Aker

Earnings Release • Feb 20, 2024

Aker ASA: Fourth Quarter and Preliminary Annual Results 2023 - NAV of NOK 64.3 billion excl. dividends paid - Cash dividend of NOK 15.50 per share proposed

Aker ASA: Fourth Quarter and Preliminary Annual Results 2023 - NAV of NOK 64.3 billion excl. dividends paid - Cash dividend of NOK 15.50 per share proposed

The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") was NOK

63.2 billion at the end of the fourth quarter 2023, or NOK 64.3 billion before

dividends paid, compared to NOK 64.1 billion at the end of the third quarter.

Aker's Board proposes to pay a cash dividend of NOK 15.50 per share for the

fiscal year 2023 and, in-line with previous years practice, will propose for an

authorization to pay an additional cash dividend in the second half of 2024.

Aker experienced strong operations and high activity across the portfolio in the

fourth quarter. Despite ongoing macroeconomic challenges and a complex

geopolitical landscape, continued progress was made across several key metrics.

Aker delivered positive value to shareholders through both share price increase

and dividends. A key strategic objective for Aker is to further strengthen and

diversify upstream dividends. This work yielded results in 2023 as upstream

dividends amounted to NOK 4.4 billion for the year, representing an increase of

almost 60 percent from the previous year.

"Aker BP continues to be an important source of liquidity for Aker, providing

valuable upstream dividends. The company's contribution to Norway extends,

however, far beyond the Aker group. The field developments currently executed by

Aker BP creates approximately 150,000 jobs domestically and a recent report by

Statistics Norway[1] revealed that Aker BP was the largest privately-owned

taxpayer in Norway in 2022, contributing a remarkable 88 billion kroner. To put

this into perspective, this was more than the combined total of all the 390,965

non-offshore related companies[2]. Oil and gas companies paid in total a

staggering 84% of all corporate income tax to the Norwegian state. It

underscores the undeniable dependence of the Norwegian economy and its welfare

state on the oil and gas industry. It is not an argument against decarbonization

of industries and diversification of our economy, but rather and enabler of

vital importance to Norway and Aker today and for decades to come," said Øyvind

Eriksen, President & CEO of Aker ASA.

Key financials - fourth quarter 2023:

· NAV: NOK 63.2 billion, or NOK 64.3 billion before dividends paid

· NAV per-share: NOK 851

· GAV: NOK 72.1bn

· Share price: NOK 666.00, an increase of +3.3% in the quarter incl. dividend,

compared to OSEBX increase of +1.2% and Brent oil price decrease of -16% in the

same period

· Dividends: NOK 1.1 billion paid in Q4 2023 (NOK 15.00 per share), bringing

total dividend distribution in 2023 to NOK 2.2 billion (NOK 30.00 per share)

· Liquidity reserve: NOK 6.3bn, incl. NOK 0.8bn of cash and undrawn credit

facilities

· Value-adjusted equity ratio: 88%

· Industrial Holdings portfolio: NOK 60.2bn

· Financial Investments portfolio: NOK 11.9bn. This was down from NOK 12.9bn

at Q3 2023, mainly driven by an impairment of the USD 97 million earn-out

related to the sale of Pecan Energies in April 2023

Several developments took place in Aker's portfolio during the fourth quarter.

Aker continued further deepening its long-term collaboration with SLB, as Aker

Solutions closed its transformational OneSubsea-transaction. Aker Solutions also

proposed to double its dividend from the previous year to NOK 2 per share,

increased its dividend policy and initiated a share buy-back program. Aker BP

continued to deliver strong oil and gas production coupled with high operational

efficiency and industry-leading low emissions and announced a 9 percent dividend

increase in 2024. The company's new field developments remained on-track. Aker

Horizons has been through a challenging period, however, an important step in

the right direction was the conclusion of Mainstream's debt restructuring in

Chile during the quarter, providing a stable financial foundation for its Andes

portfolio. Aker BioMarine delivered 21 percent revenue growth in 2023 and after

quarter-end announced it has initiated a process to explore strategic

alternatives for its Feed Ingredients segment.

A crucial milestone was concluded for Solstad after quarter-end when the

refinancing was completed. "Together with Solstad, we have created value for all

stakeholders involved. All original lenders have been repaid in full and close

to 13,000 shareholders have, from the announcement on October 23, 2023 until

completion on January 16, 2024, enjoyed a positive return of 14%. In addition,

the shareholders will receive the value of the subscription rights in Solstad

Maritime, on the same terms as Aker. This establishes Solstad Maritime as a

robust industrial platform and a leading offshore operator, with one of the most

modern fleets of high-end vessels, significantly reduced financial risk, and a

healthy balance sheet," said Eriksen.

Based on the company's financial position, Aker's Board of Directors proposes to

pay a cash dividend of NOK 15.50 per share for the fiscal year 2023. In-line

with previous years practice, the Board will propose for the Annual General

Meeting in April 2024 that the Board is authorized to pay additional cash

dividend in 2024 based on the 2023 annual accounts. If an additional cash

dividend is declared by the Board in the second half of 2024, and it equals the

proposed ordinary dividend for 2023 of NOK 15.50 per share, the total dividend

paid during 2024 will be NOK 31.00 per share. This would represent a 4.7%

dividend-yield to the share price at year-end 2023 and 3.6% of the NAV at year

-end 2023.

For further information or questions following the presentation, please email

the relevant contact below. The quarterly presentation and material are

available at www.akerasa.com and www.newsweb.no

- END -

Media contact

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

Tel: +47 90 78 48 78

E-mail: atle.kigen@akerasa.com

Investor contact

Fredrik Berge, Head of Investor Relations Aker ASA

Tel: +47 45 03 20 90

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 20, 2024, at 07:00 CET.

1) www.ssb.no/virksomheter-foretak-og-regnskap/skatt-for

-naeringsvirksomhet/statistikk/skatt-for-selskaper/artikler/rekord-for

-selskapsskatten-i-2022

2) The category 'non-offshore' related companies (Norwegian: landbasert

virksomhet) exclude electric power producers and financial companies