Akva Group Asa · OSL:AKVA
Akva Group Asa — Q4 2025 Earnings Presentation
53 slides from Akva Group Asa's earnings presentation, Feb 13, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 Presentation Oslo, 13 February 2026 Knut Nesse Ronny Meinkøhn CEO CFO
Slide 2: Pioneering a better future
Pioneering a better future
Slide 3: Agenda | Q4 2025
Agenda | Q4 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 4: Highlights fourth quarter
Highlights fourth quarter Q4 2025 • High quarterly revenue of NOK 1,113 million with EBIT of NOK 44 million • Land Based delivered record high quarterly revenue of NOK 422 million • Sea Based secured strong order intake of NOK 952 million, contributing to total order intake of NOK 1,250 million • A
Slide 5: Key figures | Q4 2025
Key figures | Q4 2025 Revenue EBITDA EBIT NOK 1 113 million NOK 103 million NOK 44 million 103 44 1 113 76 833 23 779 800 792 61 19 41 27 * -10 -14 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25
Slide 6: Key figures | YTD 2025
Key figures | YTD 2025 Revenue EBITDA EBIT NOK 4 405 million NOK 508 million NOK 280 million 508 280 4 405 ** ** ** 3 526 381 3 431 184 3 376 3 122 302 120 263 68 * 158 -56 * 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 ** Revenue in YTD 24 is adjusted for the gain of N
Slide 7: Development order intake and order backlog
Development order intake and order backlog Order intake Order backlog (NOK million) (NOK million) 1 250 2 799 1 200 2 659 2 712 2 539 1 081 1 052 2 363 ** 1 108 895 1 115 1 044 786 745 784 952 655 946 620 1 630 1 408 1 550 1 435 1 273 384 316 221 114 138 32 81 77 136 141 188 183 222 22 28 Q4 24 Q1 2
Slide 8: The long-term salmon opportunity
The long-term salmon opportunity
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… Deep farming Post-smolt Grow-out Historic and current productio
Slide 10: 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 11: Deep farming
Deep farming • Potential to unlock 15%+ higher harvesting volumes from existing licenses • Submerged cages reduces sea lice treatments by ~80% and reduces mortality with limited additional investment • Proven improved fish welfare supporting social license to operate and regulatory greenlight in non
Slide 12: The fish thrive in the depths
Source: Barentswatch and AKVA group The fish thrive in the depths New technology – a way to improve fish health So far, over 400 NautilusTM units deployed to sea • Significant reduction in lice pressure and need for lice treatments • Higher share of superior quality • More stable environmental param
Slide 13: Large reduction in need of lice treatments
Large reduction in need of lice treatments Spring22 – Autumn24: Based on 19 harvested sites Deep farming results 8,0 Average no. of lice treatments per cage 7,0 show significantly fewer 6,0 5,0 lice treatments 4,0 3,0 2,0 78% reduction 1,0 vs. neighbouring sites without deep farming 0,0 Deep farming
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 Positioned for Leading digital solutions for Present in all major markets long-term growth precision farming < Administration, planning, management and equipment control MNOK 1372 Ready to capitalise on a strong platform built w
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 170+ 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 3 095m LAND BASED 1 171m DIGITAL 138m Leading equipment provider to World leading full-scale Complete platform enabling next the salmon farming industry smolt and grow-out
Slide 22: Organic growth agenda 2026
Organic growth agenda 2026 Building the foundation for delivering 2027 target of NOK 5 billion revenue 5.0 SEA BASED 4.4 • Develop and commercialize Nautilus Next • Internationalization of net business • Extend the portfolio of pen products • Partner with concrete barge producer • Develop boat suppl
Slide 23: Our strategic roadmap
Our strategic roadmap Driving long-term growth and shareholder value creation 20221 - 20242 2025 2026 target 2027 target Revenue: EBIT-%: Revenue: EBIT-%: EBIT: Revenue: EBIT-%: 3.4bn ➞ 3.5bn 1% ➞ 5% 4.4bn 6.4% +20 % EBIT growth vs 2025 5bn 9% Restructuring and turnaround in a Accelerated market exp
Slide 24: Agenda | Q4 2025
Agenda | Q4 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 25: Income statement
Income statement Q4 2025 • High activity in the fourth quarter and revenue was NOK million 2025 2024 2025 2024 NOK 321 million higher than the same quarter last Q4 Q4 YTD YTD year Total revenues and other income 1 113 792 4 405 3 526 Cost of materials 652 395 2 524 1 934 Payroll expenses 290 257 1 1
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 4,289 million and NOK 4,405 million, 1 250 respectively 1 200 1 167 1 112 1 113 1 081 1 052 1 013 • Revenue increased by 41% compared to Q4 24 and increased in all three
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 1 113 1 112 1 113 107 82 68 1 013 1 013 92 82 48 97 81 132 792 167 241 173 792 69 653 868 770 64 162 804 542 836 766 722 711 AustralAsia Sea Based 497 Europe & Middle East 422 Land Based
Slide 28: EBITDA development
EBITDA development EBITDA • EBITDA margin decreased from 9,6% in Q4 24 to 9,2% in Q4 25 150,0 13,3% 14,0 140,0 12,4% 13,0 130,0 11,1% 12,0 • Low EBITDA margin of 8,2% in Sea Based due to: 120,0 11,0 110,0 9,6% 9,2% • Product mix 10,0 100,0 9,0 • Lower activity level limiting the economies of scale 9
Slide 29: Cash flow and financial position
Cash flow and financial position Available cash (NOK million) Net Working capital Net debt / EBITDA 600 10,5% 11 1 800 3,00 3,15 600 547 9,4% 9,4% 10 1 600 2,62 2,80 500 8,9% 2,47 500 473 500 9 1 358 2,37 442 1 400 2,45 428 1 230 1 229 1 264 8 1 204 1 200 2,30 2,10 400 400 372 353 340 341 6,2% 7 452
Slide 30: Net interest-bearing debt development
30.09.2025 1 264 EBITDA 103 Net interest Corporate taxes 23 6 Change WC 153 CAPEX 58 New IFRS 16 liability 81 NIBD Q4 2025 (NOK million) Dividend Payment 363 Currency & Other 31.12.2025 1 204 31.12.2024 1 358 EBITDA 508 Net interest 89 4 Corporate taxes Development Net interest-bearing debt Change W
Slide 31: Capital expenditure
Capital expenditure CAPEX (NOK million) • Total CAPEX of NOK 58 million in Q4 25 • NOK 23 million applies to the three innovation agendas 59 58 • NOK 10 million is related to rental products • NOK 15 million related to energy-saving and efficiency- 44 enhancing initiatives at the manufacturing facil
Slide 32: Return on capital employed
Return on capital employed ROACE (%) • ROACE increased from 7.9% in Q4 24 to 11.5% in Q4 25 11,5% 10,1% 10,5% 9,3% 7,9% Q4 24 Q1 25 Q2 25 Q3 25 Q4 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 gai
Slide 33: Dividend
Dividend Cash dividend (NOK per share) • Dividend of NOK 1 per share was paid November 4 for the second half year 2025 • The company has decided to pay a dividend of NOK 1 per share for the first half year 2026 2,00 1,00 1,00 1,00 0,00 0,00 2021 2022 2023 2024 2025 H1 2026 Note: The Board of Directo
Slide 34: Business segments
Business segments AKVAcRour . Pioneering a better future
Slide 35: Sea Based Technology
Sea Based Technology Overall Revenue (NOK million) and EBITDA-margin (%) • Revenue increased by 20% compared to Q4 24 primarily related to the Nordic market 1 300 18 • EBITDA margin decreased from 8.8% to 8.2% due to product 1 200 mix 16 1 100 • Increase in order intake from NOK 946 million in Q4 24
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 1 044 1 108 2 900 2 800 895 745 2 700 2 600 2 500 946 952 784 655 620 2 400 2 300 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 12M
Slide 37: Sea Based development OPEX based revenue
Sea Based development OPEX based revenue Revenue (NOK million) 50% • OPEX based revenue was 49% of total Sea Based 49% 400 50 revenue in Q4 25 45 350 • OPEX based revenue in 2025 amounts to NOK 37% 40 300 1,146 million and at the same level as in 2024 33% 35 32% 250 30 200 25 320 20 150 286 286 270
Slide 38: Land Based Technology
Land Based Technology Revenue (NOK million) and EBITDA-margin (%) • Order intake of NOK 221 million in Q4 is primarily 450 422 18 related to the contract with Tytlandsvik Aqua 0 400 16 73 14 • High activity on major projects and revenue 350 increased significantly by 94% in Q4 25 compared 12 300 9,8
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 1 630 1 000 1 408 1 435 1 273 500 384 316 114 138 221 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 12M Revenue 12M Order Intake Order
Slide 40: Digital
Digital Revenue (NOK million) and EBITDA-margin (%) • Strong order intake of NOK 77 million and NOK 55 65 31,8% 32 million higher than the same quarter last year 60 31 55 30 • Revenue increased of 15% compared to Q4 last 50 29 28 year 45 27 40 38 26 • EBITDA improved from 22,9% in Q4 24 to 31,8% 35
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) 220 200 180 160 140 222 188 120 100 183 141 136 80 60 81 77 22 32 28 40 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 12M Revenue 12M Order Intake Order Backl
Slide 42: Outlook
Pioneering a better future
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 5 billion and EBIT of 9% in 2027
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 | Q4 2025
Agenda | Q4 2025 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 46: 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 1.501 employees Companies Technology leader stock exchange in 2025: in 11 countries through 40 years since 2006 NOK 4.4 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 (NOK 1 000) 31.12. 31.12. Intangible fixed assets 1,3 1 619 983 1 621 569 Deferred tax assets 82 470 85 999 Tangible fixed assets 695 253 640 446 Long-term financial assets 2 178 659 291 012 FIXED ASSETS 2 576 365 2
Slide 50: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2025 2024 2025 2024 (NOK 1 000) Q4 Q4 YTD YTD Cash flow from operating activities Profit before taxes 15 825 -15 512 192 960 125 963 Taxes paid -5 664 3 782 -4 229 -5 967 Share of profit(-)/loss(+) from associates -4 234 -307 -12 208
Slide 51: 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 Last 12 months 2 231 994 6,1 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR Share price Trading volume 1 526 256 4,
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