Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q2 2025 Earnings Presentation
34 slides from Aker Asa Class A's earnings presentation, Jul 16, 2025
Slide 1: Second Quarter and Half-year Results 2025
July 16, 2025 Second Quarter and Half-year Results 2025
Slide 2: Key developments – Q2 2025
Key developments – Q2 2025 FINANCIALS Norwegian kroner ▪ NAV increased to NOK 66.5 billion (NOK 61.9bn in Q1) ▪ Share price rose by 9.6% incl. dividend (OSEBX +6.9%, Brent -10.9%) 66bn 76bn ▪ Dividends paid totaled NOK 2 billion Net Asset Value Gross Asset Value >70% listed assets and cash INVESTING
Slide 3: More than NOK 19bn in dividends paid in first half 2025
More than NOK 19bn in dividends paid in first half 2025 Active ownership driving long term value creation for all shareholders NOK billion Solstad Maritime 19.3bn * (under liquidation) 0.6bn 0.9bn 2.3bn 1.6bn dividend-in-kind 5.2bn 8.6bn 1H 2025 Dividends paid to shareholders by companies where Aker
Slide 4: Strategically expanding real estate investments
Strategically expanding real estate investments Compelling fit with Aker’s strategy – investing in companies which together manage properties worth NOK >100 billion The Nordic region's leader in social infrastructure A Norwegian leader in social infrastructure ▪ Aker Property Group largest sharehold
Slide 5: Consolidating and simplifying Aker's ownership
Consolidating and simplifying Aker’s ownership Addressing the refinancing need, laying the foundation for renewed value creation CONSOLIDATE DISTRIBUTE VALUE REFOCUS ▪ Merging Aker Horizons ▪ Unlocked cash distribution of ▪ De-risking the Mainstream business into Aker to create a NOK 1.7 billion to
Slide 6: Scaling AI to global industry with continued momentum
| Scaling AI to global industry with continued momentum Scaling AI to global industry Commercial momentum continues ▪ Growing revenue +32% A leader in industrial data and AI +31% growth Q2-2024 to Q2-2025 USD 108m ▪ Purpose-built data- and AI platform ▪ Growing ARR1 100 for multiple industries 94 +3
Slide 7: Investing along attractive long-term global themes
Investing along attractive long-term global themes Exposure to strategic themes with solid potential for secular growth, good profitability and cash flow generation ENERGY Solstad Maritime & Solstad Offshore DIGITALIZATION SUSTAINABLE PROTEINS Real estate: Other equity investments, including: MANAGE
Slide 8: Listed Equity Investments 55 bn
Listed Equity 55bn Investments NOK asset value 736 NOK per share 72% of total assets 8
Slide 9: Listed equity investments – NOK 55 billion (NOK 736/share)
Listed equity investments – NOK 55 billion (NOK 736/share) Development in the quarter NOK billion Ownership Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 77% 80 73% 72% 73% 72% 80% Aker BP 21% 36.4 30.3 29.7 33.4 34.5 Aker Solutions 39% 8.6 7.9 6.0 6.5 6.8 60 58bn 60% 55bn 48bn 50bn Solstad Maritime1 52% 2.3 2.3 2.
Slide 10: Unlisted Equity Investments 13 bn
Unlisted Equity 13bn Investments NOK asset value 179 NOK per share 17% of total assets 10
Slide 11: Unlisted equity investments – NOK 13 billion (NOK 179/share)
Unlisted equity investments – NOK 13 billion (NOK 179/share) Development in the quarter NOK billion Ownership Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 80 40% Cognite1 51% 6.7 6.7 6.7 6.7 6.7 Aker Property Group2 100% 0.7 1.5 1.8 1.8 2.5 60 30% Aker Qrill Company 40% - 1.6 1.6 1.6 1.6 Share of GAV NOK billion 1
Slide 12: Cash & Other assets 8 bn
Cash & Other assets 8bn NOK asset value 112 NOK per share 11% of total assets 12
Slide 13: Cash & Other assets – NOK 8 billion (NOK 112/share)
Cash & Other assets – NOK 8 billion (NOK 112/share) Cash – Development in the quarter 1.5 1.0 1.0 NOK billion 0.6 0.6 0.6 0.5 Cash & Other assets 0.5 NOK billion Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Cash 0.5 0.6 0.6 1.0 0.6 0.0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Fixed and interest-free assets 1.4 1.1 1.2 1.3 1.
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 million NOK billion Book value Fair value adjusted Fair value adjusted Combined Balance Sheet Q1 2025 Q2 2025 Q1 2025 Q2 2025 Non-interest bearing and fixed non-current assets 1 174 1 315 1 174 1 315 66.5 Interest bearing as
Slide 16: Robust financial position – solid liquidity, low LTV
Aker ASA and holding companies Robust financial position – solid liquidity, low LTV NOK 6.4 bn NOK bn 2.0 BBB- Liquidity reserve Net interest-bearing debt IG rating 6.4 Cash & liquid funds 0.7 11% Loan-to-value (net LTV)1 6.3 Undrawn RCFs 5.7 9.0 2.9% 0.7 2.0 NIBD2 Liquidity reserve Gross interest-
Slide 17: Robust financial position – no debt maturity 2025-2026
Aker ASA and holding companies Robust financial position – no debt maturity 2025-2026 NOK 3.3 years 4.8bn average debt maturity Bonds NOK billion 9 8 4.3bn 7 Bank loans 6 5.7bn 5 4.3 4 3 Undrawn RCF Bank 2.0 2 loans 1.8 (RCF) AKER16 AKER18 Rating & Outlook 1 0.5 0.5 AKER20 Aker ASA: BBB-/Stable AKER
Slide 18: Income statement
Aker ASA and holding companies Income statement NOK million Combined First half First half Income statement Q1 2024 Q2 2024 2024 Q1 2025 Q2 2025 2025 Operating revenues - - - - - - Operating expenses (106) (104) (210) (100) (127) (228) EBITDA (106) (104) (210) (100) (127) (228) Depreciation (9) (8)
Slide 19: Q&A Proud ownership
Proud ownership Q&A ▪ A more focused Aker ▪ Active ownership ▪ Megatrend-oriented ▪ Proven track-record ▪ Industrial expertise ▪ Financial flexibility ▪ Unique ecosystem 19
Slide 20: Appendix
Appendix 20
Slide 21: NAV per share NOK 895, value adjusted equity 87%
NAV per share NOK 895, value adjusted equity 87% NAV development per share vs. share price NAV composition – Listed vs. Unlisted NOK per share NOK billion, % NAV as share of GAV 1 000 76.3 895 901 860 834 800 767 783 655 658 615 622 54.7 600 548 549 (72%) 66.5 (87%) 400 200 13.3 (17%) 9.8 8.3 (11%)
Slide 22: Net Asset Value development
Net Asset Value development NOK billion, % change +10.5% (+6.5bn) 0.7 0.2 68.4 0.9 2.0 0.0 66.5 2.7 (2.0) 61.9 Q1 2025 Solstad Aker BP* Aker Aker Property Aker Other* Q2 2025 Dividends Q2 2025 Maritime* Solutions* Group BioMarine pre dividend paid post dividend *Incl. dividends received Net asset va
Slide 23: Portfolio composition
Portfolio composition Listed equity investments: NOK 736 per share Unlisted equity investments: NOK 179 per share Company Category / Sector Ownership NOK million Company Category / Sector Ownership NOK million Aker BP Energy (Oil & Gas) 21% 34 483 Cognite Digitalization 51% 6 684 Aker Solutions Ener
Slide 24: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details Ownership Ownership Share of 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 • NAV is GAV less liabilities Sector (shares) (%) total assets • NAV is a core performance indicator at Aker Aker BP Energy (oil & ga
Slide 25: Value change details
Value change details NOK million Value change details 1Q 2025 Net Dividend Other Value 2Q 2025 investments income changes change Aker BP 33,373 - (880) - 1,990 34,483 Aker Solutions 6,540 - (640) - 853 6,753 Aker BioMarine 3,856 - - - 232 4,088 Solstad Maritime 2,310 - (186) 926 2,722 5,772 Solstad
Slide 26: Portfolio companies – additional information
Portfolio companies – additional information LISTED EQUITY INVESTMENTS USD million Aker BP (ticker: AKRBP) 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 Net Production Volume (mboepd) 481 450 444 457 448 444 415 449 439 441 415 Revenue 3 291 3 513 3 556 13 6
Slide 27: Portfolio companies – additional information
Portfolio companies – additional information USD million Solstad Maritime (ticker: SOMA) 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 Revenue 126 119 134 482 120 139 152 144 556 145 152 EBITDA 59 56 65 226 54 70 84 65 274 76 71 EBITDA margin 46.7% 46.7% 48.
Slide 28: Portfolio companies – additional information
Portfolio companies – additional information UNLISTED EQUITY INVESTMENTS USD million Cognite 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 Annual Recurring Revenue (ARR) 57 64 68 68 73 82 92 94 94 100 108 Revenue 26 26 27 105 27 30 32 35 124 36 40 EBITDA (4)
Slide 29: Income statement and Balance sheet
Aker ASA and holding companies Income statement and Balance sheet NOK million Combined Income Statement 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 The balance sheet and income statement Operating revenues* - - - - - - - - - - for Aker ASA and holding comp
Slide 30: External interest-bearing debt
External interest-bearing debt NOK million External interest-bearing debt 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 AKER15 2 000 2 000 2 000 1 494 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 A
Slide 31: Dividend history
Dividend history History Strong track-record with more than NOK 27 billion of acc. dividends paid since re-listing 2004 (NOK) (NOK million) Year of Payment Fiscal Dividend Dividend Dividend per share (NOK) Acc. dividends paid (NOK billion) payment date year per share value 60 NOK 27.8bn 30 2025 1H 1
Slide 32: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies’ financial results and those of FINANCIAL CALENDAR its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such per
Slide 33: About Aker ASA
About Aker ASA Who we are Sustainability Aker ASA (“Aker”) is an industrial investment company founded in 1841 developing Aker has a long tradition of being a responsible enterprise and owner of companies. Aker industrial front-runners and creating shareholder value through active ownership. Aker is
Slide 34: Disclaimer
Disclaimer Disclaimer This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections