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ER - Aker ASA reports second quarter and half-year results 2025 - Attachment: Second_Quarter_and_Half_Year_Presentation_2025.pdf

Company: Aker Date: 2025-07-16 Language: English Register to download
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July 16, 2025

# **Second Quarter and Half-year Results 2025**

### **Key developments – Q2 2025**

#### *FINANCIALS*

- **NAV** increased to NOK 66.5 billion (NOK 61.9bn in Q1)
- **Share price** rose by 9.6% incl. dividend (OSEBX +6.9%, Brent -10.9%)
- **Dividends** paid totaled NOK 2 billion

#### *INVESTING IN FUTURE GROWTH – ATTRACTIVE ENTRY IN REAL ESTATE – CONSOLIDATING OWNERSHIP – IPO*

![](_page_1_Figure_6.jpeg)

Norwegian kroner

**66**bn

Net Asset Value

**76**bn

Gross Asset Value *>70% listed assets and cash*

## **More than NOK 19bn in dividends paid in first half 2025**

![](_page_2_Picture_1.jpeg)

**Active ownership driving long term value creation for all shareholders**

![](_page_2_Figure_3.jpeg)

*Dividends paid to shareholders by companies where Aker is the largest shareholder (directly or indirectly) during the first half of 2025 \*AMSC paid a quarterly dividend in February and distributed shares in Solstad Maritime as dividend-in-kind in connection with the IPO in May (Euronext's IPO reference price of NOK 22.50 used in the calculation)*

## **Strategically expanding real estate investments**

**Compelling fit with Aker's strategy – investing in companies which together manage properties worth NOK >100 billion**

![](_page_3_Picture_3.jpeg)

#### **The Nordic region's leader in social infrastructure**

- Aker Property Group largest shareholder with 8.63% of the share capital and 28.76% of the voting rights<sup>1</sup>
- NOK >95bn total property exposure (Q1-2025)
- Community, residential and education Rental income from long-term Nordic governments, municipalities, county councils and Swedish rent-regulated residentials

![](_page_3_Picture_8.jpeg)

### **A Norwegian leader in social infrastructure**

- Aker Property Group the second largest shareholder with 24.58%, SBB the largest with 33.5%
- NOK ~15bn property value (Q2-2025)
- Community service properties, government sector tenants >90 properties primarily across Norway

*Aker Property Group (APG) is a Norwegian real estate company owned 100% by Aker ASA, holding about NOK 5bn property value in addition to stakes in Veslefrikk, SBB and PPI <sup>1</sup>After approval of the share-swap transaction on 10 July 2025*

### **Consolidating and simplifying Aker's ownership**

![](_page_4_Picture_1.jpeg)

**Addressing the refinancing need, laying the foundation for renewed value creation**

![](_page_4_Picture_3.jpeg)

### **CONSOLIDATE**

- **Merging Aker Horizons** business into Aker to create a robust and more focused industrial platform
- **Acquired ACC's 20% ownership in SLB Capturi** and assumed ACC's guarantee commitments

![](_page_4_Figure_7.jpeg)

### **DISTRIBUTE VALUE**

- **Unlocked cash** distribution of NOK 1.7 billion to ACC's shareholders
- ...on top of NOK 3.5 billion distributed in Q1

![](_page_4_Figure_11.jpeg)

### **REFOCUS**

- **De-risking** the Mainstream portfolio to selected, core, high-potential markets
- **Pivoting** the Narvik site to a high-demand AI Factory / Data Center
- **Optimizing** SLB Capturi together with SLB

# **| Scaling AI to global industry with continued momentum**

![](_page_5_Picture_1.jpeg)

### A leader in **industrial data and AI**

- **Purpose-built** data- and AI platform for multiple industries
- **Proven track-record** delivering significant efficiency gains for customers
- Demonstrating **rapid growth** in ARR, revenue, and customer adoption
- **Global expansion** with strategic backing from Aker, TCV, Accel and Saudi Aramco

#### **Scaling AI to global industry Commercial momentum continues**

![](_page_5_Figure_9.jpeg)

*<sup>1</sup> ARR: annual recurring revenue, from Software-as-a-Service (SaaS) contracts, representing next 12 months' value of expected revenue from all active recurring software subscription contracts (see APM in appendix for definition)*

## **Investing along attractive long-term global themes**

![](_page_6_Picture_1.jpeg)

**Exposure to strategic themes with solid potential for secular growth, good profitability and cash flow generation**

![](_page_6_Picture_3.jpeg)

![](_page_7_Picture_0.jpeg)

## **Listed Equity Investments**

![](_page_7_Picture_2.jpeg)

![](_page_7_Picture_3.jpeg)

**736** NOK per share

**72 %** of total assets

## **Listed equity investments – NOK 55 billion (NOK 736/share)**

![](_page_8_Picture_1.jpeg)

**Development in the quarter**

![](_page_8_Figure_3.jpeg)

- **Aker BP** value increase **NOK 1.1 billion,** dividend received **NOK 0.9 billion**
- **Aker Solutions** value increase **NOK 0.2 billion**, dividend received **NOK 0.6 billion**
- **Solstad Maritime** Aker's ownership interest increased from 42% to 52% after dividend-in-kind from AMSC prior to the IPO in May. The investment value adjusted from book value to market value following IPO. Value increase **NOK 3.5 billion**, dividend received **NOK 0.2 billion**
- **Aker Horizons** merger with Aker expected to close in Q3

| NOK billion               | Ownership | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|---------------------------|-----------|-------|-------|-------|-------|-------|
| Aker BP                   | 21%       | 36.4  | 30.3  | 29.7  | 33.4  | 34.5  |
| Aker Solutions            | 39%       | 8.6   | 7.9   | 6.0   | 6.5   | 6.8   |
| Solstad Maritime1         | 52%       | 2.3   | 2.3   | 2.3   | 2.3   | 5.8   |
| Aker BioMarine            | 78%       | 5.7   | 3.3   | 4.6   | 3.9   | 4.1   |
| Akastor                   | 37%       | 1.6   | 1.3   | 1.3   | 1.3   | 1.2   |
| Solstad Offshore          | 33%       | 1.1   | 0.9   | 1.1   | 1.0   | 1.2   |
| Aker Horizons             | 67%       | 1.3   | 1.2   | 1.1   | 0.6   | 0.7   |
| SalMar                    | ~1%       | -     | -     | -     | 0.5   | 0.4   |
| Other listed inv.2        |           | 0.9   | 0.8   | 0.9   | 0.5   | 0.0   |
|                           |           |       |       |       |       |       |
| Listed Equity Investments |           | 58.0  | 48.1  | 47.0  | 50.0  | 54.7  |
| Per share (NOK)           |           | 780   | 647   | 632   | 673   | 736   |

*<sup>1</sup>Solstad Maritime was publicly listed 16 May 2025. Aker's ownership increased from 42% to 52% following a dividend-in-kind distribution from AMSC prior to listing, consisting of 45.6m shares in Solstad Maritime, valued at NOK 926m in total – of which NOK 354m came from AMSC and NOK 572m under the total return swap (TRS) agreements. Investment value adjusted to market value from Q2-25 onwards*

*2Consists of AMSC and Philly Shipyard, which are currently progressing towards delisting and liquidation*

![](_page_9_Picture_0.jpeg)

## **Unlisted Equity Investments**

![](_page_9_Picture_2.jpeg)

![](_page_9_Picture_3.jpeg)

**179** NOK per share

**17%** of total assets

### **Unlisted equity investments – NOK 13 billion (NOK 179/share)**

![](_page_10_Picture_1.jpeg)

**Development in the quarter**

![](_page_10_Figure_3.jpeg)

- **Aker Property Group** value increase of **NOK 0.7 billion** following investments in SBB and PPI, reflected at market values
- **Seetee** value increase of **NOK 319 million** due to market value adjustment of its Bitcoin assets from Q2 onwards
- **SLB Capturi** Aker acquired the 20% ownership stake from Aker Carbon Capture for a cash consideration of **NOK 635 million**
- **ICP** negative value adjustment of **NOK 195 million** in the quarter

| NOK billion                 | Ownership | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|-----------------------------|-----------|-------|-------|-------|-------|-------|
| Cognite1                    | 51%       | 6.7   | 6.7   | 6.7   | 6.7   | 6.7   |
| Aker Property Group2        | 100%      | 0.7   | 1.5   | 1.8   | 1.8   | 2.5   |
| Aker Qrill<br>Company       | 40%       | -     | 1.6   | 1.6   | 1.6   | 1.6   |
| Seetee3                     | 90%       | 0.5   | 0.5   | 0.5   | 0.5   | 0.8   |
| SLB Capturi                 | 20%       | -     | -     | -     | -     | 0.6   |
| ICP                         | 100%      | 0.6   | 0.4   | 0.4   | 0.4   | 0.2   |
| Gaia Salmon                 | 25%       | 0.2   | 0.2   | 0.2   | 0.2   | 0.2   |
| Aize                        | 68%       | 0.0   | 0.0   | 0.0   | 0.0   | 0.0   |
| SalMar Aker Ocean4          | 15%       | 0.7   | 0.7   | 0.7   | -     | -     |
| Other unlisted inv.5        |           | 0.9   | 0.7   | 0.6   | 0.6   | 0.7   |
|                             |           |       |       |       |       |       |
| Unlisted Equity Investments |           | 10.1  | 12.2  | 12.4  | 11.8  | 13.3  |
| Per share (NOK)             |           | 136   | 164   | 167   | 159   | 179   |

*<sup>1</sup>Reflecting the latest transaction value*

*<sup>2</sup>The value of Aker Property Group adjusted for listed market values of investments in SBB and PPI*

*<sup>3</sup>The value of Seetee adjusted to market value of its 753.7 Bitcoins from Q2-2025 onwards*

*<sup>4</sup>SalMar Aker Ocean sold to SalMar in Q1-2025, mainly settled through one million shares in SalMar ASA <sup>5</sup>Largest components: RunwayFBU (NOK 0.2bn), Clara Ventures (NOK 0.1bn), Omny (NOK 0.1bn) and liquid funds (NOK 0.1bn)*

![](_page_11_Picture_0.jpeg)

## **Cash & Other assets**

![](_page_11_Picture_2.jpeg)

![](_page_11_Figure_3.jpeg)

**112** NOK per share

**11%** of total assets

## **Cash & Other assets – NOK 8 billion (NOK 112/share)**

![](_page_12_Picture_1.jpeg)

**Cash – Development in the quarter**

![](_page_12_Figure_3.jpeg)

#### *NOK million*

| Change in cash: |                                               |  |  |  |  |
|-----------------|-----------------------------------------------|--|--|--|--|
| 2 522           | Loan drawdown                                 |  |  |  |  |
| 1 681           | Dividend received                             |  |  |  |  |
| (1 969)         | Dividend payment                              |  |  |  |  |
| (1 728)         | Interest-bearing loans to portfolio companies |  |  |  |  |
| (614)           | Net investments in portfolio companies        |  |  |  |  |
| (224)           | Operating expenses and net interest           |  |  |  |  |
| (42)            | Net other                                     |  |  |  |  |
| = (374)         | Change in the quarter                         |  |  |  |  |

![](_page_12_Picture_7.jpeg)

#### **Cash & Other assets**

| NOK billion                    | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
|--------------------------------|-------|-------|-------|-------|-------|
| Cash                           | 0.5   | 0.6   | 0.6   | 1.0   | 0.6   |
| Fixed and interest-free assets | 1.4   | 1.1   | 1.2   | 1.3   | 1.4   |
| Interest-bearing receivables   | 5.1   | 4.2   | 4.3   | 4.6   | 6.3   |
| AKH shareholder loan           | 2.0   | 2.0   | 2.0   | 2.0   | 2.0   |
| AKH convertible bond           | 1.3   | 1.3   | 1.3   | 1.3   | 1.3   |
| Aker Property Group            | 0.7   | -     | -     | 0.1   | 1.8   |
| Cognite convertible loan       | 0.3   | 0.3   | 0.3   | 0.5   | 0.5   |
| Other                          | 0.9   | 0.7   | 0.7   | 0.7   | 0.7   |
|                                |       |       |       |       |       |
| Total                          | 6.9   | 5.9   | 6.1   | 6.9   | 8.3   |
| Per share (NOK)                | 93    | 80    | 82    | 93    | 112   |

![](_page_13_Picture_0.jpeg)

14

## **Financial Statements**

![](_page_13_Picture_2.jpeg)

#### Aker ASA and holding companies

## **Balance sheet and Fair value adjustments**

NOK million NOK billion

|                                                   |         | Book value |         | Fair value adjusted |
|---------------------------------------------------|---------|------------|---------|---------------------|
| Combined Balance Sheet                            | Q1 2025 | Q2 2025    | Q1 2025 | Q2 2025             |
| Non-interest bearing and fixed non-current assets | 1 174   | 1 315      | 1 174   | 1 315               |
| Interest bearing assets                           | 4 580   | 6 262      | 4 580   | 6 262               |
| Investments                                       | 27 526  | 28 641     | 61 772  | 67 959              |
| Non-interest bearing current receivables          | 140     | 111        | 140     | 111                 |
| Cash and cash equivalents                         | 999     | 624        | 999     | 624                 |
| Total Assets (GAV)                                | 34 419  | 36 954     | 68 664  | 76 272              |
| Shareholders' equity (NAV)                        | 25 735  | 27 142     | 59 981  | 66 460              |
| Non-interest bearing debt¹                        | 211     | 794        | 211     | 794                 |
| Interest-bearing debt                             | 6 504   | 9 018      | 6 504   | 9 018               |
| Allocated dividend                                | 1 969   | -          | 1 969   | -                   |
| Total Equity and Liabilities                      | 34 419  | 36 954     | 68 664  | 76 272              |
|                                                   |         |            |         |                     |
| Net interest-bearing debt²                        | (839)   | (2 036)    | (839)   | (2 036)             |
| Equity ratio (%)                                  | 74.8%   | 73.4%      | 87.4%   | 87.1%               |
| Equity per share (NOK)                            | 346     | 365        | 807     | 895                 |

![](_page_14_Figure_6.jpeg)

*¹ Non-interest bearing liabilities includes negative value on the AMSC total return swap agreements of NOK 538 million, primarily resulting from the distribution of a NOK 572 million dividend in-kind ² Interest-bearing debt adj. for cash incl. liquid funds and interest-bearing receivables*

*<sup>1</sup> LTV: external interest-bearing debt adj. for cash and liquid funds, divided by Gross Asset Value excl. cash and liquid funds*

*<sup>2</sup> NIBD: interest-bearing debt adj. for cash incl. liquid funds and interest-bearing receivables, divided by Gross Asset Value excl. cash incl. liquid funds and interest-bearing receivables*

9.0

Gross interestbearing debt

*For full details on interest-bearing items and loans, visit: www.akerasa.com/investors/treasury*

### Aker ASA and holding companies

NOK **6.4**bn

Liquidity reserve

0.7

**6.4**

Cash & liquid funds

> Undrawn RCFs

5.7

**Liquidity reserve**

# **Robust financial position – solid liquidity, low LTV**

NOK **2.0**bn

6.3

Interestbearing receivables 0.7

Cash & liquid funds

**Net interestbearing debt**

**2.0**

![](_page_15_Picture_5.jpeg)

**~72%** of Gross Asset Value in listed assets and cash

![](_page_15_Picture_7.jpeg)

Aker ASA and holding companies

## **Robust financial position – no debt maturity 2025-2026**

![](_page_16_Picture_2.jpeg)

![](_page_16_Figure_3.jpeg)

*<sup>1</sup>Aker has revolving credit facilities (RCFs) of NOK 10 billion For full details on interest-bearing items and loans, visit: www.akerasa.com/investors/treasury*

![](_page_16_Figure_5.jpeg)

#### Aker ASA and holding companies

### **Income statement**

NOK million

| Combined<br>Income statement | Q1 2024 | Q2 2024 | First half<br>2024 | Q1 2025 | Q2 2025 | First half<br>2025 |
|------------------------------|---------|---------|--------------------|---------|---------|--------------------|
| Operating revenues           | -       | -       | -                  | -       | -       | -                  |
| Operating expenses           | (106)   | (104)   | (210)              | (100)   | (127)   | (228)              |
| EBITDA                       | (106)   | (104)   | (210)              | (100)   | (127)   | (228)              |
| Depreciation                 | (9)     | (8)     | (16)               | (6)     | (7)     | (12)               |
| Dividends received           | 859     | 1 290   | 2 150              | 1 664   | 2 300   | 3 964              |
| Value change                 | 800     | 1 099   | 1 899              | (628)   | (71)    | (699)              |
| Net other financial items    | (145)   | 15      | (130)              | (189)   | (682)   | (871)              |
| Profit (loss) before tax     | 1 400   | 2 292   | 3 692              | 741     | 1 414   | 2 155              |

![](_page_17_Picture_4.jpeg)

![](_page_17_Picture_5.jpeg)

![](_page_18_Picture_0.jpeg)

### **Proud ownership**

- A more focused Aker
- Active ownership
- Megatrend-oriented
- Proven track-record
- Industrial expertise
- Financial flexibility
- Unique ecosystem

![](_page_18_Picture_10.jpeg)

![](_page_19_Picture_0.jpeg)

# **Appendix**

20

### **NAV per share NOK 895, value adjusted equity 87%**

![](_page_20_Picture_1.jpeg)

![](_page_20_Figure_2.jpeg)

#### **NAV composition – Listed vs. Unlisted**

![](_page_20_Figure_5.jpeg)

*NAV: Net asset value GAV. Gross asset value*

### **Net Asset Value development**

![](_page_21_Picture_1.jpeg)

NOK billion, % change

![](_page_21_Figure_3.jpeg)

*\*Incl. dividends received*

22 *Net asset value is determined by applying the market value for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets. Book value of Aker Property Group is adjusted for listed market values of SBB and PPI and book value of Seetee is adjusted for fair value of Bitcoins.*

### **Portfolio composition**

![](_page_22_Picture_1.jpeg)

#### **Listed equity investments: NOK 736 per share**

| Company                          | Category / Sector               | Ownership | NOK million |  |
|----------------------------------|---------------------------------|-----------|-------------|--|
| Aker BP                          | Energy (Oil & Gas)              | 21%       | 34 483      |  |
| Aker Solutions                   | Energy<br>(Services)            | 39%       | 6 753       |  |
| Solstad Maritime                 | Energy<br>(Services)            | 52%       | 5 772       |  |
| Aker BioMarine                   | Sust. Proteins (Marine Biotech) | 78%       | 4 088       |  |
| Akastor                          | Energy (Services)               | 37%       | 1 225       |  |
| Solstad Offshore                 | Energy<br>(Services)            | 33%       | 1 158       |  |
| Aker Horizons                    | Energy (Renewables)             | 67%       | 692         |  |
| SalMar                           | Sust. Proteins (Seafood)        | 1%        | 437         |  |
| Other listed equity investments1 |                                 |           | 50          |  |
|                                  |                                 | SUM       | 54 657      |  |
|                                  |                                 |           |             |  |

#### **Unlisted equity investments: NOK 179 per share**

|                                    |     |        | Company                            | Category / Sector               | Ownership | NOK million |
|------------------------------------|-----|--------|------------------------------------|---------------------------------|-----------|-------------|
|                                    |     |        | Cognite                            | Digitalization                  | 51%       | 6 684       |
|                                    |     |        | Aker Property Group2               | Real estate                     | 100%      | 2 480       |
|                                    |     |        | Aker Qrill<br>Company              | Sust. Proteins (Marine Biotech) | 40%       | 1 577       |
|                                    |     |        | Seetee3                            | Bitcoin                         | 90%       | 769         |
|                                    |     |        | SLB Capturi                        | Energy (Renewables)             | 20%       | 635         |
|                                    |     |        | Industry Capital Partners          | Energy<br>(Renewables)          | 100%      | 241         |
|                                    |     |        | Gaia Salmon                        | Sust. Proteins (Marine Biotech) | 25%       | 189         |
|                                    |     |        | Aize                               | Digitalization                  | 68%       | 37          |
|                                    |     |        | Other unlisted equity investments4 |                                 |           | 690         |
|                                    | SUM | 54 657 |                                    |                                 | SUM       | 13 302      |
| Gross value per share (NOK)<br>736 |     |        |                                    | 179                             |           |             |

| NOK per share:                       | Q1 2025 | Q2 2025 |
|--------------------------------------|---------|---------|
| Listed & unlisted equity investments | 831     | 915     |
| Cash and interest-bearing assets     | 75      | 93      |
| Fixed and other interest-free assets | 18      | 19      |
| GAV per share                        | 924     | 1 027   |
| Total liabilities                    | (90)    | (132)   |
| NAV per share                        | 834     | 895     |
| Share price (end of quarter)         | 622     | 655     |
|                                      |         |         |

*Market value is applied for Listed equity investments 1Comprised of AMSC and Philly Shipyard, currently under liquidation*

*Nr. of shares outstanding: 74 292 751 74 288 351*

*For Unlisted equity investments, most recent transaction value is applied for investments subject to material transaction with third parties, and book value is applied for other unlisted investments*

*<sup>2</sup>Book value of Aker Property Group adjusted for listed market values of investments in SBB and PPI*

*<sup>3</sup>Book value of Seetee adjusted to market value of its 753.7 Bitcoins from Q2-2025 onwards*

*<sup>4</sup>Largest components: RunwayFBU (NOK 0.2bn), Clara Ventures (NOK 0.1bn), Omny (NOK 0.1bn) and liquid funds (NOK 0.1bn)*

### **Net Asset Value details**

| NOK million                                              |                                     |                       |                  |                          |         |         |         |                           |         |         |         |                                                                                                    |         |
|----------------------------------------------------------|-------------------------------------|-----------------------|------------------|--------------------------|---------|---------|---------|---------------------------|---------|---------|---------|----------------------------------------------------------------------------------------------------|---------|
| Net Asset Value (NAV) details                            | Sector                              | Ownership<br>(shares) | Ownership<br>(%) | Share of<br>total assets | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024                   | 2Q 2024 | 3Q 2024 | 4Q 2024 | 1Q 2025                                                                                            | 2Q 2025 |
| Aker BP                                                  | Energy (oil & gas)                  | 133,757,576           | 21%              | 45%                      |         |         |         |                           |         |         |         | 33,680 39,592 39,525 36,088 36,409 30,256 29,654 33,373 34,483                                     |         |
| Aker Solutions                                           | Energy (services)                   | 193,950,894           | 39%              | 9%                       | 7,545   | 8,379   | 8,150   | 7,529                     | 8,573   | 7,871   | 6,032   | 6,540                                                                                              | 6,753   |
| Solstad Maritime                                         | Energy (services)                   | 241,060,322           | 52%              | 8%                       | -       | -       | -       | 2,250                     | 2,310   | 2,310   | 2,310   | 2,310                                                                                              | 5,772   |
| Aker BioMarine                                           | Sust. proteins (biotech) 68,132,830 |                       | 78%              | 5%                       | 2,320   | 2,678   | 3,134   | 4,361                     | 5,703   | 3,349   | 4,572   | 3,856                                                                                              | 4,088   |
| Akastor                                                  | Energy (services)                   | 100,565,292           | 37%              | 2%                       | 1,112   | 1,193   | 1,173   | 1,100                     | 1,599   | 1,319   | 1,305   | 1,307                                                                                              | 1,225   |
| Solstad Offshore                                         | Energy (services)                   | 27,089,493            | 33%              | 2%                       | 439     | 520     | 1,002   | 1,061                     | 1,144   | 880     | 1,084   | 983                                                                                                | 1,158   |
| Aker Horizons                                            | Energy (renewables)                 | 464,285,714           | 67%              | 1%                       | 3,152   | 2,131   | 2,022   | 1,439                     | 1,305   | 1,247   | 1,101   | 638                                                                                                | 692     |
| SalMar                                                   | Sust. proteins (seafood)            | 1,000,000             | 1%               | 1%                       | -       | -       | -       | -                         | -       | -       | -       | 504                                                                                                | 437     |
| Philly Shipyard (under liquidation)                      | Shipping                            | 7,237,631             | 58%              | 0%                       | 289     | 242     | 379     | 249                       | 483     | 462     | 537     | 77                                                                                                 | 29      |
| AMSC direct inv.* (under liquidation)                    | Shipping                            | 13,701,416            | 19%              | 0%                       | 547     | 564     | 369     | 373                       | 454     | 366     | 356     | 377                                                                                                | 20      |
| Listed Equity Investments                                |                                     |                       |                  | 72%                      |         |         |         |                           |         |         |         | 49,085 55,298 55,754 54,450 57,979 48,060 46,952 49,965 54,657                                     |         |
| Listed Equity Investmetns, per share (NOK)               |                                     |                       |                  |                          | 661     | 744     | 750     | 733                       | 780     | 647     | 632     | 673                                                                                                | 736     |
| Cognite                                                  | Digitalization                      | 7,059,549             | 51%              | 9%                       | 6,684   | 6,684   | 6,684   | 6,684                     | 6,684   | 6,684   | 6,684   | 6,684                                                                                              | 6,684   |
| Aker Property Group                                      | Real estate                         | 1,000                 | 100%             | 3%                       | 683     | 683     | 683     | 683                       | 683     | 1,508   | 1,793   | 1,793                                                                                              | 2,480   |
| Aker Qrill Company                                       | Sust. proteins (biotech)            | 4,000,000             | 40%              | 2%                       | -       | -       | -       | -                         | -       | 1,577   | 1,577   | 1,577                                                                                              | 1,577   |
| Seetee                                                   | Bitcoin                             | 27,003                | 90%              | 1%                       | 241     | 222     | 326     | 450                       | 450     | 450     | 450     | 450                                                                                                | 769     |
| SLB Capturi                                              | Energy (renewables)                 | 600                   | 20%              | 1%                       | -       | -       | -       | -                         | -       | -       | -       | -                                                                                                  | 635     |
| ICP                                                      | Energy (renewables)                 |                       | 100%             | 0%                       | 454     | 454     | 425     | 585                       | 585     | 351     | 411     | 436                                                                                                | 241     |
| Gaia Salmon                                              | Sust. proteins (biotech)            | 2,089,366             | 25%              | 0%                       | 155     | 189     | 189     | 189                       | 189     | 189     | 189     | 189                                                                                                | 189     |
| Aize                                                     | Digitalization                      | 4,378,700             | 68%              | 0%                       | 37      | 37      | 37      | 37                        | 37      | 37      | 37      | 37                                                                                                 | 37      |
| SalMar Aker Ocean                                        | Sust. proteins (seafood)            |                       |                  |                          | 656     | 656     | 656     | 656                       | 656     | 656     | 656     | -                                                                                                  | -       |
| Other equity investments                                 |                                     |                       |                  |                          | 790     | 779     | 707     | 833                       | 856     | 731     | 595     | 641                                                                                                | 690     |
| Unlisted Equity Investments                              |                                     |                       |                  | 17%                      | 9,700   | 9,704   |         |                           |         |         |         | 9,707 10,117 10,141 12,183 12,392 11,807 13,302                                                    |         |
| Unlisted Equity Investments, per share (NOK)             |                                     |                       |                  |                          | 131     | 131     | 131     | 136                       | 136     | 164     | 167     | 159                                                                                                | 179     |
| Cash                                                     |                                     |                       |                  | 1%                       | 876     | 1,454   | 774     | 699                       | 459     | 625     | 617     | 999                                                                                                | 624     |
| Interest-bearing assets (see separate slide for details) |                                     |                       |                  | 8%                       | 4,582   | 4,531   | 4,722   | 5,226                     | 5,090   | 4,196   | 4,277   | 4,580                                                                                              | 6,262   |
| Fixed and other interest-free assets                     |                                     |                       |                  | 2%                       | 2,029   | 2,083   | 1,107   | 1,179                     | 1,385   | 1,128   | 1,175   | 1,314                                                                                              | 1,426   |
| Cash & Other assets                                      |                                     |                       |                  | 11%                      | 7,487   | 8,068   | 6,603   | 7,104                     | 6,934   | 5,950   | 6,069   | 6,893                                                                                              | 8,313   |
| Cash & Other assets, per share (NOK)                     |                                     |                       |                  |                          | 101     | 109     | 89      | 96                        | 93      | 80      | 82      | 93                                                                                                 | 112     |
| Gross Asset Value (GAV)                                  |                                     |                       |                  | 100%                     |         |         |         |                           |         |         |         | 66,271 73,071 72,064 71,671 75,054 66,192 65,413 68,664 76,272                                     |         |
| GAV per share (NOK)                                      |                                     |                       |                  |                          | 892     | 984     | 970     | 965                       | 1,010   | 891     | 880     | 924                                                                                                | 1,027   |
| External interest-bearing debt                           |                                     |                       |                  |                          | (8,743) | (8,680) |         | (8,615) (10,914) (10,790) |         | (8,924) | (7,008) | (6,504)                                                                                            | (9,018) |
| Non-interest bearing debt                                |                                     |                       |                  |                          | (353)   | (321)   | (246)   | (337)                     | (334)   | (250)   | (250)   | (211)                                                                                              | (794)   |
| Net Asset Value (NAV), after dividend paid               |                                     |                       |                  |                          |         |         |         |                           |         |         |         | 57,176 64,070 63,204 60,420 63,929 57,018 58,156 61,950 66,460                                     |         |
| NAV per share (NOK), after dividend paid                 |                                     |                       |                  |                          | 770     | 862     | 851     | 813                       | 860     | 767     | 783     | 834                                                                                                | 895     |
| Share price (at end of quarter):                         |                                     |                       |                  |                          | 608.5   | 659.5   | 666.0   | 623.5                     | 615.0   | 548.0   | 549.0   | 622.0                                                                                              | 655.0   |
| Number of outstanding shares                             |                                     |                       |                  |                          |         |         |         |                           |         |         |         | 74,293,373 74,288,622 74,296,637 74,296,637 74,296,637 74,296,637 74,292,751 74,292,751 74,288,351 |         |

![](_page_23_Picture_2.jpeg)

• *NAV is GAV less liabilities*

• *NAV is a core performance indicator at Aker ASA, expressing Aker's underlying value and is a key determinant of the company's dividend policy*

• *NAV is determined by applying the market value of exchange -listed shares, most recent transaction value for non -listed assets subject to material transaction with third parties, while book value is used for other assets. Book value of Aker Property Group is adjusted for listed market values of SBB and PPI and book value of Seetee is adjusted for market value of Bitcoins.*

• *Aker's assets (Aker ASA and holding companies) consist largely of Listed equity investments, Unlisted equity investments, and of Cash, Interest -bearing receivables and Other assets. Other assets consist mainly of fixed and other interest -free assets. The financial tables in this appendix show the composition of Aker's assets*

*\*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA (currently under liquidation), equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 30 June 2025, the value of the swap agreements was negative by NOK 538 million primarily resulting from the distribution of a NOK 572 million dividend in -kind, recognized under -interest bearing liabilities*

### **Value change details**

#### *NOK million*

| Value change details                 | 1Q 2025 | Net         | Dividend | Other   | Value  | 2Q 2025 |
|--------------------------------------|---------|-------------|----------|---------|--------|---------|
|                                      |         | investments | income   | changes | change |         |
| Aker BP                              | 33,373  | -           | (880)    | -       | 1,990  | 34,483  |
| Aker Solutions                       | 6,540   | -           | (640)    | -       | 853    | 6,753   |
| Aker BioMarine                       | 3,856   | -           | -        | -       | 232    | 4,088   |
| Solstad Maritime                     | 2,310   | -           | (186)    | 926     | 2,722  | 5,772   |
| Solstad Offshore                     | 983     | -           | -        | -       | 175    | 1,158   |
| Akastor                              | 1,307   | -           | -        | -       | (82)   | 1,225   |
| Aker Horizons                        | 638     | -           | -        | -       | 54     | 692     |
| SalMar                               | 504     | -           | (22)     | -       | (45)   | 437     |
| AMSC direct inv. (under liquidation) | 377     | -           | (572)    | (354)   | 569    | 20      |
| Philly Shipyard (under liquidation)  | 77      | (63)        | -        | -       | 15     | 29      |
| Listed equity investments            | 49,965  | (63)        | (2,300)  | 572     | 6,483  | 54,657  |
|                                      |         |             |          |         |        |         |
| Cognite                              | 6,684   | -           | -        | -       | -      | 6,684   |
| Aker Property Group                  | 1,793   | -           | -        | -       | 687    | 2,480   |
| Aker Qrill Company                   | 1,577   | -           | -        | -       | -      | 1,577   |
| SLB Capturi                          |         | -<br>635    | -        | -       | -      | 635     |
| Seetee                               | 450     | -           | -        | -       | 319    | 769     |
| ICP                                  | 436     | -           | -        | -       | (195)  | 241     |
| Gaia Salmon                          | 189     | -           | -        | -       | -      | 189     |
| Aize                                 | 37      | -           | -        | -       | -      | 37      |
| Other equity investments             | 641     | 42          | -        | -       | 8      | 691     |
| Unlisted equity investments          | 11,807  | 677         | -        | -       | 819    | 13,302  |
|                                      |         |             |          |         |        |         |
| Total                                | 61,772  | 614         | (2,300)  | 572     | 7,302  | 67,960  |

*Book value of Aker Property Group adjusted for listed market values of investments in SBB and PPI Book value of Seetee adjusted to market value of its 753.7 Bitcoins from Q2-2025 onwards*

## **Portfolio companies – additional information**

#### *LISTED EQUITY INVESTMENTS*

| USD million                            |         |         |         |         |         |         |         |         |         |         |         |
|----------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| Aker BP (ticker: AKRBP)                | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025 |
| Net Production Volume (mboepd)         | 481     | 450     | 444     | 457     | 448     | 444     | 415     | 449     | 439     | 441     | 415     |
| Revenue                                | 3 291   | 3 513   | 3 556   | 13 670  | 3 078   | 3 377   | 2 858   | 3 068   | 12 379  | 3 201   | 2 584   |
| EBITDAX                                | 3 031   | 3 249   | 3 241   | 12 552  | 2 855   | 3 074   | 2 652   | 2 828   | 11 409  | 2 908   | 2 283   |
| EBITDAX margin                         | 92,1%   | 92,5%   | 91,1%   | 91,8%   | 92,8%   | 91,0%   | 92,8%   | 92,2%   | 92,2%   | 90,9%   | 88,4%   |
| Net profit continued operations        | 397     | 588     | 164     | 1 336   | 531     | 561     | 173     | 562     | 1 828   | 316     | (324)   |
| Share price at closing (NOK per share) | 251,80  | 296,00  | 295,50  | 295,50  | 269,80  | 272,20  | 226,20  | 221,70  | 221,70  | 249,50  | 257,80  |
| Shareholder return, incl. dividend     | 0,6%    | 19,8%   | 1,9%    | 4,8%    | (6,6%)  | 3,3%    | (14,5%) | 0,9%    | (16,2%) | 15,7%   | 6,0%    |

![](_page_25_Picture_3.jpeg)

| Aker Solutions (ticker: AKSO)          | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025 |
|----------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| Revenue                                | 8 881   | 9 102   | 11 066  | 36 262  | 11 481  | 12 826  | 13 184  | 15 710  | 53 201  | 14 389  | 15 155  |
| EBITDA                                 | 193     | 194     | 551     | 1 166   | 967     | 1 206   | 1 204   | 1 191   | 4 568   | 1 203   | 1 257   |
| EBITDA margin                          | 2,2%    | 2,1%    | 5,0%    | 3,2%    | 8,4%    | 9,4%    | 9,1%    | 7,6%    | 8,6%    | 8,4%    | 8,3%    |
| Net profit continued operations        | 27      | (88)    | 23      | (15)    | 894     | 532     | 562     | 678     | 2 665   | 654     | 303     |
| Share price at closing (NOK per share) | 38,90   | 43,20   | 42,02   | 42,02   | 38,82   | 44,20   | 40,58   | 31,10   | 31,10   | 33,72   | 34,82   |
| Shareholder return, incl. dividend     | 4,9%    | 11,1%   | (2,7%)  | 15,0%   | (7,6%)  | 19,0%   | (8,2%)  | 28,4%   | 28,7%   | 8,4%    | 13,0%   |

*NOK million*

*NOK million*

| Aker Horizons (ticker: AKH)            | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023       | 1Q 2024 | 2Q 2024 | 3Q 2024       | 4Q 2024 | FY 2024       | 1Q 2025 | 2Q 2025       |
|----------------------------------------|---------|---------|---------|---------------|---------|---------|---------------|---------|---------------|---------|---------------|
| Net capital employed                   | 6 500   | 5 802   | 5 319   | 5 319         | 5 201   | 7 107   | 6 109         | 5 949   | 5 949         | 4 294   | 3 325         |
| Equity attributable to the parent      | 3 907   | 3 031   | 2 328   | 2 328         | 2 020   | 3 748   | 2 567         | 2 305   | 2 305         | 1 707   | 777           |
| Revenue and other income               | 658     | 505     | 585     | 2 242         | 514     | 757     | 643           | 640     | 2 553         | 643     | 560           |
| EBITDA                                 | (441)   | (281)   |         | (569) (1 904) | (186)   | (3)     | (220)         | (88)    | (497)         | (161)   | (338)         |
| Net profit continued operations        | (5 274) | (902)   |         | (127) (7 048) | (771)   |         | (506) (2 204) |         | (657) (4 138) |         | (727) (1 586) |
| Share price at closing (NOK per share) | 6,79    | 4,59    | 4,36    | 4,36          | 3,10    | 2,81    | 2,69          | 2,37    | 2,37          | 1,37    | 1,49          |
| Shareholder return, incl. dividend     | (27,1%) | (32,4%) | (5,1%)  | (66,2%)       | (28,8%) | (9,4%)  | (4,4%)        | (11,7%) | (45,5%)       | (42,1%) | 8,4%          |

![](_page_25_Figure_7.jpeg)

![](_page_25_Picture_8.jpeg)

## **Portfolio companies – additional information**

![](_page_26_Picture_1.jpeg)

| USD million                            |         |         |         |         |         |         |         |         |         |         |         |                  |
|----------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|------------------|
| Solstad Maritime (ticker: SOMA)        | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025 |                  |
| Revenue                                | 126     | 119     | 134     | 482     | 120     | 139     | 152     | 144     | 556     | 145     | 152     |                  |
| EBITDA                                 | 59      | 56      | 65      | 226     | 54      | 70      | 84      | 65      | 274     | 76      | 71      |                  |
| EBITDA margin                          | 46.7%   | 46.7%   | 48.2%   | 46.8%   | 45.3%   | 50.2%   | 55.4%   | 44.9%   | 49.2%   | 52.1%   | 46.5%   |                  |
| Net profit continued operations        | 14      | 7       | 27      | 40      | 60      | 28      | 48      | 104     | 240     | 48      | 44      | Solstad Maritime |
| Share price at closing (NOK per share) |         |         |         |         |         |         |         |         |         |         | 23.95   |                  |
| Shareholder return, incl. dividend     |         |         |         |         |         |         |         |         |         |         | 6.4%    |                  |
| USD million                            |         |         |         |         |         |         |         |         |         |         |         |                  |
| Solstad Offshore (ticker: SOFF)        | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025 |                  |
| Revenue                                | 179     | 160     | 186     | 661     | 71      | 58      | 68      | 63      | 259     | 69      | 78      |                  |
| EBITDA                                 | 84      | 42      | 84      | 315     | 27      | 30      | 35      | 34      | 127     | 36      | 38      |                  |
| EBITDA margin                          | 47.2%   | 26.5%   | 45.2%   | 47.6%   | 38.2%   | 52.1%   | 52.2%   | 54.2%   | 48.8%   | 52.3%   | 49.4%   |                  |
| Net profit continued operations        | 14      | (1)     | (10)    | 27      | 38      | 4       | 11      | 66      | 118     | 24      | 39      | Solstad Offshore |
| Share price at closing (NOK per share) | 34.05   | 39.30   | 46.00   | 46.00   | 39.18   | 42.24   | 32.50   | 40.02   | 40.02   | 36.28   | 42.75   |                  |
| Shareholder return, incl. dividend     | (26.5%) | 18.3%   | 36.7%   | 4.8%    | 5.9%    | 7.8%    | (23.1%) | 23.1%   | 8.2%    | (9.3%)  | 17.8%   |                  |
| USD million                            |         |         |         |         |         |         |         |         |         |         |         |                  |
| Aker BioMarine (ticker: AKBM)          | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025 |                  |
| Revenue                                | 47      | 53      | 49      | 196     | 49      | 49      | 49      | 52      | 199     | 51      | 55      |                  |
| EBITDA*                                | 6       | 7       | (3)     | 11      | 2       | 10      | 3       | 3       | 18      | 6       | 10      |                  |
| EBITDA margin                          | 13.6%   | 13.0%   | (5.7%)  | 5.4%    | 4.9%    | 19.3%   | 6.9%    | 5.4%    | 9.1%    | 11.6%   | 17.7%   |                  |
| Net profit continued operations*       | -       | (6)     | (17)    | (32)    | (3)     | 2       | 2       | (12)    | (12)    | (2)     | 1       |                  |
| Share price at closing (NOK per share) | 34.05   | 39.30   | 46.00   | 46.00   | 64.00   | 83.70   | 49.15   | 67.10   | 67.10   | 56.60   | 60.00   |                  |
| Shareholder return, incl. dividend     | (12.4%) | 15.4%   | 17.0%   | 20.9%   | 39.1%   | 30.8%   | 12.5%   | 36.5%   | 143.7%  | (15.6%) | 6.0%    |                  |

*\*Figures for 2024 and 1Q 2025 restated as a result of change in cost allocation and inventory estimates, see the half-year report 2025 of Aker BioMarine for more details.* 

## **Portfolio companies – additional information**

#### *UNLISTED EQUITY INVESTMENTS*

| USD million                         |         |         |         |         |         |         |         |         |         |         |               |
|-------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------------|
| Cognite                             | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025       |
| Annual Recurring Revenue (ARR)      | 57      | 64      | 68      | 68      | 73      | 82      | 92      | 94      | 94      | 100     | 108           |
| Revenue                             | 26      | 26      | 27      | 105     | 27      | 30      | 32      | 35      | 124     | 36      | 40            |
| EBITDA                              | (4)     | (9)     | (7)     | (29)    | (8)     | (4)     | (9)     | (15)    | (36)    | (4)     | (6)           |
| EBITDA margin                       | (15.3%) | (34.3%) | (26.4%) | (27.2%) | (30.4%) | (12.0%) | (28.8%) | (42.9%) | (29.0%) | (10.2%) | (14.8%)       |
| Net profit continued operations     | (7)     | (13)    | (17)    | (48)    | (12)    | (12)    | (17)    | (21)    | (62)    | (13)    | (16)          |
| NOK million                         |         |         |         |         |         |         |         |         |         |         |               |
| Aize                                | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025       |
| Revenue                             | 144     | 331     | 127     | 752     | 128     | 106     | 121     | 145     | 500     | 115     | 126           |
| EBITDA                              | 46      | 242     | 1       | 351     | 26      | 36      | 41      | 79      | 182     | 43      | 54            |
| EBITDA margin                       | 31.9%   | 73.1%   | 0.6%    | 46.7%   | 20.0%   | 34.2%   | 34.3%   | 54.2%   | 36.4%   | 37.7%   | 42.6%         |
| Net profit continued operations     | 37      | 167     | (57)    | 197     | (2)     | 17      | 15      | 20      | 50      | 6       | 16            |
| USD million                         |         |         |         |         |         |         |         |         |         |         |               |
| Aker Qrill Company                  | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025       |
| Revenue                             |         |         |         |         |         |         | 26      | 46      | 72      | 34      | 53            |
| EBITDA                              |         |         |         |         |         |         | 1       | (4)     | (4)     | 15      | 22            |
| EBITDA margin                       |         |         |         |         |         |         | 2.7%    | (9.6%)  | (5.1%)  | 45.7%   | 40.8%         |
| Net profit continued operations     |         |         |         |         |         |         | (6)     | (15)    | (21)    | (2)     | (0)           |
| NOK million                         |         |         |         |         |         |         |         |         |         |         |               |
| Aker Property Group                 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025       |
| Unlisted real estate portfolio      |         |         |         |         |         | 1,761   | 1,772   | 2,098   | 2,098   | 2,209   | 2,327         |
| SBB, market value of shareholding*  |         |         |         |         |         |         |         |         |         |         | 1,085         |
| PPI, market value of shareholding** |         |         |         |         |         |         |         |         |         |         | 2,026         |
| Net debt                            |         |         |         |         |         | (945)   | (146)   | (150)   | (150)   |         | (260) (2,798) |
|                                     |         |         |         |         |         |         |         | 1,948   |         |         |               |

*\*\*Market-value of 84,589,085 shares in PPI*

![](_page_27_Picture_6.jpeg)

### Aker ASA and holding companies **Income statement and Balance sheet**

![](_page_28_Picture_1.jpeg)

| NOK million               |         |         |         |         |         |         |         |         |         |         |         |
|---------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| Combined Income Statement | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | 1Q 2025 | 2Q 2025 |
| Operating revenues*       | -       | -       | -       | -       | -       |         | -       | -       | -       | -       | -       |
| Operating expenses        | (96)    | (97)    | (106)   | (404)   | (106)   | (104)   | (106)   | (95)    | (412)   | (100)   | (127)   |
| EBITDA                    | (96)    | (97)    | (106)   | (404)   | (106)   | (104)   | (106)   | (95)    | (412)   | (100)   | (127)   |
| Depreciation              | (9)     | (8)     | (9)     | (33)    | (9)     | (8)     | (8)     | (8)     | (32)    | (6)     | (7)     |
| EBIT                      | (105)   | (106)   | (114)   | (437)   | (114)   | (112)   | (114)   | (103)   | (444)   | (106)   | (134)   |
| Dividend received         | 1 038   | 787     | 1 786   | 4 407   | 859     | 1 290   | 2 159   | 5 071   | 9 380   | 1 664   | 2 300   |
| Value change              | (1 662) | (533)   | 337     | (3 234) | 800     | 1 099   | (974)   | (27)    | 897     | (628)   | (71)    |
| Net other financial items | (154)   | 30      | (1 425) | (1 770) | (145)   | 15      | (494)   | (12)    | (636)   | (189)   | (682)   |
| Profit (loss) before tax  | (883)   | 179     | 584     | (1 034) | 1 400   | 2 292   | 577     | 4 929   | 9 198   | 741     | 1 414   |

#### *NOK million, after dividend distribution*

| Combined Balance Sheet                            | 2Q 2023 | 3Q 2023              | 4Q 2023 | 1Q 2024 | 2Q 2024                     | 3Q 2024 | 4Q 2024 | 1Q 2025       | 2Q 2025       |
|---------------------------------------------------|---------|----------------------|---------|---------|-----------------------------|---------|---------|---------------|---------------|
| Non-interest bearing and fixed non-current assets | 1 967   | 1 998                | 1 023   | 1 097   | 1 171                       | 1 061   | 1 082   | 1 174         | 1 315         |
| Interest-bearing assets                           | 4 582   | 4 531                | 4 722   | 5 226   | 5 090                       | 4 196   | 4 277   | 4 580         | 6 262         |
| Equity Investments*                               |         | 23 519 23 021 23 808 |         |         | 27 102 28 289 27 903 28 149 |         |         | 27 526 28 641 |               |
| Non-interest bearing current receivables          | 62      | 85                   | 84      | 83      | 213                         | 67      | 92      | 140           | 111           |
| Cash and cash equivalents                         | 876     | 1 454                | 774     | 699     | 459                         | 625     | 617     | 999           | 624           |
| Total Assets                                      | 31 006  | 31 089               | 30 411  | 34 206  | 35 223                      | 33 853  | 34 218  | 34 419        | 36 954        |
| Equity                                            |         | 21 910 22 088 20 399 |         |         | 21 803 24 098 24 678 24 992 |         |         | 25 735 27 142 |               |
| Non-interest bearing debt                         | 353     | 321                  | 1 397   | 1 489   | 334                         | 250     | 2 218   | 2 180         | 794           |
| Interest-bearing debt, external                   | 8 743   | 8 680                | 8 615   |         | 10 914 10 790               | 8 924   | 7 008   | 6 504         | 9 018         |
| Total Equity and Liabilities                      | 31 006  | 31 089               | 30 411  | 34 206  | 35 223                      | 33 853  | 34 218  | 34 419        | 36 954        |
|                                                   |         |                      |         |         |                             |         |         |               |               |
| Net interest-bearing (liabilities)                | (3 285) | (2 695)              | (3 119) | (4 989) | (5 241)                     | (4 103) | (2 113) |               | (925) (2 132) |
| Equity ratio (%)                                  | 70,7 %  | 71,1 %               | 67,1 %  | 67,1 %  | 68,4 %                      | 72,9 %  | 73,0 %  | 74,8 %        | 73,4 %        |
| Equity per share                                  | 295     | 297                  | 275     | 293     | 324                         | 332     | 336     | 346           | 365           |

*The balance sheet and income statement for Aker ASA and holding companies show the financial position as a holding company.* 

*\*Aker ASA and holding companies prepares and presents its accounts in accordance with the Norwegian Accounting Act and generally accepted accounting principles (GAAP), to the extent applicable. Accordingly, exchange-listed shares owned by Aker ASA and holding companies are recorded in the balance sheet at the lower of market value and cost price. In accordance with Aker ASA and holding companies' accounting principles, acquisitions and disposals of companies are a part of the ordinary business. Consequently, gains from sales of shares are classified as operating revenues in the combined profit and loss statement of the accounts. Gains and losses are only recognized to the extent assets are sold to third parties. Aker's accounting principles are presented in the company's 2024 annual report available on www.akerasa.com*

### **External interest-bearing debt**

| NOK million                    |         |         |         |         |         |         |         |         |         |
|--------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| External interest-bearing debt | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | 1Q 2025 | 2Q 2025 |
| AKER15                         | 2 000   | 2 000   | 2 000   | 1 494   | 1 422   | 1 422   | -       | -       | -       |
| AKER16                         | 1 300   | 1 300   | 1 300   | 1 300   | 1 300   | 1 300   | 1 300   | 1 300   | 1 300   |
| AKER17                         | 700     | 700     | 700     | 700     | 700     | 700     | 700     | 700     | 700     |
| AKER18                         | 500     | 500     | 500     | 500     | 500     | 500     | 500     | 500     | 500     |
| AKER19                         | 500     | 500     | 500     | 500     | 500     | 500     | 500     | 500     | 500     |
| AKER20                         |         |         |         | 1 250   | 1 250   | 1 250   | 1 250   | 1 250   | 1 250   |
| AKER21                         |         |         |         |         | 500     | 500     | 500     | 500     | 500     |
| Total bond loans               | 5 000   | 5 000   | 5 000   | 5 744   | 6 172   | 6 172   | 4 750   | 4 750   | 4 750   |
| Bank credit facilities         | 2 616   | 2 593   | 2 526   | 5 220   | 4 671   | 2 800   | 2 300   | 1 800   | 4 311   |
| Schuldschein loan (EUR 100m)   | 1 170   | 1 125   | 1 124   |         |         |         |         |         |         |
| Total bank loans               | 3 786   | 3 719   | 3 650   | 5 220   | 4 671   | 2 800   | 2 300   | 1 800   | 4 311   |
| Capitalised loan fees          | (43)    | (39)    | (35)    | (51)    | (52)    | (47)    | (42)    | (46)    | (42)    |
| Total interest-bearing debt    | 8 743   | 8 680   | 8 615   | 10 914  | 10 790  | 8 924   | 7 008   | 6 504   | 9 018   |

#### *NOK million*

| Debt maturity profile | 2025 | 2026 | 2027  | 2028  | 2029  | 2030 | 2031 | 2032 | 2033 |
|-----------------------|------|------|-------|-------|-------|------|------|------|------|
| Bank loans            |      |      |       | 4 311 |       |      |      |      |      |
| AKER16                |      |      | 1 300 |       |       |      |      |      |      |
| AKER17                |      |      | 700   |       |       |      |      |      |      |
| AKER18                |      |      |       |       | 500   |      |      |      |      |
| AKER19                |      |      |       |       |       |      |      | 500  |      |
| AKER20                |      |      |       |       | 1 250 |      |      |      |      |
| AKER21                |      |      |       |       |       |      | 500  |      |      |
| Total                 |      |      | 2 000 | 1 800 | 1 750 |      | 500  | 500  |      |

![](_page_29_Picture_4.jpeg)

### **Dividend history**

![](_page_30_Picture_1.jpeg)

|                             |            |        | (NOK)     | (NOK million) |
|-----------------------------|------------|--------|-----------|---------------|
| Year of                     | Payment    | Fiscal | Dividend  | Dividend      |
| payment                     | date       | year   | per share | value         |
| 2025 1H                     | 13.05.2025 | 2024   | 26,50     | 1 969         |
| 2024 2H                     | 19.11.2024 | 2023   | 35,50     | 2 638         |
| 2024 1H                     | 29.04.2024 | 2023   | 15,50     | 1 152         |
| 2023 1H                     | 17.11.2023 | 2022   | 15,00     | 1 114         |
| 2023 2H                     | 04.05.2023 | 2022   | 15,00     | 1 114         |
| 2022 1H                     | 16.11.2022 | 2021   | 14,50     | 1 077         |
| 2022 2H                     | 03.05.2022 | 2021   | 14,50     | 1 077         |
| 2021 1H                     | 17.11.2021 | 2020   | 11,75     | 873           |
| 2021 2H                     | 07.05.2021 | 2020   | 11,75     | 873           |
| 2020 1H                     | 18.11.2020 | 2019   | 11,75     | 873           |
| 2020 2H                     | 29.07.2020 | 2019   | 11,75     | 873           |
| 2019                        | 08.05.2019 | 2018   | 22,50     | 1 671         |
| 2018                        | 03.05.2018 | 2017   | 18,00     | 1 337         |
| 2017                        | 03.05.2017 | 2016   | 16,00     | 1 189         |
| 2016                        | 03.05.2016 | 2015   | 10,00     | 742           |
| 2015*                       | 05.06.2015 | 2014   | 10,00     | 723           |
| 2014                        | 25.04.2014 | 2013   | 13,00     | 940           |
| 2013                        | 03.05.2013 | 2012   | 12,00     | 868           |
| 2012                        | 03.05.2012 | 2011   | 11,00     | 796           |
| 2011                        | 28.04.2011 | 2010   | 10,00     | 724           |
| 2010                        | 22.04.2010 | 2009   | 8,00      | 579           |
| 2009                        | 17.04.2009 | 2008   | 5,00      | 362           |
| 2008                        | 30.04.2008 | 2007   | 18,50     | 1 339         |
| 2007                        | 30.04.2007 | 2006   | 19,00     | 1 375         |
| 2006                        | 30.04.2006 | 2005   | 6,50      | 470           |
| 2005**                      | 01.12.2005 | 2005   | 14,00     | 1 013         |
| Accumulated dividends paid: | 27 760     |        |           |               |

*(\*Scrip dividend worth NOK 5,00 per share, included in this figure) (\*\*Extraordinary dividend, thus payment year and fiscal year are the same)*

#### **History Strong track-record with more than NOK 27 billion of acc. dividends paid since re-listing 2004**

![](_page_30_Figure_6.jpeg)

**4-6**% **of NAV in annual dividend payments 10**% **annual growth in NAV, including dividends Fewer and larger portfolio companies Prioritizing cashyielding investments**

### **Alternative Performance Measures (APM)**

![](_page_31_Picture_1.jpeg)

Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies' financial results and those of its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows:

- **Aker Horizons' share of net capital employed** is a measure of all assets employed in the operation of a business. The number reflects Aker Horizons' share of the portfolio companies net capital employed, calculated as total assets less debt
- **ARR** (Annual Recurring Revenue) in a Software-as-a-Service (SaaS) business model represents the next 12 months' value of expected revenue from all active recurring software subscription contracts, including software solution support, that are active or signed as at a specific point in time (e.g. at the end of a month/quarter/year)
- **EBITDA** is operating profit before depreciation, amortization and impairment charges
- **EBITDA** margin is EBITDA divided by revenue
- **EBITDAX** is operating profit before depreciation, amortization, impairment charges and exploration expenses
- **EBIT** is operating profit before interests and taxes
- **Equity ratio** is total equity divided by total assets
- **Gross asset value** is the sum of all assts determined by applying the market value of listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, and the book value of other assets. Book value of Aker Property Group is adjusted for listed market values of SBB and PPI and book value of Seetee is adjusted for market value of Bitcoins
- **Mboepd** is thousand barrels of oil equivalents per day
- **Mmboe** is million barrels of oil equivalents
- **Net Asset Value** ("NAV") is gross asset value less liabilities
- **NAV per share** is NAV divided by the total number of outstanding Aker ASA shares
- **Net interest-bearing receivable/debt** is cash, cash equivalents and interest-bearing receivables (current and non-current), minus interest-bearing debt (current and non-current)
- **Order intake** includes new signed contracts in the period, in addition to expansion of existing contracts. The estimated value of potential options and change orders is not included
- **Order backlog** represents the estimated value of remaining work on signed contracts
- **Value-adjusted equity ratio** is NAV divided by gross asset value

#### **FINANCIAL CALENDAR**

- Jul 16 2025 Q2 / half-year results
- Nov 4 2025 Q3 results

#### **CONTACTS**

- **Fredrik Berge** Head of Investor Relations Tel: +47 45032090 fredrik.berge@akerasa.com
- **Atle Kigen** Head of Media Relations and Public Affairs Tel: +47 90784878 atle.kigen@akerasa.com

#### **ADDRESS**

- Oksenøyveien 10 1366 Lysaker, Norway
- Tel: +47 24130000
- Web: akerasa.com

#### **TICKERS**

- Bloomberg: AKER:NO
- Reuters: AKER.OL

*Quarterly presentations and related material, incl. financial tables in Excel-format, are available at akerasa.com and newsweb.no*

### **About Aker ASA**

![](_page_32_Picture_1.jpeg)

#### **Who we are**

Aker ASA ("Aker") is an industrial investment company founded in 1841 developing industrial front-runners and creating shareholder value through active ownership. Aker is listed on the Oslo Stock Exchange and is owned 68.2% by TRG, a company controlled by Mr. Kjell Inge Røkke, Chairman of the Board. Aker's President & CEO is Mr. Øyvind Eriksen.

Aker's ownership of listed- and unlisted equity investments are concentrated within energy, digitalization, sustainable proteins/marine biotechnology and other managed assets incl. real estate. Per second quarter 2025, Aker is the largest shareholder, directly or indirectly, in 11 companies listed on the Oslo Stock Exchange and Euronext Expand Oslo. In addition, Aker is invested in several privately held companies. In 2024, the companies where Aker is the largest shareholder had a total turnover of more than NOK 200 billion with a workforce of 28,100 including temporary hires. About 22,600 people were employed in Norway. Aker ASA has 45 employees, located at the head office at Fornebu, Norway.

#### **How we operate**

As an industrial investment company, Aker exercises active ownership to create value, combining deep industrial knowledge with capital market expertise and financial strength. Aker drives operational and strategic improvements through active board participation in the portfolio companies, assists in financing structures and assesses and evaluates M&A and restructuring cases. Aker has a strong focus on strategic partnerships and has developed a unique partner ecosystem.

#### **Sustainability**

Aker has a long tradition of being a responsible enterprise and owner of companies. Aker considers *Environmental, Social and Governance ("ESG")* impacts throughout the investment and business decision-making processes. Aker's ambition is to ensure that the Aker Group represents profitable, safe, and sustainable operations. Aker contributes to the development of companies by using its shareholder influence. Through the Global Framework Agreement, Aker and its industrial companies have committed to respecting and supporting fundamental human rights and trade union rights. Read more about commitments to sustainability considerations in Aker ASA's Annual Report 2024, available on Aker's website.

#### **Risk management**

Aker and its portfolio companies are exposed to different types of risk. Aker has a long track-record of handling industrial and financial risks. Aker has established a risk management model based on the identification, assessment, and monitoring of risk factors. Contingency plans have been prepared for these risk factors, and their implementation is ensured and monitored. For further information, please see Aker ASA's Annual Report 2024 and the Corporate Governance Report 2024.

#### **Business development and investments**

Responsible value creation and ESG principles are integrated into Aker's investment policy and are addressed in investment analysis and decision-making processes. For further information please refer to Aker ASA's Annual Report 2024.

### **Disclaimer**

![](_page_33_Picture_1.jpeg)

#### **Disclaimer**

This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker ASA and Aker ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document. Although Aker ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker group consists of many legally independent entities, constituting their own separate identities. Aker is used as the common brand or trademark for most of this entities. In this document we may sometimes use "Aker", "Group, "we" or "us" when we refer to Aker companies in general or where no useful purpose is served by identifying any particular Aker company.

#### **Copyright**

Copyright of all published material including photographs, drawings and images in this document remains vested in Aker ASA and third-party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.