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AKVA Group Interim / Quarterly Report 2026

May 8, 2026

3532_rns_2026-05-08_6e41863b-e70b-46dc-84da-33d594ad93f7.pdf

Interim / Quarterly Report

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Q1 2026 Presentation

Klepp, 8 May 2026

Knut Nesse
CEO

Ronny Meinkøhn
CFO

AKVA GROUP


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AKVA GROUP

Pioneering a better future


Agenda | Q1 2026

AKVA GROUP

Pioneering a better future

P

Introduction and Highlights

Knut Nesse, CEO

Financial Performance

Ronny Meinkøhn, CFO

Q&A Session


Highlights first quarter

Q1 2026

  • Quarterly revenue of NOK 1,140 million and record high quarterly EBIT of NOK 91 million
  • Strong order intake of NOK 1,493 million 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 2026 with a total contract value estimated of EUR 6 million
  • Acquisition of remaining shares in Submerged AS was completed during Q1 2026
  • A dividend of NOK 1 per share was paid on April 21
  • Strategic review was announced start of April to maximize shareholder value

AKVA GROUP

Pioneering a better future


Key figures | Q1 2026

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Revenue
NOK 1 140 million

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EBITDA
NOK 153 million

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EBIT
NOK 91 million

  • Revenue, EBITDA and EBIT in Q1 2022 is positive impacted by MNOK 33 in gain from sale of shares in Atlantis Subsea Farming AS

A

Pioneering a better future


Development order intake and order backlog

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AKVA GROUP

Pioneering a better future


Strategic expansion into the defence industry

A value-driven milestone for Polarcirkel boats

  • AKVA has qualified for the Norwegian defence industry as a supplier of high quality Polarcirkel boats
  • AKVA has signed a long-term framework agreement with the defence industry in Norway for delivery of boats
  • Supply to the defence industry are expected to generate significant scale benefits and improved profitability for the boat business
  • Deliveries are scheduled to commence in the second half of 2026 and are expected to be re-ocurring and increasing in volume in the years ahead
  • The deliveries will be in addition to the ongoing commitments related to autonomous boats to the generic market and defence industry
  • AKVA has established a new production line to secure sufficient production capacity

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AKVA GROUP


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The long-term salmon opportunity

AKVA GROUP

Pioneering a better future


The challenge: How to double salmon production by 2040

Current business model running out of capacity – new investments required

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Harvest volumes (in 1,000 tonnes wife)

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Innovation and technology required...

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AKVA GROUP

Pioneering a better future


Unlocking growth through technology

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  • Traditional sea-based farming currently produces around 3 million tonnes of Atlantic salmon globally
  • Deep farming holds potential to add ~15% capacity by reducing lice and lowering mortality
  • Post-smolt holds potential to add 30-35% to volumes, by improving biomass yield and reducing mortality
  • Land-based grow-out beginning to gain traction, with long-term potential to 500,000 tonnes or more
  • Other emerging technologies likely required for supply to keep up with demand growth

AKVA GROUP

Pioneering a better future


Deep farming

  • Potential to unlock 15%+ higher harvesting volumes from existing licenses
  • Submerged cages reduces sea lice treatments by ~80% and reduces mortality with limited additional investment
  • Proven improved fish welfare supporting social license to operate and regulatory greenlight in non-green zones
  • Currently applicable for close to 60% of locations
  • Deep farming represents a ~NOK 6 billion market opportunity in Norway through 2030

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AKVA GROUP

Pioneering a better future


The fish thrive in the depths

New technology – a way to improve fish health

So far, over 400 Nautilus™ units deployed to sea

  • Significant reduction in lice pressure and need for lice treatments
  • Higher share of superior quality
  • More stable environmental parameters
  • Positive signals regarding jellyfish and agae

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AKVA GROUP

Pioneering a better future


Large reduction in need of lice treatments

Spring22 – Autumn24: Based on 19 harvested sites

Deep farming results show significantly fewer lice treatments

78% reduction
vs. neighbouring sites without deep farming

83% reduction
vs. previous generation without deep farming

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Deep farming deployments compared with a) neighboring site without deep farming and b) previous generation without deep farming at the same site. Average number of lice treatments per cage. Fish groups from Spring 2022 through Autumn 2024, n = 19. Source: Barentswatch and AKVA group.

AKVA GROUP

Pioneering a better future


Post-smolt

  • Established as an industry growth strategy
  • Shorter production cycles with reduced exposure in sea
  • Fewer lice treatments, lower mortality and increased biomass yield
  • Strong documentation from the Faroe Islands and the Rogaland region
  • Potential to unlock 30-35% volume growth

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Market opportunity for smolt/post-smolt technology of around NOK 10 bn in Norway through 2030

AKVA GROUP

Pioneering a better future


The only true global RAS supplier

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AKVA GROUP

Pioneering a better future


Ready to capitalize in emerging growth phase

The world's leading full-scale land-based offering
- Fully integrated RAS process systems
- Proven project delivery across design, building and service
- Scalable capacity backed by deep biological and engineering expertise

~~NOK 300 million~~
Invested in transformation since 2020

~~250 employees~~
High competence and industry expertise

NOK 1 171 million
Revenue 2025 (89.5% growth vs 2024)

NOK 1.3 billion
Order backlog 2025

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Proven & documented technology

  • Extensive track record
  • Delivering high operational stability
  • Optimized dimensioning and cost effective standardized solutions

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End-to-end project execution

  • Concept development, engineering and design
  • Procurement, manufacturing and logistics
  • Construction, installation and commissioning

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Advisory & services

  • Technical and biological training
  • Operational support, inspections and system revisions
  • Services, spare-parts and support

AKVA GROUP

Pioneering a better future


Land-based Grow-out

  • Land-based farming is beginning to mature
  • >25,000 tonnes produced in 2024 after a decade of trial and error
  • Several RAS and Re-use facilities now showing commercial validation
  • Nordic Aqua in China now delivering predictable and well-documented volumes of superior fish

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Nordic Aqua Partners in China addressing a market opportunity for land-based RAS

AKVA GROUP

Pioneering a better future


Invested to create the globally leading Digital platform in aquaculture

Positioned for long-term growth

Ready to capitalise on a strong platform built with NOK 500 million¹ of committed investments since 2021

~120 employees

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Leading digital solutions for precision farming

Administration, planning, management and equipment control

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Al-based planning and real-time decision support

Present in all major markets

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With >90% of revenues on recurring basis

AKVA GROUP

Pioneering a better future


Complete platform

  • enabling next-gen precision fish farming

Sustainable fish performance
Feeding – Biomass – Lice – Health

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AKVA GROUP

Pioneering a better future


AKVA

OK

AKVA observe

  • A scalable solution with strong international traction

  • Established global presence

  • Active on more than 170+ sites
  • Truly scalable solution
  • Hardware agnostic integration
  • Leveraging global footprint
  • Plug-and-play delivery using existing infrastructure distribution
  • Major growth opportunity in Norway
  • Ready to expand in the largest untapped salmon market for AI-driven precision feeding next

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Current geographical presence
Driving improved efficiency and profitability on 100+ sites worldwide and growing rapidly

AKVA GROUP

Pioneering a better future


Global leader and trusted partner

  • Uniquely positioned to enable fish performance and sustainable growth

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SERVICE & SUPPORT

Global professional service and preventive maintenance on all products

IMPROVED FISH HEALTH & WELFARE

HIGHER GROWTH

HIGHER VALUE CREATION

AKVA GROUP

Pioneering a better future


Organic growth agenda 2026

Building the foundation for delivering 2027 target of NOK 5 billion revenue

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AKVA GROUP

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Our strategic roadmap

Driving long-term growth and shareholder value creation

2022¹ - 2024²

Revenue: 3.4bn → 3.5bn
EBIT-%: 1% → 5%

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Restructuring and turnaround in a challenging market

2025

Revenue: 4.4bn
EBIT-%: 6.4%

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Accelerated market expansion and scalable profitability

2026 target

EBIT: +20 % EBIT growth vs 2025

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Ambition to grow EBIT based on continued scalability and improved operational performance

2027 target

Revenue: 2bn
EBIT-%: 9%

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Industry leadership and scale driving profitable growth

(1) EBIT 2022 adjusted for NOK 98m in restructuring cost (2) 2024 revenue and EBIT adjusted for the positive impact by NOK 76m and NOK 71m, respectively, related to the to the acquisition of Observe Technologies

AKVA GROUP

Pioneering a better future


Announcement of Strategic review

To maximize shareholder value

  • Announcement was made on April 8, and the process is supported by the largest shareholders (Egersund Group AS and Israel Corporation Ltd) given the right market conditions
  • AKVA has entered a phase of strong commercial momentum and sees potential to exceed its 2027 guidance of BNOK 5 in revenue and 2030 guidance of BNOK 7 in revenue and minimum 10% EBIT margin
  • Following the initial phase of the strategic review, AKVA and its advisor are seeing high-quality interest, with particular attention around a potential sale of the entire company as a complete platform. Engagement with interested parties remains at an early stage
  • The strategic review is expected to be concluded during the fall of 2026. No decisions have been taken at this stage, and AKVA will provide an update to the market upon conclusion of the process
  • DNB Carnegie engaged as financial advisor and Wiersholm as legal advisor in connection with the process

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AKVA GROUP


Agenda | Q1 2026

Introduction and Highlights

Knut Nesse, CEO

Financial Performance

Ronny Meinkøhn, CFO

Q&A Session

AKVA GROUP
Pioneering a better future


Income statement

Q1 2026

  • Robust activity in the first quarter, with revenue NOK 127 million (13%) higher than the same quarter last year
  • Strong economies of scale and record-high quarterly EBITDA of NOK 153 million, NOK 40 million higher than in Q1 2025
  • Net financial items in the first quarter were negatively impacted by the NOK 8 million reduction in market value related to the investment in Nordic Aqua Partners
  • Q1 2025 included a positive market value impact of NOK 8 million related to the investment
NOK million 2025 2025 2025
€31 €31 €31
Total revenues and other income 1 140 1 013 4 405
Cost of materials 609 565 2 513
Payroll expenses 299 267 1 116
Other operating expenses 79 68 268
EBITDA 153 113 508
EBITDA margin 13,4 % 11,1 % 11,5 %
Depreciation, amortization and impairment 62 56 229
EBIT 91 57 280
EBIT margin 8,0 % 5,6 % 6,3 %
Net Financial Items -33 -12 -87
Income (loss) before tax 58 45 193
Income tax¹ 2 2 11
Net income (loss) 56 42 182
Earnings per share (NOK) 1,53 1,16 5,07
¹ Income tax Q1 2025 and Q1 2026 based on best estimate

AKVA GROUP

Pioneering a better future


Revenue and order intake development

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  • Positive revenue and order intake trend
  • Last twelve months order intake and revenue is NOK 4,582 million and NOK 4,532 million, respectively
  • Strong order intake in Q1 26 with book-to-bill ratio of 131%

AKVA GROUP

Pioneering a better future


Revenue by Market and Segment

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Revenue by Market (NOK million)

  • Revenue increased by 10% in the Nordic market, 27% in Americas and 18% in Europe compared to Q1 25
  • Australasia with reduced revenue of 8% compared to Q1 25

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Revenue by Segment (NOK million)

  • Sea Based represents 66% of total revenue in Q1 26
  • Increase in revenue compared to Q1 25 is primarily related to Land Based (+96%)

AKVA GROUP

Pioneering a better future


EBITDA development

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  • EBITDA margin increased from 11,1% in Q1 25 to 13,4% in Q1 26
  • Solid profitability in Sea Based and Land Based with EBITDA margin of 13,2% and 11,8%, respectively
  • Strong EBITDA margin in Digital of 32,1%

AKVA GROUP

Pioneering a better future


Cash flow and financial position

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Available cash (NOK million)

  • Available cash includes available amounts on overdraft and revolving facility with DNB

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Net Working capital

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Net debt / EBITDA

  • NIBD/EBITDA (12 mth rolling)
  • NIBD ex IFRS 16
  • Lease Liability (IFRS 16)
  • NIBD/EBITDA covenant threshold of 4,50

AKVA GROUP

Pioneering a better future


Development Net interest-bearing debt

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AKVA GROUP

Pioneering a better future


Capital expenditure

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CAPEX (NOK million)

  • Total CAPEX of NOK 45 million in Q1 26
  • NOK 20 million applies to the three innovation agendas
  • NOK 7 is related to the global ERP system

AKVA GROUP

Pioneering a better future


Return on capital employed

ROACE (%)

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  • ROACE continues to improve driven by strong underlying operations and disciplined capital allocation
  • ROACE increased from 9.3% in Q1 25 to 12.8% in Q1 26

Note: ROACE is calculated with the average balance sheet items last four quarters, excl. IFRS 16. ROACE in Q3 24 – Q2 2025 is adjusted for the net gain of NOK 71.4 million related to the acquisition of Observe

AKVA GROUP

Pioneering a better future


Dividend

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Cash dividend (NOK per share)

  • A dividend of NOK 1.00 per share was paid on April 21

AKVA GROUP

Pioneering a better future


Business segments

AKVA GROUP

Pioneering a better future


Sea Based Technology

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Revenue (NOK million) and EBITDA-margin (%)

Overall

  • Revenue decreased by 6% compared to Q1 25 primarily related to the Nordic market
  • EBITDA margin increased from 11.9% to 13.2% due to solid product mix
  • Strong increase in order intake from NOK 784 million in Q1 25 to NOK 1 034 million in Q1 26

Nordic

  • Revenue decreased by 9%
  • 25% increase in order intake and a robust product mix

Americas

  • Revenue decreased by 7%
  • 160% increase in order intake driven by four new barges

Europe & Middle East

  • Revenue increased by 18%
  • Decrease in order intake of 28%

AKVA GROUP

Pioneering a better future


Sea Based order intake and backlog development

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12M Revenue & Order intake (NOK million)

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Order backlog & Order intake (NOK million)

AKVA GROUP

Pioneering a better future


Sea Based development OPEX based revenue

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  • OPEX based revenue for the Sea Base segment was 31% of total Sea Based revenue in Q1 26
  • NOK 17 million higher compared to Q1 25

AKVA GROUP

Pioneering a better future


Land Based Technology

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  • Quarterly order intake of NOK 416 million is primarily related to the contract with Årdal Aqua and variation orders on existing contracts
  • Strong activity and revenue increased significantly by 96% in Q1 26 compared to Q1 25
  • EBITDA increased by NOK 31 million compared to Q1 25, with and EBITDA margin of 11.8%
  • Profitability improved mainly due to economies of scale, with additional positive impact from project closures

AKVA GROUP

Pioneering a better future


Land Based order intake and backlog development

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12M Revenue & Order intake (NOK million)

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Order backlog & Order intake (NOK million)

AKVA GROUP

Pioneering a better future


Digital

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  • Order intake of NOK 44 million is NOK 12 million higher than the same quarter last year
  • Solid increase in revenue of 22% compared to same quarter last year
  • EBITDA-margin improved from 22,1% in Q1 25 to 32,1% in Q1 26

AKVA GROUP

Pioneering a better future


Digital order intake and backlog development

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12M Revenue & Order intake (NOK million)

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Order backlog & Order intake (NOK million)

AKVA GROUP

Pioneering a better future


Outlook

AKVA GROUP

Pioneering a better future


Outlook

  • Foreseeing continued strong momentum for deep farming concepts
  • Continuing to invest and improve our solutions across Sea Based, Land Based and Digital
  • Aiming for revenue above NOK 5 billion and EBIT of minimum 9% in 2027
  • Strategic review is expected to be completed during 2026

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AKVA GROUP

Pioneering a better culture


Disclaimer

  • All opinions and statements in this notice are, regardless of source, given in good faith, and may only be valid as of the stated date of this notice and may be subject to change without notice. AKVA group has taken all reasonable steps to ensure that the information contained in this notice is true and not misleading. Notwithstanding such efforts, we make no guarantee as to its accuracy or completeness.

  • This notice includes forward-looking statements. Forward-looking statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Words such as "expect", "anticipate", "believe", "intend", "estimate", "should" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements speaks only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events.

  • Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and generally beyond AKVA group's control. Although it is believed that the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements are reasonable, investors should bear in mind that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including assumptions relating to general economic conditions in Norway and worldwide. Numerous factors exist and may occur that could cause AKVA group's actual operations, result or performance to differ from the forward-looking statements.

  • Any use of information contained in this notice is at your own individual risk. AKVA group assumes no liability for any losses caused by relaying on the information contained in this notice, including investment decision taken on the basis of this notice.

  • This notice is not intended for, and must not be distributed to, individuals or entities in jurisdictions where such distribution is unlawful.

AKVA GROUP

Pioneering a better future


Agenda | Q1 2026

Introduction and Highlights

Knut Nesse, CEO

Financial Performance

Ronny Meinkøhn, CFO

Q&A Session

AKVA GROUP
Pioneering a better future


20

Appendix

AKVA GROUP

Pioneering a better future


AKVA group in a brief

  • AKVA group is the leading technology and service partner to the aquaculture industry worldwide

Listed on Oslo stock exchange since 2006

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Total turnover in 2025: NOK 4.4 billion

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1.546 employees

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Companies in 11 countries

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Technology leader through 40 years

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AKVA GROUP

Pioneering a better future


Our presence

Present in all markets with offices in:
- Norway
- Denmark
- Scotland
- England
- Lithuania
- Spain
- Greece
- Turkey
- Chile
- Canada
- China
- Australia

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AKVA GROUP

Pioneering a better future


Balance sheet

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note (000) Note 2026 2025 2025
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 1 792 517 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

AKVA GROUP

Pioneering a better future


Cash flow statement

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2026 2025 2024
Year (in.) 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) over 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 at end of period 237 110 194 868 202 090

AKVA GROUP

Pioneering a better future


Largest shareholders

20 largest shareholders

No of shares % Account name Type Citizenship
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 Nominee LUX
906 510 2,5 % VERDIPAPIRFONDET ALFRED BERG GAMBA NOR
597 921 1,6 % SIX SIS AG Nominee 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 Nominee 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 Nominee LUX
257 590 0,7 % J.P. Morgan SE Nominee FIN
246 902 0,7 % VERDIPAPIRFONDET ALFRED BERG NORGE NOR
196 979 0,5 % Société Générale Nominee 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

Share development

Last 12 months

Share price Trading volume
22 000 000 15 000 000
15 000 000 5 000 000
apr.25 mai.25 jun.25 jul.25 aug.25 sep.25 okt.25 nov.25 des.25 jan.26 feb.26 mar.26 0

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Origin of shareholders, 5 largest countries

No of shares % Origin No of shareholders
26 561 834 Norway 72,44 %
6 600 192 Israel 18,00 %
1 725 469 Luxembourg 4,71 %
605 537 Switzerland 1,65 %
704 360 Finland 1,92 %
201 356 France 0,55 %
71 305 United 0,19 %

Total number of shareholders: 1712 - from 33 different countries

Last 5 years

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AKVA GROUP

Pioneering a better future


Our values

We CARE for people, the planet and profitability

Customer focus
Aquaculture knowledge
Reliability
Enthusiasm

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Pioneering a better future


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Pioneering a better future