Aker — Interim / Quarterly Report 2021

Jul 16, 2021

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Q2 2021

Aker ASA Second quarter and half-year results 2021

16 July 2021

Highlights

• Net asset value: Increased by 9% in the quarter, including dividend paid, to NOK 66.9 billion. Per-share NAV amounted to NOK 901.
• Return: Aker share price decreased 1% in the quarter, including dividend paid, to NOK 635 vs. OSEBX up of 5.9% and the Brent price up 18.5%.
• Liquidity reserve: NOK 1.9 billion, cash amounted to NOK 0.5 billion.
• Equity ratio: Value-adjusted equity ratio was 84%, unchanged from the first quarter.
• Cognite: Raised USD 150 million in Series B investment by TCV, a leading technologyfocused growth equity firm. The investment raises Cognite's valuation to USD 1.6 billion on a 100% basis.
• Aker Horizons: Portfolio company Aker Offshore Wind formed consortium with BP and Statkraft to pursue bid to develop offshore wind power at Sørlige Nordsjø II (SN2). Mainstream Renewable Power signed agreement to acquire 80% of a portfolio of solar projects in Vietnam. Aker Horizons was transferred from Euronext Growth to Oslo Børs.
• Aker Solutions: Awarded large framework agreement from Petrobras for lifecycle services offshore Brazil. Signed contract with ScottishPower Renewables in consortium with Siemens Energy for an offshore wind project. Signed Letter of Intent with AF Gruppen to merge existing offshore decommissioning operations. Selected by Chevron Australia as operator for the Jansz-lo Compression Project.
• Aker BP: Submitted PDO for Kobra East and Gekko (KEG) with license partners. Started production from Gråsel in the Skarv area, four months ahead of schedule.

Aker ASA and holding companies 9% return on NAV in the second quarter, including dividend

Net asset value change in 2Q 2021 NOK billion NOK billion 1Q21 62.2 4.9 Other Aker BP (0.3) Paid dividend (1.4) Aker BioMarine (1.6) 2Q21 66.9 66.9 Aker Horizons 62.2 (0.9) Ocean Yield 0.1 Aker Solutions 0.2 Cognite 3.6 0.4 Cognite Other 9.1 (0.1) 2Q21 Aker BioMarine (0.1) 66.9 (0.1) Paid dividend (0.9) (3.0) Ocean Yield Aker BP Aker Solutions Akastor Q420 53.4 Aker Horizons 4.4 3.6

Net asset value change in 1H 2021

Aker ASA and holding companies Share price declined 1%, value adjusted equity 84%

NAV per share vs. share price NOK per share

Net asset value composition NOK billion, per 2Q 2021

Aker ASA and holding companies Portfolio composition

Portfolio composition NOK billion, per 2Q 2021

Industrial Holdings				Financial Investments
Aker BP	40.0%	39.5	0.5	Cash
) Aker Horizons	79.9%	13.3	0.9	Listed financial investments
Aker BioMarine )	77.8%	5.0	0.7	Real Estate Investments2)
Ocean Yield	28.7% 61	3.2	5.5	Other financial investments2)
Aker Solutions	33.3%	2.6
Akastor	36.7%	0.6
Cognite 1)	50.5%	6.7
Aker Energy 2)	50.8%	1.0
Gross asset value		71.9	7.6
	Net asset value		66.9

1)Value reflecting the transaction value following Series B investment by TCV 2) Reflected at book value

Gross asset value distribution Per 2Q 2021 (1Q 2021)

Listed Industrial Holdings

Aker's portfolio of listed Industrial Holdings

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

• Revenues of USD 1.1 billion and record high operating profit of USD 614 million
• Net production of 198.6 mboepd, down due to planned maintenance and project activities on producing assets
• All field development projects progressing according to plan
• Issued EUR 750 million Sr. Notes with 1.125% coupon due in 2029
• Dividends of USD 112.5 million disbursed in the quarter, equivalent to USD 0.3124 per share

• Reported revenues of USD 74 million and an EBITDA of USD 19 million
• Significant annual harvesting variations in the last two seasons. Company continues to expand sales and marketing efforts to develop existing and new markets
• Asia expected to be an important growth region for both Superba and Qrill Aqua
• Company transferred from Euronext Growth Oslo to the main list on Oslo Børs

• Reported revenues of NOK 275 million and an EBITDA of NOK 45 million
• Focus on closing preparation and integration planning for new JV between MHWirth and Baker Hughes SDS

• The company continues to evaluate different alternatives for the FPSO Dhirubhai-1, including continued discussions with interested parties
• Bond issue OCY04 with NOK 450 million outstanding prepaid in full
• Declared dividend of USD 0.057 per share for the quarter
• Acquired Aker's 50% stake in JV owning three suezmax tankers for 100% ownership after quarter-end

• Transferred from Euronext Growth to Oslo Børs on May 21
• Increased revolving credit facility from EUR 171 million to EUR 400 million
• Closed acquisition of Mainstream Renewable Power. Mainstream's pipeline has increased by more than 1 GW since acquisition was announced
• Aker Offshore Wind joined by BP and Statkraft in consortium bidding to develop offshore wind energy in Norway
• Collaboration with Aker Offshore Wind and University of Strathclyde to accelerate recycling of glass fiber products through old wind turbines

• Delivered revenues of NOK 7.0 billion. Order intake was NOK 12.2 billion with the backlog at NOK 45.8 billion
• Won important contracts related to the energy transition, incl. EPCI of offshore wind project for ScottishPower Renewables
• Awarded three-year subsea frame agreement with Shell in Norway and five-year frame agreement with Total
• High activity after quarter-end, including large contract with Chevron Australia and LoI with AF Gruppen
• Record high tender pipeline with good balance between renewables and oil and gas

Non-listed Industrial Holdings

Aker's portfolio of non-listed Industrial Holdings

Industrial software and digitalization portfolio E&P company in Ghana

• Reported NOK 155 million in revenues in the second quarter
• Secured a range of new commercial engagements with world leading industrial companies, including a digital platform with Chiyoda and Mitsubishi
• Continued momentum with international customers in Japan and the US
• Announced and closed USD 150 million investment from TCV, a leading technology-focused growth equity firm. Transaction raises Cognite's valuation to USD 1.6 billion

• Aize* aims to digitalize the EPC value chain in capitalintensive projects, using technology to enable faster, leaner, safer projects and smarter operations
• The offering consists of a digital twin covering the full lifecycle of any capital-intensive asset, offered through the company's two main products: Build and Operate, supporting the building phase and operational phase, respectively
• The offering is powered by Cognite Data Fusion
• Aize has 120 employees and a strong customer base. The company forecasts a revenue of approx. NOK 300 million in 2021

• Strategy shifted from centralized FPSO approach to phased development plan to develop resources in contract area, significantly reducing project CAPEX and reduced breakeven cost
• Currently working to submit a revised Plan of Development and Operations to the Ghanaian government by the end of 2021

*Aize is not included in Aker's Industrial Holdings portfolio

Aker Financial Investments

Financial Investments Overview

% of gross asset value (30.06.2021)

NOK billion

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

Financial Investments Cash

% of gross asset value (30.06.2021)

• Cash down NOK 0.3 billion in the quarter to NOK 0.5 billion:
  • • NOK 600 million from drawdown on revolving credit facility
  • • NOK 440 million in dividend received in cash
  • NOK 873 million in dividend paid
  • NOK 355 million in investments in and loans issued to portfolio companies
  • NOK 135 million in operating expenses and net interest
  • NOK 21 million in net other cash movements
• Total liquidity reserve of NOK 1.9 billion, including undrawn credit facilities.

4.5

Financial Investments Listed financial investments

% of gross asset value (30.06.2021)

• Value decrease of investments in Philly Shipyard and Solstad Offshore of NOK 65 million and NOK 42 million, respectively.
• Value of AMSC share investment on par with previous quarter. Dividend income from AMSC of NOK 25 million (shares and TRS).

Aker's investment

NOK million	4Q 20	1Q 21	2Q 21
Philly Shipyard	391	491	426
AMSC (excl. TRS)	326	354	357
Solstad Offshore	179	149	107
REC Silicon	1 481	-	-
Total value	2 377	994	889
AMSC TRS*	(43)	9	19

*) 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 (30.06.2021)

• NOK 175 million in increased equity investment in Aker Property Group during the quarter. Started construction of Aker Tech House at Fornebu.
• Other financial investments include a NOK 2 billion loan and a NOK 1.2 billion convertible loan to Aker Horizons, other receivables, unlisted equity investments and fixed assets.

Aker's investment

NOK million	4Q 20	1Q 21	2Q 21
Real estate	508	508	683
Other financial investments	2 964	5 539	5 472
Total value	3 472	6 047	6 156

Aker Financial Statements

Aker ASA and holding companies Balance sheet at 30.06.2021

Aker ASA and holding companies Interest-bearing items as of 30.06.2021

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

NOK million

Average debt maturity is 2.6 years

Financial Covenants	Limit	Status at 30.06.2021
i Total Debt/Equity - Aker ASA (parent only)	< 80%	27%
ii Group Loans to NAV or Group Loans	< 50% < NOK 10 bn	5.2% NOK 3.5 bn

Aker ASA and holding companies Income statement

Amounts in NOK million	2Q 2020	2Q 2021	1H 2020	1H 2021	Year 2020
Operating expenses	(79)	(68)	(141)	(143)	(270)
EBITDA	(79)	(68)	(141)	(143)	(270)
Depreciation and impairment	(8)	(8)	(16)	(15)	(82)
Value change	191	78	(486)	7 275	3 815
Net other financial items	754	463	(455)	998	1 752
Profit before tax	858	466	(188)	8 116	5 215

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.