Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q4 2025 Earnings Presentation
33 slides from Aker Asa Class A's earnings presentation, Feb 13, 2026
Slide 1: Fourth Quarter Results 2025
February 13, 2026 Fourth Quarter Results 2025
Slide 2: 2025 in summary – a more focused Aker with greater scale
2025 in summary – a more focused Aker with greater scale A more focused industrial owner: greater scale, more diversified, less cyclical ▪ Net asset value increased to NOK 67.3 billion, up 22.4% incl. NOK 3.9 billion dividends paid ▪ Total shareholder return of 49.5% (OSEBX: 18.4%, Brent: -18.7%) ▪
Slide 3: Q4 2025 – Solid foundation, investing in future growth
Q4 2025 – Solid foundation, investing in future growth FINANCIALS Norwegian kroner (Q4 2025) ▪ Net asset value: NOK 67.3 billion at Q4, after dividend paid (67.5 billion at Q3) ▪ Dividend paid: NOK 2.0 billion in Q4 (NOK 26.5 per share) 67bn 79bn ▪ Dividend proposed: NOK 29 per share proposed to be
Slide 4: Aker BP and Aker Solutions – enablers of future growth
Aker BP and Aker Solutions – enablers of future growth Value creation enabling Aker’s investments for future growth into new areas incl. real estate, AI and software Ambition to maintain ~500 mboepd into 2030s High activity and solid financial performance ▪ Projects on schedule for 2027 start-up ▪ R
Slide 5: Position in NOK ~145 billion real estate platform
Position in NOK ~145 billion real estate platform Well-positioned for further shareholder value creation 100% ownership A leading real estate investment platform NOK 8.5bn NOK ~ 145bn Invested by APG Combined property values2 focused on long-term shareholder in 2025 end-2025 value creation 24% votes
Slide 6: One of the largest real estate transactions in the Nordics
One of the largest real estate transactions in the Nordics PPI acquired NOK 37 billion social infra portfolio from SBB – Aker invested NOK 5.4 billion One of Europe’s largest portfolios in social infrastructure Transformed, de-levered, transparent structure Highly accretive transaction across per-sh
Slide 7: Continued solid growth in 2025
Continued solid growth in 2025 AI driving inflection in Cognite’s business – Atlas AI sales accelerated significantly in 2025 2025 – positive across metrics Total revenue (IFRS) ARR1 Atlas AI customers USD million ▪ USD 164 million annual revenue (IFRS) +32% +32% +6.8x 7.8x ▪ 123% net revenue retent
Slide 8: Increased sector- and customer diversification
Increased sector- and customer diversification Cognite unlocks transformative opportunities of industrial AI for customers Energy Processing & Chemicals Power & Utilities Pharma & life-sciences Manufacturing Undisclosed (“top ten” sector leader) Undisclosed (“top ten” sector leader) Undisclosed (“to
Slide 9: Continued growth in 2025
Continued growth in 2025 Demonstrated step-change in international growth, outside Aker group customers Industrial software for visualization and collaboration in asset-heavy industries USD million, % SaaS revenue model with scalable impact • Key differentiators: visualization capabilities, oil & ga
Slide 10: AI Infrastructure – Strategic impact, scale-up accelerating
AI Infrastructure – Strategic impact, scale-up accelerating Aker 50% ownership – NOK 2.9 billion1 9.3% ownership – NOK 3.8 billion1 ▪ Potential to be converted into Nscale shares in the future ▪ Based on Series B valuation, including value of earn-out ▪ Narvik – one of the world’s largest AI data ce
Slide 11: A more focused Aker
A more focused Aker Investing along attractive long-term global themes with solid potential for growth and cash flow generation E&P Energy services Renewables ENERGY Solstad Maritime, Solstad Offshore Software Infrastructure DIGITALIZATION & AI Real estate REAL ESTATE Nutrition HEALTH & NUTRITION 11
Slide 12: Portfolio composition – Q4 2025
Portfolio composition – Q4 2025 Norwegian kroner (NOK) LISTED INVESTMENTS UNLISTED INVESTMENTS CASH & OTHER ASSETS GROSS ASSET VALUE (GAV) 768kr 263kr 38kr = 1,068kr per share per share per share per share Net Asset Value (NAV) 905kr per share 57bn -15% share price vs. NAV per share: Share price (en
Slide 13: Listed equity investments
57bn 768kr 72% Listed equity investments NOK asset value per share of total assets Development in the quarter NOK billion Ownership Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 80 73% 72% 72% 80% Aker BP 21% 29.7 33.4 34.5 33.9 34.4 68% 69% Aker BioMarine 78% 4.6 3.9 4.1 6.3 6.7 60 55bn 55bn 57bn 60% Aker Solution
Slide 14: Unlisted equity investments
20bn 263kr 25% Unlisted equity investments NOK asset value per share of total assets Development in the quarter NOK billion Ownership Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 40 40% Nscale1 - - - - 6.7 Cognite2 51% 6.7 6.7 6.7 6.7 6.7 30 30% 25% APG unlisted 100% 1.8 1.8 1.8 1.8 2.4 22% Share of GAV NOK billio
Slide 15: Cash & Other assets
3bn 38kr 4% Cash & Other assets NOK asset value per share of total assets Development in the quarter 30 15% 11% 11% 10% 9% Share of GAV 20 10% NOK billion 10 8bn 8bn 4% 5% 6bn 7bn 1bn 1bn 1bn 1bn 8bn 7bn 3bn 5bn 6bn 1bn 2bn 0 0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Cash & Other Assets Share of GAV Cash Oth
Slide 16: Financial Statements
Financial Statements 16
Slide 17: Balance sheet and Fair value adjustments
Aker ASA and holding companies Balance sheet and Fair value adjustments (after dividend allocation of NOK 29 per share) NOK billion Combined Balance Sheet Fair value adjusted Book value Fair value adjusted NOK million Q3 25 Q4 25 Q3 25 Q4 25 Non-interest bearing and fixed non-current assets 1 414 75
Slide 18: Robust financial position and liquidity
Aker ASA and holding companies Robust financial position and liquidity Net interest-bearing debt: NOK 9.7 billion Average debt maturity: 2.9 years NOK billion NOK billion 7.8 4.8bn 8 bonds 1.1 0.9 7 6.0 7.0bn 6 bank loans 4.8 5 4.0 5.0bn 11.8 4 undrawn RCF Bank (8bn per 13. Feb) 9.7 3 loans (RCF) 2.
Slide 19: Income statement
Aker ASA and holding companies Income statement Combined Income statement Year Year NOK million Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 Operating revenues - - - - - - - Operating expenses (95) (412) (100) (127) (103) (170) (501) EBITDA (95) (412) (100) (127) (103) (170) (501) Depreciation (8) (32) (
Slide 20: Proud ownership / Q&A
Proud ownership Q&A ▪ ▪ A more focused Aker Active ownership ▪ Proven track-record ▪ Industrial expertise ▪ Financial flexibility ▪ Unique ecosystem 20
Slide 21: Appendix
Appendix 21
Slide 22: Aker ASA – NAV development
Aker ASA – NAV development Q4 2025 Full-year 2025 NOK billion, % change NOK billion, % change +2.6% (+1.7bn) +22.4% (+13.0bn) 0.4 71.2 -1.3 1.6 1.4 69.2 -0.7 -0.3 1.7 -3.9 67.5 1.6 -2.0 67.3 67.3 2.2 8.2 58.2 Q3 Nscale Aker BP* Aker Solstad Net Q4 Dividends Q4 2025 Q4 Aker BP* Aker Solstad Nscale Ne
Slide 23: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details Ownership Ownership Share of Company Sector (shares) (%) total assets 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Aker BP Energy (E&P) 133 757 576 21 % 43% 39 525 36 088 36 409 30 256 29 654 33 373 34 483 3
Slide 24: Portfolio companies – additional information
Portfolio companies – additional information LISTED EQUITY INVESTMENTS USD million Aker BP (ticker: AKRBP) 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Net Production Volume (mboepd) 444 457 448 444 415 449 439 441 415 414 411 420 Revenue 3 556 13 6
Slide 25: Portfolio companies – additional information
Portfolio companies – additional information USD million Solstad Maritime (ticker: SOMA) 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Revenue* 134 482 127 140 152 144 563 145 152 145 148 590 EBITDA 65 226 54 70 84 65 274 76 71 61 72 279 EBITDA margi
Slide 26: Portfolio companies – additional information
Portfolio companies – additional information UNLISTED EQUITY INVESTMENTS USD million Cognite 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Annual Recurring Revenue (ARR) 68 68 73 82 92 94 94 100 108 124 124 124 Revenue 27 105 27 30 32 35 124 36 40 42
Slide 27: Income statement and Balance sheet
Aker ASA and holding companies Income statement and Balance sheet NOK million Combined Income Statement 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Operating revenues* - - - - - - - - - - - - Operating expenses (106) (404) (106) (104) (106) (95) (4
Slide 28: Interest-bearing debt
Interest-bearing debt NOK million External interest-bearing debt 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 AKER15 2 000 1 494 1 422 1 422 - - - - - 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
Slide 29: Dividend history
Dividend history History Strong track-record: more than NOK 29bn (NOK 403.5 per share) of acc. dividends from re-listing 2004 (NOK) (NOK million) Payment Payment Fiscal Dividend Dividend Dividend per share (NOK) Acc. dividends paid (NOK bn) year date year per share value 60.0 NOK 29.7bn (NOK 403.5 p
Slide 30: Definitions
Definitions 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 performanc
Slide 31: Definitions
Definitions Gross Asset Value and Net Asset Value FINANCIAL CALENDAR Aker’s assets (Aker ASA and holding companies) consist of three reporting segments: ▪ Apr 22 2026 – Annual general meeting ▪ Listed equity investments ▪ May 8 2026 – Q1 results ▪ Jul 16 2026 – Q2 and half-year results ▪ Unlisted eq
Slide 32: About Aker ASA
About Aker ASA Who we are Sustainability Aker ASA (“Aker”) Aker ASA is an industrial investment company creating shareholder value Aker has a long tradition of being a responsible enterprise and owner of companies. Aker through active ownership. Aker builds and develops leading companies across ener
Slide 33: Disclaimer
Disclaimer Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law. Persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This