Akva Group Asa · OSL:AKVA
Akva Group Asa — Q2 2025 Earnings Presentation
58 slides from Akva Group Asa's earnings presentation, Aug 20, 2025
Slide 1: Q2 2025 Presentation
Q2 2025 Presentation Trondheim, 20 August 2025 Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 2: Pioneering a better future
Pioneering a better future
Slide 3: Agenda | Q2 2025
Agenda|Q2 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 4: Highlights | Q2 2025
Highlights|Q2 2025 • Record high quarterly revenue and EBIT of MNOK 1,167 and MNOK 89, respectively • Acceptable order intake of BNOK 1,052 supported by the award of the MEUR 20 land based contract from Laxey • Another land based contract with estimated contract value of MEUR 8,5 was awarded from La
Slide 5: The long-term salmon opportunity
The long-term salmon opportunity
Slide 6: Pioneering a better future
Pioneering a better future Driving innovation in global aquaculture for over 50 years Bodø, fall 1973 Lovund February 1974 Deep farming 2025 (Hans-Petter Meland) (Steinar Olaisen to the left)
Slide 7: A technology innovator across multiple areas
A technology innovator across multiple areas Automated feeding Deep farming Smolt/Post-smolt Land based grow-out Digital/AI Pioneered automated and Pioneered pens from first plastic Pioneered development and Pioneering land-based RAS Pioneering digital solutions and waterborne feeding solutions pens
Slide 8: Salmon farming industry is at a crossroads
Salmon farming industry is at a crossroads Harvest volumes (in 1,000 tonnes wfe) 2021- 2024 4 000 Stagnation Fish health • High mortality rates 2016-2021 • Sea lice, jellyfish, winter ulcers Improved utilisation, 3 500 2010-2015 operational performance • Disease outbreaks (ILA, PD, etc.) Strong dema
Slide 9: 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… Historic and current production Deep farming Post-smolt Grow-ou
Slide 10: Unlocking growth through technology
Unlocking growth through technology New frontiers Illustrative • Traditional sea-based farming currently produces Semi-offshore/Offshore, closed systems ++ around 3 million tonnes of Atlantic salmon globally Land-based grow out, >500,000 • Deep farming holds potential to add ~15% capacity Vaccines,
Slide 11: Deep farming
Deep farming • Potential to unlock 15%+ higher harvesting volumes from existing licenses • Submerged cages reduces sea lice treatments by ~85% and reduces mortality with limited additional investment • Proven improved fish welfare supporting social license to operate and regulatory greenlight in non
Slide 12: Leadership in a high-growth market
Leadership in a high-growth market • Consistent market leadership as innovator and first mover in deep farming • Expanded customer base from pilot with Sinkaberg Hansen to half a dozen leading fish farmers • Strong pipeline for 2025 with multiple new customers and a growing prospect list • 200+ Naut
Slide 13: A NOK 6bn market opportunity through 2030
A NOK 6bn market opportunity through 2030 • Currently ~600 active fish farming sites in Norway Mapping of fish farming sites in Norway1 • 50%-60% deemed suitable for Nautilus𝐓𝐓𝐓𝐓 Suited for Nautilus • Annual deployment at 50-70 sites implies a market potential of ~NOK 1 billion per year through…
Slide 14: 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 Market opportunity for smolt/post-smolt technolo
Slide 15: Post-smolt improves survival, welfare and productivity
Post-smolt improves survival, welfare and productivity Comparing smolt >700g vs. <150g ~200 ~50% ~40% +5% Fewer production days in sea Lower cycle mortality Fewer treatments Faster growth Postsmolt improves survival, welfare and productivity through effects which are generic; reduces time in sea, re
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: Stepwise evolution
Stepwise evolution - Industrialisation and technology development 2025-2030s Fully automated and intelligent fish farming Data-driven decision making and evolving water technology in a fully automated production setting The 2020s Post-smolt industrialized, proof-of-concept for full-scale grow-out Ke
Slide 18: 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 • Proven project delivery across design, building and service • Delivering high operational stability • Scala
Slide 19: 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 Add
Slide 20: 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 AustralAsia RoW 7% 1% EMEA 7% Administration, planning, management and equipment control MNOK Ready to capitalise on
Slide 21: 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 22: 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 100+ sites Scotland • Truly scalable solution - Hardware agnostic integration • Leveraging global footprint - Plug-and-play delivery using existing
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 2 770m LAND BASED 618m DIGITAL 137m Leading equipment provider to World leading full-scale Complete platform enabling next the salmon farming industry smolt and grow-out of
Slide 24: Sustainable salmon farming driving structural investment growth
Sustainable salmon farming driving structural investment growth AKVA group revenue and fixed assets investments in the Norwegian salmon farming industry (NOKbn) • The investment level in the salmon farming industry increased by 12% annually in 2015-23, significantly 9,1 outpacing the harvest volume
Slide 25: Our strategic roadmap
Our strategic roadmap 20221 - 20242 2025 guidance 2027 target Revenue: EBIT-%: Revenue: EBIT-%: Revenue: EBIT-%: 3.4bn → 3.5bn 1% → 5% 4bn 6% 5bn 9% Restructuring and turnaround in a Accelerated market expansion and Industry leadership and scale driving challenging market scalable profitability prof
Slide 26: Key investment highlights
Pioneering a better future – key investment highlights • Fully-invested business platforms with capacity to double revenue A true partner, trusted advisor and • Perfectly positioned for profitable growth across all segments high-quality solutions • Attractive business model with an increasing share
Slide 27: Agenda | Q2 2025
Agenda|Q2 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 28: Key figures | Q2 2025
Key figures | Q2 2025 Revenue EBITDA EBIT 1 167 MNOK 145 MNOK 89 MNOK 145 89 1 167 1 014 63 940 110 907 832 38 86 32 79 3 -41 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 Q2 21 Q2 22 Q2 23 Q2 24 Q2 25
Slide 29: Key figures | H1 2025
Key figures | H1 2025 Revenue EBITDA EBIT 2 180 MNOK 258 MNOK 146 MNOK 258 2 180 146 1 756 1 814 1 799 177 1 551 162 145 83 106 68 49 17 H1 21 H1 22 H1 23 H1 24 H1 25 H1 21 H1 22 H1 23 H1 24 H1 25 H1 21 H1 22 H1 23 H1 24 H1 25 * Note: Costs of 49,7 MNOK related to cyber-attack in H1 21 are excluded
Slide 30: Development order intake and order backlog
Development order intake and order backlog Order intake (MNOK) Order backlog (MNOK) 1 200 2 799 1 082 32 2 659 2 712 141 22 1 052 2 417 136 188 2 367 114 384 81 150 147 888 26 803 149 30 316 1 550 1 408 138 1 630 1 451 1 509 946 713 784 635 655 Digital Digital Land Based 1 115 1 108 Land Based 816 8
Slide 31: Q2 2025 – Income statement
Q2 2025 – Income statement • Revenues increased by MNOK 153 compared NOKmillion 2025 2024 2025 2024 2024 to Q2 24 Q2 Q2 YTD YTD Total Total revenues and other income 1 167 1 014 2 180 1 799 3 602 Cost of materials 649 590 1 215 1 016 1 934 Payroll expenses 302 255 569 486 976 • Profitability improve
Slide 32: Revenue and order intake development
Revenue and order intake development Revenue and order intake (MNOK) • Last twelve months order intake and revenue was MNOK 4,137 and MNOK 1 200 1 167 3,908, respectively 1 081 1 052 1 014 1 013 888 936 • Revenue increased by 15% compared to 803 792 Q2 24 • Acceptable order intake in Q2 25 and book-
Slide 33: Revenue by Market and Segment
Revenue by Market and Segment Revenue by Market (MNOK) Revenue by Segment (MNOK) 1 167 1 167 35 107 1 014 1 013 1 014 1 013 92 35 32 264 57 936 48 936 99 64 81 132 137 34 176 64 792 162 792 173 33 171 69 178 64 217 162 842 868 836 804 740 688 711 629 AustralAsia Digital 542 497 Europe & Middle East
Slide 34: EBITDA development
EBITDA development EBITDA • EBITDA margin increased from 10,8% in Q2 24 to 12,4% in Q2 25 13,7% 150,0 14,0 140,0 12,4% 13,0 130,0 10,8% 11,1% 12,0 120,0 9,7% 11,0 • Strong EBITDA margin of 14,3% in Sea Based 110,0 10,0 100,0 9,0 90,0 8,0 80,0 145 7,0 70,0 128 6,0 60,0 50,0 110 113 5,0 • Improved pro
Slide 35: Cash flow and financial position
Cash flow and financial position Available cash (MNOK) Net Working capital Net debt / EBITDA* 500 1 800 4,02 4,20 500 473 600 10,4% 11 448 9,4% 3,85 9,4% 10 1 600 8,9% 3,50 500 9 1 265 1 358 400 1 400 353 1 268 2,96 1 230 1 229 3,15 8 400 372 1 200 3,00 2,80 292 355 340 341 7 452 300 7,3% 478 464 2,
Slide 36: Net interest-bearing debt development
31.03.2025 1 230 EBITDA 145 26 Net interest Corporate taxes 132 Change WC 35 CAPEX 1 New IFRS 16 liability 5 Increase ownership Submerged NIBD Q2 2025 (MNOK) 36 Dividend payment 10 Currency & Other 30.06.2025 1 229 31.12.2024 1 358 EBITDA 258 44 Net interest 1 Corporate taxes Development Net interes
Slide 37: Capital expenditure
Capital expenditure CAPEX (MNOK) • Total CAPEX of MNOK 34 in Q2 25 - MNOK 17 applies to the three innovation agendas - MNOK 3 is related to the new global ERP system 59 4 46 3 39 33 3 34 3 3 55 44 36 30 31 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Growth Maintenance
Slide 38: Dividend
Dividend Cash dividend (NOK per share) • Dividend of NOK 1 per share was paid April 15 for the first half year 2,00 • The company has decided to pay a dividend of NOK 1 per share for the 1,00 1,00 second half year 0,00 0,00 2021 2022 2023 2024 2025
Slide 39: Business segments
AKVAcrour a Pioneering a better future
Slide 40: Sea Based Technology
Sea Based Technology Overall Revenue (MNOK) and EBITDA-margin (%) • Revenue increased by 3% compared to Q2 24, and EBITDA margin increased from 12,6% to 14,3% in the same period 1 300 18 • Decrease in order intake from MNOK 713 in Q2 24 to 1 200 MNOK 655 in Q2 25 16 1 100 1 000 14,3% 14 Nordic 900 8
Slide 41: 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 1 115 1 108 2 900 816 895 2 800 711 2 700 2 600 2 500 946 784 713 635 655 2 400 2 300 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 12M Revenue 12M Ord
Slide 42: Development OPEX based revenue
Development OPEX based revenue Revenue (MNOK) 50% 400 50 45 350 • OPEX based revenue was 33% 40% 40 300 34% 32% 33% 35 of total Sea Based revenue in Q2 25 250 30 200 25 20 150 293 286 285 270 254 15 100 10 50 5 0 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 % of total Sea Based revenue OPEX Based revenue
Slide 43: Land Based Technology
Land Based Technology Revenue (MNOK) and EBITDA-margin (%) 300 18 • Order intake of MNOK 316 in Q2 is 264 0 16 primarily related to the contract from 17 14 Laxey of approx. MEUR 20 12 200 10 • Improved activity level and revenue 137 8 increased by 92% in Q2 25 compared to 0 24 248 6 Q2 24 100 4,9% 4
Slide 44: 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 1 630 1 451 1 509 1 408 500 384 316 149 138 114 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 12M Revenue 12M Order Intake Order Backlog Order
Slide 45: Digital
Digital Revenue (MNOK) and EBITDA-margin (%) 65 25 • High order intake of MNOK 81 in the 60 21,9% quarter compared to MNOK 26 in the 55 20 same quarter last year 50 45 40 14,3% 15 • Revenue at the same level compared to 35 35 3 35 3 Q2 24 of MNOK 35 30 10 25 13 12 • EBITDA improved from 14,3% in Q2
Slide 46: Digital order intake and backlog development
Digital order intake and backlog development 12M Revenue & Order intake (MNOK) Order backlog & Order intake (MNOK) 180 160 140 120 188 100 150 147 141 80 136 60 81 26 30 22 32 40 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 12M Revenue 12M Order Intake Order Backlog Order Intake
Slide 47: Outlook
Outlook AKVAcrour Pioneering a better future
Slide 48: 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
Slide 49: 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 50: Agenda | Q2 2025
Agenda|Q2 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 51: Appendix
£ @ ao © ] 3 q g Au
Slide 52: 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 1.434 employees Companies Technology leader stock exchange in 2024: in 11 countries through 40 years since 2006 NOK 3.6 billion
Slide 53: Our presence
Our presence Present in all markets with offices in: • Norway • Greece • Denmark • Turkey • Scotland • Chile • England • Canada • Lithuania • China • Spain • Australia
Slide 54: Balance sheet
Balance sheet CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2025 2024 2024 (NOK 1 000) 30.6. 30.6. 31.12. Intangible fixed assets 1,3 1 609 431 1 195 130 1 621 569 Deferred tax assets 75 213 68 846 85 999 Tangible fixed assets 604 757 650 683 640 446 Long-term financial assets 2 168 75
Slide 55: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2025 2024 2025 2024 2024 (NOK 1 000) Q2 Q2 YTD YTD Total Cash flow from operating activities Profit before taxes 56 888 33 726 101 741 43 475 125 963 Taxes paid 742 -4 266 982 -7 495 -5 967 Share of profit(-)/loss(+) from associates -
Slide 56: 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 2 156 937 5,9 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR 1 664 430 4,5 % J.P. Morgan SE Nominee LUX Last 12 mon
Slide 57: Our values
Our values – We CARE for people, the planet and profitability Customer focus Aquaculture knowledge Reliability Enthusiasm
Slide 58: Pioneering a better future
Pioneering a better future