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	20

AKVA group in brief

AKVA group is the leading technology and service partner to the aquaculture industry worldwide. The company has 1 409 employees and offices in 12 countries. The total turnover was 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 based farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.

Record high sea based order intake

Fourth quarter 2024 - highligts

Quarterly revenue of MNOK 792, 1% decrease compared to Q4 2023
All-time high quarterly order intake for Sea Based with MNOK 946, driven by deep farming solutions
Total order intake was BNOK 1,1 and up from MNOK 718 in Q4 2023
Order backlog at the end of the quarter of MNOK 2,658
EBITDA of MNOK 76, increase from MNOK 41 in Q4 2023
EBIT of MNOK 23, up from MNOK -10 in Q4 2023
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

Full year 2024 - highligts

■ Revenue of MNOK 3,602 in 2024. Adjusted for the gain of MNOK 76 related to the Observe transaction the revenue is MNOK 3,526 and up from MNOK 3,431 YTD 2023

■ EBIT in 2024 of MNOK 256. Adjusted for the net gain of MNOK 71 related to the Observe transaction the EBIT is MNOK 184, increase from MNOK 68 in 2023

■ Order intake of MNOK 3,689, decrease from MNOK 4,328 in 2023

■ Award of five barges for the Nordic market during 2024

■ Order backlog of MNOK 2,658, 10,9% increase compared to end of Q4 2023

■ Completion of the acquisition of Observe Technologies in Q3 2024, increasing our ownership from 33.7% to 100%.

■ 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

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

Order intake, revenues, and profits for the Group

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

The activity level in the fourth quarter was slightly below same quarter last year with quarterly revenue of MNOK 792. However, the order intake was solid of MNOK 1,081, which is MNOK 363 higher than same quarter last year. The Sea Based business generated a all-time high quarterly order intake of MNOK 946 driven by sale of deep farming solutions. After a somewhat slow start to 2024 the activity level has been sound and higher compared to last year. The market for Land Based is improving and the order intake and revenue level has gradually increased during 2024. The newly awarded contracts with Cermaq and Laxey will have a positive effect on the revenue level in 2025. The market for post smolt in Norway is still soft but is expected to improve gradually into 2025.

Profitability improved in the fourth quarter compared to last year, and the improvement is primarily related to the performance in the Land Based business. Increased revenue level and improved project margins resulted in an acceptable performance for Land Based in the fourt quarter. The profitability in Sea Based was acceptable on the basis of a lower revenue level. The financial performance in the Digital business segment is improving but the current cost base is still high compared to the activity level resulting in soft profit margins.

Order intake was MNOK 1,081 in Q4 2024 compared to MNOK 718 in Q4 2023.
Revenues in Q4 2024 ended at MNOK 792 compared to MNOK 800 in Q4 2023, a decrease of 1%.
EBITDA increased from MNOK 41 in Q4 2023 to MNOK 76 in Q4 2024.
Depreciation and amortization for the quarter were MNOK 54 compared to MNOK 51 in the same quarter last year.
EBIT was MNOK 23, up from MNOK -10 in Q4 2023.
Net financial items were MNOK -38, compared to MNOK -43 in Q4 last year.
Profit before tax ended at MNOK -15, up from MNOK -53 in Q4 2023.
Net Profit increased from MNOK -36 last year to MNOK -9 in Q4 2024.

Note that for the 2024 YTD figures the aqusition of 100% ownership in Observe which was completed during Q3 resulted in a gain of MNOK 75.5 reflected in the revenues for the Digital segment, with a net EBIT/EBITDA gain of MNOK 71.4 (including transaction related cost). The gain is a result of the step aquisition were AKVA remeasured previously held ownership of 33,7% at fair value in accordance with IFRS 3.

Financial key figures (NOK 1 000 000)	2024 Q4	2023 Q4	2024 YTD	2023 YTD

Revenues	792	800	3 602	3 432
EBITDA	76	41	453	263
EBIT	23	-10	256	68
Net profit	-9	-36	110	-19

Net interest-bearing debt	1 358	1 109	1 358	1 109
Cash flow from operations	2	91	180	258
ROACE	11,0%	3,5%	11,0%	3,5 %

Order backlog	2 658	2 396	2 658	2 396
Order intake	1 081	718	3 689	5 4 328

Financial performance per segment

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%), respectively.

Order intake in Q4 2024 was MNOK 946 compared to MNOK 679 in Q4 2023. Order backlog ended at MNOK 1,115 compared to MNOK 792 last year.

The revenue in the Nordic region ended at MNOK 344 (359). The order intake was MNOK 686 (438) in the fourth quarter.

In the Americas region, the revenue was MNOK 146, which is a decrease from MNOK 166 in the fourth quarter last year. The order intake was MNOK 181 (162) in the fourth quarter.

Europe and Middle East (EME) had a revenue of MNOK 52 in Q4 2024, compared to a revenue of MNOK 92 in the fourth quarter last year. The order intake was MNOK 79 (78) in the fourth quarter.

LAND BASED TECHNOLOGY (LBT)

Revenues for the fourth quarter were MNOK 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 of MNOK 22 compared to MNOK 40 in Q4 2023. Order backlog ended at MNOK 136, compared to MNOK 150 last year.

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

660

817

Revenue per segment

Land Based had an increase in activity level this quarter of 52.8% compared to the same quarter last year, respectively. Sea Based and Digital had a decrease revenue of 12.2% and 17.9% compared to the same quarter last year.

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 had an increase in activity level this quarter of 8.0% compared to same quarter last year. Americas and Europe and Middle East (EME) had a decrease in revenues compared to the same quarter last year of 4.0% and 43.5%, respectively.

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 decreased with 2.8% in the fourth quarter compared to the same quarter in 2023, whilst the OPEX based revenues increased with 2.9% in the same period. Egersund Net's service stations contributed with MNOK 89 (82) in Q4 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

Note that the gain of MNOK 75.5 related to the Observe transaction is classified as OPEX based revenue in Q3.

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

Note that the gain of MNOK 75.5 related to the Observe transaction is classified as revenue from Salmon in Q3.

Balance sheet and cash flow

The working capital was MNOK 365 on 31 December 2024, an increase from MNOK 212 on 31 December 2023. The working capital relative to last twelve months revenue was 10.1% at the end of December 2024, compared to 6.2% at the end of December 2023.

Total CAPEX in Q4 2024 was MNOK 58.8. MNOK 24 relates to capitalized R&D expenses, MNOK 8 is related to new ERP system and MNOK 26.7 was other CAPEX.

Cash and unused credit facilities amounted to MNOK 471 at the end of Q4 2024 versus MNOK 519 at the end of Q4 2023. The unused credit facility (at DNB) is MNOK 272.

Net interest-bearing debt was MNOK 1,358 at the end of December 2024, including lease liabilities of MNOK 452, compared to MNOK 1,109 and MNOK 496 at the end of Q4 2023.

Gross interest-bearing debt was MNOK 1,641 at the end of Q4 2024 versus MNOK 1,396 at the end of Q4 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 452 (496) at the end of Q4 2024, is included in the interest-bearing debt.

The leverage ratio was 3.0 as at 31 December 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.

In the end of 2024, the company successfully refinanced its existing debt under similar terms and conditions with additi onal MNOK 150 in revolving facility.

Trailing 12 months average return on capital employed (ROACE) ended at 11.0 % (3.5%) for the quarter.

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. Adjusted for the effect of IFRS 16 assets, the equity ratio is 35.4% (35.9%).

OTHER SHAREHOLDER INFORMATION

Earnings per share in Q4 2024 were NOK -0.20 (-0.98). The calculations are based on 36,309,017 (36,437,070) 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 driven by reduced supply.

AKVA expects to see a normalization of the post smolt mar ket in Norway into 2025.

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.

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 31 December 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, 13 FEBRUARY 2025 BOARD OF DIRECTORS, AKVA GROUP ASA

Hans Kristian Mong Chairperson

Frode Teigen Board Member

Yoav Doppelt Board Member

Board Member

Irene Heng Lauvsnes Board Member

Knut Nesse CEO

Kristin Reitan Husebø Deputy Chairperson

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
(NOK 1 000)		Q4	Q4	YTD	YTD
OPERATING REVENUES	5	791 947	799 526	3 601 783	3 432 262
Cost of materials		403 227	435 203	1 942 361	1 996 252
Payroll expenses		249 145	269 621	968 301	953 853
Other operating expenses		63 150	53 993	238 279	218 750
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	5	76 425	40 708	452 841	263 407
Depreciation		13 665	13 502	50 427	48 653
IFRS 16 Depreciation		24 387	24 615	100 630	95 239
Amortization		15 524	12 419	45 898	51 913
Impairment		-	-	-	-
OPERATING PROFIT (EBIT)	5	22 849	-9 827	255 886	67 603
Net interest expense		-20 866	-18 476	-74 266	-63 415
IFRS 16 Interest expenses		-5 517	-5 902	-23 018	-22 481
Other financial items		-11 878	-18 957	-32 539	-11 014
Net financial items		-38 261	-43 335	-129 823	-96 910
PROFIT BEFORE TAX		-15 412	-53 162	126 063	-29 306
Taxes1		-6 697	-16 919	16 535	-10 782
NET PROFIT		-8 715	-36 242	109 528	-18 524
Net profit (loss) attributable to:
Non-controlling interests		-1 382	-642	-2 977	-692
Equity holders of AKVA group ASA		-7 334	-35 600	112 505	-17 833
Earnings per share equity holders of AKVA group ASA		-0,20	-0,98	3,09	-0,49
Diluted earnings per share equity holders of AKVA group ASA		-0,20	-0,98	3,09	-0,49
Average number of shares outstanding (in 1 000)		36 309	36 437	36 363	36 416
Diluted number of shares outstanding (in 1 000)		36 309	36 437	36 363	36 416

1 Income tax Q4 2023 and Q4 2024 based on best estimate

STATEMENT OF INCOME STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME	2024	2023	2024	2023
(NOK 1 000)	Q4	Q4	YTD	YTD
NET PROFIT	-8 715	-36 242	109 528	-18 524
Other comprehensive income that may be reclassified subsequently to income statement:
Translation differences on foreign operations	2 755	-13 098	25 381	-4 726
Income tax effect	-	-	-	-
Total	2 755	-13 098	25 381	-4 726
Gains(+)/losses(-) on cash flow hedges	7 523	370	9 829	7 681
Income tax effect	-1 655	-81	-2 162	-1 690
Total	5 868	288	7 667	5 991
Total other comprehensive income, net of tax	8 623	-12 810	33 048	1 265
TOTAL COMPREHENSIVE INCOME, NET OF TAX	-93	-49 052	142 576	-17 259
Attributable to:
Non-controlling interests	-1 382	-642	-2 977	-692
Equity holders of AKVA group ASA	1 289	-48 410	145 552	-16 568

STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Note (NOK 1 000)	2024	2023	2024	2023
Balance at start of period before non-controlling interest	Q4 1 292 053	Q4 1 176 160	YTD 1 142 451	YTD 1 144 000
The period's net profit	-7 334	-35 600	112 505	-17 835
Buyback of own shares	-	-	-13 241	-
Gains/(losses) on cash flow hedges (fair value)	5 868	288	7 667	5 991
Share-based payments	1 139	6 768	4 866	6 768
Adjustment related to prior periods	290	7 716	3 503	7 716
Translation differences	2 755	-13 098	25 381	-4 726
Other adjustments	2 844	219	14 481	538
Equity before non-controlling interests	1 297 615	1 142 451	1 297 615	1 142 451
Non-controlling interests	7 248	10 225	7 248	10 225
Book equity at the end of the period	1 304 863	1 152 676	1 304 863	1 152 676

STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOW

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

Intangible fixed assets	1,3	1 599 332	1 157 266
Deferred tax assets		114 613	72 464
Tangible fixed assets		638 965	671 833
Long-term financial assets	2	276 176	312 778
FIXED ASSETS		2 629 086	2 214 341

Stock		675 979	628 614
Trade receivables		485 881	508 581
Other receivables		125 951	113 002
Cash and cash equivalents		198 681	219 394
CURRENT ASSETS		1 486 492	1 469 591

TOTAL ASSETS		4 115 578	3 683 933
Equity attributable to equity holders of AKVA group ASA		1 297 615	1 142 451
Non-controlling interests	1,3	7 248	10 225
TOTAL EQUITY		1 304 863	1 152 676

Deferred tax		74 739	30 995
Other long term debt		172 569	59 777
Lease Liability - Long-term		357 323	405 466
Long-term interest bearing debt	1	1 043 950	862 317
LONG-TERM DEBT		1 648 581	1 358 554

Short-term interest bearing debt		145 618	37 500
Lease Liability - Short-term		94 188	90 560
Trade payables		334 279	328 421
Public duties payable		98 754	133 467
Contract liabilities		205 492	330 087
Other current liabilities		283 804	252 666
SHORT-TERM DEBT		1 162 135	1 172 701
TOTAL EQUITY AND DEBT		4 115 578	3 683 933

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	2024	2023	2024	2023
(NOK 1 000)	Q4	Q4	YTD	YTD

Cash flow from operating activities
Profit before taxes	-15 412	-53 166	126 063	-29 309
Taxes paid	4 854	-425	-4 895	-12 399
Share of profit(-)/loss(+) from associates	-307	-2 106	-7 438	-10 256
Net interest cost	26 383	24 382	97 284	85 898
Gain from acquisition of subsidiary	0	0	-75 552	0
Gain(-)/loss(+) on disposal of fixed assets	0	-583	74	-1 339
Gain(-)/loss(+) on financial fixed assets	2 350	-5 641	9 496	-10 953
Depreciation, amortization and impairment	53 577	50 536	196 955	195 805
Changes in stock, accounts receivable and trade payables	35 983	202 948	-18 807	114 568
Changes in other receivables and payables	-138 178	-122 107	-134 183	-97 747
Net foreign exchange difference	32 828	-2 667	-8 677	23 955
Cash generated from operating activities	2 077	91 171	180 319	258 223

Cash flow from investment activities
Investments in fixed assets	-58 769	-35 418	-187 474	-221 359
Proceeds from sale of fixed assets	270	660	395	2 218
Dividends payment from associates	1 622	0	5 264	8 052
Acquisition of subsidiary, net of cash	-0	-35 320	-73 813	-35 648
Equity issued in associates	-13 048	0	-17 420	0
Net cash flow from investment activities	-69 926	-70 078	-273 047	-246 737
Cash flow from financing activities
Repayment of borrowings	-21 792	-11 288	-64 562	-95 343
Proceed from borrowings	157 185	0	328 118	195 833
Repayment of lease liabilities	-11 098	0	-81 058	-84 671
IFRS 16 interest	-11 482	-5 902	-28 983	-22 481
Net other interest	-14 901	-18 480	-68 301	-63 417
Sale/(purchase) own shares	0	0	-13 200	0
Net cash flow from financing activities	97 912	-27 618	72 014	-70 080

Cash and cash equivalents at beginning of period	168 618	225 918	219 394	277 988
Net change in cash and cash equivalents	30 063	-6 524	-20 713	-58 594
Cash and cash equivalents at end of period	198 681	219 394	198 681	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/expense, 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.

AKVA previously held 33,69% of the shares in Observe Technologies Ltd ("Observe"). On 5 July 2024, AKVA aquired the remaning shares in Observe and obtained 100% ownership. Observe was acquired to strengthen AKVAs digital product offering. Observe is a complete AI software solution developed to optimize the feeding process in aquaculture.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table.

MNOK 89 of the total consideration payable in cash was transferred on July 5th. The contingent consideration includes ARR milestones and earn-out based on integrations and innovations milestones. The consideration is measured at fair value in accordance with IFRS 3, taking into account the expected outcomes and the probability of meeting the relevant conditions.

The goodwill of MNOK 305 arising from the acquisition consists of key employees considered to have unique competence and significant synergy effects for AKVA group. None of the goodwill is expected to be deductible for income tax purposes.

Acquisition-related costs amount to MNOK 4.1.

Observe contributed MNOK 9.9 revenue and MNOK 2.8 to the Group's profit for the period between the date of acquisition and the reporting date. Prior to the acquisition Observe was accounted for with the equity method whereas MNOK 0.7 is recognized as other income.

This fair values in the purchace price allocation was estimated by applying an income approach with a discount rate of 15%:

Balance sheet overview
NOK'000	Book value	Adjustments	Fair value
Deferred tax asset	3 130	-	3 130
Goodwill	-	304 488	304 488
Research and development	11 005	31 714	42 720
Patents, licenses and similar	1 403	-	1 403
Machinery and equipment	103	-	103
Investments in subsidiaries	0	-	0
Total non-current assets	15 642	336 202	351 844
Accounts receivable	(3 446)	-	(3 446)
Cash and cash equivalents	15 558	-	15 558
Total current assets	12 112	-	12 112
Total assets	27 753	336 202	363 955
Pension liabilities	(31)	-	(31)
Deferred tax liability	-	(7 929)	(7 929)
Total non-current liabilities	(31)	(7 929)	(7 959)
Accounts payable	(3 009)	-	(3 009)
Public duties payable	39	-	39
Other current liabilities	0	-	0
Total current liabilities	(2 970)	-	(2 970)
Total liabilities	(3 001)	(7 929)	(10 930)
Net assets	24 752	328 274	353 026

Purchase price
NOK'000
Contingent consideration	53 400
Fixed cash settlement	89 063
Fixed seller credit	91 628
Purchase price (66.3% ownership)	234 091
Plus: Purchase price for 33.7% ownership	118 934
Equity value (100%)	353 026

Allocation of excess value
NOK'000
Purchase price	353 026
Less: Book value of equity	(24 752)
Plus: Book value of intangible assets to be reallocated	11 005
Excess value to be allocated	339 279
Technology	42 720
Deferred tax	(7 929)
Residual goodwill	304 488

Business combination achieved in stages (step acquisitions)
NOK'000
Book value of investment (33,7%)	43 382
New measurement of the 33,7% ownership	118 934
Gain recognised in the consolidated income statement	75 552

Total excess values 339 279

If the acquisition of Observe had been completed on the first day of the financial year, Group revenues for the year would have been MNOK 21.5 and Group profit would have been MNOK 5.2.

Share buy-back program

During the first three quarters of 2024 AKVA group ASA repurchased a total of 200 000 shares for a total value of MNOK 13.2. Consequently, AKVA completed the share buy-back program during Q3.

AKVA group owns a total of 358,716 shares at 31 December 2024.

Intragroup mergers

The merger with AKVA group Denmark A/S and AKVA group Land Based A/S as surviving entity was completed in Q4 2024.

The intagroup merger with AKVA group Software AS and Polarcirkel AS with AKVA group ASA as surviving entity, was approved the 17 December 2024. The mergers are expected to be completed during Q1 2025.

NOTE 4:

Events after the reporting period:

There have been no events subsequent to the reporting period that might have a significant effect on the financial report for the fourth 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, Submerged AS and Observe Technologies Ltd. The products included in software includes digital solutions and professional services. In addition to AKVA group Software AS, Submerged AS and Observe Technologies Ltd 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
(NOK 1 000)	Q4	Q4	YTD	YTD

Sea based technology
Nordic operating revenues	344 077	359 323	1 902 731	1 677 000
Americas operating revenues	146 315	166 287	608 572	616 702
Europe & Middle East operating revenues	51 767	92 022	259 092	373 665
INTRA SEGMENT REVENUE	542 159	617 632	2 770 394	2 667 367
Operating costs ex depreciations	487 416	563 056	2 433 202	2 396 489
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	54 743	54 576	337 191	270 878
Depreciation & amortization	39 789	37 564	150 400	147 528
OPERATING PROFIT (EBIT)	14 954	17 012	186 791	123 350

Digital
Nordic operating revenues	18 190	23 910	154 261	74 920
Americas operating revenues	11 950	11 801	47 952	47 911
Europe & Middle East operating revenues	2 607	4 161	11 237	9 619
INTRA SEGMENT REVENUE	32 747	39 873	213 450	132 450
Operating costs ex depreciations	25 255	38 263	112 440	107 362
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	7 492	1 609	101 010	25 088
Depreciation & amortization	11 508	10 565	36 868	39 069
OPERATING PROFIT (EBIT)	-4 017	-8 955	64 142	-13 981

Land based technology
Nordic operating revenues	199 141	136 581	541 843	622 161
Americas operating revenues	17 900	5 439	76 096	10 283
Europe & Middle East operating revenues	-	-	-	-
INTRA SEGMENT REVENUE	217 041	142 021	617 939	632 444
Operating costs ex depreciations	202 851	157 498	603 300	665 004
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	14 190	-15 477	14 639	-32 560
Depreciation and amortization	2 279	2 407	9 687	9 208
Impairment	-	-	-	-
OPERATING PROFIT (EBIT)	11 911	-17 883	4 952	-41 768

NOTE 6:

Top 20 shareholders as of 31 December 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
2 194 322	6,0 %	PARETO AKSJE NORGE VERDIPAPIRFOND		NOR
1 683 750	4,6 %	J.P. Morgan SE	Nominee	LUX
892 809	2,4 %	SIX SIS AG	Nominee	CHE
791 167	2,2 %	VERDIPAPIRFONDET ALFRED BERG GAMBA		NOR
539 940	1,5 %	FORSVARETS PERSONELLSERVICE		NOR
400 621	1,1 %	J.P. Morgan SE	Nominee	FIN
358 716	1,0 %	AKVA GROUP ASA		NOR
314 771	0,9 %	MP PENSJON PK		NOR
289 606	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
161 279	0,4 %	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 %	VERDIPAPIRFONDET ALFRED BERG AKTIV		NOR
100 000	0,3 %	JAKOB HATTELAND HOLDING AS		NOR
97 200	0,3 %	ASKVIG AS		NOR
34 115 624	93,0 %	20 largest shareholders
2 552 109	7,0 %	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
(NOK 1 000)	Q4	Q4
Cash and cash equivalents	198 681	219 394
Not utilized overdraft facilities at period end	271 882	300 000
Available cash	470 563	519 394

Total assets	4 115 578	3 683 933
Cash and cash equivalents	-198 681	-219 394
IFRS 16 - RoU Asset	-432 090	-475 141
Current liabilities	-1 162 135	-1 172 701
Liabilities to financial institutions - Short-term	145 618	37 500
Lease Liability - Short-term	94 188	90 560
Capital employed	2 562 478	1 944 756

Operating profit	22 849	-9 827
Depreciation and amortization	53 577	50 535
Impairment	0	0
EBITDA	76 425	40 708

Liabilities to financial institutions	1 189 568	899 817
Lease liabilities	451 510	496 026
Other non-current liabilities	172 569	59 777
Non-interest bearing part of non-current liabilities	-172 569	-59 777
Long term financial assets	-84 046	-67 161
Cash and cash equivalents	-198 681	-219 394
Net interest-bearing debt	1 358 351	1 109 288

Operating profit last twelve months	255 886	67 602
Average Capital employed last twelve months	2 324 685	1 946 152
ROACE	11,0 %	3,5 %

Current assets	1 486 492	1 469 591
Cash and cash equivalents	-198 681	-219 394
Current liabilities	-1 162 135	-1 172 701
Current lease liabilities	94 188	90 560
Current liabilities to financial institutions	145 618	37 500
Working capital	365 482	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) 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, Sandstrand Tel (+47) 51 46 29 60 Egersund Trading, Austevoll Tel (+47) 55 08 85 00 Egersund Trading, Rørvik 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

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