Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q1 2025 Earnings Presentation
36 slides from Aker Asa Class A's earnings presentation, May 9, 2025
Slide 1: First Quarter Results 2025
May 9, 2025 First Quarter Results 2025
Slide 2: Transactions with Aker Horizons and Aker Carbon Capture
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 ▪ Aker have agreed to acquire ACC’s 20 percent ownership interest ▪ Aker Capital subsidiary has
Slide 3: Q1 2025 | Key highlights
Q1 2025 | Key highlights Active ownership Solid financial metrics FINANCIALS Norwegian kroner 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 p
Slide 4: Consensus
Approved dividend: NOK 26.5 per share to be paid in May 2025 A more focused Aker Strong track-record: NOK >25 billion of accumulated dividends paid since re-listing in 2004 Dividend per share (NOK) Acc. dividends paid (NOK billion) 60 30 10% annual growth in NAV, NOK 25.8bn including dividends 50 25
Slide 5: Positioned for resilience
Positioned for resilience Aker is well positioned to tackle market volatility and geopolitical uncertainty 8% ~70% 3.7 years Healthy balance sheet Loan-to-value of Gross Asset Value in Average debt (net LTV)1 listed assets and cash maturity Well capitalized portfolio Independent portfolio companies
Slide 6: Portfolio composition | Listed and unlisted investments
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
Slide 7: Scaling AI to global industry with continued momentum
| Scaling AI to global industry with continued momentum Scaling AI to global industry Commercial momentum continues ▪ Record high revenues +37% ▪ Opened first office in India with the +33% growth Q1-2024 to Q1-2025 USD 100m new Center of Excellence in 92 94 Bengaluru ▪ Record high ARR1 +37% growth Q
Slide 8: Investing along attractive long-term global themes
Investing along attractive long-term global themes Exposure to strategic themes with solid potential for secular growth, good profitability and cash flow generation ENERGY Solstad Maritime & Solstad Offshore DIGITALIZATION SUSTAINABLE PROTEINS Real estate: Other equity investments, including: MANAGE
Slide 9: Financial Investments
Financial Investments 9
Slide 10: Q1 2025 | Overview
Financial Investments Q1 2025 | Overview Total Financial Investments – as share of Gross Asset Value (per 31.03.2025) NOK 12.7 billion 18% NOK billion 14 12.2 12.7 12 11.6 0.5 11.3 11.7 1.0 Cash 0.7 0.6 0.6 2.5 2.3 Listed financial 10 1.7 2.1 2.2 investments 1.4 1.4 1.9 Real estate 8 1.5 1.8 6 4 7.8
Slide 11: Q1 2025 | Cash
Financial Investments Q1 2025 | Cash Cash – as share of Gross Asset Value Available liquidity (per 31.03.2025) NOK 9.3 billion 1.0 Liquid funds Cash 1% NOK 1.0 billion 8.2 Undrawn RCFs Cash increased by NOK 381 million to NOK 1.0 billion +1 626m Dividends received -500m Debt repayment -387m Interest
Slide 12: Q1 2025 | Listed financial investments
Financial Investments Q1 2025 | Listed financial investments Listed financial investments – as share of Gross Asset Value (per 31.03.2025) NOK 2.3 billion 3% Listed financial investments Developments in the quarter NOK million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 ▪ SalMar has been included in listed financ
Slide 13: Q1 2025 | Other financial investments
Financial Investments Q1 2025 | Other financial investments Other financial investments – as share of Gross Asset Value (per 31.03.2025) NOK 9.4 billion 14% Photo: Aker Tech House Other financial investments1 Developments in the quarter NOK million Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 ▪ Real estate increas
Slide 14: Financial Statements
Financial Statements 14
Slide 15: Q1 2025 | Balance Sheet and Fair value adjustments
Aker ASA and holding companies 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 Fair value adjusted Combined Balance Sheet Q4 2024 Q1 2025 Q4 2024 Q1 2025 Non-interest bearing and fixed non-cur
Slide 16: Q1 2025 | Robust financial position – solid liquidity, low LTV
Aker ASA and holding companies Q1 2025 | Robust financial position – solid liquidity, low LTV NOK 9.3 bn NOK bn 0.8 BBB- Liquidity reserve Net interest-bearing debt IG rating 9.3 Cash & liquid funds 1.1 8% Loan-to-value (net LTV)1 Undrawn RCFs 8.2 6.5 4.6 1.3% NIBD2 1.1 0.8 Liquidity reserve Gross i
Slide 17: Q1 2025 | Robust financial position, no debt maturity 2025-2026
Aker ASA and holding companies Q1 2025 | Robust financial position, no debt maturity 2025-2026 NOK 3.7 Years 4.8bn average debt maturity Bonds NOK billion 9 8 1.8bn 7 Bank loans 6 8.2bn 5 4 3 Undrawn RCF 2.0 2 1.8 1.8 AKER16 Bank AKER18 Rating & Outlook 1 loans 0.5 0.5 (RCF) AKER20 Aker ASA: BBB-/St
Slide 18: Q1 2025 | Income statement
Aker ASA and holding companies Q1 2025 | Income statement NOK million Combined Year Year Income statement 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Operating revenues - - - - - - - Operating expenses (404) (106) (104) (106) (95) (412) (100) EBITDA (404) (106) (104) (106) (95) (412) (100) Dep
Slide 19: Q&A Proud ownership
Proud ownership Q&A ▪ A more focused Aker ▪ Active ownership ▪ Megatrend-oriented ▪ Proven track-record ▪ Industrial expertise ▪ Financial flexibility ▪ Unique ecosystem 19
Slide 20: Appendix
Appendix 20
Slide 21: Q1 2025 | NAV per share NOK 834, value adjusted equity 90%
Q1 2025 | NAV per share NOK 834, value adjusted equity 90% Net asset value (NAV) development per share vs. share price Net asset value (NAV) composition, Q1 2025 NOK per share NOK billion, % NAV as share of gross asset value 1,000 68.7 860 813 834 800 767 783 763 624 615 622 594 600 548 549 56.0 (82
Slide 22: Q1 2025 | Net Asset Value development
Q1 2025 | Net Asset Value development NOK billion, % change +6.5% (+3.8bn) 4.7 0.5 61.9 0.0 61.9 58.2 (0.7) 0.0 (0.5) (0.2) Q4 2024 Aker BP* Aker Aker Solstad Offshore Aker Horizons Other* Q1 2025 Dividends Q1 2025 Solutions BioMarine & Maritime* pre dividend paid post dividend *Incl. dividends rece
Slide 23: Q1 2025 | Asset Base of NOK 69 billion
Q1 2025 | Asset Base of NOK 69 billion Portfolio composition (GAV) Sector composition (GAV) NOK billion, % share of GAV % of GAV per Q1 2025 vs. (Q1 2024) Listed investments Other Unlisted investments 8% (8%) Seafood and marine biotech Industrial Holdings Financial Investments 10% (8%) 49% 33.4 List
Slide 24: Net Asset Value (NAV) details
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 • Net asset value is Gross asset value less liabilities. Number Ownership Share of • Net asset value is a core performance indicator at Aker of
Slide 25: NAV details | Listed vs. unlisted
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
Slide 26: Segment information | Industrial Holdings
Segment information | Industrial Holdings 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 6
Slide 27: Segment information | Industrial Holdings
Segment information | Industrial Holdings 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 29
Slide 28: Segment information | Industrial Holdings
Segment information | Industrial Holdings 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
Slide 29: Segment information | Industrial Holdings
Segment information | Industrial Holdings 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%
Slide 30: Segment information | Financial Investments
Segment information | Financial Investments 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 1
Slide 31: Income statement and Balance sheet (Aker ASA and holding companies)
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 The balance sheet and income Operating revenues* - - - - - - - - - - statement for Aker ASA and Operating
Slide 32: External interest-bearing debt
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
Slide 33: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies’ financial results and those of FINANCIAL CALENDAR its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such per
Slide 34: About Aker ASA
About Aker ASA Who we are Sustainability Aker ASA (“Aker”) is an industrial investment company founded in 1841 developing Aker has a long tradition of being a responsible enterprise and owner of companies. Aker industrial front-runners and creating shareholder value through active ownership. Aker is
Slide 35: Disclaimer
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
Slide 36: To learn more, please visit: www.akerasa.com
To learn more, please visit: www.akerasa.com 36