Slides
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26 August 2026 Ragnar Joensen, CEO Andreas Thorud, MD Tom Austrheim, CFO Nordic Aqua Q2 2026
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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.
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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 • Biomass production of 2,294 tonnes, driven by Stage 2 ramp up and excellent fish health and welfare • Total biomass of 5,644 tonnes at end of Q2 with an average standing biomass cost of EUR 5.36/kg • Commercial harvest of 1,362 tonnes HOG, with 96% superior share and an average weight of 4.4 kg HOG (5.3 kg LW) • Average sales price of EUR 6.94/kg (supported by strong price achievements for 5+ kg SUP with average sales price of EUR 7.85/kg • Farming cost/kg of EUR 6.05, driven by good operational performance over time and increased harvest volume • Operating EBIT for Q2 2026 at EUR -0.6 million, impacted by high market supply with corresponding softening spot prices • Stage 2 near completion and detailed engineering commenced for Stage 3 • Continued strong momentum in the Chinese market for Atlantic salmon, with H1 import up 39% YoY
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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 • Harvest of 1,362 tonnes HOG ‒ Making NOAP the first land-based salmon farmer to harvest more than 1,000 tonnes at average weight above 4 kg in a single quarter, according to Kontali • Average harvest weight of 4.4 kg HOG (5.3 kg LW) with superior share of 96% • Average sales price achieved at EUR 6.94 kg ‒ Somewhat impacted by softening spot prices from continued high global supply ‒ Harvest volumes skewed towards the end of the quarter • Sales price for SUP 5+ kg at EUR 7.85/kg, 21% above Sitagri SUP 5+ kg Harvest and sales in Q2 Company data, Sitagri and Kontali as of 30.06.2026. The Sitagri price is weighted based on NOAP harvest data 0 300 600 900 1,200 1,500 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 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 Q1 2026 Q2 2026 kg, HOG Average harvest weights NOAP Norway (Kontali) 70% 80% 90% 100% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Superior rate, % 5.00 6.00 7.00 8.00 All incl. SUP 5+ kg Sales price, EUR/kg NOAP Sitagri
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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 • Q2 – All incl. average sales price compared to SUP 5+ kg: ‒ NOAP – SUP 5+kg was 21% above Sitagri – SUP 5+kg ‒ NOAP – All incl. was 8% above Sitagri index • Overall price premium improving ‒ Driven by steady market development and acceptance in the market Company data and Sitagri. The Sitagri price is weighted based on NOAP harvest data 4.00 5.00 6.00 7.00 8.00 Q2 2026 EUR/kg Preference for larger size fish in China - resulting in higher price sensitivity to weights Sitagri index NOAP - All incl. Sitagri - SUP 5+ kg NOAP - SUP 5+ kg -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50 Q4 2025 Q1 2026 Q2 2026 EUR/kg NOAP improving price achievement NOAP Premium to Sitagri - All incl. NOAP Premium to Sitagri SUP 5+
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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 Showcased at Exclusive Customer Tasting Events ‒ A series of tasting events across China brought together key HORECA and retail buyers to experience our locally farmed salmon firsthand • Nordic PureAtlantic Presented at Norwegian Constitution Day Reception ‒ Nordic PureAtlantic presented to diplomatic, business, and industry representatives at the Norwegian Constitution Day reception in Shanghai. ‒ Nordic Aqua Honored with Climate Lighthouse Outstanding Case Award ‒ Nordic Aqua recognized at Shanghai Climate Week with Climate Lighthouse Outstanding Case Award for our land-based RAS system's water conservation and sustainability efforts Driving brand recognition through customer experiences, industry events, and sustainability leadership Nordic Aqua recognized at Shanghai Climate Week
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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 markets
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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 & Agribusiness10 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 Strong growth in imports of Atlantic salmon to China - on track to exceed Alibaba’s 2030 projection of 210,000 tonnes, new estimates pointing towards 300,000 tonnes by 2030 40,900 tonnes of fresh Atlantic salmon imported in Q2 2026 - an increase of 25% YoY *Source - Chinese customs data ** Source - Alibaba Group ***Pareto Securities – Figures includes import to Hong Kong 0 20 40 60 80 100 120 140 160 180 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 Q1 26 Q2 26 Quarterly import 12 months rolling Fresh or chilled Atlantic salmon (1,000 tonnes) 0 50 100 150 200 250 300 350 Annual import volume* 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 1H 2026 Norwegian imports of fresh Atlantic Salmon reached 59,856 tonnes in 1H 2026, up ~53% YoY Source: Chinese customs data 56% 54% 48% 40% 62% 68% 12% 14% 6% 8% 7% 9%12% 11% 22% 24% 6% 10% 19% 21% 24% 28% 25% 13% 2021 2022 2023 2024 2025 2026 Jan - Jun - Market share per COO Fresh or chilled Atlantic salmon (%) Norway Faroe Islands Chile Others 0 20,000 40,000 60,000 80,000 100,000 2021 2022 2023 2024 2025 2026 1H - Total Import Volume Fresh or chilled Atlantic salmon (tonnes) Norway Faroe Islands Chile 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 data13 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May 2020 2021 2022 2023 2024 2025 2026 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 • Overall biological performance remains strong ‒ Good fish health, no significant maturation and high survival rates ‒ Good fish appetite and production from Stage 1+2 reach full run-rate ‒ First harvest from Stage 2 in Q3 2026 • Q2 biomass production of 2,294 tonnes ‒ Total biomass at full capacity standing at 5,644 tonnes by quarter end • Cost to stock during quarter of EUR 4.7/kg ‒ Standing biomass cost of EUR 5.4/kg on inventory at quarter end Farming in Q2 Company data as of 30.06.2026 0 500 1,000 1,500 2,000 2,500 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Production, tonnes (LW) 0 1,000 2,000 3,000 4,000 5,000 6,000 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Biomass, tonnes (LW)
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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 production, LW > 14,300 tonnes Harvest, HOG > 5,800 tonnes KPI’s from start* *Company data as of 25.08.2026 Mortality from 150 g All batches ~ 6% Average harvest weight, KG > 4.3 HOG (5.2 LW) Superior share, % 95% Production status — Stable production of premium quality fish
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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 - close to completion • Bring total annual capacity to 8,000 tonnes • First inlay of eggs was completed in Q3 2024 • All on-growing RAS units are now in operation, remaining is only some auxiliary systems • Harvest has started subsequently in Q3 2026 • EUR 65.0 million, 16% below the original estimate of EUR 77.0 million ‒ Benefiting from close collaboration with AKVA Group and other suppliers ‒ Standardizing RAS units ‒ Good project management • EUR 54.2 million of Stage 2 capex accrued by the end of Q2
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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 Operational since 2025 Stage 3: +12,000 MT Commenced detailed engineering - 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) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenue 9,447 5,097 15,455 7,394 Operating EBITDA1) 774 -1,341 1,694 -1,266 Operating EBIT2) -646 -2,585 -1,175 -3,946 EBIT -4,841 -4,724 -1,198 -6,602 Profit/loss before tax -4,740 -11,278 -1,113 -16,260 Profit/loss for the period -4,042 -10,082 -1,154 -14,349 Net cash flow 722 3,207 -6,082 -4,793 Cash 5,423 13,251 5,423 13,251 Total assets 193,725 153,258 193,725 153,258 Equity 108,261 69,224 108,261 69,224 Harvested tonnes, HOG 1,362 756 2,133 955 Other harvested tonnes, WFE 0 0 0 99 Operating EBIT/kg3) -0.47 -3.42 -0.55 -3.74 Equity ratio4) 56% 45% 56% 45% Net interest-bearing debt5) 37,617 27,118 37,617 27,118 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 Q2 2026 of EUR 9.4 million (EUR 5.1 million) ‒ Recaptured price premium position compared to Sitagri index price ‒ 21% premium for SUP 5+ kg ‒ Harvest volumes skewed towards the end of the quarter • Farming cost at EUR 8.2 million (EUR 6.0 million), equivalent to EUR 6.1/kg (EUR 7.9/kg) ‒ Down EUR 0.2/kg compared to Q1 2026, due to good growth for several months • Investments in PPE amounted of EUR 6.1 million (EUR 8.3 million) • Biomass of EUR 34.6 million (EUR 16.3 million) at quarter end, including fair value adjustment of EUR 4.4 million (EUR 0.1 million) • Equity ratio as of 30 June at 56% (45%) Key Figures Figures for the corresponding period in 2025 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 22 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 at competitive terms and conditions ‒ RMB 385 million/EUR 49 million in long-debt to finance Stage 2 and repay previous short-term loans ‒ RMB 292 million/EUR 37 drawn end of Q2 ‒ Working capital facility to support ramp-up phase ‒ RMB 41 million/EUR 5 drawn end of Q2 ‒ The preliminary agreement comprises financing of Stage 3 ‒ Subject to certain milestones and conditions
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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 23 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 24 Outlook – Q3 2026 and FY 2026 • Market – Continued strong momentum in July 2026 - on track to exceed Alibaba’s 2030 projection of 210,000 tonnes • Harvest Q3 – 1,400-1,600 tonnes HOG with superior share above 95% and average weights of approx. 4.5 kg HOG • Harvest FY – 5,500-6,000 tonnes HOG • Price – Expect improved price realisation going forward, driven by higher global prices and increased harvest weights should improve price realization • Cost – Supported by Cost to stock during Q2 2026 of EUR 4.7/kg and standing biomass cost on inventory at quarter end Q2 2026, EUR 5.4/kg • Production – Stage 2 production on full run-rate in H2 2026, with first harvest already started subsequently in Q3 • Project – Subject to final investment decision, construction of Stage 3 can start first half of 2027
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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 25 • Market – Honoured with Climate Lighthouse Outstanding Case Award • Financials – Operating EBIT Q2 ended at EUR -0.6 million • Harvest – 1,362 tonnes HOG with superior share of 96% and average harvest weight of 4.4 kg HOG • Production – 2,294 tonnes bringing biomass to 5,644 tonnes at quarter end • Financing – The Working Capital Facility is partly subscribed RMB 41 mill drawn at the end of Q2 • Project – Harvest from Stage 2 has subsequently started in Q3 and detailed engineering has commenced for Stage 3 Summary of Q2 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 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: • Q3 report 2026, 12 November 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 27
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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 28 (figures in EUR 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenue 9,447 5,097 15,455 7,394 Purchase of goods -5,550 -442 -10,387 -1,778 Change in inventory and biological assets (at cost) 3,086 -1,227 7,864 2,488 Other operating income 0 0 0 0 Other external expenses -4,597 -3,681 -8,038 -6,464 Staff costs -1,612 -1,088 -3,200 -2,906 Depreciations -1,420 -1,244 -2,869 -2,680 Operating EBIT -646 -2,585 -1,175 -3,946 Fair Value of Biological Assets -4,195 -2,139 -23 -2,656 EBIT -4,841 -4,724 -1,198 -6,602 Net financials 101 -6,554 85 -9,658 Profit/loss before tax -4,740 -11,278 -1,113 -16,260 Income tax expense 698 1,196 -41 1,911 Profit/loss for the period -4,042 -10,082 -1,154 -14,349 Operating EBIT/kg -0.47 -3.42 -0.55 -3.74 Earnings per share - Basic (EUR) -0.16 -0.48 -0.06 -0.68 • Sales in Q2 2026 of EUR 9.4 million (EUR 5.1 million) ‒ Recaptured price premium position compared to Sitagri index price ‒ 21% premium for SUP 5+ kg ‒ Harvest volumes skewed towards the end of the quarter • Farming cost at EUR 8.2 million (EUR 6.0 million), equivalent to EUR 6.1/kg (EUR 7.9/kg) ‒ Down EUR 0.2/kg compared to Q1 2026, due to good growth for several months • Operating EBIT of EUR -0.6 million (EUR -2.6 million) − Affected by high global market supply and corresponding softening spot prices • Net financials at EUR 0.1 million in Q2 2026 (EUR -6.6 million) − Mainly related to interest from IFRS 16 and offset by exchange rate deviations − Interest payments on the project loan are recognized together with CAPEX in the construction period • Result for the period ended at EUR -4.0 million (EUR -10.1 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 194 million (EUR 153 million), increase mainly from investments in PPE and building biomass • Biomass of EUR 34.6 million (EUR 16.3 million) at quarter end, including fair value adjustment of EUR 4.4 million (EUR 0.1 million) • Equity ratio as of 30 June at 56% (45%) • Interest-bearing debt in total of EUR 43.0 million (EUR 40.4 million) ‒ Increase from additional drawdown from new Stage 2 loan and repaying previous short-term credit facilities Financial Position 29 (figures in EUR 1000) 30.06.2026 30.06.2025 Assets Assets under construction 44,106 22,631 Property, plant & equipment 56,661 54,173 Right of Use assets 33,515 31,870 Deferred tax assets 7,481 4,394 Financial assets 1,293 5,495 Total non-current assets 143,056 118,563 Biological assets (Biomass) 34,614 16,331 Inventory 789 465 Receivables 3,685 792 Other current receivables 6,158 3,856 Cash and cash equivalents 5,423 13,251 Total current assets 50,669 34,695 Total assets 193,725 153,258 Equity and liabilities Share capital 1,839 1,839 Other equity 90,208 67,385 Total equity 108,261 69,224 Deferred tax liabilities 960 15 Long-term interest-bearing debt 37,737 22,075 Long-term leasing debt 34,460 32,554 Total non-current liabilities 73,157 54,644 Short-term interest-bearing debt 5,303 18,294 Short-term leasing debt 430 380 Trade payables 6,063 10,152 Other current liabilities 511 564 Total current liabilities 12,307 29,390 Total liabilities 85,464 84,034 Total equity and liabilities 193,725 153,258 Equity ratio 56% 45%
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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 Q2 2026 amounted to EUR 0.6 million (EUR -1.8 million) ‒ Mainly related to building biomass and change in trade payables • Net cash flow from investments in Q2 2026 amounted to EUR -6.1 million (EUR -8.3 million) ‒ All related to PPE • Net cash flow from financing in Q2 2026 amounted to EUR 6.2 million (EUR 13.3 million) ‒ Mainly related to additional drawdown from new Stage 2 loan combined with repaying previous short-term credit facility • Net cash flow in Q2 2026 amounted to EUR 0.7 million (EUR 3.2 million) • Cash at the end of Q2 2026 was EUR 5.4 million (EUR million 13.3) • NIBD was EUR 37.6 million (EUR 27.1 million) at the end of Q2 2026 30 Cash Flow (figures in EUR 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Cash flow from operating activities EBIT -4,841 -4,724 -1,198 -6,602 Adjustments 7,667 1,445 7,405 2,545 Changes in working capital -2,241 1,466 -16,534 463 Net cash flow from operating activities 585 -1,813 -10,327 -3,594 Net cash flow from investment activities -6,074 -8,318 -7,250 -13,232 Net cash flow from financing activities 6,211 13,338 11,495 12,033 Net change in cash and cash equivalents 722 3,207 -6,082 -4,793 Cash and cash equivalents at the beginning of the period 4,701 10,044 11,505 18,044 Cash and cash equivalents at the end of the period 5,423 13,251 5,423 13,251 Net interest-bearing debt (NIBD) 37,617 27,118 37,617 27,118
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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