Akva Group Asa · OSL:AKVA
Akva Group Asa — Investor Day (June 2025)
104 slides from Akva Group Asa's investor day presentation, Jun 12, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 Klepp, Norway 12 June 2025
Slide 2: Agenda and leadership team presenting today
Capital Markets Day 2025 Agenda Leadership team presenting today Moderator 12:00 The long-term salmon opportunity Q&A 12:40 Sea based 13:10 Break Knut Nesse Ronny Meinkøhn Kristian Botnen Ståle Økland 13:25 Land based CEO CFO COO Sea Based Nordic CCO 13:50 Digital 14:15 Break 14:30 Financial outlook
Slide 3: The long-term salmon opportunity
The long-term salmon opportunity Knut Nesse, CEO
Slide 4: Pioneering a better future
Pioneering a better future Driving innovation in global aquaculture for over 50 years 4
Slide 5: 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 6: 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 3 500 Improved utilisation, operational ▪ Disease outbreaks (ILA, PD, etc.) performance and profitability ▪ E
Slide 7: 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 8: Growth investments require a stable framework
Growth investments require a stable framework Revitalise collaboration between core institutions R&D institutions Regulatory recipe for growth Science ▪ Predictable policy environment ▪ Regulatory efficiency ▪ Support for growth Trust ▪ Technology neutrality Business Regulations & ▪ Trust-based coll
Slide 9: Unlocking growth through technology
Unlocking growth through technology New frontiers Illustrative Semi-offshore/Offshore, closed systems ++ ▪ Traditional sea-based farming currently produces around Land-based grow out, >500,000 3 million tonnes of Atlantic salmon globally Vaccines, new treatment regimes ++ ▪ Deep farming holds potent
Slide 10: 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 11: 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 12: 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 13: Digital solutions enabling precision farming
Digital solutions enabling precision farming ▪ Invested ~ NOK 500 million to create a leading platform with unmatched digital presence ▪ High-growth opportunity with AKVA Observe – enabling AI-driven farming with automated feeding, biomass tracking and health monitoring ▪ Global footprint, scalable
Slide 14: Long production time in sea drives higher mortality and costs
Long production time in sea drives higher mortality and costs Traditional farming Months in sea vs. lice treatments and proven cases of PD % 80 400 0 Diseases and the need for lice treatments 70 350 0 correlate with time in sea 60 300 0 ▪ Tripling of PD cases in fish spending 18-21 50 250 0 months i
Slide 15: 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 the World leading full-scale Complete platform enabling next salmon farming industry smolt and grow-out offe
Slide 16: Sustainable salmon farming driving structural investment growth
Sustainable salmon farming driving structural investment growth AKVA group revenue and fixed assets investments in the ▪ The investment level in the salmon farming industry Norwegian salmon farming industry (NOKbn) increased by 12% annually in 2015-23, significantly outpacing the harvest volume grow
Slide 17: Our strategic roadmap
Our strategic roadmap 20221 - 20242 2027 target 2030 ambition Revenue: EBIT-%: Revenue: EBIT-%: Revenue: EBIT-%: 3.4bn → 3.5bn 1% → 5% 5bn 9% 7bn >10% Restructuring and turnaround in a Accelerated market expansion and Industry leadership and scale driving challenging market scalable profitability pr
Slide 18: Pioneering a better future – key investment highlights
Pioneering a better future – key investment highlights Fully-invested business platforms with capacity to double revenue A true partner, Perfectly positioned for profitable growth across all segments trusted advisor and high-quality solutions Attractive business model with an increasing share of rec
Slide 19: Q&A session
Q&A session AKVAcRouP
Slide 20: Sea Based
Sea Based Kristian Botnen, COO Sea Based Nordic Glenn Mo, COO Egersund Net
Slide 21: Pioneering sea-based farming since 1974
Pioneering sea-based farming since 1974 Pens and feeding From the world’s first plastic pens and automated feeding solutions to waterborne feeding Deep farming From TubeNet via Atlantis to NautilusTM Sustainable solutions From the world’s first recycled pen to the first carbon neutral boat hull and
Slide 22: Global operations – Local presence
Global operations – Local presence Revenue by geography (2024) ordic ustral sia % % NOK % 2.8bn mericas % Increasing share of service revenue 2,770 2,686 2,668 42% 38% 32% 1 018 1 166 865 2022 2023 2024 1 100 employees Service Products and solutions % Service 22
Slide 23: Broad products, services and solutions portfolio
Broad products, services and solutions portfolio Marine infrastructure Precision feeding Deep farming – quality equipment for better operations – with digital support – and lice control Plastic pens Steel pens Nets Anchoring & Mooring Feeding barges Lights Nautilus Net cleaning ROV systems Boats Mar
Slide 24: High quality in-house production
High quality in-house production 150 employees 24
Slide 25: Clear market leader in nets with in-house production
Clear market leader in nets with in-house production 500+ employees 25
Slide 26: Strong local presence all along the coast
Kvalsund Skjervøy Strong local presence Tromsø all along the coast Sortland Tjeldsund Bodø Helgeland Plast, Mo i Rana ▪ Extensive installed base driving recurring Vevelstad Service & Aftersales revenue growth Brønnøysund Rørvik ▪ 16 coastal service stations staffed with skilled service technicians H
Slide 27: Full-service offering including inspections and maintenance
Full-service offering including inspections and system and equipment maintenance 24/7 support combined with routine site visits 27
Slide 28: Industry-leading innovation power
Industry-leading innovation power 35 innovators Designing and optimizing the best solutions for the aquaculture industry ▪ Marine Infrastructure ▪ Precision Feeding Design ▪ Fish Performance Simulation ▪ Annual budget: ~NOK 50 million Testing Practical experience 28
Slide 29: Innovating to solve the sea lice challenge
Innovating to solve the sea lice challenge NAUTILUS 29
Slide 30: Deep farming with Nautilus
Deep farming with NautilusTM A key to unlock growth in sea-based farming IMPROVE FISH HEALTH & WELFARE DRIVE GROWTH CREATE VALUE Fewer lice treatments Higher harvesting volumes Volume Lower mortality Allowed to grow production Quality Higher share of superior Cost 30
Slide 31: Innovating to solve the sea lice challenge
Innovating to solve the sea lice challenge Airdome Waterborne feeding Enabling innovations NAUTILUS Digital support 31
Slide 32: Enabling innovations – The Airdome
Enabling innovations – The Airdome ▪ Airdome provides stability, security, and efficiency under all conditions ▪ Provides secure access to air for the salmon to rebalance swim bladder ▪ Robust, self-righting design ▪ Gentle on the fish - form factor that eliminates edges, ropes, obstacles, etc. ▪ Ef
Slide 33: Enabling innovations – Waterborne feeding
Enabling innovations – Waterborne feeding ▪ Efficient feeding-in-depth solutions ▪ Feed mixed with water on barge and transported to pen an into the depths via the Airdome ▪ ‘Feed sleeves’ guiding fish away from net roof and Airdome during feeding ▪ Feeding zone in lit area directly under the dome,
Slide 34: The Nautilus value opportunity
The NautilusTM value opportunity 34
Slide 35: The Nautilus value opportunity
The NautilusTM value opportunity Plastic pens Winches Airdome Net Waterborne feeding Lights Mooring systems AKVA Observe Cameras 35
Slide 36: 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 “He said th
Slide 37: 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 NautilusTM Suited for Nautilus ▪ Annual deployment at 50-70 sites implies a market potential of ~NOK 1 billion per year through 2030 ~
Slide 38: Strong market position in Chile
Strong market position in Chile The world’s second largest salmon farming market 250+ employees ▪ Number one steel pen supplier in Chile ▪ Leading position in net cleaning, feeding, and digital systems ▪ Large recurring Service & Aftersales base representing ~50% of revenue in the region ▪ Experienc
Slide 39: Growth opportunities in Chile
Growth opportunities in Chile ▪ Deep farming opportunity emerging – ~30% of sites suitable for Nautilus ▪ Significant potential for nets and waterborne feeding ▪ First low-emission systems installed Deep farming Nets Waterborne feeding Low-emission farming 39
Slide 40: Other international growth opportunities
Other international growth opportunities Canada Service presence Newfoundland Potential for growth in net service and cleaning UK Market leader in plastic cages, moving toward larger pen sizes Growth potential across nets, cleaning/ROV, barges, and digital solutions Turkey Market leader in plastic c
Slide 41: Growing recurring service base with upside in deep farming
Growing recurring service base with upside in deep farming Revenue and order intake (NOKm) Growth levers towards 2027 Illustrative revenue path 400 Products and 3 093 3 077 2 928 solutions 2 735 2 770 0 Services 2 686 2 668 2 556 Products and solutions Products and solutions Services Services 2022 2
Slide 42: Our strategic and financial roadmap
Our strategic and financial roadmap 2022 - 2024 2027 target 2030 ambition Revenue: EBITDA-%: Revenue: EBITDA-%: Revenue: EBITDA-%: <2% CAGR → .8bn 1 %→1 % 7% CAGR → ~3.4bn ~14% ~4bn >14% Growing recurring service business in Higher growth outlook Continued growth driven by deep farming challenging m
Slide 43: Pioneering sea-based farming
Pioneering sea-based farming Strong and stable core business built on decades of innovation A true partner, trusted advisor and Deep farming with Nautilus is unlocking the next growth frontier high-quality solutions supplier to the Growing recurring revenue base in resilient Service & Aftermarket aq
Slide 44: Land Based
Land Based Johan Fredrik Gjesdal, COO Land Based
Slide 45: Pioneering land-based farming since the early 2000s
Pioneering land-based farming since the early 2000s mong world’s first R S World’s first World’s first World’s first Re-use in grow-out smolt facilities salmon post-smolt 1 kg post-smolt scaled RAS grow-out in Iceland Hardingsmolt, Norway - 2007 Hiddenfjord, Faroe Islands - 2014 Tytlandsvik, Norway
Slide 46: Stepwise evolution – Industrialisation and technology development
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 47: Ready to capitalize in emerging growth phase
Ready to capitalize in emerging growth phase The world’s leading full-scale land-based offering Proven and documented technology ▪ Fully integrated RAS process systems Extensive track record ▪ Proven project delivery across design, building and service Delivering high operational stability ▪ Scalabl
Slide 48: Delivering fully integrated RAS systems for excellent fish performance
Delivering fully integrated RAS systems for excellent fish performance End-to-end process control and RAS technology Tailored to desired capacity and water quality Hatchery Smolt Grow-out Scalable and standardized Filtering Disinfection Oxygenation solutions through advanced system integration Clean
Slide 49: 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 Hardingsmolt, 2015 Midt Norsk Smolt, 2016 Stofnfiskur, 2020 Blåfjell, 2017 Laxey, Grow-out, 2024 FIFAX, 2014 Ænes Inkubator, 2018 Sande settefisk, 2019
Slide 50: The post-smolt opportunity
XO The post-smolt opportunity AKVAcRour
Slide 51: Post-smolt is part of the solution to the growth challenge
Post-smolt is part of the solution to the growth challenge IMPROVE FISH HEALTH & WELFARE DRIVE GROWTH CREATE VALUE Reduced time in sea Improved fish performance Volume Fewer lice treatments Higher capacity utilisation Fish quality Lower mortality Enabling strategic stocking Cost 51
Slide 52: Proven international track record of post-smolt developments
Proven international track record of post-smolt developments Hiddenfjord, Faroe Islands Nordheim, Norway Tytlandsvik, Norway Sealand, Chile 2,300 tonnes 6,000 tonnes 6,000 tonnes 4,000 tonnes 700 g 700 g 1,000 g 400 g Annual capacity Reached smolt size 52 Photos: Hiddenfjord, MOWI, Tytlandsvik AQUA,
Slide 53: 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 54: Successful post-smolt growth strategy
Grieg Seafood Rogaland Successful post-smolt growth strategy Reduction in lice treatments Survival by smolt category, 2019-2024 Harvesting volumes Tonnes 90% 30 000 100% 91% 25 000 20 000 15 000 83% 58% 82% 10 000 45% 43% 34% 5 000 0 2019 2020 2021 2022 2023 2024 0-400 grams 400-800 grams 800+ grams
Slide 55: Growing salmon volumes will require more and larger smolt
Growing salmon volumes will require more and larger smolt Post-smolt wave offers major a market opportunity Average smolt weight increasing (Norway) # Smolt (thousands) Average smolt size (gram) Smolt biomass set to double by 2030 in Norway through 600 000 ~375g 600 unit growth and increased average
Slide 56: The emerging grow-out opportunity
The emerging grow-out opportunity
Slide 57: RAS grow-out facilities – Mastering a new and more complex game
RAS grow-out facilities – Mastering a new and more complex game Larger size and higher complexity Food standard requirements Challenges in the grow-out phase Biofilters AOP system Ozone generator Protein skimmers ▪ Advanced operational integrations ▪ Consumer quality ▪ Challenges with off-flavour in
Slide 58: Fundamentals in place for scaling up grow-out
Fundamentals in place for scaling up grow-out Harvest volume land-based salmon farming Tonnes ~3x 80 000 ▪ Grow-out technologies yielding strong results ▪ Harvest at high quality and increasing weights 60 000 ▪ Approaching unit economics competitive with conventional farming 40 000 ▪ RAS leading the
Slide 59: Re-use grow-out facility in Iceland with 70% seawater reuse
Re-use grow-out facility in Iceland with 70% seawater reuse 6 Grow-out sections 36,000 MT Total targeted HOG capacity AKVA delivering selected re-use technology Includes post-smolt strategy serving sea-based farming 2022 2023 Q4 2024 Q2 2025 Q2 2025 2030 Construction start Construction start First s
Slide 60: Delivering the first Atlantic salmon grow-out in China
Delivering the first Atlantic salmon grow-out in China | Stage 3: +12,000 MT Pending investment decision 3 stage build-out Stage 1: 4,000 MT Stage 4 option Operational since 2022 20,000 MT Total targeted HOG capacity + 30,000 MT option Stage 2: 4,000 MT Construction ongoing AKVA RAS Technology Optio
Slide 61: AKVA technology yielding strong results
AKVA technology yielding strong results Average harvest weight (kg HOG) Superior share (%) Mortality from 150 grams (%) Biomass net growth, tonnes LW 6.17 3.4 % 99.0 % 99.0 % 1 014 1 005 967 933 2.8 % 4.54 1.7 % 525 1.6 % 467 1.1 % Q2 24 Q1 25 Q2 24 Q1 25 Batch 1 Batch 2 Batch 3 Batch 4 Batch 5 Q4 2
Slide 62: China – A major growth market for salmon
China – A major growth market for salmon Chinese consumption x2 by 2030 The world’s largest seafood market 1 000 tonnes 260 million middle/upper-class households by 2030 250 Strong preference for fresh and healthy seafood 200 The Atlantic salmon market 150 106,000 tonnes imported in 2024 100 Supplie
Slide 63: Positioned to leverage on the Asian growth opportunity
Positioned to leverage on the Asian growth opportunity Already present and rigged for growth NOAP serves as proven reference and technology showcase in Asia On-the-ground site teams and established supply chains with network of qualified sub-suppliers in the region At the forefront of scaling sustai
Slide 64: Existing backlog and visible pipeline support scalable growth
Existing backlog and visible pipeline support scalable growth Order backlog of NOK 1.4bn Revenue conversion of order backlog and pipeline • Current backlog and qualified pipeline 1 500 opens for significant growth through 2027 • Broad and diversified revenue base both technologically and geographica
Slide 65: Our strategic and financial roadmap
Our strategic and financial roadmap 2022 - 2024 2027 target 2030 ambition Revenue: EBITDA-%: Revenue: EBITDA-%: Revenue: EBITDA-%: <1% CAGR → 18m eg. → 4% ~1.4bn ~10% ~2.5bn >10% Turnaround in a Land-based expansion post Expanding opportunity pipeline for challenging market commercial validation bot
Slide 66: Pioneering land-based farming
Pioneering land-based farming Transformation completed, positioned for profitable growth A true partner and trusted Technology solutions delivering best-in-class fish performance advisor, delivering excellence in land-based aquaculture today The only true global RAS supplier, from post-smolt to grow
Slide 67: Digital
Digital Knut Nesse, CEO Hemang Rishi, CEO Observe Technologies
Slide 68: Pioneering digital solutions in global aquaculture
Pioneering digital solutions in global aquaculture X World’s 1st industrialized control World’s 1st biological RP World’s 1st AI-driven feeding system introduced system rolled out system acquired AKVA connect - 1982 AKVA fishtalk - 1985 AKVA observe - 2024 68
Slide 69: Digital transformation journey in aquaculture
Digital transformation journey in aquaculture Digital transformation and adoption driving value in the industry Digitalisation and automation on the agenda From nice-to-have to real-time and data-driven decision making Pillar Pre-2020 2025 Smart “… we are working with AI to advance our smart farming
Slide 70: Invested to create the globally leading Digital platform in aquaculture
Invested to create the globally leading Digital platform in aquaculture Positioned for long-term growth Leading digital solutions for precision farming Present in all major markets AustralAsia o A AKVA FISHTALK Administration, planning, management and equipment control NOK 137m2 ordic Americas 5 Rea
Slide 71: Precision farming helps meet the industry challenges
Precision farming helps meet the industry challenges IMPROVE FISH HEALTH & WELFARE DRIVE GROWTH CREATE VALUE Enabling optimized feeding Improved fish performance Volume Improved biomass control Increased growth Quality Reduced health issues FCR Lower mortality OPEX 71
Slide 72: Complete platform enabling next-gen precision fish farming
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 co
Slide 73: 6 out of 10 Atlantic salmon on AKVA systems
6 out of 10 Atlantic salmon on AKVA systems Trusted biological ERP system designed Enabling: for aquaculture Status and oversight from broodstock to harvest Optimal planning and efficiency AKVA control Core module for end-to-end Full traceability biological control – from broodstock to harvest Excel
Slide 74: Transitioning ERP to cloud-based SaaS model
Transitioning ERP to cloud-based SaaS model SaaS architecture for true scalability Standardised and Recurring revenues open architecture Customer stickiness The most extensive salmon Predictability farming data library Upselling opportunities 50M+ 10TB+ ton biomass fish data 74
Slide 75: On 5 out of 10 Atlantic salmon fish farming barges and feed systems
On 5 out of 10 Atlantic salmon fish farming barges and feed systems An open platform for better feeding performance Enabling: and efficient operations AKVA connect feeding Increased feeding efficiency Simplify daily feeding operation Comprehensive operational control AKVA connect camera Control all
Slide 76: First commercial delivery in 2024 – now scaling
First commercial delivery in 2024 – now scaling Enabling: Accurate weight distribution Automatic sea lice counting Health monitoring Improved economic efficiency Accurate weight distribution and average Automatic sea lice monitoring across the Automatic and/or supervised health weight per fish with
Slide 77: Aquaculture powered by AI
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Slide 78: The feeding challenge – adding science to the art
The feeding challenge – adding science to the art ultiple fragmented input signals… … creating major pain points for operators Information overload Non-standardized feeding No reliable benchmarking 78
Slide 79: The most advanced AI-driven feed automation system
The most advanced AI-driven feed automation system Supplying AI software integrated into existing farm equipment Simplify Optimising the largest Optimise cost driver in global fish farming with AI Act 79
Slide 80: Proven operational and biological outcomes
Proven operational and biological outcomes Up to 10% FCR Up to 3% growth Improved fish 70% reduced reduction increase health training time Chilean site cut FCR from 1.18 in Australian site achieved 3% growth Scottish company detected disease one Canadian site cut feeder training time previous cycle
Slide 81: A scalable solution with strong international traction
A scalable solution with strong international traction Current geographical presence ▪ Established global presence – Active on more than 100+ sites Canada Norway ▪ Truly scalable solution Scotland – Hardware agnostic integration ▪ Leveraging global footprint – Plug-and-play delivery using existing i
Slide 82: Scaling recurring revenue growth through value-based upgrades
Scaling recurring revenue growth through value-based upgrades Released In development Packages Recommendation Co-pilot automation Auto-pilot automation Intelligent feed recommendations Automated feeding AI-driven feeding Automation path Interventions needed Occasional intervention needed Minimal int
Slide 83: Introducing precision feeding of tomorrow
Introducing precision feeding of tomorrow Creating an all-in-one AI solution for farmers for precise biomass … providing the fish farmer the solution needed for estimation and feeding in one camera… optimizing their feeding process AI services Fish count estimation Right amount of feed Size & weight
Slide 84: Scaling recurring revenue model with strong customer retention
Scaling recurring revenue model with strong customer retention Key levers driving recurring revenue growth ▪ Continued underlying growth Illustrative revenue path Upsell Churn NOK ~250m ▪ New customer wins New sales ▪ Upselling, cross-selling and innovations ▪ Continued minimal churn: <5% NOK Underl
Slide 85: Our strategic and financial roadmap
Our strategic and financial roadmap 2022 - 20241 2024 - 2027 2030 ambition Revenue: EBITDA-%: Revenue: EBITDA-%: Revenue: EBITDA-%: 20% CAGR → 137m 4% → % >20% CAGR → ~ 5 m ~40% ~500m >40% Rebuilding and significant investments Scalable SaaS model entering Sustained expansion of high-margin and comp
Slide 86: Pioneering the digitalization of sustainable aquaculture
Pioneering the digitalization of sustainable aquaculture Unique end-to-end digital platform powering precision fish farming globally A true partner and trusted advisor delivering Positioned for profitable growth after NOK 500m of strategic investments digital excellence in Strong financial outlook w
Slide 87: Financial outlook
Financial outlook Ronny Meinkøhn, CFO
Slide 88: Entering a new growth era
Entering a new growth era Revenue (NOK billion) Segment bridge (NOK million) CAGR: 12% 5.0 5.0 >110 CAGR: 2% >780 3.5 3.5 >620 3.4 3.4 2022 2023 2024 2025e 2026e 2027e 0 4 Sea ased and ased Digital otal ▪ Market affected by low industry capex in 2022-2024 ▪ Clear growth levers across all segments ▪
Slide 89: Continuing the positive EBITDA trend
Continuing the positive EBITDA trend EBITDA (NOK million) Segment bridge (NOK million) 14% Margin (%) ~700 >65 11% ~700 >115 8% >140 381 381 5% 263 158 2022 2023 2024 2025e 2026e 2027e 0 4 Sea ased and ased Digital 0 e ▪ Reorganization, restructuring and cost optimization in 2022-2024 ▪ Solid contri
Slide 90: Sea Based Technology – renewed growth driven by deep farming
Sea Based Technology – renewed growth driven by deep farming Revenue (NOK million) EBITDA (NOK million) Revenue and order intake (12M rolling, NOK million) EBITDA-margin (%) Revenue ~3 400 ~14% Order intake 12% 3 077 2 686 2 668 2 767 10% 10% 336 2 928 262 271 2022 2023 2024 2025e 2026e 2027e 2022 2
Slide 91: Land Based Technology – high growth from defined projects
Land Based Technology – high growth from defined projects Revenue (NOK million) EBITDA (NOK million) Order backlog and revenue outlook (NOK million) EBITDA-margin (%) 1 800 ~1 400 Revenue from qualified pipeline 1 600 Order backlog conversion 1 400 ~10% 1 200 4% 1 000 632 618 22 594 800 -33 -5% 600
Slide 92: Digital – expanding a recurring revenue base
Digital – expanding a recurring revenue base Revenue (NOK million) EBITDA (NOK million) Illustrative revenue path (NOK million) Upsell Churn ~250 EBITDA-margin (%) ~250 ~40% New sales Underlying 24% growth 137 22% 132 19% 137 96 30 23 25 1 2022 2023 2024 1 2025e 2026e 2027e 2022 2023 2024 1 2025e 20
Slide 93: Sharp EBIT improvement driven by operational leverage
Sharp EBIT improvement driven by operational leverage EBIT (NOK million) Segment bridge (NOK million) Margin (%) 9% ~440 >40 ~440 5% >115 2% >90 184 184 1% 68 42 2022 1 2023 2024 2025e 2026e 2027e 0 4 Sea ased and ased Digital 0 e ▪ Successful turnaround in a challenging market in 2022 to 2024 ▪ Set
Slide 94: Capex intensity set to decline as revenue grows
Capex intensity set to decline as revenue grows Capex1 (NOK million) ▪ Spent around 5% of revenue on capex to build a Capex % revenue strong delivery platform in 2022-2024 5.0% 5.1% 4.8% ~200 ▪ Targeting only slight increase in absolute capex 175 4% 168 168 levels going forward ▪ Capital intensity s
Slide 95: Sharply improving return on capital
Sharply improving return on capital ▪ ROACE improved from 2% in 2022 to 8% in 2024 Return on average capital employed (%) ▪ Capital-light growth and high operational leverage → % set to yield sharply improving return on capital going forward ▪ Estimating ROACE >10% in 2025 and a doubling towards 20%
Slide 96: High financial flexibility
High financial flexibility Available cash (NOK million) Net working capital (NOK million) Net debt / EBITDA 1 % of rolling 12M revenue Lease liability (IFRS 16) NIBD ex IFRS 16 NIBD/EBITDA 3.66x 731 3.34x 3.00x 9.7 % 8.7 % 2.47x 519 1 358 500 1 230 340 341 1 109 6.0 % 6.0 % 988 452 353 438 496 203 2
Slide 97: Balanced capital allocation framework
Balanced capital allocation framework Improved free cash flow generation Significantly increasing dividend capacity Dividend Net debt NOK 1.2bn per Q1 25 Value Fully invested to capture growth creation opportunities and execute organic NIBD/EBITDA 2.5x < covenant at 4.5x business plan 32% equity rat
Slide 98: Resumed dividend payments after halt in 2023-24
Resumed dividend payments after halt in 2023-24 Cash dividend (NOK per share) ▪ Introducing new dividend policy: 5 ▪ AKVA Group is committed to delivering long-term 4 value to shareholders through both share price appreciation and competitive dividends. Over time, 3 AKVA Group intends to return betw
Slide 99: Positioned for material value creation next three years
Positioned for material value creation next three years Revenue (NOK billion) EBITDA (NOK million) EBIT (NOK million) ~5 ~700 ~440 3.5 381 184 2024 2027e 2024 2027e 2024 2027e 99
Slide 100: Continuing our growth journey – 2030 ambition
Continuing our growth journey – 2030 ambition Revenue (NOK billion) Ambition 7.0 Target Guidance 5.0 4.0 3.5 0 4 0 5e 0 e 0 e Sea ased and ased Digital 0 0e EBIT margin: 6% 9% >10% 100
Slide 101: Pioneering a better future – key investment highlights
Pioneering a better future – key investment highlights Fully-invested business platforms with capacity to double revenue A true partner, Perfectly positioned for profitable growth across all segments trusted advisor and high-quality solutions Attractive business model with an increasing share of rec
Slide 102: Q&A session
Q&A session AKVAcRouP
Slide 103: Thank you
Thank you ab oe AKVAcRouP
Slide 104: Pioneering a better future
Pioneering a better future AKVAcrour