Q1 2020 PresentationWebcast – 8 May 2020Knut Nesse, CEOAndreas Pierre Hatjoullis, CFO

Highlights

Financial performance

Outlook

Q&A

Agenda

Highlights Q1 2020 – by CEO Knut Nesse

• Order intake of 709 MNOK

• 100 MNOK contract for delivery of Tube Net in Norway not included in order intake

• Strong quarter for Europe & Middle East, especially within export from Norway

• Contract with Cooke Aquaculture for RAS facility in Chile and Nordic Aqua Partners and China have been cancelled*

• Last twelve months order intake of 3,017 MNOK

Order intake

Order intake development

342 376

732 762644 695 591 68687

218300

50

215 10

38

3833

448

34

44

3Q18 1Q19

77

4Q 19

46

43

1 107

3Q 19

600

1913

2Q18 1Q 20

1 425

471

4Q18

997

760778

709

2Q19

-36%

Cancelled LBTCBTSWLBT

*Both customers are indicating that it is likely the projects can start up again at a later stage

Technology for sustainable biology

• Both Scotland and export from Norway have had a very good quarter

• Lower revenue in Caged Based in Nordic versus Q1 2019

• Low revenue in Land Based due to early phase of new generation of projects and delayed projects

• The software business, Wise, sold in Q3 2019 was included with 29 MNOK in Q1 2019

Revenue development

627 637726

823 798 771655

752

2Q193Q182Q18 4Q18 4Q191Q19 3Q19 1Q20

29-12%

Revenue

Wise revenue

Technology for sustainable biology

• EBITDA of 86 MNOK in the quarter

• Europe & Middle East have significantly improved EBITDA margins compared to last year – Scotland and export from Norway as the main contributors

• The Egersund Net companies have improved margins compared to same period last year

• The Land Based segment has delivered below both last year and expected margins due to postponement of projects and new generation of projects

• The software business, Wise, sold in Q3 2019 was included with 4 MNOK in Q1 2019

EBITDA development

5271

57

93 101115

-40

86

4Q192Q18 1Q204Q18

71

3Q18 1Q19 3Q192Q19

5257

97 1014

115

-40

86

-11%EBITDA

Wise EBITDA

Technology for sustainable biology

– Order backlog at end of March of 1.7 BNOK

– Strong momentum for Egersund Net

– Order backlog in Americas region remains high

– Tube Net sale in Norway in April valued at 100

MNOK, not yet included in backlog

High order backlog

825 726 908 982 961 955 1 020 1 045

449359

448629 611 569

674 605

1 650

3Q19

600

1 356

1 085

2Q18 3Q18 4Q18 1Q19 2Q19 4Q19 1Q20

1 5241 572

1 274

1 611

2 294+2%

Cancelled Land Based

Order backlog

Key financial metrics

54 59

9786

Q1 18 Q1 20Q1 17 Q1 19

+59%

EBITDA

510589

858752

Q1 20Q1 17 Q1 18 Q1 19

+47%

Revenue

0,60

0,94 0,87

0,59

0,11

0,100,15

0,15

Q1 20Q1 19Q1 17 Q1 18

+4%

EPS

In August 2018, number of shares increased from 25 834 303 to 33 334 303. When calculating the EPS the monthly average shares outstanding has been used.

Amortization from intangible assets related to acquisitions

YTD YTD YTD

AKVA group

Agents and distributors

Our presence

AKVA group’s geographical regions – absolute and relative

Revenue in geographical regions

90 106 74 59 76 83 132

125 139177 145 136 155 144

138

412 392506

633603 541

428483

637

Q3 18Q2 18 Q4 1942

Q4 18 Q1 19 Q3 19Q2 19

798

Q1 20

627

726

852

771

655

752

Nordic Americas EME

64%

22%

61%66%

20%

14%

Q2 18

17%

Q3 18

70%

24%

6%Q4 18

74%

17%

9%

Q1 19

76% 70%

17%

7%Q2 19 Q3 19

20%

13%

22%

10%

65%

Q4 19

18%

18%

Q1 20

• Egersund Net contributing 89 MNOK in the quarter

• Stable development for the rental business (Scotland and Norway) in 2020

• AKVA group Software with stable revenue compared to Q4 last year

• Due to weather conditions in Norway lower activity within service & after sales and the marine service business

• The Norwegian marine service business with solid order backlog

Development in OPEX based revenue

141 149 151 144 146 136 116 132

31

94 90112

104

8289

0

5

10

15

20

25

30

35

0

50

100

150

200

250

300

29,3%

4Q18

22,5%

33,8%

2Q18 2Q19

28,2%

3Q18

27,5%

1Q19

32,3% 31,2%

3Q19

30,1%

4Q19 1Q20

Egersund Net% of total revenue OPEX Based revenue

Revenue by product group and speciesBy product groups – Q1 2020 By species – Q1 2020

Cage Based Technology = Cages, barges, feed systems, nets and other operational systems for cage based aquacultureS&AS Cage Based = Service and after sales for cage based aquacultureSoftware = Software and software systems Land Based Technology = Recirculation systems and technologies for land based aquacultureS&AS Land Based = Service and after sales for land based aquaculture

Salmon = Revenue from technology and services sold to production of salmonOther species = Revenue from technology and services sold to production of other species than salmon Non Seafood = Revenue from technology and services sold to non seafood customers

526 539610

774 719 669598

681

51

37 3268

2Q18 4Q193Q18

798

55Non seafood46

47

Salmon

2074

42

4Q18

627

852

23 6613

35

2Q19

56

3Q19

39

1Q20

Other species

637

726771

655 752

1Q19

370 334 352500 446 439

349453

98 140201

189218 212

180

204116 124129

118

42 40

44

4439 28

16

17

Software

0

1

1

1Q204Q18

1

1Q19

065595

3Q18

92

3Q19

1109

4Q19

1

1637 78

752

2Q18

LBT S&ASLBT

CBT S&AS

726

2Q19

CBT

852798 771

627

Technology for sustainable biology

• Next generation Tube Net solution ready for market, contract of 100 MNOK signed in April 2020

• High activity within the Net service business

• Cage based business in Chile continued on same high level as for 2019

• Export out of Norway with solid order intake and margins

• Land Based ending the quarter with some uncertainty caused by Covid-19 crisis, two large deliveries cancelled

• Completed acquisition of Newfoundland Aqua Service Ltd.

• Development of new camera system and AKVAconnect control system, progressing well

• Dividend of 1.00 NOK per share paid on 3 March 2020, before the main outbreak of Covid-19 in Norway

Q1 – Operational Highlights

Group Strategy process initiated – key themes

Land BasedOn-growingPost Smolt

DigitalData Platform

Computer vision / AI

InnovationPrioritization

Fish health concepts

Learning & DevelopmentPeople and competence

Project and contract management

Tube Net• A patented concept for improved fish welfare

• Proven to reduce lice infestation with 80%, with the potential to reducethe lice precence to almost 0 if the tube is deep enough

• Suitable for AGD treatment

• Reduced risk of escape: damages to the upper part of the net will not be a concern, as the fish is enclosed at the deeper part of the pen

• Reduced need for net cleaning

• Inner tube has been operated to 16 mtrs depth with great success

• Concept also includes subsea feeder and led lights to be operated for a full cycle

Separate focus on full grow out RAS facilities

• AKVA as strategic partner in NAP

• Potential equity stake to secure partnership and successful execution

• Learning and developing by a close follow-up on all technical, operational and biological performance measures

• Final financing is still pending

• Additional projects in pipeline

Covid-19 The Covid-19 virus together with a total collapse of the global oil price has had a massive impact around the globe.

So far AKVA group has been moderately impacted. The major impacts financially for AKVA group has been related to two newly awarded RAS contracts on Land Based being cancelled. AKVA group has taken action with the following focus areas:

The core of AKVA group is its employees, therefore AKVA group’s main focus is the safety and health of our employees

AKVA group has put in place a program to monitor and optimize the overall liquidity in the company

AKVA group has implemented actions to maintain the security of supply during this crisis

A steady order intake is paramount to ensure work for all AKVA employees and a prerequisite for the other focus areas

Financial performance Q1 2020 – by CFO Andreas Pierre Hatjoullis

• Last twelve months order intake and revenue now at 3,017 MNOK and 2,977 MNOK respectively

• Nordic and Chile with decline in revenue compared to last years Q1

• Strong growth in export out of Norway and Scotland in the quarter

• Egersund Net with lower revenue in Q1 2020 versus to Q1 2019

• The land based segment had a revenue of 79 MNOK in the period, down from 119 MNOK in Q1 2019

• Last year software revenues included 29 MNOK from Wise, an Icelandic business which was sold in Q3 2019

Revenue

Q1 2020 – Financial highlights

510537

484

557589

627 637

726

852798

771

655

752

Q1 Q4Q2 Q3

20172018

20192020

• Europe & Middle East with solid performance in Q1

• Margins in Americas are slightly down in the period

• AKVA group ASA Nordic delivering improved EBITDA %

• Egersund Net contributing with higher margins in the quarter compared to Q1 2019

• Low activity in the Land Based segment, amongst others due to one specific project being temporarily delayed

EBITDA (MNOK)

Q1 2020 – Financial highlights

54 65 61 6059 5271 57

97 101 115

-40

86

-50

0

50

100

150

Q1 Q2 Q3 Q42017 2018 2019 2020

-10

-5

0

5

10

15 10,6%

Q1

12,1%

Q2 Q3 Q4

10,0%11,4%

8,3%12,6% 12,6%

11,1% 14,9%10,8%

7,8%

-6,1%

11,4%

EBITDA %

Nordic

• Reduction in results in CBT Nordic mainly due to lower revenue in all entities in Q1 2020

• An increase in order backlog from Q4 2019 and stable compared to Q1 2019

• Egersund Net with a solid improvement in EBITDA from Q1 2019

• High activity in the net service business

• Lower activity in marine service business due to weather conditions

Cage Based Technology

493404

123

122

73131

0

2

4

6

8

10

12

14

0

100

200

300

400

500

600

700

80012,3%

11,1%689

2019 Q1 2020 Q1

657

EBITDA % AmericasEME Nordic

Revenue and EBITDA %

Americas

• Revenues almost on same level as 2019. A slight decrease in EBITDA compared to last year

• Stabilized EBITDA margin in Chile, Q1 2020 on same level as Q1 last year

• Newfoundland Aqua Service is included from 1 March 2020

EME

• The export from Norway was exceptionally high in Q1 2020 with high margins

• Scotland doubled its profit in Q1 2020 compared to same quarter in 2019

• Strong contribution from Europe & Middle East

Cage Based Technology

493404

123

122

73131

0

2

4

6

8

10

12

14

0

100

200

300

400

500

600

700

800

2020 Q12019 Q1

11,1% 65712,3%689

EBITDA % EME Americas Nordic

Revenue and EBITDA %

• Strong order backlog of 605 MNOK at the end of Q1 2020 despite cancellation of order for RAS in Chile from Cooke and deliveries to Nordic Aqua Partners in China

• Decrease in revenue and margins due to postponement in project delivery and cancellation of contract

• New company formed in January 2020, AKVA group Land Based Americas. Split out from AKVA group Chile

Land Based Technology

94

59

25

20

0

2

4

6

8

10

12

14

20

30

40

50

60

70

80

90

100

110

120

10,1%

3,7%

1190

2019 Q1

0

2020 Q1

79

AmericasEBITDA % EME Nordic

Revenue and EBITDA %

• Renewal of Fishtalk starting to materialize in increased sales

• Leads and pipeline for Precision feeding software (Observe) is increasing

• Last year revenue and EBITDA included 29 MNOK and 4 MNOK respectively, from the divested software business, Wise, on Iceland

Software

10 11

5 5

29

0

10

20

30

40

50

60

70

0

5

10

15

20

25

30

35

40

45

17

44

8%

11

2019 Q1

2%

2020 Q1

EBITDA %

AmericasWise

EME Nordic

Revenue and EBITDA %

Financials – Detailed P&L

• Investment in subsidiaries accounted for by equity method YTD Q1 classified as other operating revenues of 2.1 MNOK

• Minority shareholders (30%) in Grading Systems Ltd and Newfoundland Aqua Service (1,5%)

P&L 2020 2019 2019(MNOK) Q1 Q1 TotalOPERATING REVENUES 752 852 3 077 Operating costs ex depreciations 666 755 2 805 EBITDA 86 97 272 Depreciation 17 23 64 Depreciation lease assets 21 14 84 Amortization 10 12 62 EBIT 38 49 62 Net interest expense -6 -5 -22 Interest expense lease liabilities -5 -5 -20 Other financial items 5 -0 -7 Net financial items -6 -11 -49 EBT 32 38 13 Taxes 10 9 -3 NET PROFIT 21 29 17

Net profit (loss) attributable to:Non-controlling interests 0,3 0,4 2,0 Equity holders of AKVA group ASA 21 29 15

Number of shares 33 156 33 306 33 156 Revenue growth -11,7 % 44,6 % 19,3 %EBITDA margin 11,4 % 11,4 % 8,8 %EPS (NOK) 0,63 0,87 0,44

Group financial profile – remains strong

422469

535 565

409

050

100150200250300350400450500550600

1Q19 3Q192Q19 4Q19 1Q20

Available cash

Including 253 MNOK of a 300 MNOK credit facility in Danske Bank, as of Q1 2020

200 MNOK revolving credit facility fully utilized in Q1 2020

Working capital Average working capital

307

496465

287

447

0

2

4

6

8

10

12

14

16

18

0

50

100

150

200

250

300

350

400

450

500

10,8%

1Q19

16,5%

2Q19

14,8%

3Q19

9,3%

4Q19

15,0%

1Q20

The graph shows absolute working capital and working capital relative to last twelve months revenue

307

385 406389

424

0

5

10

15

0

50

100

150

200

250

300

350

400

450

1Q201Q19

10,8%

4Q19

12,8%

2Q19

12,9%

3Q19

12,6% 14,2%

The graph shows 12 months average working capital and average working capital relative to last twelve months revenue

CAPEX

0

5

10

15

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

6,8%

35 556

4Q 2017

14,2%

78 9364,3%

25 517

1Q 2018

42 852

2Q 2018

8,4%

2,6%

16 881

43 888

3Q 2018

(TNOK)

4Q 2018

5,8%

42 22530 325

4,2%

1Q 2019

3,0%

23 913

2Q 2019

64 893

3Q 2019

6,7%

4Q 2019 1Q 2020

4,0%

CAPEXCAPEX/Sales %

5 55917 906

Ordinary

Rental

6 860Intangible

CAPEX breakdown 2020CAPEX and CAPEX/Revenue %

Net interest bearing debt/EBITDA of 3,0

Net interest bearing debt (MNOK) and net debt/EBITDA

309

371

632

531

726662 632

780

2,6 2,5

1,9

2,2

1,82,3

3,0

0,35

0,70

1,05

1,40

1,75

2,10

2,45

2,80

3,15

0

100

200

300

400

500

600

700

800

1Q18

1,3

1,6

1Q19 2Q192Q18 3Q18 4Q18 3Q19 4Q19 1Q20

605

NIBD/EBITDA (12 mth rolling) NIBD

Change in net interest bearing debt (TNOK)

Excluding IFRS 16 liabilities

Net interest bearing debt 31.12.2019 631 567 EBITDA -86 000 Income taxes paid 3 389 Net interest paid 11 080 Capex 30 325 Acquisitions 15 458 Long-term financial assets 9 818 Paid dividend 34 955 Sale of fixed assets -129 Currency effects -18 071 Other changes in working capital 147 119 Net change 147 945

Net interest bearing debt 31.03.2020 779 513

Group financial profile – remains strong, continued

Equity and Equity / Total Balance NIBD / Equity

491 504

1 0171 063 1 055 1 068 1 096

9911 037

0

10

20

30

40

50

0100200300400500600700800900

1 0001 100

37,8%

3Q182Q181Q18

28,0% 26,8%

38,2% 39,3%

4Q18

38,4%

1Q19 2Q19 1Q20

39,8%

3Q19

37,9%

4Q19

37,3% 0,63

0,74

0,620,57

0,49

0,68

0,600,64

0,75

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

4Q192Q191Q18 2Q18 3Q18 3Q194Q18 1Q19 1Q20

• Total effect of IFRS 16 on the balance sheet end of March 2020 is 423 MNOK, negatively affecting the equity ratio when comparing to quarters before 2019. Not included in graph above

• Equity ratio would be 31,2% including IFRS 16 liabilities

Group financial profile, continued

ROCE ROACE

1Q18 2Q18 4Q19

16,4%

3,6%

13,7%

1Q19

7,9%

3Q18

7,0%

4Q18 2Q19

7,9% 8,5% 9,8%

3Q19 1Q20

2,6%

11,9%

16,8%

3Q18 1Q202Q18

9,1%

1Q18

14,5%

4Q18

8,6%

1Q19

9,0%

2Q19

10,1%

3Q19

3,3%

4Q19

2,7%

Exceptional items impacting Q4 ROCE

ROCE is calculated ex balance sheet items of IFRS 16

ROACE is calculated with the average balance sheet items last four quarters

ROACE is calculated ex balance sheet items of IFRS 16

Cash flow statementCONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 2020 2019 2019(NOK 1 000) Q1 Q1 Total

Net cash f low from operations 76 484 78 950 180 153 Net cash f low from change in w orking capital -147 119 57 145 30 616 Net cash f low from operational activities -70 635 136 095 210 769 Net cash f low from investment activities -55 474 -22 695 -140 099 Net cash f low from financial activities 108 270 -102 347 -65 868

Net change in cash and cash equivalents -17 839 11 053 4 801 Net foreign exchange differences 12 357 -3 329 -664 Cash and cash equivalents at the beginning of the period 160 999 156 862 156 862 Cash and cash equivalents at the end of the period 155 517 164 587 160 999

Balance sheetBALANCE SHEET 2020 2019 2019

(MNOK) 31.03 31.03 31.12

ASSETS 3 327 3 196 3 034 Intangible non-current assets 1 094 1 085 1 028 Tangible non-current assets 241 336 364 Financial non-current assets 85 74 75 IFRS 16 - RoU Asset 547 443 417 Inventory 573 455 514 Receivables 633 637 476 Cash and cash equivalents 156 165 161

LIABILITIES AND EQUITY 3 327 3 196 3 034 Equity 1 034 1 055 986 Minority interest 4 1 4 Long-term interest bearing debt 862 579 665 Short-term interest bearing debt 73 117 127 IFRS 16 - Lease Liability 423 446 425 Non-interest bearing liabilities 932 999 825

Dividend Policy

• The company is aiming to give the shareholders a competitive return on investment by a combination of cash dividend and share price increase

• The company’s dividend policy shall be stable and predictable

• When deciding the dividend the Board will take into consideration expected cash flow, capital expenditure plans, financing requirements/compliance, appropriate financial flexibility, and the level of net interest bearing debt

• The company needs to be in compliance with all legal requirements to pay dividend

• The company will target to pay dividend twice a year

----------------------------------------------------------------------

• A dividend of NOK 1.00 per share was paid on 3 March 2020, before the main outbreak of Covid-19 in Norway

Dividend and dividend policy

1,00 1,00 1,000,75

1,251,50

1,75

1,00

20182008 20162014 20172015 2019 2020 Q1 YTD

Cash Dividend

Largest shareholders20 largest shareholders

Origin of shareholders, 5 largest countries

Share development

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No of shares % Account name Type Citizenship20 703 105 62,1 % EGERSUND GROUP AS NOR

3 900 000 11,7 % WHEATSHEAF INVESTMENTS LIMITED GBP1 192 893 3,6 % SIX SIS AG Nominee CHE

899 058 2,7 % VERDIPAPIRFONDET NORDEA KAPITAL NOR825 932 2,5 % VERDIPAPIRFONDET ALFRED BERG GAMBA NOR659 231 2,0 % VERDIPAPIRFONDET NORDEA AVKASTNING NOR435 740 1,3 % VERDIPAPIRFONDET NORDEA NORGE PLUS NOR356 300 1,1 % MP PENSJON PK NOR344 883 1,0 % EQUINOR PENSJON NOR329 950 1,0 % J.P. Morgan Bank Luxembourg S.A. Nominee LUX300 000 0,9 % J.P. Morgan Bank Luxembourg S.A. Nominee FIN298 000 0,9 % Norron Sicav - Select LUX177 883 0,5 % AKVA GROUP ASA NOR150 000 0,4 % DAHLE NOR110 214 0,3 % VERDIPAPIRFONDET DNB SMB NOR100 000 0,3 % UBS Europe SE Nominee LUX100 000 0,3 % ASKVIG AS NOR100 000 0,3 % BERGEN KOMMUNALE PENSJONSKASSE NOR

81 912 0,2 % EQUINOR INSURANCE AS NOR81 401 0,2 % NORSK LANDBRUKSKJEMI AS NOR

31 146 502 93,4 % 20 largest shareholders2 187 801 6,6 % Other

33 334 303 100,0 % Total number of shares as per 31.03.2020

No of shares % Origin No of shareholders26 338 237 79,0 % Norway 823

3 915 920 11,7 % Great Bri ta in 171 281 470 3,8 % Switzerland 5

758 500 2,3 % Luxembourg 4362 463 1,1 % Finland 5677 713 2,0 % Other 68

Total number of shareholders: 968 - from 28 different countries

0

5 000 000

10 000 000

15 000 000

20 000 000

25 000 000

30 000 000

0

20

40

60

80

100

apr.19 mai.19 jun.19 jul.19 aug.19 sep.19 okt.19 nov.19 des.19 jan.20 feb.20 mar.20

Last 12 monthsTrading volumeShare price

0

30 000 000

60 000 000

90 000 000

120 000 000

0

20

40

60

80

100

2015 2016 2017 2018 2019 2020

Last 5 yearsTrading volumeShare price

Outlook – by CEO Knut Nesse

AKVA group in brief

Leading technology and service partner

Listed on Oslo stock exchange since 2006

Deliveries in 65 countries over 40 years

Companies in 10 countries. 1 444 employees

SolutionsCage Based Technology Land Based Technology Software

OPEX Based Revenue

CAPEX Based Revenue

Order backlog and inflow, 2017 through 2020

647951982

698825961751726

954 844908

430

479629605

620449611

629359

569537448

674

600

201920182017 2018 2019

1 045

1 085

2020 2020 2017 2018 2019 2020 2017 2018

1 3561 318

1 020

2019 2020

1 077

1 3811 2741 430

1 611 1 650 1 5721 380

1 523

2 294

2017

486 588806 699

475 384682

454 414672

525779

610

103

300

304

51 218

215

55

51

20182018 20192019 2017

709

589

600

2020 2019

87

2018

77

2017

92

2020

34

1 425

2017

778

2019 2020

33

2017 2018 2020

10639

1 106778

471

760

546448

557

997

Wise OtherLand BasedCancelled

Order backlog Order intake

Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4

Outlook – AKVA group• Order backlog remains high• Service station for nets to be built in northern Norway (with partner), plans for additional

station underway• New generation tube net (preventive sea lice solution) launched, strong interest in the

market and contract of 100 MNOK signed in April 2020• Presence in eastern Canada, completed the purchase of 70% of the shares in

Newfoundland Aqua Service Ltd in February• Cost savings program initiated• Maintained focus on full grow out RAS facilities within the Land Based segment, despite

setback on China project• Digitalization strategy making further progress with additional installations for Precision

feeding – pipeline is growing

Norway should strengthen and evolve our natural comparative advantages in the aftermath of Covid-19 by granting new innovation permits for coastal farming. This will:

• Advance Norway's natural advantages and affirm the position as the technological leader of fish farming

• Help promote focus on sustainable fish farming with new innovative ways to design, build and operate

• Create activity and incentives for supplier industry and start-ups

AKVA’s input to Norwegian authorities