Aker

Earnings Release • Nov 4, 2022

Third Quarter Results 2022

4 November 2022

Highlights

• Net Asset Value: Decrease of 4.1% to NOK 69.0 billion. Per-share NAV amounted to NOK 929
• Return: Aker share price decreased 6.6% to NOK 706 vs. OSEBX down 5.8% and the Brent price down 21.6%
• Liquidity reserve: NOK 7.4 billion, cash and liquid fund investments amounted to NOK 2.5 billion
• Aker:
  • Announced NOK 14.50 per share dividend, total of NOK 29.00 per share for the full year
  • Scope Ratings assigned an Investment Grade rating of BBB-/Stable outlook, and a first-time rating of BBB- to Aker's unsecured debt and an S-2 short term rating
  • Successfully issued two new 5-year senior unsecured green bonds totaling NOK 2,000 million
  • Deepened collaboration with SLB through two partnerships one with Aker Solutions and Subsea 7 for a subsea joint venture, and one with Cognite for a strategic partnership for datadriven solutions for the global energy industry
• Aker BP:
  • Gas discovery of gross 25 to 80 million barrels of oil equivalent (mmboe) near the Skarv field
  • Submitted the PDO for the 25 mmboe development Trell & Trine in the Alvheim area
  • Increased annual dividends to USD 2.1 per share, effective from August 2022
• Aker Horizons:
  • Mainstream and Aker Offshore Wind agreed to combine to create a stronger renewables company with a portfolio of about 27 GW across solar and wind projects

Aker ASA and Holding Companies Net Asset Value down 4.1% to NOK 69.0 billion

AKER ASA | Third Quarter 2022 Results 3

Aker ASA and holding companies NAV per share at NOK 929, value adjusted equity 87%

NAV composition NOK billion, per 3Q 2022

Aker ASA and holding companies Portfolio composition

Portfolio composition NOK billion, per 3Q 2022

				Listed investments Unlisted investments
Industrial Holdings				Financial Investments
Aker BP	21.2%	41.8	2.5	Cash
Aker Solutions	39.4%	7.4	1.9	Listed financial investments
) Aker Horizons	67.3%	6.4	1.0	Real Estate Investments2)
Aker BioMarine )	77.8%	3.1	6.5	Other financial investments2)
Cognite 1)	50.5%	6.7
2) Aker Energy	50.8%	1.0
SalMar Aker Ocean	2) 15.0%	0.7
2) Aize	73.0%	0.0
Gross asset value		67.0	11.9
Net asset value			69.0

Gross asset value distribution, per 3Q 3022 (2Q 2022)

1) Value reflecting the transaction value following Series B investment by TCV, and confirmed in the Aker BP/Saudi Aramco transaction 2 February 2022 2) Reflected at book value

Listed Industrial Holdings Aker's portfolio of listed Industrial Holdings

• Share of Aker's GAV in circle (gold colour) – return in the quarter (incl. received dividend) inside the circle - and key highlights

• In its first full quarter after the Lundin acquisition, Aker BP delivered revenues of USD 4.9 billion and operating profit of USD 4.0 billion
• Net production of 411.7 mboepd in the third quarter. The production volumes reflect the increased ownership in Johan Sverdrup, Alvheim, Bøyla and Volund following the completion of the Lundin transaction
• Submitted a Plan for Development and Operation (PDO) for the 25 million barrels of oil equivalent (mmboe) development, Trell & Trine, in the Alvheim area
• Announced a gas discovery of gross 25-80 mmboe near the Skarv field
• Aker BP positioned with a world class asset base, industry leading low cost and low CO2 emissions, profitable growth, and an attractive dividend policy

• Delivered revenues of NOK 10.0 billion. Order intake was NOK 8.2 billion with the order backlog ended the quarter at NOK 50.9 billion
• Won an EPCI contract for the Jackdaw gas field in the UK from Shell valued at NOK 2-3 billion
• Won a limited notice to proceed contract from Vattenfall for the Norfolk Boreas offshore wind project
• Announced an agreement to form a joint venture by bringing together the complementary subsea businesses of Aker Solutions and SLB. Subsea 7 will become a partner in the JV and bring the existing subsea integration alliance to the JV. Aker Solutions will receive USD 700 million in total consideration for the sale of a 20% ownership in the JV and will retain a 20% ownership in the JV. It will also retain an estimated USD 300 million of cash generation from its subsea business until closing
• Tendering activity continues to be record high, and the market outlook remains positive

• Completed the merger between Aker Offshore Wind and Mainstream Renewable Power
• Mainstream and Actis signed an agreement to sell Lekela Power, Africa's largest pure-play renewable energy independent power producer, to Infinity Group and Africa Finance Corporation. The transaction is expected to generate net proceeds to Mainstream of approximately USD 90 million, subject to certain closing adjustments, with the transaction valued at an enterprise value of approximately USD 1.5 billion
• Mainstream and its partner Ocean Winds were appointed preferred bidder by Crown Estate Scotland for an area with the potential for a 1.8 GW offshore wind farm off the Shetland Islands in Scotland
• Signed a land lease agreement and entered a Power Purchase Agreement with Rjukan municipality for a 40 MW hydrogen project, with 20 MW in the first phase

• Reported revenues of USD 68 million and an adjusted EBITDA of USD 19 million
• Krill harvesting was 12,737 MT in the third quarter, 77% higher compared to the same period last year
• Signed its first commercial agreement with Trofi Nutritional with the aim to develop medical food products based on Lysoveta

Non-listed Industrial Holdings Aker's portfolio of non-listed Industrial Holdings

Industrial software and digitalization portfolio E&P company in Ghana

• Reported NOK 211 million in revenues in the third quarter, increase of 24% compared to same period last year
• Secured a number of new customers across industrial verticals and geographies
• Announced a strategic partnership with SLB for data-driven solutions for the global energy industry
• After quarter end, announced the signing of a strategic partnership with Rockwell Automation, one of the largest industrial automation companies in the world with a dominant presence in North America

• Reported NOK 91 million in revenues in the third quarter, in line with the same period last year
• During the quarter, Aize deployed software for project execution in the NOAKA field development.
• Signed two pilots for its core product, Aize Workspace, in new regions with one of its key customers, a global oil major, and a 1-year contract with a new customer, a North American oil company

• Aker Energy has completed FEED and prepared a revised Plan of Development ("POD") for the Deepwater Tano/Cape Three Points block
• Due to uncertainties including the consequences of the war in Ukraine, inflation, supply chain constraints and Lukoil's 38% interest in the license, the POD will not be submitted until the challenges have been resolved

Seafood

• Maintenance and upgrade of Ocean Farm 1 is progressing according to plan at Aker Solutions' yard in Verdal, with next production cycle planned to start in second quarter 2023
• The company is analyzing how the resource rent tax ("grunnrenteskatt") proposed by the Norwegian government will impact its business plan and projects
• The company has submitted response to public hearing note for proposed regulatory framework for offshore farming in Norway and is committed to further investments as soon as a regulatory framework is in place

Financial Investments

AKER ASA | Third Quarter 2022 Results 4 Nov 2022 8

Financial Investments Overview

% of gross asset value (30.09.2022)

NOK billion

• Other financial investments
• Real estate
• Listed financial investments
• Cash

Financial Investments Cash

% of gross asset value (30.09.2022)

Value of NOK 2.5 billion

• Cash up NOK 0.5 billion in the quarter to NOK 2.5 billion:
  • • NOK 2 000 million from issuance a two new unsecured green bonds
  • • NOK 706 million cash dividend received
  • NOK 1 908 million in debt repayments
  • NOK 215 million loans and investments in portfolio companies
  • NOK 160 million in operating expenses and net interest
  • • NOK 44 million of net other cash movements
• Total liquidity reserve of NOK 7.4 billion, including undrawn credit facilities

Financial Investments Listed financial investments

% of gross asset value (30.09.2022)

• Value increase of investment in Akastor of NOK 31 million during the quarter.
• Value decrease of investment in Solstad Offshore and Philly Shipyard of NOK 241 million and NOK 51, respectively.
• Value decrease for AMSC equity investment of NOK 69 million in the quarter. In addition, negative value development of AMSC TRS agreements of NOK 104 million. Dividend income from AMSC of NOK 35 million (shares and TRS).

Aker's investments

NOK million	1Q 22	2Q 22	3Q 22
Akastor	823	838	869
Philly Shipyard	414	389	339
AMSC (excl. TRS)	375	474	405
Solstad Offshore	330	571	331
Total value	1 942	2 272	1 943
AMSC TRS*	8	175	72

*) Included in interest-free liabilities if negative and other financial investments if positive.

Financial Investments Real estate and other financial investments

% of gross asset value (30.09.2022)

Value of NOK 7.5 billion

• Interest-bearing receivables include a NOK 2 billion loan and a NOK 1.2 billion convertible loan to Aker Horizons.
• Investment in Aker Asset Management Holding of NOK 219 million during the quarter.
• Negative value development of AMSC TRS agreements of NOK 104 million.

Aker's investments

NOK million	1Q 22	2Q 22	3Q 22
Real estate	958	958	973
Interest-bearing receivables	4 114	4 064	4 169
Other equity investments	1 202	1 182	1 427
Fixed and other interest-free assets	825	1 002	908
Total value	7 099	7 206	7 479

Financial Statements

AKER ASA | Third Quarter 2022 Results 4 Nov 2022 13

Aker ASA and holding companies Balance sheet at 30.09.2022

Aker ASA and holding companies Interest-bearing items as of 30.09.2022

For details on interest-bearing items and loans, see: https://www.akerasa.com/en/investors/treasury

Average debt maturity is 2.5 years

Scope Ratings	Ratings & Outlook
Aker ASA	BBB-/Stable
Short-term debt	S-2
Senior unsecured debt	BBB

Aker ASA and holding companies Income statement

Amounts in NOK million	3Q 2021	2Q 2022	3Q 2022	YTD 3Q 2021	YTD 3Q 2022	Year 2021
Operating revenues	-	-	-	-	-	4 072
Operating expenses	(85)	(94)	(82)	(228)	(285)	(369)
EBITDA	(85)	(94)	(82)	(228)	(285)	3 703
Depreciation and impairment	(8)	(8)	(8)	(23)	(23)	(31)
Value change	(1 332)	(2 084)	(1 507)	5 943	(3 403)	6 858
Net other financial items	376	543	508	1 375	1 677	1 903
Profit before tax	(1 049)	(1 643)	(1 088)	7 067	(2 034)	12 433

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.