Aker

Quarterly Report • Jul 17, 2024

Second Quarter and Half-year Results 2024

July 17, 2024

Q2 2024 | Key highlights

Active ownership Solid financial metrics

FINANCIALS

Net Asset Value: NOK 63.9bn, vs. NOK 60.4bn previous quarter

Share price: NOK 615, -1.4% during the quarter (+1.1% when including dividend), OSEBX +7.1%, Brent oil price -2.4% Dividends: NOK 15.5 per share paid in Q2 2024 (NOK 1.15bn), with authorization to pay additional dividend in 2H 2024

OWNERSHIP AGENDA – A MORE FOCUSED AKER

Aker Carbon Capture closed the JV transaction with SLB

• Remaining 20% ownership in the JV and NOK 4.5 billion of cash, plus future performance-based payments of up to NOK 1.36bn

Philly Shipyard agreed to sell the business to Hanwha

• Total cash consideration of NOK 1.1 billion (USD 100 million), with closing expected in Q4 2024

Akastor – value realization well underway

• Received NOK 1.9 billion in cash from the DRU arbitration settlement (USD 176 million), allowing for repayment of debt and paving the way for potential future shareholder distribution
• Initiated a process for the potential US IPO of HMH during 2H 2024 (50/50% owned JV by Akastor and Baker Hughes)

Solstad Maritime share offering completed

• Becoming an important part of Aker's Industrial Holdings, with the intention to initiate quarterly dividends from Q3 2024
• Well positioned with strong market outlook

Aker BioMarine agreed, after quarter-end, to sell the Feed Ingredients business to AIP and Aker

• Aker will participate in the further value creation as a 40% owner of Feed Ingredients
• Aker estimates to receive net cash proceeds from the transaction in the range of NOK 0.8-1.5 billion
• Aker will actively support efforts to further streamline and focus Aker BioMarine, including exploring potential partnerships and transactions for the remaining segments

OTHER DEVELOPMENTS IN THE PORTFOLIO

Aker BP raised full-year production guidance to 420-440 mboepd following strong production and the development projects continued on-track. Delivered year-to-date production costs of USD 6.2 per boe and low emissions at 3.0kg CO2e per boe¹

Cognite continued the positive commercial development with ARR and the number of monthly active users reaching record highs

Norwegian kroner

75bn Gross Asset Value

860kr Per-share NAV

Net Asset Value

615kr

75% listed assets and cash

Share price at Q2 46bn market cap

5.8bn Liquidity reserve

incl. 0.5bn cash

^~5bn est. upstream

dividends in 2024

5 8 ^{10 11 12 13} 10 10 ^{16 18} 23 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 24 24 ^{29 30 31} Dividends paid (NOK/share) Consensus 2H 1H 2H 1H 2H 1H 2H 1H 15.5

Q2 2024 | NAV per share NOK 860, value adjusted equity 85%

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 901 953 968 929 770 862 860 869 635 692 825 810 756 706 720 672 609 660 666 ^{624 615 639} 0 200 400 600 800 1 000 1 200 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Jul 16 2024 954 1 006 900 803 851 813 Share price Dividend allocated per share NAV per share (after dividend allocation) 62.8 (84%) 11.8 (16%) 0.5 Gross Asset Value Liabilities 75.1 11.1 63.9 (85%) Industrial holdings Financial investments ex. cash Cash Liabilities

Q2 2024 | Net Asset Value development

4

NAV development – Q2 2024

NOK billion, % change NOK billion, % change 1.4 Aker Solutions* 1.3 Aker Bio-Marine 1.2 Aker BP* 1.0 Listed fin. Investments (0.3) Other* Q2 2024 Q2 2024 Dividends paid (1.2) 60.4 65.1 63.9 Q1 2024 +7.7% (+4.7bn)

NAV development – first half 2024

*Incl. dividends received (from Aker BP, Aker Solutions, AMSC)

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

Q2 2024 | Asset Base of NOK 75 billion

Portfolio composition (GAV)

NOK billion, % share of GAV % of GAV per Q2 2024 vs. (Q2 2023) 75% listed assets and cash 6% 9% 9% Renewables and green technology Software Seafood and marine biotech (11%) (10%) Unlisted investments Listed investments Industrial Holdings Financial Investments TOTAL: 62.8 12.2 1.4 49% 36.4 Other financial investments 0.6 2% 1.3 8% 5.7 Listed financial investments 2.5 Real estate invest. 0.5 Cash 11% 8.6 9% 6.7 1% 0.7 0% 0.0 4.4 * GROSS ASSET VALUE (GAV): 75.1 Interest-bearing assets 2.9 3.5 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

*Reflecting the latest transaction value

Market value is applied for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets

⁵

– A world-class independent E&P company

NCS' most compelling returns-focused E&P company

Attractive Growth

• Production to grow >20% from 2024 to 2028 (to ~525 mboepd)
• New projects on-track with IRR >25%
• Johan Sverdrup with continuous outperformance since production start
  • ~50% of Aker BP's production, with production costs ~2 USD/boe and emissions <1kg CO² /boe
• Significant upside potential in existing fields through proven track-record on exploration

Attractive Industrial Value

• NCS is an attractive basin with ~50% of resources remaining and an attractive fiscal system
• Aker BP no.1 independent with a proven track record on operations, growth and innovation
  • Unparallelled production efficiency² (PE) of 94% year-to-date
• Performance enhanced through alliance models, digitalization, AI and remote operations
• World-class portfolio with the lowest costs, lowest emissions and high growth potential
• Supportive owners and a part of the unique Aker ecosystem

Attractive Returns

• Capex of USD ~5bn this year, equivalent to USD ~0.7bn post-tax
• Resilient dividend capacity with a clear ambition to grow dividends 5% annually
• Already delivering 9% increased dividends in 2024 from 2023

Industry-leading metrics

Strong commercial development

Growing revenue and strong commercials

+42% ARR¹ increase year-over-year

• Reached all-time high in Q2 now makes up 75% of revenue (on 12months rolling basis)
• ARR is a key performance metric, demonstrating Cognite's strong potential for further growth and profitability

+14% Revenue growth year-over-year (IFRS revenue)

• Growth across industries, geographies and verticals, and is expected to accelerate further on the back of increasing SaaS mix
• Strategic partnerships yielding results

>100% increase in monthly active users vs. June 2023

▪ Reached all-time high during first half 2024

Cognite AI – a significant game-changer

• Enabler for increased productivity at every level of digital maturity – "the moment Cognite was built for" (Girish Rishi, CEO)
• Launched Cognite Atlas AI in June

Winner of the prestigious Microsoft Partner of the Year Award 2024²

Strong increase in Annual Recurring Revenue

USD million

¹ARR: annual recurring revenue, from Software-as-a-Service (SaaS) contracts (see APM in the appendix on page 34 for definition)

²Awarded the Energy and Resources 2024 Microsoft Partner of the Year Award, with former winners in the category including SLB and Schneider Electric. The Microsoft Partner of the Year Awards recognize Microsoft partners that have developed and delivered outstanding Microsoft Cloud applications, services, devices, and AI innovation in various categories, out of more than 4,700 nominations from more than 100 countries.

A more focused Aker (1/2)

• Creating a diversified global carbon capture player, building on the longstanding collaboration between Aker and SLB

• Received more than 3 million shares in Odfjell Drilling from a warrant agreement from 2018 (worth NOK 176 million at end-June 2024)
• In sum, paving the way for the company's target to distribute net proceeds from realizations to shareholders

Attractive value creation journey

Sale

• Agreement to sell Philly Shipyard to Hanwha for a total cash consideration of USD 100 million (NOK 87.24 per share)
• Expected closing during Q4 2024, subject to satisfaction of closing conditions
• Over time, Aker has invested around NOK 300 million and received around NOK 690 million in aggregated dividends
• Implied value of transaction for Aker of NOK 631 million
• IRR of around 15% for Aker since the split and listing in 2007

¹HMH is a global offshore and onshore drilling solutions provider which is a 50/50% owned joint venture by Akastor and Baker Hughes ²Subject to market- and other conditions

A more focused Aker (2/2)

Sale and streamlining Solid dividend potential

(announced after quarter-end, on July 3, 2024)

Sale of Feed Ingredients

EV of USD 590 million

Crystallizing value and re-investing

• Aker BioMarine plans to pay an extraordinary dividend of NOK 35-45 per share¹ , worth NOK 2.4-3.1 billion to Aker²
• Aker will participate in the further value creation of Feed Ingredients, reducing its ownership from 78% to 40%, and will invest NOK ~1.4 billion of equity and provide NOK ~200 million in shareholder loan to the acquired entity
• Thus, Aker's estimated net cash proceeds from the transaction is between NOK 0.8-1.5 billion
• Aker will actively support efforts to further streamline and focus Aker BioMarine, including exploring potential partnerships and transactions for the remaining segments

Share issue completed

NOK 750 million

Attractive value creation ahead

• Offering successfully placed, raising gross proceeds of approx. NOK 750 million in Solstad Maritime
• Aker's direct ownership in Solstad Maritime is 42%, SOFF's³ direct ownership is 27.3% (Aker owns 32.9% of SOFF) and AMSC's direct ownership is 19.4%
• Well-positioned, strong market outlook
• Solstad Maritime with the intention to initiate quarterly dividends from Q3 2024
• Intention to list Solstad Maritime within 12 months from June 2024

¹Based on Aker BioMarine's estimated excess cash following closing

²Subject to final purchase price adjustments and the contemplated refinancing of Aker BioMarine

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

11

Financial Investments

Q2 2024 | Overview

Total Financial Investments – as share of Gross Asset Value (per 30.06.2024)

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

Cash – as share of Gross Asset Value

(per 30.06.2024)

1% NOK 0.5 billion
Cash decreased by NOK 240 million to NOK 459 million

+1 280m	Dividends received
+181m	Debt repayment from portfolio companies
-1 152m	Dividend paid
-296m	Operating expenses and net interest
-144m	Loans and investments in portfolio companies
-96m	Net debt repayment
-13m	Net other
-240m	Change in the quarter

Financial Investments Q2 2024 | Listed financial investments

Listed financial investments – as share of Gross Asset Value (per 30.06.2024)

Developments in the quarter

• Value increase of investment in Akastor of NOK 499m and in Philly Shipyard of NOK 234m
• Value increase of AMSC equity investment of NOK 81m, and dividend income from AMSC of NOK 20m (from shares and Total Return Swaps)
• Investment in Solstad Offshore is reported as part of Industrial Holdings as of 1 January 2024 and comparative figures are re-presented correspondingly

Listed financial investments

NOK million	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24
Akastor	1 112	1 193	1 173	1 100	1 599
Philly Shipyard	289	242	379	249	483
AMSC (excl. TRS)	547	564	369	373	454
Total value	1 948	1 999	1 920	1 722	2 536
AMSC TRS*	(120)	(90)	4	9	137

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

Financial Investments Q2 2024 | Other financial investments

Other financial investments – as share of Gross Asset Value (per 30.06.2024)

Developments in the quarter

• Interest-bearing receivables: decreased by NOK 136m mainly due to repayment of loan from Akastor of NOK 181m in the quarter. Include a NOK 2bn loan- and a NOK 1.26bn convertible loan to Aker Horizons
• Non-interest bearing assets: increased by NOK 212m, driven by positive value adjustment of the AMSC TRS-agreements of NOK 129m and accrued interest on interest bearing receivables

Other financial investments¹

NOK million	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24
Real estate	993	1 158	1 313	1 353	1 353
Interest bearing receivables	4 272	4 056	4 092	4 556	4 420
Other equity investments	1 640	1 644	1 647	2 057	2 081
Non-interest bearing assets	1 516	1 575	601	662	874
Fixed assets	513	508	505	517	511
Total value	8 934	8 942	8 160	9 145	9 239

Financial Statements

16

Q2 2024 | Balance Sheet and Fair value adjustments

	Book value		Fair value adjusted
Combined Balance Sheet	Q1 2024	Q2 2024	Q1 2024	Q2 2024
Non-interest bearing and fixed non-current assets	1 096	1 171	1 096	1 171
Interest bearing assets	5 226	5 090	5 226	5 090
Investments	27 102	28 289	64 567	68 120
Non-interest bearing current receivables	83	213	83	213
Cash and cash equivalents	699	459	699	459
Total Assets (GAV)	34 206	35 223	71 671	75 054
Shareholders' equity (NAV)	21 803	24 098	59 268	63 929
Non-interest bearing debt	337	334	337	334
Interest-bearing debt	10 914	10 790	10 914	10 790
Allocated dividend	1 152	-	1 152	-
Total Equity and Liabilities	34 206	35 223	71 671	75 054
Net interest-bearing receivables (liabilities)	(4 989)	(5 241)	(4 989)	(5 241)
Equity ratio (%)	63.7%	68.4%	82.7%	85.2%
Equity per share (NOK)	294	324	798	860

Q2 2024 | Robust financial position – solid liquidity, low LTV

NOK 5.2bn 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

75% of Gross Asset Value in listed assets and cash

Q2 2024 | Robust financial position – Debt maturity profile

For full details on interest-bearing items and loans, visit: www.akerasa.com/en/investors/treasury

¹Two revolving credit facilities (RCF): NOK 10bn with NOK 5bn at 3-year maturity with two annual extension options. And NOK 5bn with 5 year maturity

Q2 2024 | Income statement

NOK million

Combined Income statement	Q1 2023	Q2 2023	First half 2023	Q1 2024	Q2 2024	First half 2024
Operating revenues	-	-	-	-	-	-
Operating expenses	(105)	(96)	(201)	(106)	(104)	(210)
EBITDA	(105)	(96)	(201)	(106)	(104)	(210)
Depreciation	(7)	(9)	(16)	(9)	(8)	(16)
Dividends received	796	1 038	1 834	859	1 290	2 150
Value change	(1 376)	(1 662)	(3 038)	800	1 099	1 899
Net other financial items	(221)	(154)	(375)	(145)	15	(130)
Profit (loss) before tax	(914)	(883)	(1 796)	1 400	2 292	3 692

Proud ownership

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

Appendix

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 to the Aker ecosystem
• 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

*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

NOK million
Net Asset Value (NAV) details		per 2Q 2024		2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024
	Number	Ownership	Share of
	of shares	share	total assets
Aker BP	133 757 576	21,2%	48,5%	45 758	41 813	40 676	34 282	33 680	39 592	39 525	36 088	36 409
Aker Solutions	193 950 894	39,4%	11,4%	5 190	7 397	7 254	7 378	7 545	8 379	8 150	7 529	8 573
Aker BioMarine	68 132 830	77,7%	7,6%	3 386	3 056	2 592	2 647	2 320	2 678	3 134	4 361	5 703
Solstad Maritime Holding	195 450 849	42,0%	3,1%		-	-	-	-	-	-	- 2 250	2 310
Solstad Offshore	27 089 493	32,9%	1,5%	571	331	678	598	439	520	1 002	1 061	1 144
Aker Horizons	464 285 714	67,3%	1,7%	7 391	6 398	5 987	4 323	3 152	2 131	2 022	1 439	1 305
Cognite	7 059 549	50,5%	8,9%	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684
SalMar Aker Ocean	15 000 000	15,0%	0,9%	656	656	656	656	656	656	656	656	656
Aize	4 378 700	67,6%	0,0%	37	37	37	37	37	37	37	37	37
Total Industrial Holdings			83,7%	69 674	66 371	64 563	56 605	54 513	60 676	61 211	60 105	62 820
Cash			0,6%	2 035	2 502	1 290	1 162	876	1 454	774	699	459
Real Estate			1,8%	958	973	973	993	993	1 158	1 313	1 353	1 353
Listed financial investments			3,4%	1 701	1 613	1 854	2 036	1 948	1 999	1 920	1 722	2 536
Akastor	100 565 292	36.7%	2,1%	838	869	927	1 148	1 112	1 193	1 173	1 100	1 599
AMSC (direct investment)*	13 701 416	19.1%	0,6%	474	405	598	569	547	564	369	373	454
Philly Shipyard	7 237 631	57.6%	0,6%	389	339	329	318	289	242	379	249	483
Interest-bearing assets (see slide 30 for details)			5,9%	4 064	4 169	4 172	4 297	4 272	4 056	4 092	4 556	4 420
Other equity investments (see slide 30 for details)			2,8%	2 172	2 417	2 379	2 610	1 640	1 644	1 647	2 057	2 081
Fixed and other interest-free assets			1,8%	1 002	908	882	921	2 029	2 083	1 107	1 179	1 385
Total Financial Investments			16,3%	11 932	12 583	11 551	12 019	11 758	12 395	10 854	11 566	12 234
Gross Asset Value (GAV)			100,0%	81 607	78 954	76 114	68 624	66 271	73 071	72 064	71 671	75 054
External interest-bearing debt				(9 489)	(9 760)	(8 976)	(8 668)	(8 743)	(8 680)	(8 615)	(10 914)	(10 790)
Non-interest bearing debt				(166)	(192)	(263)	(301)	(353)	(321)	(246)	(337)	(334)
Net Asset Value (NAV) before dividend allocation				71 951	69 002	66 875	59 655	57 176	64 070	63 204	60 420	63 929
Number of outstanding shares				74 296 629	74 286 629	74 293 373	74 293 373	74 293 373	74 288 622	74 296 637	74 296 637	74 296 637
Net Asset Value (NAV) per share before dividend allocation				968	929	900	803	770	862	851	813	860

• 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 June 2024, the value of the swap agreements was positive by NOK 137 million.

NOK million
Industrial Holdings	Ownership	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	Net	Dividend	Other	Value	2Q 2024
	per 2Q 2024									investments	income	changes	change	Value
Aker BP		21,2% 45 758	41 813	40 676	34 282	33 680	39 592	39 525	36 088	-	(882)	-	1 203	36 409
Aker Solutions	39,4%	5 190	7 397	7 254	7 378	7 545	8 379	8 150	7 529	-	(388)	-	1 431	8 573
Aker BioMarine	77,7%	3 386	3 056	2 592	2 647	2 320	2 678	3 134	4 361	-	-	-	1 342	5 703
Solstad Maritime Holding**	42,0%	-	-	-	-	-	-	-	2 250	60	-	-	-	2 310
Solstad Offshore	32,9%	571	331	678	598	439	520	1 002	1 061	-	-	-	83	1 144
Aker Horizons	67,3%	7 391	6 398	5 987	4 323	3 152	2 131	2 022	1 439	-	-	-		(135) 1 305
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%	656	656	656	656	656	656	656	656	-	-	-	-	656
Aize**	67,6%	37	37	37	37	37	37	37	37	-	-	-	-	37
Total Industrial Holdings		69 674	66 371	64 563	56 605	54 513	60 676	61 211	60 105	60	(1 270)	-	3 925	62 820

*Reflecting the latest transaction value

**At book value

Shareholder return, incl. dividend (29,7%) (13,4%) (6,4%)

USD million							ENERGY	SECURITY	EFFICIENCY ,	&	TRANSITION
Aker BP (ticker: AKRBP)	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Net Production Volume (mboepd)	181	412	432	309	453	481	450	444	457	448	444
Revenue	2 026	4 866	3 826	13 010	3 310	3 291	3 513	3 556 13 670		3 078	3 377
EBITDAX	1 816	4 621	3 523 12 024		3 031	3 031	3 249	3 241 12 552		2 855	3 074
EBITDAX margin	89,6%	95,0%	92,1%	92,4%	91,6%	92,1%	92,5%	91,1%	91,8%	92,8%	91,0%
Net profit continued operations	206	763	112	1 603	187	397	588	164	1 336	531	561
Share price at closing (NOK per share)	342,10	312,60	304,10	304 10 ,	256,30	251,80	296,00	295,50	295 50 ,	269,80	272,20
Shareholder return, incl. dividend	4,8%	(7,1%)	(1,0%)	19 0% ,	(13,9%)	0,6%	19,8%	1,9%	8% 4 ,	(6,6%)	3,3%
NOK million	(NOTE:	historical periods	are here	re-presented	as excl . the	Subsea	business . The	OneSubsea	closed in JV	4Q-2023)
Aker Solutions (ticker: AKSO)	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Revenue	7 283	6 613	8 275	27 500	7 213	8 881	9 102	11 066	36 262	11 481	12 826
EBITDA	121	150	220	647	229	193	194	551	1 166	967	1 206
EBITDA margin	1,7%	2,3%	2,7%	0	3,2%	2,2%	2,1%	5,0%	3,2%	8,4%	9,4%
Net profit continued operations	(45)	(61)	54	(142)	22	27	(88)	23	(15)	894	532
Share price at closing (NOK per share)	26,76	38,14	37,40	37 40 ,	38,04	38,90	43,20	42,02	42 02 ,	38,82	44,20
Shareholder return, incl. dividend	(11,6%)	42,5%	(1,9%)	60 8% ,	1,7%	4,9%	11,1%	(2,7%)	15 0% ,	(7,6%)	19,0%
NOK million
Aker Horizons (ticker: AKH)	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Net capital employed	11 108	12 000	9 030	9 030	9 252	6 500	5 802	5 319	5 319	5 201	7 107
Equity attributable to the parent	9 573	10 404	7 096	7 096	6 908	3 907	3 031	2 328	2 328	2 020	3 748
Revenue and other income	1 950	462	707	3 508	494	658	505	585	2 242	514	757
EBITDA	889	(656)	(381)	(596)	(613)	(441)	(281)		(569) (1 904)	(186)	(3)
Net profit continued operations	74		(1 244) (3 476) (5 047)			(745) (5 274)	(902)		(127) (7 048)	(771)	(506)
Share price at closing (NOK per share)	15,92	13,78	12,90	12 90 ,	9,31	6,79	4,59	4,36	4 36 ,	3,10	2,81

(27,8%) (27,1%) (32,4%) (5,1%)

(66,2%)

(28,8%) (9,4%)

(61,0%)

NOK million
Solstad Offshore (ticker: SOFF)	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Revenue					1 363	1 914	1 679	2 023	6 979	768	746
EBITDA					1 062	903	445	914	3 324	392	364
EBITDA margin					77,9%	47,2%	26,5%	45,2%	47,6%	51,0%	48,7%
Net profit continued operations					252	155	(15)	(104)	288	(21)	(2)
Share price at closing (NOK per share)	29,75	17,22	35,30	35 30 ,	38,85	34,05	39,30	46,00	46 00 ,	39,18	42,24
Shareholder return, incl. dividend	72,0%	(42,1%)	105,0%	546 5% ,	(11,8%)	(26,5%)	18,3%	36,7%	8% 4 ,	5,9%	7,8%
NOK million
Solstad Maritime Holding	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Revenue				3 493	1 033	1 353	1 252	1 457	5 096	1 060	1 560
EBITDA				1 214	463	632	585	703	2 383	536	445
EBITDA margin				34,8%	44,8%	46,7%	46,7%	48,2%	46,8%	50,6%	28,5%
Net profit continued operations				(314)	(98)	154	77	295	427	170	533

USD million	(NOTE:	historical periods	are here	re-presented	as excl.	Feed Ingredients)		SUSTAINABLE		PROTEINS &	NUTRITION
Aker BioMarine (ticker: AKBM)	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Revenue					47	47	53	49	197	49	49
EBITDA					3	7	8	(5)	12	2	6
EBITDA margin					5,9%	15,5%	14,2%	(10,8%)	6,3%	4,3%	13,0%
Net profit continued operations					(5)	0	(7)	(20)	(33)	(4)	(3)
Share price at closing (NOK per share)	49,70	44,85	38,05	38 05 ,	38,85	34,05	39,30	46,00	46 00 ,	64,00	83,70
Shareholder return, incl. dividend	(0,3%)	(9,8%)	(15,2%)	(29 9%) ,	2,1%	(12,4%)	15,4%	17,0%	20 9% ,	39,1%	30,8%
NOK million
SalMar Aker Ocean	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Revenue	-	-	-	-	-	-	-	173	173	428	(0)
Operational EBIT	(39)	(34)	(48)	(121)	(45)	(10)	(8)	11	(53)	(28)	(30)
Operational EBIT margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	(30,4%)	(0)	n/a
Net profit continued operations	(29)	(25)	(39)	(118)	(35)	(9)	(8)	107	55	(34)	(26)
USD million									INDUSTRIAL		DIGITALIZATION
Cognite	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Annual Recurring Revenue (ARR)	38	45	54	54	55	57	64	68	68	73	81
Revenue	21	21	29	92	26	26	26	27	105	27	30
EBITDA	(8)	(16)	(3)	(46)	(9)	(4)	(9)	(7)	(28)	(8)	(4)
EBITDA margin	(38,6%)	(75,5%)	(10,9%)	(50,6%)	(32,4%)	(15,2%)	(34,3%)	(26,0%)	(27,0%)	(30,4%)	(12,0%)
Net profit continued operations	(3)	(14)	(18)	(56)	(11)	(7)	(13)	(17)	(48)	(12)	(12)
NOK million
Aize	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Revenue	109	89	102	378	149	144	331	127	752	128	106
EBITDA	47	29	16	106	62	46	242	1	351	26	36
EBITDA margin	43,1%	32,6%	15,7%	28,0%	41,6%	31,9%	73,1%	0,6%	46,7%	20,0%	34,2 %
Net profit continued operations	35	20	(38)	15	50	37	167	(57)	197	(2)	17

29

Segment information – Financial Investments

Financial Investments Ownership 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

Cash 2 035 2 502 1 290 1 162 876 1 454 774 699 459 Real Estate 958 973 973 993 993 1 158 1 313 1 353 1 353 Aker Property Group 100.0% 958 973 973 993 993 1 158 1 313 1 353 1 353 Listed financial investments 1 701 1 613 1 854 2 036 1 948 1 999 1 920 1 722 2 536 Akastor 36.7% 838 869 927 1 148 1 112 1 193 1 173 1 100 1 599 AMSC (direct investment)* 19.1% 474 405 598 569 547 564 369 373 454 Philly Shipyard 57.6% 389 339 329 318 289 242 379 249 483

per 2Q 2024

NOK million

Interest-bearing assets	4 064	4 169	4 172	4 297	4 272	4 056	4 092	4 556	4 420
Aker Horizons	1 993	1 993	1 994	1 994	1 995	1 995	1 996	1 996	1 997
Aker Horizons convertible bond	1 218	1 227	1 227	1 236	1 236	1 246	1 246	1 255	1 255
Clara Ventures AS	67	50	156	228	237	247	265	283	329
Cognite	-	-	-	-	-	-	-	282	278
Ghana FPSO Company	195	213	191	203	208	206	197	209	206
Other interest-bearing assets	590	686	605	636	595	362	388	531	355
Other financial investments	2 172	2 417	2 379	2 610	1 640	1 644	1 647	2 057	2 081
ICP	95	314	314	453	453	453	425	585	585
Seetee	198	223	156	237	241	222	326	450	450
Gaia Salmon Holding	-	-	155	155	155	189	189	189	189
Clara Ventures	155	155	155	155	155	155	155	155	155
Abelee	387	387	217	217	217	217	113	113	113
Aker Energy	990	990	990	990	-	-	-	-	-
Other investments	347	348	392	404	419	408	439	565	589
Fixed and other interest-free assets	1 002	908	882	921	2 029	2 083	1 107	1 179	1 385
Pecan Energies - Earn out	-	-	-	-	1 049	1 034	-	-	-
Other fixed and interest-free assets	1 002	908	882	921	980	1 049	1 107	1 179	1 385
Total Financial Investments	11 932	12 583	11 551	12 019	11 758	12 395	10 854	11 566	12 234

*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 June 2024, the value of the swap agreements was positive by NOK 137 million.

Income statement and Balance sheet

NOK million
Combined Income Statement	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024
Operating revenues*	-	-	-	-	-	-	-	-	-	-
Operating expenses	(94)	(82)	(85)	(370)	(105)	(96)	(97)	(106)	(404)	(106)	(104)
EBITDA	(94)	(82)	(85)	(370)	(105)	(96)	(97)	(106)	(404)	(106)	(104)
Depreciation	(8)	(8)	(8)	(32)	(7)	(9)	(8)	(9)	(33)	(9)	(8)
EBIT	(102)	(90)	(93)	(402)	(112)	(105)	(106)	(114)	(437)	(114)	(112)
Dividend received	664	718	772	2 765	796	1 038	787	1 786	4 407	859	1 290
Value change	(2 084)	(1 507)	(711)	(4 114)	(1 376)	(1 662)	(533)	337	(3 234)	800	1 099
Net other financial items	(121)	(209)	167	(149)	(221)	(154)	30	(1 425)	(1 770)	(145)	15
Profit (loss) before tax		(1 643) (1 088)	135	(1 900)	(914)	(883)	179	584	(1 034)	1 400	2 292

NOK million, after dividend distribution

2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024
755	793	826				1 023	1 097	1 171
		4 462				4 722	5 226	5 090
246	115	56	56	62	85	84	83	213
		1 290	1 162		1 454	774	699	459
36 513	35 718	34 053	32 872	31 006	31 089	30 411	34 206	35 223
166		1 378	1 415	353		1 397	1 489	334
		8 976				8 615
36 513	35 718	34 053	32 872	31 006	31 089	30 411	34 206	35 223
	(2 799)	(3 224)				(3 119)		(4 989) (5 241)
73,6 %	72,0 %	69,6 %	69,3 %	70,7 %	71,1 %	67,1 %	67,1 %	68,4 %
362	347	319	307	295	297	275	293	324
		4 339 2 035 9 489 (3 115)	4 459 29 138 27 849 27 419 2 502 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)	27 102 28 289 21 803 24 098 10 914 10 790

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	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024
AKER09	1 000
AKER14	2 000	1 581
AKER15	2 000	2 000	2 000	2 000	2 000	2 000	2 000	1 494	1 422
AKER16		1 300	1 300	1 300	1 300	1 300	1 300	1 300	1 300
AKER17		700	700	700	700	700	700	700	700
AKER18			500	500	500	500	500	500	500
AKER19			500	500	500	500	500	500	500
AKER20								1 250	1 250
AKER21									500
Total bond loans	5 000	5 581	5 000	5 000	5 000	5 000	5 000	5 744	6 172
Bank credit facilities	3 491	3 171	2 971	2 572	2 616	2 593	2 526	5 220	4 671
Schuldschein loan (EUR 100m)	1 035	1 058	1 051	1 139	1 170	1 125	1 124	-	-
Total bank loans	4 526	4 229	4 023	3 711	3 786	3 719	3 650	5 220	4 671
Capitalised loan fees	(36)	(50)	(47)	(43)	(43)	(39)	(35)	(51)	(52)
Total interest-bearing debt	9 489	9 760	8 976	8 668	8 743	8 680	8 615	10 914	10 790

NOK million

Debt maturity profile	2024	2025	2026	2027	2028	2029	2030	2031	2032
Bank loans				4 671
AKER15	1 422
AKER16				1 300
AKER17				700
AKER18						500
AKER19									500
AKER20						1 250
AKER21								500
Total	1 422	-	-	6 671	-	1 750	-	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:

• Aker Horizons' share of net capital employed is a measure of all assets employed in the operation of a business. The number reflects Aker Horizons' share of the portfolio companies net capital employed, calculated as total assets less debt.
• ARR (Annual Recurring Revenue) in a Software-as-a-Service (SaaS) business models represents the next 12 months' value of expected revenue from all active recurring software subscription contracts, including software solution support, that are active or signed as at a specific point in time (e.g. at the end of a month/quarter/year).
• 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 nonlisted 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

• 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 related material, incl. financial tables in Excel-format, 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.