Q3 2017 PresentationOslo – November 3rd 2017Hallvard Muri, CEOSimon Nyquist Martinsen, CFO

Highlights

Financial performance

Outlook

Q&A

Agenda

Highlights Q3 2017 – by CEO Hallvard Muri

• Overall increase in order intake of 31% compared to Q3 2016

• Strong order intake in Europe & Middle East with an order intake of 114 MNOK in the quarter

• Americas continue the good development with a strong order intake of 91 MNOK in Q3 2017 (almost three times the order intake in Q3 2016)

• In the Land Based segment the order intake in the quarter ends on 92 MNOK, up from 57 MNOK in Q3 2016

• YTD order intake of 1.9 BNOK (full year 2016 of 1,95 BNOK)

Order intake

Continued strong growth

254 296 252328

420 435 427 421

63101

250

72103

303

9244

6951

48

5733350

589

3331

1Q17

441

778

SW

CBT

4Q15

LBT

3Q174Q161Q16 3Q16

41732

2Q16

533

+31%

546

2Q17

561

• 37 % increase in revenue compared to Q3 2016

• Strong market in the Nordic region is a contributor to a 31% increase in revenue in Nordic YoY

• Strong quarter in Americas, revenue more than doubled from Q3 2016

• Land Based is gradually starting to deliver on the higher order backlog

Delivering on a strong order backlog

344393 408

354

449510 537

484

4Q163Q162Q161Q16

+37%

2Q171Q174Q15 3Q17

Revenue

• EBITDA increase of 60% compared to Q3 2016

• EBITDA margin of 12,6 %, up from 10,8 % in Q3 2016

• Strong quarter in the Nordic region, with ASA Nordic and AKVA Marine Services as the main contributors. EBITDA doubled in the region from last year

• The Land Based segment ends the quarter with an EBITDA of 7,6 MNOK (9.1 % EBITDA margin)

• Americas (AKVA group Chile, North America and Australasia) with an improvement of 10,5 MNOK in EBITDA compared to last year

EBITDA margin stabilize on a higher level

2740 43 38

24

5465 61

+60%

2Q171Q174Q163Q162Q161Q164Q15 3Q17

EBITDA

• Third quarter 2017 – Highlights

– Strong sales and order intake

– Order backlog end of September of 1.38 BNOK

– EBITDA of 61 MNOK in the quarter

– Dividend of 0.75 NOK per share paid out in September 2017

Ninth quarter in a row with growth in order backlog

385 414 385 468586 647 698 751

264 283 437417

412430

620 629

1Q16

697

4Q15

649

2Q16

822

1Q17

1 077

4Q16

998

+56%

2Q17

1 318

886

3Q17

1 380

3Q16Land Based

Order backlog

Income distribution Q3 2017AKVA group’s geographical regions

Where do we deliver

Nordic

AmericasExport

AKVA groupAgents and Distributors

21%(12%)

65%(75%)

14%(13%)

Nordic

AmericasExport

• Growing revenue in the Marine Service business in Norway is contributing to the positive development over Q2

• The Marine Service business in Chile has started and business plans is under development to grow this segment

• Continued good development for the rental business in Scotland in 2017

• Marketing and sales activity slowly starting to yield effect for Software segment

• MNOK 32 (30%) absolute increase in revenue compared to Q3 LY

Development in OPEX based revenue

140146119127

10810190 91

0

50

100

150

0

5

10

15

20

25

30

35

29,0%

2Q17

23,4%

27,1%

4Q16

30,6%

2Q16

28,3%

3Q16 3Q17

24,7%

1Q16

23,3%

4Q15

26,0%

1Q17

% of total revenue OPEX Based revenue

Revenue by product group and speciesBy product groups – Q3 2017 By species – Q3 2017

Cage Based Tech

S&AS Cage Based

53,8%(47,9%)

S&AS Land Based

21,1%(21,2%)

0,1%(0,2%)

7,8%(9,3%)

Land Based Tech

17,2%(21,5%)

Software

Cage Based technologies = Cages, barges, feed systems 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 technologies = 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

Non Seafood

7,6%(11,2%)

Other species 9,5%(14,4%)

Salmon

82,8%(74,4%)

• Continued positive market development in Chile

• Stepping up activity and presence on the Canadian east coast

• New office in Spain developing well and established office in Greece to further focus on the Mediterranean market

• Continued good performance in Norway

• Land Based project pipeline in Norway strong, focus on post smolt. Early indications market in Chile is picking up

• Investing in new extruder capacity at Helgeland Plast

• Focus on sourcing, supply chain and manufacturing efficiency

• Group strategy process ongoing, to be operationalized by end of Q4 - from “AKVA group of companies to AKVA group”

• Atlantis – dialogue with the Ministry in the quarter, decision still not made

Q3 – Operational Highlights

Underwater feeding

Fish health operations

Daily operations (dead fish removal, surveillance, cleaning, etc)

Risk management

Submerge and raise the cage – safe and remote

Air to the salmonArtificial air space

1. Atlantis Subsea Farming AS applied for 6 development licenses the 29th of January 2016

2. The Norwegian Directorate of Fisheries have informed the company that the company’s concept has progressed another step further in the process to get awarded development licenses.

3. The Directorate will go ahead with processing the application limited to 2 licenses, but have rejected the application in terms of the other 4 permits applied for.

4. On May 9th 2017 the company appealed the decision of rejecting the 4 permits.5. On June 16th 2017 the Directorate forwarded the appeal to the Norwegian Ministry of

Trade, Industry and Fisheries, for their final decision.

Financial performance Q3 2017 – by CFO Simon Nyquist Martinsen

• 37 % growth, strong contributions from Nordic and Americas

• Last twelve months order intake and sales now at 2,474 MNOK and 1,980 MNOK respectively

• The order book has grown to 1,380 MNOK at the end of Q3, which is 494 MNOK higher than at the end of Q3 2016

Revenue

Q3 2017 – Financial highlights

305330

301310344355

402

325

449

354

408393

537510

484

Q2Q1 Q4Q3

201720152014 2016

• A very strong quarter for AKVA Marine Services, ending the quarter with an EBITDA of 12 MNOK

• All entities in the Nordic region is performing above last year

• The entities in the Americas region has a very strong quarter compared to Q3 2016

• The margins in the Land Based segment is increasing quarterly, with strong underlying performance from Aquatec Solutions

EBITDA (MNOK)

Q3 2017 – Financial highlights

13

3424

32 274141

27 24384340

6554

61

0

20

40

60

80

Q1 Q4Q2 Q3

20162015 20172014

0

5

10

15

Q4

5,3%7,9%

4,4%

Q3

10,8%11,4%

10,4%

Q2

12,1%10,4%10,2%

8,0%

Q1

10,6%10,1%

8,2%10,2% 12,6%

EBITDA %

Nordic• All entities contributing positively YoY

• Very strong quarter for AKVA Marine Services

• Revenue up 31% compared to Q3 2016

Americas• Another strong quarter in Chile, improving the EBITDA

with 7.3 MNOK YoY

• The operation in North America and Australasia is ending the quarter with an EBITDA of 3.6 MNOK, compared to 0.3 MNOK last year

Export• UK ended another strong quarter with an EBITDA of 4,7

MNOK, an increase from 3.3 MNOK last year

• Turkey and Spain delivers according to plan in the quarter

• Export to emerging markets – minor deliveries in the quarter. Sold to barges to Russia in the quarter, increasing the order backlog

Cage Based Technologies

167224

36

42

93

46

0

50

100

150

200

250

300

350

400

0

2

4

6

8

10

12

14

2017 Q3

363 12,6%

2016 Q3

245

10,4%

NordicAmericasExportEBITDA %

Revenue and EBITDA %

• Good underlying performance in Aquatec Solutions and Plastsveis in the quarter with a total EBITDA of 6.4 MNOK

• Cost reductions in AKVA group Denmark starting to give effect, ending the quarter with positive figures

• Order intake of 92.1 MNOK in the quarter resulting in an order backlog of 629 MNOK in the segment end of Q3 2017

Land Based Technologies

7683

25303540455055606570758085

0

2

4

6

8

10

2017 Q3

841

9,1%

2016 Q3

770

6,3%

EBITDA % Americas Nordic

Revenue and EBITDA %

• AKVA group Software ends the quarter with an EBITDA of 4.2 MNOK

• All entities with stronger margins in the third quarter, compared to both Q1 and Q2

• We are currently carrying out a strategic evaluation of Wise ehfin order to realize the potential of the business going forward

Software

2934

4

3

0

5

10

15

20

25

30

35

40

-20

-10

0

10

20

301

19,9%

2016 Q3

331

24,3%38

2017 Q3EBITDA % Export Americas Nordic

Revenue and EBITDA %

(MNOK) 2017 2016 2017 2016 2016Q3 Q3 YTD YTD Total

Order backlog 1 379,9 885,6 1 379,9 885,6 997,7 Order intake 546,0 417,4 1 913,5 1 391,2 1 952,0 P&LOPERATING REVENUES 483,9 353,8 1 531,3 1 154,5 1 603,1 Operating costs ex depreciations 423,1 315,5 1 351,4 1 034,0 1 458,9 EBITDA 60,8 38,3 180,0 120,5 144,2 Depreciation and amortization 20,1 17,5 61,5 48,8 69,2 EBIT 40,7 20,8 118,5 71,7 75,0 Net interest expense -3,2 -1,0 -9,2 -4,9 -6,6 Other financial items -2,9 -3,6 -7,0 -15,0 -19,8 Net financial items -6,0 -4,5 -16,3 -19,9 -26,4 EBT 34,7 16,2 102,2 51,8 48,6 Taxes 8,4 5,5 29,5 16,0 21,0 NET PROFIT 26,2 10,8 72,8 35,7 27,6

Net profit (loss) attributable to:Non-controlling interests 0,2 1,4 0,3 0,3 0,1 Equity holders of AKVA group ASA 26,0 9,4 72,4 35,4 27,5

Revenue growth 36,8 % -0,3 % 32,6 % 6,8 % 12,5 %EBITDA margin 12,6 % 10,8 % 11,8 % 10,4 % 9,0 %EPS (NOK) 1,01 0,36 2,80 1,37 1,06

Financials – Detailed P&L• Whereof Land Based is 629 MNOK

• Increased depreciation mainly due to increased rental CAPEX, investments in AKVA Marine Services and amortization

• Increased due to higher net debt

• 3.2 MNOK relates to investment in Atlantis Subsea Farming AS

• Minority shareholders (49%) in Wise Blue AS

Group financial profile – remains strong

226

160

230203

165

256

180197 206

4Q163Q162Q161Q164Q153Q15 3Q171Q17 2Q17

Available cash

Including 83 MNOK of a 90 MNOK credit facility in Danske Bank, as of Q3 2017

Refinancing of long term loans, increased credit facility and established a revolving credit is finalized in October. Securing around 246 MNOK in additional available cash. E.g. cash reserve is close to 450 MNOK.

Working capital Average working capital

122124131

109

64

126127118

0

20

40

60

80

100

120

140

0

1

2

3

4

5

6

7

8

9

10

2Q17

6,7%

1Q17

6,8%

4Q16

2,2%

3Q15

8,8%

4Q15

6,2%

4,3%

1Q16

7,5%

2Q16

8,8%

3Q16 3Q17

9,1%

36

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

Continued strong capital discipline in the Group

10010298

85

107106

0

50

100

150

0

1

2

3

4

5

6

7

8

9

10

2Q17

5,5%

1Q17

5,7%

4Q16

5,3%

3Q16

7,2%

2Q16

7,1%

1Q16

115

7,7%

4Q15

134

9,4%

3Q15

134

9,6%

5,0%

3Q17

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

Continued positive relative working capital development

CAPEX

0

10 000

20 000

30 000

40 000

50 000

60 000

0

2

4

6

8

10

12

4Q 20161Q 20163Q 2015 4Q 2015

32 853

6,9%

5,5%

31 666

5,9%

1Q 2017

23 114

3Q 2016

24 728

9,5%

2Q 2016

4,5%

5,9%57 368

17 06715 87124 407

4,2%

11,2%

(TNOK)

3Q 20172Q 2017

19 495

4,0%

CAPEX/Sales % CAPEX

Ordinary

12 177Intangible

21 089

Rental

75 263

CAPEX breakdown YTD 2017CAPEX and CAPEX/Sales %

Net debt/EBITDA of 1.4

Net debt (MNOK) and net debt/EBITDA

279

298310

212

71

13698

1,4

2,0

1,4

0

100

200

300

400

0,35

0,70

1,05

1,40

1,75

2,10

4Q15

1,0

3Q15

0,8

2Q17

1,6

1Q17 3Q174Q16

1,5

3Q16

213

2Q16

172

1,1

1Q16

0,5

NIBD/EBITDA (12 mth rolling) NIBD

Change in net debt (TNOK)Net debt 30.06.2017 298 368

EBITDA -60 804 Income taxes paid 1 125 Net interest paid 3 151 Capex 19 495 Acquisitions / Divestments - Long-term financial assets - Paid dividend 19 354 Buyback own shares -5 473 Sale of fixed assets - Currency effects 5 096 Other changes in working capital -1 550 Net change -19 605

Net debt 30.09.2017 278 762

Group financial profile – remains strong, continued

Equity and Equity / Total Balance NIBD / Equity

476473446435435428

0

50100

150

200250

300

350

400450

500

0

5

10

15

20

25

30

35

40

29,4%

1Q17

31,3%

4Q16

31,6%

3Q16

37,1%

2Q16

460

4Q15

38,9%

3Q17

39,6% 31,4%38,0%

2Q171Q16

443

3Q15

38,9% 4370,59

0,630,70

0,490,49

0,37

0,16

0,32

0,22

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

3Q15 2Q171Q174Q163Q162Q161Q164Q15 3Q17

Group financial profile – remains strong, continued

ROCE ROACE

13,5%

2Q174Q16

9,8%

3Q163Q15

13,9%

3Q17

11,1%

1Q17

9,6%

17,8%

4Q15

14,7%12,4%

2Q16

14,0%

1Q16 2Q17

12,7%

1Q17

10,9%

4Q16

11,4%

3Q163Q15

15,0%

3Q17

14,6%13,2%

2Q16

15,1%

1Q16

18,6%

4Q15

16,1%

Cash flow statement

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW Note 2017 2016 2017 2016 2016(NOK 1 000) Q3 Q3 YTD YTD Total

Net cash f low from operations 54 275 33 221 159 382 93 664 105 596 Net cash f low from change in w orking capital 1 550 -25 355 -80 277 10 404 106 050 Net cash f low from operational activities 55 825 7 866 79 105 104 067 211 645 Net cash f low from investment activities 1,3 -21 585 -17 271 -74 688 -136 999 -260 324 Net cash f low from financial activities -20 998 -13 646 -46 325 53 576 105 646

Net change in cash and cash equivalents 13 241 -23 051 -41 908 20 645 56 967 Net foreign exchange differences -2 648 -2 412 -404 -3 974 -941 Cash and cash equivalents at the beginning of the period 112 638 151 651 165 543 109 517 109 517 Cash and cash equivalents at the end of the period 123 232 126 187 123 232 126 187 165 543

Balance sheetBALANCE SHEET 2017 2016 2016

(MNOK) 30.09 30.09 31.12

ASSETS 1 521 1 179 1 376 Intangible non-current assets 578 411 575 Tangible non-current assets 197 138 151 Financial non-current assets 10 5 6 Inventory 223 178 186 Receivables 389 321 292 Cash and cash equivalents 123 126 166

LIABILITIES AND EQUITY 1 521 1 179 1 376 Equity 476 427 435 Minority interest 1 11 0 Long-term interest bearing debt 358 265 348 Short-term interest bearing debt 44 75 30 Non-interest bearing liabilities 642 402 563

Largest shareholders20 largest shareholders

Origin of shareholders, 5 largest countries

Share developmentNo of shares % Account name Type Citizenship

13 203 105 51,1 % EGERSUND GROUP AS NOR3 900 000 15,1 % WHEATSHEAF INVESTMENT GBR1 139 565 4,4 % VERDIPAPIRFONDET ALFRED BERG NOR

470 246 1,8 % EIKA NORGE NOR460 414 1,8 % VPF NORDEA KAPITAL NOR459 942 1,8 % STATOIL PENSJON NOR381 300 1,5 % MP PENSJON PK NOR367 623 1,4 % VPF NORDEA AVKASTNING NOR300 000 1,2 % MERTOUN CAPITAL AS NOR300 000 1,2 % NORDEA NORDIC SMALL FIN257 444 1,0 % NORDEA 1 SICAV LUX257 388 1,0 % VERDIPAPIRFONDET DNB NOR198 315 0,8 % VERDIPAPIRFONDET NOR NOR188 625 0,7 % OLE MOLAUG EIENDOM A NOR164 455 0,6 % ARCTIC FUNDS PLC IRL157 156 0,6 % SIX SIS AG Nominee CHE155 700 0,6 % FORTE TRØNDER NOR150 000 0,6 % DAHLE BJØRN NOR145 653 0,6 % ROGALAND SJØ AS NOR121 900 0,5 % METZLER EURO SMALL + IRL

22 778 831 88,2 % 20 largest shareholders3 055 472 11,8 % Other

25 834 303 100,0 % Total number of shares as per 30.09.2017

No of shares % Origin No of shareholders20 214 827 78,2 % Norway 973

3 954 198 15,3 % Great Bri ta in 19403 978 1,6 % Luxembourg 6342 207 1,3 % Ireland 5326 945 1,3 % Finland 4592 148 2,3 % Other 109

Total number of shareholders: 1116 - from 25 different countries

Subscribe to Oslo Stock Exchange Releases from AKVA by email on:http://ir.akvagroup.com/investor-relations/subscribe

0

10 000 000

20 000 000

30 000 000

40 000 000

50 000 000

0

20

40

60

80

100

okt.16 nov.16 des.16 jan.17 feb.17 mar.17 apr.17 mai.17 jun.17 jul.17 aug.17 sep.17

Last 12 monthsTrading volumeShare price

0

30 000 000

60 000 000

90 000 000

120 000 000

150 000 000

180 000 000

0

20

40

60

80

100

2013 2014 2015 2016 2017

Last 5 yearsTrading volumeShare price

Outlook – by CEO Hallvard Muri

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 11 countries. 927 employees

Turn-key solutionsCage Based Technology Land Based Technology Software

OPEX Based Revenue

CAPEX Based Revenue

Order backlog and inflow, 2014 through 2017

346454414647

403376385

698

293357468751

411385586

10693 283

430

118

437

620

286

417

629

93 264

412

494

Q2

822

1 318

56349

643

47875

1 077

697

Q4

547452

Q3

886

649504

1 380

998

Q1

231332 340

486321 268 283

475

185290 360

454371

287

489

101

103

80

250

304

214 57

9289

63

72

327

460

6

546

12243

36368

Q1

441

589

348

Q2

417

533

778

16201

504561

Q4

350

Q3OtherLand Based

Order backlog Order intake

Strong order backlog, 1,380 MNOK

46% of total order backlog relates to Land Based Technology (LBT)

High market activity and order intake of 546 MNOK

Outlook – AKVA group• Underlying market assumptions continue to be strong

• Customers are increasing investments in Land Based

and post smolt

• The Atlantis project is still at the Ministry for final

decision

• Strategy process to be concluded in Q4

• Continued focus on internal improvements