Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q4 2024 Earnings Presentation
38 slides from Aker Asa Class A's earnings presentation, Feb 14, 2025
Slide 1: Fourth Quarter and Preliminary Annual Results 2024
February 14, 2025 Fourth Quarter and Preliminary Annual Results 2024
Slide 2: Q4 2024 | Key highlights
Q4 2024 | Key highlights Active ownership Solid financial metrics FINANCIALS Norwegian kroner NAV: NOK 58.2 billion (or NOK 60.8 billion before dividends paid, compared to NOK 57.0bn at Q3) Share price: NOK 549.0 at year-end (+6.7% in Q4 incl. dividend, Brent +4.1%, OSEBX +0.6%) Total shareholder re
Slide 3: Proposed dividend per share of NOK 26.5 in first half 2025
Proposed dividend per share of NOK 26.5 in first half 2025 A more focused Aker Strong track-record: NOK >25 billion of acc. dividends paid since re-listing in 2004 Dividend per share (NOK) Acc. dividends paid (NOK billion) 10% 60 30 annual growth in NAV, NOK 25.8bn after dividend payments 50 25 Cons
Slide 4: A more focused Aker – active ownership driving value creation
A more focused Aker – active ownership driving value creation NOK >32bn in dividends paid to Aker and other shareholders in 2024 More than NOK 27bn of transactions and proceeds in 2024 NOK billion estimate NOK 4.75 billion NOK 6.8 billion NOK 1.1 billion 32.3 0.2 0.2 0.0 4.0 Solstad Maritime & Solst
Slide 5: Portfolio composition – listed and unlisted investments
Portfolio composition – listed and unlisted investments NOK million NOK million Listed equity investments: NOK 601 per share Unlisted equity investments: NOK 198 per share Company Category / Sector Ownership Q4-2024 Company Category / Sector Ownership Q4-2024 Aker BP Oil & Gas 21% 29 654 Cognite Sof
Slide 6: Aker BP – Clear pathway for profitable growth
– Clear pathway for profitable growth A world-class independent E&P company Proven track record and production above 500 mboepd into the 2030s Operating costs Production (USD/boe) (mboepd) ✓ Industry-leading $10.3 700 low cost and low emissions $8,3 600 Potential M&A and exploration $6.2 500 IOR, di
Slide 7: Capitalizing on the low carbon value chain
Capitalizing on the low carbon value chain Leveraging industrial competence to identify key opportunities Renewable power Utilities Consumption Carbon Capture generation & Grid Onshore wind Data centers Transmission Carbon capture, transport and storage infrastructure Solar Substations/ Industry ele
Slide 8: Cognite – Making data AI-ready
Making data AI-ready Data is the starting point for unlocking AI potential Strong commercial momentum continues ▪ Record high revenues in 2024 +38% +27% quarterly revenue growth YoY1 in Q4-2024 92 94 Large Language Models + Industrial Knowledge Graph ▪ Record high ARR2 in 2024 82 +38% increase YoY 7
Slide 9: 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, incl: MANAGED ASS
Slide 10: Financial Investments
Financial Investments 10
Slide 11: Q4 2024 | Overview
Financial Investments Q4 2024 | Overview Total Financial Investments – as share of Gross Asset Value (per 31.12.2024) NOK 11.7 billion 18% NOK billion 14 12.2 11.7 12 11.6 11.3 10.9 1.4 Real estate 1.4 0.5 1.5 1.8 10 1.3 0.7 0.6 0.6 Cash 0.8 2.5 1.7 Listed financial 8 1.9 2.1 2.2 investments 6 4 7.8
Slide 12: Q4 2024 | Cash
Financial Investments Q4 2024 | Cash Cash – as share of Gross Asset Value Available liquidity (per 31.12.2024) NOK 8.4 billion 0.6 Liquid funds Cash 1% NOK 0.6 billion 7.7 Undrawn RCFs Cash decreased by NOK 8 million to NOK 617 million +5 074m Dividends received -2 638m Dividends paid -1 922m Debt r
Slide 13: Q4 2024 | Listed financial investments
Financial Investments Q4 2024 | Listed financial investments Listed financial investments – as share of Gross Asset Value (per 31.12.2024) NOK 2.2 billion 3% Listed financial investments Developments in the quarter NOK million Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 ▪ Value increase of investment in Philly Sh
Slide 14: Q4 2024 | Other financial investments
Financial Investments Q4 2024 | Other financial investments Other financial investments – as share of Gross Asset Value (per 31.12.2024) NOK 8.9 billion 14% Photo: Aker Tech House Other financial investments1 Developments in the quarter NOK million Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 ▪ Real estate increas
Slide 15: Financial Statements
Financial Statements 15
Slide 16: Q4 2024 | Balance Sheet and Fair value adjustments
Aker ASA and holding companies Q4 2024 | Balance Sheet and Fair value adjustments (after dividend allocation of NOK 26.5 per share) NOK million NOK billion Book value Fair value adjusted Fair value adjusted Combined Balance Sheet Q3 2024 Q4 2024 Q3 2024 Q4 2024 Non-interest bearing and fixed non-cur
Slide 17: Q4 2024 | Robust financial position – solid liquidity, low LTV
Aker ASA and holding companies Q4 2024 | Robust financial position – solid liquidity, low LTV NOK 8.4 bn NOK bn 2.0 BBB- Liquidity reserve Net interest-bearing debt IG rating 8.4 Cash & liquid funds 0.7 10% Loan-to-value (net LTV)1 4.3 Undrawn RCFs 7.7 7.0 3% 0.7 2.0 NIBD2 Liquidity reserve Gross in
Slide 18: Q4 2024 | Robust financial position, no debt maturity 2025-2026
Aker ASA and holding companies Q4 2024 | Robust financial position, no debt maturity 2025-2026 NOK 3.6 Years 4.8bn average debt maturity Bonds NOK billion 9 8 2.3bn 7 Bank loans 6 7.7bn 5 4.3 4 Bank 3 loans (RCF) Undrawn RCF 2 1.8 AKER16 AKER18 Rating & Outlook 1 0.5 0.5 AKER20 Aker ASA: BBB-/Stable
Slide 19: Q4 2024 | Income statement
Aker ASA and holding companies Q4 2024 | Income statement NOK million Combined Year Year Income statement Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Operating revenues - - - - - - - Operating expenses (106) (404) (106) (104) (106) (95) (412) EBITDA (106) (404) (106) (104) (106) (95) (412) Dep
Slide 20: 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 20
Slide 21: Appendix
Appendix 21
Slide 22: Q4 2024 | NAV per share NOK 783, value adjusted equity 89%
Q4 2024 | NAV per share NOK 783, value adjusted equity 89% Net asset value (NAV) development per share vs. share price Net asset value (NAV) composition NOK per share NOK billion, % NAV as share of gross asset value 1,000 65.4 851 860 813 825 800 767 783 666 624 615 596 600 548 549 53.7 (82%) 58.2 (
Slide 23: Q4 2024 | Net Asset Value development
Q4 2024 | Net Asset Value development Q4 2024 Full-year 2024 NOK billion, % change NOK billion, % change +6.6% (+3.8bn) -2.0% (-1.3bn) 0.3 0.2 60.8 1.2 (0.2) (2.6) 58.2 2.3 57.0 2.2 (6.4) 4.5 63.2 61.9 (0.9) (0.8) (3.8) 58.2 Q3 Aker Aker Aker BP* Solstad Other* Q4 Dividends Q4 Q4 Aker Aker Aker BP*
Slide 24: Q4 2024 | Asset Base of NOK 65 billion
Q4 2024 | Asset Base of NOK 65 billion Portfolio composition (GAV) Sector composition (GAV) NOK billion, % share of GAV % of GAV per Q4 2024 vs. (Q4 2023) Listed investments Other Unlisted investments 9% (7%) Seafood and Industrial Holdings Financial Investments marine biotech 11% (6%) 45% 29.7 List
Slide 25: Net Asset Value (NAV) details
Net Asset Value (NAV) details NOK million Net Asset Value (NAV) details per 4Q 2024 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 • Net asset value is Gross asset value less liabilities. Number Ownership Share of • Net asset value is a core performance indicator at of share
Slide 26: NAV details – Listed vs. unlisted
NAV details – Listed vs. unlisted NOK million Net Asset Value (NAV) details per 4Q 2024 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Ownership Share of Segment Sector share total assets Aker BP Industrial holdings Oil & Gas 21 % 45% 40 676 34 282 33 680 39 592 39 525 36 08
Slide 27: Segment information – Industrial Holdings
Segment information – Industrial Holdings NOK million Industrial Holdings Ownership 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Net Dividend Other Value 4Q 2024 per 4Q 2024 investments income changes change Value Aker BP 21.2% 40,676 34,282 33,680 39,592 39,525 36,088 36,409 30,2
Slide 28: Segment information – Industrial Holdings
Segment information – Industrial Holdings USD million ENERGY SECURITY, EFFICIENCY & TRANSITION Aker BP (ticker: AKRBP) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Net Production Volume (mboepd) 453 481 450 444 457 448 444 415 449 439 Revenue 3 310 3 291 3 513 3 55
Slide 29: Segment information – Industrial Holdings
Segment information – Industrial Holdings NOK million Solstad Offshore (ticker: SOFF) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Revenue 1 363 1 914 1 679 2 023 6 979 754 623 723 691 2 791 EBITDA 1 062 903 445 914 3 324 287 325 377 455 1 444 EBITDA margin 77,9% 4
Slide 30: Segment information – Industrial Holdings
Segment information – Industrial Holdings USD million INDUSTRIAL DIGITALIZATION Cognite 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Annual Recurring Revenue (ARR) 55 57 64 68 68 73 82 92 94 94 Revenue 26 26 26 27 105 27 30 32 35 124 EBITDA (9) (4) (9) (7) (29) (8)
Slide 31: Segment information – Industrial Holdings
Segment information – Industrial Holdings USD million SUSTAINABLE PROTEINS & NUTRITION Aker BioMarine (ticker: AKBM) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Revenue 47 47 53 49 196 49 49 49 52 199 EBITDA - 6 7 (3) 11 2 6 4 3 16 EBITDA margin 0,0% 13,6% 13,0% (
Slide 32: Segment information – Financial Investments
Segment information – Financial Investments NOK million Financial Investments Ownership 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 per 4Q 2024 Cash 1,290 1,162 876 1,454 774 699 459 625 617 Real Estate 973 993 993 1,158 1,313 1,353 1,353 1,508 1,794 Aker Property Group 1
Slide 33: Income statement and Balance sheet (Aker ASA and holding companies)
Income statement and Balance sheet (Aker ASA and holding companies) NOK million Combined Income Statement 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 The balance sheet and income Operating revenues* - - - - - - - - - - - statement for Aker ASA and
Slide 34: External interest-bearing debt
External interest-bearing debt NOK million External interest-bearing debt 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 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 500 500 500 500 500 500 500 500 500 AKER19
Slide 35: 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 36: 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 37: 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
Slide 38: To learn more, please visit: www.akerasa.com
To learn more, please visit: www.akerasa.com 38