Akva Group Asa · OSL:AKVA
Akva Group Asa — Q3 2025 Earnings Presentation
53 slides from Akva Group Asa's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Presentation
Q3 2025 Presentation Klepp, 7 November 2025 Knut Nesse Ronny Meinkøhn CEO CFO
Slide 2: Pioneering a better future
Pioneering a better future
Slide 3: Agenda | Q3 2025
Agenda | Q3 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 4: Highlights third quarter
Highlights third quarter Q3 2025 • Solid quarterly revenue of NOK 1,112 million and EBIT of NOK 89 million • Award of RAS contract from Tytlandsvik Aqua early Q4 with estimated contract value of NOK 220 million • Order intake is expected to be strong in Q4 providing a solid foundation for continued
Slide 5: Key figures | Q3 2025
Key figures | Q3 2025 Revenue EBITDA EBIT NOK 1 112 million NOK 148 million NOK 89 million 148 89 1 112 78 ** 128** 936** 840 817 32 29 738 79 78 * 25 -59 * Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 ** Revenue in Q3 24 is adjusted for the gain of NOK 7
Slide 6: Key figures | YTD Q3 2025
Key figures | YTD Q3 2025 Revenue EBITDA EBIT NOK 3 292 million NOK 406 million NOK 236 million 406 236 3 292 ** ** 2 596 2 631 2 734 305 162** 2 289 241 223 101 77 131* -42 * Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 ** Revenue in YTD Q3 24 is adjuste
Slide 7: Development order intake and order backlog
Development order intake and order backlog Order intake Order backlog (NOK million) (NOK million) 1 200 2 799 2 659 2 712 1 082 1 052 2 367 2 363 ** 1 108 895 803 711 1 115 786 745 784 655 946 635 620 1 550 1 630 1 509 1 408 1 435 384 316 138 114 138 30 22 32 81 28 147 136 141 188 183 Q3 24 Q4 24 Q1
Slide 8: The long-term salmon opportunity
The long-term salmon opportunity
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 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 • Potential to unlock 30-35% volume growth Marke
Slide 15: 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 16: 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 17: 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 18: Invested to create the globally leading Digital platform in aquaculture
Invested to create the globally leading Digital platform in aquaculture “ We recognize a significant change in AKVA group’ s focus on digital solutions with composable architecture and AI as key components. By continuing this trajectory AKVA group will strengthen their position as a partner in digit
Slide 19: 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 20: 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 21: 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 22: 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 9,1 12% annually in 2015-23, significantly outpacing the harvest volume
Slide 23: Our strategic roadmap
Our strategic roadmap Driving long-term growth and shareholder value creation 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 scal
Slide 24: Agenda | Q3 2025
Agenda | Q3 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 25: Income statement
Income statement Q3 2025 • High activity in the third quarter and revenue was NOK million 2025 2024 2025 2024 2024 NOK 176 million higher than the same quarter last Q3 Q3 YTD YTD Total year Total revenues and other income 1 112 936 3 292 2 734 3 526 Cost of materials 657 523 1 872 1 539 1 934 • Soli
Slide 26: Revenue and order intake development
Revenue and order intake development Revenue and order intake (NOK million) • Last twelve months order intake and revenue was NOK 4,120 million and NOK 1 200 1 167 4,084 million, respectively 1 112 1 081 1 013 1 052 • Revenue increased by 19% compared to 936 Q3 24 803 792 • Book-to-bill ratio of 71%
Slide 27: Revenue by Market and Segment
Revenue by Market and Segment Revenue by Market (NOK million) Revenue by Segment (NOK million) 1 167 1 167 1 112 1 112 107 1 013 82 92 1 013 936 48 97 936 64 81 132 64 792 167 173 792 69 178 868 770 64 162 804 740 542 836 766 711 629 AustralAsia Sea Based 497 Europe & Middle East Land Based 264 308
Slide 28: EBITDA development
EBITDA development EBITDA • EBITDA margin decreased from 13,7% in Q3 24 to 13,3% in Q3 25 13,7% 13,3% 150,0 14,0 140,0 12,4% 13,0 130,0 11,1% 12,0 120,0 9,7% 11,0 • Favourable product mix and strong 110,0 100,0 10,0 EBITDA margin of 14,7% in Sea Based 9,0 90,0 8,0 80,0 145 148 7,0 70,0 128 6,0 60,0
Slide 29: Cash flow and financial position
Cash flow and financial position Available cash (NOK million) Net Working capital Net debt / EBITDA* 500 10,5% 1 800 2,96 3,00 3,15 500 473 600 11 448 442 9,4% 9,4% 10 1 600 2,80 2,62 8,9% 2,47 500 9 1 358 400 1 400 2,45 353 428 1 265 1 230 1 229 1 264 8 1 200 2,30 2,10 400 372 340 341 7 452 300 7,3
Slide 30: Net interest-bearing debt development
30.06.2025 1 229 EBITDA 148 Net interest 22 1 Corporate taxes Change WC 56 CAPEX 44 New IFRS 16 liability 49 NIBD Q3 2025 (NOK million) Seller Credit and other M&A 16 4 Currency & Other 30.09.2025 1 264 31.12.2024 1 358 EBITDA 406 Net interest 66 1 Corporate taxes Development Net interest-bearing de
Slide 31: Capital expenditure
Capital expenditure CAPEX (NOK million) • Total CAPEX of NOK 44 million in Q3 25 - NOK 18 million applies to the three innovation agendas - NOK 7 million is related to rental products 59 • CAPEX year to date of NOK 118 million 46 44 39 34 55 44 37 36 31 4 3 7 3 3 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Growth
Slide 32: Return on capital employed
Return on capital employed ROACE (%) • ROACE increased from 7.0% in Q3 24 to 10.5% in Q3 25 10,1% 10,5% 9,3% 7,9% 7,0% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 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
Slide 33: Dividend
Dividend Cash dividend (NOK per share) • Dividend of NOK 1 per share was paid April 15 for the first half year • Dividend of NOK 1 per share was paid November 4 for the second half year 2,00 1,00 1,00 0,00 0,00 2021 2022 2023 2024 2025
Slide 34: Business segments
Pioneering a better future
Slide 35: Sea Based Technology
Sea Based Technology Overall Revenue (NOK million) and EBITDA-margin (%) • Revenue increased by 4% compared to Q3 24, and EBITDA margin decreased from 15.2% to 14.7% in the same period 1 300 18 • Decrease in order intake from NOK 635 million in Q3 24 to 1 200 15,2% 16 NOK 620 million in Q3 25 1 100
Slide 36: 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) 3 200 3 100 3 000 1 115 1 108 2 900 2 800 895 711 745 2 700 2 600 2 500 946 784 635 655 620 2 400 2 300 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 12M Re
Slide 37: Sea Based development OPEX based revenue
Sea Based development OPEX based revenue Revenue (NOK million) 50% • OPEX based revenue was 37% 400 50 of total Sea Based revenue in Q3 25 45 • OPEX based revenue year to date amounts to 350 40% NOK 826 million compared to NOK 895 million 37% 40 300 same period last year 33% 35 32% 250 30 200 25 20
Slide 38: Land Based Technology
Land Based Technology Revenue (NOK million) and EBITDA-margin (%) • Order intake of NOK 138 million in Q3 is primarily 320 308 0 18 related to the contract with Laxey with estimated 300 23 16 contract value of EUR 8,5 million 280 260 14 240 • Improved activity level and revenue increased by 12 220 9
Slide 39: 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 1 550 1 000 1 630 1 509 1 435 1 408 500 384 316 138 114 138 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 12M Revenue 12M Order Intake Order
Slide 40: Digital
Digital Revenue (NOK million) and EBITDA-margin (%) • Order intake of NOK 28 million is NOK 2 million 65 38 lower than the same quarter last year 60 36,0% 36 55 34 • Revenue same level compared to the same 50 31,9% quarter last year 45 32 40 30 • EBITDA improved from 31,9% in Q3 24 to 36% in 35 34 3
Slide 41: Digital order intake and backlog development
Digital order intake and backlog development 12M Revenue & Order intake (NOK milion) Order backlog & Order intake (NOK million) 180 160 140 120 188 100 183 147 141 80 136 60 81 30 22 32 28 40 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 12M Revenue 12M Order Intake Order Backlog Order
Slide 42: Outlook
Outlook Pioneering a better future AKVAcrour
Slide 43: 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 4.0 billion and EBIT of 6% in 2025 • Expecting strong order intake in Q4 25 to support continued revenue g
Slide 44: 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 45: Agenda | Q3 2025
Agenda | Q3 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 46: Appendix
Appendix Pioneering a better future
Slide 47: 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 1.469 employees Companies Technology leader stock exchange in 2024: in 11 countries through 40 years since 2006 NOK 3.6 billion
Slide 48: Our presence
Our presence Present in all markets with offices in: • Norway • Greece • Denmark • Turkey • Scotland • Chile • England • Canada • Lithuania • China • Spain • Australia
Slide 49: Balance sheet
Balance sheet CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2025 2024 2024 (NOK 1 000) 30.9. 30.9. 31.12. Intangible fixed assets 1,3 1 603 071 1 576 670 1 621 569 Deferred tax assets 75 239 78 694 85 999 Tangible fixed assets 626 882 647 423 640 446 Long-term financial assets 2 179 82
Slide 50: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2025 2024 2025 2024 2024 (NOK 1 000) Q3 Q3 YTD YTD Total Cash flow from operating activities Profit before taxes 75 395 98 000 177 136 141 475 125 963 Taxes paid 453 -2 254 1 435 -9 749 -5 967 Share of profit(-)/loss(+) from associate
Slide 51: Largest shareholders
Largest shareholders 20 largest shareholders Share development No of shares % Account name Type Citizenship Last 12 months 18 703 105 51,0 % EGERSUND GROUP AS NOR 6 600 192 18,0 % Israel Corporation Ltd ISR Share price Trading volume 2 191 590 6,0 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR 120 20 000 0
Slide 52: Our values
Our values We CARE for people, the planet and profitability Customer focus Aquaculture knowledge Reliability Enthusiasm
Slide 53: Pioneering a better future
Pioneering a better future