Akastor — Earnings Release 2025

Feb 12, 2026

Akastor ASA: Fourth Quarter Results 2025

Akastor ASA: Fourth Quarter Results 2025

Fourth Quarter Highlights:

* A cash dividend of NOK 0.40 per share was approved, supported by the

realization of Skandi Atlantic from DDW Offshore and fully aligned with

Akastor's strategy to return excess capital to shareholders.

* HMH delivered adjusted EBITDA of USD 58 million with a 28% margin, driven by

cost efficiencies and inventory optimization, and generated USD 66 million

in Free Cash Flow in the quarter.

* AKOFS Offshore maintained strong operational performance, with all vessels

delivering high utilization. The company secured a new four-year MPSV

contract for AKOFS Santos, supported by an extension of its current

agreement to January 2027, and Aker Wayfarer was nominated for a new

four-year SESV contract with Petrobras.

* DDW Offshore completed a refinancing of its term loan during the quarter,

reducing future financing costs, and finalized the sale of Skandi Atlantic

for USD 22.75 million post quarter end.

* Net capital employed increased by NOK 50 million during the quarter to NOK

4.5 billion, with equity at NOK 5.3 billion at year end, corresponding to

NOK 19.5 per share.

Akastor CEO Karl Erik Kjelstad comments:

"We are pleased to announce yet another dividend payment for the fourth

quarter, supported by the realization of Skandi Atlantic in January. This

marks our third consecutive distribution and reflects our continued commitment

to returning excess capital to shareholders. HMH delivered another strong

quarter with solid cash generation and further improvements in margins,

underscoring the resilience of the business and its ability to create value

through cost and efficiency initiatives. We also saw positive contract

developments in AKOFS Offshore and increased financial flexibility in DDW

Offshore following the refinancing of its term loan. Together, these

developments strengthen our portfolio and support Akastor's long term

value creation ambitions."

HMH

HMH reported revenues of USD 206 million in the quarter, with an adjusted

EBITDA of USD 58 million, corresponding to an adjusted EBITDA margin of 28%,

reflecting continued cost efficiencies and the positive impact of inventory

optimization.

Revenues from Aftermarket Services were USD 103 million, relatively flat

year on year and down 2% quarter on quarter, driven by contract services with

partial offset from repairs and digital technology. Order intake for the

quarter was USD 75 million, down year on year and quarter on quarter,

primarily impacted by lower repair activity and digital technology services.

Revenues from Spares were USD 58 million, broadly unchanged from the prior

quarter and down year on year, reflecting the flat environment in the global

offshore market. Order intake ended at USD 56 million, down year on year due

to reduced pressure control spares, with a slight quarter on quarter rebound

in topside and pressure control spares offset by lower land spares activity.

Revenues from Projects, Products & Other were USD 46 million in the quarter,

down year on year and quarter on quarter, mainly driven by lower product and

project activity entering the period.

AKOFS Offshore

AKOFS Offshore reported revenues of USD 38 million and EBITDA of USD 11

million for the quarter.

Operational performance remained solid across the fleet, with Aker Wayfarer

and AKOFS Santos delivering revenue utilization of 97% and 85%, respectively.

AKOFS Seafarer achieved a revenue utilization of 86%, supported by stable

operations but impacted by periods of waiting on weather.

From a commercial perspective, the quarter also saw important developments.

AKOFS Santos was formally awarded a new four year MPSV contract with

Petrobras, and an amendment was signed in January 2026 extending the existing

contract to January 2027, ensuring a seamless transition into the new

agreement expected to commence in 1Q 2027. In addition, Aker Wayfarer was

nominated for the award of a four year SESV contract with Petrobras,

anticipated to start in Q3 2027, subject to final signing.

DDW Offshore

DDW Offshore reported revenues of NOK 105 million and EBITDA of NOK 18 million

for the quarter, down from the same period last year, reflecting lower fleet

utilization and off hire costs in the period.

Skandi Atlantic and Skandi Peregrino remained on contract in Australia

throughout the quarter, delivering 100% and 89% revenue utilization,

respectively. Skandi Peregrino's utilization was impacted by 10 days off hire

due to an actuator replacement. During the quarter, Skandi Emerald demobilized

to Singapore following the end of its previous long term contract and operated

in the short term spot market, resulting in 60% revenue utilization in the

fourth quarter. The vessel is currently in Singapore undergoing its five year

Special Periodic Survey (SPS).

Post quarter end, DDW Offshore completed the sale of Skandi Atlantic for USD

22.75 million, significantly above book value.

Financial holdings

Net financials were negative NOK 39 million in the quarter, driven by negative

contribution from our financial holdings, partly offset by non-cash net

foreign exchange gain of NOK 18 million.

Share of net profit from equity-accounted investments contributed positively

with NOK 62 million, of which HMH contributed positively with NOK 72 million.

Akastor no longer recognizes losses from AKOFS Offshore after the equity

investment was reduced to zero in Q3 2025.

Consolidated financial figures

Please note that Akastor's consolidated revenue and EBITDA include earnings

from subsidiaries, which represent a minor portion of the company's total Net

Capital Employed. As a result, the most relevant indicator of Akastor's value

development is the financial performance of its largest investments, such as

HMH, NES Fircroft, and AKOFS Offshore.

With this in mind, Akastor reported consolidated revenues of NOK 106 million

and EBITDA of NOK 2 million. Net profit in the quarter was NOK 13 million.

Financial calendar

First Quarter Results 2026: April 29, 2026

Media Contact

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

E-mail: oyvind.paaske@akastor.com

Akastor is a Norway-based oil-services investment company with a portfolio of

industrial holdings and other investments. The company has a flexible mandate

for active ownership and long-term value creation.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

announcement was published by Jing Li Taklo, Head of Financial Reporting,

Akastor ASA, on February 12, 2026, at 07:00 CET.