Aker

Quarterly Report • May 9, 2025

May 9, 2025

First Quarter Results 2025

Transactions with Aker Horizons and Aker Carbon Capture

Addressing Aker Horizons' refinancing need while simplifying and consolidating Aker's ownership

	Aker Horizons merger	Aker Carbon Capture acquisition
Announced transactions today	Aker Capital subsidiary has agreed to merge with Aker Horizons ▪ Holding where Aker Horizons ASA shareholders will receive cash and shares in Aker ASA ▪ Aker ASA will use treasury shares, or issue new shares, to settle the consideration Aker Horizons will redeem its NOK 2.5bn green bond before ▪ maturity in August to reduce interest costs Bondholders in the NOK 1.6bn convertible bond will be offered ▪ redemption at 93% of par value. Aker Capital holds NOK 1.3 bn of this debt and will not redeem its debt	▪ Aker have agreed to acquire ACC's 20 percent ownership interest in the joint venture with SLB (SLB Capturi) and to undertake guarantee commitment to cover ACC's parent company guarantees and its liabilities towards SLB as the seller in relation to the SLB Capturi partnership These agreements will increase the distributable reserves in ACC ▪ ensuring a significant liquidity event for the ACC shareholders All other cash from the purchase price and the existing cash in ▪ ACC will be distributed, except a small amount to cover costs until liquidation
Post	▪ Continue developing existing assets, take steps to protect and rebuild shareholder value through more focused capital deployment

▪ Mainstream: Manage risks and opportunities in portfolio, incl. South Africa, Australia, Chile and find solutions for Offshore wind

transaction priorities

• Narvik: Pursue long-term industrial opportunities related to data centers
• Continue developing SLB Capturi in close partnership with SLB

Q1 2025 | Key highlights

Active ownership Solid financial metrics

FINANCIALS

NAV: NOK 61.9 billion (vs. NOK 58.2bn previous quarter)

Share price: NOK 622.0 (+13.3% during the quarter, Brent -0.3%, OSEBX +6.4%)

Dividends: NOK 26.50 per to be paid after quarter end, authorization to pay additional dividend in 2H'25

A MORE FOCUSED AKER

Aker BP: Continued strong operational performance and projects on track. Continued robust balance sheet and strong financial capacity with cash balance at USD 4.3bn

Aker Solutions: Strong order intake including three offshore wind HVDC¹ projects and two CCS² projects with balanced contractual terms

Cognite: Continued commercial momentum surpassing USD 100m annual recurring revenues (ARR)

SalmarAkerOcean: Divested the 15 percent ownership to SalMar, with settlement in one million SalMar shares and a cash consideration of NOK 76 million

Aker Carbon Capture:

• NOK 3.5 billion in total extraordinary dividends following SLB Capturi JV transaction
• SLB Capturi announced EPCIC contract from Hafslund Celsio together with Aker Solutions

Philly Shipyard:

• Completed the sale to Hanwha, paid USD 84 million in dividends in the quarter
• Intention to liquidate the company 1H 2025 (subject to EGM)

After quarter-end:

AMSC: To distribute its Solstad Maritime shares and excess cash to shareholders. Aker Capital assumes Solstad Maritime shares under TRS agreements as dividend-in-kind. AMSC intends to be liquidated

Solstad Offshore & Maritime: Applied for IPO on Euronext Oslo Børs with intention to complete Q2 2025

Norwegian kroner

62bn Net Asset Value 69bn

Gross Asset Value ~70% listed assets and cash

834kr

622kr

Per-share NAV

Share price at Q1 46bn market cap

9.3bn

Liquidity reserve incl. 1.1bn cash & liquid funds

5 8

NOK per share

2009

2010

1.7bn Upstream dividends YTD 2025

51 53 Consensus dividend Paid dividend Approved dividend

Approved dividend: NOK 26.5 per share to be paid in May 2025

*In 2015, Aker paid a cash dividend of NOK 5.0 per share and a scrip dividend of NOK 5.0 per share, both are included in the graph above **In 2005, Aker paid an extraordinary dividend, thus year of payment and fiscal year were the same

Positioned for resilience

Aker is well positioned to tackle market volatility and geopolitical uncertainty

Healthy balance sheet

8% Loan-to-value (net LTV)¹

~70% of Gross Asset Value in listed assets and cash

3.7 years Average debt maturity

Well capitalized portfolio companies

Independent portfolio companies with robust balance sheets and limited debt maturities in the next few years

Quality portfolio

Segment leading companies delivering critical products and services across diversified set of segments in energy, industrial software, and sustainable proteins

Limited direct exposure to trade policy changes

Long-term strategy and risk management policies to handle indirect exposure to economic, market, and geopolitical shifts

Portfolio composition | Listed and unlisted investments

Listed holdings: NOK 641 per share Q1 2025			Unlisted holdings: NOK 191 per share Q1 2025
Company	Category / Sector	Ownership	NOK million	Company	Category / Sector	Ownership	NOK million
Aker BP	Oil & Gas	21%	33 373	Cognite	Software	51%	6 684
Aker Solutions	Energy Services	39%	6 540	Solstad Maritime	Energy Services	42%	2 310
Aker BioMarine	Seafood & Marine Biotech	78%	3 856	Aker Property Group	Real estate	100%	1 894
Akastor	Energy Services	37%	1 307	Aker Qrill Company	Seafood & Marine Biotech	40%	1 577
Solstad Offshore	Energy Services	33%	983	Seetee	Other	90%	450
Aker Horizons	Renewables & Green tech	67%	638	ICP Holding and partnership	Other	100%	436
SalMar	Seafood & Marine Biotech	~1%	504	Gaia Salmon	Seafood & Marine Biotech	25%	189
AMSC*	Energy Services	19%	377	Aize	Software	68%	37
Philly Shipyard	Energy Services	58%	77	Other equity investments	Other		641
SUM			47 654	SUM			14 218
Gross value per share (NOK) 641			Gross value per share (NOK)			191

	Q1 2025	Q4 2024
Listed & unlisted equity investments (NOK/share)	832	799
Cash and interest-bearing assets (NOK/share)	74	66
Fixed and other interest-free assets (NOK/share)	18	16
GAV (NOK/share)	924	880
Total liabilities (NOK/share)	(90)	(98)
NAV (NOK/share)	834	783
Share price, end of quarter (NOK)	622	549
Number of outstanding shares	74 292 751	74 292 751

* Direct investment 6

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

| Scaling AI to global industry with continued momentum

7

• Opened first office in India with the new Center of Excellence in Bengaluru
• Expansion in US continues with new headquarters in Phoenix, alongside offices in Austin and Houston
• Released latest version of Cognite Data Fusion with key improvements to Cognite Atlas AI , allowing users to seamlessly customize AI agents and integrate them into workflows

Scaling AI to global industry Commercial momentum continues

Investing along attractive long-term global themes

Exposure to strategic themes with solid potential for secular growth, good profitability and cash flow generation

Financial Investments

Financial Investments

Q1 2025 | Overview

Total Financial Investments – as share of Gross Asset Value (per 31.03.2025)

NOK billion

Financial Investments

Q1 2025 | Cash

Cash – as share of Gross Asset Value Available liquidity (per 31.03.2025)

Liquid funds Cash

Undrawn RCFs

Cash increased by NOK 381 million to NOK 1.0 billion

+1 626m	Dividends received
-500m	Debt repayment
-387m	Interest-bearing loans to portfolio companies
-214m	Operating expenses and net interest
-73m	Effects of changes in foreign exchange rates
-71m	Net other
+ 381m	Change in the quarter

Cash including liquid funds amounted to NOK 1.1 billion *Total available liquidity reserve of NOK 9.3 billion including undrawn credit facilities and liquid funds

Financial Investments Q1 2025 | Listed financial investments

Listed financial investments – as share of Gross Asset Value (per 31.03.2025)

Developments in the quarter

• SalMar has been included in listed financial investments from Q1 2025, following the sale of Aker's 15 percent ownership stake in SalMar Aker Ocean to SalMar ASA. The transaction was partly settled through the receipt of one million shares in SalMar
• Value decrease of investment in Philly Shipyard of NOK 460 million, and dividend income from Philly Shipyard of NOK 489 million
• Value increase of AMSC equity investment of NOK 21 million, and dividend income from AMSC of NOK 141 million (from shares and Total Return Swaps)

Listed financial investments

NOK million	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Akastor	1 100	1 599	1 319	1 305	1 307
Philly Shipyard	249	483	462	537	77
AMSC (excl. TRS)	373	454	366	356	377
SalMar	-	-	-	-	504
Total value	1 722	2 536	2 147	2 199	2 265
AMSC TRS*	9	137	(6)	(23)	47

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

Financial Investments Q1 2025 | Other financial investments

Other financial investments – as share of Gross Asset Value (per 31.03.2025)

Developments in the quarter

• Real estate increased by NOK 100 million reflecting a new loan issued
• Interest bearing receivables increased by NOK 204 million, primarily attributable to a USD 20 million loan issued to Cognite in the quarter
  • Mainly consists of a NOK 2.0 billion loan and a NOK 1.3 billon convertible loan to Aker Horizons
• Non-interest bearing assets increased by NOK 142 million, primarily due to prepaid expenses and value increases of the Total Return Swaps

Photo: Aker Tech House

Other financial investments¹

NOK million	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Real estate	1 353	1 353	1 508	1 794	1 894
Interest bearing receivables	4 556	4 420	4 196	4 276	4 480
Other equity investments	2 057	2 081	1 721	1 646	1 716
Non-interest bearing assets	662	874	623	674	816
Fixed assets	517	511	505	500	498
Total value	9 145	9 239	8 554	8 891	9 403

1See appendix for further detailed breakdown of values

Financial Statements

Q1 2025 | Balance Sheet and Fair value adjustments

(after dividend allocation of NOK 26.5 per share)

NOK million NOK billion

	Book value			Fair value adjusted
Combined Balance Sheet	Q4 2024	Q1 2025	Q4 2024	Q1 2025
Non-interest bearing and fixed non-current assets	1 082	1 174	1 082	1 174
Interest bearing assets	4 277	4 580	4 277	4 580
Investments	28 149	27 526	59 344	61 772
Non-interest bearing current receivables	92	140	92	140
Cash and cash equivalents	617	999	617	999
Total Assets (GAV)	34 218	34 419	65 413	68 664
Shareholders' equity (NAV)	24 992	25 735	56 187	59 981
Non-interest bearing debt	250	211	250	211
Interest-bearing debt	7 008	6 504	7 008	6 504
Allocated dividend	1 969	1 969	1 969	1 969
Total Equity and Liabilities	34 218	34 419	65 413	68 664
Net interest-bearing debt¹	(2 017)	(839)	(2 017)	(839)
Equity ratio (%)	73.0%	74.8%	85.9%	87.4%
Equity per share (NOK)	336	346	756	807

Q1 2025 | Robust financial position – solid liquidity, low LTV

¹ LTV: external interest-bearing debt adj. for cash and liquid funds, divided by Gross Asset Value excl. cash and liquid funds

² NIBD: interest-bearing debt adj. for cash incl. liquid funds and interest-bearing receivables, divided by Gross Asset Value excl. cash incl. liquid funds and interest-bearing receivables

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

IG rating 8% Loan-to-value (net LTV)¹

BBB-

1.3% NIBD²

~70% of Gross Asset Value in listed assets and cash

Q1 2025 | Robust financial position, no debt maturity 2025-2026

¹Aker has revolving credit facilities (RCFs) of NOK 10 billion For full details on interest-bearing items and loans, visit: www.akerasa.com/investors/treasury

Q1 2025 | Income statement

NOK million

Combined Income statement	Year 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Year 2024	Q1 2025
Operating revenues	-	-	-	-	-	-	-
Operating expenses	(404)	(106)	(104)	(106)	(95)	(412)	(100)
EBITDA	(404)	(106)	(104)	(106)	(95)	(412)	(100)
Depreciation	(33)	(9)	(8)	(8)	(8)	(32)	(6)
Dividends received	4 407	859	1 290	2 159	5 071	9 380	1 664
Value change	(3 234)	800	1 099	(974)	(27)	897	(628)
Net other financial items	(1 770)	(145)	15	(494)	(12)	(636)	(189)
Profit (loss) before tax	(1 034)	1 400	2 292	577	4 929	9 198	741

Proud ownership

• A more focused Aker
• Active ownership
• Megatrend-oriented
• Proven track-record
• Industrial expertise
• Financial flexibility
• Unique ecosystem

Appendix

20

Q1 2025 | NAV per share NOK 834, value adjusted equity 90%

Net asset value (NAV) composition, Q1 2025

Q1 2025 | Net Asset Value development

NOK billion, % change

*Incl. dividends received

Net asset value is determined by applying the market value for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets

Q1 2025 | Asset Base of NOK 69 billion

NOK billion, % share of GAV % of GAV per Q1 2025 vs. (Q1 2024) Unlisted investments Listed investments Industrial Holdings Financial Investments TOTAL 56.0 12.7 68.7 Gross Asset Value (GAV) 0.4 49% 33.4 Fixed assets 1.0 1% 0.6 6% 3.9 Listed financial investments 2.3 Real estate 2.1 Cash 10% 6.5 10% 6.7 0% 0.0 4.5 * Interest-bearing assets 0.5 5% 3.3 2% 1.6 1.9 Other financial investments Solstad Maritime & Solstad Offshore Aker Qrill Company

Portfolio composition (GAV)

Sector composition (GAV)

*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

1) Total combined market value of companies in which Aker has a direct ownership

23 2) Where Aker is a shareholder directly or indirectly, incl. Aker BP, Aker Solutions, Aker Biomarine, Solstad Offshore, Aker Horizons, Aker Carbon Capture, Akastor, Philly Shipyard, AMSC

Net Asset Value (NAV) details

NOK million
Net Asset Value (NAV) details		per 1Q 2025		1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025
	Number	Ownership	Share of
	of shares	share	total assets
Aker BP	133 757 576	21,2%	48,6%	34 282	33 680	39 592	39 525	36 088	36 409	30 256	29 654	33 373
Aker Solutions	193 950 894	39,4%	9,5%	7 378	7 545	8 379	8 150	7 529	8 573	7 871	6 032	6 540
Aker BioMarine	68 132 830	77,7%	5,6%	2 647	2 320	2 678	3 134	4 361	5 703	3 349	4 572	3 856
Aker Qrill Company	4 000 000	40,0%	2,3%		-	-	-	-	-	- 1 577	1 577	1 577
Solstad Maritime	195 450 849	42,0 %	3,4%		-	-	-	- 2 250	2 310	2 310	2 310	2 310
Solstad Offshore	27 089 493	32,9%	1,4%	598	439	520	1 002	1 061	1 144	880	1 084	983
Aker Horizons	464 285 714	67,3%	0,9%	4 323	3 152	2 131	2 022	1 439	1 305	1 247	1 101	638
Cognite	7 059 549	50,5%	9,7%	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684
SalMar Aker Ocean				656	656	656	656	656	656	656	656	-
Aize	4 378 700	67,6%	0,1%	37	37	37	37	37	37	37	37	37
Total Industrial Holdings			81,6%	56 605	54 513	60 676	61 211	60 105	62 820	54 866	53 707	55 997
Cash			1,5%	1 162	876	1 454	774	699	459	625	617	999
Real Estate			2,8%	993	993	1 158	1 313	1 353	1 353	1 508	1 794	1 894
Aker Property Group	1 000	100.0%	2,8%	993	993	1 158	1 313	1 353	1 353	1 508	1 794	1 894
Listed financial investments			3,3%	2 036	1 948	1 999	1 920	1 722	2 536	2 147	2 199	2 265
Akastor	100 565 292	36,7%	1,9%	1 148	1 112	1 193	1 173	1 100	1 599	1 319	1 305	1 307
Salmar	1 000 000	0,7%	0,7%		-	-	-	-	-	-	-	- 504
AMSC (direct investment)*	13 701 416	19,1%	0,5%	569	547	564	369	373	454	366	356	377
Philly Shipyard	7 237 631	57,6%	0,1%	318	289	242	379	249	483	462	537	77
Interest-bearing assets	(see separate slide for details)		6,5%	4 297	4 272	4 056	4 092	4 556	4 420	4 196	4 276	4 480
Aker Horizons			2,9%	1 994	1 995	1 995	1 996	1 996	1 997	1 997	1 998	1 998
Aker Horizons convertible bond			1,9%	1 236	1 236	1 246	1 246	1 255	1 255	1 264	1 264	1 274
Clara Ventures			0,0%	228	237	247	265	283	329		- 4	-
Cognite			0,7%		-	-	-	- 282	278	275	297	492
Ghana FPSO Company			0,3%	203	208	206	197	209	206	203	220	204
Other interest-bearing assets			0,7%	636	595	362	388	531	355	456	494	511
Other equity investments (see separate slide for details)			2,5%	2 610	1 640	1 644	1 647	2 057	2 081	1 721	1 646	1 716
Fixed and other interest-free assets			1,9%	921	2 029	2 083	1 107	1 179	1 385	1 128	1 175	1 314
Total Financial Investments			18,4%	12 019	11 758	12 395	10 854	11 566	12 234	11 326	11 707	12 667
Gross Asset Value (GAV)			100,0%	68 624	66 271	73 071	72 064	71 671	75 054	66 192	65 413	68 664
External interest-bearing debt				(8 668)	(8 743)	(8 680)		(8 615) (10 914) (10 790)		(8 924)	(7 008)	(6 504)
Non-interest bearing debt				(301)	(353)	(321)	(246)	(337)	(334)	(250)	(250)	(211)
Net Asset Value (NAV) before dividend allocation				59 655	57 176	64 070	63 204	60 420	63 929	57 018	58 156	61 949
Number of outstanding shares				74 293 373	74 293 373	74 288 622	74 296 637	74 296 637	74 296 637	74 296 637	74 292 751	74 292 751
Net Asset Value (NAV) per share before dividend allocation				803	770	862	851	813	860	767	783	834

• Net asset value is Gross asset value less liabilities.
• Net asset value is a core performance indicator at Aker ASA. It expresses Aker's underlying value and is a key determinant of the company's dividend policy.
• 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 2025, the value of the swap agreements was positive by NOK 47 million.

NAV details | Listed vs. unlisted

NOK million
	Net Asset Value (NAV) details			per 1Q 2025	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025
			Ownership	Share of
	Segment	Sector	share	total assets
Aker BP	Industrial holdings	Oil & Gas	21%	49%							34 282 33 680 39 592 39 525 36 088 36 409 30 256 29 654 33 373
Aker Solutions	Industrial holdings	Energy Services	39%	10%	7 378	7 545	8 379	8 150	7 529	8 573	7 871	6 032	6 540
Aker BioMarine	Industrial holdings	Seafood & Marine biotech	78%	6%	2 647	2 320	2 678	3 134	4 361	5 703	3 349	4 572	3 856
Akastor	Financial investments Energy Services		37%	2%	1 148	1 112	1 193	1 173	1 100	1 599	1 319	1 305	1 307
Aker Horizons	Industrial holdings	Renewables & Green technology	67%	1%	4 323	3 152	2 131	2 022	1 439	1 305	1 247	1 101	638
Solstad Offshore	Industrial holdings	Energy Services	33%	1%	598	439	520	1 002	1 061	1 144	880	1 084	983
Salmar ASA		Financial investments Seafood & Marine Biotech	1%	1%	-	-	-	-	-	-	-	-	504
Philly Shipyard	Financial investments Energy Services		58%	0%	318	289	242	379	249	483	462	537	77
AMSC (direct investment)*	Financial investments Energy Services		19%	1%	569	547	564	369	373	454	366	356	377
Listed holdings				69%							51 264 49 085 55 298 55 754 52 200 55 669 45 750 44 642 47 654
Listed holdings, per share:					690	661	744	750	703	749	616	601	641
Cognite	Industrial holdings	Software	51%	10%	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684	6 684
Solstad Maritime	Industrial holdings	Energy Services	42%	3%	-	-	-	-	2 250	2 310	2 310	2 310	2 310
Aker Qrill Company	Industrial holdings	Seafood & Marine Biotech	40%	2%	-	-	-	-	-	-	1 577	1 577	1 577
Aker Property Group	Financial investments Real estate		100%	3%	993	993	1 158	1 313	1 353	1 353	1 508	1 793	1 894
SalMar Aker Ocean	Industrial holdings	Seafood & Marine Biotech			656	656	656	656	656	656	656	656	-
Seetee	Financial investments Other		90%	1%	237	241	222	326	450	450	450	450	450
ICP	Financial investments Other			1%	454	454	454	425	585	585	351	411	436
Gaia Salmon		Financial investments Seafood & Marine Biotech	25%	0%	155	155	189	189	189	189	189	189	189
Aize	Industrial holdings	Software	68%	0%	37	37	37	37	37	37	37	37	37
Other equity investments	Financial investments Other			1%	1 764	790	779	707	833	856	731	595	641
Unlisted holdings				21%							10 980 10 010 10 179 10 337 13 037 13 121 14 493 14 703 14 218
Unlisted holdings, per share:					148	135	137	139	175	177	195	198	191
Interest-bearing assets		Other		7%	4 297	4 272	4 056	4 092	4 556	4 420	4 196	4 277	4 480
Fixed and other interest-free assets		Other		2%	921	2 029	2 083	1 107	1 179	1 385	1 128	1 175	1 314
Cash		Cash		1%	1 162	876	1 454	774	699	459	625	617	999
Other Assets & Cash				10%	6 380	7 177	7 593	5 973	6 434	6 264	5 950	6 069	6 792
Other Assets & Cash, per share:					86	97	102	80	87	84	80	82	91
GAV - Gross Asset Value				100%							68 624 66 271 73 071 72 064 71 671 75 054 66 192 65 413 68 664
External interest-bearing debt											(8 668) (8 743) (8 680) (8 615) (10 914) (10 790) (8 924) (7 008) (6 504)
Non-interest bearing debt					(301)	(353)	(321)	(246)	(337)	(334)	(250)	(250)	(211)
NAV, before dividend allocation											59 655 57 176 64 070 63 204 60 420 63 929 57 018 58 156 61 950
Number of outstanding shares											74 293 373 74 293 373 74 288 622 74 296 637 74 296 637 74 296 637 74 296 637 74 292 751 74 292 751
NAV per share, before dividend allocation					803	770	862	851	813	860	767	783	834
Share price (at end of quarter):					672,0	608,5	659,5	666,0	623,5	615,0	548,0	549,0	622,0

NOK million
Industrial Holdings	Ownership	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	Net	Dividend	Other	Value	1Q 2025
	per 1Q 2025									investments	income	changes	change	Value
Aker BP		21,2% 34 282 33 680 39 592 39 525 36 088 36 409 30 256 29 654									- (937)		- 4 655 33 373
Aker Solutions		39,4% 7 378 7 545 8 379 8 150 7 529 8 573 7 871 6 032									- -	-		508 6 540
Aker BioMarine		77,7% 2 647 2 320 2 678 3 134 4 361 5 703 3 349 4 572									- -	-		(715) 3 856
Aker Qrill Company**	40,0%	-	-	-	-	-		- 1 577 1 577			- -	-		- 1 577
Solstad Maritime**	42,0%	-	-	-			- 2 250 2 310 2 310 2 310			-	(98)	-		98 2 310
Solstad Offshore	32,9%	598	439				520 1 002 1 061 1 144		880 1 084		- -	-	(101)	983
Aker Horizons		67,3% 4 323 3 152 2 131 2 022 1 439 1 305 1 247 1 101									- -	-	(463)	638
Cognite*		50,5% 6 684 6 684 6 684 6 684 6 684 6 684 6 684 6 684									- -	-		- 6 684
SalMar Aker Ocean**		656	656	656	656	656	656	656	656	(76)	-	(574)	(6)	-
Aize**	67,6%	37	37	37	37	37	37	37	37		- -	-	-	37
Total Industrial Holdings							56 605 54 513 60 676 61 211 60 105 62 820 54 866 53 707				(76) (1 034)		(574) 3 975 55 997

*Reflecting the latest transaction value

**At book value

100
C 1
AKER

USD million										ENERGY SECURITY, EFFICIENCY & TRANSITION
Aker BP (ticker: AKRBP)	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Net Production Volume (mboepd)	453	481	450	444	457	448	444	415	449	439	441
Revenue	3 310	3 291	3 513	3 556	13 670	3 078	3 377	2 858	3 068	12 379	3 201
EBITDAX	3 031	3 031	3 249	3 241	12 552	2 855	3 074	2 652	2 828	11 409	2 908
EBITDAX margin	91,6%	92,1%	92,5%	91,1%	91,8%	92,8%	91,0%	92,8%	92,2%	92,2%	90,9%
Net profit continued operations	187	397	588	164	1 336	531	561	173	562	1 828	316
Share price at closing (NOK per share)	256,30	251,80	296,00	295,50	295,50	269,80	272,20	226,20	221,70	221,70	249,50
Shareholder return, incl. dividend	(13,9%)	0,6%	19,8%	1,9%	4,8%	(6,6%)	3,3%	(14,5%)	0,9%	(16,2%)	15,7%
NOK million
Aker Solutions (ticker: AKSO)	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Revenue	7 213	8 881	9 102	11 066	36 262	11 481	12 826	13 184	15 710	53 201	14 389
EBITDA	229	193	194	551	1 166	967	1 206	1 204	1 191	4 568	1 203
EBITDA margin	3,2%	2,2%	2,1%	5,0%	3,2%	8,4%	9,4%	9,1%	7,6%	8,6%	8,4%
Net profit continued operations	22	27	(88)	23	(15)	894	532	562	678	2 665	654
Share price at closing (NOK per share)	38,04	38,90	43,20	42,02	42,02	38,82	44,20	40,58	31,10	31,10	33,72
Shareholder return, incl. dividend	1,7%	4,9%	11,1%	(2,7%)	15,0%	(7,6%)	19,0%	(8,2%)	28,4%	28,7%	8,4%
NOK million
Aker Horizons (ticker: AKH)	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Net capital employed	9 252	6 500	5 802	5 319	5 319	5 201	7 107	6 109	5 949	5 949	4 294
Equity attributable to the parent	6 908	3 907	3 031	2 328	2 328	2 020	3 748	2 567	2 305	2 305	1 707
Revenue and other income	494	658	505	585	2 242	514	757	643	640	2 553	643
EBITDA	(613)	(441)	(281)		(569) (1 904)	(186)	(3)	(220)	(88)	(497)	(161)
Net profit continued operations		(745) (5 274)	(902)		(127) (7 048)	(771)		(506) (2 204)		(657) (4 138)	(727)
Share price at closing (NOK per share)	9,31	6,79	4,59	4,36	4,36	3,10	2,81	2,69	2,37	2,37	1,37
Shareholder return, incl. dividend	(27,8%)	(27,1%)	(32,4%)	(5,1%)	(66,2%)	(28,8%)	(9,4%)	(4,4%)	(11,7%)	(45,5%)	(42,1%)

USD million
Solstad Offshore (ticker: SOFF)	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Revenue	133	179	160	186	661	71	58	68	63	259	69
EBITDA	104	84	42	84	315	27	30	35	34	127	36
EBITDA margin	77,9%	47,2%	26,5%	45,2%	47,6%	38,2%	52,1%	52,2%	54,2%	48,8%	52,3%
Net profit continued operations	25	14	(1)	(10)	27	38	4	11	66	118	24	Solstad Offshore
Share price at closing (NOK per share)	38,85	34,05	39,30	46,00	46,00	39,18	42,24	32,50	40,02	40,02	36,28
Shareholder return, incl. dividend	(11,8%)	(26,5%)	18,3%	36,7%	4,8%	5,9%	7,8%	(23,1%)	23,1%	8,2%	(9,3%)
USD million
Solstad Maritime	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Revenue	101	126	119	134	482	120	139	152	144	556	145
EBITDA	45	59	56	65	226	54	70	84	65	274	76
EBITDA margin	44,8%	46,7%	46,7%	48,2%	46,8%	45,3%	50,2%	55,4%	44,9%	49,2%	52,1%	Solstad Maritime
Net profit continued operations	(10)	14	7	27	40	60	28	48	104	240	48
USD million									INDUSTRIAL DIGITALIZATION
Cognite	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Annual Recurring Revenue (ARR)	55	57	64	68	68	73	82	92	94	94	100
Revenue	26	26	26	27	105	27	30	32	35	124	36
EBITDA	(9)	(4)	(9)	(7)	(29)	(8)	(4)	(9)	(15)	(36)	(4)
EBITDA margin	(32,8%)	(15,3%)	(34,3%)	(26,4%)	(27,2%)	(30,4%)	(12,0%)	(28,8%)	(42,9%)	(29,0%)	(10,2%)
Net profit continued operations	(11)	(7)	(13)	(17)	(48)	(12)	(12)	(17)	(21)	(62)	(13)
NOK million
Aize	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Revenue	149	144	331	127	752	128	106	121	145	500	115
EBITDA	62	46	242	1	351	26	36	41	79	182	43
EBITDA margin	41,6%	31,9%	73,1%	0,6%	46,7%	20,0%	34,2%	34,3%	54,2%	36,4%	37,7%
Net profit continued operations	50	37	167	(57)	197	(2)	17	15	20	50	6

USD million										SUSTAINABLE PROTEINS & NUTRITION
Aker BioMarine (ticker: AKBM)	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Revenue	47	47	53	49	196	49	49	49	52	199	51
EBITDA	-	6	7	(3)	11	2	6	4	3	16	6
EBITDA margin	0,0%	13,6%	13,0%	(5,7%)	5,4%	4,3%	13,0%	8,1%	6,5%	8,0%	10,8%
Net profit continued operations	(9)	-	(6)	(17)	(32)	(4)	(3)	4	(11)	(14)	(2)
Share price at closing (NOK per share)	38,85	34,05	39,30	46,00	46,00	64,00	83,70	49,15	67,10	67,10	56,60
Shareholder return, incl. dividend	2,1%	(12,4%)	15,4%	17,0%	20,9%	39,1%	30,8%	12,5%	36,5%	143,7%	(15,6%)
USD million
Aker Qrill Company	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Revenue								26	46	72	34
EBITDA								1	(4)	(4)	15
EBITDA margin								2,7%	(9,6%)	(5,1%)	45,7%
Net profit continued operations								(6)	(15)	(21)	(2)

Segment information | Financial Investments

	100 000
CHP
	AKER

NOK million
Financial Investments	Ownership	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025
	per 1Q 2025
Cash		1,162	876	1,454	774	699	459	625	617	999
Real Estate		993	993	1,158	1,313	1,353	1,353	1,508	1,794	1,894
Aker Property Group	100.0%	993	993	1,158	1,313	1,353	1,353	1,508	1,794	1,894
Listed financial investments		2,036	1,948	1,999	1,920	1,722	2,536	2,147	2,199	2,265
Akastor	36.7%	1,148	1,112	1,193	1,173	1,100	1,599	1,319	1,305	1,307
Salmar ASA	0.7%	-	-	-	-	-	-	-	-	504
AMSC (direct investment)*	19.1%	569	547	564	369	373	454	366	356	377
Philly Shipyard	57.6%	318	289	242	379	249	483	462	537	77
Interest-bearing assets		4,297	4,272	4,056	4,092	4,556	4,420	4,196	4,276	4,480
Aker Horizons		1,994	1,995	1,995	1,996	1,996	1,997	1,997	1,998	1,998
Aker Horizons convertible bond		1,236	1,236	1,246	1,246	1,255	1,255	1,264	1,264	1,274
Clara Ventures		228	237	247	265	283	329	-	4	-
Cognite		-	-	-	-	282	278	275	297	492
Ghana FPSO Company		203	208	206	197	209	206	203	220	204
Other interest-bearing assets		636	595	362	388	531	355	456	494	511
Other financial investments		2,610	1,640	1,644	1,647	2,057	2,081	1,721	1,646	1,716
ICP		453	453	453	425	585	585	351	411	436
Seetee		237	241	222	326	450	450	450	450	450
Gaia Salmon		155	155	189	189	189	189	189	189	189
Clara Ventures		155	155	155	155	155	155	144	86	105
Abelee		217	217	217	113	113	113	25	-	-
Aker Energy		990	-	-	-	-	-	-	-	-
Other investments		404	419	408	439	565	589	562	509	535
Fixed and other interest-free assets		921	2,029	2,083	1,107	1,179	1,385	1,128	1,175	1,314
Pecan Energies - Earn out		-	1,049	1,034	-	-	-	-	-	-
Other fixed and interest-free assets		921	980	1,049	1,107	1,179	1,385	1,128	1,175	1,314
Total Financial Investments		12,019	11,758	12,395	10,854	11,566	12,234	11,326	11,707	12,667

*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 2025, the value of the swap agreements was positive by NOK 47million.

Income statement and Balance sheet (Aker ASA and holding companies)

NOK million
Combined Income Statement	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025
Operating revenues*	-	-	-	-	-	-		-	-	-	-
Operating expenses	(105)	(96)	(97)	(106)	(404)	(106)	(104)	(106)	(95)	(412)	(100)
EBITDA	(105)	(96)	(97)	(106)	(404)	(106)	(104)	(106)	(95)	(412)	(100)
Depreciation	(7)	(9)	(8)	(9)	(33)	(9)	(8)	(8)	(8)	(32)	(6)
EBIT	(112)	(105)	(106)	(114)	(437)	(114)	(112)	(114)	(103)	(444)	(106)
Dividend received	796	1,038	787	1,786	4,407	859	1,290	2,159	5,071	9,380	1,664
Value change	(1,376)	(1,662)	(533)	337	(3,234)	800	1,099	(974)	(27)	897	(628)
Net other financial items	(221)	(154)	30	(1,425)	(1,770)	(145)	15	(494)	(12)	(636)	(189)
Profit (loss) before tax	(914)	(883)	179	584	(1,034)	1,400	2,292	577	4,929	9,198	741

		NOK million, after dividend distribution

Combined Balance Sheet	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025
Non-interest bearing and fixed non-current assets	866	1,967	1,998	1,023	1,097	1,171	1,061	1,082	1,174
Interest-bearing assets	4,607	4,582	4,531	4,722	5,226	5,090	4,196	4,277	4,580
Equity Investments*	26,182	23,519	23,021	23,808	27,102	28,289	27,903 28,149		27,526
Non-interest bearing current receivables	56	62	85	84	83	213	67	92	140
Cash and cash equivalents	1,162	876	1,454	774	699	459	625	617	999
Total Assets	32,872	31,006	31,089	30,411	34,206	35,223	33,853	34,218	34,419
Equity	22,789	21,910	22,088	20,399	21,803	24,098	24,678 24,992		25,735
Non-interest bearing debt	1,415	353	321	1,397	1,489	334	250	2,218	2,180
Interest-bearing debt, external	8,668	8,743	8,680	8,615	10,914	10,790	8,924	7,008	6,504
Total Equity and Liabilities	32,872	31,006	31,089	30,411	34,206	35,223	33,853	34,218	34,419
Net interest-bearing (liabilities)	(2,899)	(3,285)	(2,695)	(3,119)	(4,989)	(5,241)		(4,103) (2,113)	(925)
Equity ratio (%)	69.3 %	70.7 %	71.1 %	67.1 %	67.1 %	68.4 %	72.9 %	73.0 %	74.8 %
Equity per share	307	295	297	275	293	324	332	336	346

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 2024 annual report.

External interest-bearing debt

NOK million
External interest-bearing debt	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025
AKER16	1,300	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	700
AKER18	500	500	500	500	500	500	500	500	500
AKER19	500	500	500	500	500	500	500	500	500
AKER20					1,250	1,250	1,250	1,250	1,250
AKER21						500	500	500	500
Total bond loans	5,000	5,000	5,000	5,000	5,744	6,172	6,172	4,750	4,750
Bank credit facilities	2,572	2,616	2,593	2,526	5,220	4,671	2,800	2,300	1,800
Schuldschein loan (EUR 100m)	1,139	1,170	1,125	1,124
Total bank loans	3,711	3,786	3,719	3,650	5,220	4,671	2,800	2,300	1,800
Capitalised loan fees	(43)	(43)	(39)	(35)	(51)	(52)	(47)	(42)	(46)
Total interest-bearing debt	8,668	8,743	8,680	8,615	10,914	10,790	8,924	7,008	6,504

NOK million

Debt maturity profile	2025	2026	2027	2028	2029	2030	2031	2032	2033
Bank loans				1,800
AKER16			1,300
AKER17			700
AKER18					500
AKER19								500
AKER20					1,250
AKER21					-		500
Total	-	-	2,000	1,800	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 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 9 2025 Q1 results
• Jul 16 2025 Q2 / half-year results
• Nov 11 2025 Q3 results

CONTACTS

• Svein Oskar Stoknes Chief Financial Officer Tel: +47 94804643 svein.stoknes@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 2024, the companies where Aker is the largest owner had a total turnover of NOK 209 billion with a workforce of 28,100, including temporary hires. About 22,600 people were employed in Norway. Aker ASA has 45 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.

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 the Annual Report 2024.

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 risk factors. Contingency plans have been prepared for these risk factors and their implementation is ensured and monitored. For further information, please see the Annual Report 2024 and Corporate Governance Report 2024.

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. For further information please refer to the 2024 Annual Report available on Aker's website.

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

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.