Slide 1: Quarterly presentation – Akastor ASA
4Q 2024 Quarterly presentation – Akastor ASA February 13, 2025 Akastor © 2025
Slide 2: 4Q 2024 Highlights
4Q 2024 Highlights NET CAPITAL EMPLOYED 1) NOK million, 31 December 2024 Book value per share (NOK) ▪ EBITDA (adj.) of USD 47 million in quarter. FY 2024 13.1 3.0 1.5 1.0 0.5 -0.7 18.3 3.1 21.4 EBITDA (adj.) of USD 168 million, up 27% versus 2023 ▪ Free cash flow of USD 44 million in quarter, driven
Slide 3: Akastor and MOL jointly increasing exposure in AKOFS Offshore
Akastor and MOL jointly increasing exposure in AKOFS Offshore Transaction summary Key rationale • In step one, Akastor acquired all of Mitsui’s interests in AKOFS Offshore. In Attractive market Increased exposure at Solid alignment with step two, Akastor sold a proportionate dynamics attractive term
Slide 4: Ensuring strong foundation for AKOFS's future development
Ensuring strong foundation for AKOFS’s future development Comments Updated ownership and financing overview (simplified)1) • After the transactions, equity ownership in AKOFS Offshore stands at 66.7% for Akastor and 33.3% for MOL 66.7% 33.3% • Additionally, all shareholder loans ~USD 45m ~USD 23m to
Slide 5: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 5
Slide 6: Summary and outlook
Summary and outlook ▪ Strong revenue performance with USD 232 million recorded in 4Q 2024. USD 843 million revenue for FY 2024, up 7% versus FY 2023. ▪ Recorded adj. EBITDA1) of USD 47 million in 4Q 2024. FY 2024 adj. EBITDA of USD 168 million, up 25% versus FY 2023. ▪ USD 211 million orders booked
Slide 7: HMH highlights | 4Q 2024
HMH highlights | 4Q 2024 Proforma financials, IFRS ▪ Revenues up 11% year-on-year and up 10% REVENUE 1) EBITDA 2) EBITDA MARGIN (Adj.) quarter-on-quarter driven by increase in projects USD millions USD millions % and products. 232 46 46 47 21.0 21.7 208 208 210 42 20.0 20.4 193 17.2 33 ▪ EBITDA up 3
Slide 8: Product line highlights
Product line highlights Please note that product line definitions have been updated this quarter to align with S-1 filings. Historical figures in the graphs on the right have been AFTERMARKET SERVICES 1) Revenue, USD millions adjusted to reflect these changes. 94 103 93 87 83 Aftermarket Services ▪
Slide 9: Net interest-bearing debt
Net interest-bearing debt ▪ Net debt of USD 166 million as per end of period (excl. NET INTEREST-BEARING DEBT shareholder loans). USD millions 289 ▪ Leverage, NIBD/LTM EBITDA (adj.), at 1.0x per 4Q 2024. ▪ USD 15 million drawn on the RCF as of 4Q 2024 (USD 15 million reduction in quarter), with HMH
Slide 10: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 10
Slide 11: Net Capital Employed
Net Capital Employed Net Capital Employed per 4Q 2024 1) Development in 4Q 2024 NOK million NOK million 5 859 13 27 839 43 (105) 138 (202) 5 020 271 3 415 821 208 5 020 3 576 4 832 Listed Other Net NIBD Equity Net Capital Listed Other Net Capital holdings2) Capital Employed holdings2) Employed Emplo
Slide 12: Net interest-bearing debt
Net interest-bearing debt Net debt development 4Q 2024 highlights NOK million ▪ Net cash position reduced by NOK 24 million in the quarter, to a net cash position of NOK 99 million ▪ “Other” (as shown in graph) includes negative non-cash foreign exchange (20) 12 33 -99 effects of NOK 19 million -123
Slide 13: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 31 December 2024 NOK million 763 Facility Size Maturity Margin 340 Revolving Credit Facility USD 30 million June 2026 4.0% (Akastor corporate) 376 47 Share financing facility NOK 70 million [1] Uncommitted 1
Slide 14: Income statement 4Q 2024
Income statement 4Q 2024 COMMENTS ▪ JV 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 14
Slide 15: Income statement 4Q 2024 (cont.)
Income statement 4Q 2024 (cont.) COMMENTS ▪ Net financial items include non- cash items from financial investments and a non-cash net foreign exchange gain of NOK 155 million ▪ Equity-accounted investments contributed negatively with NOK 66 million (non-cash for Akastor) Akastor © 2025 Slide 15
Slide 16: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 16
Slide 17: 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%2) Owner of 3 mid-size
Slide 18: HMH
HMH Business model ▪ Global full-service offshore and onshore drilling REVENUE1) equipment provider with a broad portfolio of products USD millions Capital Employed and services 232 71% 208 208 210 NOK 3 576 million ▪ Large installed base providing firm foundation for 193 strong customer relationshi
Slide 19: 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 16% range of staffing services: Contract, Permanent 707 750 776 NOK 821 million 697 Hire & Managed Solutions ▪ Diversified
Slide 20: AKOFS Offshore
AKOFS Offshore Business model REVENUE ▪ Vessel-based subsea well construction and USD millions intervention services covering all phases from Capital Employed 38 3% conceptual development to project execution 37 35 34 NOK 138 million 32 and offshore operations ▪ Operates two SESV vessels in Brazil o
Slide 21: 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 415 million 80 ▪ The vessels are specially designed to perform anchor-handling, towing, and suppl
Slide 22: 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 23: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 23
Slide 24: Appendix
Appendix Akastor Akastor © © 2025 | 2025 Slide 24
Slide 25: 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 26: Consolidated Income Statement
Consolidated Income Statement Akastor © 2025 Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. Slide 26
Slide 27: 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 27
Slide 28: Consolidated Statement of Cash flows
Consolidated Statement of Cash flows The statement includes cash flows from discontinued operations prior to the disposal. Akastor © 2025 Slide 28
Slide 29: 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 30: Alternative Performance Measures (2 of 2)
Alternative Performance Measures (2 of 2) December 31 December 31 December 31 December 31 NOK million 2024 2023 2024 2023 NOK million Non-current borrowings 292 236 Current operating assets 108 606 Current borrowings 82 1 133 Less: Gross debt 373 1 369 Current operating liabilities 191 339 Less: Cas
Slide 31: Key figures | Group
Key figures | Group AKASTOR GROUP Akastor © 2025 Slide 31
Slide 32: Key figures | Split per company (1/4)
Key figures | Split per company (1/4) HMH Note: Figures presented on 100% basis Akastor © 2025 1) 3Q24 revenues adjusted compared to previous reported figure to reflect an updated foreign exchange (FX) treatment Slide 32 2) EBITDA (adj.) excludes non-recurring expenses or costs defined as outside of
Slide 33: Key figures | Split per company (2/4)
Key figures | Split per company (2/4) AKOFS OFFSHORE Note: Figures presented on 100% basis Akastor © 2025 Slide 33
Slide 34: Key figures | Split per company (3/4)
Key figures | Split per company (3/4) DDW Offshore Akastor © 2025 Slide 34
Slide 35: Key figures | Split per company (4/4)
Key figures | Split per company (4/4) OTHER HOLDINGS Akastor © 2025 Slide 35
Slide 36: 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 37: AKASTOR ASA
AKASTOR ASA Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway www.akastor.com Akastor © 2025