Aker — Investor Presentation 2022

Feb 18, 2022

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Q4 2021

Aker ASA Fourth quarter and preliminary annual results 2021

18 February 2022

Highlights

• Net asset value: Slight decrease of 0.2% in the quarter, dividend adjusted, to NOK 69.8 billion. Per-share NAV amounted to NOK 939. NAV return of 34%, dividend adjusted, in 2021.
• Return: Aker share price increased 21%, dividend adjusted, in the quarter to NOK 825 vs. OSEBX up 3% and the Brent price up 1%. Share price increased 52%, dividend adjusted, in 2021.
• Liquidity reserve: NOK 7.0 billion, cash amounted to NOK 4.0 billion.
• Aker: Realized NOK 7.7 billion through the sale of all shares in Ocean Yield and a divestment of a 2.86% share in Aker BP.
• Aker: Establishment of SalMar Aker Ocean and appointment of Roy Reite as CEO.
• Aker: Appointment of Yngve Slyngstad as CEO and Senior partner of Aker Asset Management.
• Aker: Board of Directors will propose a dividend of NOK 14.5 per share for 2021 and will propose for the Annual General Meeting that the Board is authorized to pay additional dividends during 2022.
• Aker BP: Transaction agreement with Lundin Energy to acquire Lundin Energy's oil and gas related activities for a consideration of USD 2.22 billion in cash and 271.91 million in new shares issued from Aker BP. Closing is targeted in Q2 2022.
• Cognite: After quarter-end, Saudi Aramco acquired a 7.4% stake in Cognite through the acquisition of Aker BP's shareholding in Cognite.

Aker ASA and holding companies -0.2%* return on NAV in the fourth quarter, +34%* return in 2021

Net asset value change in 4Q 2021 NOK billion Net asset value change in 2021 NOK billion 0.7 0.6 4Q21 Aker Solutions Aker BioMarine Ocean Yield 0.1 0.0 (0.9) (1.1) 70.8 Aker BP Paid dividend Other (0.2) Aker Horizons Akastor (0.1) (0.1) Cognite 69.8 3Q21 10.0 6.5 3.6 1.8 (4.3) Paid dividend (1.7) Aker BP Q420 Other (0.2) Aker BioMarine 4Q21 69.8 Aker Solutions 1.1 Ocean Yield Cognite Aker Horizons 53.4 (0.4) Akastor

Aker ASA and holding companies Share price increased 21%*, value adjusted equity 87%

NAV per share vs. share price NOK per share

Net asset value composition NOK billion, per 4Q 2021

Dividend

NAV per share Share price

4

Aker ASA and holding companies Portfolio composition

Portfolio composition NOK billion, per 4Q 2021 Unlisted investments Listed investments Industrial Holdings Financial Investments Gross asset value 68.0 12.0 0.9 Aker BP 37.1% 36.3 Aker Solutions 33.3% 3.8 4.0 Cash Aker Horizons 15.3 ) 76.1% Aker BioMarine 3.7 ) 77.8% Net asset value 69.8 0.9 Listed financial investments Real Estate Investments2) 6.2 Other financial investments2) Akastor 0.5 Cognite 6.7 1) 36.7% 50.5% Aker Energy 1.0 2) 50.8% Gross asset value distribution Per 4Q 2021 (3Q 2021) Renewables and green technologies 23% (23%) SalMar Aker Ocean 0.6 2) 15.0%

NOK 80.0bn Oil and gas related 53% (55%) Real estate 1% (1%) Software 9% (8%) Seafood and marine biotech 6% (4%) Cash 5% (1%) Maritime assets 0% (6%) Other 3% (2%)

Listed: 76% Cash: 5% Non-listed: 19%

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 colour – return in the quarter (incl. received dividend) inside the circle - and key highlights

• Revenues of USD 1.8 billion and record high operating profit of USD 1.3 billion, positively impacted by higher oil and gas prices in the period.
• Net production of 207.0 mboepd.
• Transaction agreement with Lundin Energy to acquire Lundin Energy's oil and gas related activities for a consideration of USD 2.22 billion in cash and 271.91 million in new shares issued from Aker BP. Closing is targeted in Q2 2022.
• Dividends of USD 150 million disbursed in the quarter, equivalent to USD 0.4165 per share.

• Reported revenues of USD 76 million and an adjusted EBITDA of USD 6 million.
• Established refinancing structure with a three-bank syndicate, which offers improved terms and conditions, as well as increased flexibility related to covenants and dividends.
• Increased sales of Superba krill oil, driven by the US. Kori saw significant increase in sales volumes due to full store distribution with Costco and Sam's Club in the US.

• Strengthened financial position through NOK 1 billion private placement, NOK 1 billion through sale of shares in Aker Carbon Capture, NOK 438 million through sale of shares in REC Silicon and increased the committed RCF with EUR 100 million.
• Mainstream awarded 1.27 GW of new wind and solar projects in South Africa.
• Aker Horizons and Hanwha Solutions joined forces in REC Silicon to explore a US solar value chain expansion.
• Aker Horizons established green industrial hub in Northern Norway, Narvik.

• Delivered revenues of NOK 8.7 billion. Order intake was NOK 9.3 billion with the backlog at NOK 49.2 billion.
• Won a substantial, NOK 700-1,200 million, EPCI contract for the subsea production system at the Mero 4 project in Brazil from Petrobras.
• Won a decommissioning and recycling contract from Heerema for Heimdal and Veslefrikk with a 98% recycling target,
• Awarded Front-End Engineering and Design (FEED) contracts for Wisting FPSO, Equinor, and Valhall and King Lear topsides, Aker BP. Also won a FEED contract for the Net Zero Teesside Power project related to carbon capture from BP.

• Reported revenues of NOK 247 million and a negative EBITDA of NOK 15 million. Net profit was NOK 1.2 billion, including financial effects following the merger between MHWirth and Baker Hughes Drilling Systems.
• Total Net Capital Employed of NOK 5.1 billion and equity of NOK 4.1 billion, corresponding to NOK 15 per share.

^*Part of mandate given to Converto

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

Industrial software and digitalization portfolio E&P company in Ghana

• Reported NOK 176 million in revenues in the fourth quarter.
• Secured a record number of new customers and signed multiple engagements with some of the world's leading industrial companies including agreements with Equinor, to use Cognite Data Fusion to accelerate their digital ambitions, and Hydro REIN, to accelerate the energy transition with industrial digital solutions.
• After quarter end, Saudi Aramco acquired all of Aker BP's shares in Cognite and now holds a 7.4% ownership in Cognite.

• Aize* aims to digitalize the value chain in capital-intensive projects, providing software that enables substantially faster, leaner and higher quality projects and smarter operations.
• Aize's main product is a digital workspace that integrates and visualizes customers' internal and third-party data in a digital twin, improving work processes and collaboration both during project implementation and operations.
• Aize currently has 160 FTEs and a strong customer base. The company achieved revenues of approx. NOK 350 million in 2021.

*Aize is not included in Aker's Industrial Holdings portfolio as of 31.12.2021

• Secured the FPSO Dhirubhai-1 for the first phase of the Pecan field development.
• Aker Energy and its license partners are working towards submittal of a revised Plan of Development for the DWT/CTP block before the summer of 2022.
• Africa Finance Corporation (AFC) invested an additional USD 100 million in senior secured convertible bonds.
• Aker Energy is evaluating different strategic options for its ownership in the DWT/CTP block.
• Eiliv Gjesdal was appointed new CEO of Aker Energy.

Seafood

• SalMar Aker Ocean established in the quarter with the ambition to achieve an annual production of 150 000 tons of salmon by 2030.
• Aker has made an equity contribution of NOK 650 million, in exchange for a 15% ownership and 33.34% of the voting rights. Aker will provide a total equity contribution of NOK 1.65 billion in exchange for 33.34% of the shares in SalMar Aker Ocean, in three tranches.
• Roy Reite was appointed as CEO of SalMar Aker Ocean.

Aker Financial Investments

Financial Investments Overview

% of gross asset value (31.12.2021)

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

Financial Investments Cash

% of gross asset value (31.12.2021)

• Cash up NOK 3.3 billion in the quarter to NOK 4.0 billion:
  • • NOK 4 500 million in proceeds from sale of shares in Ocean Yield
  • • NOK 3 174 million in proceeds from sale of shares in Aker BP
  • • NOK 599 million in dividend received in cash
  • • NOK 61 million in cash release on AMSC TRS
  • NOK 2 493 million in net repayment of debt
  • NOK 1 424 million in investments in and loans issued to portfolio companies
  • NOK 873 million in dividend paid
  • NOK 238 million in operating expenses and net interest
  • • NOK 6 million in net other cash movements
• Total liquidity reserve of NOK 7.0 billion, including undrawn credit facilities.

4.5

Financial Investments Listed financial investments

% of gross asset value (31.12.2021)

• Value decrease of investments in Philly Shipyard of NOK 7 million and value increase in Solstad Offshore of NOK 1 million.
• Value increase of AMSC share investment of NOK 6 million. Dividend income from AMSC of NOK 32 million (shares and TRS).
• The AMSC TRS were rolled forward in November, with a cash release of NOK 61 million.

Aker's investment

NOK million	2Q 21	3Q 21	4Q 21
Philly Shipyard	426	405	398
AMSC (excl. TRS)	357	366	372
Solstad Offshore	107	101	103
Total value	889	873	873
AMSC TRS*	19	41	(3)

*) 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 (31.12.2021)

• Interest-bearing receivables include a NOK 2 billion loan and a NOK 1.2 billion convertible loan to Aker Horizons.
• Loan issued to Aker Property Group of NOK 200 million in the quarter.
• Loan issued to Aker Energy of NOK 336 million in the quarter, mainly in connection with the purchase of the FPSO Dhirubhai-1 from Ocean Yield.

Aker's investment

NOK million	2Q 21	3Q 21	4Q 21
Real estate	683	708	908
Interest-bearing receivables	3 788	3 870	4 211
Other equity investments	966	1 141	1 216
Fixed and other interest-free assets	719	743	765
Total value	6 156	6 463	7 101

Aker Financial Statements

Balance sheet at 31.12.2021

(after dividend allocation of NOK 14.50 per share)

Total Assets Total equity and liabilities

Main changes in fourth-quarter 2021
▪ Cash holdings increased to NOK 4.0 billion. ▪ Book value of investments decreased by NOK 1.9 billion, mainly due to sale of shares in Ocean Yield and Aker BP, partly offset by investments in SalMar Aker Ocean and Abelee, in addition to reversed write-downs in Aker Solutions and Aker BioMarine. ▪ Fair value adjustment decreased by NOK 5.5 billion to 40.9 billion, mainly explained by sale of shares in Ocean Yield, in addition to sale of shares and negative value adjustments in Aker BP. ▪ In the quarter, a dividend of NOK 873 million (NOK 11.75 per share) was distributed to Aker's shareholders, bringing the total dividend per share distributed during 2021 to NOK 23.50 per share.
▪ Ordinary dividend allocation for 2021 of NOK 14.50 per share, and proposal for the AGM to authorize the Board of Directors to pay additional cash dividend during 2022 based on the 2021 annual accounts.

	Book value	Value-adjusted
Equity (MNOK)	27 801	68 709
Equity ratio	71%	86%
Equity per share	NOK 374	NOK 925

683

Aker ASA and holding companies Interest-bearing items as of 31.12.2021

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

NOK million

Average debt maturity is 2,1 years

Financial Covenants	Limit	Status at 31.12.2021
i Total Debt/Equity - Aker ASA (parent only)	< 80%	30%
ii Group Loans to NAV or Group Loans	< 50% < NOK 10 bn	5.9% NOK 4.1 bn

Aker ASA and holding companies Income statement

Amounts in NOK million	4Q 2020	3Q 2021	4Q 2021	Year 2020	Year 2021
Operating revenues			4 072		4 072
Operating expenses	(80)	(85)	(141)	(270)	(369)
EBITDA	(80)	(85)	3 931	(270)	3 703
Depreciation and impairment	(58)	(8)	(8)	(82)	(31)
Value change	3 052	(1 332)	915	3 815	6 858
Net other financial items	846	376	528	1 752	1 903
Profit before tax	3 760	(1 049)	5 365	5 215	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.