Akva Group Asa · OSL:AKVA
Akva Group Asa — Q2 2026 Earnings Presentation
55 slides from Akva Group Asa's earnings presentation, Aug 14, 2026
Slide 1: Q2 2026 Presentation
Q2 2026 Presentation Klepp, 14 August 2026 Knut Nesse Ronny Meinkøhn CEO CFO
Slide 2: Pioneering a better future
Pioneering a better future
Slide 3: Agenda | Q2 2026
Agenda | Q2 2026 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 4: Highlights second quarter
Highlights second quarter Q2 2026 • High quarterly revenue of NOK 1,189 million and record high quarterly EBIT of NOK 111 million • Strong order intake of NOK 1,345 million and order backlog of NOK 2,997 million at the end of Q2 2026 • A smolt contract of approx. EUR 28 million was awarded from Laxe
Slide 5: Key figures | Q2 2026
Key figures | Q2 2026 Revenue EBITDA EBIT NOK 1 189 million NOK 179 million NOK 111 million 179 1 167 1 189 111 145 1 014 89 940 907 110 63 86 38 * 3 Q2 22 Q2 23 Q2 24 Q2 25 Q2 26 Q2 22 Q2 23 Q2 24 Q2 25 Q2 26 -41 Q2 22 Q2 23 Q2 24 Q2 25 Q2 26
Slide 6: Key figures | H1 2026
Key figures | H1 2026 Revenue EBITDA EBIT NOK 2 329 million NOK 332 million NOK 202 million 332 2 329 202 2 180 258 1 756 1 814 1 799 146 177 145 83 106 * 49 17 H1 22 H1 23 H1 24 H1 25 H1 26 H1 22 H1 23 H1 24 H1 25 H1 26 H1 22 H1 23 H1 24 H1 25 H1 26
Slide 7: Development order intake and order backlog
Development order intake and order backlog Order intake Order backlog (NOK million) (NOK million) 1 493 2 997 2 830 1 345 2 712 1 250 2 539 2 363 1 052 895 1 414 1 323 1 034 745 1 044 786 913 952 655 620 1 630 1 435 1 273 1 281 1 364 316 416 397 221 138 222 226 220 81 77 44 35 188 183 28 Q2 25 Q3 25
Slide 8: Update on Strategic review
Update on 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 • In the Q1 presentation on May 8 and following the initial phase of
Slide 9: The long-term salmon opportunity
The long-term salmon opportunity
Slide 10: The challenge: How to double salmon production by 2040
The challenge: How to double salmon production by 2040 Current business model running out of capacity – new investments required Harvest volumes (in 1,000 tonnes wfe) 6 000 5% demand growth trajectory Innovation and technology required… Deep farming Post-smolt Grow-out Historic and current productio
Slide 11: Unlocking growth through technology
Unlocking growth through technology New frontiers Illustrative Semi-offshore/Offshore, closed systems ++ • Traditional sea-based farming currently produces Land-based grow out, >500,000 tons around 3 million tonnes of Atlantic salmon globally Vaccines, new treatment regimes ++ • Deep farming holds p
Slide 12: Deep farming
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
Slide 13: The fish thrive in the depths
Source: Barentswatch and AKVA group The fish thrive in the depths New technology – a way to improve fish health So far, over 400 NautilusTM units deployed to sea • Significant reduction in lice pressure and need for lice treatments • Higher share of superior quality • More stable environmental param
Slide 14: Large reduction in need of lice treatments
Large reduction in need of lice treatments Spring22 – Autumn24: Based on 19 harvested sites 8,0 Deep farming results Average no. of lice treatments per cage 7,0 show significantly fewer 6,0 5,0 lice treatments 4,0 3,0 2,0 78% reduction 1,0 vs. neighbouring sites without deep farming 0,0 Deep farming
Slide 15: Post-smolt
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 Marke
Slide 16: The only true global RAS supplier
The only true global RAS supplier Nordland AKVA, 2014 Steinvik Fishfarm, 2014 Neptun Settefisk, 2014 Nordnorsk Smolt, 2014 Skardalen Settefisk, 2015 FIFAX, 2014 Hardingsmolt, 2015 Midt Norsk Smolt, 2016 Stofnfiskur, 2020 Blåfjell, 2017 Laxey, Grow-out, 2024 Ænes Inkubator, 2018 Sande settefisk, 2019
Slide 17: Ready to capitalize in emerging growth phase
Ready to capitalize in emerging growth phase The world’s leading full-scale land-based offering Proven & documented technology • Fully integrated RAS process systems • Extensive track record • Delivering high operational stability • Proven project delivery across design, building and service • Optim
Slide 18: Land-based Grow-out
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 Nor
Slide 19: Invested to create the globally leading Digital platform in aquaculture
Invested to create the globally leading Digital platform in aquaculture Positioned for Leading digital solutions for Present in all major markets long-term growth precision farming < Administration, planning, management and equipment control MNOK 1372 Ready to capitalise on a strong platform built w
Slide 20: Complete platform
Complete platform - enabling next-gen precision fish farming Sustainable fish performance Feeding – Biomass – Lice – Health Long-term planning and decision making Short-term decision making Control systems Aquaculture powered by Artificial Intelligence Intelligence Automation Barges Pens Biological
Slide 21: A scalable solution with strong international traction
- A scalable solution with strong international traction Current geographical presence • Established global presence Canada Norway - Active on more than 170+ sites Scotland • Truly scalable solution - Hardware agnostic integration • Leveraging global footprint - Plug-and-play delivery using existing
Slide 22: Strategic expansion into the defence industry
Strategic expansion into the defence industry Progressing according to plan – MNOK 230 in order intake for the boat segment in H1 • 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
Slide 23: Global leader and trusted partner
Global leader and trusted partner - Uniquely positioned to enable fish performance and sustainable growth NOK NOK NOK SEA BASED 3 095m LAND BASED 1 171m DIGITAL 138m Leading equipment provider to World leading full-scale Complete platform enabling next the salmon farming industry smolt and grow-out
Slide 24: Organic growth agenda 2026
Organic growth agenda 2026 Building the foundation for delivering 2027 target of NOK 5 billion revenue 5.0 SEA BASED 4.4 • Develop and commercialize Nautilus Next • Internationalization of net business • Extend the portfolio of pen products • Partner with concrete barge producer • Develop boat suppl
Slide 25: Our strategic roadmap
Our strategic roadmap Driving long-term growth and shareholder value creation 20221 - 20242 2025 2026 target 2027 target Revenue: EBIT-%: Revenue: EBIT-%: EBIT: Revenue: EBIT-%: 3.4bn ➞ 3.5bn 1% ➞ 5% 4.4bn 6.4% +20 % EBIT growth vs 2025 > 5bn 9% Restructuring and turnaround in a Accelerated market e
Slide 26: Agenda | Q2 2026
Agenda | Q2 2026 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 27: Income statement
Income statement Q2 2026 • High activity in the second quarter, with NOK million 2026 2025 2026 2025 2025 Q2 Q2 YTD YTD Total revenue NOK 22 million above the same Total revenues and other income 1 189 1 167 2 329 2 180 4 405 quarter last year Cost of materials 632 649 1 241 1 215 2 513 Payroll expe
Slide 28: Revenue and order intake development
Revenue and order intake development Revenue and order intake (NOK million) 1 493 1 345 • Positive revenue and order intake trend 1 250 1 167 1 189 1 140 1 052 1 112 1 113 • Last twelve months order intake and revenue is NOK 4,874 million and NOK 4,554 million, respectively 786 • Book-to-bill ratio
Slide 29: Revenue by Market and Segment
Revenue by Market and Segment Revenue by Market (NOK million) Revenue by Segment (NOK million) 1 167 1 189 1 189 1 140 37 1 167 1 112 1 113 1 140 107 44 1 112 1 113 82 68 169 95 92 82 97 132 220 167 229 241 653 755 822 868 770 836 766 781 754 722 AustralAsia Sea Based Europe & Middle East 422 Land B
Slide 30: EBITDA development
EBITDA development EBITDA 15,0% 180,0 15,0 13,3% 13,4% 14,0 • EBITDA margin increased from 12,4% in Q2 25 to 160,0 12,4% 13,0 15,0% in Q2 26 12,0 140,0 11,0 120,0 9,2% 10,0 9,0 • Strong profitability in Sea Based with EBITDA 100,0 179 8,0 margin of 17,4% 7,0 80,0 153 145 148 6,0 60,0 5,0 103 40,0 4,
Slide 31: Cash flow and financial position
Cash flow and financial position Available cash (NOK million) Net Working capital Net debt / EBITDA 600 12 1 800 2,62 2,80 11,2% 2,51 10,5% 11 1 600 2,37 600 510 2,32 2,45 1 459 547 500 9,4% 10 1 400 2,30 428 9 1 264 1 272 2,10 500 473 7,9% 1 229 1 204 442 442 400 372 8 1 200 543 360 1,75 400 6,2% 7
Slide 32: Net interest-bearing debt development
31.03.2026 1 272 EBITDA 179 Net interest 25 2 Corporate taxes Change WC 150 CAPEX 56 New IFRS 16 liability 96 NIBD Q2 2026 (NOK million) Dividend Payment 36 1 Currency & Other 30.06.2026 1 459 31.12.2025 1 204 EBITDA 332 Net interest 47 3 Corporate taxes Development Net interest-bearing debt Change
Slide 33: Capital expenditure
Capital expenditure CAPEX (NOK million) • Total CAPEX of NOK 56 million in Q2 26 • NOK 25 million applies to the three innovation agendas 58 • NOK 7 million is related to the global ERP project 56 • NOK 10 million is related to rental products 44 45 34 52 48 37 41 31 7 7 4 7 3 Q2 25 Q3 25 Q4 25 Q1 2
Slide 34: Return on capital employed
Return on capital employed ROACE (%) • ROACE continues to improve driven by strong underlying operations and disciplined capital allocation • ROACE increased from 10.1% in Q2 25 to 13.4% in Q2 26 13,4% 12,8% 11,5% 10,1% 10,5% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Note: ROACE is calculated with the average b
Slide 35: Dividend
Dividend Cash dividend (NOK per share) • A dividend of NOK 1.00 per share was paid on April 21 for the first half year • The company has decided to pay a dividend of NOK 1 per share for the second half year 2,00 2,00 1,00 1,00 0,00 0,00 2021 2022 2023 2024 2025 2026 Note: The Board of Directors has
Slide 36: Business segments
Pioneering a better future
Slide 37: Sea Based Technology
Sea Based Technology Overall Revenue (NOK million) and EBITDA-margin (%) • Revenue decreased by 5.3% compared to Q2 25 primarily related to the Nordic market 1 300 18 • EBITDA margin increased from 14.3% to 17.4% due to solid 17,4% 1 200 product mix 16 14,3% 1 100 • Strong increase in order intake f
Slide 38: Sea Based order intake and backlog development
Sea Based order intake and backlog development 12M Revenue & Order intake (NOK milion) Order backlog & Order intake (NOK million) 3 600 3 400 1 323 1 414 3 200 1 044 3 000 895 2 800 745 2 600 952 1 034 913 2 400 655 620 2 200 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 12M Revenue 12
Slide 39: Sea Based development OPEX based revenue
Sea Based development OPEX based revenue Revenue (NOK million) • OPEX based revenue for the Sea Base segment 400 42% 45 was 33% of total Sea Based revenue in Q2 26 350 40 • NOK 29 million higher compared to Q2 25 35 300 33% 28% 31% 30 250 31% 25 200 20 150 275 271 15 242 242 233 100 10 50 5 0 0 Q2 2
Slide 40: Land Based Technology
Land Based Technology Revenue (NOK million) and EBITDA-margin (%) • Quarterly order intake of NOK 397 million is 340 326 18 primarily related to the contract with Laxey and 320 0 300 16 variation orders on existing contracts 280 264 80 14 0 260 17 • High activity and revenue increased by 23% in Q2 2
Slide 41: Land Based order intake and backlog development
Land Based order intake and backlog development 12M Revenue & Order intake (NOK milion) Order backlog & Order intake (NOK million) 2 000 1 500 1 000 1 630 1 281 1 364 1 435 1 273 500 316 416 397 138 221 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 12M Revenue 12M Order Intake Order
Slide 42: Digital
Digital Revenue (NOK million) and EBITDA-margin (%) • Order intake of NOK 35 million is NOK 46 million 65 35,7% 36 lower than the same quarter last year 60 34 55 • Solid increase in revenue of 18% compared to 32 50 same quarter last year 45 41 30 40 35 6 28 • EBITDA-margin improved from 21,9% in Q2
Slide 43: Digital order intake and backlog development
Digital order intake and backlog development 12M Revenue & Order intake (NOK milion) Order backlog & Order intake (NOK million) 240 220 200 180 160 222 140 188 226 220 120 183 100 80 60 81 77 28 44 35 40 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 12M Revenue 12M Order Intake Order B
Slide 44: Outlook
Pioneering a better future
Slide 45: Outlook
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 the fall of
Slide 46: Disclaimer
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 n
Slide 47: Agenda | Q2 2026
Agenda | Q2 2026 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 48: Appendix
Appendix Pioneering a better future
Slide 49: AKVA group in a brief
AKVA group in a brief - AKVA group is the leading technology and service partner to the aquaculture industry worldwide Listed on Oslo Total turnover 1.568 employees Companies Technology leader stock exchange in 2025: in 11 countries through 40 years since 2006 NOK 4.4 billion
Slide 50: Our presence
Our presence Present in all markets with offices in: • Norway • Greece • Denmark • Turkey • Scotland • Chile • England • Canada • Lithuania • China • Spain • Australia
Slide 51: Balance sheet
Balance sheet CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2026 2025 2025 (NOK 1 000) 30.6. 30.6. 31.12. Intangible fixed assets 1,3 1 627 387 1 609 431 1 617 799 Deferred tax assets 96 428 75 213 96 553 Tangible fixed assets 732 349 604 757 695 253 Long-term financial assets 2 175 51
Slide 52: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2026 2025 2026 2025 2025 (NOK 1 000) Q2 Q2 YTD YTD Total Cash flow from operating activities Profit before taxes 89 180 56 888 147 206 101 741 192 953 Taxes paid 840 742 1 350 982 -21 230 Share of profit(-)/loss(+) from associates -4
Slide 53: Largest shareholders
Largest shareholders 20 largest shareholders Share development 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 Last 12 months 2 301 339 6,3 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR Share price Trading volume 1 409 670 3,
Slide 54: Our values
Our values We CARE for people, the planet and profitability Customer focus Aquaculture knowledge Reliability Enthusiasm
Slide 55: Pioneering a better future
Pioneering a better future