Aker

Investor Presentation • May 8, 2024

First Quarter Results 2024

May 8, 2024

Q1 2024 | Key highlights

Active ownership Solid financial metrics

Norwegian kroner

60bn

72bn Gross Asset Value 74 % listed assets or cash

813kr

623.5kr Share price at Q1

46bn market cap

5.5bn Liquidity reserve

~4bn est. upstream dividends in 2024

Net Asset Value

Per-share NAV

incl. 0.7bn cash

FINANCIALS

Net Asset Value: NOK 60.4bn, vs. NOK 63.2bn previous quarter

Share price: NOK 623.50, -6.4% during the quarter, OSEBX +1.6%, Brent oil price +12.7%

Dividends: NOK 15.5 per share has been paid in Q2 2024, with authorization to pay additional dividend in 2H 2024

OWNERSHIP AGENDA

Aker – a more focused approach

• Diversification and increase in upstream dividends remains a key strategic priority
• Solstad Maritime well positioned to contribute to upstream cash from second half 2024
• Aker BP +9% increased dividends in 2024 vs. 2023

Aker – deepening collaboration with SLB

• Aker Horizons: Aker Carbon Capture to form a JV with SLB, creating a diversified, global carbon capture player
• SLB to pay NOK 4.12bn in cash to ACC at closing for 80% ownership of JV
• ACC retains NOK 0.4bn cash, plus performance-based payments of up to NOK 1.36bn

Solstad – refinancing completed

• Well-positioned with a robust industrial platform, modern fleet of high-end vessels, healthy balance sheet
• Intention to IPO Solstad Maritime within 12 months following share issue planned in June 2024
• Positive market outlook, ambition to initiate quarterly dividends during second half 2024

Aker BioMarine – evaluating strategic alternatives for 'Feed Ingredients' segment

• In-line with Aker's ownership agenda to maximize shareholder value creation over time
• The Feed Ingredients segment is the world's largest krill harvester and producer of krill meal

OTHER DEVELOPMENTS IN THE PORTFOLIO

Aker BP strong production at 448 mboepd, low production costs at USD 6.1 per boe, low emissions at 3.0 CO2e per boe* Akastor after quarter-end received a positive arbitration settlement of USD 108 million (excl. interest) Cognite continued positive commercial development, strong on SaaS revenues

2024

15.5

A more focused Aker

Objective of long-term industrial development remains firm – but with greater focus

• Fewer and larger portfolio companies, within key global megatrends, contributing meaningfully
• Reinvestment opportunities supporting diversified and increased upstream cash and NAV growth
• Some exposure to high risk/high reward opportunities
• Reduce net-interest bearing debt significantly towards 2027 from NOK 5bn today
• Maintain Investment Grade (IG) credit rating

A more focused Aker – recent events

Aker Carbon Capture – Combining with SLB Solstad Maritime – Timeline

• Creating a diversified, global carbon capture player
• Combining their complimentary technology portfolios, expertise and operations platforms
• Accelerate R&D and international growth
• Bringing carbon capture solutions to market more quickly and more economically
• SLB to own 80%, Aker Carbon Capture (ACC) to own 20%
  • SLB to pay NOK 4.12bn in cash to ACC at closing, plus performancebased payment of up to NOK 1.36bn
    -

▪ ACC to retain NOK 0.4bn of cash

Aker Horizons owns 43.3% of Aker Carbon Capture, prior to closing of the transaction Akerowns 67.3% of Aker Horizons

• June 2024: NOK 750 million share issue
  • Directed at all shareholders in Solstad Offshore outside Aker, guaranteed by Aker
  • Subscription rights to be issued (and tradeable on N-OTC) in conjunction with prospectus approval, expected in May/June
  • Subscription period to commence shortly thereafter
• Intention to IPO at latest within 12 months following share issue
• Ambition to initiate quarterly dividends during 2H 2024

Q1 2024 | Asset Base of NOK 72 billion

Portfolio composition (GAV)

NOK billion, % share of GAV % of GAV per Q1 2024 vs. (per Q1 2023) 74% Renewables and green technology Software Unlisted investments Listed investments Industrial Holdings Financial Investments TOTAL: 60.1 11.6 1.4 50% 36.1 Other financial investments 0.6 2% 1.4 6% 4.4 Listed financial investments 1.7 Real estate invest. 0.7 Cash 11% 7.5 9% 6.7 1% 0.7 0% 0.0 2.6 ** * * * * * GROSS ASSET VALUE (GAV): 71.7 4.6 Interest-bearing assets * 3.3 Solstad Maritime* & Solstad Offshore 5%

Sector composition (GAV)

1) Est. total combined turnover in 2023 in companies in which Aker is the largest investor (excl. Subsea in AKSO) 2) Where Aker is a shareholder directly or indirectly, incl. Aker Carbon Capture Energy services sector: Aker Solutions, Akastor, Solstad Offshore & Solstad Maritime, AMSC and AMSC TRS

*Reflected at book value **Reflecting the latest transaction value

Q1 2024 | Net Asset Value development

NOK billion, % change

*Incl. dividends received from Aker BP and AMSC during Q1 2024

6 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

Q1 2024 | NAV per share NOK 813, value adjusted equity 84%

Net asset value (NAV) development per share vs. share price NOK per share NOK billion, % NAV as share of gross asset value Net asset value (NAV) composition 901 953 968 929 770 862 843 655 635 692 825 810 756 706 720 672 609 660 666 624 625 0 200 400 600 800 1 000 1 200 Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 May 7 2024 838 954 1 006 900 803 851 813 Share price Dividend allocated per share NAV per share (after dividend allocation) 60.1 (84%) 10.9 (15%) 0.7 Gross Asset Value Liabilities 71.7 11.3 60.4 (84%) Industrial holdings Financial investments ex. cash Cash Liabilities

Investing along attractive long-term global megatrends

Exposure to megatrends with strong potential for secular growth, good profitability and strong cash flow generation

Financial Investments

9

Financial Investments

Q1 2024 | Overview

Total Financial Investments – as share of Gross Asset Value (per 31.03.2024)

NOK billion

Aker's investments in Solstad has been moved to the Industrial Holdings segment from Q1 2024 onwards, historical numbers have been re -presented

Financial Investments

Q1 2024 | Cash

Cash – as share of Gross Asset Value (per 31.03.2024)

	Cash decreased by NOK 75 million to NOK 699 million
+2,181m	Issuance of new bond and net changes in debt
+855m	Dividends received
-2,434m	Investments in portfolio companies
-449m	Loans to portfolio companies
-286m	Operating expenses and net interest
+58m	Net other
-75m	Change in the quarter

Financial Investments Q1 2024 | Listed financial investments

Listed financial investments – as share of Gross Asset Value (per 31.03.2024)

Developments in the quarter

• Investment in Solstad Offshore is reported as part of Industrial Holdings as of 1 January 2024 and comparative figures are re-presented correspondingly
• Value decrease of investment in Philly Shipyard of NOK 130m and in Akastor of NOK 72m
• Value increase of AMSC equity investment of NOK 4m, and dividend income from AMSC of NOK 19m (from shares and Total Return Swaps)

Listed financial investments

NOK million	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
Akastor	1 148	1 112	1 193	1 173	1 100
Philly Shipyard	318	289	242	379	249
AMSC (excl. TRS)	569	547	564	369	373
Total value	2 036	1 948	1 999	1 920	1 722
AMSC TRS*	(89)	(120)	(90)	4	9

(*included in interest-free liabilities if negative and other financial investments if positive)

Financial Investments Q1 2024 | Other financial investments

Other financial investments – as share of Gross Asset Value (per 31.03.2024)

Developments in the quarter

• Real estate: increased by NOK 40m, due to loan issued
• Interest-bearing receivables: increased to NOK 4.6bn due to loan issued to Cognite of NOK 276m and Akastor of NOK 95m in the quarter. Include a NOK 2bn loan- and a NOK 1.25bn convertible loan to Aker Horizons
• Other equity investments: increased to NOK 2.1bn, driven by increased investment in ICP of NOK 159m and value increase in Seetee of NOK 124m

Other financial investments

NOK million	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
Real estate	993	993	1 158	1 313	1 353
Interest bearing receivables	4 297	4 272	4 056	4 092	4 556
Other equity investments	2 610	1 640	1 644	1 647	2 057
Non-interest bearing assets	408	1 516	1 575	601	662
Fixed assets	513	513	508	505	517
Total value	8 821	8 934	8 942	8 160	9 145

Financial Statements

14

Q1 2024 | Balance Sheet and Fair value adjustments

(after dividend allocation of NOK 15.50 per share)

NOK million NOK billion

	Book value			Fair value adjusted
Combined Balance Sheet	Q4 2023	Q1 2024	Q4 2023	Q1 2024
Non-interest bearing and fixed non-current assets	1 023	1 096	1 023	1 096
Interest bearing assets	4 722	5 226	4 722	5 226
Investments	23 808	27 102	65 462	64 567
Non-interest bearing current receivables	84	83	84	83
Cash and cash equivalents	774	699	774	699
Total Assets (GAV)	30 411	34 206	72 064	71 671
Shareholders' equity (NAV)	20 399	21 803	62 052	59 268
Non-interest bearing debt	246	337	246	337
Interest-bearing debt	8 615	10 914	8 615	10 914
Allocated dividend	1 152	1 152	1 152	1 152
Total Equity and Liabilities	30 411	34 206	72 064	71 671
Net interest-bearing receivables (liabilities)	(3 119)	(4 989)	(3 119)	(4 989)
Equity ratio (%)	67.1%	63.7%	86.1%	82.7%
Equity per share (NOK)	275	294	835	798

Q1 2024 | Robust financial position – solid liquidity, low LTV

NOK 5.0bn Net interest-bearing debt

For full details on interest-bearing items and loans, visit: 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

BBB-IG rating 14% Loan-to-value (net LTV)¹

8% NIBD²

74% of Gross Asset Value in listed assets and cash

Q1 2024 | Robust financial position – Debt maturity profile

17

Q1 2024 | Income statement

NOK million

Combined Income statement	Year 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Year 2023	Q1 2024
Operating revenues	-	-	-	-	-	-	-
Operating expenses	(370)	(105)	(96)	(97)	(106)	(404)	(106)
EBITDA	(370)	(105)	(96)	(97)	(106)	(404)	(106)
Depreciation	(32)	(7)	(9)	(8)	(9)	(33)	(9)
Dividends received	2 765	796	1 038	787	1 786	4 407	859
Value change	(4 114)	(1 376)	(1 662)	(533)	337	(3 234)	800
Net other financial items	(149)	(221)	(154)	30	(1 425)	(1 770)	(145)
Profit (loss) before tax	(1 900)	(914)	(883)	179	584	(1 034)	1 400

Proud ownership

• Active ownership
• Megatrend-oriented
• Proven track-record
• Industrial expertise
• Financial flexibility
• Unique ecosystem
• ESG and digital focus

Appendix

*Share price development from Sept 8, 2004 when Aker ASA was re-listed on the Oslo Stock Exchange. NAV value in the graph is per year-end, after dividends paid.

Dividend Policy: annual dividends of 2-4% of value-adjusted equity (NAV) at year-end

Net Asset Value (NAV) details

per 1Q 2024 Net Asset Value (NAV) details 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Number Ownership Share of of shares share total assets • Aker BP 133 757 576 21,2% 50,4% 44 220 45 758 41 813 40 676 34 282 33 680 39 592 39 525 36 088 ("GAV") less liabilities. Aker Solutions 193 950 894 39,4% 10,5% 5 003 5 190 7 397 7 254 7 378 7 545 8 379 8 150 7 529 Aker BioMarine 68 132 830 77,7% 6,1% 3 396 3 386 3 056 2 592 2 647 2 320 2 678 3 134 4 361 Net asset value is a core performance • Solstad Maritime Holding 190 355 330 47,4% 3,1% - - - - - - - - 2 250 indicator at Aker ASA. NAV expresses Aker's Solstad Offshore 27 089 493 32,9% 1,5% 330 571 331 678 598 439 520 1 002 1 061 underlying value and is a key determinant Aker Horizons 464 285 714 67,3% 2,0% 10 516 7 391 6 398 5 987 4 323 3 152 2 131 2 022 1 439 of the company's dividend policy (annual Cognite 7 059 549 50,5% 9,3% 6 684 6 684 6 684 6 684 6 684 6 684 6 684 6 684 6 684 dividend payments of 2-4 percent of NAV). SalMar Aker Ocean 15 000 000 15,0% 0,9% 655 656 656 656 656 656 656 656 656 • Net asset value is determined by applying Aize 4 378 700 67,6% 0,1% 37 37 37 37 37 37 37 37 37 the market value of exchange-listed shares, Total Industrial Holdings 83,9% 70 842 69 674 66 371 64 563 56 605 54 513 60 676 61 211 60 105 most recent transaction value for non-listed Cash 1,0% 4 406 2 035 2 502 1 290 1 162 876 1 454 774 699 assets subject to material transaction with Real Estate 1,9% 958 958 973 973 993 993 1 158 1 313 1 353 third parties, while book value is used for Aker Property Group 1 000 100.0% 1,9% 958 958 973 973 993 993 1 158 1 313 1 353 other assets. Listed financial investments 2,4% 1 612 1 701 1 613 1 854 2 036 1 948 1 999 1 920 1 722 Aker's assets (Aker ASA and holding • Akastor 100 565 292 36.7% 1,5% 823 838 869 927 1 148 1 112 1 193 1 173 1 100 companies) consist largely of equity AMSC (direct investment)* 13 701 416 19.1% 0,5% 375 474 405 598 569 547 564 369 373 investments in the Industrial Holdings Philly Shipyard 7 237 631 57.6% 0,3% 414 389 339 329 318 289 242 379 249 segment, and of cash, receivables and other Interest-bearing assets 6,4% 4 114 4 064 4 169 4 172 4 297 4 272 4 056 4 092 4 556 equity investments in the Financial Aker Horizons 2,8% 1 992 1 993 1 993 1 994 1 994 1 995 1 995 1 996 1 996 Investments segment. Other assets consist Aker Horizons convertible bond 1,8% 1 218 1 218 1 227 1 227 1 236 1 236 1 246 1 246 1 255 mainly of fixed and other interest-free	NOK million
									Net asset value ("NAV") is Gross asset value
- - - - - - - -	Cognite		0,4%					282
Ghana FPSO Company 0,3% 329 195 213 191 203 - 206 197 209									assets. The financial tables in this appendix
Aize 0,0% 224 224 224 235 235 235 - - -									show the composition of Aker's assets.
Other interest-bearing assets 1,1% 351 434 512 526 628 806 610 654 813
*Aker ASA holds direct exposure to Other equity investments 2,9% 2 158 2 172 2 417 2 379 2 610 1 640 1 644 1 647 2 057
Fixed and other interest-free assets 1,6% 825 1 002 908 882 921 2 029 2 083 1 107 1 179									13 701 416 shares in AMSC ASA, equivalent
Total Financial Investments 16,1% 14 074 11 932 12 583 11 551 12 019 11 758 12 395 10 854 11 566									to 19.07% of the shares and votes of the
company, and financial exposure to Gross Asset Value (GAV) 100,0% 84 916 81 607 78 954 76 114 68 624 66 271 73 071 72 064 71 671									22 155 088 underlying shares through two
External interest-bearing debt (10 003) (9 489) (9 760) (8 976) (8 668) (8 743) (8 680) (8 615) (10 914)									total return swap agreements, equivalent to
Non-interest bearing debt (181) (166) (192) (263) (301) (353) (321) (246) (337)									30.83% of the share capital in the company.
Net Asset Value (NAV) before dividend allocation 74 732 71 951 69 002 66 875 59 655 57 176 64 070 63 204 60 420									As per 31 March 2024, the value of the swap
Number of outstanding shares 74 296 629 74 296 629 74 286 629 74 293 373 74 293 373 74 293 373 74 288 622 74 296 637 74 296 637									agreements was positive by NOK 9 million.
Net Asset Value (NAV) per share before dividend allocation 1 006 968 929 900 803 770 862 851 813

• 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 31 March 2024, the value of the swap

Segment information – Industrial Holdings

NOK million
Industrial Holdings	Ownership	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	Net	Dividend	Other	Value	1Q 2024
	per 1Q 2024									investments	income	changes	change	Value
Aker BP		21,2% 44 220	45 758	41 813	40 676	34 282	33 680	39 592	39 525	-	(840)	-	(2 597) 36 088
Aker Solutions		39,4% 5 003	5 190	7 397	7 254	7 378	7 545	8 379	8 150	-	-	-		(621) 7 529
Aker BioMarine		77,7% 3 396	3 386	3 056	2 592	2 647	2 320	2 678	3 134	-	-	-	1 226	4 361
Solstad Maritime Holding	47,4%	-	-	-	-	-	-	-	-	2 250	-	-	-	2 250
Solstad Offshore	32,9%	330	571	331	678	598	439	520	1 002	-	-	-	59	1 061
Aker Horizons		67,3% 10 516	7 391	6 398	5 987	4 323	3 152	2 131	2 022	-	-	-		(583) 1 439
Cognite*		50,5% 6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684	-	-	-	-	6 684
SalMar Aker Ocean**	15,0%	655	656	656	656	656	656	656	656	-	-	-	-	656
Aize**	67,6%	37	37	37	37	37	37	37	37	-	-	-	-	37
Total Industrial Holdings		70 842	69 674	66 371	64 563	56 605	54 513	60 676	61 211	2 250	(840)	-	(2 516)	60 105

*Reflecting the latest transaction value

**At book value

Segment information – Industrial Holdings

USD million							ENERGY	SECURITY	EFFICIENCY ,	&	TRANSITION
Aker BP (ticker: AKRBP)	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Net Production Volume (mboepd)	208	181	412	432	309	453	481	450	444	457	448
Revenue	2 291	2 026	4 866	3 826	13 010	3 310	3 291	3 513	3 556	13 670	3 078
EBITDAX	2 064	1 816	4 621	3 523	12 024	3 031	3 031	3 249	3 241	12 552	2 855
EBITDAX margin	90,1%	89,6%	95,0%	92,1%	92,4%	91,6%	92,1%	92,5%	91,1%	91,8%	92,8%
Net profit continued operations	522	206	763	112	1 603	187	397	588	164	1 336	531
Share price at closing (NOK per share)	330,60	342,10	312,60	304,10	304 10 ,	256,30	251,80	296,00	295,50	295 50 ,	269,80
Shareholder return, incl. dividend	23,3%	4,8%	(7,1%)	(1,0%)	19 0% ,	(13,9%)	0,6%	19,8%	1,9%	8% 4 ,	(6,6%)
NOK million	(NOTE: the	OneSubsea	closed in JV	4Q-2023, all	historical	periods	are here re-presented	as excl	. the Subsea	business)
Aker Solutions (ticker: AKSO)	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Revenue	5 330	7 283	6 613	8 275	27 500	7 213	8 881	9 102	11 066	36 262	11 481
EBITDA	155	121	150	220	647	229	193	194	551	1 166	967
EBITDA margin	2,9%	1,7%	2,3%	2,7%	0	3,2%	2,2%	2,1%	5,0%	3,2%	8,4%
Net profit continued operations	(91)	(45)	(61)	54	(142)	22	27	(88)	23	(15)	894
Share price at closing (NOK per share)	30,49	26,76	38,14	37,40	37 40 ,	38,04	38,90	43,20	42,02	42 02 ,	38,82
Shareholder return, incl. dividend	30,4%	(11,6%)	42,5%	(1,9%)	60 8% ,	1,7%	4,9%	11,1%	(2,7%)	15 0% ,	(7,6%)
NOK million
Aker Horizons (ticker: AKH)	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Gross asset value	22 939	23 367	22 600	21 211	21 211	21 992	17 291	16 535	17 133	17 133	15 118
Net asset value	16 983	17 351	16 500	15 079	15 079	15 804	11 067	10 244	10 762	10 762	8 690
Net asset value (NOK per share)	27,85	25,13	23,94	21,84	21 84 ,	22,89	16,03	14,84	15,59	15 59 ,	12,59
Share price at closing (NOK per share)	22,65	15,92	13,78	12,90	12 90 ,	9,31	6,79	4,59	4,36	36 4 ,	3,10
Shareholder return, incl. dividend	(31,5%)	(29,7%)	(13,4%)	(6,4%)	(61 0%) ,	(27,8%)	(27,1%)	(32,4%)	(5,1%)	(66 2%) ,	(28,8%)

Segment information – Industrial Holdings

SUSTAINABLE PROTEINS & NUTRITION USD million
Aker BioMarine (ticker: AKBM)	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Offshore Krill Production Volume (MT)	20 809	16 534	12 737	1 963	52 042	19 852	17 846	12 073	879	50 650	21 306
Revenue	57	73	68	79	277	69	89	95	83	335	78
EBITDA	8	28	19	18	74	3	19	24	12	58	12
EBITDA margin	14,2%	38,6%	27,5%	22,8%	26,5%	4,4%	21,4%	25,6%	14,4%	17,3%	15,1%
Net profit continued operations	(10)	15	5	-	10	(18)	(2)	1	10	(9)	(12)
Share price at closing (NOK per share)	49,85	49,70	44,85	38,05	38 05 ,	38,85	34,05	39,30	46,00	46 00 ,	64,00
Shareholder return, incl. dividend	(8,2%)	(0,3%)	(9,8%)	(15,2%)	(29 9%) ,	2,1%	(12,4%)	15,4%	17,0%	20 9% ,	39,1%
NOK million
SalMar Aker Ocean	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Revenue	-	-	-	-	-	-	-	-	173	173	428
Operational EBIT	(34)	(39)	(34)	(48)	(155)	(45)	(10)	(8)	11	(53)	(23)
Operational EBIT margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	(30,4%)	(5,4%)
Net profit continued operations	(25)	(29)	(25)	(39)	(118)	(35)	(9)	(8)	107	55	(34)
									INDUSTRIAL		DIGITALIZATION
NOK million
Cognite	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Revenue	188	199	211	287	885	271	276	269	290	1 107	284
EBITDA	(171)	(80)	(158)	(38)	(447)	(88)	(43)	(92)	(76)	(299)	(86)
EBITDA margin	(91,2%)	(40,2%)	(74,9%)	(13,4%)	(50,6%)	(32,4%)	(15,6%)	(34,3%)	(26,1%)	(27,0%)	(30,4%)
Net profit continued operations	(185)	(32)	(142)	(179)	(538)	(110)	(78)	(133)	(183)	(503)	(122)
NOK million	(NOTE: 3Q	2023 and FY	2023 Revenue	and	included EBITDA	NOK 206m	of pre-tax	gain from	sale of certain	software	assets)
Aize	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Revenue	78	109	89	102	378	149	144	331	127	752	128
EBITDA	14	47	29	16	106	62	46	242	1	351	26
EBITDA margin	17,9%	43,1%	32,6%	15,7%	28,0%	41,6%	31,9%	73,1%	0,6%	46,7%	20,0 %
Net profit continued operations	(2)	35	20	(38)	15	50	37	167	(57)	197	16

Segment information – Financial Investments

1 -
D
AKER

NOK million
Financial Investments	Ownership	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024
	per 1Q 2024
Cash		4 406	2 035	2 502	1 290	1 162	876	1 454	774	699
Real Estate		958	958	973	973	993	993	1 158	1 313	1 353
Aker Property Group	100.0%	958	958	973	973	993	993	1 158	1 313	1 353
Listed financial investments		1 612	1 701	1 613	1 854	2 036	1 948	1 999	1 920	1 722
Akastor	36.7%	823	838	869	927	1 148	1 112	1 193	1 173	1 100
AMSC (direct investment)*	19.1%	375	474	405	598	569	547	564	369	373
Philly Shipyard	57.6%	414	389	339	329	318	289	242	379	249
Interest-bearing assets		4 114	4 064	4 169	4 172	4 297	4 272	4 056	4 092	4 556
Aker Horizons		1 992	1 993	1 993	1 994	1 994	1 995	1 995	1 996	1 996
Aker Horizons convertible bond		1 218	1 218	1 227	1 227	1 236	1 236	1 246	1 246	1 255
Cognite		-	-	-	-	-	-	-	-	282
Ghana FPSO Company		329	195	213	191	203	-	206	197	209
Aize		224	224	224	235	235	235	-	-	-
Other interest-bearing assets		351	434	512	526	628	806	610	654	813
Other financial investments		2 158	2 172	2 417	2 379	2 610	1 640	1 644	1 647	2 057
ICP		0	95	314	314	453	453	453	425	585
Seetee		428	198	223	156	237	241	222	326	450
Gaia Salmon Holding		-	-	-	155	155	155	189	189	189
Abelee		387	387	387	217	217	217	217	113	113
Clara Ventures		155	155	155	155	155	155	155	155	155
Aker Energy		957	990	990	990	990	-	-	-	-
Other investments		231	347	348	392	404	419	408	439	565
Fixed and other interest-free assets		825	1 002	908	882	921	2 029	2 083	1 107	1 179
Pecan Energies - Earn out		-	-	-	-	-	1 049	1 034	-	-
Other fixed and interest-free assets		743	743	743	743	743	980	1 049	1 107	1 179
Total Financial Investments		14 074	11 932	12 583	11 551	12 019	11 758	12 395	10 854	11 566

*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 31 March 2024, the value of the swap agreements was positive by NOK 9 million.

Income statement and Balance sheet

NOK million
Combined Income Statement	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024
Operating revenues*	-	-	-	-	-	-	-	-	-	-	-
Operating expenses	(108)	(94)	(82)	(85)	(370)	(105)	(96)	(97)	(106)	(404)	(106)
EBITDA	(108)	(94)	(82)	(85)	(370)	(105)	(96)	(97)	(106)	(404)	(106)
Depreciation	(8)	(8)	(8)	(8)	(32)	(7)	(9)	(8)	(9)	(33)	(9)
EBIT	(116)	(102)	(90)	(93)	(402)	(112)	(105)	(106)	(114)	(437)	(114)
Dividend received	611	664	718	772	2 765	796	1 038	787	1 786	4 407	859
Value change	188	(2 084)	(1 507)	(711)	(4 114)	(1 376)	(1 662)	(533)	337	(3 234)	800
Net other financial items	14	(121)	(209)	167	(149)	(221)	(154)	30	(1 425)	(1 770)	(145)
Profit (loss) before tax	697		(1 643) (1 088)	135	(1 900)	(914)	(883)	179	584	(1 034) 1 400

NOK million, after dividend distribution

1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023		1Q 2024
706	755	793	826				1 023		1 097
			4 462				4 722		5 226
									27 102
119	246	115	56	56	62	85	84		83
			1 290	1 162		1 454	774		699
39 757	36 513	35 718	34 053	32 872	31 006	31 089	30 411		34 206
									21 803
1 258	166		1 378	1 415	353		1 397		1 489
			8 976				8 615		10 914
39 757	36 513	35 718	34 053	32 872	31 006	31 089	30 411		34 206
		(2 799)	(3 224)				(3 119)		(4 989)
71,7 %	73,6 %	72,0 %	69,6 %	69,3 %	70,7 %	71,1 %	67,1 %		67,1 %
384	361	347	319	307	295	297	275		293
		4 389 4 406 10 003 (1 208)	4 339 2 035 9 489 (3 115)	4 459 30 137 29 138 27 849 27 419 2 502 28 496 26 857 25 766 23 699 192 9 760		866 4 607 8 668 (2 899)	1 967 4 582 876 8 743 (3 285)	1 998 4 531 26 182 23 519 23 021 23 808 22 789 21 910 22 088 20 399 321 8 680 (2 695)

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, exchange-listed 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 2023 annual report.

External interest-bearing debt

NOK million
External interest-bearing debt	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024
AKER09	1 000	1 000
AKER14	2 000	2 000	1 581
AKER15	2 000	2 000	2 000	2 000	2 000	2 000	2 000	2 000	1 494
AKER16			1 300	1 300	1 300	1 300	1 300	1 300	1 300
AKER17			700	700	700	700	700	700	700
AKER18				500	500	500	500	500	500
AKER19				500	500	500	500	500	500
AKER20									1 250
Total bond loans	5 000	5 000	5 581	5 000	5 000	5 000	5 000	5 000	5 744
Bank credit facilities	4 062	3 491	3 171	2 971	2 572	2 616	2 593	2 526	5 220
Schuldschein loan (EUR 100m)	971	1 035	1 058	1 051	1 139	1 170	1 125	1 124	-
Total bank loans	5 033	4 526	4 229	4 023	3 711	3 786	3 719	3 650	5 220
Capitalised loan fees	(30)	(36)	(50)	(47)	(43)	(43)	(39)	(35)	(51)
Total interest-bearing debt	10 003	9 489	9 760	8 976	8 668	8 743	8 680	8 615	10 914

NOK million

Debt maturity profile	2024	2025	2026	2027	2028	2029	2030	2031	2032
Bank loans			2 620	2 500		100
AKER15	1 494
AKER16				1 300
AKER17				700
AKER18						500
AKER19									500
AKER20						1 250
Total	1 494	-	2 620	4 500	-	1 850	-	-	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
• EBIT is operating profit before interests and taxes
• Operational EBIT is operating profit before fair value adjustment
• 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

• 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

About Aker ASA

Who we are

Aker ASA ("Aker") is an industrial investment company founded in 1841 developing industrial front-runners and creating shareholder value through active ownership. Aker is listed on the Oslo Stock Exchange and is owned 68% by TRG, a company controlled by Mr. Kjell Inge Røkke, Chairman of the Board. Aker's President & CEO is Mr. Øyvind Eriksen.

Aker's ownership interests are concentrated within the sectors oil & gas, energy services, renewable energy and green technologies, industrial software, seafood, and marine biotechnology. In 2022, Aker established active assets management as a business area. Aker is the largest shareholder, directly or indirectly, in 9 companies listed on the Oslo Stock Exchange and Euronext Expand Oslo. In addition, Aker is invested in several privately held companies. In 2023, Aker and companies in which Aker is the largest investor had a total turnover of more than NOK 200 billion with a workforce of 29,300 in more than 50 locations globally, including temporary hires. About 22,700 people were employed in Norway. Aker ASA has 47 employees, located at the head office at Fornebu, Norway.

How we operate

As an industrial investment company, Aker exercises active ownership to create value, combining deep industrial knowledge with capital market expertise and financial strength. Aker drives operational and strategic improvements through active board participation in the portfolio companies, assists in financing structures and assesses and evaluates M&A and restructuring cases. Aker has a strong focus on working in close strategic partnerships and has developed a unique partner ecosystem.

Annual reports: www.akerasa.com/en/investors/financial-reports-presentations/annual-reports Sustainability website: www.akerasa.com/en/sustainability Sustainability library: www.akerasa.com/en/sustainability/sustainability-library Global framework agreement: www.akerasa.com/en/sustainability/social/#global-frame-agreement

Sustainability

Aker has a long tradition of being a responsible enterprise and owner of companies. Aker considers Environmental, Social and Governance ("ESG") impacts throughout the investment and business decision-making processes. Aker's ambition is to ensure that Aker Group represent profitable, safe, and sustainable operations. Aker contributes to the development of companies by using its shareholder influence. Through the Global Framework Agreement, Aker and its industrial companies have committed to respecting and supporting fundamental human rights and trade union rights. Read more about our commitments to sustainability considerations in our Annual Report 2023.

Risk management

Aker and its portfolio companies are exposed to different types of risk. Aker has a long track-record of handling industrial and financial risks. Aker has established a risk management model based on the identification, assessment, and monitoring of major risk factors. Contingency plans have been prepared for these risk factors and their implementation is ensured and monitored. For further information on Aker ASA's risk management, please see the annual report 2023 and corporate governance report 2023.

Business development and investments

Responsible value creation and ESG principles are integrated into Aker's investment policy and are addressed in investment analysis and decision-making processes. By identifying risks and potentially adverse impacts, this approach improves the resilience of Aker's portfolio positions and enables the company to identify investment opportunities with satisfactory ESG profiles.

For further information about how Aker and its portfolio companies are working systematically to promote sustainability across investments and operations, please refer to the 2023 Annual Report available on Aker's website

Disclaimer

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.

Copyright

Copyright of all published material including photographs, drawings and images in this document remains vested in Aker ASA and third-party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.