AKVA Group — Interim / Quarterly Report 2025

May 9, 2025

11

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Pioneering a better future

1

About us Highlights Financial review Financial statement Notes

Quarterly report Q1 2025 AKVA group ASA

Content

Aboutus	3
Highlights	5
Order intake, revenues and profit for the group	6
Financial performance per segment	7
Revenue per segment	9
Revenue per region	10
Revenue per CAPEX / OPEX	11
Revenue per species	12
Balance sheet and cash flow	13
Statementfrom theBoard and Chief ExecutiveOfficer	14
Notes	17
Our offices	24

AKVA group ASA together with its consolidated subsidiaries are referred to as the Group or AKVA group. AKVA group ASA is referred to as AKVA group ASA or the company.

2

s This is AKVA group

AKVA group is the world's largest supplier of solutions and services to the aquaculture industry. With over 50 years of history, we keep pioneering advancements in land based and sea based fish farming.

We are a public listed company, and our solutions range from single components to fully integrated production systems, all designed to optimise fish performance and fish welfare, while improving customer profitability and ensuring sustainability is maintained.

Global presence

With offices in Norway, Denmark, United Kingdom, Lithuania, Spain, Greece, Turkey, Chile, Canada, China, and Australia, we have truly a global presence. The strong global presence is supported by established production facilities and service organizations in many of the countries.

Our team of over 1,400 employees world-wide, representing 39 nationalities, brings together expertise in technology, data, biology, and aquaculture, enabling us to meet the most complex challenges of the industry.

Market and strategic position

.

AKVA group is known for delivering innovative and sustainable solutions. With a significant share in key markets, we maintain a competitive edge through our focus on cutting-edge technology, customer-centric approaches, and commitment to environmental sustainability.

About us Highlights Financial review Financial statement Notes

5

FIRST QUARTER 2025 Highlights and key figures

Figures in brackets refer to previous year

REVENUES AND OTHER INCOME 1,013 (784)

EBIT 57 (20)

ORDER INTAKE ORDER BACKLOG 1,200 (917)

2,799 (2,599)

■ Record high revenues of MNOK 1,013, up from MNOK 784 in the same quarter last year ■ Strong order intake of BNOK 1,2 supported by the MEUR 30 smolt contract from Cermaq Chile ■ Acceptable profitability with EBIT of MNOK 57, increase from MNOK 20 in Q1 2024 ■ Sale of shares in Abyss Group to Arcus Infrastructure Partners provided a gain of MNOK 12

Order intake, revenues, and profits for the Group

OPERATIONS AND PROFIT

(Figures in brackets refer to 2024 unless other is specified)

Activity level in the first quarter was high with revenue of MNOK 1.013 and order intake of MNOK 1.200. The high order intake in the first quarter was driven by award of the smolt contract from Cermaq of approx. MEUR 30 for Land Based, in addition to continued strong momentum in Sea Based.

Record high order backlog of MNOK 2,799, forming a good basis for a sound activity level the coming quarters.

Significantly improved profitability compared to last year, primarily related to the increased revenue level, and partly to improved project margins in Land Based.

Divestment of Abyss Group AS resulted in a gain of MNOK 12 with a total net consideration of approx. MNOK 144.

Financial key figures (NOK1000000)	2025	2024
	Q1	Q1
Revenues	1,013	784
EBITDA	113	67
EBIT	57	20
Net profit	42	5
Net interest-bearing debt	1,230	1,307
Cash flow from operations	82	-128
ROACE	11.1 %	3.8 %
Order backlog	2,799	2,599
Order intake	1,200	917

Business area financial performance

SEA BASED

Revenue and other income for Sea Based increased compared to the same quarter last year, from MNOK 646 to MNOK 804. EBITDA and EBIT ended at MNOK 96 (64) and MNOK 56 (29), respectively. The related EBITDA and EBIT margins were 11.9% (10.0%) and 7.0% (4.5%), respectively.

Order intake in Q1 2025 was MNOK 784 compared to MNOK 800 in Q1 2024. Order backlog ended at MNOK 1 108 compared to MNOK 946 last year.

Revenue and other income in the Nordic region ended at MNOK 583 (428), and with an order intake of MNOK 626 (571). In the Americas region, revenue and other income increased from MNOK 150 to MNOK 153, with an order intake of MNOK 73 (156). Europe and Middle East (EME) had a revenue and other income of MNOK 68 in Q1 2025, compared to a revenue of MNOK 68 in the same quarter last year. The order intake was MNOK 85 (74) in the quarter.

LAND BASED

Revenue for Land Based increased compared to the same quarter last year, from MNOK 101 to MNOK 176. EBITDA and EBIT ended at MNOK 10 (-3) and MNOK 6 (-6), respectively. The related EBITDA and EBIT margins were 5.5% (-3.2%) and 3.5% (-5.8%).

Order intake in Q1 2025 of MNOK 384 compared to MNOK 72 in Q1 2024. Order backlog ended at MNOK 1,550, compared to MNOK 1,495 last year.

DIGITAL

Revenue amounted to MNOK 32 (37) in Q1 2025. EBITDA and EBIT ended at MNOK 7 (6) and MNOK -5 (-3), respectively. The related EBITDA and EBIT margins were 22.1% (17.4%) and -16.1% (-7.6%).

Order intake in Q1 2025 of MNOK 32 compared to MNOK 45 in Q1 2024. Order backlog ended at MNOK 141, compared to MNOK 158 last year.

About us	Highlights	Financial review	Financial statement	Notes

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

ORDER INTAKE ORDER BACKLOG

About us	Highlights	Financial review	Financial statement	Notes

Revenue

Sea Based and Land Based had an increase in activity level this quarter of 24.4% and 74.1% compared to the same quarter last year. Digital had a decrease in revenue of 12.0% compared to the same quarter last year.

Revenue per geographic region

Nordic had an increase in activity level this quarter of 40.3% compared to the same quarter last year. Revenue in Americas was 6.3% higher compared to the same quarter last year. Europe and Middle East (EME) had a decrease in revenues compared to the same quarter last year of -0.5%.

558

66

Nordic countries Americas and Oceania Rest of the world, including Europe and Middle East

612

Revenue per CAPEX / OPEX

The CAPEX based revenues increased with 39.7% in the first quarter compared to the same quarter in 2024, whilst the OPEX based revenues increased with 5.3% in the same period. Egersund Net's service stations contributed with MNOK 86 (78) in Q1 2025.

Revenue classified as CAPEX in our customers' accounts Revenue classified as OPEX in our customers' accounts

Revenue per fish species

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

Revenue from technology and services sold for production of salmon

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

Revenue from technology and services sold to non-seafood customers

Balance sheet and cash flow

Working capital was MNOK 341 on 31 March 2025, an decrease from MNOK 377 on 31 March 2024. The working capital relative to last twelve months revenue was 8.9% at the end of March 2025, compared to 11.3% at the end of March 2024.

Total CAPEX in Q1 2025 was MNOK 39. MNOK 18 relates to capitalized R&D expenses, MNOK 3 is related to new ERP system and MNOK 18 was other CAPEX.

Cash and unused credit facilities amounted to MNOK 500 at the end of Q1 2025 versus MNOK 283 at the end of Q1 2024. The unused credit and revolving facility (at DNB) is MNOK 305.

Net interest-bearing debt was MNOK 1.230 at the end of March 2025, including lease liabilities of MNOK 438, compared to MNOK 1.307 and MNOK 491 at the end of Q1 2024.

Gross interest-bearing debt was MNOK 1.517 at the end of Q1 2025 versus MNOK 1.500 at the end of Q1 2024. The short-term interest-bearing debt in the balance sheet includes the next 12 months instalments of the long-term debt. The IFRS 16 lease liability of MNOK 438 (491) at the end of Q1 2025, is included in the interest-bearing debt.

Leverage ratio of 2.47 as at 31 March 2025 and AKVA group was in compliance with all bank covenants. The Group continues to closely monitor its financial performance to ensure compliance with financial covenants.

Trailing 12 months average return on capital employed (ROACE) ended at 11.1% (3.8%) for the quarter.

Total assets and total equity amounted to MNOK 4.149 and MNOK 1.317 respectively, resulting in an equity ratio of 31.7% (30.9%) at the end of Q1 2025. Adjusted for the effect of IFRS 16 assets, the equity ratio is 35.3% (35.3%).

OTHER SHAREHOLDER INFORMATION

Earnings per share of NOK 1.16 (0.13), based on 36 309 017 (36 436 603) shares on average.

Dividend of NOK 1 per share was paid in April 2025.

Portion of equity in Newfoundland Aqua Service Ltd. (1.5%) and Submerged AS (49%) that is not owned by the Group is presented as minority interests in the balance sheet.

A presentation of the 20 largest shareholders is presented in note 6 of this report.

MARKET AND FUTURE OUTLOOK

Foreseeing continued strong momentum for deep farming concepts.

Normalization of the post smolt market in Norway expected in 2025.

Aiming for revenue of minimum BNOK 4.0 and EBIT of 6% in 2025.

Continuing to invest and improve our solutions across Sea Based, Land Based and Digital.

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 March 2025, 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.

Board of Directors and CEO AKVA group ASA

Klepp, Norway, 8 May 2025

Hans Kristian Mong Chair

Frode Teigen Board member

Kristin Reitan Husebø Deputy chair

Heidi Nag Flikka Board member

Irene Heng Lauvsnes Board member

Odd Jan Håland Board member

John Morten Kristiansen Board member

Yoav Doppelt Board member

Tore Rasmussen Board member

Knut Nesse CEO

Mona Skåtøy Skadberg Board member

14

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME	Note	2025	2024	2024
(NOK 1 000)		Q1	Q1	Total
OPERATING REVENUES AND OTHER INCOME		5 1,012,948		784,357 3,601,789
Cost of materials		565,102		426,652 1,934,003
Payroll expenses		266,704	230,927	976,367
Other operating expenses		68,424	59,326	238,676
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	5	112,718	67,451	452,744
Depreciation		12,664	11,973	50,418
IFRS 16 Depreciation		24,869	25,105	100,631
Amortization		18,163	10,192	45,898
Impairment		0	0	0
OPERATING PROFIT (EBIT)	5	57,022	20,181	255,797
Net interest expense		-12,453	-11,411	-74,266
IFRS 16 Interest expenses		-5,348	-5,965	-23,018
Other financial items		5,633	6,944	-32,550
Net financial items		-12,169	-10,433	-129,834
PROFIT BEFORE TAX		44,853	9,749	125,963
Taxes1		2,436	4,960	-1,217
NET PROFIT		42,417	4,788	127,180
Net profit (loss) attributable to:
Non-controlling interests		142	14	-2,977
Equity holders of AKVA group ASA		42,275	4,775	130,157
Earnings per share equity holders of AKVA group ASA		1.16	0.13	3.58
Diluted earnings per share equity holders of AKVA group ASA		1.16	0.13	3.58
Average number of shares outstanding (in 1 000)		36,309	36,437	36,363
Diluted number of shares outstanding (in 1 000)		36,309	36,437	36,363

1 Income tax Q1 2024 and Q1 2025 based on best estimate

STATEMENT OF INCOME STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME	Note	2025	2024	2024
(NOK 1 000)		Q1	Q1	Total
NET PROFIT		42,417	4,788	127,180
Other comprehensive income that may be reclassified subsequently to income statement:
Translation differences on foreign operations		-39,164	614	25,438
Income tax effect		0	0	0
Total		-39,164	614	25,438
Gains(+)/losses(-) on cash flow hedges		-3,750	9,791	9,830
Income tax effect		825	-2,154	-2,163
Total		-2,925	7,637	7,667
Total other comprehensive income, net of tax		-42,089	8,251	33,105
TOTAL COMPREHENSIVE INCOME, NET OF TAX		328	13,039	160,285
Attributable to:
Non-controlling interests		142	14	-2,977
Equity holders of AKVA group ASA		186	13,025	163,261

STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CHANGES Note IN EQUITY	2025	2024	2024
(NOK 1 000)	Q1	Q1	Total
Balance at start of period before non-controlling interest	1,305,978	1,142,451	1,142,451
The period's net profit	42,275	4,775	130,157
Buyback of own shares	0	-93	-13,241
Gains/(losses) on cash flow hedges (fair value)	-2,925	7,637	7,667
Dividend	0	0	0
Share-based payments	1,680	2,832	4,868
Adjustment related to prior periods	0	-5,507	-5,840
Translation differences	-39,164	615	25,438
Other adjustments	1,872	0	14,478
Equity before non-controlling interests	1,309,715	1,152,709	1,305,978
Non-controlling interests	7,390	10,238	7,248
Book equity at the end of the period	1,317,106	1,162,947	1,313,226

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	Note	2025	2024	2024
(NOK 1 000)		31.3.	31.3.	31.12.
Intangible fixed assets	1,3	1,603,160	1,184,178	1,621,569
Deferred tax assets		79,064	72,331	85,999
Tangible fixed assets		628,123	668,275	640,446
Long-term financial assets	2	169,974	337,973	291,012
FIXED ASSETS		2,480,321	2,262,757	2,639,027
Stock		694,871	681,930	649,367
Trade receivables		663,657	607,737	485,881
Other receivables		115,566	111,717	118,461
Cash and cash equivalents		194,868	102,680	161,190
CURRENT ASSETS		1,668,962	1,504,063	1,414,898
TOTAL ASSETS		4,149,284	3,766,820	4,053,925
Equity attributable to equity holders of AKVA group ASA		1,309,840	1,152,709	1,305,978
Non-controlling interests	1,3	7,390	10,238	7,248
TOTAL EQUITY		1,317,230	1,162,947	1,313,226
Deferred tax		23,702	26,795	26,921
Other long term debt		158,085	52,346	196,306
Lease Liability - Long-term		338,973	396,009	356,445
Long-term interest bearing debt	1	966,249	852,719	1,043,950
LONG-TERM DEBT		1,487,009	1,327,870	1,623,622
Short-term interest bearing debt		112,745	156,735	108,127
Lease Liability - Short-term		99,097	94,511	95,065
Trade payables		346,719	359,615	307,546
Public duties payable		142,648	64,299	98,771
Contract liabilities		334,445	316,791	205,492
Other current liabilities		309,390	284,052	302,076
SHORT-TERM DEBT		1,345,044	1,276,003	1,117,077
TOTAL EQUITY AND DEBT		4,149,283	3,766,820	4,053,925

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	2025	2024	2025	2024
(NOK 1 000)	Q1	Q1	YTD	Total
Cash flow from operating activities
Profit before taxes	44,853	9,749	44,853	125,963
Taxes paid	240	-3,229	240	-5,967
Share of profit(-)/loss(+) from associates	-1,177	-3,497	-1,177	-7,438
Net interest cost	18,419	17,377	18,419	97,284
Share-based payments	0	0	0	4,867
Gain from acquisition of subsidiary	0	0	0	-75,552
Gain(-)/loss(+) on disposal of fixed assets	-44	64	-44	74
Gain(-)/loss(+) on financial fixed assets	-20,583	-14,949	-20,583	9,496
Depreciation, amortization and impairment	55,696	47,270	55,696	196,946
Changes in stock, accounts receivable and trade payables	-136,107	-121,278	-136,107	-18,928
Changes in other receivables and payables	135,037	-43,308	135,037	-134,844
Net foreign exchange difference	-14,785	-16,058	-14,785	-39,779
Cash generated from operating activities	81,550	-127,860	81,550	152,122
Cash flow from investment activities
Investments in fixed assets	-38,927	-49,678	-38,927	-189,180
Proceeds from sale of fixed assets	0	15	0	395
Dividends payment from associates	0	1,326	0	5,264
Acquisition of subsidiary, net of cash	0	0	0	-73,813
Equity issued in associates and group companies	0	0	0	-12,411
Proceeds from sale of associates	144,116	0	144,116	0
Net cash flow from investment activities	105,189	-48,336	105,189	-269,745
Cash flow from financing activities
Repayment of borrowings	-121,788	-42,375	-121,788	-39,624
Proceed from borrowings	4,619	119,235	4,619	290,627
Repayment of lease liabilities	-17,472	0	-17,472	-81,058
IFRS 16 interest	-5,348	-5,965	-5,348	-23,018
Net other interest	-13,071	-11,412	-13,071	-74,266
Sale/(purchase) own shares	0	-1	0	-13,241
Net cash flow from financing activities	-153,060	59,482	-153,060	59,419
Cash and cash equivalents at beginning of period	161,190	219,394	161,190	219,394
Net change in cash and cash equivalents	33,678	-116,714	33,678	-58,204
Cash and cash equivalents at end of period	194,868	102,680	194,868	161,190

Selected notes to the condensed interim consolidated financial statements

About us Highlights Financial review Financial statement Notes

NOTE 1:

General information and basis for preparation

AKVA group consists of AKVA group ASA and its controlled 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 2024. There have been no changes to significant accounting policies since the preparation of the annual financial statements for 2024. 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 2024 are available upon request from the company's office at Plogfabrikkveien 11, 4353 Klepp Stasjon, Norway or at our website.

NOTE 2:

Accounting principles

All significant accounting principles applied in the consolidated financial statement are described in the Annual Report 2024 (as published on the OSE on 7 April 2025).

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, was 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 reevaluated in accordance with IAS 29. The effect of the revaluation is balanced against retained earnings.

No new standards have been adopted in 2025.

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.

Dividend

AKVA group ASA paid dividend in April of NOK 1.00 per share, in total NOK 36,309,017.

Intragroup mergers

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

The intragroup merger of AKVA group Software AS and Polarcirkel AS with AKVA group ASA as surviving entity was competed in 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 first quarter of 2025.

NOTE 5:

Business segments

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

Sea Based 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: pens, barges, feed systems, sensors, net cleaning systems, nets and other operational technologies and systems for seabased aquaculture.

Land Based consist of the following companies: AKVA group ASA, AKVA group Land Based Sømna AS, 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 consist of the following companies: AKVA group ASA, AKVA group Software AS (liquidated upon completion of merged into AKVA group ASA on 7 February 2025), Submerged AS and Observe Technologies Ltd. The products offered includes digital solutions and professional services and are sold worldwide by the Group.

Same accounting principles as 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	2025	2024	2024
(NOK 1 000)	Q1	Q1	Total
Sea Based
Nordic operating revenues	583,456	428,381	1,902,737
Americas operating revenues	153,105	149,968	608,572
Europe & Middle East operating revenues	67,527	67,798	259,092
INTRA SEGMENT REVENUE	804,088	646,147	2,770,401
Operating costs ex depreciations	708,218	581,836	2,433,306
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	95,870	64,311	337,095
Depreciation & amortization	39,749	35,468	150,391
OPERATING PROFIT (EBIT)	56,121	28,843	186,703
Digital
Nordic operating revenues	17,705	22,886	154,261
Americas operating revenues	11,815	10,967	47,952
Europe & Middle East operating revenues	2,957	3,059	11,237
INTRA SEGMENT REVENUE	32,477	36,913	213,450
Operating costs ex depreciations	25,289	30,487	112,440
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	7,188	6,425	101,010
Depreciation & amortization	12,428	9,234	36,869
OPERATING PROFIT (EBIT)	-5,240	-2,809	64,141
Land Based
Nordic operating revenues	158,987	90,647	617,879
Americas operating revenues	17,396	10,650	60
Europe & Middle East operating revenues	0	0	0
INTRA SEGMENT REVENUE	176,383	101,297	617,939
Operating costs ex depreciations	166,723	104,583	603,300
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA)	9,660	-3,285	14,639
Depreciation and amortization	3,519	2,568	9,687
OPERATING PROFIT (EBIT)	6,141	-5,854	4,952

NOTE 6:

Top 20 shareholders as of 31 March 2025

Number of shares	Ownership percentage	Shareholders	Ownership percentage	Country
18,703,105	51.0%	EGERSUND GROUP AS	51.0 %	NOR
6,600,192	18.0%	Israel Corporation Ltd	18.0 %	ISR
2,178,206	5.9%	PARETO AKSJE NORGE VERDIPAPIRFOND	5.9 %	NOR
1,678,750	4.6%	J.P. Morgan SE	4.6 %	LUX
872,934	2.4%	SIX SIS AG	2.4 %	CHE
791,167	2.2%	VERDIPAPIRFONDET ALFRED BERG GAMBA	2.2 %	NOR
539,940	1.5%	FORSVARETS PERSONELLSERVICE	1.5 %	NOR
400,621	1.1%	J.P. Morgan SE	1.1 %	FIN
358,716	1.0%	AKVA GROUP ASA	1.0 %	NOR
344,161	0.9%	VERDIPAPIRFONDET ALFRED BERG NORGE	0.9 %	NOR
314,771	0.9%	MP PENSJON PK	0.9 %	NOR
289,606	0.8%	J.P. Morgan SE	0.8 %	LUX
257,590	0.7%	J.P. Morgan SE	0.7 %	FIN
205,505	0.6%	NESSE & CO AS	0.6 %	NOR
128,000	0.3%	VERDIPAPIRFONDET ALFRED BERG NORGE	0.3 %	NOR
125,795	0.3%	DAHLE	0.3 %	NOR
100,800	0.3%	JAKOB HATTELAND HOLDING AS	0.3 %	NOR
100,000	0.3%	ASKVIG AS	0.3 %	NOR
97,200	0.3%	BKK PENSJONSKASSE	0.3 %	NOR
77,485	0.2%	VERDIPAPIRFONDET EQUINOR AKSJER NO	0.2 %	NOR
34,164,544	93.2%	20 largest shareholders	93.2 %
2,503,189	6.8%	Other shareholders	6.8 %
36,667,733	100.0%	Total shares	100.0 %

An updated overview of the 20 largest shareholders is available on AKVA group's investor relations webpage.

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 calculated using the formula (total assets cash and RoU asset) – (total current liabilities – liabilities to financial institutions and lease liability).
• EBITDA is the earnings before interest, taxes, depreciation, and amortizations. It can be calculated by the EBIT added by the depreciations and amortizations.
• 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.
• 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.
• Working Capital is a non-IFRS financial measure calculated by current assets less cash minus current liabilities less liabilities to financial institutions.
• Equity ratio is a non-IFRS financial measure, calculated by dividing total equity by total assets.
• EBIT-margin, calculated as EBIT divided by total revenues.
• EBITDA-margin, calculated as EBITDA divided by total revenues.
• EBIT is the earnings before interest and taxes. It can be calculated by the profit before tax added by the net financial items.
• Debt to equity ratio is a non-IFRS financial measure, calculated by dividing total gross interest-bearing debt to total equity.
• Net free cash flow per per share is a non-IFRS financial measure, calculated as change in net free cash flow divided by the number of shares outstanding at year-end.

About us	Highlights	Financial review	Financial statement	Notes

The following table 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	2025	2024	2024
(NOK 1 000)	Q1	Q1	31.12.
Cash and cash equivalents	195	103	161
Not utilized overdraft facilities at period end	305	181	192
Available cash	500	283	353
Total assets	4,149	3,767	4,054
Cash and cash equivalents	-195	-103	-161
IFRS 16 - RoU Asset	-420	-470	-431
Current liabilities	-1,345	-1,276	-1,117
Liabilities to financial institutions - Short-term	113	157	108
Lease Liability - Short-term	99	95	95
Capital employed	2,401	2,170	2,548
Operating profit	57	20	256
Depreciation, amortization and impairment	56	47	197
EBITDA	113	67	453
Liabilities to financial institutions	1,079	1,009	1,152
Lease liabilities	438	491	452
Other non-current liabilities	158	52	196
Non-interest bearing part of non-current liabilities	-158	-52	-196
Long term financial assets	-92	-90	-84
Cash and cash equivalents	-195	-103	-161
Net interest-bearing debt	1,230	1,307	1,358
Net interest bearing debt	1,230	1,307	1,358
EBITDA	113	67	453
NIBD/EBITDA	10.91	19.37	3.00
Operating profit	268	77	256
Average Capital employed last twelve months	2,421	2,022	2,324
ROACE	11.1 %	3.8 %	11.0 %
Operating profit	268	77	256
Capital employed	2,568	2,170	2,548
ROCE	10.4 %	3.6 %	10.0 %
No reconciliations have been performed for order backlog and order intake, as these are Alternative Performance Measures not linked to accounting figures. Current assets	1,669	1,504	1,415
Cash and cash equivalents	-195	-103	-161
Current liabilities	-1,345	-1,276	-1,117
Current lease liabilities	99	95	95
Current liabilities to financial institutions	113	157	108
Working capital	341	377	23 340

Our offices

Head Office

AKVA group ASA Plogfabrikken 11, N-4353 Klepp Stasjon, Norway post@akvagroup.com

Other AKVA group offices:

About us Highlights Financial review Financial statement Notes

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: 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, Athens: Tel (+30) 69 441 660 14 AKVA group China, Ningbo: Tel (+45) 75 88 02 22 Submerged, Stadsbygd: Tel (+47) 51 46 13 98 Observe Technologies, London: Tel (+44) 1463 221444

About us Highlights Financial review Financial statement Notes