Slide 1: Quarterly presentation – Akastor ASA 3Q 2025
3Q 2025 Quarterly presentation – Akastor ASA October 30, 2025 Akastor © 2025
Slide 2: 3Q 2025 Highlights
3Q 2025 Highlights NET CAPITAL EMPLOYED 1) NOK million, 30 September 2025 Book value per share (NOK) ▪ Dividend of NOK 0.40 per share approved, supported by Distribution to 12.5 2.7 1.2 0.3 0.0 -0.5 16.2 3.5 19.8 realization of holding in Odfjell Drilling and aligned with shareholders strategy to re
Slide 3: Akastor's investment in Odfjell Drilling — key highlights
Akastor’s investment in Odfjell Drilling — key highlights May 2018: November 2022: May 2024: Q2 & Q3 2025: Akastor completes investment of USD Akastor sells the preference shares Akastor receives 3,023,886 ordinary Shares in Odfjell Drilling realized, 75 million in Odfjell Drilling Ltd. through back
Slide 4: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 4
Slide 5: Summary and outlook
Summary and outlook ▪ Revenue of USD 217 million in the quarter, up 3% year-on- year. ▪ EBITDA1) of USD 42 million in the quarter, down 8% year-on- year, but up 16% quarter-on-quarter with 19.3% EBITDA margin. ▪ USD 35 million in Free Cash Flow2) generated in 3Q 2025 driven by improvement in working
Slide 6: HMH highlights | 3Q 2025
HMH highlights | 3Q 2025 Proforma financials, IFRS ▪ Revenue increase of 3% year-on-year and 7% REVENUE EBITDA 1) EBITDA MARGIN (Adj.) quarter-on-quarter, primarily due to aftermarket USD millions USD millions % services, partly offset by decrease in projects and 232 46 47 21.7 210 217 42 20.4 198 2
Slide 7: Product line highlights
Product line highlights Aftermarket Services AFTERMARKET SERVICES 1) ▪ Revenue up 26% year-on-year and up 14% quarter-on-quarter driven Revenue, USD millions by contract services. 103 92 105 83 84 ▪ Order intake for 3Q 2025 was USD 99 million, up 42% year-on-year, mainly driven by contract services,
Slide 8: Net interest-bearing debt
Net interest-bearing debt ▪ Net debt of USD 144 million as per end of period (excl. NET INTEREST-BEARING DEBT shareholder loans). USD millions 276 ▪ Leverage, LTM NIBD/EBITDA (adj.)1), at 1.0x per 3Q 2025 ▪ RCF undrawn per Q3 2025 (USD 13 million repaid during the quarter). 201 132 57 IBD as per end
Slide 9: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 9
Slide 10: Net Capital Employed
Net Capital Employed Net Capital Employed per 3Q 2025 1) Development in 3Q 2025 NOK million NOK million 5 413 8 (38) 54 970 0 4 443 (134) 83 (129) 319 (79) 743 (20) 4 652 4 443 3 428 Listed Other Net NIBD Equity Net Capital Listed Other Net Capital holdings2) Capital Employed holdings2) Employed Emp
Slide 11: Net interest-bearing debt
Net interest-bearing debt Net debt development 3Q 2025 highlights NOK million ▪ Net cash position increased through the quarter to NOK 279 million at quarter-end, including DDW Offshore net debt of NOK 169 million. ▪ Dividend of NOK 0.35 per share distributed to shareholders in July. (51) ▪ Akastor
Slide 12: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 30 September 2025 NOK million 816 Facility Size Maturity Margin 300 Revolving Credit Facility 443 73 USD 30 million June 2027 1) 4.0% (Akastor corporate) Term loan September USD 24 million 10.85% 2) (DDW Off
Slide 13: Income statement 3Q 2025
Income statement 3Q 2025 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 © 2025 Slide 13
Slide 14: Income statement 3Q 2025 (cont.)
Income statement 3Q 2025 (cont.) COMMENTS ▪ Net financial items include non- cash items from financial investments and a non-cash net foreign exchange loss of NOK 23 million. ▪ Net neutral contribution from equity-accounted investments in period (non-cash for Akastor). Akastor © 2025 Slide 14
Slide 15: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 15
Slide 16: 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% Owner of 3 mid-sized
Slide 17: HMH
HMH Business model ▪ Global full-service offshore and onshore drilling REVENUE equipment provider with a broad portfolio of products USD millions Capital Employed and services. 77% 232 217 NOK 3 428 million 210 203 ▪ Large installed base providing firm foundation for 198 strong customer relationship
Slide 18: 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 803 796 815 17% range of staffing services: Contract, Permanent Hire 776 750 NOK 743 million & Managed Solutions. ▪ Diversified
Slide 19: AKOFS Offshore
AKOFS Offshore Business model REVENUE ▪ Vessel-based subsea well construction and USD millions intervention services from concept development to Capital Employed 38 37 0% offshore operations. 34 34 NOK 0 million ▪ Operates two subsea vessels in Brazil (Petrobras) and 28 one LWI vessel in Norway (Equ
Slide 20: 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 128 7% clients on a world-wide basis. NOK 319 million ▪ The vessels are specially designed to perform 97 85 79 anchor-handling, towing, and
Slide 21: 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 22: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 22
Slide 23: Appendix
Appendix Akastor Akastor © © 2025 | 2025 Slide 23
Slide 24: Selected transactions since inception in 2014
Selected transactions since inception in 2014 September 2025 January 2025 May 2024 July 2023 April 2023 February 2023 November 2022 16.7% purchase of Acquisition of Sale of two DDW ownership interest from 100% sale, against cash 100% sale to Sale of preferred equity Sale of shares received Offshore
Slide 25: Consolidated Income Statement
Consolidated Income Statement Akastor © 2025 Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. Slide 25
Slide 26: 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 26
Slide 27: Consolidated Statement of Cash flows
Consolidated Statement of Cash flows Akastor © 2025 Slide 27
Slide 28: 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 29: Alternative Performance Measures (2 of 2)
Alternative Performance Measures (2 of 2) September 30 December 31 September 30 December 31 NOK million 2025 2024 2025 2024 NOK million Non-current borrowings 46 292 Current operating assets 145 108 Current borrowings 275 82 Less: Gross debt 321 373 Current operating liabilities 172 191 Less: Cash a
Slide 30: Key figures | Group
Key figures | Group AKASTOR GROUP Akastor © 2025 Slide 30
Slide 31: Key figures | Split per company (1/4)
Key figures | Split per company (1/4) HMH Figures presented on 100% basis Akastor © 2025 1) EBITDA (adj.) excludes non-recurring expenses or costs defined as outside of normal company operations. Slide 31 2) Equipment backlog defined as order backlog within Projects, Products and Other.
Slide 32: Key figures | Split per company (2/4)
Key figures | Split per company (2/4) AKOFS OFFSHORE Figures presented on 100% basis Akastor © 2025 1) Avium junior loan (nominal value USD 68m) restructured and accounted for as equity from 1Q 2025 Slide 32
Slide 33: Key figures | Split per company (3/4)
Key figures | Split per company (3/4) DDW Offshore Akastor © 2025 Slide 33
Slide 34: Key figures | Split per company (4/4)
Key figures | Split per company (4/4) OTHER HOLDINGS Akastor © 2025 Slide 34
Slide 35: 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 36: AKASTOR ASA
AKASTOR ASA Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway www.akastor.com Akastor © 2025