Slide 1: Quarterly presentation – Akastor ASA
2Q 2025 Quarterly presentation – Akastor ASA July 10, 2025 Akastor © 2025
Slide 2: 2Q 2025 Highlights
2Q 2025 Highlights NET CAPITAL EMPLOYED 1) NOK million, 30 June 2025 Book value per share (NOK) ▪ Dividend of NOK 0.35 per share approved, supported by Distribution to 12.3 2.7 1.3 0.8 0.3 -0.4 17.0 3.0 20.0 strong second-quarter cash flow and aligned with shareholders strategy to return excess capi
Slide 3: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 3
Slide 4: Summary and outlook
Summary and outlook ▪ Order intake of USD 173 million in the quarter. ▪ EBITDA1) of USD 36 million in the quarter, down 14% year- on-year, with 17.7% EBITDA margin impacted by product mix and reduced pressure control spares volume due to current offshore rig market conditions. ▪ Productivity and cos
Slide 5: HMH highlights | 2Q 2025
HMH highlights | 2Q 2025 Proforma financials, IFRS ▪ Revenue declined 2% year-on-year, primarily due REVENUE EBITDA 1) EBITDA MARGIN (Adj.) to lower Spares volume, partly offset by growth in USD millions USD millions % Projects and Aftermarket Services; quarter-on- 232 46 47 21.7 208 210 42 20.0 20.
Slide 6: Product line highlights
Product line highlights Aftermarket Services AFTERMARKET SERVICES 1) Revenue, USD millions ▪ Revenue up 6% year-on-year driven by increase in overhaul and 103 92 repair activity and digital technology, and up 11% quarter-on-quarter 87 83 84 driven by higher overhaul and repair activity. ▪ Order inta
Slide 7: Net interest-bearing debt
Net interest-bearing debt ▪ Net debt of USD 175 million as per end of period (excl. NET INTEREST-BEARING DEBT shareholder loans). USD millions 303 ▪ Leverage, NIBD/LTM EBITDA (adj.), at 1.1x per 2Q 2025. ▪ USD 13 million drawn on the RCF per Q2 2025. 128 213 38 175 IBD as per end of period Amount Ke
Slide 8: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 8
Slide 9: Net Capital Employed
Net Capital Employed Net Capital Employed per 2Q 2025 1) Development in 2Q 2025 NOK million NOK million 5 466 814 (35) 4 652 (16) 79 (109) (23) 216 357 (57) (30) 13 735 4 799 4 652 3 373 Listed Other Net NIBD Equity Net Capital Listed Other Net Capital holdings2) Capital Employed holdings2) Employed
Slide 10: Net interest-bearing debt
Net interest-bearing debt Net debt development 2Q 2025 highlights NOK million ▪ Net cash position increased through the quarter to NOK 145 million at quarter-end, including DDW Offshore net debt of NOK 228 million. ▪ “AKOFS-related cash flow” included a NOK 38 million payment on Mitsui’s -19 seller
Slide 11: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 30 June 2025 NOK million 704 Facility Size Maturity Margin 303 Revolving Credit Facility USD 30 million June 2026 4.0% (Akastor corporate) 311 90 Share financing facility NOK 70 million [1] Uncommitted 1.5%
Slide 12: Income statement 2Q 2025
Income statement 2Q 2025 COMMENTS ▪ Joint venture holdings, including HMH and AKOFS, are not consolidated in the Akastor group financials. Consolidated revenue and EBITDA thus only represent a minor part of Akastor’s investments. Akastor © 2025 Slide 12
Slide 13: Income statement 2Q 2025 (cont.)
Income statement 2Q 2025 (cont.) COMMENTS ▪ Net financial items include non- cash items from financial investments and a non-cash net foreign exchange loss of NOK 76 million. ▪ Equity-accounted investments contributed negatively with NOK 6 million (non-cash for Akastor). Akastor © 2025 Slide 13
Slide 14: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 14
Slide 15: Portfolio overview
Portfolio overview Private holdings Listed investments Company Service offering Ownership Full-service drilling equipment and service provider 50% Engineering staffing and solution provider for technical industries ~15%1) Subsea well construction and intervention services 66.7% Owner of 3 mid-sized
Slide 16: HMH
HMH Business model ▪ Global full-service offshore and onshore drilling REVENUE equipment provider with a broad portfolio of products USD millions Capital Employed and services. 73% 232 NOK 3 373 million 208 210 203 ▪ Large installed base providing firm foundation for 198 strong customer relationship
Slide 17: NES Fircroft
NES Fircroft Business model REVENUE 1) ▪ World’s leading engineering staffing and solution USD millions provider for highly technical industries spanning a Capital Employed 803 796 16% range of staffing services: Contract, Permanent Hire 750 776 750 NOK 735 million & Managed Solutions. ▪ Diversified
Slide 18: AKOFS Offshore
AKOFS Offshore Business model REVENUE ▪ Vessel-based subsea well construction and USD millions intervention services covering all phases from Capital Employed 38 37 2% conceptual development to project execution and 35 34 34 NOK 79 million offshore operations. ▪ Operates two SESV vessels in Brazil o
Slide 19: DDW Offshore
DDW Offshore Business model REVENUE ▪ Owns three Anchor Handling Tug Supply (AHTS) NOK millions vessels with capability to operate and support Capital Employed 97 8% clients on a world-wide basis. 85 NOK 357 million 75 79 ▪ The vessels are specially designed to perform anchor-handling, towing, and s
Slide 20: Key priorities for Akastor going forward
Key priorities for Akastor going forward Enable liquidity Optimize exit Develop and divest Targeting liquidity through Longer term horizon, with end Targeting to optimize timing of separate listings, enabling goal of realizing investments exit gradual realization (through cash or shares) TARGETING T
Slide 21: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 21
Slide 22: Appendix
Appendix Akastor Akastor © © 2025 | 2025 Slide 22
Slide 23: Selected transactions since inception in 2014
Selected transactions since inception in 2014 January 2025 May 2024 May 2024 July 2023 April 2023 February 2023 November 2022 16.7% purchase of Acquisition of Sale of two DDW ownership interest from Shares received 100% sale, against cash 100% sale to Sale of preferred equity Offshore vessels to pur
Slide 24: Consolidated Income Statement
Consolidated Income Statement Akastor © 2025 Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. Slide 24
Slide 25: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Akastor © 2025 Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. Slide 25
Slide 26: Consolidated Statement of Cash flows
Consolidated Statement of Cash flows Akastor © 2025 Slide 26
Slide 27: Alternative Performance Measures (1 of 2)
Alternative Performance Measures (1 of 2) Akastor discloses alternative performance measures as a supplement to the consolidated ▪ Gross debt - sum of current and non-current borrowings, which do not include lease liabilities financial statements. Such performance measures are used to provide an enh
Slide 28: Alternative Performance Measures (2 of 2)
Alternative Performance Measures (2 of 2) June 30 December 31 June 30 December 31 NOK million 2025 2024 2025 2024 NOK million Non-current borrowings 229 292 Current operating assets 155 108 Current borrowings 111 82 Less: Gross debt 340 373 Current operating liabilities 139 191 Less: Cash and cash e
Slide 29: Key figures | Group
Key figures | Group AKASTOR GROUP Akastor © 2025 Slide 29
Slide 30: Key figures | Split per company (1/4)
Key figures | Split per company (1/4) HMH Figures presented on 100% basis Akastor © 2025 1) EBITDA (adj.) excludes non-recurring expenses or costs defined as outside of normal company operations. Slide 30 2) Equipment backlog defined as order backlog within Projects, Products and Other.
Slide 31: Key figures | Split per company (2/4)
Key figures | Split per company (2/4) AKOFS OFFSHORE Figures presented on 100% basis Akastor © 2025 1) Avium junior loan (nominal value USD 68m) restructured and accounted for as equity from 1Q 2025 Slide 31
Slide 32: Key figures | Split per company (3/4)
Key figures | Split per company (3/4) DDW Offshore Akastor © 2025 Slide 32
Slide 33: Key figures | Split per company (4/4)
Key figures | Split per company (4/4) OTHER HOLDINGS Akastor © 2025 Slide 33
Slide 34: Copyright and disclaimer
Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Akastor and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor u
Slide 35: AKASTOR ASA
AKASTOR ASA Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway www.akastor.com Akastor © 2025