(noap interim report q1 2026)

Interim Report Q1 2026

1

Nordic Aqua

Interim Report

Nordic Aqua Partners AS

C.J. Hambros plass 2c, 0164 Oslo, Norway Business registration No. 928 958 280

Nordic Aqua

Nordic Aqua is a land-based Atlantic Salmon farming company operating the first fully integrated and commercially scaled Recirculating Aquaculture System ("RAS") farm for Atlantic Salmon in China, using cutting edge technology and expertise. First harvest started in April 2024.

Located in Ningbo in the Zhejiang-province, the Company is positioned to deliver fresh and locally farmed Atlantic Salmon to about 100 million of China's wealthiest consumers within 5 hours.

• High growth potential for premium quality Atlantic Salmon driven by growing middle-class
• Strong governmental support for food security and domestic production
• Dense population and high purchasing power in cities nearby
• Well established infrastructure enables fast and sustainable transportation of fresh Atlantic Salmon to key cities
• Significant upside potential in current kg/capita consumption
• Imports of fresh Atlantic Salmon grew 55% in Q1 2026 to a new record Q1 high of 46,550 MT HOG (Head-on gutted)
• Projected 12% CAGR growth to 2030 in the Chinese market for Atlantic Salmon

  The current plan comprises a 3-stage development, combined totaling an annual production capacity of 20,000 tonnes. The dedicated land has potential to increase production to 50,000 tonnes of Atlantic Salmon and is part of Nordic Aqua's long-term ambitions.

  
  
  

  The first harvest from Stage 1 commenced in April 2024, and the objective is to start harvest from Stage 2 in Q3 2026. Nordic Aqua has commenced detailed engineering for Stage 3, and subject to a final investment decision, construction can start late 2026/early 2027, indicating a first harvest in 2029. This will bring annual harvesting capacity to 20,000 tonnes (HOG).

  
  
  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

*Operating EBIT = EBIT excl. fair value adjustments

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

***Equity ratio = Equity / Total assets

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

*Operating EBITDA = EBITDA excl. fair value adjustments

**Operating EBIT = EBIT excl. fair value adjustments

***Operating EBIT/kg = Operating EBIT / harvested tonnes HOG + Other harvested tonnes WFE

****Equity ratio = Equity / Total assets

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

During the first quarter of 2026, Nordic Aqua demonstrated operational functionality of the new Stage 2 RAS units with production levels close to full run rate.

Total commercial harvest amounted to 771 tonnes during the quarter (199 tonnes), with an average harvest weight of 4.4 kg HOG, (6.2 kg HOG) equivalent to 5.4 kg LW, (7.5 kg LW). The company is back on the path to producing larger fish, with increasing harvest volumes and weights. Superior share for the quarter ended at 95%.

Average sales price for SUP 5+ sizes was EUR 8.90/kg, 13% above the Sitagri index price for the period. Q1 2026 Commercial revenue amounted to EUR 6.0 million (EUR 1.8 million) driven by higher harvest volume. Average sales price overall was EUR 7.79/kg (EUR 9.03/kg), impacted by harvest weights still somewhat deviant to optimal weights for the Chinese market.

Farming cost for the first quarter amounted to EUR 4.8 million (EUR 1.7 million), equivalent to EUR 6.27/kg HOG (EUR 5.99/kg HOG).

Operating EBIT was positive in March. Operating EBIT for Q1 amounted to EUR -0.5 million (EUR -1.4 million).

Overall biological performance remains strong with good fish health, no maturation and high survival rates.

Production increased during the quarter. The fish' appetite is good and production from Stage 1 is at full run-rate. Stage 2 production is gradually increasing and is expected to be at full run-rate in the second half of 2026. Production during the quarter was 2,161 tonnes (933 tonnes) bringing the total biomass to 4,991 tonnes by the end of the period, up from 2,805 tonnes by the end of Q1 2025.

Cost to stock for the production in the first quarter amounted to EUR 9.3 million (EUR 5.4 million), equivalent to EUR 4.30/kg LW (EUR 5.83/kg LW). This brings average cost to stock for the standing biomass to EUR 5.38/kg LW (EUR 6.24/kg LW) by quarter end.

Since the first egg inlay for Stage 2 was completed in the third quarter of 2024, the Company has transferred fish into all RAS units of Stage 2, with production closing in on full run-rate. The first harvest from Stage 2 fish is expected in September 2026.

Total capex for Stage 2 is estimated to EUR 65.0 million, 16% below initial estimate of EUR 77 million.

Detailed engineering has commenced for Stage 3, and subject to a final investment decision, construction can start late 2026/early 2027, indicating a first harvest in 2029. This will bring annual harvesting capacity to 20,000 tonnes (HOG).

During the first quarter, Nordic Aqua had commercial harvest of 771 tonnes HOG, (199 tonnes HOG), with a superior rate of 95% (99%). The average harvest weight during the quarter was 4.4 kg HOG (6.2 kg HOG), equivalent to 5.4 kg LW (7.5 kg LW). The Company received positive feedback on quality from clients and consumers.

The Company is now almost back on same average harvest weights as sea-based farmers in Norway and on track to producing larger fish. The planned increase in harvest sizes will take some quarters until desired

800

700

600

Tonnes, HOG

500

400

300

200

100

0

Harvest, tonnes (HOG) Sales price, EUR/kg

10.00

9.00

8.00

7.00

6.00

All incl. SUP 5+ kg

level is reached, due to high survival rates and still too

high number of fish in the facility.

Q1 2026 Commercial revenue amounted to EUR 6.0 million (EUR 1.8 million) with the increase driven by a

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

NOAP Sitagri

significantly higher harvest volume.

Nordic Aqua managed to recapture a price premium position compared to Sitagri index price. For SUP 5+ kg sizes the premium was 13%.

Average sales price achieved ended at EUR 7.79/kg, down from EUR 9.03/kg in the corresponding period last year, impacted by harvest weights on parts of the volume being deviant to optimal weights for the Chinese market.

8.00

7.00

kg, HOG

6.00

5.00

4.00

3.00

2.00

Average harvest weight, kg (HOG) Quality distribution, %

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0% 20% 40% 60% 80% 100%

NOAP Norway (Kontali) Superior rate, % Production rate, %

Figures for the corresponding period in 2025 in brackets

Company data, Sitagri and Kontali as of 31.03.202c. The Sitagri

sales price is weighted based on NOAP harvest data 7

As harvest sizes increase, price premium realization versus market benchmarks is expected to increase.

Overall biological performance remains strong with good fish health, no maturation and high survival rates.

Production increased during the quarter and is already close to full run-rate for Stage 1+2 combined. With the weighted average available tank capacity during Q1 2026, production was above full-run rate. Production during the quarter was 2,161 tonnes (933 tonnes), bringing the total biomass to 4,991 tonnes by the end of the period, up from 2,805 tonnes one year earlier. The fish' appetite is good and production from Stage 1 is at full run-rate. Stage 2 production is gradually increasing and is expected to be at full run-rate in the second half of 2026 bringing total annual production capacity to 8,000 tonnes.

Cost to stock for the production in the first quarter amounted to EUR 9.3 million (EUR 5.4 million), equivalent to EUR 4.30/kg LW (EUR 5.83/kg LW). This brings average standing biomass to EUR 5.38/kg LW (EUR 6.24/kg LW) by quarter end.

Adapting to market preferences for large size fish in China and securing a strong position in the high-end salmon market, Nordic Aqua has revised its production strategy to increase average harvest weights during 2026 towards 7.0 kg, LW. In current operations the company has already proven capability to producing fish at the preferred weights at scale with no maturation.

The first egg inlay for Stage 2 was completed in the third quarter of 2024. Subsequently, the Company has transferred fish into all RAS units of Stage 2, with production closing in on full run-rate. The first harvest from Stage 2 fish is expected to be in September 2026.

Figures for the corresponding period in 2025 in brackets

8

Net growth, 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 31.03.2026

All necessary land, infrastructure and operational facilities needed for the development of Nordic Aqua's Ningbo project (Stage 1-3) is facilitated by the local governments and made available for Nordic Aqua under favourable long term lease agreements through Xiangshan Strait Economic C Technological Cooperation Co., Ltd.

Delivery of the 4,000 tonnes HOG Stage 1 RAS system was executed by AKVA Group through a turnkey delivery contract at fixed price all the way through installation, commissioning, and handover. AKVA Group is also delivering RAS technology for Stage 2, though with the contract based on a target price arrangement.

As the projects has progressed, Nordic Aqua has made individual adjustments to the design of the facility and the RAS technology to optimise operations. The adjustments are made in collaboration with the local government and AKVA Group.

The close collaboration with the local government, AKVA Group and other key suppliers is reducing capex, de-risking and accelerating construction through

knowledge transfer, scale and repeat effect throughout the value chain.

Combined, the long-term lease contracts with Xiangshan Strait Economic C Technological Cooperation Co., Ltd., and the contractual framework with AKVA Group materially reduce execution risk and exposure to cost overruns across all project stages.

The second stage of the project will bring annual production capacity to 8,000 tonnes HOG.

All the Stage 2 RAS units are in operation, and the remaining auxiliary systems are expected to be completed during the first half of 2026.

With first egg inlay in the third quarter of 2024 and subsequent transfer of fish into all RAS units, first harvest from Stage 2 is expected to be in September 2026. The team is very proud of the new facility of Stage 2, that now is in production.

Revised capex forecast for Stage 2 is EUR 65.0 million, 16% below the original estimate of EUR 77.0 million. This is the benefit from good project management and close collaboration with AKVA Group and other key suppliers.

By the end of the first quarter 2026, accumulated Stage 2 CAPEX amounted to EUR 49.8 million.

In Q4 2024 Nordic Aqua entered into a 30-year rental agreement for land and production facilities for Stage 3, allowing for an annual harvest capacity of 20,000 tonnes.

Nordic Aqua has commenced detailed engineering for Stage 3, and subject to a final investment decision, construction can start late 2026/early 2027, indicating a first harvest in 2029.

The good project management and close collaboration with key suppliers seen through Stage 1 and 2 is expected to have a positive impact on a potential Stage 3 development.

Revenues for the first quarter of 2026 amounted to EUR

6.0 million (EUR 2.3 million), driven by higher harvest volume. The revenue increase was somewhat offset by lower average sales price as parts of the volume had weight deviating from optimal weights for the Chinese market.

Costs related to purchases of goods came in at EUR 4.8 million (EUR 1.3 million). Purchase of goods mainly comprises feed and eggs, and the increase from the same quarter last year is due to higher production.

Change in inventory and biological assets (at cost) amounted to EUR 4.8 million (EUR 3.7 million), due to biomass buildup. The released cost from stock amounted to EUR 4.8 million (EUR 1.7 million), equivalent to EUR 6.27/kg (EUR 5.99/kg). Following Q2 and Q3 2025 with lower growth and higher costs, the released cost has decreased again, due to good production over several months.

Other external expenses came in at EUR 3.4 million during the quarter (EUR 2.8 million), primarily related to operating expenses with the increase related to higher production. Staff costs for the quarter totaled EUR 1.6 million. This is down from EUR 1.8 million in the first quarter of 2025 and is related to decreased FTE and reversal of a warrants program that expired during the quarter of EUR 0.1 million.

Thus, operating EBITDA for the first quarter of 2026 ended at EUR 0.9 million (EUR 0.1 million).

Depreciations amounted to EUR 1.4 million (EUR 1.4 million). Depreciation of Stage 2 has partly started and will gradually increase throughout Q2 and Q3 of 2026.

Operating EBIT for the first quarter of 2026 ended at EUR -0.5 million (EUR -1.4 million). Gradually improving throughout the period, Operating EBIT for March 2026 was positive, representing an important milestone for the company as the first month with positive Operating EBIT.

Net financial items were positive at EUR 0.9 million (EUR -2.3 million) during the quarter, primarily due to net foreign exchange gains. Financial expenses amounted to EUR 1.0 million (EUR 0.8 million), mainly related to interest payments on credit facilities that were settled during the quarter.

Pre-tax profit came in at EUR 3.6 million (EUR -5.0 million).

Income tax for the period is estimated to EUR -0.7 million (EUR 0.7 million), leaving net profit for the period at EUR 2.9 million (EUR -4.3 million), corresponding to EUR 0.10 per share (EUR -0.20).

Net cash flow from operating activities was EUR -10.9 million during the quarter (EUR -1.8 million), primarily driven by increased working capital from biomass building and a decrease in trade payables.

Net cash flow from investment activities was EUR -1.2 million (EUR -4.9 million), all related to investments in fixed assets.

Net cash flow from financing activities ended at EUR

5.3 million (EUR -1.3 million). Proceeds from additional drawdown of the project loan of EUR 15.1 million was partly offset by settlement of previous credit facilities of EUR 10.0 million.

Net cash flow for the quarter ended at EUR -6.8 million (EUR -8.0 million), leaving cash and cash equivalents at the end of the period at EUR 4.7 million, down from EUR

10.0 million 12 months earlier.

As of 31 March 2026, Nordic Aqua had total assets of EUR 186.8 million (EUR 153.1 million). Book value of fixed assets amounted to EUR 95.1 million (EUR 74.9 million). The increase is related to further investments in Stage 2. Right of use assets were EUR 32.9 million (EUR 34.4 million).

Current assets amounted to EUR 49.9 million (EUR 33.8 million), of which biomass amounted to EUR 35.4 million (EUR 19.7 million). The biomass includes a fair value adjustment of EUR 8.6 million (EUR 2.2 million). Cost to stock for the production in the first quarter amounted to EUR 9.3 million (EUR 5.4 million), equivalent to EUR 4.30/kg LW (EUR 5.83/kg LW). This brings average standing biomass to EUR 5.38/kg LW (EUR 6.24/kg LW) by quarter end.

Total equity at the end of the first quarter amounted to EUR 109.9 million (EUR 81.6 million), corresponding to an equity ratio of 59% (53%). The increase relates to the EUR 36.7 million proceeds from minority capital injection in Q4 2025.

Non-current liabilities at the end of the first quarter of 2026 were EUR 69.8 million (EUR 57.6 million). The change YoY is related to the refinancing of previous credit facilities.

Current liabilities at the end of the quarter were EUR 7.0 million (EUR 13.9 million), of which short-term interest-bearing debt amounted to EUR 2.0 million (EUR 4.0 million). Trade payables amounted to EUR 4.1 million (EUR 8.9 million).

Long-term financing

In December 2025 Nordic Aqua Ningbo completed an agreement for long-term financing with a syndicate of Chinese banks led by Bank of China, Ningbo Branch.

The financing structure comprises three components:

• Project loan facility: RMB 385 million (EUR 46 million) in long-term debt for the refinancing of existing loans related to the Gaotang facility. At the end of the first quarter of 2026 RMB 272 million were drawn.

• Working capital facility: Up to RMB 200 million (EUR 24 million) to support operations through the ramp-up phase, subject to approved participation. At the end of the first quarter of 2026 RMB 61 million was committed, whereas RMB 16 million of working capital facilities were drawn. Subsequent to the end of Q1 2026 RMB 25 million have been made available under the working capital facilities.

• Potential financing of Stage 3 construction

The Working Capital Facility is partly subscribed and is expected to be completed within Q2 2026.

The facilities are entered at competitive market terms and have replaced existing debt arrangements, improving liquidity and lowering overall financing cost.

In Q4 2025, the Group entered into an agreement with Ningbo Ocean Development Group and Xiangshan Strait Economic C Technological Cooperation for a co-investment in Nordic Aqua's subsidiary Nordic Aqua Ningbo. Under the agreement, Ningbo Ocean Development Group and Xiangshan Strait Economic C Technological Cooperation have invested RMB 300 million (EUR 36.7 million) for a 20% stake in Nordic Aqua Ningbo.

These transactions represent a major strategic milestone for Nordic Aqua, establishing a robust local financing platform, improving liquidity, lowering funding costs, and significantly strengthening the Company's capacity to execute its long-term growth strategy.

Short-term financing

To secure continued progress of ongoing construction ahead of closing the new equity and debt facilities, Nordic Aqua entered a short-term credit facility of EUR 10 million with Kontrari AS in October 2025. The facility was agreed on standard market terms and repaid in Q1 2026.

In accordance with section 3-3a in the Norwegian Accounting Act, it is confirmed that the financial statements have been prepared on the assumption that the entity is a going concern. The Board considers that the interim financial statements for Nordic Aqua provide a true and fair picture of the Group's results for the first quarter of 2026 and the Group's financial position at the end of the first quarter of 2026.

Figures for the corresponding period in 2025 in brackets

The Chinese salmon market continues to show robust growth, driven by the rapid expansion of its upper middle- and high-income class and demand for premium, sustainably produced seafood.

Nordic Aqua's location provides direct access to more than 100 million high-income consumers within a five-hour distribution radius, enabling unmatched freshness, reduced logistics risk, and superior product quality compared to imported alternatives. Offering products of unparalleled freshness, Nordic Aqua is well-positioned to capitalize on the rising demand for fresh, local produced Atlantic Salmon in China.

The consumption growth of fresh, whole Atlantic Salmon in China in 2025 was 48%, the highest growth in any of the major markets for Atlantic Salmon in the world. Fresh, whole Atlantic Salmon import continued its upward trajectory into 2026, and by the end of Q1 volumes reached 46,550 tonnes, up 55% year-over-year.

Norway is currently the largest provider of fresh or chilled salmon to the Chinese market, amounting for some 65% of total imports in Q1 2026 (54% in 2025). Q1 imports from Norway grew 88% year-over-year and reached 30,202 tonnes.

On a global scale demand for healthy, nutritious, and sustainably produced seafood continues to rise. However, the conventional farming of Atlantic Salmon has witnessed limited supply growth in recent years. This disparity between demand and supply has resulted in periodically tight market balance, contributing to high global salmon prices. However, 2025 witnessed a higher-than-expected production in Norway, resulting in lower global salmon prices compared to previous years. Although this price trend continued into Q1 2026, the industry expects the market balance to tighten throughout 2026, contributing to higher global salmon prices compared to 2025.

Import volume per quarter

Fresh or chilled Atlantic Salmon (tonnes)

50,000

40,000

30,000

20,000

10,000

0

2020 2021 2022 2023 2024 2025 2026*

Q1 Q2 Q3 Q4

Jan - Mar - Market share per COO

Fresh or chilled Atlantic salmon (%)

100%

80%

11%

11%

8%

11%

10%

24%

8%

23%

12%

22%

60%

3%

11%

2%

5%

7%

20%

7%

7%

10%

G%

3%

40%

18%

G% 6%

64%

20%

54%

50%

40%

54%

65%

0%

2021

2022

2023

2024

2025

2026

Norway United Kingdom Faroe Islands Chile Australia Others

Chinese customs data as of 31.03.202c

The Chinese market for Atlantic Salmon, which began developing in the 1990s, has historically been dominated by the food service sector. Consumption has primarily occurred through Japanese cuisine, particularly sashimi and sushi, where raw Atlantic Salmon is a core ingredient. In this segment, large-sized Norwegian salmon, specifically those exceeding 6 kg (HOG), has been the preferred product. Previous industry estimates suggest that food service consumption traditionally represented approximately 80-85% of total Atlantic Salmon demand in China.

During the recent two years the market has seen a notable shift towards at-home consumption and increased sales via e-commerce platforms and retail. Market estimates indicate that on- and offline retail channels have increased their relative share significantly compared to the hotel, restaurant and catering segment (HoReCa) in recent years, boosted by lower global salmon prices. Although the retail segment to some extent uses more 4-6 kg HOG than HoReCa, Nordic Aqua still sees that larges sizes constitute a stable and dominant share of local demand. Taking a broad view, it is expected that China's demand for 5+ kg HOG will continue to be driven by sustained such size demand from HoReCa, traditionally a premium paying channel, and consumption of sashimi products as key driver for the retail consumer segment. Moreover, the local demand for 2-4 kg HOG has traditionally been very low, and detrimental to overall price achievement.

To align with this evolving demand profile and to secure a leading position in China's high-value segment, Nordic Aqua revised its production strategy in Q2 2025, increasing its target harvest weight from 5.3 kg to 7.0 kg live weight (LW). This enables the company to cater more effectively to the premium food service segment, as well as opportunities in retail. The strategic adjustment is expected to enhance the company's market presence throughout 2026 and beyond, reinforcing its value proposition as a localized supplier of large, super-fresh, high-quality Atlantic Salmon with Norwegian heritage.

Growth Opportunities and Brand Positioning

Recognizing the significant untapped potential in the Chinese market, Nordic Aqua is actively pursuing business development opportunities across emerging distribution channels, focusing on partners offering proximity to end-consumers. The Company's brand, Nordic PureAtlantic, is built on four key attributes: freshness, food safety, sustainability, and local presence, all crucial to the competitive positioning of the brand.

The surge in imports of Atlantic Salmon to China is underpinned by higher penetration beyond 1st and 2nd tier cities, expanded retail distribution on- and offline, and a growing preference for healthy, sustainable seafood options among a growing middle class.

China's Atlantic Salmon market is highly competitive, with multiple countries of origin vying for a share. Key exporters include Norway, the Faroe Islands, Scotland, Chile, and Australia. Market share is influenced by quality, size, supply stability, and harvest seasonality.

Brand Launch and Marketing Strategy

Nordic Aqua officially launched its Nordic PureAtlantic brand in April 2024, aiming to establish a strong foothold in both the food service and retail segments.

To support brand development and market penetration, Nordic Aqua is leveraging targeted PR and digital marketing initiatives. These efforts are designed to build brand recognition and consumer preference across traditional HoReCa channels as well as retail and e-commerce platforms. Through these initiatives, Nordic Aqua aims to position the Nordic PureAtlantic brand as the preferred premium choice for Chinese consumers and industry stakeholders alike.

In sum, Nordic Aqua is building a position through its Nordic PureAtlantic brand in one of the world's most exciting growth-markets for Atlantic Salmon, from a geographical location well-suited to serve the affluent Yangtze River Delta (area around Shanghai) and other economic key areas in China. This is combined with a growing demand for domestically produced high-quality protein. Additionally, in a global trade order influenced with tariff uncertainties; being in China for China becomes even more strategically important.

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

In Q1, Nordic PureAtlantic was selected as a featured ingredient for a pop-up at RAC, a three-night "French x Hunan" fusion dinner on Shanghai's Anfu Road. The event brought together acclaimed chefs who chose our premium Atlantic Salmon as a cornerstone of their innovative menu.

For the event, our premium Nordic PureAtlantic was transformed by a gravlax cure, with crisp bell peppers and a tangy Hunan-style vinaigrette complementing its delicate fat and freshness, a tribute to both its Nordic origins and its Chinese home.

The collaboration underscored a growing trend in urban China's discerning food scene: a deep appreciation for traceable, locally sourced premium ingredients. The successful pop-up also reinforced our ability to partner with top-tier restaurants, showcasing how locally farmed, high-quality Atlantic Salmon can

inspire creative cuisine while strengthening brand visibility.

Nordic Aqua Highly Recognized at Ningbo City Promotion Event

On March 19, Nordic PureAtlantic took center stage at the Ningbo City Promotion Event in Shanghai. Invited as a key local enterprise, the company showcased Nordic PureAtlantic through live tastings, offering attendees a fresh taste of Ningbo-farmed Atlantic Salmon.

The event brought together more than 150 participants, including consular officials from 43 countries, along with representatives from business associations, multinational companies, and international sister cities. Nordic Aqua was invited as a representative of Ningbo's modern, technology-driven aquaculture sector, a reflection of the company's technical expertise in land-based RAS farming and its long-term commitment to China's aquaculture industry.

Nordic Aqua's Atlantic Salmon received high praise from attendees, strengthening confidence in the high-quality protein produced by Ningbo's local high-tech aquaculture.

Nordic PureAtlantic Chinese New Year Gift Box -Celebrating Tradition with Whole-Fish Utilization

In Q1, 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.

Each gift box contained one head-on, gutted Atlantic Salmon, carefully portioned into various sashimi cuts, portions, as well as head and bones for soup or other dishes. This approach not only showcased the versatility and superior quality of Nordic Aqua's salmon but also demonstrated the company's commitment to sustainability, using the whole fish, minimizing waste, and respecting the resources that go into responsible aquaculture.

The strong biological performance observed in Q1 2026 continued into the second quarter of 2026, with high feeding levels, good fish welfare, and stable operational conditions supporting continued production ramp-up.

The company is back on the path to producing larger fish, with an increase in harvest volumes, average weights and superior rate QoQ.

The number of fish in the facility is still too high, therefore the gradual increase in average harvest sizes will take some quarters until the number of fish in the facility is at a desired level. The average harvest weight in Q2 2026 is expected to be approx. 4.5 kg HOG and gradually increase further during 2026, supporting improved price realization and a continued improvement in operating margins. The superior rate is expected to increase and stay above 95% for Q2 2026 and onwards.

For the full year 2026 total harvest volume is expected in the 5,000-6,000 tonnes HOG range, a significant step-change in scale and an important milestone on the path toward full utilization of Stage 2 capacity.

As harvest from Stage 2 will start in September 2026, total harvest volume for 2026 is skewed towards the second half of the year. Harvest volume for Q2 2026 is expected to be in the 1,000-1,200 tonnes HOG range.

Released cost from stock in Q1 2026 came down by EUR 2.70/kg compared to Q4 2025 and is expected to decrease further during 2026. This is supported by cost transferred to stock during Q1 2026 of EUR 9.3 million (EUR 5.4 million), equivalent to EUR 4.30/kg (EUR 5.83/kg) and lower standing biomass cost on inventory at quarter end Q1 2026, EUR 5.38/kg, compared to EUR

6.24/kg end of Q1 2025.

Construction of Stage 2 is on track. First harvest expected in September 2026, paving the way for a

doubling of annual production capacity to 8,000 tonnes.

This expansion, and the potential further growth to 20,000 tonnes reinforces the company's commitment to long-term growth and market leadership. Nordic Aqua has commenced detailed engineering for Stage 3, and subject to a final investment decision, construction can start late 2026/early 2027, indicating a first harvest in 2029.

Please see the section for Financial review for updated information on long-term financing.

The potential for a future IPO of Nordic Aqua Ningbo Co., Ltd. in China/Hong Kong will be considered.

No significant events have been recorded after the balance sheet date.

Nordic Aqua has entered contracts with two closely related parties. The contracts include ongoing and future deliveries of RAS technology and support, in addition to feed sales and RCD projects.

• Technology supply contract with AKVA Group

• Feed sales and delivery agreement with Skretting, a subsidiary company of Nutreco

• Trial and data access agreement with both AKVA Group and Skretting

Knut Nesse is member of the Board of Directors of the Company and CEO of AKVA Group. Anita Viga, who was elected member of the Board of Directors of the Company on 7 May 2026, is also an employee of Skretting. Further, Nutreco, the parent company of Skretting, and AKVA Group are directly or indirectly large shareholders in Nordic Aqua Partners AS.

All agreements have been entered into at arm's length and on market terms. Other than those set out above, the Company has not entered any transactions with related parties that may be material to assessing the admission to trading on Euronext Growth during the quarter.

Nordic Aqua Partners AS is listed on Euronext Growth.

Nordic Aqua Partners Holding ApS is the Company's fourth largest shareholder with 1,743,519 shares, corresponding to 8.2% of total number of shares outstanding. Nordic Aqua Partners Holding ApS is owned by key personnel and others.

The Board of Directors has allocated 507,000 warrants to the Company's employees, which have been subscribed to by the respective holders. Each warrant entitles the holder to subscribe for one share in the Company at a strike price of NOK 75 per share.

The Board is authorized to increase the share capital of the company in connection with investments, general corporate purposes and transactions on the following conditions: The share capital may, in one or more rounds, be increased by a total of up to NOK 6,364,070. The authorization is valid from the time of registration with the Norwegian Register of Business Enterprises and until the ordinary general meeting in 2027, but no later than 30 June 2027.

The Board is also authorized to increase the share capital of the company in connection with option programs on the following conditions: The share capital may, in one or more rounds, be increased by a total of up to NOK 500,000. The authorization is valid from the time of registration with the Norwegian Register of Business Enterprises and until the ordinary general meeting in 2027, but no later than 30 June 2027.

Land-based Atlantic Salmon farming is a new industry, and operations are subject to several biological risks, including, but not limited to water contamination, viruses and bacteria, which could cause lower quality, diseases and mortality. The operation is governed by local permits and regulations pertaining to environmental standards, wastewater discharge, safety regulations, labor and employment compliance, as well as financial compliance.

As the project is in the construction phase, there are many inherent risks, such as successful project execution, dependence on sub-contractors, delays and cost overruns, which could negatively impact the Company's ability to realise its business plan.

The risk from possible changes to trade tariffs is considered limited for the Company having both its production and end market in China.

The Company may be impacted by geopolitical risks, particularly those directly or indirectly affecting China, the possible escalation of which could entail a number of challenges for the Group's operations and the marketability of its products, for example due to possible sanctions.

The purpose of the Group's cash management policy is to maintain adequate cash resources to meet financial obligations. The Group's cash resources consist of cash and cash equivalents.

The Group's future financial position depends on sales prices for salmon on the Chinese market. Other risks include the impacts from fluctuations in production and harvest volumes, biological issues and changes in feed prices.

The Group continuously monitors liquidity and financial projections through internal budgets, with forecasts updated both yearly and monthly. The Group's business plan and growth ambitions are capital intensive and based on estimates. The Group will need future equity and/or debt financing to realise its plans.

The Group's Management further assess whether the Group's capital structure is in line with the interests of the Group and its shareholders. The overall objective is to ensure a capital structure that supports long term profitable growth.

Interest rate risks refer to the influence of changes in market interest rates on future cash flows concerning the Group's interest-bearing assets and liabilities. The Group's interest rate risk relates to interest on external loans denominated in RMB.

The cash and loan facility are primarily held in RMB and EUR to match the opex and capex payments.

In 2024, Nordic Aqua conducted a Double Materiality Assessment in line with the CSRD ESRS standards. This included an assessment of ESG risks. Please see our annual report for 2024 and 2025 for more information.

This Condensed Consolidated Interim Report has been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting as adopted by the EU. It does not include all the information required for the full Annual and Consolidated Report and Accounts and should be read in conjunction with the Annual and Consolidated Report and Accounts for the Group as of 31 December 2025. This interim report has not been subject to any external audit. The consolidated financial statements are presented in thousands of euro (EUR 1000), which is the functional currency of Nordic Aqua Partners AS.

In accordance with section 3-3a in the Norwegian Accounting Act, it is hereby confirmed that the financial statements have been prepared on the assumption that the entity is a going concern. The Board considers that the interim financial statements for Nordic Aqua provide a true and fair picture of the Group's results for the first quarter of 2026 and the Group's financial position at the end of the first quarter of 2026.

Figures for the corresponding period in 2025 are in brackets if available.

The accounting policies applied by the Group in this Condensed Consolidated Interim Report are the same as those applied in the Annual Report as at and for the year ended 31 December 2025, to which the company refers to a full understanding of applied accounting policies. Accounting policies, application of estimates, methods of compilation and presentation are unchanged as compared to the last financial statements.

In December 2025, The Group repaid the senior secured export credit term loan and guarantee facility agreement, amounting to EUR 25 million with Eksfin - Export Finance Norway*, and Coöperative Rabobank U.A. ("Rabobank") as well as the short-term credit facility of EUR 13.0 million with DNB Bank ASA and Coöperative Rabobank U.A.

In December 2025, Nordic Aqua (Ningbo) Co., Ltd. entered into a Project loan agreement with a syndicate of banks led by Bank of China of RMB 385.0 million. The loan has a maturity of 9 years with the first one and a half years being a grace period. AS at 31 March 2026 RMB 272.0 million of the Project loan was drawn.

Further, Nordic Aqua (Ningbo) Co., Ltd. has in aggregate three bilateral working capital facilities for RMB 61.0 million in total, whereof RMB 16.0 million was drawn as at 31 March 2026. Subsequent to the end of Q1 2026 RMB 25.0 million have been made available under the working capital facilities. The remaining RMB 20.0 million will be available after reaching remaining milestones.

Cash and loan facility is primarily held in RMB and EUR to match the coming opex and capex payments.

Capital management

The Group's Management assesses whether the Group's capital structure is in line with the interests of the Group and its shareholders. The overall objective is to ensure a capital structure that supports long-term profitable growth.

On 31 March 2026, the Group has a net interest-bearing debt of EUR 31.6 million (EUR 16.6 million).

Included in the interest-bearing debt is a Project loan agreement with a syndicate of banks led by Bank of China of RMB 385.0 million and working capital facilities from Bank of China (RMB 5.0 million), Bank of Ningbo (RMB 6.0 million) and Industrial Bank (RMB 5.0 million).

Following the proceeds from the minority capital injection together with the finance package from the syndicate of banks led by Bank of China, then the financial position of the Group is considered sufficient for the business plan for the coming year.

Liquidity risk

The purpose of the Group's cash management policy is to maintain adequate cash resources to meet financial liabilities. The Group's cash resources consist of cash and cash equivalents, and undrawn credit facilities. The Group continuously monitors liquidity and financial projections through internal budgets, with forecasts updated both yearly and monthly. The Group's business plan and growth ambitions are capital intensive and based on estimates. Please see the sections for Financial review for updated information on long-term financing.

The Group has cash of EUR 4.7 million (EUR 10.0 million) and undrawn credit facilities of EUR 17.4 million (EUR 0.0 million), leaving liquidity available at EUR 22.1 million (EUR 10.0 million) as of 31 March 2026.

Financial assets consist of EUR 1.3 million (EUR 6.3 million) in deposits regarding the lease agreement. The Debt Service Retention account of EUR 5.1 million connected with the now repaid loan from Eksfin and Rabobank was released in December 2025 and is now reclassed to Cash and cash equivalents.

Foreign exchange risk

The Group is only insignificantly affected by exchange rate fluctuations. The Group has in all material aspects only transactions in EUR, DKK, NOK and RMB.

Cash and loan facility is primarily held in RMB and EUR to match the coming opex and capex payments.

Interest rate risk

Interest rate risks refer to the influence of changes in market interest rates on future cash flows concerning the Group's interest-bearing assets and liabilities.

The Group's interest rate risk relates to interest on external loans is deemed immaterial.

Security for debt

The securities for the finance package from the syndicate of banks led by Bank of China comprise a pledge of the Company's shares in Nordic Aqua (Ningbo) Co., Ltd., a parent company guarantee by the Company as well as mortgage over property, plant and equipment in Nordic Aqua (Ningbo) Co., Ltd. Securities were pledged in February 2026.

Security as of 31 March 2026 in property, plant and equipment have been pledged for a total amount of EUR 66.4 million (EUR 67.1 million).

Nordic Aqua (Ningbo) Co., Ltd. has entered into an agreement with Xiangshan Strait Economic C Technological Cooperation Co., Ltd, in which they will provide land, infrastructure, utilities and all facilities on a lease until 2056, with a contracted option for the Group to purchase land, infrastructure, utilities and all facilities during the lease term. The annual lease amounts to EUR 1.9 million for Stage 1.

For Stage 2, Nordic Aqua (Ningbo) Co., Ltd. has also entered into an agreement with Xiangshan Strait Economic C Technological Cooperation Co., Ltd, in which they will provide land, infrastructure, utilities and all facilities on a lease until 2056, with a contracted option for the Group to purchase land, infrastructure, utilities and all facilities during the lease term. The annual lease depends on the final investment capex.

Transactions with related parties

There were no transactions with the Board of Directors or Executive Management, besides remuneration. For information on remuneration, please refer to the Annual Report for 2025.

During the preparation of the 2025 annual consolidated financial statements, the management discovered that the allocation of the EUR 36.7 million Minority capital injection was incorrect. The reported interim report for Q4 2025 stated that EUR 18.4 million was allocated to Other equity and EUR 18.2 million to Non-controlling interest. The correct allocation is EUR 21.2 million to Other equity and EUR 15.4 million to Non-controlling interest.

This was corrected in the annual figures. As permitted by IFRS 34, no restatement of earlier interim reports was required, but the Group will disclose the correction in future interim reports. Management has strengthened controls to prevent similar misstatements.

An Alternative Performance Measure (APM) is a measure of historic or future financial performance, financial position, or cash flows other than a financial measure defined or specified in the applicable financial reporting framework.

The Groups financial information is prepared in accordance with international financial reporting standards (IFRS). To enhance the understanding of the company's financial performance, the Management's intention is to provide alternative performance measures, which are regularly reviewed by the Management. These alternative performance measures are not replacing the financial statements prepared in accordance with IFRS. Other companies may determine or calculate the presented alternative performance measures differently. The APM's are adjusted IFRS measures defined, calculated and used in a consistent and transparent manner over time and across the company where relevant.

EBITDA

Earnings before interest, tax, depreciations and amortizations (EBITDA) is EBIT aligned for depreciations and amortization. EBITDA is a key financial parameter for Nordic Aqua. This measure is useful to users of Nordic Aqua's financial information in evaluating operating profitability on a more variable cost basis, as it excludes depreciations and amortization expenses related primarily to capital expenditures.

Operating EBITDA

Operating EBITDA is EBITDA aligned for fair value adjustments. Operating EBITDA is a common alternative performance measure in the salmon farming industry, and it is Nordic Aqua's experience that this APM is frequently used by analysts, investors and other parties. A reconciliation from EBITDA to Operating EBITDA is provided below.

Operating EBIT

Operating EBIT is EBIT aligned for fair value adjustments. Operating EBIT is a common alternative performance measure in the salmon farming industry, and it is Nordic Aqua's experience that this APM is frequently used by analysts, investors and other parties. A reconciliation from EBIT to Operating EBIT is provided below.

Operating EBIT/kg

Operating EBIT/kg is Operating EBIT divided by harvest volume, HOG in the same period. Operating EBIT/kg is a common alternative performance measure in the salmon farming industry, and it is Nordic Aqua's experience that this APM is frequently used by analysts, investors and other parties.

Net interest-bearing debt (NIBD)

NIBD consists of both current and non-current interest-bearing liabilities, less cash and cash equivalents. The NIBD is a measure of the Group's net indebtedness that provides an indicator of the overall balance sheet strength. It is also a single measure that can be used to assess both the Group's cash position and its indebtedness. The use of the term net debt does not necessarily mean that the cash included in the net debt calculation is available to settle the liabilities included in this measure. Net debt is an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate interest-bearing liabilities (both current

and non-current), derivatives and cash and cash equivalents. A reconciliation of NIBD is provided below.

Nordic Aqua Partners AS

C.J. Hambros plass 2c, 0164 Oslo, Norway Business registration No. 928 958 280