Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q3 2026 Earnings Presentation
30 slides from Aker Asa Class A's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter Results 2026
November 4, 2026 Third Quarter Results 2026
Slide 2: Net Asset Value up NOK 44 billion year-to-date
Q3 2026 | Net Asset Value up NOK 44 billion year-to-date Solid momentum in the portfolio year-to-date ▪ Aker BP and other listed energy companies contributed by NOK 22 billion to Aker’s NAV year-to-date ▪ Driven by increased market values and dividend income ▪ Nscale contributed by NOK 22 billion an
Slide 3: A focused Aker with greater scale
Q3 2026 | A focused Aker with greater scale Financials Norwegian kroner (Q3 2026) ▪ Net Asset Value: increased to NOK 111 billion, from NOK 106 billion at Q2 (+5%) ▪ Driven mainly by Aker BP (+6bn incl. dividends received) ▪ Nscale filed registration statement on Form S-1 for proposed IPO on NYSE 11
Slide 4: Energy – the cash-generating industrial backbone
Energy – the cash-generating industrial backbone Listed energy holdings contributed NOK 22 billion to Aker’s NAV year-to-date, incl. NOK 5 billion in dividends 64bn Listed energy holdings NOK 5.0bn 1.2bn ▪ Low cost: $7.3/boe opex (2025) Dividends received YTD Dividends received in Q3 ▪ Low emissions
Slide 5: Long-term conviction in Nordic real estate
Long-term conviction in Nordic real estate Attractive entry point – Solid platforms – PPI and Sveafastigheter stronger and larger since Aker’s entry in May 2025 Why now – attractive entry point in real estate Aker – instrumental in transformation since May 2025 Price over cash earnings (NTM, sector
Slide 6: Nscale in numbers – Scaling the future of AI infrastructure
in numbers – Scaling the future of AI infrastructure Numbers as per Nscale’s Form S-1 (filed with the SEC on September 18, 2026) ~461,000 GPUs Contracted USD ~103bn Total Contract Value 10GW+ Power capacity USD 141m Revenue 1H 2026 (# of GPUs in ‘000, as of Oct 1, 2026) (USD, as of Aug 31, 2026) (GW
Slide 7: What sets Nscale apart
– What sets Nscale apart Full-stack single platform, purpose-built for AI Full-stack single AI platform Vertically integrated Monarch (USA) Purpose-built for AI • Designed for AI workloads, not retrofitted general- 8 GW Gross power capacity (~6.5 GW IT load) purpose cloud • Enabling superior perform
Slide 8: 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, 51% of GAV Solstad Offshore Software Infrastructure DIGITALIZATION & AI 37% of GAV Real estate Share of GAV Other (NOK bn, %) Aker Propert
Slide 9: Portfolio composition – Q3 2026
Portfolio composition – Q3 2026 Norwegian kroner (NOK) LISTED INVESTMENTS UNLISTED INVESTMENTS CASH & OTHER ASSETS GROSS ASSET VALUE (GAV) 869kr 820kr 41kr 1,729kr per share per share per share per share 64.0bn 60.5bn Net Asset Value (NAV) 1,509kr per share -9% share price vs. NAV per share: Share p
Slide 10: Listed equity investments
Listed equity investments 64bn NOK asset value 869 NOK per share 50% of total assets Development in the quarter NOK billion Ownership Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 80 72% 77bn 80% Aker BP 21% 33.9 34.4 48.3 40.6 45.5 72% 62% 66bn 64bn Aker Solutions 39% 5.8 6.0 9.0 8.6 7.9 60 55bn 57bn 54% 60% 50% A
Slide 11: Unlisted equity investments
Unlisted equity investments 60bn NOK asset value 820 NOK per share 47% of total assets Development in the quarter NOK billion Ownership Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 80 47% 50% 44% Nscale1 23% - 6.7 32.1 32.1 32.1 36% 60bn 40% Cognite2 51% 6.7 6.7 6.7 14.7 14.7 60 53bn Aker BioMarine 79% - - - - 7.3
Slide 12: Cash & Other assets
Cash & Other assets 3bn NOK asset value 41 NOK per share 2% of total assets Development in the quarter 15 12% 11% 10% Share of GAV 10 8% NOK billion 8bn 6% 4% 2% 5 2% 2% 4% 3bn 3bn 2bn 3bn 2% 0 0% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Cash & Other Assets Share of GAV Cash Other assets NOK billion Q3 25 Q4 2
Slide 13: Financial Statements
Financial Statements 13
Slide 14: 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 Q2 26 Q3 26 Q2 26 Q3 26 Non-interest bearing and fixed non-current assets 859 954 859 954 111.2 106.1 Interest bearing assets 886
Slide 15: Robust financial position and liquidity
Aker ASA and holding companies Robust financial position and liquidity Net interest-bearing debt: NOK 13.8 billion Average debt maturity: 2.6 years NOK billion NOK billion 16 4.8bn 1.0 14.8 bonds 1.0 14 12 11.6 11.2bn bank loans 10 3.8bn 15.9 8 Bank undrawn RCFs 13.8 loans 6 (RCF) 4 2.0 2.0 2 AKER16
Slide 16: Income statement
Aker ASA and holding companies Income statement Combined income statement Year NOK million Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2025 Operating revenues1 - - - 15 347 - - Operating expenses (103) (170) (501) (148) (128) (129) EBITDA (103) (170) (501) 15 199 (128) (129) Depreciation (7) (6) (25) (6) (7) (6)
Slide 17: Q&A – A focused Aker, with greater scale
Q&A A focused Aker, with greater scale ▪ Active ownership ▪ Unique ecosystem ▪ Attractive growth projects ▪ Proven track-record ▪ Well positioned for long-term value creation Next reporting date Investor Relations Q4 2026: Feb 16, 2027 Fredrik Berge, Head of Investor Relations Replay and materials f
Slide 18: Appendix
Appendix 18
Slide 19: Nscale – Scaling the future of AI infrastructure
– Scaling the future of AI infrastructure Large hubs in low-cost power markets, mainly behind-the-meter 10 GW+ Global Portfolio Facilities IT Capacity Data Center Phase of development Customer # Country Type Contracted Tier (1/2/3) (Data Center) Contract status (IT MW) 1 Portugal Colocation 30 Tier
Slide 20: Proven track record of shareholder value creation
Proven track record of shareholder value creation Aker ASA from re-listing in September 2004 to Q3 2026 1 600 Total NOK 137 billion in value creation 130 ▪ NOK 103 billion in NAV growth 120 1 400 ▪ NOK 34 billion in acc. dividends paid (incl. approved 2H-2026) 110bn 111bn 106bn 110 1 380kr 100 1 200
Slide 21: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details Ownership Ownership Share of Company Sector (shares) (%) total assets 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Aker BP Energy 133 757 576 21% 36% 30 256 29 654 33 373 34 483 33 854 34 362 48 300 40 555 4
Slide 22: Value change details
Value change details NOK million Gross Asset Value Net Dividend Other Value Change, after Value change details for the quarter 2Q 2026 investments income changes change 3Q 2026 dividends paid: Aker BP 40 555 - (855) - 5 817 45 518 4 962 Aker Solutions 8 631 - - - (694) 7 936 (694) Aker BioMarine 6 5
Slide 23: Portfolio companies – additional information (listed)
Portfolio companies – additional information Listed equity investments USD million Aker BP (ticker: AKRBP) 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 3Q 2026 Net Production Volume (mboepd) 415 449 439 441 415 414 411 420 398 384 374 Revenue 2 858 3 068 12 379 3 2
Slide 24: Portfolio companies – additional information (unlisted)
Portfolio companies – additional information Unlisted equity investments NOK million Aize 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 3Q 2026 Revenue* 121 145 500 115 126 105 137 483 114 114 106 EBITDA* 41 79 182 43 40 32 53 168 29 31 9 EBITDA margin 34,3% 54,2% 3
Slide 25: Income statement and Balance sheet
Income statement and Balance sheet Aker ASA and holding companies NOK million Combined Income Statement 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 2Q 2026 3Q 2026 Operating revenues* 15 347 Operating expenses (106) (95) (412) (100) (127) (103) (170) (501) (148) (128) (12
Slide 26: Interest-bearing debt
Interest-bearing debt NOK million External interest-bearing debt 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 AKER15 1 422 AKER16 (green bond) 1 300 1 300 1 300 1 300 1 300 1 300 1 300 1 300 1 300 AKER17 (green bond) 700 700 700 700 700 700 700 700 700 AKER18 (green bond)
Slide 27: Dividend history
Dividend history History Strong track-record: NOK 34bn (NOK 461.5 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 NOK 34bn 2026 2H 11/17/2026 202
Slide 28: 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 ▪ Feb 16 2027 – Q4 results portfolio companies, as a suppl
Slide 29: About Aker ASA
About Aker ASA Who we are Sustainability Aker ASA (“Aker”) is an industrial investment company creating shareholder value through Aker has a long tradition of being a responsible enterprise and owner of companies. Aker active ownership. Aker builds and develops leading companies across energy, digit
Slide 30: 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