Aker

Earnings Release • Feb 17, 2023

Aker ASA: Fourth Quarter and Preliminary Annual Results 2022 - Net Asset Value of NOK 66.9 billion - cash dividend of NOK 15.0 per share proposed

Aker ASA: Fourth Quarter and Preliminary Annual Results 2022 - Net Asset Value of NOK 66.9 billion - cash dividend of NOK 15.0 per share proposed

The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") ended the

fourth quarter at NOK 66.9 billion, compared to NOK 69.0 billion at the end of

the third quarter. Adjusted for dividend, this represented a decrease of 1.5

percent. For the full year, the NAV decreased 1 percent, adjusted for dividend,

from NOK 69.8 billion at year-end 2021. The Board proposes to pay a cash

dividend of NOK 15.0 per share for 2022 and will propose for an authorization to

pay an additional cash dividend in the second half of 2023.

The per-share NAV amounted to NOK 900, as per 31 December 2022, compared to NOK

929 and NOK 939, as per 30 September 2022 and 31 December 2021 respectively. The

Aker share increased 4 percent in the quarter to NOK 719.5, adjusted for

dividend, compared to an 8 percent increase in the Oslo Stock Exchange's

benchmark index ("OSEBX"). For the full year, the Aker share decreased 9

percent, including dividend, compared to a 1 percent decrease in the OSEBX.

"2022 marked one of my most eventful years at the helm of Aker so far," said

Øyvind Eriksen, President and CEO at Aker ASA. "Like our industry peers, we are

forced to make strategic decisions under unprecedented unpredictability. We do

not know what the future holds. At times like these, I turn to three steadfast

pillars: one, Aker's method of work - playing to our strengths and acting

countercyclically for long-term value creation; two, fostering collaborations

and partnerships for growth; and three, protecting our strong balance sheet,

which enables Aker to maintain a steady course through periods of market

volatility."

The value of Aker's Industrial Holdings portfolio decreased by NOK 2.2 billion

in the quarter, to NOK 64.9 billion. This was mainly driven by value reductions

of the investments in Aker BP, Aker BioMarine and Aker Horizons, in addition to

NOK 730 million in dividend received from Aker BP in the quarter. The value of

Aker's Financial Investments portfolio stood at NOK 11.2 billion at the end of

the fourth quarter, compared to NOK 11.9 billion at the end of the third

quarter.

"As pillars of prosperity that have supported growth through several decades

crumble, Aker is actively considering the long-term impact of a 'new world

order,'" said Eriksen. "I can hardly think of a more critical time to be

surrounded by organizations, leaders, private and public partners, and

stakeholders who share a commitment to address issues that require true

multidisciplinary, dynamic thinking. Aker companies are driving forces in both

current and future energy activities and will continue to push for continued

public-private collaboration to leverage our nation's enormous opportunity to be

in the front seat of a new industrial era"

"In total, Norway already exports more energy per capita than Saudi Arabia. By

upgrading and expanding existing sources of energy in parallel with developing

new sources, like offshore wind, Norway's role as a contributor to both energy

security and energy transition may be even more vital. Our nation has previously

shown its ability to pull together when it matters most. By once again uniting

politics and business, today's demanding tasks can become tomorrow's

opportunities." Eriksen concluded.

Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 6.4

billion at the end of the quarter. The value-adjusted equity ratio was 88

percent, compared to 87 percent at the end of the third quarter.

Based on the company's equity and liquidity position, Aker's Board of Directors

proposes to pay a cash dividend to Aker's shareholders of NOK 15.0 per share for

2022 and will propose for the Annual General Meeting in April 2023 that the

Board is authorized to pay additional cash dividend in 2023 based on the 2022

annual accounts. If an additional cash dividend is declared by the Board in the

second half of 2023, and it equals the proposed ordinary dividend for 2022 of

NOK 15.0 per share, the total dividend paid during 2023 will be NOK 30.0 per

share. This would represent a 4.2 percent dividend-yield to the share price and

3.3 percent of NAV at the close of 2022.

In 2022, Aker paid a total dividend of NOK 29.0 per share to its shareholders,

based on the 2021 annual accounts. This represented a 3.5 percent dividend-yield

to the share price and 3.1 percent of NAV per 31 December 2021.

The full report and presentation are available at www.akerasa.com and

www.newsweb.no

-ENDS-

For further information, please contact:

Media:

Atle Kigen, Head of Media Relations and Public Affairs Aker ASA

Tel: +47 907 84 878

E-mail: atle.kigen@akerasa.com

Investors:

Fredrik Berge, Head of Investor Relations Aker ASA

Tel: +47 450 32 090

E-mail: fredrik.berge@akerasa.com

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 Laila Hop, Paralegal, Aker

ASA, on February 17, 2023, at 07:00 CET.