Akva Group Asa · OSL:AKVA
Akva Group Asa — Q4 2024 Earnings Presentation
47 slides from Akva Group Asa's earnings presentation, Feb 14, 2025
Slide 1: Q4 2024 Presentation
Q4 2024 Presentation Oslo, 14 February 2025 Knut Nesse, CEO Ronny Meinkøhn, CFO Pioneering a better future
Slide 2: Pioneering a better future
Pioneering a better future AKVAcrour
Slide 3: Agenda | Q4 2024
Agenda|Q4 2024 Introduction and Financial Q&A Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO Pioneering a better future
Slide 4: Highlights | Q4 2024
Highlights|Q4 2024 Revenue of MNOK 792 and EBIT of MNOK 23 All-time high quarterly order intake for Sea Based of MNOK 946 driven by deep farming solution Sharp focus on further development and improved implementation of Nautilus solutions Awarded contract for re-use technology for grow-out f
Slide 5: Key figures | Q4 2024
Key figures|Q4 2024 Revenue EBITDA EBIT 792 MNOK 76 MNOK 23 MNOK 76 23 833 19 779 800 792 757 61 52 9 41 27 -10 -14 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Pioneering a better future
Slide 6: Key figures | Full year 2024
Key figures|Full year 2024 Revenue EBITDA EBIT 3 526 MNOK 381 MNOK 184 MNOK 381 ** ** 3 431 3 526** 337 184 3 376 3 177 3 122 302 147 263 120 * 68 158 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 -56 * 2020 2021 2022 2023 2024 ** Revenue in YTD Q4 24 is adjusted for the gain of MNOK 75.6 ** EBI
Slide 7: Development order intake and order backlog
Development order intake and order backlog Order intake (MNOK) Order backlog (MNOK) 1 081 2 599 2 658 22 2 396 158 2 417 136 114 2 367 917 888 150 150 147 45 26 803 72 718 149 30 138 1 408 0 40 1 495 1 454 1 451 1 509 946 800 679 713 635 Digital Digital 946 1 115 Land Based 792 816 Land Based 711 Se
Slide 8: Strategic and Operational Status
Strategic and Operational Status Pioneering a better future
Slide 9: Traditional farming technology & area out of capacity
Traditional farming technology & area out of capacity - New technology needed to bridge the demand 7 000 000 Consumption growth 5.0% 6 000 000 5 000 000 4 000 000 Traditional cage production growth 1.5% 3 000 000 2 000 000 1 000 000 - 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Slide 10: Growth possibilities in salmon production during the next decade
Growth possibilities in salmon production during the next decade Traditional coastal Offshore Closed coastal Super-exposed Semi-offshore Post smolt and full cycle on land Pioneering a better future Source: Salmar Aker Ocean
Slide 11: Precision Farming - Sea Based Solutions
Precision Farming - Sea Based Solutions - From advanced, tailored marine infrastructure to single components and products Marine Precision Deep farming Infrastructure Feeding & Lice control - quality equipment for better - for optimizing fish - reducing lice problems operations performance, feed con
Slide 12: Deep farming concept - Nautilus
Deep farming concept - Nautilus - Can solve one of the biggest sustainability challenges in aquaculture: salmon lice Important innovations Digital support Airdome Waterborne feeding NAUTILUS Pioneering a better future
Slide 13: Awarded Cermaq smolt project in Los Lagos Region, Chile
Awarded Cermaq smolt project in Los Lagos Region, Chile LOI awarded from Cermaq in Q4 24, and final contract signed February 2025 with estimated contract value of MEUR 30 Cermaq terminated contract with Billund Chile in Q3 24 following bankruptcy in Billund Denmark AKVA the only remaining RAS
Slide 14: AKVA expands into re-use technology for grow-out – Laxey contract
AKVA continues to expand into re-use technology for grow-out – second contract signed with Laxey on Iceland AKVA has previously delivered several facilities with re-use technology to smolt First contract with Laxey for re-use technology deliveries and advisory services to Grow-out module 1 was s
Slide 15: NOAP phase II has started
NOAP phase II has started Construction of NOAP phase I was completed early Q2 24 with an annual capacity of 4,000t. NOAP phase II has been initiated with additional annual capacity of 4,000t Phase II to be executed towards end of 2024 and during 2025 AKVA has signed RAS contract for phase II
Slide 16: Our digital solutions
Our digital solutions We are present in all the world's markets 118 sites worldwide on Global market share of 60% 392 modules worldwide on recurring revenue model recurring revenue model - A complete platform that enables precision farming on the fish farmer's terms Pioneering a better future
Slide 17: Medium term financial targets
Medium term financial targets Revenue growth Profitability EBIT enablers 2025: Approx. 15% growth (BNOK 4.0) 2025: min. 6% EBIT Operational excellence Scaling of Digital and Land Based Long term: Organic topline growth of Improve ROACE to min. 10% by end business min. 10% Y-o-Y of 2025
Slide 18: Invitation to Capital Markets Day June 12th
Invitation to Capital Markets Day June 12th – save the date CMD at AKVA Headquarters at Klepp – 20 mins from Stavanger Airport Sola Agenda highlights • Presentation of our strategic roadmaps and financial ambitions • Business segment presentations, site visit and stands • Ample time for Q&A, netwo
Slide 19: Agenda | Q4 2024
Agenda|Q4 2024 Introduction and Financial Q&A Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO Pioneering a better future
Slide 20: Q4 2024 – Income statement
Q4 2024 – Income statement Revenues decreased by MNOK 8 NOK million 2024 2023 2024 2023 compared to Q4 23 Revenue Q4 792 Q4 800 YTD 3 602 YTD 3 432 Cost of materials 403 435 1 942 1 996 Payroll expenses 249 270 968 954 EBIT increased by MNOK 33 from MNOK Other operating expenses EBITDA 63 76 54
Slide 21: Revenue and order intake development
Revenue and order intake development Last twelve months order intake and revenue was Revenue and order intake (MNOK) MNOK 3,689 and MNOK 3,526, respectively Revenue Order intake 1 081 Revenue decreased by 0,9% compared to Q4 23 1 014 917 936 888 800 803 Reduced revenue in Sea Based but strong in
Slide 22: Revenue by Market and Segment
Revenue by Market and Segment Revenue by Market (MNOK) Revenue by Segment (MNOK) 1 014 1 014 35 936 57 936 137 34 99 64 800 792 784 162 800 784 64 792 40 37 33 50 55 171 69 142 101 109 178 217 86 64 154 162 175 842 740 688 618 646 629 AustralAsia 542 466 489 497 Europe & Middle East Digital Americas
Slide 23: EBITDA development
EBITDA development EBITDA margin increased from 5,1% in Q4 23 EBITDA to 9,7% in Q4 24 13,7% 130,0 14,0 120,0 13,0 Acceptable EBITDA margin of 10,1% in Sea 110,0 10,8% 12,0 Based on the back of a low revenue level 100,0 9,7% 11,0 10,0 90,0 8,6% 9,0 80,0 Improved profitability in Land Based due
Slide 24: Cash flow and financial position
Cash flow and financial position Available cash (MNOK) Net Working capital Net debt / EBITDA* 1 800 4,33 4,55 600 600 11,3% 12 4,02 4,20 519 10,4% 11 1 600 10,1% 3,66 3,85 500 471 500 10 1 400 1 358 448 1 307 1 268 1 265 3,50 9 3,00 1 200 2,96 3,15 400 400 377 8 1 109 355 7,3% 365 452 2,80 7 491 478
Slide 25: Development Net interest-bearing debt
30.09.2024 1 265 76 EBITDA 26 Net interest 5 Corporate taxes Pioneering a better future Change WC 103 59 CAPEX NIBD Q4 2024 (MNOK) 2 New IFRS 16 liability 16 Currency & Other 31.12.2024 1 358 31.12.2023 1 109 EBITDA 381 97 Net interest 5 Corporate taxes Change WC 153 CAPEX 187 46 New IFRS 16 liabili
Slide 26: Capital expenditure
Capital expenditure CAPEX (MNOK) Total CAPEX of MNOK 59 in Q4 24 - MNOK 24 applies to our three innovation agendas - MNOK 8 is related to the new global ERP system CAPEX year to date of MNOK 187 59 4 50 2 46 3 35 33 8 3 55 48 44 28 30 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Growth Maintenance Pioneering a
Slide 27: Dividend
Dividend Cash dividend (NOK per share) The company has decided to pay dividend of NOK 1 per share in the first half year of 2025 1,00 1,00 1,00 0,00 0,00 2021 2022 2023 2024 H1 2025 Pioneering a better future
Slide 28: Business segments
Business segments Pioneering a better future
Slide 29: Sea Based Technology
Sea Based Technology Overall Revenue (MNOK) and EBITDA-margin (%) Revenue decreased by 12,2% compared to Q4 23, and EBITDA margin increased from 8,8% in Q4 23 to 10,1% in Q4 24 1 300 18 Strong increase in order intake from MNOK 679 in Q4 23 to 1 200 16 MNOK 946 in Q4 24 1 100 14 1 000 Nordic 900
Slide 30: Sea Based order intake and backlog development
Sea Based order intake and backlog development 12M Revenue & Order intake (MNOK) Order backlog & Order intake (MNOK) 3 100 3 000 2 900 2 800 1 115 946 2 700 816 792 711 2 600 2 500 946 800 713 2 400 679 635 2 300 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 12M Revenue 12M Order Intak
Slide 31: Development OPEX based revenue
Development OPEX based revenue OPEX based revenue was 49,9% of total Sea Based Revenue (MNOK) revenue in Q4 24 and was MNOK 7 higher 400 49,9% 50 compared to Q4 23 45 350 42,5% 39,6% 37,4% 40 Full Year OPEX based revenue amounts to MNOK 300 33,9% 35 1,090 and is 7% higher compared to 2023 250 30
Slide 32: Land Based Technology
Land Based Technology Order intake of MNOK 114 in Q4 is primarily related to Revenue (MNOK) and EBITDA-margin (%) variation orders and currency effects on existing contracts 300 18 16 14 Improved activity level and revenue increased by 52,8% 12 in Q4 24 compared to Q4 23 217 0 10 18 200 8 6 EB
Slide 33: Land Based order intake and backlog development
Land Based order intake and backlog development 12M Revenue & Order intake (MNOK) Order backlog & Order intake (MNOK) 2 000 1 500 1 000 1 451 1 509 1 495 1 408 1 454 500 72 149 138 114 0 0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 12M Revenue 12M Order Intake Order Backlog Order In
Slide 34: Digital
Digital Revenue (MNOK) and EBITDA-margin (%) Order intake of MNOK 22 is MNOK 18 lower than the same quarter last year 65 22,9% 25 60 55 Decrease in revenue of 17,9% compared to Q4 23 50 20 45 40 40 Positive development with improved EBITDA margin level 4 15 35 33 compared to last year 30 12 3
Slide 35: Digital order intake and backlog development
Digital order intake and backlog development 12M Revenue & Order intake (MNOK) Order backlog & Order intake (MNOK) 200 180 160 140 158 120 150 150 147 100 136 80 60 45 40 30 26 22 40 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 12M Revenue 12M Order Intake Order Backlog Order Intake P
Slide 36: Outlook
Outlook Pioneering a better future
Slide 37: Outlook
Outlook • Salmon prices expected to remain strong, supported by reduced supply • Foreseeing continued strong momentum for deep farming concepts • Expect to see normalisation of the post-smolt market in Norway • Continuing to invest and improve our solutions across Sea Based, Land Based and Digital •
Slide 38: 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 39: Agenda | Q4 2024
Agenda|Q4 2024 Introduction and Financial Q&A Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO Pioneering a better future
Slide 40: Appendix
Appendix Pioneering a better future
Slide 41: 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 in 1.409 employees Companies in 12 Technology leader stock exchange 2024: countries through 40 years since 2006 NOK 3.6 billion Pioneering a better futu
Slide 42: Our presence
Our presence Present in all markets with offices in: Norway Denmark Scotland England Lithuania Spain Greece Turkey Chile Canada China Australia Pioneering a better future
Slide 43: Balance sheet
Balance sheet CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2024 2023 (NOK 1 000) 31.12. 31.12. Intangible fixed assets 1,3 1 599 332 1 157 266 Deferred tax assets 114 613 72 464 Tangible fixed assets 638 965 671 833 Long-term financial assets 2 276 176 312 778 FIXED ASSETS 2 629 086 2
Slide 44: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (NOK 1 000) 2024 Q4 2023 Q4 2024 YTD 2023 YTD Cash flow from operating activities Profit before taxes -15 412 -53 166 126 063 -29 309 Taxes paid 4 854 -425 -4 895 -12 399 Share of profit(-)/loss(+) from associates -307 -2 106 -7 438 -
Slide 45: 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 2 194 322 6,0 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR Last 12 months Share price Trading volume 1 683 750 4,
Slide 46: Our Values
Our Values - We CARE for our industry and the communities we are localized Customer focus Aquaculture knowledge Reliability Enthusiasm Pioneering a better future
Slide 47: Pioneering a better future
Pioneering a better future AKVAcRour