Akva Group Asa · OSL:AKVA
Akva Group Asa — Q1 2026 Earnings Presentation
54 slides from Akva Group Asa's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Presentation
Q1 2026 Presentation Klepp, 8 May 2026 Knut Nesse Ronny Meinkøhn CEO CFO
Slide 2: Pioneering a better future
Pioneering a better future
Slide 3: Agenda | Q1 2026
Agenda | Q1 2026 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 4: Highlights first quarter
Highlights first quarter Q1 2026 • Quarterly revenue of NOK 1,140 million and record high quarterly EBIT of NOK 91 million • Strong order intake of NOK 1,493 million and order backlog of NOK 2,830 million at the end of Q1 2026 • A RAS contract with value of approx. NOK 200 million was awarded from Å
Slide 5: Key figures | Q1 2026
Key figures | Q1 2026 Revenue EBITDA EBIT NOK 1 140 million NOK 153 million NOK 91 million 153 1 140 91 1 013 113 849 * 874 102* 784 59 * 57 67 59 * 20 11 Q1 22 Q1 23 Q1 24 Q1 25 Q1 26 Q1 22 Q1 23 Q1 24 Q1 25 Q1 26 Q1 22 Q1 23 Q1 24 Q1 25 Q1 26 * Revenue, EBITDA and EBIT in Q1 2022 is positive impac
Slide 6: Development order intake and order backlog
Development order intake and order backlog Order intake Order backlog (NOK million) (NOK million) 1 493 2 799 2 830 2 712 2 539 1 250 2 363 1 200 1 108 895 1 052 1 323 745 1 044 1 034 786 784 952 655 620 1 550 1 630 1 435 1 273 1 281 384 316 416 221 138 222 226 32 81 77 44 141 188 183 28 Q1 25 Q2 25
Slide 7: Strategic expansion into the defence industry
Strategic expansion into the defence industry A value-driven milestone for Polarcirkel boats • AKVA has qualified for the Norwegian defence industry as a supplier of high quality Polarcirkel boats • AKVA has signed a long-term framework agreement with the defence industry in Norway for delivery of b
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 8,0 Deep farming results 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 e
Slide 24: Announcement of Strategic review
Announcement of Strategic review To maximize shareholder value • Announcement was made on April 8, and the process is supported by the largest shareholders (Egersund Group AS and Israel Corporation Ltd) given the right market conditions • AKVA has entered a phase of strong commercial momentum and se
Slide 25: Agenda | Q1 2026
Agenda | Q1 2026 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 26: Income statement
Income statement Q1 2026 • Robust activity in the first quarter, with NOK million 2026 2025 2025 revenue NOK 127 million (13%) higher than Total revenues and other income Q1 1 140 Q1 1 013 Total 4 405 the same quarter last year Cost of materials 609 565 2 513 Payroll expenses 299 267 1 116 Other ope
Slide 27: Revenue and order intake development
Revenue and order intake development Revenue and order intake (NOK million) 1 493 • Positive revenue and order intake trend 1 250 1 200 1 167 1 140 1 052 1 112 1 113 • Last twelve months order intake and revenue is 1 013 NOK 4,582 million and NOK 4,532 million, respectively 786 • Strong order intake
Slide 28: Revenue by Market and Segment
Revenue by Market and Segment Revenue by Market (NOK million) Revenue by Segment (NOK million) 1 167 1 167 1 140 1 140 1 112 1 113 1 112 1 113 107 44 82 68 1 013 95 1 013 92 82 48 97 81 132 220 167 241 173 653 755 868 770 804 836 766 781 711 722 AustralAsia Sea Based Europe & Middle East 422 Land Ba
Slide 29: EBITDA development
EBITDA development EBITDA 160,0 13,3% 13,4% 14,0 150,0 12,4% 13,0 • EBITDA margin increased from 11,1% in Q1 25 to 140,0 11,1% 12,0 13,4% in Q1 26 130,0 11,0 120,0 9,2% 10,0 110,0 100,0 9,0 8,0 • Solid profitability in Sea Based and Land Based 90,0 80,0 7,0 with EBITDA margin of 13,2% and 11,8%, 148
Slide 30: Cash flow and financial position
Cash flow and financial position Available cash (NOK million) Net Working capital Net debt / EBITDA 1 800 2,62 2,80 2,47 10,5% 1 600 2,37 2,45 600 600 11 2,32 547 9,4% 10 1 400 2,30 500 8,9% 1 264 1 272 2,10 500 473 500 9 1 230 1 229 1 204 442 442 428 7,9% 1 200 8 1,75 400 400 372 360 438 413 433 45
Slide 31: Development Net interest-bearing debt
31.12.2025 1 204 EBITDA 153 Net interest 22 1 Corporate taxes Change WC 85 CAPEX 45 9 New IFRS 16 liability NIBD Q1 2026 (NOK million) Seller credit and other M&A 56 4 Development Net interest-bearing debt Currency & Other 31.03.2026 1 272
Slide 32: Capital expenditure
Capital expenditure CAPEX (NOK million) • Total CAPEX of NOK 45 million in Q1 26 • NOK 20 million applies to the three innovation agendas 58 • NOK 7 is related to the global ERP system 44 45 39 34 52 37 41 36 31 3 7 7 4 3 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Growth Maintenance
Slide 33: Return on capital employed
Return on capital employed ROACE (%) • ROACE continues to improve driven by strong underlying operations and disciplined capital allocation • ROACE increased from 9.3% in Q1 25 to 12.8% in Q1 26 12,8% 11,5% 10,1% 10,5% 9,3% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Note: ROACE is calculated with the average bal
Slide 34: Dividend
Dividend Cash dividend (NOK per share) • A dividend of NOK 1.00 per share was paid on April 21 2,00 1,00 1,00 1,00 0,00 0,00 2021 2022 2023 2024 2025 H1 2026
Slide 35: Business segments
Pioneering a better future
Slide 36: Sea Based Technology
Sea Based Technology Overall Revenue (NOK million) and EBITDA-margin (%) • Revenue decreased by 6% compared to Q1 25 primarily related to the Nordic market 1 300 18 • EBITDA margin increased from 11.9% to 13.2% due to solid 1 200 product mix 16 1 100 • Strong increase in order intake from NOK 784 mi
Slide 37: 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) 3 300 3 200 3 100 1 323 3 000 1 044 2 900 1 108 2 800 895 745 2 700 2 600 1 034 2 500 784 952 655 620 2 400 2 300 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1
Slide 38: Sea Based development OPEX based revenue
Sea Based development OPEX based revenue Revenue (NOK million) • OPEX based revenue for the Sea Base segment 400 42% 45 was 31% of total Sea Based revenue in Q1 26 350 40 • NOK 17 million higher compared to Q1 25 35 300 28% 31% 30 250 27% 31% 25 200 20 150 275 15 242 242 233 100 216 10 50 5 0 0 Q1 2
Slide 39: Land Based Technology
Land Based Technology Revenue (NOK million) and EBITDA-margin (%) • Quarterly order intake of NOK 416 million is 346 350 0 18 primarily related to the contract with Årdal Aqua 16 and variation orders on existing contracts 300 86 14 250 • Strong activity and revenue increased significantly 12 11,8% b
Slide 40: 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 1 281 1 435 1 273 500 384 316 416 138 221 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 12M Revenue 12M Order Intake Order
Slide 41: Digital
Digital Revenue (NOK million) and EBITDA-margin (%) • Order intake of NOK 44 million is NOK 12 million 65 33 higher than the same quarter last year 60 32,1% 32 31 55 30 • Solid increase in revenue of 22% compared to 50 29 same quarter last year 45 28 39 40 5 27 • EBITDA-margin improved from 22,1% in
Slide 42: Digital order intake and backlog development
Digital order intake and backlog development 12M Revenue & Order intake (NOK milion) Order backlog & Order intake (NOK million) 240 220 200 180 160 222 140 188 226 120 183 100 141 80 60 81 77 32 28 44 40 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 12M Revenue 12M Order Intake Order B
Slide 43: Outlook
Pioneering a better future
Slide 44: 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 minimum 9% in 2027 • Strategic review is expected to be completed during 2026
Slide 45: 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 46: Agenda | Q1 2026
Agenda | Q1 2026 Introduction Financial Q&A and Highlights Performance Session Knut Nesse, CEO Ronny Meinkøhn, CFO
Slide 47: Appendix
Appendix Pioneering a better future
Slide 48: 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 1.546 employees Companies Technology leader stock exchange in 2025: in 11 countries through 40 years since 2006 NOK 4.4 billion
Slide 49: Our presence
Our presence Present in all markets with offices in: • Norway • Greece • Denmark • Turkey • Scotland • Chile • England • Canada • Lithuania • China • Spain • Australia
Slide 50: Balance sheet
Balance sheet CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2026 2025 2025 (NOK 1 000) 31.3. 31.3. 31.12. Intangible fixed assets 1,3 1 605 962 1 603 160 1 617 799 Deferred tax assets 85 892 79 064 96 553 Tangible fixed assets 660 676 628 123 695 253 Long-term financial assets 2 173 72
Slide 51: Cash flow statement
Cash flow statement CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2026 2025 2025 (NOK 1 000) Q1 Q1 Total Cash flow from operating activities Profit before taxes 58 027 44 853 192 953 Taxes paid 510 240 -21 230 Share of profit(-)/loss(+) from associates -1 706 -1 177 -12 208 Net interest cost 21 625
Slide 52: 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 2 262 208 6,2 % PARETO AKSJE NORGE VERDIPAPIRFOND NOR Share price Trading volume 1 409 670 3,
Slide 53: Our values
Our values We CARE for people, the planet and profitability Customer focus Aquaculture knowledge Reliability Enthusiasm
Slide 54: Pioneering a better future
Pioneering a better future