Slide 1: Quarterly presentation – Akastor ASA
2Q 2026 Quarterly presentation – Akastor ASA August 21, 2026
Slide 2: 2Q 2026 Highlights
2Q 2026 Highlights NET ASSET VALUE 1) NOK million, 30 June 2026 Value per share (NOK) Distribution to ▪ Dividend of NOK 0.5 per share approved, supported by 10.8 2.5 0.3 0.0 0.9 2.0 1.8 18.3 -0.1 -1.0 17.3 shareholders proceeds from the sale of Skandi Emerald. ▪ Adjusted EBITDA of USD 34m (20% margi
Slide 3: Agenda
Ownership agenda Agenda Financial update Q&A 3
Slide 4: Portfolio overview
Portfolio overview Private holdings Listed investments Company Service offering Ownership Full-service drilling equipment and service provider 36.3% 1) Engineering staffing and solution provider for technical industries ~15% 2) Subsea well construction and intervention services 66.7% Owner of one mi
Slide 5: HMH
HMH Business model REVENUE 1) US GAAP, USD millions ▪ Global full-service drilling equipment provider with a broad portfolio of products and services. 80% Capital Employed ▪ Large installed base providing firm foundation for NOK 3 010 million 217 strong customer relationship and recurring revenues.
Slide 6: NES Fircroft
NES Fircroft Business model REVENUE 1) USD millions ▪ World’s leading engineering staffing and solution Capital Employed provider for highly technical industries spanning a range 18% NOK 684 million of staffing services: Contract, Permanent Hire & 815 839 806 Managed Solutions. 796 759 ▪ Diversified
Slide 7: AKOFS Offshore
AKOFS Offshore Business model REVENUE USD millions ▪ Vessel-based subsea well construction and Capital Employed intervention services from concept development to 0% NOK 0 million 1) offshore operations. 42 44 ▪ Operates two subsea vessels in Brazil (Petrobras) and 37 38 one LWI vessel in Norway (Equ
Slide 8: DDW Offshore
DDW Offshore Business model REVENUE NOK millions ▪ Owns one Anchor Handling Tug Supply (AHTS) vessel Capital Employed with capability to operate and support clients on a 2% NOK 91 million world-wide basis. 182 ▪ The vessel is specially designed to perform anchor- 156 handling, towing, and supply ser
Slide 9: Akastor’s strategy remains focused on value creation, enabling distribution of proceeds to shareholders
Akastor’s strategy remains focused on value creation, enabling distribution of proceeds to shareholders Maximize value Return capital to Create liquidity creation shareholders Active ownership to Distribute proceeds from Enable portfolio liquidity maximize the value of realizations to and optimize t
Slide 10: Agenda
Ownership agenda Agenda Financial update Q&A 10
Slide 11: Net Asset Value
Net Asset Value Balance sheet and Fair value adjustments Net Asset Value per 2Q 2026 NOK million ook value air value ad usted 5 023 (20) illion (268) 4 735 483 HMH 560 238 S ir roft 91 0 W ffshore 684 A S ffshore ther invest ents ash and li uidity fund 2 966 Shareholder re eivables otal assets ross
Slide 12: Net interest-bearing items
Net interest-bearing items Development in the period 2Q 2026 highlights NOK million ▪ Total HMH cash proceeds of NOK 512 million were received during the period, including IPO share sale proceeds and USD 27 million received through repayment of shareholder loans. 211 ▪ Dividend of NOK 1.50 per share
Slide 13: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 30 June 2026 NOK million Drawn 560 Facility Size Maturity Margin amount 511 49 Reducing Revolving Credit USD 7 USD 2 November Facility 2.75% million 1) million 2027 (DDW Offshore) Liquidity fund investment C
Slide 14: Income statement 2Q 2026
Income statement 2Q 2026 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. ▪ 2Q 2026 figures include a NOK 101 million gain in DDW Offshore relat
Slide 15: Income statement 2Q 2026 (cont.)
Income statement 2Q 2026 (cont.) Comments ▪ Net financial items include non-cash items from financial investments and a non-cash net foreign exchange gain of NOK 30 million. ▪ Total net negative contribution from equity-accounted investments of NOK 137 million in the period (non-cash for Akastor), o
Slide 16: Agenda
Ownership agenda Agenda Financial update Q&A 16
Slide 17: Appendix
Appendix AKASTOR ®) |
Slide 18: Balance sheet and Fair value adjustments
Balance sheet and Fair value adjustments ook value air value ad usted illion HMH S ir roft W ffshore A S ffshore ther invest ents ash and li uidity fund Shareholder re eivables otal assets ross Asset alue ebt ther liabilities uity et Asset alue 1) HMH valued at market value based on closing share pr
Slide 19: Net Capital Employed
Net Capital Employed Net Capital Employed per 2Q 2026 1) Development in 2Q 2026 NOK million NOK million 4 779 1 022 (433) 3 756 91 0 (29) 25 (130) 684 0 8 4 286 3 756 3 010 2) Other Net Capital NIBD Equity Net Capital Other Net Capital Employed Employed Employed per 1Q 2026 per 2Q 2026 1) Net Capita
Slide 20: Selected transactions
Selected transactions January/June 2026 April 2026 January 2026 September 2025 January 2025 May 2024 July 2023 16.7% purchase of Acquisition of ownership interest from Sale of two vessels Sale of shares at IPO (incl. to Sale of Skandi Atlantic and Sale of shares received greenshoe) and repayment Sal
Slide 21: Overview of shareholder cash distributions
Overview of shareholder cash distributions Payment date July 2025 November 2025 February 2026 May 2026 September 2026 1) Sum Dividend per share (NOK) 0.35 0.40 0.40 1.50 0.50 3.15 Dividend value (NOK million) 95 109 109 409 136 858 1) Approved in connection with Q2 2026 results, to be paid out early
Slide 22: Consolidated Income Statement
Consolidated Income Statement Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. 22
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. 23
Slide 24: Consolidated Statement of Cash flows
Consolidated Statement of Cash flows 24
Slide 25: Alternative Performance Measures (1 of 2)
Alternative Performance Measures (1 of 2) Akastor discloses alternative performance measures as a supplement to the consolidated financial statements. Such performance measures are used to provide an enhanced insight into the operating performance, financing abilities and future prospects of the gro
Slide 26: Alternative Performance Measures (2 of 2)
Alternative Performance Measures (2 of 2) June 30 December 31 June 30 December 31 NOK million 2026 2025 2026 2025 NOK million Non-current borrowings -20 -215 Current operating assets 52 140 Current borrowings - -63 Less: Gross debt -20 -278 Current operating liabilities 96 141 Plus: 49 43 Net curren
Slide 27: Key figures | Group
Key figures | Group AKASTOR GROUP 1) HMH valued at market value based on closing share price at quarter-end starting 2Q 2026. All other investments reflected at book value. The figures prior to 2Q 26 were based on the book value of equity. 27
Slide 28: Key figures | Split per company (1/4)
Key figures | Split per company (1/4) HMH, Figures presented on 100% basis, US GAAP 1) EBITDA (adj.) excludes non-recurring expenses or costs defined as outside of normal company operations. 2) Free cash flow defined as cash flow from operations minus purchases of property and equipment and developm
Slide 29: Key figures | Split per company (2/4)
Key figures | Split per company (2/4) AKOFS OFFSHORE, Figures presented on 100% basis 29
Slide 30: Key figures | Split per company (3/4)
Key figures | Split per company (3/4) DDW Offshore 30
Slide 31: Key figures | Split per company (4/4)
Key figures | Split per company (4/4) OTHER HOLDINGS 31
Slide 32: 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 33: AKASTOR ASA
AKASTOR ASA Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway www.akastor.com