Slides
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Nordic Aqua Q4 2025 26 February 2026 CEO Ragnar Joensen MD Andreas Thorud CFO Tom Johan Austrheim
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 DISCLAIMER This presentation contains statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees or advisers accept any liability whatsoever arising directly or indirectly from the use of this document. 2
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Agenda 3 Market Financials Summary & Outlook Operations Project Highlights
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Highlights 4 • New local equity and long-term debt partnerships strengthened NOAP’s financial platform in China, de-risking the path for Stage 3 expansion • Commercial harvest of 353 tonnes HOG, with 93% rated superior and an average weight of 3.3 kg HOG (4.0 kg LW), impacted by biomass optimizations • Average sales price was EUR 5.74/kg, reflecting low harvest weights • FY 2025 harvest totalled 2,026 tonnes at an average weight of 3.9 kg HOG (4.7 kg LW) and a 97% superior rate, proving good fish health and biological control • China imported a record 36,974 tonnes of fresh Atlantic Salmon in Q4, up 57% YoY, being the highlight on the demand side • Biomass production of 1,350 tonnes, due to good biological performance and excellent fish health and welfare. Total biomass of 3,759 tonnes at Q4 end • Successful first transfer of fish into Stage 2 grow-out units, on schedule for first harvest in September 2026
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Agenda 5 Market Financials Operations Project Highlights Summary & Outlook
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 6 • Premium Atlantic Salmon sales continued, receiving positive feedback on quality from the market • Commercial harvest of 353 tonnes HOG, with superior share of 93% • Average harvest weight of 3.3 kg HOG, equivalent to 4.0 kg LW • Average sales price in Q4 2025 was EUR 5.74/kg ‒ All three metrics above impacted by harvesting of small fish to optimize the number of fish in the facility ‒ Price achievement also impacted by most of production grade fish were harvested in December when spot prices were highest in the quarter Harvest and sales in Q4 0 200 400 600 800 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Tonnes, HOG Harvested tonnes, HOG 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Q1 2025 Q2 2025 Q3 2025 Q4 2025 kg, HOG Average harvest weight, HOG NOAP Norway (Kontali) 0% 20% 40% 60% 80% 100% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quality distribution Superior rate, % Production rate, % 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EUR/kg Average sales price NOAP Nasdaq/Sitagri Company data, Nasdaq, Sitagri and Kontali as of 31.12.2025. The Nasdaq/Sitagri price is weighted based on NOAP harvest data
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 7 Wide price span in China • Strong preferences for larger size fish in the Chinese market ‒ Matches local taste and texture preference ‒ Better yield and more efficient for manual processing ‒ Better looking sashimi cuts • Resulting in significantly higher price sensitivity to weight variations than other markets • Average sales price for all sizes compared to 5+ kg: ‒ Sitagri index had price premium of EUR 0.2/kg (3%) ‒ NOAP had price premium of EUR 2.1/kg (36%) Comparing average sales price for all sizes to 5+ kg, SUP EUR/kg Avg. sales price Avg. 5+ kg, SUP Large size effect, % Sitagri - Q4 2025 6.90 7.08 2.5% NOAP - Q4 2025 5.74 7.80 35.9% Company data and Sitagri. The Sitagri price is weighted based on NOAP harvest data
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 8 • Nordic PureAtlantic Launched Pilot Project in International Retail Chain ‒ Marked a key channel milestone with our first entry into China's premium retail segment, validating our brand positioning and laying the groundwork for long-term equity building. • Active Engagement at Industry Expos ‒ Connected with current and future partners while assessing market trends through targeted participation at Qingdao International Fisheries & Seafood Expo and FHC Shanghai. • Demonstrated Industry Leadership with Presentation at International Salmon Forum ‒ Presented our pioneering RAS practices alongside global industry peers, reinforcing our position as China's largest Atlantic salmon producer. Strengthening premium position and brand equity through retail validation and stakeholder engagement Presenting at International Salmon Industry Forum in Qingdao Nordic PureAtlantic Pilot Project in International Retail Chain
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 9 Freshness Safety Unparalleled lead time to the market ensures a significantly fresher product than any competitive Atlantic Salmon. The product is produced in a fully controllable environment and is free from antibiotics, medicines, and parasites. The product holds the highest of quality when it comes to sustainability and traceability. Sustainability It is the only high quality, continuously supplied Atlantic Salmon produced in China. Agility Food Service Retail Compelling value proposition to local market
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Strategically located near Shanghai with proximity to high GDP per capita population • Strategically located with proximity to core markets • Highly attractive end-market for salmon ‒ Higher income areas ‒ Focus on health ‒ Good availability • Gaotang location offers benefits such as ; ‒ Suitable water quality ‒ Access to energy at stable prices ‒ Modern infrastructure > USD 15,000 USD 10,000 – 15,000 < USD 10,000 Shanghai Hongkong 800 million consumers 12 hours 100 million consumers 5 hours Gaotang Gaotang - the ideal location for land-based farming GDP per capita heatmap (USD) 10 Source: Provincial Bureau of Statistics of China Note: 1) Rabo Research Food & Agribusiness 10 Beijing
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 11 Continued strong growth in imports of Atlantic salmon to China — on track to meet or exceed Alibaba’s 2030 projection of 210,000 tonnes 36,974 tonnes of fresh Atlantic salmon imported in Q4 2025 - an increase of 57% YoY 0 50 100 150 200 250 2019 2020 2021 2022 2023 2024 2025 2030e** Annual import volume* Fresh or chilled Atlantic salmon (1,000 tonnes) * Source - Chinese customs data ** Source - Alibaba Group 0 20 40 60 80 100 120 140 160 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Quarterly import 12 months rolling Fresh or chilled Atlantic salmon (1,000 tonnes)
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 12 Imports of Atlantic salmon to China Q4 2025 Source: Chinese customs data Norwegian imports reached 20,658 tonnes in Q4 2025, up 69% YoY. Volumes from Chile grew 137% YoY to 5,843 tonnes. 4,289 5,946 10,298 12,249 20,658 1,423 892 2,119 2,457 5,813 4,804 4,711 4,911 4,489 5,843 1,407 1,516 1,257 4,367 4,661 11,923 13,065 18,585 23,561 36,974 2021 2022 2023 2024 2025 Q4 - Total import volume Fresh or chilled Atlantic Salmon (tonnes) Norway Chile Australia Others 36% 46% 55% 52% 56% 12% 7% 11% 10% 16% 40% 36% 26% 19% 16% 12% 12% 7% 19% 13% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2021 2022 2023 2024 2025 Q4 - Market share per COO Fresh or chilled Atlantic Salmon (%) Norway Chile Australia Others
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Historic average import prices above EUR 10/kg Import price includes import duty Source: Chinese customs data 13 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023 2024 2025 Average import price per month Fresh or chilled Atlantic salmon (EUR/kg). Volumes in tonnes Total volume European Chile and Australia Average European Average Chile and Australia
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Agenda 14 Market Financials Operations Project Highlights Summary & Outlook
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 15 • Strong biological performance ‒ Good fish health and high survival rates ‒ Stable production with gradual ramp-up from Stage 2 • Q4 biomass production of 1,350 tonnes ‒ Good appetite and feeding levels during the fourth quarter ‒ Production from Stage 1 is at full run-rate ‒ Total biomass of 3,981 tonnes by quarter end Farming in Q4 0 200 400 600 800 1,000 1,200 1,400 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Production, tonnes (LW) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Biomass, tonnes (LW) Company data as of 31.12.2025
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 16 • KPI’s from start prove strong biological performance • Production strategy ‒ Targeting average harvests weight of 7.0 kg LW ‒ Securing strong position in the Chinese high-end salmon market ‒ Proven capability of producing fish of 7.0 kg LW at scale Production status KPI’s from start Net production, LW > 9,900 tonnes Superior share 97% Harvest, HOG > 3,000 tonnes Average harvest weight, KG > 4.0 HOG (4.8 LW) Mortality from 150 g All batches ~ 5% Company data as of 25.02.2026
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Agenda 17 Market Financials Operations Project Highlights Summary & Outlook
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 18 Stage 2 - development on track below budget • Bring total annual capacity to 8,000 tonnes • Hatchery, start-feeding, parr- and smolt units finished and in operation, with first inlay of eggs completed in Q3 2024 • All on-growing RAS units are now in operation, remaining is only some auxiliary systems • Nordic Aqua successfully transferred fish into all on-growing RAS units • On schedule for first harvest in September 2026 • Revised capex estimate to EUR 65 million, down 16% from previous EUR 77 million ‒ Benefiting from close collaboration with AKVA Group and other suppliers ‒ Standardizing RAS units ‒ Good project management • EUR 47.5 million of Stage 2 capex accrued by the end of Q4 Alternative slide. Combining slide from DNB Carnegie conference
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 | Optional Stage 4 Potential for +30,000 MT Stage 2: 4,000 MT Construction ongoing Stage 3: +12,000 MT Pending investment decision Further growth potential Stage 1: 4,000 MT Operational since 2022 19
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Agenda 20 Market Financials Operations Project Highlights Summary & Outlook
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 21 Financial review (figures in EUR 1000) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenue 2,027 1,568 12,886 6,497 Operating EBITDA1) -2,384 -3,822 -7,192 -16,580 Operating EBIT2) -3,943 -5,081 -12,674 -20,760 EBIT -1,937 -5,626 -11,016 -19,929 Profit/loss before tax -894 -3,208 -20,431 -19,907 Profit/loss for the period 357 -1,824 -16,503 -17,422 Net cash flow 6,645 14,321 -3,754 -5,319 Cash 11,505 18,044 11,505 18,044 Total assets 179,171 158,347 179,171 158,347 Equity 104,241 86,882 104,241 86,882 Harvested tonnes, HOG 353 0 1,938 523 Other harvested tonnes, WFE 0 1,038 99 1,669 Operating EBIT/kg3) -11.16 -4.89 -6.22 -9.47 Equity ratio4) 58% 55% 58% 55% Net interest-bearing debt5) 18,066 8,592 18,066 8,592 1) Operating EBITDA = EBITDA excl. fair value adjustments 2) Operating EBIT = EBIT excl. fair value adjustments 3) Operating EBIT/kg = EBIT excl. fair value adjustments/harvested tonnes, HOG + Other harvested tonnes, WFE 4) Equity ratio = Equity / Total assets 5) Net interest-bearing debt (NIBD) = Long - and short-term interest-bearing debt - Cash and cash equivalents • Sales in Q4 2025 of EUR 2.0 million (EUR 1.6 million) ‒ Sales price negatively affected by low average harvest weights ‒ Most of production grade fish were harvested in December when spot prices were highest in the quarter ‒ Sales in Q4 2024 were related to non-commercial harvest • Released cost from stock was EUR 3.2 million (N/A), equivalent to EUR 9.0/kg (N/A) ‒ Higher than expected for steady state due to somewhat lower growth in Q2 and Q3 2025 for batches harvested in the fourth quarter ‒ Released cost from stock was down EUR 0.5/kg QoQ and expected to come below EUR 7.0/kg from Q1 2026 • Operating EBIT of EUR -3.9 million (EUR -5.1 million) ‒ Impacted by low harvest volumes, low harvest weights and high released cost from stock • Investments in PPE amounted of EUR 7.6 million (EUR 1.2 million) • Biomass of EUR 25.9 million (EUR 16.7 million) at quarter end, including fair value adjustment of EUR 4.4 million (EUR 2.7 million) • Equity ratio as of 31 December at 58% (55%) Key Figures Figures for the corresponding period in 2024 in brackets
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Transformational capitalisation and financing - offering substantial benefits for Nordic Aqua Equity injection into Nordic Aqua Ningbo by two reputable Chinese investors 22 Long-term financing by Chinese bank syndicate • Strategic and long-term local ownership accelerate strategy execution towards 20,000 tonnes • Strategic and operational synergies • Local support and access to competence in Bio marine university/academic institutions • Refinancing of existing debt • Local financial base in RMB • Potential for IPO of Nordic Aqua Ningbo in China/HK will be considered
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 23 Bank financing in Nordic Aqua Ningbo • Concluded an agreement with syndicate of local banks, strengthening NOAP’s financial platform and strategic position in China • Syndicate credit facilities of up to RMB 585 million (EUR ~70m) at competitive terms and conditions ‒ RMB 385 million in long-debt to finance Stage 2 and repay previous short-term loans - RMB 150 million drawn in Q4 ‒ Working capital facility of up to RMB 200 million to support ramp-up phase - Expected to be completed in Q2 2026 ‒ The preliminary agreement comprises financing of Stage 3 - Subject to certain milestones and conditions • Repayment of existing short-/long-term credits
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 24 New Investors in Nordic Aqua Ningbo • Concluded the agreement with two Chinese state-owned enteties for a co-investment in Nordic Aqua Ningbo • New investors injected RMB 300m (~EUR 36m) for a 20% ownership stake in Nordic Aqua Ningbo • Strategic rationale: ‒ Long-term local ownership supporting execution of the expansion strategy toward 20,000 tonnes of annual capacity ‒ Strategic and operational synergies providing enhanced market access, government relationships and local expertise ‒ Broader financing flexibility, positioning the company for continued expansion and potential local capital market options, including a future IPO of Nordic Aqua Ningbo Co., Ltd • Governance structure ensures transparency and alignment with local and international standards Nordic Aqua (Ningbo) Co., Ltd. 20% New investors 80% Nordic Aqua Partners AS
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Agenda 25 Market Financials Summary & Outlook Operations Project Highlights
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 26 Outlook – Q1 2026 and FY 2026 • Market – Continued strong momentum YTD 2026 with a record import of fresh Atlantic salmon from Norway in week 6 of 4,084 tonnes • Harvest Q1 – 700-900 tonnes HOG with superior share of approx. 97% and average weight of approx. 4.5 kg HOG • Harvest FY – 5,000-6,000 tonnes HOG • Price – Higher global prices and increased harvest weights should improve price realization from Q1 2026 • Cost – Below EUR 7.0/kg released cost from stock in Q1 2026 and somewhat decreasing during the rest of 2026 • Production – Stage 2 production is gradually increasing and expected on full run-rate in H2 2026 • Financing – The Working Capital Facility is partly subscribed and is expected to be completed within Q2 2026 • Project – Using 2026 for detailed engineering for Stage 3
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 27 • Market – Strategic Retail Pilot with Nordic PureAtlantic in International Retail Chain • Harvest – 353 tonnes HOG with superior share of 93% and average harvest weight of 3.3 kg HOG • Production – 1,350 tonnes bringing biomass to 3,759 tonnes end of quarter • Financing – Entered local equity and debt partnerships, enabling acceleration of strategy execution towards 20,000 tonnes annual capacity • Project – Stage 2 is on schedule and below budget with all on-growing RAS units now in operation Summary of Q4 2025
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Investor Contacts Tom Johan Austrheim CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com Ragnar Joensen CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com Thank you Next events: • Annual report 2025 release, 14 April 2026 • Annual General Meeting 2026, 7 May 2026 • Quarterly report – Q1 2026, 21 May 2026
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Appendix 29
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Profit & Loss 30 (figures in EUR 1000) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenue 2,027 1,568 12,886 6,497 Purchase of goods -3,079 -1,658 -7,126 -8,599 Change in inventory and biological assets (at cost) 4,682 3,346 7,969 6,498 Other operating income 0 0 0 121 Other external expenses -4,208 -5,005 -14,657 -14,243 Staff costs -1,806 -2,073 -6,264 -6,854 Depreciations -1,559 -1,259 -5,482 -4,180 Operating EBIT -3,943 -5,081 -12,674 -20,760 Fair Value of Biological Assets 2,006 -545 1,658 831 EBIT -1,937 -5,626 -11,016 -19,929 Net financials 1,043 2,418 -9,415 22 Profit/loss before tax -894 -3,208 -20,431 -19,907 Income tax expense 1,251 1,384 3,928 2,485 Profit/loss for the period 357 -1,824 -16,503 -17,422 Operating EBIT/kg -11.16 -4.89 -6.22 -9.47 Earnings per share - Basic (EUR) 0.02 -0.06 -0.77 -1.01 • Sales in Q4 2025 of EUR 2.0 million (EUR 1.6 million) ‒ Sales price negatively affected by low average harvest weights and most of production grade fish were harvested in December when spot prices were highest in the quarter ‒ Sales in Q4 2024 were related to non-commercial harvest • Released cost from stock was EUR 3.2 million (N/A), equivalent to EUR 9.0/kg (N/A) ‒ Higher than expected for steady state due to somewhat lower growth recent months for batches harvested in the quarter ‒ Released cost from stock was down EUR 0.5/kg QoQ and expected to come below EUR 7.0/kg from Q1 2026 • Operating EBIT of EUR -3.9 million (EUR -5.1 million) ‒ Impacted by low harvest volumes, low harvest weights and high released cost from stock • Net financials at EUR 1.0 million in Q4 2025 (EUR 2.4 million) • Mainly related to exchange rate deviations • Result for the period ended at EUR 0.4 million (EUR -1.8 million)
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 • Total assets of EUR 179 million (EUR 158 million), increase mainly from investments in PPE and building biomass • Biomass of EUR 25.9 million (EUR 16.7 million), including fair value adjustment of EUR 4.4 million (EUR 2.7 million) • Equity ratio at quarter end was 58% (55%), increase from Minority capital injection • Interest-bearing debt in total of EUR 29.6 million (EUR 26.6 million), increase from new Stage 2 loan and repaying previous short- and long-term credit facilities Financial Position 31 (figures in EUR 1000) 31.12.2025 31.12.2024 Assets Assets under construction 39,889 13,509 Property, plant & equipment 53,604 60,073 Right of Use assets 32,015 35,850 Deferred tax assets 7,376 3,085 Financial assets 1,216 5,908 Total non-current assets 134,100 118,425 Biological assets (Biomass) 25,887 16,661 Inventory 704 303 Receivables 412 170 Other current receivables 6,563 4,744 Cash and cash equivalents 11,505 18,044 Total current assets 45,071 39,922 Total assets 179,171 158,347 Equity and liabilities Share capital 1,839 1,839 Other equity 84,408 85,043 Total equity 104,241 86,882 Deferred tax liabilities 965 600 Long-term interest-bearing debt 18,234 21,780 Long-term leasing debt 32,593 35,786 Total non-current liabilities 51,792 58,166 Short-term interest-bearing debt 11,337 4,856 Short-term leasing debt 396 412 Trade payables 10,858 7,078 Other current liabilities 547 954 Total current liabilities 23,138 13,299 Total liabilities 74,930 71,465 Total equity and liabilities 179,171 158,347 Equity ratio 58% 55%
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 • Net cash flow from operations in Q4 2025 amounted to EUR -11.6 million (EUR -8.2 million) ‒ Mainly related to building biomass and change in trade payables • Net cash flow from investments in Q4 2025 amounted to EUR -7.6 million (EUR -1.2 million) ‒ All related to PPE • Net cash flow from financing in Q4 2025 amounted to EUR 25.8 million (EUR 23.8 million) ‒ Mainly related to Minority capital injection and new Stage 2 loan combined with repaying previous short- and long-term credit facility • Net cash flow in Q4 2025 amounted to EUR 6.6 million (EUR 14.3 million) • Cash at the end of Q4 2025 was EUR 11.5 million (EUR million 18.0) • NIBD was EUR 18.1 million (EUR 8.6 million) at the end of Q4 2025 32 Cash Flow (figures in EUR 1000) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Cash flow from operating activities EBIT -1,937 -5,626 -11,016 -19,929 Adjustments 990 2,632 5,559 4,076 Changes in working capital -10,637 -5,236 -6,656 -1,818 Net cash flow from operating activities -11,585 -8,230 -12,114 -17,671 Cash flow from investment activities Payments for fixed assets and other capitalizations -7,595 -1,209 -31,256 -21,702 Net cash flow from investment activities -7,595 -1,209 -31,256 -21,702 Net cash flow from financing activities 25,824 23,760 39,615 34,054 Net change in cash and cash equivalents 6,645 14,321 -3,754 -5,319 Foreign exchange differences 158 946 -2,785 941 Cash and cash equivalents at the beginning of the period 4,702 2,777 18,044 22,422 Cash and cash equivalents at the end of the period 11,505 18,044 11,505 18,044 Net interest-bearing debt (NIBD) 18,066 8,592 18,066 8,592
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19,58,130 255,103,48 0,0,0 47,91,162 251,249,244 103,176,226 252,212,196 223,230,239 137,137,137 Investor Contacts Tom Johan Austrheim CFO, NOAP tel:+47 982 09 873 tom@nordicaquapartners.com Ragnar Joensen CEO, NOAP tel:+298 599112 ragnar@nordicaquapartners.com