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AKVA Group Interim / Quarterly Report 2026
3532_rns_2026-05-08_dc5ce0e4-f300-4149-bd68-55bf129bf51e.pdf
Interim / Quarterly Report
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Pioneering
a better future
Q1 2026
First quarter report
AKVA GROUP
三
Content
About us
This is AKVA group 3
Highlights
Highlights Quarter 5
Order intake, revenues and profit for the Group 6
Financial review
Business area financial performance 7
Revenue per geographic region 10
Revenue per CAPEX / OPEX 11
Revenue per fish species 12
Balance sheet and cash flow 13
Other shareholder information 14
Financial statement
Statement from the Board and Chief Executive Officer 15
Financials 16
Notes
Notes 19
Our offices 25
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.
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
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.
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
Global presence
With offices in Norway, Denmark, the United Kingdom, Lithuania, Spain, Greece, Turkey, Chile, Canada, China, and Australia, we have a global presence, serving customers all over the world.
Our team of over 1,500 employees worldwide, representing 49 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 a global provider of technology and services to the aquaculture industry, with a strong position in key salmon-farming regions. We maintain our competitive edge by continuously developing new solutions within Sea Based, Land Based and Digital, and by working closely with customers to improve fish welfare, environmental performance and operational efficiency.
AKVA GROUP
4
About us
Highlights
Financial review
Financial statement
Notes
FIRST QUARTER 2026
Highlights and key figures
All figures are presented in NOK million. Comparative figures for the same quarter last year are shown in brackets.
| REVENUES AND OTHER INCOME | EBIT |
|---|---|
| 1,140 (1,013) | 91 (57) |
| ORDER INTAKE | ORDER BACKLOG |
| 1,493 (1,200) | 2,830 (2,799) |
- Quarterly revenue of NOK 1,140 million and NOK 127 million higher than in Q1 2025
- Record high quarterly EBITDA of NOK 153 million, an increase of NOK 40 million compared to Q1 2025
- Strong order intake of NOK 1,483 million in the quarter and order backlog of NOK 2,830 million at the end of Q1 2026
- A RAS contract with value of approx NOK 200 million was awarded from Årdal Aqua AS in February
- A smolt contract of approx. EUR 28 million was awarded from Laxey EHF in April
- Four new barges for the international market were awarded in Q1 with a total contract value estimated at EUR 6 million
- Acquisition of remaining shares in Submerged AS, increasing ownership from 58% to 100%, was completed during Q1
- A dividend of NOK 1 per share was paid April 21
- Strategic review was announced start of April to maximize shareholder value
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
Order intake, revenues, and profits for the Group
OPERATIONS AND PROFIT
(Figures in brackets refer to 2025 unless other is specified)
Revenue and other income in the first quarter was high of NOK 1,140 million, driven by high activity level for Land Based with revenues of NOK 346 million.
Order intake was solid of NOK 1,493 million, which is NOK 293 million higher than same quarter last year. Sea Based contributed with strong order intake of NOK 1,034 million, supported by a contract for four new barges for the international market. For Land Based, a RAS contract valued at approx. NOK 200 million was awarded from Årdal Aqua in February. A smolt contract with Laxey EHF with contract value of approx. EUR 28 million was signed in April and will be added to the order backlog in Q2.
The order backlog of NOK 2,830 million provides a solid foundation for continued organic growth in 2026.
Profitability improved in the first quarter compared to last year, and the improvement is mainly related to higher revenue, economies of scale and a robust product mix in Sea Based.
| Financial key figures (NOK 1 000 000) | 2026 | 2025 |
|---|---|---|
| Q1 | Q1 | |
| Revenues | 1,140 | 1,013 |
| EBITDA | 153 | 113 |
| EBIT | 91 | 57 |
| Net profit | 56 | 42 |
| Net interest-bearing debt | 1,272 | 1,230 |
| Cash flow from operations | 42 | 82 |
| ROACE^{1} | 12.8 % | 12.3 % |
| Order backlog | 2,830 | 2,799 |
| Order intake | 1,493 | 1,200 |
1 ROACE in Q1 2025 in the table above includes the net gain of NOK 71,4 million stemming from the acquisition of Observe in 2024
AKVA GROUP
About us
Highlights
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Financial statement
Notes
^{}[]
Business area financial performance Q1
SEA BASED
Revenue and other income for Sea Based decreased compared to the same quarter last year, from NOK 804 million to NOK 755 million. EBITDA and EBIT ended at NOK 99 million (96) and NOK 55 million (56), respectively. The related EBITDA and EBIT margins were 13.2% (11.9%) and 7.3% (7.0%), respectively.
Order intake in Q1 2026 was NOK 1,034 million compared to NOK 784 million in Q1 2025. Order backlog ended at NOK 1,323 million compared to NOK 1,108 million last year.
Revenue and other income in the Nordic region ended at NOK 533 million (583), and with an order intake of NOK 782 million (626). In the Americas region, revenue and other income decreased from NOK 153 million to NOK 142 million, with an order intake of NOK 190 million (73). Europe and Middle East (EME) had a revenue and other income of NOK 80 million in Q1 2026, compared to a revenue of NOK 68 million in the same quarter last year. The order intake was NOK 61 million (85) in the quarter.
LAND BASED
Revenue for Land Based increased significantly compared to the same quarter last year, from NOK 176 million to NOK 346 million. EBITDA and EBIT ended at NOK 41 million (10) and NOK 37 million (6), respectively. The related EBITDA and EBIT margins were 11.8% (5.5%) and 10.7% (3.5%).
Order intake in Q1 2026 of NOK 416 million, compared to NOK 384 million last year. Order backlog ended at NOK 1,281 million, compared to NOK 1,550 million last year.
DIGITAL
Revenue amounted to NOK 39 million (32) in Q1 2026. EBITDA and EBIT ended at NOK 13 million (7) and NOK -1 million (-5), respectively. The related EBITDA and EBIT margins were 32.1% (22.1%) and -3.8% (-16.1%).
Order intake in Q1 2026 of NOK 44 million compared to NOK 32 million in Q1 2025. Order backlog ended at NOK 226 million, compared to NOK 141 million last year.
AKVA GROUP
About us
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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
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
^{}[]
Revenue¹
Sea Based had a decrease in activity level this quarter of -6.1% compared to the same quarter last year. Land Based and Digital had an increase in revenue of 96.1% and 21.5% compared to the same quarter last year.
¹ Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is reflected in the revenues for the Digital segment
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
^{}[]
Revenue per geographic region¹
Nordic had an increase in activity level this quarter of 7.2% compared to the same quarter last year. Revenue in Americas was 31.8% higher compared to the same quarter last year. Europe and Middle East (EME) had an increase in revenues compared to the same quarter last year of 20.6%.
Nordic countries
Americas and Oceania
Rest of the world, including Europe and Middle East
¹ Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is reflected in the revenues for the Nordic region
AKVA GROUP
10
About us
Highlights
Financial review
Financial statement
Notes
^{}[]
Revenue per CAPEX / OPEX¹
The CAPEX based revenues increased with 14% this quarter compared to the same quarter in 2025, whilst the OPEX based revenues increased with 10% in the same period.
¹ Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is classified as OPEX based revenue
AKVA GROUP
About us
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Notes
三
Revenue per fish species¹
Most of the revenues are generated from the Salmon segment. The revenues from other species relate mainly to the Mediterranean area.
¹ Note that the gain of NOK 76 million related to the Observe transaction in Q3 2024 is classified as revenue from Salmon
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
AKVA GROUP
12
About us
Highlights
Financial review
Financial statement
Notes
^{}[]
Balance sheet and cash flow
Working capital was NOK 360 million on 31 March 2026, an increase from NOK 341 million on 31 March 2025. The working capital relative to last twelve months revenue was 7.9% at the end of March 2026, compared to 8.9% at the end of March 2025.
Total CAPEX in Q1 2026 was NOK 45 million. NOK 20 million relates to capitalized R&D expenses, NOK 11 million is related to energy-saving and efficiency-enhancing initiatives at the manufacturing facilities and NOK 14 million was other CAPEX.
Cash and unused credit facilities amounted to NOK 442 million at the end of Q1 2026 versus NOK 500 million at the end of Q1 2025. The unused credit and revolving facility (at DNB) is NOK 204 million.
Net interest-bearing debt was NOK 1,272 million at the end of March 2026, including lease liabilities of NOK 457 million, compared to NOK 1,230 million and NOK 438 million at the end of Q1 2025.
Gross interest-bearing debt was NOK 1,598 million at the end of Q1 2026 versus NOK 1,517 million at the end of Q1 2025. 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 NOK 457 million (438) at the end of Q1 2026, is included in the interest-bearing debt.
Leverage ratio was 2.32 as of 31 March 2026 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 12.8% (12.3%) for the quarter.
Total assets and total equity amounted to NOK 4,319 million and NOK 1,385 million respectively, resulting in an equity ratio of 32.1% (31.7%) at the end of Q1 2026.
AKVA GROUP
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Financial statement
Notes
^{}[]
Other shareholder information
Earnings per share of NOK 1.53 (1.16), based on 36,395,704 (36,309,017) shares on average.
Dividend of NOK 1.00 per share was paid in April 2026.
During Q1 2026, the convertible loan of NOK 11 million in Submerged AS was converted into equity. As a result, the Group increased its ownership interest in Submerged AS and subsequently acquired the remaining shares, increasing its ownership from 58% to 100%. A total consideration of NOK 18,6 million was recognized, including a cash consideration of NOK 7,7 million paid upon completion of the transaction. The transaction was accounted for as an equity transaction, with the difference between the consideration and the carrying amount of the non-controlling interest recognized directly in the consolidated equity, amounting to NOK 14,0 million.
Portion of equity in Newfoundland Aqua Service Ltd. (1.5%) that is not owned by the Group is presented as non-controlling 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.
Aiming for revenue of minimum NOK 5 billion and EBIT of 9% in 2027.
Continuing to invest and improve our solutions across Sea Based, Land Based and Digital.
Strategic review is expected to be completed during 2026.
AKVA GROUP
About us
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Financial statement
Notes
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 2026, 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, 7 May 2026
Hans Kristian Mong
Chair
Kristin Reitan Husebø
Deputy chair
Odd Jan Håland
Board member
Frode Teigen
Board member
Heidi Någ Flikka
Board member
Irene H. Lauvsnes
Irene Heng Lauvsnes
Board member
Mathias Bergersen Aag
Board member
Yoav Doppelt
Board member
Tore Rasmussen
Board member
Knut Nesse
CEO
Mona Skatøy Skadberg
Board member
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
三
STATEMENT OF INCOME
| CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME | Note | 2026 | 2025 | 2025 |
|---|---|---|---|---|
| (NDK 1 000) | Q1 | Q1 | Total | |
| OPERATING REVENUES AND OTHER INCOME | 5 | 1,140,143 | 1,012,948 | 4,404,897 |
| Cost of materials | 609,013 | 565,102 | 2,513,135 | |
| Payroll expenses | 299,108 | 266,704 | 1,115,928 | |
| Other operating expenses | 78,961 | 68,424 | 267,527 | |
| OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) | 5 | 153,061 | 112,718 | 508,307 |
| Depreciation | 14,151 | 12,664 | 51,956 | |
| IFRS 16 Depreciation | 27,982 | 24,869 | 104,058 | |
| Amortization | 20,279 | 18,163 | 72,633 | |
| Impairment | 0 | 0 | 0 | |
| OPERATING PROFIT (EBIT) | 5 | 90,649 | 57,022 | 279,660 |
| Net interest expense | -15,975 | -12,453 | -67,298 | |
| IFRS 16 Interest expenses | -5,650 | -5,348 | -21,751 | |
| Other financial items | -10,997 | 5,633 | 2,342 | |
| Net financial items | -32,623 | -12,169 | -86,707 | |
| PROFIT BEFORE TAX | 58,027 | 44,853 | 192,953 | |
| Taxes¹ | 2,277 | 2,436 | 10,526 | |
| NET PROFIT | 55,749 | 42,417 | 182,427 | |
| Net profit (loss) attributable to: | ||||
| Non-controlling interests | -13 | 142 | -1,959 | |
| Equity holders of AKVA group ASA | 55,762 | 42,275 | 184,386 | |
| Earnings per share equity holders of AKVA group ASA | 1.53 | 1.16 | 5.07 | |
| Diluted earnings per share equity holders of AKVA group ASA | 1.53 | 1.16 | 5.07 | |
| Average number of shares outstanding (in 1 000) | 36,396 | 36,309 | 36,367 | |
| Diluted number of shares outstanding (in 1 000) | 36,396 | 36,309 | 36,367 |
¹ Income tax Q1 2025 and Q1 2026 based on best estimate
STATEMENT OF COMPREHENSIVE INCOME
| CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME | Note | 2026 | 2025 | 2025 |
|---|---|---|---|---|
| (NDK 1 000) | Q1 | Q1 | Total | |
| NET PROFIT | 55,749 | 42,417 | 182,427 | |
| Other comprehensive income that may be reclassified subsequently to income statement: | ||||
| Translation differences on foreign operations | -47,061 | -39,164 | -36,555 | |
| Income tax effect | 0 | 0 | 0 | |
| Total | -47,061 | -39,164 | -36,555 | |
| Gains(+)/losses(-) on cash flow hedges | 647 | -3,750 | -7,284 | |
| Income tax effect | -142 | 825 | 1,602 | |
| Total | 505 | -2,925 | -5,681 | |
| Total other comprehensive income, net of tax | -46,556 | -42,089 | -42,237 | |
| TOTAL COMPREHENSIVE INCOME, NET OF TAX | 9,193 | 328 | 140,190 | |
| Attributable to: | ||||
| Non-controlling interests | -13 | 142 | -1,959 | |
| Equity holders of AKVA group ASA | 9,206 | 186 | 142,149 |
STATEMENT OF CHANGES IN EQUITY
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | Note | 2026 | 2025 | 2025 |
|---|---|---|---|---|
| (NDK 1 000) | Q1 | Q1 | Total | |
| Balance at start of period before non-controlling interest | 1,378,013 | 1,305,978 | 1,305,978 | |
| The period's net profit | 55,762 | 42,275 | 184,386 | |
| Buyback of own shares | 0 | 0 | -5,653 | |
| Gains/(losses) on cash flow hedges (fair value) | 505 | -2,925 | -5,681 | |
| Dividend | 0 | 0 | -72,732 | |
| Share-based payments | 8,382 | 1,680 | 11,464 | |
| Acquisition of non-controlling interests | -13,952 | 0 | 0 | |
| Translation differences | -47,061 | -39,164 | -36,555 | |
| Other adjustments | 2,361 | 1,998 | -3,192 | |
| Equity before non-controlling interests | 1,384,010 | 1,309,840 | 1,378,013 | |
| Non-controlling interests¹ | 662 | 7,390 | 5,289 | |
| Book equity at the end of the period | 1,384,672 | 1,317,230 | 1,383,302 |
¹ Non-controlling interest were reduced by NOK 4.6 million in Q1 2026 as a result of the acquisition of the remaining shares in Submerged AS
AKVA GROUP
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Financial statement
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三
STATEMENT OF FINANCIAL POSITION
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (NOK 1,000) | Note | 2026 | 2025 | 2023 |
|---|---|---|---|---|
| 31.3 | 31.3 | 31.12 | ||
| Intangible fixed assets | 1,3 | 1,605,962 | 1,603,160 | 1,617,799 |
| Deferred tax assets | 85,892 | 79,064 | 96,553 | |
| Tangible fixed assets | 660,676 | 628,123 | 695,253 | |
| Long-term financial assets | 2 | 173,722 | 169,974 | 178,909 |
| FIXED ASSETS | 2,526,252 | 2,480,321 | 2,588,514 | |
| Stock | 668,938 | 694,871 | 620,651 | |
| Trade receivables | 700,561 | 663,657 | 578,330 | |
| Other receivables | 185,907 | 115,566 | 156,537 | |
| Cash and cash equivalents | 237,110 | 194,868 | 202,090 | |
| CURRENT ASSETS | 1,792,817 | 1,668,962 | 1,557,608 | |
| TOTAL ASSETS | 4,318,769 | 4,149,284 | 4,146,121 | |
| Equity attributable to equity holders of AKVA group ASA | 1,384,011 | 1,309,840 | 1,378,013 | |
| Non-controlling interests | 1,3 | 662 | 7,390 | 5,289 |
| TOTAL EQUITY | 1,384,672 | 1,317,230 | 1,383,302 | |
| Deferred tax | 18,442 | 23,702 | 27,211 | |
| Other long term debt | 122,382 | 158,085 | 147,015 | |
| Lease Liability - Long-term | 346,766 | 338,973 | 379,697 | |
| Long-term interest bearing debt | 1 | 962,614 | 966,249 | 972,163 |
| LONG-TERM DEBT | 1,450,204 | 1,487,009 | 1,526,086 | |
| Short-term interest bearing debt | 178,077 | 112,745 | 37,500 | |
| Lease Liability - Short-term | 110,566 | 99,097 | 107,167 | |
| Trade payables | 381,813 | 346,719 | 315,059 | |
| Public duties payable | 129,666 | 142,648 | 106,367 | |
| Contract liabilities | 303,506 | 334,445 | 304,834 | |
| Other current liabilities | 380,264 | 309,390 | 365,807 | |
| SHORT-TERM DEBT | 1,483,893 | 1,345,044 | 1,236,733 | |
| TOTAL EQUITY AND DEBT | 4,318,769 | 4,149,283 | 4,146,121 |
STATEMENT OF CASH FLOW
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (NOK 1,000) | 2026 | 2025 | 2023 |
|---|---|---|---|
| Q1 | Q1 | Total | |
| Cash flow from operating activities | |||
| Profit before taxes | 58,027 | 44,853 | 192,953 |
| Taxes paid | 510 | 240 | -21,230 |
| Share of profit/ (loss)(+) from associates | -1,706 | -1,177 | -12,208 |
| Net interest cost | 21,625 | 18,419 | 89,050 |
| Share-based payments | 0 | 0 | 11,464 |
| Gain/ (loss)(+) on disposal of fixed assets | -236 | -44 | -267 |
| Gain/ (loss)(+) on financial fixed assets | 6,879 | -20,583 | -21,587 |
| Depreciation, amortization and impairment | 62,412 | 55,696 | 228,647 |
| Changes in stock, accounts receivable and trade payables | -103,765 | -136,107 | -56,218 |
| Changes in other receivables and payables | 18,837 | 135,037 | 101,512 |
| Net foreign exchange difference | -20,124 | -14,785 | -38,098 |
| Cash generated from operating activities | 42,459 | 81,550 | 474,018 |
| Cash flow from investment activities | |||
| Investments in fixed assets and intangible assets | -45,026 | -38,927 | -173,897 |
| Proceeds from sale of fixed assets | 261 | 0 | 2,302 |
| Proceeds from sale of associates | 0 | 144,116 | 144,116 |
| Dividends payment from NCI | 0 | 0 | 1,051 |
| Acquisition of additional shares in subsidiary (NCI) | -7,743 | 0 | 0 |
| Interest received | 3,657 | 4,578 | 20,077 |
| Net cash flow from investment activities | -48,851 | 109,767 | -6,351 |
| Cash flow from financing activities | |||
| Repayment of borrowings | -47,148 | -121,788 | -209,438 |
| Proceed from borrowings | 139,666 | 4,619 | 35,000 |
| Repayment of lease liabilities | -25,824 | -17,472 | -64,817 |
| IFRS 16 interest | -5,650 | -5,348 | -21,751 |
| Interest paid | -19,632 | -17,649 | -87,376 |
| Dividend payment | 0 | 0 | -72,732 |
| Sale/(purchase) own shares | 0 | 0 | -5,653 |
| Net cash flow from financing activities | 41,412 | -157,638 | -426,767 |
| Cash and cash equivalents at beginning of period | 202,090 | 161,190 | 161,190 |
| Net change in cash and cash equivalents | 35,020 | 33,678 | 40,900 |
| Cash and cash equivalents divested entities | 237,110 | 194,868 | 202,090 |
AKVA GROUP
Selected notes to the condensed interim consolidated financial statements
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^{}[]
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 2025. There have been no changes to significant accounting policies since the preparation of the annual financial statements for 2025. 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 2025 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 2025 (as published on the OSE on 10 April 2026).
AKVA group accounts for associates owned between 20% and 50% by using the equity method. Gain/loss on investments are recognized as other operating revenue, subject to the investment being of similar character and type as the other businesses within the group.
No new standards have been adopted in 2026.
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NOTE 3
Dividend
AKVA group ASA paid dividend in April of NOK 1.00 per share, in total NOK 36,4 million, based on the authorisation granted by the Company's general meeting on 22 May 2025.
NOTE 4
Events after the reporting period
On April 8th, AKVA announced a strategic review of alternatives to maximize shareholder value. The strategic review is expected to be completed during 2026. No decisions have been taken and a transaction, if any, remains subject to market conditions and final binding agreements.
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NOTE 5
Business segments
AKVA group is organized in three business segments; Sea Based, Land Based and Digital.
Sea Based consists 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 consists 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 consists of the following companies: AKVA group ASA, 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
(NOK'1'000) | 2026 | 2025 | 2025 |
| --- | --- | --- | --- |
| | Q1 | Q1 | Total |
| Sea Based | | | |
| Nordic operating revenues | 533,497 | 583,456 | 2,213,309 |
| Americas operating revenues | 141,707 | 153,105 | 570,525 |
| Europe & Middle East operating revenues | 79,564 | 67,527 | 311,608 |
| INTRA SEGMENT REVENUE | 754,768 | 804,088 | 3,095,442 |
| Operating costs ex depreciations | 655,289 | 708,218 | 2,708,152 |
| OPERATING PROFIT BEFORE DEPRECIATIONS
(EBITDA) | 99,479 | 95,870 | 387,290 |
| Depreciation & amortization | 44,464 | 39,749 | 165,521 |
| OPERATING PROFIT (EBIT) | 55,015 | 56,121 | 221,769 |
| Digital | | | |
| Nordic operating revenues | 21,434 | 17,705 | 76,396 |
| Americas operating revenues | 12,659 | 11,815 | 48,987 |
| Europe & Middle East operating revenues | 5,375 | 2,957 | 13,026 |
| INTRA SEGMENT REVENUE | 39,468 | 32,477 | 138,410 |
| Operating costs ex depreciations | 26,797 | 25,289 | 99,538 |
| OPERATING PROFIT BEFORE DEPRECIATIONS
(EBITDA) | 12,671 | 7,188 | 38,873 |
| Depreciation & amortization | 14,157 | 12,428 | 49,047 |
| OPERATING PROFIT (EBIT) | -1,486 | -5,240 | -10,173 |
| Land Based | | | |
| Nordic operating revenues | 259,962 | 158,987 | 1,040,436 |
| Americas operating revenues | 85,944 | 17,396 | 130,609 |
| Europe & Middle East operating revenues | 0 | 0 | 0 |
| INTRA SEGMENT REVENUE | 345,906 | 176,383 | 1,171,044 |
| Operating costs ex depreciations | 304,995 | 166,723 | 1,088,901 |
| OPERATING PROFIT BEFORE DEPRECIATIONS
(EBITDA) | 40,911 | 9,660 | 82,143 |
| Depreciation and amortization | 3,791 | 3,519 | 14,079 |
| OPERATING PROFIT (EBIT) | 37,120 | 6,141 | 68,064 |
AKVA GROUP
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Financial statement
Notes
NOTE 6
Top 20 shareholders as of 31 March 2026
| Number of shares | Ownership percentage | Shareholders | Country |
|---|---|---|---|
| 18,703,105 | 51.0% | EGERSUND GROUP AS | NOR |
| 6,600,192 | 18.0% | Israel Corporation Ltd | ISR |
| 2,262,208 | 6.2% | PARETO AKSJE NORGE VERDIPAPIRFOND | NOR |
| 1,409,670 | 3.8% | J.P. Morgan SE | LUX |
| 906,510 | 2.5% | VERDIPAPIRFONDET ALFRED BERG GAMBA | NOR |
| 597,921 | 1.6% | SIX SIS AG | CHE |
| 539,940 | 1.5% | FORSVARETS PERSONELLSERVICE | NOR |
| 437,189 | 1.2% | VERDIPAPIRFONDET ALFRED BERG NORGE | NOR |
| 400,621 | 1.1% | J.P. Morgan SE | FIN |
| 316,671 | 0.9% | MP PENSJON PK | NOR |
| 308,923 | 0.8% | NESSE & CO AS | NOR |
| 272,029 | 0.7% | AKVA GROUP ASA | NOR |
| 271,192 | 0.7% | J.P. Morgan SE | LUX |
| 257,590 | 0.7% | J.P. Morgan SE | FIN |
| 246,902 | 0.7% | VERDIPAPIRFONDET ALFRED BERG NORGE | NOR |
| 196,979 | 0.5% | Société Générale | FRA |
| 125,795 | 0.3% | DAHLE | NOR |
| 114,250 | 0.3% | JAKOB HATTELAND HOLDING AS | NOR |
| 97,200 | 0.3% | BKK PENSJONSKASSE | NOR |
| 80,000 | 0.2% | ASKVIG AS | NOR |
| 34,144,887 | 93.1% | 20 largest shareholders | |
| 2,522,846 | 6.9% | 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.
AKVA GROUP
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Highlights
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Financial statement
Notes
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 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.
AKVA GROUP
23
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 | 2026 | 2025 | |
|---|---|---|---|
| NOK million | Q1 | Q1 | |
| Cash and cash equivalents | 237 | 195 | |
| Not utilized overdraft facilities at period end | 204 | 305 | |
| Available cash | 442 | 500 | |
| Total assets | 4,319 | 4,149 | |
| Cash and cash equivalents | -237 | -195 | |
| IFRS 16 - RoU Asset | -434 | -420 | |
| Current liabilities | -1,484 | -1,345 | |
| Liabilities to financial institutions - Short-term | 178 | 113 | |
| Lease Liability - Short-term | 111 | 99 | |
| Capital employed | 2,452 | 2,401 | |
| Operating profit | 91 | 57 | |
| Depreciation, amortization and impairment | 62 | 56 | |
| EBITDA | 153 | 113 | |
| Liabilities to financial institutions | 1,141 | 1,079 | |
| Lease liabilities | 457 | 438 | |
| Other non-current liabilities | 122 | 158 | |
| Non-interest bearing part of non-current liabilities | -122 | -158 | |
| Long term financial assets | -89 | -92 | |
| Cash and cash equivalents | -237 | -195 | |
| Net interest-bearing debt (NIBD) | 1,272 | 1,230 | |
| Net interest bearing debt | 1,272 | 1,230 | |
| EBITDA last twelve months | 549 | 498 | |
| NIBD/EBITDA | 2.32 | 2.47 | |
| Operating profit last twelve months | 313 | 293 | |
| Average Capital employed last twelve months | 2,443 | 2,379 | |
| ROACE | 12.8 % | 12.3 % | |
| Operating profit last twelve months | 313 | 293 | |
| Capital employed | 2,452 | 2,401 | |
| ROCE | 12.8 % | 12.2 % | |
| Current assets | 1,793 | 1,669 | |
| Cash and cash equivalents | -237 | -195 | |
| Current liabilities | -1,484 | -1,345 | |
| Current lease liabilities | 111 | 99 | |
| Current liabilities to financial institutions | 178 | 113 | |
| Working capital | 360 | 341 |
AKVA GROUP
About us
Highlights
Financial review
Financial statement
Notes
Our offices
Head Office
AKVA group ASA
Plogfabrikken 11,
N-4353 Klepp Stasjon, Norway
[email protected]
AKVA GROUP
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: 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
25
Pioneering a better future
AKVA GROUP
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