(noap 2026 q1 presentation)

Nordic Aqua Q1 2026

28 May 2026

Ragnar Joensen, CEO Andreas Thorud, MD Tom Austrheim, CFO

Agenda Highlights Market Operations

Project Financials

Summary C Outlook

3

Highlights

• Biomass production of 2,161 tonnes, due to Stage 2 ramp up and excellent fish health and welfare. Total biomass of 4,991 tonnes at Q1 end

• Commercial harvest of 771 tonnes HOG, with 95% rated superior and an average weight of 4.4 kg HOG (5.4 kg LW)

• Sizes of 5+ kg SUP had an average sales price of EUR 8.90/kg. Revenue amounted to EUR 6.0 million, resulting in an average sales price of EUR 7.79/kg

• Released cost from stock amounted to EUR 4.8 million, equivalent to EUR 6.27/kg. Benefitted by good production over several months

• Operating EBIT was positive for March. Operating EBIT for Q1

  2026 came in at EUR -0.5 million

• Commenced detailed engineering for Stage 3 and successful transfer of fish into all Stage 2 grow-out units

• Continued strong momentum in the Chinese market for

  Atlantic salmon, with Q1 import up 55% YoY

  4

  
  
  Agenda

  Highlights

  Market Operations Project Financials
  
  

  Summary C Outlook

  5

  
  
  Harvest and sales in Q1

  800

  Harvested tonnes, HOG

  10.00

  Sales price, EUR/kg

  • Harvest and sales volumes significantly increased compared to last quarter, almost back on same average harvest weights as sea-based farmers in Norway

  • Harvest of 771 tonnes HOG, with superior share of

    95%

  • Average harvest weight of 4.4 kg HOG, equivalent to

    600

    Tonnes, HOG

    400

    200

    0

    Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

    8.00

    EUR/kg

    6.00

    4.00

    All incl. SUP 5+ kg NOAP

    5.4 kg LW

  • Sales price for SUP 5+ kg was 13% above Sitagri

    SUP 5+ kg

  • Average sales price achieved at EUR 7.79 kg

- Recaptured price premium position compared to Sitagri index price

8.0

kg, HOG

6.0

4.0

2.0

0.0

Average harvest weight, HOG

Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026

100%

90%

80%

70%

Superior rate, %

- Impacted by harvest weights on parts of the volume

being deviant to optimal weights for the Chinese market

NOAP Norway (Kontali)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Company data, Sitagri and Kontali as of 31.03.202c. The Sitagri price is weighted based on NOAP harvest data

6

Wide price span in China

• Strong preferences for larger size fish in the Chinese market

  • Matches local taste and texture preference

  • Better yield and more efficient for manual processing

  • Better looking sashimi cuts

    EUR/kg

• Resulting in significantly higher price sensitivity to weight variations than other markets

• Q1 - All incl. average sales price compared to SUP 5+ kg:

  • NOAP - SUP 5+kg was 13% above Sitagri - SUP 5+kg

  • NOAP - All incl. was 1% above Sitagri index

7

Preference for larger size fish in China

- resulting in higher price sensitivity to weights

10.00

9.00

8.00

7.00

6.00

5.00

4.00

Q1 2026

Sitagri index

NOAP - All incl.

Sitagri - SUP 5+ kg

NOAP - SUP 5+ kg

Company data and Sitagri. The Sitagri price is weighted based on NOAP harvest data

Strengthening premium position and brand equity through channel validation and stakeholder engagement

• From RAS to RAC - Nordic PureAtlantic Featured at Shanghai Culinary Pop-Up

  • Collaboration with renowned Shanghai restaurant underscoring

    China's growing appreciation for home-grown premium ingredients

• Nordic Aqua Highly Recognized at Ningbo City Promotion Event

  • Nordic PureAtlantic showcased at Ningbo city promotion event in Shanghai to consulates and other international business stakeholders

• Nordic PureAtlantic Chinese New Year Gift Box - Celebrating

  Tradition with Whole-Fish Utilization

  • Nordic Aqua introduced a limited edition of the Nordic PureAtlantic gift box, offering a meaningful and high-quality alternative to conventional Chinese New Year gifts

Nordic PureAtlantic featured at

Shanghai Culinary Pop-Up

Nordic PureAtlantic shines at Ningbo city

promotion event in Shanghai

Nordic PureAtlantic special edition gift box

8

Compelling value proposition to local markets

Freshness

Unparalleled lead time to the market ensures a significantly fresher product than any competitive Atlantic Salmon.

Sustainability

The product holds the highest of quality when it comes to sustainability and traceability.

Safety

The product is produced in a fully controllable environment and is free from antibiotics, medicines, and parasites.

Agility

It is the only high quality, continuously supplied Atlantic Salmon produced in China.

9

Strategically located near Shanghai with proximity to high GDP per capita population

GDP per capita heatmap (USD)

Gaotang

- the ideal location for land-based

farming

• Strategically located with proximity to core markets

  Beijing
  
  

  800 million consumers 12 hours

  • Highly attractive end-market for salmon

    • Higher income areas

    • Focus on health

    • Good availability

> USD 15,000

USD 10,000 - 15,000

< USD 10,000

Hongkong

Shanghai

Gaotang

100 million consumers 5 hours

• Gaotang location offers benefits such as;

  • Suitable water quality

  • Access to energy at stable prices

  • Modern infrastructure

Source: Provincial Bureau of Statistics of China

10 Note: 1) Rabo Research Food & Agribusiness

Strong growth in imports of Atlantic salmon to China

- on track to exceed Alibaba's 2030 projection of 210,000 tonnes with new estimates pointing towards 300,000 tonnes by 2030

350

300

250

200

150

100

50

0

Annual import volume*

Fresh or chilled Atlantic salmon (1,000 tonnes)

180

160

140

120

100

80

60

40

20

0

Quarterly import 12 months rolling

Fresh or chilled Atlantic salmon (1,000 tonnes)

Q1 Q2 Q3 Q4

21 21 21 21

Q1 Q2

22 22

Q3 Q4

22 22

Q1 Q2 Q3

23 23 23

Q4 Q1

23 24

Q2 Q3

24 24

Q4 Q1 Q2

24 25 25

Q3 Q4 Q1

25 25 26

46,550 tonnes of fresh Atlantic salmon imported in Q1 2026

- an increase of 55% YoY

*Source - Chinese customs data

** Source - Alibaba Group

11 ***Pareto Securities - Figures includes import to Hong Kong

Imports of Atlantic salmon to China Q1 2026

Q1 - Market share per COO

Fresh or chilled Atlantic salmon (%)

Q1 - Total Import Volume

Fresh or chilled Atlantic salmon (tonnes)

46,550

11%

11%

10%

3%

24%

23%

22%

8%

11%

2%

12%

5%

7%

18%

9%

6%

20%

7%

7%

10%

8%

11%

9%

3%

64%

54%

65%

50%

54%

40%

12,651

19,342

22,532

29,991

2021 2022 2023 2024 2025 2026

Norway United Kingdom Faroe Islands

Chile Australia Others

2022 2023 2024 2025 2026

Norway United Kingdom Faroe Islands Chile Australia Others

Norwegian imports of fresh Atlantic Salmon reached 30,202 tonnes in Q1 2026, up 88% YoY.

Volumes from Chile grew 147% YoY to 5,051 tonnes.

12 Source: Chinese customs data

Historic average import prices above EUR 10/kg

20.00

18.00

16.00

14.00

EUR/kg

12.00

10.00

8.00

6.00

4.00

2.00

Average import price per month

Fresh or chilled Atlantic salmon (EUR/kg). Volumes in tonnes

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar 2020 2021 2022 2023 2024 2025 2026

18,000

16,000

14,000

12,000

Tonnes

10,000

8,000

6,000

4,000

2,000

0.00 0

Total volume European Chile and Australia Average - European Average - Chile and Australia

Import price includes import duty

13 Source: Chinese customs data

Agenda

Highlights Market

Operations Project Financials

Summary C Outlook

14

Farming in Q1

• Strong biological performance

  • Good fish health, high survival rates and good fish appetite

  • Production from Stage 1 is at full run-rate

  • Stage 2 production also closing in on full run-rate production

• Q1 biomass production of 2,161 tonnes

  • With the weighted average available tank capacity during Q1 2026, production was above full-run rate

  • Total biomass of 4,991 tonnes by quarter end

    15

    Production, tonnes (LW)

    2,500

    2,000

    1,500

    1,000

    500

    0

    Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

    Biomass, tonnes (LW)

    5,000

    4,000

    3,000

    2,000

    1,000

    0

    Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

    Company data as of 31.03.202c

    
    
    Production status

    - Stable production of premium quality fish

    KPI's from start*

*Company data as of 27.05.202c

Agenda

Highlights Market Operations

Project

Financials Summary C Outlook

17

Stage 2

- close to completion

• Bring total annual capacity to 8,000 tonnes

• First inlay of eggs was completed in Q3 2024

• All on-growing RAS units are now in operation, remaining is only some auxiliary systems

• On schedule for first harvest in September 2026

• Revised capex estimate to EUR 65 million, down 16% from previous EUR 77 million

  • Benefiting from close collaboration with AKVA Group and other

    suppliers

  • Standardizing RAS units

  • Good project management

• EUR 49.8 million of Stage 2 capex accrued by the end of Q1

18

Further growth potential

Stage 3: +12,000 MT

Pending investment decision

Stage 1: 4,000 MT

Operational since 2022

Optional Stage 4

Potential for +30,000 MT

Stage 2: 4,000 MT

Construction ongoing

19

Agenda

Highlights Market Operations Project

Financials

Summary C Outlook

20

Financial review

• Sales in Q1 2026 of EUR 6.0 million (EUR 2.3 million)

  • Recaptured price premium position compared to Sitagri index price

  • 13% premium for SUP 5+ kg

  • Average harvest weights on parts of the volume being deviant to optimal

    weights for the Chinese market

• Released cost from stock at EUR 4.8 million (EUR 1.7 million), equivalent to EUR 6.3/kg (EUR 6.0/kg)

  • Down EUR 2.7/kg compared to Q4 2025, due to good growth for several months

  • Expected to decrease further during 2026

• Investments in PPE amounted of EUR 1.2 million (EUR 4.9 million)

• Biomass of EUR 35.4 million (EUR 19.7 million) at quarter end, including fair value adjustment of EUR 8.6 million (EUR 2.2 million)

• Equity ratio as of 31 March at 59% (53%)

21 Figures for the corresponding period in 2025 in brackets

Key Figures

1. Operating EBITDA = EBITDA excl. fair value adjustments

2. Operating EBIT = EBIT excl. fair value adjustments

3. Operating EBIT/kg = EBIT excl. fair value adjustments/harvested tonnes, HOG + Other harvested tonnes, WFE

4. Equity ratio = Equity / Total assets

5. Net interest-bearing debt (NIBD) = Long- and short-term interest-bearing debt - Cash and cash equivalents

Transformational capitalisation and financing - offering substantial benefits for Nordic Aqua

22

Bank financing in Nordic Aqua Ningbo

• Concluded an agreement with syndicate of local banks, strengthening NOAP's financial platform and strategic position in China

• Syndicate credit facilities of up to RMB 585 million (EUR

  ~70m) at competitive terms and conditions

  • RMB 385 million/EUR 46 million in long-debt to finance Stage 2 and repay previous short-term loans

    • RMB 272 million/EUR 33 drawn end of Q1

  • Working capital facility of up to RMB 200 million/EUR 24 million to

    support ramp-up phase

    • Expected to be completed in 2026

  • The preliminary agreement comprises financing of Stage 3

    • Subject to certain milestones and conditions

• Repayment of existing short-term credits during Q1

  23

  
  
  Agenda

  Highlights Market Operations Project

  Financials

  Summary s Outlook
  
  

  24

  
  
  Outlook - Q2 2026 and FY 2026

• Market - Continued strong momentum in April 2026 - on track to

  exceed Alibaba's 2030 projection of 210,000 tonnes

• Harvest Q2 - 1,000-1,200 tonnes HOG with superior share above 95% and average weights of approx. 4.5 kg HOG

• Harvest FY - 5,000-6,000 tonnes HOG

• Price - Expect improved price realisation from Q2, driven by higher global prices and increased harvest weights should improve price realization from Q2 2026

• Cost - Released cost from stock at EUR 6.3/kg expected to

  decrease further during 2026

• Production - Stage 2 production is gradually increasing and expected to reach full run-rate in H2 2026, with first harvest in September

• Financing - The Working Capital Facility is partly subscribed and

  is expected to be completed within 2026

• Project - Subject to final investment decision, construction of Stage 3 can start late 2026/early 2027

  25

  
  
  Summary of Q1 2025

• Market - Featured at Shanghai Culinary Pop-up and recognized at Ningbo City promotion event

• Financials - Operating EBIT was positive for March and

  Operating EBIT for Q1 ended at EUR -0.5 million

• Harvest - 771 tonnes HOG with superior share of 95% and average harvest weight of 4.4 kg HOG

• Production - 2,161 tonnes bringing biomass to 4,991

  tonnes at quarter end

• Financing - Entered local equity and debt partnerships, enabling acceleration of strategy execution towards 20,000 tonnes annual capacity

• Project - Stage 2 is close to completion and detailed

engineering has commenced for Stage 3

26

Investor Contacts

Tom Johan Austrheim

CFO, NOAP tel:+47 982 09 873

tom@nordicaquapartners.com

Ragnar Joensen CEO, NOAP tel:+298 599112

ragnar@nordicaquapartners.com

Thank you

Next events:

• Half-yearly report 2026, 27 August 2026

  
  
  Appendix

  28

  
  
  Profit s Loss

  (figures in EUR 1000)	Q1 2026	Q1 2025
  Revenue	6,008	2,297
  Purchase of goods	-4,837	-1,336
  Change in inventory and biological assets (at cost)	4,778	3,715
  Other operating income	0	0
  Other external expenses	-3,441	-2,783
  Staff costs	-1,588	-1,818
  Depreciations	-1,449	-1,436
  Operating EBIT	-52G	-1,361
  Fair Value of Biological Assets	4,172	-517
  EBIT	3,643	-1,878
  Net financials	-16	-3,104
  Profit/loss before tax	3,627	-4,G82
  Income tax expense	-739	715
  Profit/loss for the period	2,888	-4,267
  Operating EBIT/kg	-0.69	-4.57
  Earnings per share - Basic (EUR)	0.10	-0.20

  • Sales in Q1 2026 of EUR 6.0 million (EUR 2.3 million)

    • Recaptured price premium position compared to Sitagri index price

    • 13% premium for SUP 5+ kg

    • Average harvest weights on parts of the volume being deviant to

      optimal weights for the Chinese market

  • Released cost from stock at EUR 4.8 million (EUR 1.7 million), equivalent to EUR 6.3/kg (EUR 6.0/kg)

    • Down EUR 2.7/kg compared to Q4 2025, due to good growth for several months

    • Expected to decrease further during 2026

  • Operating EBIT of EUR -0.5 million (EUR -1.4 million)

    • Operating EBIT was positive for March

  • Net financials at EUR -0.0 million in Q1 2026

    (EUR -3.1 million)

    • Mainly related to financial expenses and offset by exchange rate deviations

  • Result for the period ended at EUR 2.9 million (EUR -4.3 million)

29

Financial Position

• Total assets of EUR 187 million (EUR 153 million), increase mainly from investments in PPE and building biomass

• Biomass of EUR 35.4 million (EUR 19.7 million) at quarter end, including fair value adjustment of EUR 8.6 million (EUR 2.2 million)

• Equity ratio as of 31 March at 59% (53%)

• Interest-bearing debt in total of EUR 36.3 million (EUR 26.6 million)

  • Increase from additional drawdown from new Stage 2 loan and

    repaying previous short-term credit facilities

    30

    
    
    Cash Flow

• Net cash flow from operations in Q1 2026 amounted to

  (figures in EUR 1000)	Q1 2026	Q1 2025
  Cash flow from operating activities
  EBIT	3,643	-1,878
  Adjustments	-262	1,100
  Changes in working capital	-14,293	-1,003
  Net cash flow from operating activities	-10,G12	-1,781
  Cash flow from investment activities Payments for fixed assets and other capitalizations	-1,176	-4,914
  Net cash flow from investment activities	-1,176	-4,G14
  Net cash flow from financing activities	5,284	-1,305
  Net change in cash and cash equivalents	-6,804	-8,000
  Cash and cash equivalents at the beginning of the period	11,505	18,044
  Cash and cash equivalents at the end of the period	4,701	10,044
  Net interest-bearing debt (NIBD)	31,568	16,602

  EUR -10.9 million (EUR -1.8 million)

  • Mainly related to building biomass and change in trade payables

• Net cash flow from investments in Q1 2026 amounted to EUR -1.2 million (EUR -4.9 million)

  • All related to PPE

• Net cash flow from financing in Q1 2026 amounted to EUR 5.3 million (EUR -1.3 million)

  • Mainly related to additional drawdown from new Stage 2 loan combined with repaying previous short-term credit facility

• Net cash flow in Q1 2026 amounted to EUR -6.8 million (EUR -8.0 million)

• Cash at the end of Q1 2026 was EUR 4.7 million (EUR million 10.0)

• NIBD was EUR 31.6 million (EUR 16.6 million) at the end of Q1 2026

31

Investor Contacts

Tom Johan Austrheim

CFO, NOAP tel:+47 982 09 873

tom@nordicaquapartners.com

Ragnar Joensen CEO, NOAP tel:+298 599112

ragnar@nordicaquapartners.com