1,799 is down from MNOK 1,814 in the first half year of 2023.
EBIT of MNOK 83 is up from MNOK 49 in the first half year of 2023.
Order intake of MNOK 1,805, decrease from MNOK 3,010 in the first half year in 2023.
Award of four barges for the Nordic market during first half year of 2024.
Order backlog of MNOK 2,417 16% decrease compared to end of Q2 2023.
Acquisition of 100% ownership in Observe Technologies was completed start of Q3.

Order intake, revenues, and profits for the Group

OPERATIONS AND PROFIT (Figures in brackets = 2023 unless other is specified)

The activity level in the second quarter was high with a record high quarterly revenue of MNOK 1,014 and order intake of MNOK 888. The high activity level is driven by the Sea Based business segment and positive momentum in the Nordic market. The market for Land Based is still slow and AKVA has not been awarded any new significant contracts so far in 2024. The outlook for the post smolt market in Norway is still slow due to the resource tax but is expected to improve gradually going forward.

Profitability improved significantly in the second quarter compared to last year, and the improved profitability is primarily related to the Sea Based business. The profitability in Land Based is still impacted by low activity level and to some extent closing of the NOAP phase I project. The Digital business segment has experienced great revenue growth the last few years but the current cost base is still high compared to the activity level. The profit margin in Digital is expected to improve following the acquisition of Observe.

Order intake was MNOK 888 in Q2 2024 compared to MNOK 1,840 in Q2 2023.
Revenues in Q2 2024 ended at MNOK 1,014 compared to MNOK 940 in Q2 2023, an increase of 8%.
EBITDA increased from MNOK 86 in Q2 2023 to MNOK 110 in Q2 2024.
Depreciation and amortization for the quarter were MNOK 47 compared to MNOK 48 in the same quarter last year.
EBIT was MNOK 63, up from MNOK 38 in Q2 2023.
Net financial items were MNOK -29, compared to MNOK -10 in Q2 last year.
Profit before tax ended at MNOK 34, up from MNOK 28 in Q2 2023.
Net Profit increased from MNOK 20 last year to MNOK 26 in Q2 2024.

2024 Q2	2023 Q2	2024 YTD	2023 YTD

1 014	940	1 799	1 814
110	86	177	145
63	38	83	49
26	20	30	21

1 268	1 123	1 268	1 123
117	-18	-11	-1
5%	-1,4%	5%	-1,4 %

2 417	2 884	2 417	2 884
888	1840	1 805	5 3 010

Financial performance per segment

SEA BASED TECHNOLOGY (SBT)

SBT revenue for Q2 2024 ended at MNOK 842 (733). EBITDA and EBIT for the segment in Q2 ended at MNOK 106 (82) and MNOK 68 (46), respectively. The related EBITDA and EBIT margins were 12.6% (11.2%) and 8.1% (6.3%), respectively.

Order intake in Q2 2024 was MNOK 713 compared to MNOK 690 in Q2 2023. Order backlog ended at MNOK 816 compared to MNOK 817 last year.

The revenue in the Nordic region ended at MNOK 602 (475). The order intake was MNOK 524 (474) in the second quarter.

In the Americas region, the revenue was MNOK 156, which is a decrease from MNOK 158 in the second quarter last year. The order intake was MNOK 151 (150) in the second quarter.

Europe and Middle East (EME) had a revenue of MNOK 84 in Q2 2024, compared to a revenue of MNOK 100 in the second quarter last year. The order intake was MNOK 37 (65) in the second quarter.

LAND BASED TECHNOLOGY (LBT)

Revenues for the second quarter were MNOK 137 (174). EBITDA and EBIT ended at MNOK -1 (-4) and MNOK -4 (-6), respectively. The related EBITDA and EBIT margins were -0.9% (-2.3%) and -2.7% (-3.7%).

Order intake in Q2 2024 of MNOK 149 compared to MNOK 1,062 in Q2 2023. Order backlog ended at MNOK 1,451, compared to MNOK 1,905 last year.

DIGITAL (DI)

The revenue in the segment was MNOK 35 (33) in Q2 2024. EBITDA and EBIT ended at MNOK 5 (8) and MNOK -2 (-2), respectively. The related EBITDA and EBIT margins were 14.3% (23.8%) and -4.3% (-5.3%).

Order intake in Q2 2024 of MNOK 26 compared to MNOK 89 in Q2 2023. Order backlog ended at MNOK 150, compared to MNOK 162 last year.

660

817

The information below shows AKVA group's three business segments, Sea Based Technology, Land Based Technology and Digital (ref. notes to the interim financial statements).

940

874

33 Q2 2023

ORDER INTAKE PER SEGMENT 833 738

907

840

779

849

ORDER BACKLOG PER SEGMENT 817 849 833

738

907

840

779

874

940

Revenue per segment

Digital and Sea Based had an increase in activity level this quarter of 5.7% and 14.8% compared to the same quarter last year, respectively. Land Based had a decrease in revenues compared to the same quarter last year of 21.1%.

The revenue in AKVA group can be divided based on segments, and the above graphs show the last nine quarters development in revenue by segments

Revenue per region

Nordic and Americas had an increase in activity level this quarter of 10% and 12% compared to the same quarter last year, respectively. Europe and Middle East (EME) had a decrease in revenues compared to the same quarter last year of 15%.

AKVA group has organized its business into three geographical regions:

Nordic: Includes the Nordic countries,
Americas: Includes the Americas and Oceania
Europe and Middle East: Includes the rest of the world

Revenue per CAPEX / OPEX

The CAPEX based revenues increased with 7.6% in the second quarter compared to the same quarter in 2023, whilst the OPEX based revenues increased with 8.5% in the same period. Egersund Net's service stations contributed with MNOK 98 (88) in Q2 2024.

The revenue in AKVA group can be split between CAPEX based revenue and OPEX based revenue. The above graphs show the last nine 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

Revenue per 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 nine 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 MNOK 355 on 30 June 2024, a decrease from MNOK 398 on 30 June 2023. The working capital relative to last twelve months revenue was 10.4% at the end of June 2024, compared to 11.6% at the end of June 2023.

Total CAPEX in Q2 2024 was MNOK 33. MNOK 17 relates to capitalized R&D expenses, MNOK 7 is related to new ERP system and MNOK 9 was other CAPEX.

Cash and unused credit facilities amounted to MNOK 292 at the end of Q2 2024 versus MNOK 522 at the end of Q2 2023. The unused credit facility (at DNB) is MNOK 122.

Net interest-bearing debt was MNOK 1,268 at the end of June 2024, including lease liabilities of MNOK 478, compa red to MNOK 1,123 and MNOK 485 at the end of Q2 2023.

Gross interest-bearing debt was MNOK 1,537 at the end of Q2 2024 versus MNOK 1,388 at the end of Q2 2023. The short-term interest-bearing debt in the balance sheet inclu des the next 12 months instalments of the long-term debt. The IFRS 16 lease liability of MNOK 478 (485) at the end of Q2 2024, is included in the interest-bearing debt.

A waiver from DNB was obtained in respect of the leverage ratio (NIBD/EBITDA) covenant. The waiver is effective from 23 November 2023 to and including 30 September 2024 (waiver period). The EBITDA used for calculating the NIBD/ EBITDA covenant is adjusted with MNOK 20 in Q2 2024. In the waiver period the leverage ratio shall not exceed 4,5 including the allowed adjustment to the EBITDA set out above. The leverage ratio was 4,02 as at 30 June 2024 and AKVA group was in compliance with all bank covenants. The Group continues to closely monitor its financial performance to ensure complicance with financial covenants.

(ROACE) ended at 5 % (-1.4%) for the quarter.

Total assets and total equity amounted to MNOK 3,820 and MNOK 1,165 respectively, resulting in an equity ratio of 30.5% (33.1%) at the end of Q2 2024. Adjusted for the effect of IFRS 16 assets, the equity ratio is 34.7% (37.8%).

OTHER SHAREHOLDER INFORMATION

Earnings per share in Q2 2024 were NOK 0.73 (0.56). The calculations are based on 36,391,096 (36,415,864) shares on average.

The minority interests in Newfoundland Aqua Service and Submerged are reflected in the balance sheet with 1.5% and 49% ownership, respectively.

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

MARKET AND FUTURE OUTLOOK

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

AKVA expects to see a normalization of the post smolt mar ket in Norway during the second half of 2024.

AKVA is aiming for revenue of minimum BNOK 3.6 and EBIT of 4-5% in 2024.

AKVA group will continue to invest and improve solutions, both within Sea Based, Digital 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 1 January to 30 June 2024, 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, 15 AUGUST 2024 BOARD OF DIRECTORS, AKVA GROUP ASA

Hans Kristian Mong Chairperson

Frode Teigen Board Member

Yoav Doppelt Board Member

Heidi Nag Flikka Board Member

Irene Heng Lauvsnes Board Member

Knut Nesse CEO

Kristin Reitan Husebø Deputy Chairperson

Tore Rasmussen Board Member

Odd Jan Håland Employee's Representative

John Morten Kristiansen Board Member

Mona Skåtøy Skadberg Employee's Representative

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME	Note	2024	2023	2024	2023	2023
(NOK 1 000)		Q2	Q2	YID	YID	Total
OPERATING REVENUES	5	1 014 247	940 290	1 798 604	1 813 912	3 432 262
Cost of materials		589 505	561 396	1 016 157	1 094 123	1 996 252
Payroll expenses		255 194	235 716	486 121	464 604	તેન્દર્લ જિટિંગ
Other operating expenses		59 977	57 240	119 304	110 484	218 750
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	5	109 571	85 937	177 022	144 701	263 407
Depreciation		12 448	11 589	24 422	23 249	48 653
IFRS 16 Depreciation		25 360	22 926	50 464	45 851	95 239
Amortization		8 767	13 440	18 958	26 929	51 913
Impairment
OPERATING PROFIT (EBIT)	5	62 996	37 982	83 178	48 672	67 603
Net interest expense		-21 413	-14 633	-32 825	-27 890	-63 417
IFRS 16 Interest expenses		-5 750	-5 671	-11 715	-11 154	-22 481
Other financial items		-2 107	10 727	4 837	17 585	-11 014
Net financial items		-29 270	-9 577	-39 703	-21 458	-96 912
PROFIT BEFORE TAX		33 726	28 405	43 475	27 214	-29 309
Taxes		8 091	8042	13 051	6 459	-10 782
NET PROFIT		25 636	20 363	30 424	20 754	-18 527

Net profit (loss) attributable to:
Non-controlling interests		-846	32	-832	18	-692
Equity holders of AKVA group ASA		26 482	20 332	31 256	20 737	-17 835
Earnings per share equity holders of AKVA group ASA		0.73	0,56	0,86	0,57	-0.49
Diluted earnings per share equity holders of AKVA group ASA		0.73	0,56	0.86	0,57	-0,49
Average number of shares outstanding (in 1 000)		36 391	36 416	36 414	36 385	36 416
Diluted number of shares outstanding (in 1 000)		36 391	36 416	36 414	36 395	36 416

STATEMENT OF INCOME STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME	2024	2023	2024	2023	2023
(NOK 1 000)	Q2	Q2	YTD	YTD	Total
NET PROFIT	25 636	20 363	30 424	20 754	-18 527
Other comprehensive income that may be reclassified subsequently to income statement:
Translation differences on foreign operations	-3 920	1 215	-3 306	48 926	-4 726
Income tax effect	-	-	-	-	-
Total	-3 920	1 215	-3 306	48 926	-4 726
Gains(+)/losses(-) on cash flow hedges	-1 905	4 803	7 886	11 948	7 681
Income tax effect	419	-1 057	-1 735	-2 629	-1 690
Total	-1 486	3 747	6 151	9 319	5 991
Total other comprehensive income, net of tax	-5 406	4 962	2 845	58 245	1 265
TOTAL COMPREHENSIVE INCOME, NET OF TAX	20 230	25 325	33 269	79 000	-17 262
Attributable to:
Non-controlling interests	-846	32	-832	18	-692
Equity holders of AKVA group ASA	21 076	25 293	34 101	78 982	-16 570

STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Note	2024	2023	2024	2023	2023
(NOK 1 000)	Q2	Q2	YTD	YTD	Total
Balance at start of period before non-controlling interest		1 152 709 1 197 689	1 142 451	1 144 000	1 144 000
The period's net profit	26 482	20 332	31 256	20 737	-17 835
Buyback of own shares	-9 368	-	-9 460	-	-
Gains/(losses) on cash flow hedges (fair value)	-1 486	3 747	6 151	9 319	5 991
Dividend	-	-	-	-	-
Share-based payments	-1 326	-	1 506	-	6 768
Adjustment related to prior periods	-602	-	-6 109	-	7 716
Translation differences	-3 920	1 215	-3 306	48 926	-4 726
Other adjustments	-6 463	-	-6 463	-	538
Equity before non-controlling interests		1 156 026 1 222 982	1 156 026	1 222 982	1 142 451
Non-controlling interests	9 392	354	9 392	354	10 225
Book equity at the end of the period		1 165 418 1 223 336	1 165 418	1 223 336	1 152 676

STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOW

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (NOK 1 000)	Note	2024 30.6.	2023 30.6.	2023 31.12.

Intangible fixed assets	1,3	1 195 130	1 050 021	1 157 266
Deferred tax assets		68 846	32 649	72 464
Tangible fixed assets		650 683	655 727	671 833
Long-term financial assets	2	347 735	313 697	312 778
FIXED ASSETS		2 262 394	2 052 094	2 214 341

Stock		660 494	694 121	628 614
Trade receivables		637 404	624 070	508 581
Other receivables		89 725	109 163	113 002
Cash and cash equivalents		170 285	212 959	219 394
CURRENT ASSETS		1 557 908	1 640 312	1 469 591
TOTAL ASSETS		3 820 302	3 692 406	3 683 933
Equity attributable to equity holders of AKVA group ASA		1 156 026	1 222 982	1 142 451
Non-controlling interests	1,3	9 392	354	10 225
TOTAL EQUITY		1 165 418	1 223 336	1 152 676

Deferred tax		33 277	17 534	30 995
Other long term debt		52 152	34 258	59 777
Lease Liability - Long-term		383 808	400 123	405 466
Long-term interest bearing debt	1	843 178	679 167	862 317
LONG-TERM DEBT		1 312 415	1 131 082	1 358 554

Short-term interest bearing debt		215 583	224 622	37 500
Lease Liability - Short-term Trade payables		94 080 340 883	84 412 328 223	90 560 328 421
Public duties payable		125 662	116 286	133 467

Contract liabilities Other current liabilities		331 299 234 962	343 769 240 675	330 087 252 666
SHORT-TERM DEBT		1 342 468	1 337 988	1 172 701

TOTAL EQUITY AND DEBT		3 820 302	3 692 406	3 683 933

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	2024	2023	2024	2023	2023
(NOK 1 000)	Q2	02	YID	YID	Total

Cash flow from operating activities
Profit before taxes	33 726	28 405	43 475	27 214	-29 309
Taxes paid	-4 266	-8 206	-7 495	-12 303	-12 399
Share of profit(-)/loss(+) from associates	4 525	-980	1 028	-4 983	-10 256
Net interest cost	27 163	20 304	44 540	39 044	85 898
Gain(-) loss(+) on disposal of fixed assets	-165	-204	-101	-556	-1 339
Gain(-)/loss(+) on financial fixed assets	-4 231	-6 158	-19 180	-8 132	-10 953
Depreciation, amortization and impairment	46 575	47 956	93 845	96 029	195 805
Changes in stock, accounts receivable and trade payables	-26 963	-91 951	-148 241	-107 364	114 568
Changes in other receivables and payables	48 772	-28 916	5 464	-87 814	-97 747
Net foreign exchange difference	-8 350	21 269	-24 417	57 803	23 955
Cash generated from operating activities	116 779	-18 482	-11 081	-1 062	258 222
Cash flow from investment activities
Investments in fixed assets	-32 974	-31 954	-82 652	-95 741	-221 359
Proceeds from sale of fixed assets	0	448	15	1 191	2218
Dividents payment from associates	2316	0	3642	0	8 052
Acquisition of subsidiary	-0	0	-0	0	-35 648
Equity is sued in associates	-4 371	0	-4 371	0	0
Net cash flow from investment activities	-35 029	-31 506	-83 366	-94 550	-246 737
Cash flow from financing activities
	-36 346	-35 970	-78 721	-73 370	-95 343
Repayment of borrowings	58 848	141 845	178 083	142 997	195 833
Proceed from borrowings	0	0
Repayment of lease liabilities			0	0	-84 671
IFRS 16 interest	-5 750	-5 671	-11 715	-11 154	-22 481
Net other interest	-21 413	-14 633	-32 825	-27 890	-63 417
Sale/(purchase) own shares	-9 483	0	-9 484	0	0
Net cash flow from financing activities	-14 144	85 571	45 338	30 583	-70 080
Cash and cash equivalents at beginning of period	102 680	179 375	219 394	277 988	277 988
Net change in cash and cash equivalents	67 606	33 584	-49 109	-65 029	-58 594
Cash and cash equivalents at end of period	170 286	212 959	170 285	212 959	219 394

NOTE 1:

General information and basis for preparation

AKVA group consists of AKVA group ASA and its subsidiaries.

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 2023. There have been no changes to significant accounting policies since the preparation of the annual financial statements for 2023. 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 2023 are available upon request from the company's office at Plogfabrikkveien 11, 4353 Klepp Stasjon, Norway or at

HTTPS://WWW.AKVAGROUP.COM/INVESTORS/FINANCIAL-IN FO/ANNUAL-REPORTS/.

NOTE 2:

Accounting principles

All significant accounting principles applied in the consolidated financial statement are described in the Annual Report 2023 (as published on the OSE on 15 March 2024).

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.

In first half of 2024 IAS 29, financial reporting in hyperinflationary economies, has been implemented in relation to subsidiary in Turkey. In Turkey the Asper Law 555 dated 30.12.2023 require companies to apply inflation accounting. All non-monetary assets are revaluated in accordance with IAS 29. The effect of the revaluation is balanced against retained earnings.

A write down of MNOK 5.5 related to the investment in Ecofisk AS was made during Q1 2024. The investment in Ecofisk AS is accounted for as a financial asset.

Change in useful economic life for intangible assets (AKVA Connect & AKVA Fishtalk)

In accordance with IAS 38 and IAS 8, AKVA group has in Q1 2024 evaluated and changed the useful life for development cost related to intangible assets "AKVA Connect" and "AKVA Fishtalk".

The company has identified that several features & modules capitalized and released have useful life exceeding prior estimate of 5 years. The best estimate of the intangible assets is 8 years with relevant use cases for the company in the future and in accordance with group policy.

The assessment of the depreciation period resulted in a change in useful economic life from 5 – to 8 years which were adjusted at 01.02.2024.

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.

Share buy-back program

Based on the authorisation from the annual general meeting on 11 May 2023 and 2 May 2024, the Board of directors has decided to initiate a share buy-back programme for up to 200,000 shares. The program was initiated 22.March 2024, and terminated on 31 March 2025, at the latest. The aggregate maximum amount allocated to fund the programme of NOK 30,000,000, and the maximum consideration to be paid per share under the program is NOK 150. Buyback transactions will be executed according to the market price on the Oslo Stock Exchange. The maximum number of shares which may be purchased in any one day is 3,532 shares corresponding to 25% of the average daily trading volume on the OSE during the month of February, being the month preceding the month of this disclosure.

At the start of 2024 AKVA group ASA owned 230,663 own shares. During first half of 2024 AKVA group ASA initiated buybacks of a total of 142 672 shares, amounting to MNOK 9.5. AKVA group owns a total of 301,388 shares at 30 June 2024.

NOTE 4:

Events after the reporting period:

Acquisition of 100% ownership in Observe Technologies

The 5th of July AKVA group ASA announced completion of the acquisition of 100% of the shares in Observe Technologies Limited.

Pre-acquisition AKVA owned 33.69% of the shares in Observe. Following the transaction AKVA will be the sole shareholder of Observe and own 100% of the shares. The minimum purchase price for the 66.31% of the shares of GBP 13.7 million, has partly been settled by cash consideration, and partly by way of a sellers' credit that will be settled in instalments to be paid over the next three years. Furthermore, an additional consideration and earn out consideration up to a maximum total purchase price of GBP 20.5 million will be paid if certain conditions are met. The cash amount paid by AKVA at closing has been financed by utilising options under AKVA's existing bank financing.

There have been no other events subsequent to the reporting period that might have a significant effect on the financial report for the second quarter of 2024.

NOTE 5:

Business segments

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

Sea Based Technology (SBT) consist of the following companies: AKVA group ASA, Helgeland Plast AS, AKVA group 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 Sea Based Aquaculture.

Land Based Technology (LBT) consist of the following companies: AKVA group Land Based Sømna AS (formerly 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 (DI) consist of the following companies: AKVA group Software AS and Submerged AS. The products included in software includes digital solutions and professional services. In addition to AKVA group Software AS and Submerged AS the products are sold worldwide through a number of other companies in AKVA group.

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.

CONDENSED CONSOLIDATED BUSINESS SEGMENTS

CONDENSED CONSOLIDATED BUSINESS SEGMENTS	2024	2023	2024	2023	2023
(NOK 1 000)	Q2	Q2	YTD	YTD	Total

Sea based technology
Nordic operating revenues	601 873	475 271	1 030 254	899 800	1 707 127
Americas operating revenues	156 215	158 110	306 183	279 507	586 576
Europe & Middle East operating revenues	84 102	99 974	151 900	208 911	373 665
INTRA SEGMENT REVENUE	842 190	733 356	1 488 337	1 388 219	2 667 367
Operating costs ex depreciations	736 354	651 183	1 318 190	1 250 657	2 396 489
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	105 835	82 173	170 146	137 562	270 878
Depreciation & amortization	37 599	36 105	73 067	72 626	147 528
OPERATING PROFIT (EBIT)	68 236	46 068	97 079	64 936	123 350

Digital
Nordic operating revenues	18 830	16 963	41 716	32 125	74 920
Americas operating revenues	12 987	13 632	23 954	24 304	47 911
Europe & Middle East operating revenues	2 821	2 167	5 880	3 272	9 619
INTRA SEGMENT REVENUE	34 638	32 762	71 551	59 701	132 450
Operating costs ex depreciations	29 680	24 976	60 167	46 054	107 362
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	4 958	7 786	11 383	13 647	25 088
Depreciation & amortization	6 459	9 507	15 693	18 946	39 069
OPERATING PROFIT (EBIT)	-1 501	-1 721	-4 310	-5 299	-13 981

Land based technology
Nordic operating revenues	113 788	173 012	204 435	363 233	632 173
Americas operating revenues	23 631	1 160	34 281	2 759	271
Europe & Middle East operating revenues	-	-	-	-	-
INTRA SEGMENT REVENUE	137 420	174 172	238 717	365 992	632 444
Operating costs ex depreciations	138 641	178 194	243 224	372 500	665 004
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	-1 222	-4 022	-4 507	-6 508	-32 560
Depreciation and amortization	2 516	2 344	5 085	4 457	9 208
Impairment	-	-	-	-	-
OPERATING PROFIT (EBIT)	-3 738	-6 366	-9 592	-10 965	-41 768

NOTE 6:

Top 20 shareholders as of 30 June 2024

Number of shares	Ownership %	Shareholders		Citizenship
18 703 105	51,0 %	EGERSUND GROUP AS		NOR
6 600 192	18,0 %	ISRAEL CORPORATION LTD		ISR
2 203 280	6,0 %	PARETO AKSJE NORGE VERDIPAPIRFOND		NOR
1 100 436	3,0 %	VERDIPAPIRFONDET NORDEA AVKASTNING		NOR
955 145	2,6 %	SIX SIS AG	Nominee	CHE
791 167	2,2 %	VERDIPAPIRFONDET ALFRED BERG GAMBA		NOR
602 614	1,6 %	J.P. Morgan SE	Nominee	LUX
537 740	1,5 %	FORSVARETS PERSONELLSERVICE		NOR
404 569	1,1 %	VERDIPAPIRFONDET NORDEA KAPITAL		NOR
319 771	0,9 %	MP PENSJON PK		NOR
301 388	0,8 %	AKVA GROUP ASA		NOR
275 255	0,8 %	J.P. Morgan SE	Nominee	LUX
256 590	0,7 %	J.P. Morgan SE	Nominee	FIN
221 502	0,6 %	VERDIPAPIRFONDET ALFRED BERG NORGE		NOR
214 773	0,6 %	VERDIPAPIRFONDET EQUINOR AKSJER NO		NOR
130 000	0,4 %	NESSE & CO AS		NOR
128 000	0,3 %	VERDIPAPIRFONDET ALFRED BERG NORGE		NOR
125 795	0,3 %	DAHLE		NOR
100 800	0,3 %	JAKOB HATTELAND HOLDING AS		NOR
100 000	0,3 %	ASKVIG AS		NOR
34 072 122	92,9 %	20 largest shareholders
2 595 611	7,1 %	Other shareholders
36 667 733	100,0 %	Total shares

An updated overview of the 20 largest shareholders is available on AKVA group's investor relations webpage, https://www.akvagroup.com/investors/the-share/largest-shareholders.

NOTE 7:

Alternative Performance Measures - Non IFRS Financial Measures

AKVA group discloses alternative performance measures as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are used to provide an enhanced insight into the operating performance, financing and future prospects of the company and are frequently used by analysts, investors and other interested parties. The definition of these measures are as follows:

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.

Capital Employed is a non-IFRS financial measure calculated by total assets less cash and IFRS 16 RoU assets minus current liabilities less liabilities to financial institutions (short term) and lease liability (short term).

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 net financial items.

NIBD - Net interest-bearing debt is a non-IFRS financial measure, equal to our interest-bearing debt plus lease liability minus our cash and cash equivalents 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.

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 quarterly average of the Capital Employed ex. IFRS 16 last 12 months.

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

The following tables reconciles our Alternative Performance Measures to the most directly reconcilable line item, subtotal or total presented in the financial statements:

Alternative Performance Measures - Non IFRS Financial Measures	2024	2023	2023
(NOK 1 000)	Q2	Q2	31.12.
Cash and cash equivalents	170 285	212 959	219 394
Not utilized overdraft facilities at period end	121 917	308 678	300 000
Available cash	292 202	521 637	519 394

Total assets	3 820 302	3 692 406	3 683 933
Cash and cash equivalents	-170 285	-212 959	-219 394
IFRS 16 - RoU Asset	-457 306	-455 305	-475 141
Current liabilities	-1 342 468	-1 337 988	-1 172 701
Liabilities to financial institutions - Short-term	215 583	224 622	37 500
Lease Liability - Short-term	94 080	84 412	90 560
Capital employed	2 159 905	1 995 188	1 944 756

Operating profit	62 996	37 982	67 603
Depreciation and amortization	46 575	47 956	195 805
Impairment	0	0	0
EBITDA	109 571	85 937	263 408

Liabilities to financial institutions	1 058 761	903 789	899 817
Lease liabilities	477 888	484 535	496 026
Other non-current liabilities	52 152	34 258	59 777
Non-interest bearing part of non-current liabilities	-52 152	-34 258	-59 777
Long term financial assets	-98 053	-51 962	-67 161
Cash and cash equivalents	-170 285	-212 959	-219 394
Net interest-bearing debt	1 268 311	1 123 403	1 109 288

Operating profit last twelve months	102 108	-25 162	67 602
Average Capital employed last twelve months	2 062 750	1 819 869	1 946 152
ROACE	5,0 %	-1,4 %	3,5 %

Current assets	1 557 908	1 640 312	1 469 591
Cash and cash equivalents	-170 285	-212 959	-219 394
Current liabilities	-1 342 468	-1 337 988	-1 172 701
Current lease liabilities	94 080	84 412	90 560
Current liabilities to financial institutions	215 583	224 622	37 500
Working capital	354 817	398 399	205 557

No reconciliations have been performed for order backlog and order intake, as these are Alternative Performance Measures not linked to accounting figures.

Our offices

Head Office AKVA group ASA Plogfabrikken 11, N-4353 Klepp Stasjon, Norway [email protected]

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 Sømna, Sømna Tel (+47) 75 02 78 80 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) 968 209 494 AKVA group Hellas, Athen Tel (+30) 69 441 660 14

19 AKVA group China, Ningbo Tel (+45) 75 88 02 22