Aker

Investor Presentation • Nov 3, 2023

Third Quarter Results 2023

November 3, 2023

3Q 2023 | Key highlights

NOK billion

Active ownership Solid financial metrics

FINANCIALS

• Net Asset Value of NOK 64.1bn, up 6.9bn from NOK 57.2bn at Q2 2023
• Share price at NOK 659.50 (+8.4% in the quarter, vs. Brent +22.6% and OSEBX +6.3%)
• Dividend of NOK 15 per share approved for Q4 2023, bringing the total dividend to NOK 30 for the full year

OWNERSHIP AGENDA

Aker Solutions – OneSubsea joint venture transaction successfully closed after quarter-end

• Receiving proceeds of USD 700m (NOK ~7.8bn) and retains 20% ownership in a globally leading subsea company

AMSC – sold its Jones Act fleet (10 of its 11 vessels)

• Cash proceeds from the transaction of USD 249m (NOK ~2.8bn)
• Dividend of USD 170m (NOK ~1.9bn) or USD 2.4 per share paid in Q4 2023

Solstad Offshore – refinancing announced after quarter-end

• Creating a robust industrial platform as a global leading offshore operator with one of the most modern fleets of high-end vessels and a healthy balance sheet
• NOK 4bn of new equity raised in a new entity to be established, of which Aker contributes minimum NOK 2.25bn and underwrites an additional NOK 750m
• AMSC contributes Normand Maximus (CSV) valued at NOK 1.0 billion against receiving shares in the new entity
• NOK 9.7bn in a new fleet loan underwritten by DNB and Export Finance Norway (Eksfin)

KEY DEVELOPMENTS, PORTFOLIO

• Aker BP continued strong production levels at 450 mboepd in Q3, compared to the record high 481 mboepd in Q2
• Aker Horizons, Mainstream's lenders voted to support the debt restructuring of its Andes portfolio in Chile
• Aker Solutions delivered solid financial performance in Q3 with an EBITDA-margin of 10% incl. subsea
• Aize, Aramco Ventures invested in a 7.4% ownership stake in Aize and is evaluating the deployment of Aize's digital twin product on a selection of Aramco's assets
• Cognite continued strong growth with revenue up 28% year-on-year with increasing SaaS revenues

73bn Gross Asset Value

78% listed assets or cash

862kr Per-share NAV

Net Asset Value

659.5kr Share price at Q3 49bn market cap

6.9bn Liquidity reserve

incl. 1.5bn cash

23 24 24

29

15

2023

15

30

10

2016

2017

2018

2019

2020

Dividend paid (NOK/share) Approved

2021

2022

^{16 18}

~4bn

est. upstream dividends in 2023

BBB-

Investment Grade credit rating

3Q 2023 | Net Asset Value development

NAV development – 3Q 2023 NAV development – YTD 2023

3Q 2023 | NAV per share NOK 862, value adjusted equity 88%

Net asset value (NAV) development per share vs. share price

Net asset value (NAV) composition

3Q 2023 | Portfolio composition – Asset base of NOK 73 billion

1) Reflecting transaction value following Series B investment by TCV, confirmed in the Aker BP/Saudi Aramco transaction 2 Feb 20 22

2) Reflected at book value

3) Per year-end 2022, incl. contract staff

4) Where Aker is a shareholder directly or indirectly, incl. Aker Carbon Capture

Aker invests along global megatrends

Financial Investments

Financial Investments 3Q 2023 | Overview

Total Financial Investments as share of Gross Asset Value

per 30.09.2023

Financial Investments 3Q 2023 | Cash

Cash as share of Gross Asset Value per 30.09.2023

▪ Total liquidity reserve of NOK 6.9 billion, including undrawn credit facilities

Cash increased by NOK 578 million to NOK 1.5 billion

578 million	Change in the quarter
+2 million	Net other
-217 million	Loans and investments in portfolio companies
-219 million	Operating expenses and net interest
+235 million	Loans repaid from portfolio companies
+777 million	Dividends received

Financial Investments 3Q 2023 | Listed financial investments

Listed financial investments as share of Gross Asset Value

per 30.09.2023

Developments in the quarter

• Value increase of investment in Solstad Offshore of NOK 80 million, Akastor of NOK 80 million and decrease in Philly Shipyard of NOK 47 million
• Value increase of AMSC equity investment of NOK 17 million, and dividend income from AMSC of NOK 46 million (shares and Total Return Swap, TRS)

Aker's listed financial investments

NOK million	1Q 23	2Q 23	3Q 23
Akastor	1 148	1 112	1 193
Philly Shipyard	318	289	242
AMSC (excl. TRS)	569	547	564
Solstad Offshore	598	439	520
Total value	2 634	2 388	2 519
AMSC TRS*	(89)	(120)	(90)
(*included in interest-free liabilities if negative and other financial investments if positive)

Financial Investments 3Q 2023 | Other financial investments

Other financial investments as share of Gross Asset Value

per 30.09.2023

Developments in the quarter

• Real estate increase by NOK 165 million
• Interest bearing receivables decreased by NOK 216 million, mainly due to collection of receivable from Aize of NOK 235 million
• Interest-bearing receivables include a NOK 2 billion loanand a NOK 1.2 billion convertible loan to Aker Horizons
• Non-interest bearing assets include an earn-out from the sale of shares in Pecan Energies (previously Aker Energy) of NOK 1 billion

Other financial investments

NOK million	1Q 23	2Q 23	3Q 23
Real estate	993	993	1 158
Interest bearing receivables	4 297	4 272	4 056
Other equity investments	2 610	1 640	1 644
Non-interest bearing assets	408	1 516	1 575
Fixed assets	513	513	508
Total value	8 821	8 934	8 942

Financial Statements

Aker ASA and holding companies 3Q 2023 | Balance Sheet and Fair value adjustments

NOK million		Book value	Fair value adjusted
Combined Balance Sheet	2Q 2023	3Q 2023	2Q 2023	3Q 2023
Non-interest bearing and fixed non-current assets	1 967	1 998	1 967	1 998
Interest bearing assets	4 582	4 531	4 582	4 531
Investments	23 519	23 021	58 785	65 003
Non-interest bearing current receivables	62	85	62	85
Cash and cash equivalents	876	1 454	876	1 454
Total Assets (GAV)	31 006	31 089	66 271	73 071
Shareholder's equity (NAV)	21 910	22 088	57 176	64 070
Non-interest bearing debt	353	321	353	321
Interest-bearing debt	8 743	8 680	8 743	8 680
Total Equity and Liabilities	31 006	31 089	66 271	73 071
Net interest bearing receivables (liabilities)	(3 285)	(2 695)	(3 285)	(2 695)
Equity ratio (%)	70.7%	71.0%	86.3%	87.7%
Equity per share (NOK)	295	297	770	862

Aker ASA and holding companies 3Q 2023 | Robust financial position – High liquidity

NOK 6.9bn Total liquidity reserve BBB-IG rating Gross interestbearing debt 8.7 Interestbearing receivables Cash Net interestbearing debt 4.5 1.5 2.7 NOK 2.7bn Net interest-bearing debt Cash Total liquidity Undrawn credit facilities 1.5 6.9 5.4 10% Loan-to-value (net LTV)¹ 78% of Gross Asset Value in listed assets and cash 4% NIBD²

Full details on interest-bearing items and loans: www.akerasa.com/en/investors/treasury

1) External interest-bearing debt adj. for cash divided by Gross Asset Value excl. cash

2) Interest-bearing debt adj. for cash and interest-bearing receivables divided by Gross Asset Value excl. cash and interest-bearing receivables

AKER ASA | Third quarter results 2023

Aker ASA and holding companies 3Q 2023 | Debt maturity profile

Aker ASA and holding companies 3Q 2023 | Income statement

NOK million

Combined Income statement	3Q 2022	4Q 2022	Year 2022	1Q 2023	2Q 2023	3Q 2023
Operating revenues	-	-	-	-	-	-
Operating expenses	(82)	(85)	(370)	(105)	(96)	(97)
EBITDA	(82)	(85)	(370)	(105)	(96)	(97)
D&A and impairment	(8)	(8)	(32)	(7)	(9)	(8)
Dividends received	718	772	2 765	796	1 038	787
Value change	(1 507)	(711)	(4 114)	(1 376)	(1 662)	(533)
Net other financial items	(209)	167	(149)	(221)	(154)	30
Profit (loss) before tax	(1 088)	135	(1 900)	(914)	(883)	179

Megatrend-oriented

Active ownership

Proven track-record

Financial flexibility

Unique ecosystem

ESG and digital focus

Appendix

AKER ASA | Third quarter results 2023

Net Asset Value (NAV) details

NOK million
Net Asset Value (NAV) details		per 3Q 2023		3Q 2021	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023
	Number	Ownership	Share of
	of shares	share	total assets
Aker BP	133 757 576	21,2%	54,2%	41 068	36 329	44 220	45 758	41 813	40 676	34 282	33 680	39 592
Aker Solutions	193 950 894	39,4%	11,5%	3 183	3 836	5 003	5 190	7 397	7 254	7 378	7 545	8 379
SalMar Aker Ocean	15 000 000	15,0%	0,9%	-	645	655	656	656	656	656	656	656
Aker BioMarine	68 132 830	77,7%	3,7%	3 066	3 700	3 396	3 386	3 056	2 592	2 647	2 320	2 678
Ocean Yield	-	-		- 4 435	-	-	-	-	-	-	-	-
Aker Horizons	464 285 714	67,3%	2,9%	15 461	15 342	10 516	7 391	6 398	5 987	4 323	3 152	2 131
Aize	4 378 700	67,6%	0,1%	39	39	37	37	37	37	37	37	37
Cognite	7 059 549	50,5%	9,1%	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684
Total Industrial Holdings			82,3%	73 936	66 575	70 512	69 103	66 040	63 885	56 007	54 074	60 156
Cash			2,0%	713	4 025	4 406	2 035	2 502	1 290	1 162	876	1 454
Real Estate			1,6%	708	908	958	958	973	973	993	993	1 158
Aker Property Group	1 000	100.0%	1,6%	708	908	958	958	973	973	993	993	1 158
Listed financial investments			3,4%	1 476	1 410	1 942	2 272	1 943	2 532	2 634	2 388	2 519
Akastor	100 565 292	36.7%	1,6%	603	537	823	838	869	927	1 148	1 112	1 193
AMSC (direct investment)*	13 701 416	19.1%	0,8%	366	372	375	474	405	598	569	547	564
Philly Shipyard	7 237 631	57.6%	0,3%	405	398	414	389	339	329	318	289	242
Solstad Offshore	19 206 002	24.8%	0,7%	101	103	330	571	331	678	598	439	520
Interest-bearing assets			5,6%	3 870	4 211	4 114	4 064	4 169	4 172	4 297	4 272	4 056
Aker Horizons			2,7%	1 991	1 992	1 992	1 993	1 993	1 994	1 994	1 995	1 995
Aker Horizons convertible bond			1,7%	1 209	1 209	1 218	1 218	1 227	1 227	1 236	1 236	1 246
Pecan Energies (Aker Energy)			0,3%	132	467	329	195	213	191	203	208	206
Aize			0,0%	213	224	224	224	224	235	235	235	-
Other interest-bearing assets			0,8%	325	319	351	434	512	526	628	598	610
Other equity investments			2,3%	2 059	2 134	2 158	2 172	2 417	2 379	2 610	1 640	1 644
Fixed and other interest-free assets			2,9%	743	765	825	1 002	908	882	921	2 029	2 083
Total Financial Investments			17,7%	9 570	13 455	14 404	12 504	12 914	12 229	12 617	12 198	12 915
Gross Asset Value (GAV)			100,0%	83 506	80 030	84 916	81 607	78 954	76 114	68 624	66 271	73 071
External interest-bearing debt					(12 526) (10 052) (10 003)		(9 489)	(9 760)	(8 976)	(8 668)	(8 743)	(8 680)
Non interest-bearing debt				(197)	(191)	(181)	(166)	(192)	(263)	(301)	(353)	(321)
Net Asset Value (NAV) before dividend allocation				70 783	69 787	74 732	71 951	69 002	66 875	59 655	57 176	64 070
Number of outstanding shares				74 287 314	74 287 314	74 296 629	74 296 629	74 286 629	74 293 373	74 293 373	74 293 373	74 288 622
Net Asset Value (NAV) per share before dividend allocation				953	939	1 006	968	929	900	803	770	862

• Net asset value ("NAV") is Gross asset value ("GAV") less liabilities.

• Net asset value is a core performance indicator at Aker ASA. NAV expresses Aker's underlying value and is a key determinant of the company's dividend policy (annual dividend payments of 2-4 percent of NAV).

• Net asset value is determined by applying the market value of exchange-listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, while book value is used for other assets.

• Aker's assets (Aker ASA and holding companies) consist largely of equity investments in the Industrial Holdings segment, and of cash, receivables and other equity investments in the Financial Investments segment. Other assets consist mainly of fixed and other interest-free assets. The financial tables in this appendix show the composition of Aker's assets.

*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 30 September 2023, the value of the swap agreements was negative by NOK 90 million

Segment information – Industrial Holdings

NOK million
Industrial Holdings	Ownership	3Q 2021	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	Net	Dividend	Other	Value	3Q 2023
	per 3Q 2023									investments	income	changes	change	Value
Aker BP		21,2% 41 068	36 329	44 220	45 758	41 813	40 676	34 282	33 680	-	(741)	-	6 653	39 592
Aker Solutions		39,4% 3 183 3 836 5 003 5 190 7 397 7 254 7 378 7 545								-	-	-		834 8 379
SalMar Aker Ocean**	15,0%	-	645	655	656	656	656	656	656	-	-	-	-	656
Aker BioMarine		77,7% 3 066 3 700 3 396 3 386 3 056 2 592 2 647 2 320								-	-	-		358 2 678
Ocean Yield		- 4 435	-	-	-	-	-	-	-	-	-	-	-	-
Aker Horizons		67,3% 15 461	15 342		10 516 7 391 6 398 5 987 4 323 3 152					-	-	-		(1 021) 2 131
Aize**	67,6%	39	39	37	37	37	37	37	37	-	-	-	-	37
Cognite*		50,5% 6 684 6 684 6 684 6 684 6 684 6 684 6 684 6 684								-	-	-		- 6 684
Total Industrial Holdings					73 936 66 575 70 512 69 103 66 040 63 885 56 007 54 074						(741) -	-	6 824	60 156

*Value reflects transaction value with TCV from Q2 2021. Value reconfirmed in the Aker BP/Saudi Aramco transaction on 2 February 2022 **At book value

Segment information – Industrial Holdings

3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
210	207	209	208	181	412	432	309	453	481	450
86,2%	88,8%	86,3%	90,1%	89,6%	95,0%	92,1%	92,4%	91,6%	92,1%	92,5%
						112				588
		271,60					304,10
4,9%	(3,5%)	31,0%	23,3%	4,8%	(7,1%)	(1,0%)	19,0%	(13,9%)	0,6%	19,8%
		202 285,10 271,60	355	828	522	206	1 563 1 849 5 669 2 291 2 026 4 866 3 826 763 330,60 342,10 312,60 304,10		1 603	13 010 3 310 3 291 3 513 1 347 1 641 4 894 2 064 1 816 4 621 3 523 12 024 3 031 3 031 3 249 187 397 256,30 251,80 296,00

Energy Security, Efficiency & Transition

NOK million (incl. Subsea)

Aker Solutions (ticker: AKSO)	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Revenue	7 314 8 668		29 473 8 291		10 635	10 035	12 456	41 417	11 495	14 246	14 262
EBITDA	441	583	1 842	598	653	736		947 2 934		868 1 099 1 419
EBITDA margin	6,0%	6,7%	6,2%	7,2%	6,1%	7,3%	7,6%	7,1%	7,6%	7,7%	10,0%
Net profit continued operations	100	63	249	175	276	285	435	1 170	390	539	810
Share price at closing (NOK per share)	19,40 23,38		23,38		30,49 26,76 38,14 37,40			37,40		38,04 38,90 43,20
Shareholder return, incl. dividend	21,1%	20,5%	42,1%	30,4%	(11,6%)	42,5%	(1,9%)	60,8%	1,7%	4,9%	11,1%

NOK million

Aker Horizons (ticker: AKH)	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Gross asset value	22 620	22 800	22 800	22 939	23 367	22 600	21 211 21 211		21 992	17 291	16 535
Net asset value	16 056		16 923 16 923	16 983	17 351	16 500	15 079 15 079		15 804	11 067	10 244
Net asset value (NOK per share)	27,60	27,75	27,75	27,85	25,13	23,94	21,84	21,84	22,89	16,03	14,84
Share price at closing (NOK per share)	33,30 33,05		33,05		22,65 15,92 13,78 12,90			12,90	9,31	6,79	4,59
Shareholder return, incl. dividend	16,7%	(0,8%)	n/a	(31,5%)	(29,7%)	(13,4%)	(6,4%)	(61,0%)	(27,8%)	(27,1%)	(32,4%)

Segment information – Industrial Holdings

USD million
Aker BioMarine (ticker: AKBM)	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Offshore Krill Production Volume (MT)	7 195	3 101	43 756	20 809	16 534	12 737	1 963	52 042	19 852	17 846 12 073
Revenue	62	76	262	57	73	68	79	277	69	89	95
EBITDA	12	7	43	8	28	19	18	74	3	19	24
EBITDA margin	19,9%	9,0%	16,5%	14,2%	38,6%	27,5%	22,8%	26,5%	4,4%	21,4%	25,6%
Net profit continued operations	14	(9)	(9)	(10)	15	5	-	10	(18)	(2)	1
Share price at closing (NOK per share)	45,00 54,30		54,30			49,85 49,70 44,85 38,05		38,05		38,85 34,05 39,30
Shareholder return, incl. dividend	(39,1%)	20,7%	(53,8%)	(8,2%)	(0,3%)	(9,8%)	(15,2%)	(29,9%)	2,1%	(12,4%)	15,4%

Sustainable Proteins & Nutrition

NOK million

NOK million

SalMar Aker Ocean	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Revenue				-	-	-	-	-	-	-	-
EBIT				(33)	(38)	(33)	(51)	(155)	(45)	(10)	(8)
EBIT margin				n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net profit continued operations				(25)	(29)	(25)	(39)	(118)	(35)	(9)	(8)

Industrial Digitlization

باللب
COGNITE

Cognite	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Revenue	170	175	639	188	199	211	287	885	271	276	269
EBITDA	(60)	(170)	(402)	(171)	(80)	(158)	(38)	(447)	(88)	(43)	(92)
EBITDA margin	(35,3%)	(97,1%)	(62,9%)	(91,2%)	(40,2%)	(74,9%)	(13,4%)	(50,6%)	(32,4%)	(15,6%)	(34,3%)
Net profit continued operations	(18)	(178)	(393)	(185)	(32)	(142)	(179)	(538)	(110)	(78)	(133)

NOK million (3Q 2023 Revenue and EBITDA includes NOK 206m of pre-tax gain from sale of certain software assets)

Aize	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Revenue	91	114	352	78	109	89	102	378	149	144	331
EBITDA	28	47	106	14	47	29	16	106	62	46	242
EBITDA margin	30,9%	41,2%	30,1%	17,9%	43,1%	32,6%	15,7%	28,0%	41,6%	31,9%	73,1%
Net profit continued operations	15	29	50	(2)	35	20	(38)	15	50	37	167

Segment information – Financial Investments

NOK million
Financial Investments	Ownership	3Q 2021	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023
	per 3Q 2023
Cash		713	4 025	4 406	2 035	2 502	1 290	1 162	876	1 454
Real Estate		708	908	958	958	973	973	993	993	1 158
Aker Property Group	100,0%	708	908	958	958	973	973	993	993	1 158
Listed financial investments		1 476	1 410	1 942	2 272	1 943	2 532	2 634	2 388	2 519
Akastor	36,7%	603	537	823	838	869	927	1 148	1 112	1 193
AMSC (direct investment)*	19,1%	366	372	375	474	405	598	569	547	564
Philly Shipyard	57,6%	405	398	414	389	339	329	318	289	242
Solstad Offshore	24,8%	101	103	330	571	331	678	598	439	520
Interest-bearing assets		3 870	4 211	4 114	4 064	4 169	4 172	4 297	4 272	4 056
Aker Horizons		1 991	1 992	1 992	1 993	1 993	1 994	1 994	1 995	1 995
Aker Horizons convertible bond		1 209	1 209	1 218	1 218	1 227	1 227	1 236	1 236	1 246
Pecan Energies AS (prev. Aker Energy)		132	467	329	195	213	191	203	208	206
Aize		213	224	224	224	224	235	235	235	-
Other interest-bearing assets		325	319	351	434	512	526	628	598	610
Other equity investments		2 059	2 134	2 158	2 172	2 417	2 379	2 610	1 640	1 644
Aker Energy AS		957	957	957	990	990	990	990	-	-
Industry Capital Partners Holding AS		-	0	0	95	314	314	453	453	453
Seetee AS		406	447	428	198	223	156	237	241	222
Abelee AS		207	387	387	387	387	217	217	217	217
Gaia Salmon Holding AS		-	-	-	-	-	155	155	155	189
Clara Ventures AS		153	155	155	155	155	155	155	155	155
Other equity investments		336	188	231	347	348	392	404	420	408
Fixed and other interest-free assets		743	765	825	1 002	908	882	921	2 029	2 083
Pecan Energies (prev. Aker Energy) - Earn out		-	-	-	-	-	-	-	1 049	1 034
Other fixed and interest-free assets		743	765		825 1 002	908	882	921	980	1 049
Total Financial Investments		9 570 13 455		14 404	12 504	12 914	12 229	12 617	12 198	12 915

*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 30 September 2023, the value of the swap agreements was negative by NOK 90 million.

Income statement and Balance sheet

NOK million
Combined Income Statement	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023
Operating revenues*	-	4 072	4 072	-	-	-	-	-	-	-	-
Operating expenses	(85)	(141)	(369)	(108)	(94)	(82)	(85)	(370)	(105)	(96)	(97)
EBITDA	(85)	3 931	3 703	(108)	(94)	(82)	(85)	(370)	(105)	(96)	(97)
Depreciation	(8)	(8)	(31)	(8)	(8)	(8)	(8)	(32)	(7)	(9)	(8)
Impairment	-	-	-	-	-	-	-	-	-	-	-
EBIT	(93)	3 923	3 672	(116)	(102)	(90)	(93)	(402)	(112)	(105)	(106)
Dividend received	481	599	2 010	611	664	718	772	2 765	796	1 038	787
Value change	(1 332)	915	6 858	188	(2 084)	(1 507)	(711)	(4 114)	(1 376)	(1 662)	(533)
Net other financial items	(104)	(71)	(107)	14	(121)	(209)	167	(149)	(221)	(154)	30
Profit/(loss) before tax	(1 049)	5 365	12 433	697		(1 643) (1 088)	135	(1 900)	(914)	(883)	179

NOK million, after dividend distribution

3Q 2021	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023
646	680	706	755	793	826		1 967	1 998
	4 436				4 462		4 582	4 531
	85	119	246		56			85
	4 025				1 290	1 162	876	1 454
37 107	39 122	39 757	36 513	35 718	34 053	32 872	31 006	31 089
	1 268	1 258	166		1 378	1 415		321
					8 976		8 743	8 680
37 107	39 122	39 757	36 513	35 718	34 053	32 872	31 006	31 089
	(1 591)			(2 799)	(3 224)			(3 285) (2 695)
	71				70			71
328	374	384	361	347	319	307		297
		3 895 31 756 29 895 97 713 24 384 27 802 197 12 526 10 052 (7 918) 66		4 389 4 406 10 003 (1 208) 72	4 339 2 035 9 489 (3 115) 74	4 459 30 137 29 138 27 849 27 419 115 2 502 28 496 26 857 25 766 23 699 192 9 760 72		866 4 607 26 182 23 519 23 021 56 62 22 789 21 910 22 088 353 8 668 (2 899) 69 71 295

The balance sheet and income statement for Aker ASA and holding companies show the financial position as a holding company.

*Aker ASA and holding companies prepares and presents its accounts in accordance with the Norwegian Accounting Act and generally accepted accounting principles (GAAP), to the extent applicable. Accordingly, exchangelisted shares owned by Aker ASA and holding companies are recorded in the balance sheet at the lower of market value and cost price. In accordance with Aker ASA and holding companies' accounting principles, acquisitions and disposals of companies are a part of the ordinary business. Consequently, gains from sales of shares are classified as operating revenues in the combined profit and loss statement of the accounts. Gains and losses are only recognized to the extent assets are sold to third parties. Aker's accounting principles are presented in the company's 2022 annual report.

External interest-bearing debt

NOK million
External interest-bearing debt	3Q 2021	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023
AKER09		1 000 1 000 1 000 1 000
AKER14		2 000 2 000 2 000 2 000 1 581
AKER15		2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000
AKER16						1 300 1 300 1 300 1 300 1 300
AKER17					700	700	700	700	700
AKER18						500	500	500	500
AKER19						500	500	500	500
Total bond loans	5 000	5 000	5 000	5 000	5 581	5 000	5 000	5 000	5 000
Bank credit facilities		6 550 4 087 4 062 3 491 3 171 2 971 2 572 2 616 2 593
EUR 100m Schuldschein loan	1 017	999				971 1 035 1 058 1 051 1 139 1 170 1 125
Total bank loans	7 567	5 086	5 033	4 526	4 229	4 023	3 711	3 786	3 719
Capitalised loan fees	(41)	(34)	(30)	(36)	(50)	(47)	(43)	(43)	(39)
Total interest-bearing debt		12 526 10 052 10 003		9 489	9 760	8 976	8 668	8 743	8 680

NOK million

Debt maturity profile	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032
Bank loans		1 125		2 593
AKER15		2 000
AKER16					1 300
AKER17					700
AKER18							500
AKER19										500
Total		3 125		2 593	2 000		500			500

Alternative Performance Measures (APM)

Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies' financial results and those of its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows:

• EBITDA is operating profit before depreciation, amortization and impairment charges
• EBITDA margin is EBITDA divided by revenue
• EBITDAX is operating profit before depreciation, amortization, impairment charges and exploration expenses
• Equity ratio is total equity divided by total assets
• Gross asset value is the sum of all assts determined by applying the market value of listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, and the book value of other assets
• Mboepd is thousand barrels of oil equivalents per day
• Mmboe is million barrels of oil equivalents
• Net Asset Value ("NAV") is gross asset value less liabilities
• NAV per share is NAV divided by the total number of outstanding Aker ASA shares
• Net interest-bearing receivable/debt is cash, cash equivalents and interest-bearing receivables (current and non-current), minus interest-bearing debt (current and non-current)
• Order intake includes new signed contracts in the period, in addition to expansion of existing contracts. The estimated value of potential options and change orders is not included
• Order backlog represents the estimated value of remaining work on signed contracts
• Value-adjusted equity ratio is NAV divided by gross asset value

FINANCIAL CALENDAR

• Feb 20 2024 Q4 results
• Mar 22 2024 Annual Report 2023
• Apr 17 2024 Annual General Meeting
• May 8 2024 Q1 results
• Jul 17 2024 Q2 results/ half-year report
• Nov 6 2024 Q3 results

CONTACTS

• Fredrik Berge Head of investor Relations Tel: +47 45032090 fredrik.berge@akerasa.com
• Atle Kigen Head of Media Relations and Public Affairs Tel: +47 90784878 atle.kigen@akerasa.com

ADDRESS

• Oksenøyveien 10 1366 Lysaker, Norway
• Tel: +47 24130000
• Web: akerasa.com

TICKERS

• Bloomberg: AKER:NO
• Reuters: AKER.OL

Quarterly presentations and material are available at akerasa.com and newsweb.no

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.