Aker Horizons Asa · SWB:7QF
Aker Horizons Asa — Aker Asa A Shs — Q2 2026 Earnings Presentation
31 slides from Aker Horizons Asa's earnings presentation, Jul 16, 2026
Slide 1: Second Quarter and Half-year Results 2026
July 16, 2026 Second Quarter and Half-year Results 2026
Slide 2: Q2 2026 – A focused Aker with greater scale
Q2 2026 – A focused Aker with greater scale Financials Norwegian kroner (Q2 2026) ▪ Net Asset Value: NOK 106 billion, after NOK 2.2 billion dividend paid (vs. NOK 110 billion at Q1 2026) ▪ Agreed to sell Cognite to Schneider Electric at an EV of USD 3.1 billion / NOK 31 billion (USD/NOK 9.92) 106bn
Slide 3: Proven track-record of shareholder value creation
Proven track-record of shareholder value creation Aker ASA from re-listing in September 2004 to Q2 2026 1 600 NOK 106bn 110 Total NOK 130 billion in value creation 100 1 400 ▪ NOK 98 billion in NAV growth ▪ NOK 32 billion in acc. dividends paid 90 1 200 1 148kr 80 70bn Net Asset Value (NOK billion)
Slide 4: Active ownership driving value creation
Active ownership driving value creation Selected key partnerships Selected M&A activity NOK 27bn NOK 125bn NOK 7bn NOK 31bn Solstad Maritime & Solstad Offshore Formation Merger with Sale to of Aker BP Merger SLB and Subsea 7 Schneider Electric NOK 4.1bn USD 14.6bn NOK 8.5bn NOK 9.2bn Merger, sale of
Slide 5: 10 years of creating a globally leading E&P champion
10 years of creating a globally leading E&P champion A world-class independent E&P company – Proven track record and production above 500 mboepd into the 2030s Operating costs (USD/boe) A world-class E&P company, through M&A and projects (mboepd and NOK billion) ✓ Industry-leading low cost $10.3 and
Slide 6: A hyperscaler engineered for AI
A hyperscaler engineered for AI Unique vertically integrated model – delivering full-stack AI infrastructure at speed and scale WHAT SETS NSCALE APART NARVIK – CONSTRUCTION PROGRESSING GLOBAL HEADCOUNT Purpose-built for AI • Designed for GPU-dense AI workloads, not retrofitted general-purpose cloud
Slide 7: Sale of Cognite, 20x return for Aker
Sale of Cognite, 20x return for Aker USD 3.1 billion Enterprise Value, crystallizes a decade of value creation for Aker in industrial AI TRANSACTION OVERVIEW VALUE REALIZED DETAILS Sale of 100% of Cognite to Schneider Value creation track-record 1 • Scaled Cognite from a 2017 start-up into a leading
Slide 8: Aker BioMarine transaction
Aker BioMarine transaction Following strategic review of alternatives, Aker BioMarine has agreed to merge with a subsidiary of Aker TRANSACTION OVERVIEW 1 Aker BioMarine to merge into an Aker subsidiary • Enabling continued development of the business in a private setting 2 NOK 105 per Aker BioMarin
Slide 9: A focused Aker
A focused Aker Investing along high-conviction global themes driving long-term growth and cash generation E&P Energy services Renewables ENERGY Solstad Maritime, 48% of GAV Solstad Offshore Software Infrastructure DIGITALIZATION & AI 39% of GAV Real estate Gross asset value breakdown Other (NOK bn,
Slide 10: Portfolio composition – Q2 2026
Portfolio composition – Q2 2026 Norwegian kroner (NOK) LISTED INVESTMENTS UNLISTED INVESTMENTS CASH & OTHER ASSETS GROSS ASSET VALUE (GAV) 887kr 712kr 33kr 1,633kr per share per share per share per share 65.9bn Net Asset Value (NAV) 52.9bn 1,429kr per share -20% share price vs. NAV per share: Share
Slide 11: Listed equity investments
Listed equity investments 66bn NOK asset value 887kr per share 54% of total assets Development in the quarter NOK billion Ownership Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 80 73% 72% 77bn 80% Aker BP 21% 34.5 33.9 34.4 48.3 40.6 72% 61% 66bn Aker Solutions 39% 6.8 5.8 6.0 9.0 8.6 60 55bn 55bn 57bn 54% 60% Ake
Slide 12: Unlisted equity investments
Unlisted equity investments 53bn NOK asset value 712kr per share 44% of total assets Development in the quarter NOK billion Ownership Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 80 50% Nscale1 23% - - 6.7 32.1 32.1 44% 36% 40% Cognite2 51% 6.7 6.7 6.7 6.7 14.7 60 53bn APG unlisted 100% 1.8 1.8 2.4 2.4 2.4 Share o
Slide 13: Cash & Other assets
Cash & Other assets 2bn NOK asset value 33kr per share 2% of total assets Development in the quarter 30 15% 11% 11% Share of GAV 20 10% NOK billion 10 8bn 8bn 4% 5% 1bn 1bn 3bn 2% 2bn 8bn 7bn 1bn 3bn 1bn 1bn 2% 2bn 2bn 2bn 0 0% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Cash & Other Assets Share of GAV Cash Othe
Slide 14: Financial Statements
Financial Statements 14
Slide 15: Balance sheet and Fair value adjustments
Aker ASA and holding companies Balance sheet and Fair value adjustments NOK billion Combined Balance Sheet Fair value adjusted Book value Fair value adjusted NOK million Q1 26 Q2 26 Q1 26 Q2 26 Non-interest bearing and fixed non-current assets 718 859 718 859 109.8 106.1 Interest bearing assets 1 33
Slide 16: Robust financial position and liquidity
Aker ASA and holding companies Robust financial position and liquidity Net interest-bearing debt: NOK 13.1 billion Average debt maturity: 2.8 years NOK billion NOK billion 16 4.8bn 0.9 14.8 bonds 0.8 14 12 11.8 10.0bn bank loans 10 5.0bn 14.8 8 Bank undrawn RCFs 13.1 6 loans (RCF) 4 2.0 2.0 2 AKER18
Slide 17: Income statement
Aker ASA and holding companies Income statement Combined Income statement First half First half NOK million Q1 25 Q2 25 2025 Q3 25 Q4 25 Q1 26 Q2 26 2026 Operating revenues1 - - - - - 15 347 - 15 347 Operating expenses (100) (127) (228) (103) (170) (148) (128) (276) EBITDA (100) (127) (228) (103) (1
Slide 18: Well-positioned for long-term value creation
Well-positioned for long-term value creation Q&A ▪ A focused Aker, with greater scale • • Simplified portfolio Fewer, larger investments • More diversified – less cyclical • Upstream cashflow ▪ Active ownership ▪ Unique ecosystem ▪ Attractive growth projects ▪ Proven track-record 18
Slide 19: Appendix
Appendix 19
Slide 20: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details Ownership Ownership Share of Company Sector (shares) (%) total assets 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Aker BP Energy 133 757 576 21 % 33% 36 409 30 256 29 654 33 373 34 483 33 854 34 362 48 300
Slide 21: Aker ASA – NAV development
Aker ASA – NAV development Q1 to Q2 2026 First half 2026 NOK billion, % change NOK billion, % change +61% -1% (+41bn) (-2bn) 7 1 4 2 108 7 106 110 108 -2 0 -7 106 -2 -1 -1 8 -1 -2 22 67 Q1 Cognite Aker Aker BP* APG Solstad Net Q2 Dividends Q2 Q4 Nscale Aker BP* Cognite Aker Solstad APG Net Q2 Divide
Slide 22: Value change details
Value change details NOK million Gross Asset Value Net Dividend Other Value Total change value change details for the quarter 1Q 2026 investments income changes change 2Q 2026 after dividend: Aker BP 48 300 - (812) - (6 933) 40 555 (7 745) Aker Solutions 8 988 - (1 668) - 1 311 8 631 (357) Aker BioM
Slide 23: Portfolio companies – additional information
Portfolio companies – additional information LISTED EQUITY INVESTMENTS USD million Aker BP (ticker: AKRBP) 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 Net Production Volume (mboepd) 444 415 449 439 441 415 414 411 420 398 384 Revenue 3 377 2 858 3 068 12 3
Slide 24: Portfolio companies – additional information
Portfolio companies – additional information USD million Solstad Maritime (ticker: SOMA) 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 Revenue* 140 152 144 563 145 152 145 148 590 180 176 EBITDA 70 84 65 274 76 71 61 67 274 97 93 EBITDA margin 50,1% 55,4% 44
Slide 25: Portfolio companies – additional information
Portfolio companies – additional information UNLISTED EQUITY INVESTMENTS USD million Cognite 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 Annual Recurring Revenue (ARR) 82 92 94 94 100 108 124 124 124 128 135 Revenue 30 32 35 124 36 40 42 47 164 46 54 EBITD
Slide 26: Income statement and Balance sheet
Aker ASA and holding companies Income statement and Balance sheet NOK million Combined Income Statement 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 Operating revenues* - - - - - - - - - 15 347 - Operating expenses (104) (106) (95) (412) (100) (127) (103) (
Slide 27: Interest-bearing debt
Interest-bearing debt NOK million External interest-bearing debt 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 AKER15 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 500 500 500 500 500
Slide 28: Dividend history
Dividend history History Strong track-record: NOK ~32bn (432.5 kr per share) of accumulated 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 2026 1H 05.05.2026 2025 29,00 2
Slide 29: Definitions and Alternative Performance Measures
Definitions and Alternative Performance Measures ALTERNATIVE PERFORMANCE MEASURES FINANCIAL CALENDAR Aker ASA refers to alternative performance measures (APMs) with regard to Aker ASA and holding companies’ financial results and those of its portfolio companies, as a supplement to the financial stat
Slide 30: 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 31: 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