Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q3 2025 Earnings Presentation
31 slides from Aker Asa Class A's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter Results 2025
November 4, 2025 Third Quarter Results 2025
Slide 2: Q3 2025 – Solid foundation, investing in future growth
Q3 2025 – Solid foundation, investing in future growth FINANCIALS Norwegian kroner ▪ NAV increased to NOK 67.5 billion in Q3 (NOK 66.5bn in Q2) ▪ Share price rose by 19.5% in Q3 (OSEBX +1.4%, Brent -0.7%) 67bn 77bn ▪ Dividends of NOK 26.5 per share approved to be paid in Q4 (NOK 2.0bn) Net Asset Val
Slide 3: Investing in new pillars for future growth
Investing in new pillars for future growth A more focused Aker – delivering on strategy announced Q1 2024 More focused Diversifying and investing in future growth Selection of large transactions/events announced from start of 2024 to Q3-2025 Increased diversification – reduced commodity price exposu
Slide 4: Aker Nscale – Sovereign-grade AI infrastructure in Norway
Aker Nscale – Sovereign-grade AI infrastructure in Norway Designing, building and operating high-density AI data centers in Northern Norway GPU-as-a-service at scale Portfolio of ten sites in Northern Norway* Kvandal site (Narvik) 100% hydropower Construction ongoing 230MW secured grid capacity • Pa
Slide 5: Scalable, Profitable, Predictable cash flow
Scalable, Profitable, Predictable cash flow Europe’s first sovereign AI infrastructure project – and one of the largest AI data centers in the world Significant value creation opportunity Data center commercials Target return: unlevered IRR >12.5% ▪ For 3-5 year contracts across GPU and data center
Slide 6: Significant ownership in a leading AI hyperscaler
Significant ownership in a leading AI hyperscaler Aker 50% JV-stake can be rolled up in Nscale at potential IPO Oversubscribed Series B Funding round 1. Integrated AI infrastructure Nscale successfully raised USD 1.1 billion ▪ Vertically integrated AI cloud provider with owned and co-located data ▪
Slide 7: Extraordinary strong quarter
– Extraordinary strong quarter Atlas AI gaining strong momentum in the market – 10 new customer contracts in Q3 (26 YTD) Strong commercial momentum continues – landing 9 new marquee customers in Q3 (27 YTD) Growing revenue +34% +35% growth Q3-2024 to Q3-2025 USD 124m Growing ARR1 +34% growth Q3-2024
Slide 8: Diversifying portfolio – Expansion in real estate continued
Diversifying portfolio – Expansion in real estate continued Compelling fit with Aker’s strategy – Sveafastigheter latest addition under Aker Property Group (after quarter-end) The Nordics’ leading real estate Norway’s leading real estate Sweden’s largest listed company Aker Property Group’s unlisted
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 E&P Energy services Renewables ENERGY Solstad Maritime, Solstad Offshore Software Infrastructure DIGITALIZATION & AI Nutrition Fish far
Slide 10: Portfolio composition – Q3 2025
Portfolio composition – Q3 2025 Norwegian kroner (NOK) LISTED INVESTMENTS UNLISTED INVESTMENTS CASH & OTHER ASSETS GROSS ASSET VALUE (GAV) 743kr 179kr 112kr = 1034kr per share per share per share per share Net Asset Value (NAV) 909kr per share 55bn -16% share price vs. NAV per share: Share price (en
Slide 11: Listed equity investments
55bn 743kr 72% Listed equity investments NOK asset value per share of total assets Development in the quarter NOK billion Ownership Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 80 73% 72% 80% 69% 68% 69% Aker BP 21% 30.3 29.7 33.4 34.5 33.9 Aker BioMarine 78% 3.3 4.6 3.9 4.1 6.3 60 55bn 55bn 60% 48bn Aker Solution
Slide 12: Unlisted equity investments
13bn 179kr 17% Unlisted equity investments NOK asset value per share of total assets Development in the quarter NOK billion Ownership Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 80 40% Cognite1 51% 6.7 6.7 6.7 6.7 6.7 APG unlisted 100% 1.5 1.8 1.8 1.8 1.8 60 30% 22% Aker Qrill Company 40% 1.6 1.6 1.6 1.6 1.6 Shar
Slide 13: Cash & Other assets
8bn 112kr 11% Cash & Other assets NOK asset value per share of total assets Development in the quarter 40 20% 30 15% Share of GAV 11% 11% NOK billion 10% 9% 9% 20 10% Cash & Other Assets 10 8bn 8bn 5% 6bn 6bn 7bn 1bn 1bn NOK billion Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1bn 1bn 1bn 5bn 5bn 6bn 8bn 7bn Cash
Slide 14: Financial Statements
Financial Statements 14
Slide 15: Balance sheet and Fair value adjustments
Aker ASA and holding companies Balance sheet and Fair value adjustments NOK billion Combined Balance Sheet Fair value adjusted Book value Fair value adjusted NOK million Q2 25 Q3 25 Q2 25 Q3 25 Non-interest bearing and fixed non-current assets 1 315 1 414 1 315 1 414 66.5bn 67.5bn Interest bearing a
Slide 16: Robust financial position – solid liquidity, low LTV
Aker ASA and holding companies Robust financial position – solid liquidity, low LTV NOK billion NOK billion Net interest-bearing debt: NOK 1.7 billion Average debt maturity: 3 years 4.75bn bonds 7 3.5bn bank loans 6 5 0.3bn other 5.5 4 3.5 6.5bn 8.5 undrawn RCF 3 2.0 Bank 1.8 2 1.3 1.7 loans AKER16
Slide 17: Income statement
Aker ASA and holding companies Income statement Combined Income statement Year NOK million Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2024 Operating revenues - - - - - - Operating expenses (106) (95) (412) (100) (127) (103) EBITDA (106) (95) (412) (100) (127) (103) Depreciation (8) (8) (32) (6) (7) (7) Dividends
Slide 18: Appendix
Appendix 18
Slide 19: Aker ASA – NAV development Q3 2025
Aker ASA – NAV development Q3 2025 NOK billion, % change +1.6% (+1.0bn) 0.2 0.1 0.2 2.2 -1.0 -0.2 -0.1 67.5 0.0 67.5 -0.4 66.5 Q2 2025 Aker Solstad Aker BP* SalMar Aker Gaia Aker Property Net Q3 2025 Dividends Q3 2025 BioMarine Maritime* Solutions Salmon Group Other* pre- paid post- and Solstad Offs
Slide 20: Aker Property Group (APG) – Simplified overview, Q3 2025
Aker Property Group (APG) – Simplified overview, Q3 2025 A leading Norwegian real estate firm specializing in property ownership, management and development UNLISTED LISTED DEBT PORTFOLIO PORTFOLIO 8 7.8 0.5 0.8 6 3.5 1.6 4.9 NOK billion 4 I/B 2.5 1.9 debt to Aker 2.5 2 -5.4 2.4 0 Office Hotels, Log
Slide 21: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details Ownership Ownership Share of Company Sector (shares) (%) total assets 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Aker BP Energy (E&P) 133 757 576 21 % 44% 39 592 39 525 36 088 36 409 30 256 29 654 33 373 3
Slide 22: Value change details
Value change details NOK million Net Dividend Other Value Value change details 2Q 2025 investments income changes change 3Q 2025 Aker BP 34 483 - (856) - 227 33 854 Aker BioMarine 4 088 - - - 2 235 6 323 Aker Solutions 6 753 - - - (950) 5 803 Solstad Maritime 5 772 - (186) - (78) 5 508 Solstad Offsh
Slide 23: Portfolio companies – additional information
Portfolio companies – additional information LISTED EQUITY INVESTMENTS USD million Aker BP (ticker: AKRBP) 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 Net Production Volume (mboepd) 450 444 457 448 444 415 449 439 441 415 414 Revenue 3,513 3,556 13,670 3,0
Slide 24: Portfolio companies – additional information
Portfolio companies – additional information USD million Solstad Maritime (ticker: SOMA) 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 Revenue 119 134 482 120 139 152 144 556 145 152 145 EBITDA 56 65 226 54 70 84 65 274 76 71 61 EBITDA margin 46.7% 48.2% 46.
Slide 25: Portfolio companies – additional information
Portfolio companies – additional information UNLISTED EQUITY INVESTMENTS USD million Cognite 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 Annual Recurring Revenue (ARR) 64 68 68 73 82 92 94 94 100 108 124 Revenue 26 27 105 27 30 32 35 124 36 40 42 EBITDA (9
Slide 26: Income statement and Balance sheet
Aker ASA and holding companies Income statement and Balance sheet NOK million Combined Income Statement 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 Operating revenues* - - - - - - - - - - Operating expenses (97) (106) (404) (106) (104) (106) (95) (412) (10
Slide 27: External interest-bearing debt
External interest-bearing debt NOK million External interest-bearing debt 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 AKER15 2 000 2 000 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 AKER1
Slide 28: Dividend history
Dividend history History Strong track-record: more than NOK 29bn (NOK 403.5 per share) of acc. dividends from re-listing 2004 (NOK) (NOK million) Year of Payment Fiscal Dividend Dividend Dividend per share (NOK) Acc. dividends paid (NOK bn) payment date year per share value 60.0 NOK 29.7bn (NOK 403.
Slide 29: 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 30: 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 31: 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