Slide 1: Quarterly presentation – Akastor ASA
1Q 2026 Quarterly presentation – Akastor ASA May 13, 2026 Akastor © 2026
Slide 2: 1Q 2026 Highlights
1Q 2026 Highlights NET CAPITAL EMPLOYED 1) ▪ Dividend of NOK 1.5 per share approved, supported by NOK million, 31 March 2026 Distribution to HMH IPO proceeds and aligned with the capital return Book value per share (NOK) shareholders strategy. 12.6 2.4 0.8 0.0 -0.1 15.6 3.5 19.2 ▪ IPO completed afte
Slide 3: IPO of HMH completed in April, marking a key milestone for Akastor
IPO of HMH completed in April, marking a key milestone for Akastor Key transaction terms Transaction highlights Issuer HMH Holding Inc. (Nasdaq: HMH) ✓ Listing of HMH represents a major milestone, ensuring liquidity for Akastor’s key investment Offering size 10,520,000 shares offered, comprising 8,4
Slide 4: Agenda
Agenda Ownership agenda Financial update Q&A Akastor © 2026 Slide 4
Slide 5: Portfolio overview
Portfolio overview Private holdings Listed investments Company Service offering Ownership Full-service drilling equipment and service provider 36.2% 1) Engineering staffing and solution provider for technical industries ~15% 2) Subsea well construction and intervention services 66.7% Owner of mid-si
Slide 6: HMH
HMH Business model ▪ Global full-service drilling equipment provider with a REVENUE 1) broad portfolio of products and services. US GAAP, USD millions Capital Employed 80% ▪ Large installed base providing firm foundation for 198 203 217 203 NOK 3 444 million strong customer relationship and recurrin
Slide 7: 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 750 796 759 NOK 659 million & Managed Solutions. ▪ Diversified
Slide 8: AKOFS Offshore
AKOFS Offshore Business model REVENUE ▪ Vessel-based subsea well construction and USD millions intervention services from concept development to Capital Employed 42 0% offshore operations. 37 38 NOK 0 million ▪ Operates two subsea vessels in Brazil (Petrobras) and 34 one LWI vessel in Norway (Equino
Slide 9: DDW Offshore
DDW Offshore Business model REVENUE ▪ Owns two Anchor Handling Tug Supply (AHTS) NOK millions vessels with capability to operate and support clients Capital Employed 182 5% on a world-wide basis. NOK 221 million ▪ The vessels are specially designed to perform 128 anchor-handling, towing, and supply
Slide 10: Akastor's strategy remains focused on value creation, enabling distribution of proceeds to shareholders
Akastor’s strategy remains focused on value creation, enabling distribution of proceeds to shareholders Maximize value Return capital to Create liquidity creation shareholders Active ownership to Distribute proceeds from Enable portfolio liquidity maximize the value of realizations to and optimize t
Slide 11: Agenda
Agenda Ownership agenda Financial update Q&A Akastor © 2026 Slide 11
Slide 12: Net Capital Employed
Net Capital Employed Net Capital Employed per 1Q 2026 1) Development in 1Q 2026 NOK million NOK million 5 251 965 (83) 4 286 (25) (0) (38) 221 (114) 659 (0) 15 4 493 4 286 3 444 2) Other Net Capital NIBD Equity Net Capital Other Net Capital Employed Employed Employed per 4Q 2025 per 1Q 2026 Akastor
Slide 13: Net interest-bearing items
Net interest-bearing items Development in the period 1Q 2026 highlights NOK million ▪ Akastor continues to be in a positive net cash position, with NOK 286 million of cash held on corporate level through a liquidity fund investment. 1 ▪ Dividend of NOK 0.40 per share distributed to shareholders in F
Slide 14: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 31 March 2026 NOK million 328 Drawn 286 42 Facility Size Maturity Margin amount Revolving Credit Facility 1) USD 30 3.0% - 0 June 2027 (Akastor corporate) million 4.0% Reducing Revolving USD 16 USD 11 Novemb
Slide 15: Income statement 1Q 2026
Income statement 1Q 2026 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 15
Slide 16: Income statement 1Q 2026 (cont.)
Income statement 1Q 2026 (cont.) COMMENTS ▪ Net financial items include non- cash items from financial investments and a non-cash net foreign exchange loss of NOK 62 million. ▪ Net negative contribution from equity-accounted investments of NOK 6 million in the period (non-cash for Akastor). Akastor
Slide 17: Agenda
Agenda Ownership agenda Financial update Q&A Akastor © 2026 Slide 17
Slide 18: Appendix
Appendix Akastor Akastor © © 2026 | 2026 Slide 18
Slide 19: Selected transactions
Selected transactions April 2026 January 2026 January 2026 September 2025 January 2025 May 2024 July 2023 16.7% purchase of Acquisition of Sale of two vessels Sale of shares at IPO (incl. ownership interest from Sale of shares received to greenshoe) and repayment Sale of shares Sale of one vessel pu
Slide 20: Overview of shareholder cash distributions
Overview of shareholder cash distributions Payment date July 2025 November 2025 February 2026 May 2026 1) Sum Dividend per share (NOK) 0.35 0.40 0.40 1.50 2.65 Dividend value (NOK million) 95 109 109 409 722 Akastor © 2026 1. Approved in connection with Q1 2026 results, to be paid out late May 2026.
Slide 21: Consolidated Income Statement
Consolidated Income Statement Akastor © 2026 Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. Slide 21
Slide 22: 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 22
Slide 23: Consolidated Statement of Cash flows
Consolidated Statement of Cash flows Akastor © 2026 Slide 23
Slide 24: 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 25: Alternative Performance Measures (2 of 2)
Alternative Performance Measures (2 of 2) March 31 December 31 March 31 December 31 NOK million 2026 2025 2026 2025 NOK million Non-current borrowings 151 215 Current operating assets 88 140 Current borrowings 3 63 Less: Gross debt 155 278 Current operating liabilities 123 141 Less: Cash and cash eq
Slide 26: Key figures | Group
Key figures | Group AKASTOR GROUP Akastor © 2026 Slide 26
Slide 27: Key figures | Split per company (1/4) – HMH
Key figures | Split per company (1/4) HMH Figures presented on 100% basis, US GAAP Akastor © 2026 1) EBITDA (adj.) excludes non-recurring expenses or costs defined as outside of normal company operations. Slide 27 2) Free cash flow defined as cash flow from operations minus purchases of property and
Slide 28: Key figures | Split per company (2/4) – AKOFS Offshore
Key figures | Split per company (2/4) AKOFS OFFSHORE Figures presented on 100% basis Akastor © 2026 Slide 28
Slide 29: Key figures | Split per company (3/4) – DDW Offshore
Key figures | Split per company (3/4) DDW Offshore Akastor © 2026 Slide 29
Slide 30: Key figures | Split per company (4/4) – Other holdings
Key figures | Split per company (4/4) OTHER HOLDINGS Akastor © 2026 Slide 30
Slide 31: 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 32: AKASTOR ASA
AKASTOR ASA Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway www.akastor.com Akastor © 2026