Slide 1: Quarterly presentation – Akastor ASA
4Q 2025 Quarterly presentation – Akastor ASA February 12, 2026 Akastor © 2026
Slide 2: 4Q 2025 Highlights
4Q 2025 Highlights NET CAPITAL EMPLOYED 1) NOK million, 31 December 2025 ▪ Dividend of NOK 0.40 per share approved, supported by Book value per share (NOK) Distribution to realization of Skandi Atlantic and aligned with strategy to shareholders return excess capital to shareholders. 12.9 2.5 1.2 0.3
Slide 3: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2026 Slide 3
Slide 4: Summary and outlook
Summary and outlook ▪ Adj. EBITDA1) of USD 58 million in 4Q 2025, reflecting an all-time-high margin driven by cost efficiencies and inventory optimization. FY2025 adj. EBITDA of USD 169 million, up 1% vs FY2024. ▪ Revenue of USD 206 million in 4Q 2025 and total FY2025 revenue of USD 826 million. ▪
Slide 5: HMH highlights | 4Q 2025
HMH highlights | 4Q 2025 Proforma financials, IFRS ▪ Revenue decreased by 11% year-on-year, driven by declines in projects and product volume, and REVENUE EBITDA 1) EBITDA MARGIN (Adj.) USD millions USD millions % decreased by 5% quarter-on-quarter, driven by 232 58 28.2 projects, product, and other
Slide 6: Product line highlights
Product line highlights Aftermarket Services AFTERMARKET SERVICES 1) ▪ Revenue flat year-on-year and down 2% quarter-on-quarter, driven Revenue, USD millions by contract services and partially offset by increases in repairs and 103 105 103 84 92 digital technology. ▪ Order intake for 4Q 2025 was USD
Slide 7: Net interest-bearing debt
Net interest-bearing debt ▪ Net debt of USD 104 million as per end of period NET INTEREST-BEARING DEBT USD millions ▪ Debt structure refinanced in December 2025, extending the maturity profile of bonds and revolving credit facilities 239 ▪ Leverage, LTM NIBD/EBITDA (adj.), at 0.6x1) per 4Q 2025 201
Slide 8: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2026 Slide 8
Slide 9: Net Capital Employed
Net Capital Employed Net Capital Employed per 4Q 2025 1) Development in 4Q 2025 NOK million NOK million 5 335 841 0 4 493 (59) 76 (128) 335 99 16 (7) 0 1 684 4 443 4 493 3 527 Listed 3) Other Net NIBD Equity Net Capital Listed Other Net Capital holdings2) Capital Employed holdings2) Employed Employe
Slide 10: Net interest-bearing debt
Net interest-bearing debt Net debt development 4Q 2025 highlights NOK million ▪ Akastor continues to be in a positive cash position, with NOK 621 million of available liquidity per end of the quarter, including NOK 276 million of cash held on corporate level through a liquidity fund investment. ▪ To
Slide 11: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 31 December 2025 NOK million 621 Facility Size Maturity Margin 302 Revolving Credit Facility USD 30 million June 2027 4.0% 276 (Akastor corporate) 43 Reducing Revolving November Credit Facility USD 24 millio
Slide 12: Income statement 4Q 2025
Income statement 4Q 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 © 2026 Slide 12
Slide 13: Income statement 4Q 2025 (cont.)
Income statement 4Q 2025 (cont.) COMMENTS ▪ Net financial items include non- cash items from financial investments and a non-cash net foreign exchange gain of NOK 18 million. ▪ Net contribution from equity-accounted investments of NOK 62 million in the period (non-cash for Akastor). Akastor no longe
Slide 14: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2026 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. 78% 232 217 NOK 3 527 million 198 203 206 ▪ Large installed base providing firm foundation for 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 815 839 15% range of staffing services: Contract, Permanent Hire 809 750 796 NOK 684 million & Managed Solutions. ▪ Diversified
Slide 18: AKOFS Offshore
AKOFS Offshore Business model REVENUE ▪ Vessel-based subsea well construction and USD millions intervention services from concept development to Capital Employed 38 0% offshore operations. 34 34 37 NOK 0 million ▪ Operates two subsea vessels in Brazil (Petrobras) and 28 one LWI vessel in Norway (Equ
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 clients Capital Employed 128 7% on a world-wide basis. NOK 335 million 105 ▪ The vessels are specially designed to perform 85 anchor-handling, towing, and su
Slide 20: Key priorities for Akastor going forward
Key priorities for Akastor going forward Enable liquidity Optimize exit Develop and divest 1) 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) TARGETIN
Slide 21: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2026 Slide 21
Slide 22: Appendix
Appendix Akastor Akastor © © 2026 | 2026 Slide 22
Slide 23: Selected transactions since inception in 2014
Selected transactions since inception in 2014 January 2026 January 2026 September 2025 January 2025 May 2024 July 2023 April 2023 16.7% purchase of Acquisition of Sale of two vessels ownership interest from 100% sale, against cash Sale of shares received to Sale of shares Sale of one vessel and shar
Slide 24: Consolidated Income Statement
Consolidated Income Statement Akastor © 2026 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 © 2026 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 © 2026 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) December 31 December 31 December 31 December 31 NOK million 2025 2024 2025 2024 NOK million Non-current borrowings 215 292 Current operating assets 140 108 Current borrowings 63 82 Less: Gross debt 278 373 Current operating liabilities 141 191 Less: Cash and
Slide 29: Key figures | Group
Key figures | Group AKASTOR GROUP Akastor © 2026 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 © 2026 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 © 2026 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 © 2026 Slide 32
Slide 33: Key figures | Split per company (4/4)
Key figures | Split per company (4/4) OTHER HOLDINGS Akastor © 2026 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 © 2026