High activity level and improved profitability

AKVA group delivered high quarterly revenue in Q1 2025 of MNOK 1 013 (784), an increase of 29% compared to Q1 2024.

EBITDA increased from MNOK 67 in Q1 2024 to MNOK 113 in Q1 2025.

Total order intake of BNOK 1,2 in Q1 2025, up from MNOK 917 in Q1 2024. Order backlog was BNOK 2,8 at the end of March 2025.

RAS contract from Cermaq Chile regarding smolt facility signed in February 2025 with contract value of approx. MEUR30.

Sale of shares in Abyss Group to Arcus Infrastructure Partners with net proceeds of approx. MNOK 144 and net gain of MNOK 12

The activity level in the first quarter of 2025 was high with revenue of MNOK 1 013 and order intake of MNOK 1 200. The high order intake in the quarter was supported by the award of the smolt contract from Cermaq Chile and continued strong momentum in Sea Based.

The high order backlog of MNOK 2 799 is a good basis for a sound activity level in the coming quarters.

Profitability improved significantly in the first quarter compared to last year and is primarily related to the increased revenue and partly to improved project margins in the Land Based business.

The divestment of Abyss Group AS resulted in a gain of MNOK 12.

Sea Based (SB)
SB revenue for Q1 2025 ended at MNOK 804 (646). EBITDA and EBIT for the segment in Q1 ended at MNOK 96 (64) and MNOK 56 (29), respectively. The related EBITDA and EBIT margins were 11.9% (10.0%) and 7.0% (4.5%).

Order intake in Q1 2025 was MNOK 784 compared to MNOK 800 in Q1 2024. Order backlog ended at BNOK 1,1 compared to MNOK 946 last year.

The Nordic region experienced an increase in revenue from MNOK 428 in Q1 2024 to MNOK 583 in Q1 2025.

In the Americas region, the revenue was MNOK 153, which is an increase from 150 MNOK in the first quarter last year.

Europe and Middle East (EME) had a revenue of MNOK 68 in Q1 2025 and was at the same level as last year.

Land Based (LB)
Revenue for the first quarter was 176 (101). EBITDA and EBIT ended at MNOK 10 (-3) and MNOK 6 (-6), respectively. The related EBITDA and EBIT margins were 5.5% (-3.2%) and 3.5% (-5.8%).

Order intake in Q1 2025 of MNOK 384 compared to MNOK 72 in Q1 2024. Order backlog ended at MNOK 1,550 compared to MNOK 1,495 last year.

Digital (DI)
The revenue in the segment was MNOK 32 (37) in Q1 2025. EBITDA and EBIT ended at MNOK 7 (6) and MNOK -5 (-3), respectively. The related EBITDA and EBIT margins were 22.1 % (17.4%) and -16.1% (-7.6%).

Order intake in Q1 2025 was MNOK 32 compared to MNOK 45 in Q1 2024. Order backlog ended at MNOK 141, compared to MNOK 158 last year.

Balance sheet
Working capital as a percentage of 12 months rolling revenue is 8.9% (11.3%). Cash and unused credit facilities amounted to MNOK 500 (283) at the end of Q1. Total assets and total equity amounted to MNOK 4,149 and MNOK 1,317 respectively, resulting in an equity ratio of 31.7% (30.9%) at the end of Q1 2025. The leverage ratio was 2,47 as of 31 March 2025 and AKVA was in compliance with all bank covenants.

Dividend
The Company’s main objective is to maximize the return on the investment made by its shareholders through both increased share prices and dividend payments. The company decided to pay a dividend of NOK 1 per share in the first half year of 2025, and will make a new assessment ahead of the second half year of 2025.

Order Backlog
The order backlog at the end of Q1 was MNOK 2,799 (2,599). MNOK 1,550 or 55% of total order backlog at the end of Q1 relates to Land Based Technology (LBT).

Outlook
Foreseeing continued strong momentum for deep farming concepts.

Normalization of the post smolt market in Norway expected during 2025.

AKVA is aiming for revenue of minimum BNOK 4,0 and EBIT of 6% in 2025.

Continuing to invest and improve our solutions across Sea Based, Land Based and Digital.

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 423 employees, offices in 12 countries and had a total turnover of NOK 3.6 billion in 2024. We are a public listed company operating in one of the world’s fastest growing industries and supply everything from single components to complete installations, both for sea farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.

Dated: 09 May 2025
AKVA group ASA

Web: www.akvagroup.com

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