Akva Group Asa · OSL:AKVA
Akva Group Asa — Q1 2025 Earnings Presentation
47 slides from Akva Group Asa's earnings presentation, May 9, 2025
Slide 1: Q1 2025 Presentation
Q1 2025 Presentation Klepp, 9 May 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 Q1 2025
Agenda|Q1 2025 Introduction and Financial Q&A Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO Pioneering a better future
Slide 4: Highlights Q1 2025
Highlights|Q1 2025 ▪ Record high first quarter revenue of MNOK 1,013 and acceptable EBIT of MNOK 57 ▪ Strong order intake of BNOK 1,2 supported by the MEUR 30 smolt contract with Cermaq Chile ▪ Sale of shares in Abyss Group to Arcus Infrastructure Partners with net proceeds of MNOK 144 and net gain
Slide 5: Key figures Q1 2025
Key figures|Q1 2025 Revenue EBITDA EBIT 1 013 MNOK 113 MNOK 57 MNOK 113 1 013 102 ** 59** 57 849** 874 83* 784 719 67 36* 59 20 * 11 Q1 21 Q1 22 Q1 23 Q1 24 Q1 25 Q1 21 Q1 22 Q1 23 Q1 24 Q1 25 Q1 21 Q1 22 Q1 23 Q1 24 Q1 25 Notes: * EBITDA and EBIT in Q1 2021 is adjusted for costs of 49,7 MNOK relate
Slide 6: Development order intake and order backlog
Development order intake and order backlog Order intake (MNOK) Order backlog (MNOK) 1 200 2 799 1 081 32 2 599 2 658 141 22 136 158 2 417 2 367 917 888 114 384 150 147 45 26 803 72 1 550 149 30 1 408 138 1 495 1 451 1 509 946 800 784 713 635 Digital Digital Land Based 946 1 115 1 108 Land Based 816
Slide 7: Strategic and Operational Status
Strategic and Operational Status Pioneering a better future
Slide 8: 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 9: 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 10: Traditional farming: Long production time in sea is driving higher mortality and production costs
Traditional farming: Long production time in sea is driving higher mortality and production costs Observed correlation between production time and correlation of diseases ▪ Data from over 5000 production cycles (Norway) ▪ A rising trend for both diseases and lice treatments as the time fish spend at
Slide 11: Conclusions – strategy to reduce mortality
Conclusions – strategy to reduce mortality ▪ A viable productions strategy will be to reduce production time in traditional open sea cage farming. A postsmolt strategy either on land or closed in sea is today available technology to reduce no. of months in the sea ▪ An alternative to reduced no. of
Slide 12: Post-smolt RAS concept is validated
Post-smolt RAS concept is validated There are significant benefits from a post smolt strategy: ▪ Reduced time in the sea means less lice treatment and improved fish health ▪ Better utilization of licenses provides improved volume with 30% or higher dependent on the size of the post smolt ▪ AKVA has
Slide 13: 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 14: AKVA continues to expand into re-use technology for grow-out
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 ongoing
NOAP phase II ongoing ▪ NOAP phase II has been initiated with additional annual capacity of 4,000t ▪ AKVA has signed RAS contract for phase III (not included in order backlog) with additional annual capacity of 12,000t. Start-up of project to be authorized by NOAP in the future Pioneering a better f
Slide 16: Our digital solutions
Our digital solutions We are present in all the world's markets ▪ > 100 sites worldwide on ▪ Global market share of 60% ▪ > 400 sites worldwide on recurring revenue model recurring revenue model - A complete platform that enables precision farming on the fish farmer's terms Pioneering a better futur
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 min 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, networ
Slide 19: Agenda Q1 2025
Agenda|Q1 2025 Introduction and Financial Q&A Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO Pioneering a better future
Slide 20: Q1 2025 – Income statement
Q1 2025 – Income statement ▪ Revenues increased by MNOK 229 NOK million 2025 2024 2024 Q1 Q1 Total compared to Q1 24 Total revenues and other income 1 013 784 3 602 Cost of materials 565 427 1 934 Payroll expenses 267 231 976 Other operating expenses 68 59 239 ▪ Profitability improved significantly
Slide 21: Revenue and order intake development
Revenue and order intake development Revenue and order intake (MNOK) Revenue Order intake ▪ Last twelve months order intake and revenue was 1 201 MNOK 3,972 and MNOK 3,755, respectively 1 081 1 014 1 013 917 936 888 ▪ Revenue increased by 29% compared to Q1 24 784 803 792 ▪ Strong order intake in Q1
Slide 22: Revenue by Market and Segment
Revenue by Market and Segment Revenue by Market (MNOK) Revenue by Segment (MNOK) 1 014 1 013 1 014 1 013 35 936 32 57 936 48 137 34 176 99 64 81 784 162 792 784 64 792 37 33 173 55 171 69 101 178 217 86 64 154 162 842 804 740 688 711 646 629 AustralAsia 542 489 497 Europe & Middle East Digital Ameri
Slide 23: EBITDA development
EBITDA development ▪ EBITDA margin increased from 8,6% in Q1 24 EBITDA to 11,1% in Q1 25 13,7% 130,0 14,0 120,0 13,0 ▪ Acceptable EBITDA margin of 11,9% in Sea 110,0 10,8% 11,1% 12,0 Based 100,0 9,7% 11,0 10,0 90,0 8,6% 9,0 80,0 ▪ Improved profitability in Land Based due to 70,0 8,0 128 7,0 higher a
Slide 24: Cash flow and financial position
Cash flow and financial position Available cash (MNOK) Net Working capital Net debt / EBITDA* 500 1 800 4,33 4,55 500 600 11,3% 12 4,02 4,20 448 10,4% 11 1 600 3,85 500 9,4% 10 1 400 1 358 400 8,9% 1 307 1 268 1 265 3,50 353 9 3,00 1 230 1 200 2,96 3,15 400 377 8 452 292 355 2,80 300 283 340 341 7 4
Slide 25: ABYSS-transaction / Development net interest-bearing debt
31.12.2025 1 358 EBITDA 113 Net interest 18 Pioneering a better future 1 Corporate taxes 1 Change WC CAPEX 39 NIBD Q1 2025 (MNOK) New IFRS 16 liability 16 Net proceeds from 144 ABYSS-transaction Sellers credit Observe Technology 33 Currency & Other 21 31.03.2025 1 230 Development net interest-bearin
Slide 26: Capital expenditure
Capital expenditure CAPEX (MNOK) ▪ Total CAPEX of MNOK 39 in Q1 25 - MNOK 18 applies to the three innovation agendas - MNOK 3 is related to the new global ERP system 59 4 50 2 46 3 39 33 3 3 55 48 44 36 30 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Growth Maintenance Pioneering a better future
Slide 27: Dividend
Dividend Cash dividend (NOK per share) ▪ Dividend of NOK 1.00 per share was paid April 15 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 increased by 24% compared to Q1 24, and EBITDA margin increased from 10,0% 11,9% in the same period 1 300 18 ▪ Slight decrease in order intake from MNOK 800 in Q1 24 to 1 200 16 MNOK 784 in Q1 25 1 100 14 1 000 Nordic 900 11
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) 3 200 3 100 3 000 2 900 1 115 2 800 1 108 946 816 2 700 711 2 600 2 500 946 800 713 784 635 2 400 2 300 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 12M Revenue 12M Ord
Slide 31: Development OPEX based revenue
Development OPEX based revenue ▪ OPEX based revenue was 32% of total Sea Based Revenue (MNOK) revenue in Q1 25 and was MNOK 13 higher 400 50% 50 compared to Q1 24 45 350 40% 37% 40 300 34% 35 32% 250 30 200 25 20 150 293 285 270 242 254 15 100 10 50 5 0 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 % of total Sea
Slide 32: Land Based Technology
Land Based Technology ▪ Order intake of MNOK 384 in Q1 is primarily related to Revenue (MNOK) and EBITDA-margin (%) the RAS contract with Cermaq with estimated contract value of MEUR 30 300 18 16 ▪ Improved activity level and revenue increased by 74% in 14 Q1 25 compared to Q1 24 12 200 176 10 0 ▪ E
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 1 550 1 000 1 451 1 509 1 495 1 408 500 384 72 149 138 114 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 12M Revenue 12M Order Intake Order Backlog Order
Slide 34: Digital
Digital Revenue (MNOK) and EBITDA-margin (%) ▪ Order intake of MNOK 32 is MNOK 13 lower than the same quarter last year 65 25 60 22,1% 55 ▪ Decrease in revenue of 12% compared to Q1 24 50 17,4% 20 45 40 ▪ EBITDA improved from 17,1% in Q1 24 to 22,1% in Q1 25 37 3 15 35 32 30 3 11 25 10 12 20 15 EBIT
Slide 35: Digital order intake and backlog development
Digital order intake and backlog development 12M Revenue & Order intake (MNOK) Order backlog & Order intake (MNOK) 200 180 160 140 158 120 150 147 141 100 136 80 60 45 26 30 22 32 40 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 12M Revenue 12M Order Intake Order Backlog Order Intake P
Slide 36: Outlook
Outlook Pioneering a better future
Slide 37: Outlook
Outlook • 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 • Aiming for revenue above BNOK 4.0 and EBIT of 6% in 2025 • Looking for
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 Q1 2025
Agenda|Q1 2025 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 1.423 employees Companies in 11 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 2025 2024 2024 (NOK 1 000) 31.3. 31.3. 31.12. Intangible fixed assets 1,3 1 603 160 1 184 178 1 621 569 Deferred tax assets 79 064 72 331 85 999 Tangible fixed assets 628 123 668 275 640 446 Long-term financial assets 2 169 97
Slide 44: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (NOK 1 000) Cash flow from operating activities 2025 Q1 2024 Q1 2024 Total Profit before taxes 44 853 9 749 125 963 Taxes paid 240 -3 229 -5 967 Share of profit(-)/loss(+) from associates -1 177 -3 497 -7 438 Net interest cost 18 419
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 Last 12 months 6 600 192 18,0 % Israel Corporation Ltd ISR Share price Trading volume 2 178 206 5,9 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR 80 14 000 00
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 AKVAcrRour