Slide 1: Quarterly presentation – Akastor ASA
1Q 2025 Quarterly presentation – Akastor ASA April 30, 2025 Akastor © 2025
Slide 2: 1Q 2025 Highlights
1Q 2025 Highlights NET CAPITAL EMPLOYED 1) NOK million, 31 March 2025 Book value per share (NOK) ▪ EBITDA (adj.) of USD 33 million in the quarter. 12.4 2.7 1.4 1.0 0.4 -0.4 17.5 2.7 20.2 ▪ Order intake of USD 198 million in the quarter, with a book-to-bill of 1x. 5 528 ▪ Free Cash Flow of USD 15 mil
Slide 3: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 3
Slide 4: Summary and outlook
Summary and outlook ▪ Order intake of USD 198 million in the quarter, with a book- to-bill of 1x. ▪ EBITDA1) of USD 33 million in the quarter, down 2% year-on- year, with 16.5% adj. EBITDA margin impacted by product mix. ▪ USD 15 million in unlevered Free Cash Flow2) generated in 1Q 2025. ▪ Signed a
Slide 5: HMH highlights | 1Q 2025
HMH highlights | 1Q 2025 Proforma financials, IFRS ▪ Revenues up 3% year-on-year driven by projects REVENUE EBITDA 1) EBITDA MARGIN (Adj.) activity, partly offset by lower service volume, and USD millions USD millions % down 14% quarter-on-quarter due to lower 232 46 47 21.7 208 210 42 20.0 20.4 193
Slide 6: Product line highlights
Product line highlights Aftermarket Services AFTERMARKET SERVICES 1) Revenue, USD millions ▪ Revenue down 10% year-on-year driven by lower overhaul and repair 103 93 activity, and down 19% quarter-on-quarter driven by high 87 83 84 contribution from contract service agreement in prior quarter and lo
Slide 7: Net interest-bearing debt
Net interest-bearing debt ▪ Net debt of USD 153 million as per end of period (excl. NET INTEREST-BEARING DEBT shareholder loans). USD millions 279 ▪ Leverage, NIBD/LTM EBITDA (adj.), at 1.0x per 1Q 2025. ▪ RCF undrawn per Q1 2025 (USD 15 million, net repaid during the quarter). 126 200 47 153 IBD as
Slide 8: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 8
Slide 9: Net Capital Employed
Net Capital Employed Net Capital Employed per 1Q 2025 1) Development in 1Q 2025 NOK million NOK million 5 528 729 109 4 799 (168) (123) 273 380 (70) (35) 2 78 751 (29) 5 020 4 799 3 408 Listed Other Net NIBD Equity Net Capital Listed Other Net Capital holdings2) Capital Employed holdings2) Employed
Slide 10: Net interest-bearing debt
Net interest-bearing debt Net debt development 1Q 2025 highlights NOK million ▪ Net cash position of NOK 19 million at quarter-end, including Akastor corporate cash with NOK 262 million invested in a short-term fixed-income liquidity fund1), partly offset by DDW Offshore net debt of NOK 252 million.
Slide 11: External financing facilities and liquidity
External financing facilities and liquidity Overview of financing facilities Liquidity as of 31 March 2025 NOK million 617 Facility Size Maturity Margin Revolving Credit Facility 315 USD 30 million June 2026 4.0% (Akastor corporate) 262 41 Share financing facility NOK 70 million [1] Uncommitted 1.5%
Slide 12: Income statement 1Q 2025
Income statement 1Q 2025 COMMENTS ▪ AKOFS Offshore remains classified as a joint venture and accounted for using the equity method in the consolidated financial statements. ▪ Joint venture holdings, including HMH and AKOFS, are not consolidated in the Akastor group financials. Consolidated revenue a
Slide 13: Income statement 1Q 2025 (cont.)
Income statement 1Q 2025 (cont.) COMMENTS ▪ Net financial items include non- cash items from financial investments and a non-cash net foreign exchange loss of NOK 159 million. ▪ Equity-accounted investments contributed negatively with NOK 31 million (non-cash for Akastor). Akastor © 2025 Slide 13
Slide 14: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 14
Slide 15: 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 16: 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. 232 71% 208 210 NOK 3 408 million ▪ Large installed base providing firm foundation for 193 198 strong customer relationship
Slide 17: 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 16% range of staffing services: Contract, Permanent Hire 750 776 750 NOK 751 million 697 & Managed Solutions. ▪ Diversified
Slide 18: AKOFS Offshore
AKOFS Offshore Business model REVENUE ▪ Vessel-based subsea well construction and USD millions intervention services covering all phases from Capital Employed 38 2% conceptual development to project execution and 35 34 34 NOK 109 million 32 offshore operations. ▪ Operates two SESV vessels in Brazil
Slide 19: 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 97 8% clients on a world-wide basis. 85 NOK 380 million ▪ The vessels are specially designed to perform 75 anchor-handling, towing, and supp
Slide 20: 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 21: Agenda
Agenda HMH Financial update Ownership agenda Q&A Akastor © 2025 Slide 21
Slide 22: Appendix
Appendix Akastor Akastor © © 2025 | 2025 Slide 22
Slide 23: Selected transactions since inception in 2014
Selected transactions since inception in 2014 January 2025 May 2024 May 2024 July 2023 April 2023 February 2023 November 2022 16.7% purchase of Acquisition of Sale of two DDW ownership interest from Shares received 100% sale, against cash 100% sale to Sale of preferred equity Offshore vessels to pur
Slide 24: Consolidated Income Statement
Consolidated Income Statement Akastor © 2025 Note: Presentation of quarterly results is not audited and may deviate from statutory reporting. Slide 24
Slide 25: 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 25
Slide 26: Consolidated Statement of Cash flows
Consolidated Statement of Cash flows Akastor © 2025 Slide 26
Slide 27: 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 28: Alternative Performance Measures (2 of 2)
Alternative Performance Measures (2 of 2) March 31 December 31 March 31 December 31 NOK million 2025 2024 2025 2024 NOK million Non-current borrowings 254 292 Current operating assets 149 108 Current borrowings 155 82 Less: Gross debt 409 373 Current operating liabilities 145 191 Less: Cash and cash
Slide 29: Key figures | Group
Key figures | Group AKASTOR GROUP Akastor © 2025 Slide 29
Slide 30: 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 30 2) Equipment backlog defined as order backlog within Projects, Products and Other.
Slide 31: 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 31
Slide 32: Key figures | Split per company (3/4)
Key figures | Split per company (3/4) DDW Offshore Akastor © 2025 Slide 32
Slide 33: Key figures | Split per company (4/4)
Key figures | Split per company (4/4) OTHER HOLDINGS Akastor © 2025 Slide 33
Slide 34: 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 35: AKASTOR ASA
AKASTOR ASA Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway www.akastor.com Akastor © 2025