Oslo, 20 June 2025

Reference is made to the stock exchange announcement made by Aquila Holdings ASA
("Aquila" or the "Company") on 27 May 2025 regarding the Company's acquisition
of between 99% and 100% of the shares in Fjord Defence AS ("Fjord Defence") from
AS Saturn, Cubic Invest AS, GKI AS, Hugin Management AS, Trigger AS and certain
minority sellers (together, the "Sellers") (the "Acquisition"). Reference is
further made to the resolutions by the Company's extraordinary general meeting
held earlier today (the "EGM") in connection with inter alia completion of the
Acquisition. 

Aquila is pleased to announce that the Acquisition has today been successfully
completed, comprising 100% of the shares in Fjord Defence, including by the EGM
resolving to issue 175,187,968 new shares in the Company to the Sellers, at a
subscription price of NOK 0.80 per share (the "Consideration Shares"), as part
settlement of the consideration payable by Aquila in the Acquisition. The
Consideration Shares will be subject to lock-up, with 1/3 of the Consideration
Shares being released after 12, 24, and 36 months, respectively, from the date
of completion of the Acquisition. 

Aquila is further pleased to announce that the Company's board of directors has
appointed Jon Asbjørn Bø as new CEO of the Company, to be renamed "Fjord Defence
Group ASA" in accordance with the EGM's resolution, effective as of 1 July 2025.
Mr. Bø is the founder and chairman of Fjord Defence and has had an extensive
career in the defence supplier industry spanning more than 25 years with
executive roles in private and stock-exchange listed defence suppliers.
Furthermore, following the announcement on 27 May 2025, Øyvind Mølmann has taken
on the position as new CFO of the Company. Mr. Mølmann has extensive experience
as CFO and other executive finance roles in stock exchange listed and private
companies.

The board of directors thanks Kristian Zahl for his contributions as interim CEO
of the Company since November 2024. Mr. Zahl will continue as new COO of the
Company.

Following registration of the share capital increase pertaining to the issuance
of the Consideration Shares, as well as the share capital decrease and share
capital increase relating to the Private Placement (as defined in the
announcement of 27 May 2025), Aquila's share capital will be NOK 339,415,254.50,
divided into 484,878,935 shares, each with a par value of NOK 0.70.

The Consideration Shares will be issued on a separate temporary ISIN (NO 001
3597351) pending approval by the Financial Supervisory Authority of Norway (Nw.:
Finanstilsynet) and publication of a prospectus in accordance with the EU
Prospectus Regulation (2017/1129) on prospectuses for securities and ancillary
regulations, as amended, and as implemented in Norway in accordance with section
7-1 of the Norwegian Securities Trading Act of 29 June 2007 no. 75. Following
publication of the prospectus, expected to take place by end of Q3 2025, the
Consideration Shares will be transferred to Aquila's ordinary listed ISIN (NO
001 0778095) and admitted to trading on Euronext Expand.

For further details about the Acquisition and the strategic repositioning of the
Company as a defence compounder, please refer to the Company's stock exchange
announcement of 27 May 2025.

For more information please contact:

Jon Asbjørn Bø, CEO
jon.asbjorn.bo@fjorddefence.com
+47 930 86 932 

About Aquila Holdings

Aquila Holdings ASA ("AQUIL") (to be renamed Fjord Defence Group ASA with new
ticker "DFENS") is a Norwegian "compounder" listed on Euronext Expand seeking to
acquire and develop fast-growing, profitable, and well-run companies in the
defence industry. The company has a buy & build strategy,  with focus on
acquiring established, profitable businesses within the defence, security and
related segments. More information on www.fjorddefencegroup.com. 

* * *

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and Euronext Oslo Rule Book II.