Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q1 2026 Earnings Presentation
31 slides from Aker Asa Class A's earnings presentation, May 8, 2026
Slide 1: First Quarter Results 2026
May 8, 2026 First Quarter Results 2026
Slide 2: Q1 2026 – NAV increased by NOK 43 billion
Q1 2026 – NAV increased by NOK 43 billion Nscale became Aker’s second largest asset at NOK 32 billion (representing 26% of GAV) Listed energy assets with net asset value contribution of NOK 22 billion, of which Aker BP NOK 15 billion ▪ Net asset value: +63% in Q1 – representing NOK 1,478 per share ▪
Slide 3: Q1 2026 – A focused Aker with greater scale
Q1 2026 – A focused Aker with greater scale Financials Norwegian kroner (Q1 2026) ▪ Net Asset Value: NOK 110 billion – an increase of NOK 43 billion from NOK 67 billion at Q4 ▪ Dividend: 29 kroner per share was paid in May 2026 110bn 125bn • Authorization to pay additional dividend in second half 20
Slide 4: AI data center demand is fundamentally outpacing supply
– AI data center demand is fundamentally outpacing supply Compute is becoming one of the world's most valuable scarce resources Extraordinary demand growth AI infrastructure is the new chokepoint AI data center infrastructure is one of the fastest-growing markets in The bottleneck is the ability to
Slide 5: A hyperscaler engineered for AI
– A hyperscaler engineered for AI A full-stack, vertically integrated AI hyperscaler in low-cost power markets, enabling superior unit economics Purpose-built for AI Nscale 4GW+ sites across US and Europe (operational +greenfield +under exploration) 1 Unlike traditional hyperscalers, Nscale’s infras
Slide 6: Strong momentum, scale-up accelerating
– Strong momentum, scale-up accelerating Recent developments Building a world-class team & Strengthening Nscale’s Board Key management roles strengthened Sep 2025 Sep 2025 Mar 2026 Mar 2026 Series B funding Microsoft contract Acquires AIP1 and Vera Rubin GPUs: ▪ Alice Takhtajan, CFO (>20 years at J.
Slide 7: AI driving inflection in Cognite’s business
AI driving inflection in Cognite’s business Atlas AI sales accelerating: >86% of bookings, customer base +4.8x YoY From proving relevance to operating at scale Total revenue (IFRS) ARR1 Atlas AI customers USD million USD million Cumulative nr of customers ▪ Solid momentum of AI adoption, Atlas AI no
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, 55% of GAV Solstad Offshore Software Infrastructure DIGITALIZATION & AI 31% of GAV Real estate REAL ESTATE 4% of GAV Nutrition HEALTH & NU
Slide 9: Portfolio composition – Q1 2026
Portfolio composition – Q1 2026 Norwegian kroner (NOK) LISTED INVESTMENTS UNLISTED INVESTMENTS CASH & OTHER ASSETS GROSS ASSET VALUE (GAV) 1,039kr 605kr 38kr 1,682kr per share per share per share per share Net Asset Value (NAV) 1,478kr per share 77bn -28% share price vs. NAV per share: 45bn Share pr
Slide 10: Listed equity investments
Listed equity investments 77bn NOK asset value 1,039kr per share 62% of total assets Development in the quarter NOK billion Ownership Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 80 73% 72% 77bn 80% Aker BP 21% 33.4 34.5 33.9 34.4 48.3 69% 72% 61% Aker Solutions 39% 6.5 6.8 5.8 6.0 9.0 60 55bn 55bn 57bn 60% Aker B
Slide 11: Unlisted equity investments
Unlisted equity investments 45bn NOK asset value 605kr per share 36% of total assets Development in the quarter NOK billion Ownership Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 80 36% 40% Nscale 23% - - - 6.7 32.1 Cognite2 51% 6.7 6.7 6.7 6.7 6.7 60 30% 25% APG unlisted 100% 1.8 1.8 1.8 2.4 2.4 Share of GAV 45bn
Slide 12: Cash & Other assets
Cash & Other assets 3bn NOK asset value 38kr per share 2% of total assets Development in the quarter 30 15% 11% 11% 10% Share of GAV 20 10% NOK billion 10 8bn 8bn 4% 5% 7bn 1bn 1bn 1bn 3bn 8bn 7bn 1bn 3bn 1bn 2% 6bn 2bn 2bn 0 0% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Cash & Other Assets Share of GAV Cash Oth
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 (after dividend allocation of NOK 29 per share) NOK billion Combined Balance Sheet Fair value adjusted Book value Fair value adjusted NOK million Q4 25 Q1 26 Q4 25 Q1 26 Non-interest bearing and fixed non-current assets 756 718
Slide 15: Robust financial position and liquidity
Aker ASA and holding companies Robust financial position and liquidity Net interest-bearing debt: NOK 12.7 billion Average debt maturity: 3.1 years NOK billion NOK billion 16 4.8bn 1.3 14.8 bonds 0.8 14 12 10.2bn bank loans 10 9.5 14.9 8 4.8bn Bank undrawn RCFs 12.7 loans 6 (RCF) 4 2.0 2.0 2 AKER18
Slide 16: Income statement
Aker ASA and holding companies Income statement Combined Income statement Year Year NOK million Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 2024 2025 Operating revenues1 - - - - - - 15 347 Operating expenses (412) (100) (127) (103) (170) (501) (148) EBITDA (412) (100) (127) (103) (170) (501) 15 199 Depreciation (
Slide 17: Well-positioned for long-term value creation
Well-positioned for long-term value creation Q&A ▪ A focused Aker, with greater scale • • Simplified portfolio Fewer, larger investments • More diversified – less cyclical • Upstream cashflow ▪ Active ownership ▪ Unique ecosystem ▪ Attractive growth projects ▪ Proven track-record 17
Slide 18: Appendix
Appendix 18
Slide 19: Net Asset Value development
Net Asset Value development YTD 2026 NOK billion, % change +63% (+43bn) 0 110 0 110 3 3 -1 15 22 67 Q4 2025 Nscale Aker BP* Aker Solutions Solstad APG listed Net Q1 2026 Dividends Q1 2026 Maritime* Other* pre- paid post- and Solstad dividend dividend Offshore* *Incl. dividends received 19
Slide 20: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details Ownership Ownership Share of Company Sector (shares) (%) total assets 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Aker BP Energy 133 757 576 21 % 39% 36 088 36 409 30 256 29 654 33 373 34 483 33 854 34 362
Slide 21: Value change details
Value change details NOK million Gross Asset Value Net Dividend Other Value Total change value change details for the quarter 4Q 2025 investments income changes change 1Q 2026 after dividend: Aker BP 34 362 - (841) - 14 778 48 300 13 938 Aker Solutions 5 997 - - - 2 991 8 988 2 991 Solstad Maritime
Slide 22: Portfolio companies – additional information
Portfolio companies – additional information LISTED EQUITY INVESTMENTS USD million Aker BP (ticker: AKRBP) FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Net Production Volume (mboepd) 457 448 444 415 449 439 441 415 414 411 420 398 Revenue 13 670 3 0
Slide 23: Portfolio companies – additional information
Portfolio companies – additional information USD million Solstad Maritime (ticker: SOMA) FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Revenue* 482 127 140 152 144 563 145 152 145 148 590 180 EBITDA 226 54 70 84 65 274 76 71 61 67 274 97 EBITDA margi
Slide 24: Portfolio companies – additional information
Portfolio companies – additional information UNLISTED EQUITY INVESTMENTS USD million Cognite FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Annual Recurring Revenue (ARR) 68 73 82 92 94 94 100 108 124 124 124 128 Revenue 105 27 30 32 35 124 36 40 42 4
Slide 25: Income statement and Balance sheet
Aker ASA and holding companies Income statement and Balance sheet NOK million Combined Income Statement 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Operating revenues* - - - - - - - - - - 15 347 Operating expenses (106) (104) (106) (95) (412) (100) (127) (
Slide 26: Interest-bearing debt
Interest-bearing debt NOK million External interest-bearing debt 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 AKER15 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 AKER18 500 500 500 500
Slide 27: Dividend history
Dividend history History Strong track-record: NOK ~32bn (432.5 kr 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 2026 1H 05.05.2026 2025 29,00 2
Slide 28: Definitions
Definitions Alternative Performance Measures (APM) Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies’ financial results and those of its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such performanc
Slide 29: Definitions
Definitions Gross Asset Value and Net Asset Value Aker’s assets (Aker ASA and holding companies) consist of three reporting segments: FINANCIAL CALENDAR ▪ Listed equity investments ▪ Jul 16 2026 – Q2 and half-year results ▪ Unlisted equity investments ▪ Nov 5 2026 – Q3 results ▪ Other assets and Cas
Slide 30: About Aker ASA
About Aker ASA Who we are Sustainability Aker ASA (“Aker”) Aker ASA is an industrial investment company creating shareholder value Aker has a long tradition of being a responsible enterprise and owner of companies. Aker through active ownership. Aker builds and develops leading companies across ener
Slide 31: 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