Akastor : Annual Report 2025

About this update from Akastor Asa

Total Shareholder return (8.6) PERCENT 2024: +11% Equity Share 89 PERCENT 2024: 87% Net Profit (148) NOK MILLION 2024: 1 653m Net interest bearing items 841 NOK MILLION 2024: 839m Net Capital Employed 4.5 NOK BILLION 2024: 5.0bn 2025 in brief Shareholder distributions: Akastor made its first shareholder distributions in 2025, totalling NOK 0.75 per share. Increased ownership in AKOFS Offshore: Akastor completed the agreed ownership realignment with Mitsui, increasing its stake from 50 percent to 66.7 percent, with MOL holding the remaining one-third. Good AKOFS operational performance: AKOFS Offshore delivered high fleet utilization, completed the AKOFS Seafarer Class Renewal Survey, and began the vessel's improved-rate option period at year-end. Net capital employed 1) 12.9 2.5 1.2 0.3 0.0 (0.5) 16.4 3.1 19.5 NOK million, 31 December 2025 Value per share NOK Major contract awards for AKOFS: AKOFS Offshore strengthened its long-term backlog through key contract wins, including a new four-year MPSV contract for AKOFS Santos and a four-year SESV contract for Aker Wayfarer, both expected to start in 2027. HMH bond refinancing: HMH successfully issued USD 200 million in senior secured bonds at improved terms, enhancing its capital structure. 684 335 76 0 (128) DDW Offshore progress: DDW Offshore delivered on its backlog with strong fleet utilization, refinanced its term loan on improved terms, and completed the post-year-end sale of Skandi Atlantic. Solid financial position maintained: Net capital employed 5 335 4 493 3 527 841 Listed Holdings 2 Other Net Capital Employed NIBD Equity ended at NOK 4.5 billion, net cash position remained NOK 0.8 billion, and equity stood at NOK 5.3 billion at year-end. Net Capital Employed per holding reflected at book value Included listed holdings in ABL Group and Maha Capital. Holding in Maha Capital fully realized in 1Q 2026. PAGE 2 ‌Contents Message from the CEO 4 Board of Directors' Report 5 Declaration by the Board of Directors and CEO 21 Corporate Governance Statement 22 Financials and Notes 34 Akastor Group 34 Akastor ASA 73 Independent Auditor's Report 83 Alternative Performance Measures 85 Board of Directors 87 Management 88 Company Information 89 ANNUAL REPORT 2025 ‌Message from the CEO CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS 2025 has been a defining year for Akastor, in which we translated the financial strength gained in 2024 into tangible value creation for our shareholders. Most notably, we completed our first-ever distribution to shareholders, marking a significant milestone in our long-term realization strategy, and a second distribution later in the year further demonstrated the robustness of our financial position and our commitment to disciplined capital allocation. Throughout the year, our focus remained on executing our strategy of active ownership, safeguarding our net cash position, and supporting the development of our portfolio companies. I am pleased to see continued operational progress across the group, despite market conditions that in some areas-particularly offshore drilling-were more challenging than expected. Even so, toward the end of the year and into early 2026, we have seen signs of improvement, with renewed tendering activity and contract awards that support a more constructive outlook. At the same time, renewed unrest and military escalation in the Middle East - including attacks in and around Iran - have added uncertainty to global energy markets and financial market sentiment. HMH delivered another year of solid operational performance and stable financial results. The company successfully refinanced its outstanding bond in December, strengthening its financial foundation and extending its maturity profile. Preparations for a potential U.S. listing continued throughout 2025, with updated filings submitted and the company maintaining readiness to pursue an offering when market conditions permit. HMH remains well positioned to benefit from improving sentiment in the offshore drilling market, as operators increasingly prepare for new campaigns and equipment needs. In AKOFS Offshore, operational performance across the fleet remained strong. A key milestone was the formal award of a new four-year contract for AKOFS Santos, which will commence in early 2027 on materially improved commercial terms. In February 2026, AKOFS Offshore further strengthened its long-term backlog through the signing of the new four-year SESV contract for Aker Wayfarer, following Petrobras' tender process last year - representing another significant commercial milestone for the company. AKOFS Seafarer completed its Class Renewal Survey during the year and began its new option period toward year end at enhanced dayrates. Together, these developments represent a step-change in the future earnings potential of AKOFS Offshore. DDW Offshore focused on delivering on its contracted backlog throughout 2025. Early in 2026, we completed the sale of Skandi Atlantic, further simplifying the fleet and strengthening financial flexibility. We continue to evaluate strategic alternatives for the remaining vessels in line with market conditions and our value-focused approach. Across Akastor, our progress in 2025 reflects the disciplined execution of our strategy: strengthening our financial platform, optimizing our portfolio, close cooperation with co-owners and enabling shareholder returns. At the same time, we remain mindful of the broader environment-characterized by geopolitical tensions, notably in the Middle East, cost inflation and uneven market visibility in certain segments. These uncertainties reinforce the importance of maintaining financial resilience, operational excellence, and strong relationships with partners, customers, and co owners. As we enter 2026, Akastor is in a strong position: debt-free at the holding level, supported by improving market fundamentals in key segments, and with clearer earnings trajectories across our largest assets. We will continue to assess opportunities to realize value where conditions allow, while remaining committed to responsible management and long-term value creation. Finally, I would like to extend my gratitude to the employees and management teams across our portfolio companies. Their dedication and professionalism are essential to our performance and to the trust placed in us by our stakeholders. I look forward to building on this foundation as we continue delivering on our strategic ambitions. Karl Erik Kjelstad , CEO PAGE 4 ANNUAL REPORT 2025 ‌Board of Directors' Report‌ Akastor is an investment company based in Norway with a portfolio of companies operating primarily within the oilfield services sector, with a flexible mandate for active ownership and longterm value creation. Akastor aims to maximize value through strategic initiatives, with the key objective of returning capital to shareholders following asset divestments. ANNUAL REPORT 2025 PAGE 5 CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS ANNUAL REPORT 2025 Key Events 2025 During 2025, Akastor made significant progress in executing its strategic agenda, with a continued focus on optimizing its portfolio, enhancing financial robustness and returning capital to shareholders. Highlights of the year included: First shareholder distributions: In July and November 2025, Akastor announced and paid its inaugural shareholder distributions, underpinned by robust cash generation and the complete divestment of its holding in Odfjell Drilling. This demonstrates Akastor's ongoing commitment to returning surplus capital to its shareholders, with total dividends of NOK 0.75 per share distributed over the course of 2025. Increased ownership in AKOFS Offshore: During the year, Akastor completed ownership-related steps that resulted in Akastor and MOL holding two-thirds and one-third of the shares, respectively. These steps finalized the ownership realignment agreed with Mitsui in 2024 and increased Akastor's ownership from 50 percent to two-thirds. Good operational performance at AKOFS Offshore: AKOFS Offshore achieved consistently high fleet utilization and successfully completed the five-year Class Renewal Survey for AKOFS Seafarer. The company also benefited from improved terms with the commencement of Seafarer's new contract option period in December 2025, alongside continued robust performance from both Aker Wayfarer and AKOFS Santos. Contract awards for AKOFS Offshore: AKOFS Offshore strengthened its long-term backlog through key contract wins, including a new four-year MPSV contract for AKOFS Santos and a four-year SESV contract for Aker Wayfarer, both expected to start in 2027. These developments substantially strengthen AKOFS Offshore's backlog and reinforce its strong market position in Brazil. Successful placement of new USD 200 million senior secured bonds by HMH: In December, HMH successfully completed the issuance of USD 200 million in senior secured bonds, featuring a three-year tenor and a fixed coupon rate of 7.875 percent. This represents a significant improvement compared to its previous bonds and underscores HMH's strong position in the capital markets. DDW Offshore operational and financial progress: DDW Offshore delivered on its existing backlog during 2025, with Skandi Peregrino and Skandi Atlantic commencing their long-term contracts and performing well, remaining on hire throughout the year. During the year, DDW Offshore also refinanced its term loan on improved terms, lowering financing costs going forward. Post year-end, DDW Offshore completed the sale of Skandi Atlantic for USD 22.75 million. Akastor's total net capital employed at year-end 2025 was NOK 4.5 billion, a reduction of approximately NOK 0.5 billion compared to year-end 2024. The decrease was primarily driven by the realization of holdings and foreign exchange effects. Net interest-bearing debt remained at a net cash position of NOK 0.8 billion at year-end 2025, unchanged from year-end 2024, reflecting the combined impact of dividend payments and other movements during the period. Total equity at year-end 2025 was NOK 5.3 billion, compared with NOK 5.9 billion at year-end 2024. PAGE 6 ANNUAL REPORT 2025 PAGE 6 Company Overview 66.7% Ownership interest AKOFS Offshore, a subsea well installation and intervention services provider. Akastor is an investment company with a flexible mandate for value creation, holding a portfolio of companies primarily within the oilfield services sector. As per end of 2025, the portfolio includes two holdings classified as industrial investments, HMH and AKOFS Offshore. Akastor actively engages with these companies through their Boards of Directors, where the Akastor investment team is represented. Both HMH and AKOFS Offshore are joint ventures and accounted for using the equity method. Akastor also holds interest bearing positions towards HMH and AKOFS Offshore. In addition to its industrial investments, Akastor holds several financial investments. These represent holdings with a shorter investment horizon or where Akastor has limited influence due to smaller ownership stakes. The Akastor corporate organization is based at Fornebu, just outside Oslo in Norway, with a team of 9 employees, working closely with the boards and management of its portfolio companies. Aker Holding AS, wholly owned by Aker ASA, is the largest shareholder of Akastor ASA with a shareholding of 36.7 percent. The shares of Akastor ASA are traded on the Oslo Stock Exchange under the ticker AKAST. Investments 50% Ownership interest HMH, a global provider of drilling solutions, engineering, projects, equipment and services. c . 15% Economic interest NES Fircroft, a technical and engineering staffing company. Industrial Financial 100% Ownership interest DDW Offshore, owns and operates two offshore vessels 2) . 4 .5% Ownership interest ABL Group, offers independent energy and marine consultancy to the global renewables, maritime and oil and gas sectors. 1. 7% Ownership interest 1) Maha Capital, a diversified investment platform, focused on fintech credit solutions. 36% Ownership interest Føn Energy Services, an independent service provider to the offshore and onshore wind industry. 33% Ownership interest IKM Løfteteknikk, a service provider within crane, lifting technology and lifesaving appliances. Akastor's ownership interest at year-end 2025 was 1.7 percent, and the holding was fully realized in January 2026. The Skandi Atlantic vessel was disposed in January 2026. Strategy Akastor's strategy remains consistent, focusing on creating long-term value for shareholders through active ownership and an independent, flexible investment approach. Each portfolio company operates as a decentralized, self-sufficient entity with its own management team and Board of Directors. For its industrial investments, Akastor collaborates closely with these teams to guide operational activities, business development, acquisitions, and divestments, targeting to maximize value creation. Akastor also engages with co-owners through Boards and governing structures, fostering strong cooperation and governance. For financial investments, where Akastor typically holds minority stakes, involvement is more limited but includes engagement through Boards or direct collaboration with management to influence development. Akastor emphasizes a deep understanding of each portfolio company's market dynamics and challenges to evaluate current valuation against future potential. Akastor aims to maximize value through strategic, operational, and financial initiatives, including reinvestments in portfolio companies to strengthen them ahead of future exits. The ultimate objective is to return capital to shareholders following asset divestments while maintaining a sound capital structure. Akastor's strategy remains consistent, focusing on creating long-term value for shareholders through active ownership and an independent, flexible investment approach. Outlook During 2025, Akastor maintained a solid financial position, building on the strengthened balance sheet achieved in the prior year. With a net cash position established in 2024, the company focused on disciplined capital allocation, enabling shareholder distributions while preserving financial flexibility going into 2026. Akastor's portfolio companies remain closely linked to developments in the global oilfield services industry. While energy market fundamentals have remained broadly stable, activity levels have varied across segments. For HMH, the offshore drilling market was more challenging through 2025, as several rig operators experienced slower tendering and delayed contracting decisions. However, entering 2026, sentiment among drillers has improved, supported by recent contract awards and increasing visibility on upcoming opportunities. These developments, if sustained, may contribute positively to equipment and service providers such as HMH. Within subsea and marine services, activity levels have remained steady, and the fundamentals supporting long-term offshore spending remain intact. Continued focus on operational performance across portfolio companies will be important in ensuring value creation in an environment that still carries some uncertainty. A range of external factors, such as geopolitical tensions, inflationary pressure, uncertainty surrounding tariff regimes and potential new trade barriers as well as broader macroeconomic volatility, continue to influence global markets and may impact investment decisions, project timing and supply chains. Recent unrest and military escalation in the Middle East, including attacks in and around Iran, have further increased uncertainty in global energy markets and trade flows. These factors create a backdrop of uncertainty to which Akastor remains attentive as it evaluates strategic actions. Despite these external factors, Akastor enters 2026 with a healthy financial platform, a portfolio positioned for improving market conditions, and a continued focus on disciplined capital allocation. The key priorities remain centered on realizing value from the portfolio and distributing proceeds to shareholders through: (i) enabling liquidity for selected holdings, whether through separate listings or other mechanisms that can facilitate future divestments; (ii) optimizing the timing of exits from financial investments to maximize value realization; and (iii) continuing to develop portfolio companies with a longer term horizon, ultimately targeting divestment when attractive opportunities arise. CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS The Akastor Portfolio HMH HMH was established in October 2021 following the merger between MHWirth (previously 100 percent owned by Akastor) and Baker Hughes' Subsea Drilling Systems (SDS) business. Akastor owns 50 percent of the shares in HMH, with the remaining shares owned by Baker Hughes. HMH is classified as a joint venture and accounted for using the equity method in the consolidated financial statements. HMH is a global provider of drilling solutions, engineering, projects, equipment and services. At year-end 2025, the company had approximately 2 250 employees inclusive contractors. HMH is structured into three distinct business segments: Aftermarket Services covers services for installed drilling equipment, including integrated digital solutions. Spares comprises replacement parts for installed equipment. Projects, Products & Other encompasses drilling equipment packages for new or reactivated rigs, standalone drilling products, and equipment for mining and other industries. Revenue for 2025 totalled USD 822 million, a 2 percent decrease from USD 843 million in 2024. This development reflected lower activity within Spares versus the prior year, partially offset by resilient activity in Aftermarket Services. Adjusted EBITDA for 2025 was USD 167 million, down around 1 percent from 2024, implying an adjusted EBITDA margin of 20.3 percent for 2025. The margin improvement was supported by cost efficiencies and inventory optimization through the year. Revenues from Projects, Products & Other amounted to USD 224 million in 2025, broadly in line with the prior year, reflecting the conversion Key Figures 1) Amounts in USD million 2025 2024 Revenue 822 843 EBITDA (adj) 2) 167 168 EBITDA 160 162 Order intake 717 793 Equipment backlog 3) 115 205 NIBD (incl. shareholder loans) 239 289 The figures are presented on 100% basis EBITDA (adj) excludes non-recurring expenses or costs defined as outside of normal company operations Equipment backlog defined as order backlog within Projects, Products and Other PAGE 10 ANNUAL REPORT 2025 CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS of strong 2024 order intake into equipment deliveries during 2025. Aftermarket Services delivered USD 384 million in revenue in 2025, compared to USD 366 million in 2024, reflecting sustained activity across the installed base and stable demand for services and digital solutions. Revenues from Spares ended at USD 214 million, compared to USD 248 million in 2024, as customer spending moderated in a flatter rig-activity environment. Total order intake for HMH was USD 717 million in 2025, compared with USD 793 million in 2024. The decline was mainly driven by lower intake in Spares (USD 237 million in 2025 versus USD 270 million in 2024) and in Projects, Products & Other (USD 125 million versus USD 197 million), reflecting reduced product activity and a flatter rig-activity environment. Intake in Service remained resilient at USD 355 million in 2025, compared with USD 326 million in 2024. HMH continued to operate in a market that remained challenging through 2025, as deferred tendering and contract delays earlier in the cycle continued to affect rig activity and, in turn, demand patterns for equipment and services. Despite this, the long-term outlook for offshore drilling remains constructive, with improving sentiment entering 2026 supported by recent contract awards and increased visibility on upcoming drilling programs. The muted newbuild market is expected to persist, but ongoing focus on fleet upgrades and maintenance supports continued activity in HMH's core aftermarket segments. In December, HMH successfully refinanced its outstanding bond through the placement of a new USD 200 million senior secured bond with a three-year tenor, strengthening its financial position and extending its debt maturity profile. HMH continued its preparations for a potential U.S. initial public offering during 2025, with updated filings submitted to the SEC. While market conditions did not allow for a listing during the year, the IPO remains an important strategic objective for both HMH and Akastor, with timing dependent on capital market developments. Looking ahead, HMH will maintain its focus on operational performance, aftermarket growth, technology development, and selective M&A. A potential U.S. listing remains a key priority for Akastor as it seeks to create liquidity and optionality around its investment in HMH. PAGE 11 ANNUAL REPORT 2025 CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS AKOFS Offshore AKOFS Offshore is a provider of vessel-based subsea well installation and intervention services to the oil and gas industry. The company operates three specialized offshore vessels -AKOFS Santos, Aker Wayfarer and AKOFS Seafarer - and had around 360 employees inclusive contractors at year-end 2025. Per year end 2025, Akastor owned 66.7 percent of the shares in AKOFS Offshore, with the remaining shares owned by Mitsui O.S.K. Lines. During 2025, Akastor completed ownership-related steps that resulted in increased ownership from 50 percent to 66.7 percent, finalizing the realignment agreed with Mitsui in 2024. AKOFS Offshore is classified as a joint venture and accounted for using the equity method in the consolidated financial statements. The company's revenue was USD 138 million in 2025, broadly in line with the previous year. Higher activity and improved utilization on AKOFS Santos compared with 2024 supported revenues, while the scheduled Class Renewal Survey (CRS) for AKOFS Seafarer temporarily reduced contribution from the vessel. EBITDA decreased from USD 39 million in 2024 to USD 34 million in 2025, primarily reflecting higher maintenance-related costs in Brazil as well as other operational effects during the year. AKOFS Offshore delivered another year of solid operational performance in 2025, supported by strong activity levels across the fleet. Both AKOFS Santos and Aker Wayfarer continued to operate under their contracts with Petrobras in Brazil for subsea equipment installation work. Aker Wayfarer delivered stable operations throughout the year, with annual revenue utilization of 96 percent, while AKOFS Santos reported 93 percent for the year. Key Figures 1) Amounts in USD million 2025 2024 Revenue and other income 138 139 EBITDA 34 39 EBIT (7) (2) CAPEX and R&D capitalization 29 6 Net capital employed 283 271 Order intake 144 296 Order backlog 547 506 The figures are presented at 100 percent basis. PAGE 12 ANNUAL REPORT 2025 CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS AKOFS Seafarer also continued to perform well under its long-term Light Well Intervention contract with Equinor. The vessel completed its Class Renewal Survey (CRS) during the year, which temporarily reduced utilization but was executed according to plan and budget. Total revenue utilization for AKOFS Seafarer ended at 78 percent, with strong uptime outside the yard period. From December 2025, Seafarer transitioned into its exercised option period with improved day rates, enhancing forward earnings visibility. During the year, AKOFS Santos was formally awarded a new four-year MPSV contract with Petrobras, commencing in early 2027. The contract has a total value of USD 246 million, of which USD 144 million is attributable to AKOFS Offshore and was recognized as backlog during 2025. The agreement includes an improved day rate and represents a step in strengthening the long-term earnings profile of the company. In January 2026, AKOFS Offshore signed an amendment extending the current contract for AKOFS Santos to January 2027, ensuring a seamless transition into the new contract period. Ahead of commencement, the vessel will undergo around 60 days of preparations during 2026. In February 2026, Aker Wayfarer was awarded a four-year SESV contract with Petrobras, expected to commence in the third quarter of 2027. The total contract value is USD 330 million, of which about USD 213 million will be revenue allocated to AKOFS Offshore and included in the company's backlog. Together, these commercial developments materially enhance earnings visibility for AKOFS Offshore in the coming years. As noted previously, AKOFS Offshore has for a period been affected by relatively low investment levels among oil companies, limiting available prospects and impacting contract terms. However, current market conditions indicate potential for improved revenues and earnings as vessels transition onto new terms. This is demonstrated by AKOFS Seafarer's newly commenced option period and the day rate uplift associated with the new Santos contract. Entering 2026, AKOFS Offshore is well positioned with a higher contract backlog than the year before and improving commercial terms driven by recent contract awards and higher day rates. AKOFS Seafarer continues to operate at the enhanced rate under the option period, Aker Wayfarer will undergo its planned Class Renewal Survey in the first quarter before returning to operations, and AKOFS Santos will complete preparations for its new long-term contract starting in early 2027. While 2026 will be partly affected by periods out of operation for both Aker Wayfarer and AKOFS Santos, the overall outlook is improving, supported by updated commercial terms through the forthcoming contract commencements. Across the fleet, AKOFS Offshore will continue to prioritize high operational uptime, disciplined execution, and the pursuit of opportunities aligned with its core strengths in subsea well construction and intervention services. ANNUAL REPORT 2025 PAGE 13 CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS DDW Offshore Through 2025, DDW Offshore owned three mid-sized Anchor Handling Tug Supply (AHTS) vessels, Skandi Peregrino, Skandi Atlantic and Skandi Emerald. Akastor holds 100 percent of the shares in the company. DDW Offshore delivered total revenues of NOK 387 million in 2025, compared to NOK 278 million in 2024. EBITDA in 2025 ended at NOK 117 million, up from NOK 91 million in 2024, driven by higher average utilization of the fleet. DDW Offshore's activity in 2025 was focused on delivering on its existing backlog, with all three vessels active during the year. Skandi Atlantic commenced a new contract in Australia at the beginning of January 2025 and remained continuously on hire for the remainder of the year, with total revenue utilization of 97 percent. Skandi Peregrino faced certain delays prior to commencement but ultimately transitioned onto its long-term contract secured in 2024 after completing mobilization and preparations in Australia. The contract commenced in June, after which operations proceeded as planned. Skandi Peregrino remained on hire for the rest of the year, delivering total revenue utilization of 50 percent. Skandi Emerald continued on the same contract held at year-end 2024, operating for Petrofac in Australia through late October 2025, including several shorter contract extensions. After completing the engagement, the vessel demobilized to Singapore, where it entered the spot market ahead of its Class Renewal Survey (CRS) in February 2026. Total revenue utilization for 2025 amounted to 87 percent, and the vessel is available from Singapore for new opportunities following its CRS. In the fourth quarter, DDW Offshore refinanced its term loan through a new USD 24 million Reducing Revolving Credit Facility (RCF), secured on improved terms that will lower financing costs going forward. In January 2026, DDW Offshore completed the sale of Skandi Atlantic for USD 22.75 million. Under the terms of the new facility, the total RCF commitment was reduced by one-third (USD 8 million) following the divestment, and the company's debt position has been reduced accordingly. Key Figures Amounts in NOK million 2025 2024 Revenue and other income 387 278 EBITDA 117 91 EBIT 63 68 NCOA 36 25 Net capital employed 335 415 Across the fleet, 2025 represented a year of executing the established backlog and stabilizing operations after earlier delays. With the sale of Skandi Atlantic completed in early 2026, DDW Offshore will concentrate on maximizing utilization and commercial performance for the two remaining vessels. The company will continue to assess a range of strategic alternatives for these units, including operational deployment and potential asset transactions, consistent with market conditions and Akastor's value focused ownership strategy. PAGE 14 PAGE 14 ANNUAL REPORT 2025 Key Figures Amounts in NOK million 2025 2024 Revenue and other income 3 644 EBITDA (76) 558 EBIT (79) 553 NCOA (37) (109) Net capital employed 631 891 Group Financial Performance Akastor presents its consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. All amounts below refer to the consolidated financial statements for the group, unless otherwise stated. Please note that consolidated revenue and operating profit in Akastor only include financial performance of subsidiaries, which represents a minor part of Akastor's total net capital employed in the portfolio companies. Income Statement Revenue and other income for 2025 was NOK 390 million, compared to NOK 922 million in 2024. The Revenue and other income in 2024 were positively affected by other income of NOK 630 million related to DRU arbitration award received. Operating profit before interest, tax, depreciation and amortization (EBITDA) was positive NOK 41 million, compared to positive NOK 648 million in 2024. Depreciation and impairment were NOK 57 million in 2025, compared to NOK 27 million in the previous year. Net financial expenses were NOK 166 million in 2025, compared to net financial income of NOK 1 006 million in the previous year which included interest compensation of NOK 717 million related to the DRU arbitration award. Finance income and costs include interest income and expenses from receivables and borrowings, fair value changes in financial assets measured at fair value and net foreign exchange loss. Akastor's share of net profit from the equity-accounted investments was NOK 25 million, compared to net loss of NOK 1 million in 2024, mainly related to net profit in HMH, offset by net loss in ANNUAL REPORT 2025 Other Holdings Other Holdings at year-end 2025 comprised an economic interest of around 15 percent in NES Fircroft, a 4.5 percent shareholding in ABL Group, a 1.7 percent shareholding in Maha Capital, and a 36 percent shareholding in Føn Energy Services. During 2025, parts of Føn Energy Services' business were transferred to the newly established company IKM Løfteteknikk, owned by IKM (67 percent) and Akastor (33 percent). Following this transaction, Føn Energy Services focuses exclusively on offshore wind. Total EBITDA for Other Holdings for the year was negative NOK 76 million, driven primarily by corporate costs. The EBITDA in 2024 was positively impacted by other income of NOK 630 million related to the DRU arbitration award received. Net capital employed decreased from NOK 891 million at year-end 2024 to NOK 631 million at year-end 2025. The reduction was mainly attributable to the realization of the Odfjell Drilling shares, as well as valuation adjustments and foreign exchange effects related to NES Fircroft. In January 2026, Akastor's shareholding in Maha Capital was fully divested for total proceeds of SEK 37 million. PAGE 15 AKOFS Offshore. Akastor no longer recognizes further net loss from AKOFS Offshore after the carrying amount of the investment was reduced to zero. Net loss from continuing operations was NOK 157 million, compared to net profit of NOK 1 623 million in 2024. Net profit from discontinued operations was NOK 9 million compared to NOK 30 million in 2024, mainly related to reassessment of deferred consideration on divestments from prior years. The group had net loss of NOK 148 million for the year, compared to net profit of NOK 1 653 million in 2024. Financial Position Total assets of Akastor amounted to NOK 6.0 billion as of December 31, 2025, compared with NOK 6.7 billion at year-end 2024. The reduction was primarily driven by the realization of holdings as well as foreign exchange effects. As of December 31, 2025, Akastor had a net cash position (excluding lease liabilities) of NOK 40 million, while net interest-bearing items were positive NOK 841 million. Both the net cash position and interest-bearing items remained largely consistent with the previous year. Total equity amounted to NOK 5.3 billion at year-end 2025. The equity ratio was 89 percent as of December 31, 2025, compared to 87 percent as of December 31, 2024. Cash Flow As of December 31, 2025, Akastor had cash of NOK 43 million, compared to NOK 47 million as of December 31, 2024. Including an undrawn committed credit facility of NOK 302 million and a liquidity fund investment of NOK 276 million, the total liquidity reserve amounted to NOK 621 million at year-end 2025. Net cash flow from investing activities was positive NOK 221 million, compared to negative NOK 761 million in 2024. The cash flow from investing activities included proceeds of NOK 222 million from the divestment of shareholdings in Odfjell Drilling. Net cash flow from financing activities amounted to negative NOK 274 million which included cash dividends paid of NOK 204 million as well as net repayment of borrowings of NOK 66 million. The net cash flow from financing activities in 2024 was negative NOK 1 132 million mainly related to repayment of Akastor's corporate loan facilities upon receiving proceeds related to the DRU award. Subsequent Events In January 2026, DDW Offshore, a subsidiary of Akastor ASA, completed the sale of Skandi Atlantic for a purchase price of USD 22.75 million. Under the terms of DDW Offshore's revolving credit facility, the facility was reduced by USD 8 million following the divestment. In January 2026, Akastor completed the full realization of its holding in Maha Capital for total proceeds of SEK 37 million. On February 23, 2026, Akastor distributed a cash dividend to its shareholders of NOK 0.4 per share (in total NOK 109 million), based on the 2024 annual accounts. Going Concern The Board of Directors confirms that the going concern assumption, on which the financial statements have been prepared, is appropriate. Parent Company and Allocation of Net Profit The parent company Akastor ASA is the ultimate parent company in the Akastor group. Akastor ASA has outsourced all management functions to other companies within the group, mainly Akastor AS. Akastor ASA had a net profit of NOK 83 million in 2025 (net profit of NOK 1 254 million in 2024). The company does not intend to distribute regular or annual dividends. Rather, dividend distributions will be evaluated on an ongoing basis, taking into account M&A activity, expected cash flow, capital expenditure plans, financing requirements and the need to maintain appropriate financial flexibility. Consistent with the dividend policy, Akastor carried out dividend distributions during 2025, totalling NOK 0.75 per share based on the 2024 annual accounts. The distribution was declared in accordance with the authorization granted to the Board of Directors at the Annual General Meeting on April 24, 2025. For the financial year 2025, the Board of Directors proposes no further dividend and that the net profit for the year of NOK 83 million be allocated to retained earnings. Research, Innovation and Technology Development All research, innovation and development initiatives are performed by the Akastor portfolio companies. Akastor ASA and its consolidated entities performed no such activity in 2025 or 2024. Risk Management Akastor and its portfolio companies are exposed to various forms of market, operational and financial risks that may affect their performance, strategic goals and reputation. Akastor's risk management model is designed on the basis that Akastor is an investment company with an overall objective of securing its shareholders' investments and developing the group's assets in order to provide the shareholders with a solid return. Details on the Risk management model is described in the Corporate Governance statement, which is included as a separate section in this annual report. Market Risks Akastor's portfolio of holdings is primarily focused on the oilfield services industry, leveraging the company's experience and expertise. While Akastor has a flexible mandate, its investments have traditionally remained within this sector, managing associated risks through sound management systems rather than broad industry diversification. Whilst we have seen a moderation in inflation and interest rates during 2025, geopolitical conflicts continue to introduce macroeconomic volatility, which is expected to continue to impact markets in 2026. This volatility may lead to reduced industrial activity as well as delays or shifts in transaction plans. As an investment company, Akastor is inherently exposed to risks related to mergers, acquisitions, and divestments, which become more pronounced in volatile markets. Uncertainty in valuations, reduced capital flows, and shifting investor sentiment can make transactions more challenging to execute. Operational risks are primarily managed at the portfolio company level through securing new orders and securing sound project execution. Akastor monitors these efforts in line with its corporate governance principles, mainly through board participation in each portfolio company. Risks associated with divestments, mergers, acquisitions, and other transactions are managed and overseen by Akastor's investment team. Financial Risks Akastor faces various financial market risks including currency, interest rate, tax, price, credit, counterparty, liquidity, and capital risks, along with risks related to financing access and terms. A detailed discussion of these risks can be found in Note 23 Financial risk management in the group's consolidated financial statements. The goal of financial risk management is to minimize adverse effects on Akastor's financial position. As of year-end 2025, Akastor holds a net cash position which lessens its reliance on external financing. The primary credit exposure is linked to financing arrangements within its holdings, such as DDW Offshore's guarantee exposure and AKOFS Santos financing. Integrity Risks All Akastor portfolio companies use education and training to manage integrity risks. Employees must complete annual Code of Conduct training. Managers and office-based staff must conduct integrity e-learning training and classroom courses. Specific roles with higher integrity risks receive tailored training. High-risk hired-in personnel and third-party representatives also receive integrity training. Training must be completed and reported within six months of employment or new session publication. Akastor has a whistleblowing system for reporting breaches of the Code of Conduct or other guidelines, open to all stakeholders. Employees are required to report breaches and encouraged to report compliance concerns. Climate Risks The primary climate-related risks that Akastor faces stem from the oil service industry's exposure to the risks linked with a transition to a lower carbon-intensive industry. For a more detailed description of these risks and how they are monitored and managed, reference is made to the section below; "Sustainability Information". D&O insurance The directors and officers of Akastor companies are covered under a Director & Officer's Liability Insurance (D&O). The insurance covers personal legal liabilities including defence-and legal costs. The officers and directors of the parent company and all subsidiaries globally (owned 50 percent or more) are covered by the insurance. The cover also includes employees in managerial positions or employees who become named in a claim or investigation. Sustainability Information Akastor ASA is subject to annual sustainability reporting requirements pursuant to section 2-4 (6) of the Norwegian Accounting Act and provides as below an overview of the company's sustainability-related priorities, policies, and key indicators, based on the information available to management at the date of approval of the annual report. The information has been prepared with reference to the principles underlying the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) developed by EFRAG, ref. section 2-4 (8) of the Norwegian Accounting Act. It is not intended that the content herein shall constitute a complete sustainability report, nor has a formal double materiality assessment been conducted. This sustainability disclosure focuses on Akastor's performance as a group company and employer, aligned with the scope of the financial reporting in Akastor's annual report. The scope of disclosure in this report is on Akastor ASA as a consolidated investment company. Akastor's two main industrial holdings, HMH and AKOFS Offshore, issue separate reporting on sustainability and which is available on their websites. Environmental maflers As an investment company, Akastor's direct environmental footprint is not significant. However, Akastor's primary investments reside in the oil and gas industry, and where the environmental footprint is more substantial and where there is a focus to conduct its operations in a manner that minimizes negative environmental impact. Simultaneously, Akastor's portfolio companies contribute in the energy transition by offering advanced services and products that enable clients to produce conventional energy sources as efficiently as possible. This approach ensures access to secure and affordable energy while minimizing the carbon footprint as much as possible. Additionally, it helps avoid increases in other, potentially more environmentally damaging, energy sources. As an investment company, Akastor's exposure to both transition and physical risks is directly related to the risks identified by its portfolio companies. The principal climate-related risks facing Akastor stem from its industrial investments in the oil and gas sector, particularly in the context of the industry's transition towards a low-carbon economy and the broader replacement of fossil fuel-based energy with renewable energy sources. Akastor monitors compliance with its expectations, including on ESG matters, primarily through board representation in its industrial and financial holdings. Each industrial holding evaluates climate-related risks and opportunities as part of its annual risk assessment and reports regularly to Akastor on these matters. CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS Emission reporting The emission report focuses on carbon emissions, particularly CO 2 . Aligned with the Greenhouse Gas Protocol (GHG-protocol), we categorize emissions into Scope 1 (direct emissions), Scope 2 (indirect emissions from purchased electricity) and Scope 3 (other indirect emissions). Scope 3 emissions are limited to waste and air travel emissions both for Akastor and for HMH and AKOFS At year-end 2025, Akastor ASA's board comprised five directors, of which two are female directors. On a consolidated basis, Akastor had 9 employees (FTE) as of December 31, 2025, and the male/female ratio was 2/1. Akastor regularly assesses whether the principle of equal pay for equal work has been implemented, both in its own organization as well as in the companies it owns. No significant differences have been Akastor consolidated GHG emissions report Scope 1 (direct emissions) 2025 2024 2 2 DDW Offshore 1) Vessel fuel 29 813 tCO e 23 066 tCO e Scope 2 (indirect emissions from purchased electricity) Akastor Office electricity, heating and cooling 1 tCO 2 e 1 tCO 2 e Scope 3 (other indirect emissions) 2 2 Akastor Air travel and waste 73 tCO 2 e 172 tCO 2 e AKOFS Offshore 2) 67%/50% of Scope 1, 2 and 3 34 014 tCO e 25 281 tCO e HMH 50% of Scope 1, 2 and 3 4 019 tCO e 9 167 tCO e Offshore. 2 2 identified. Social maflers - Employees and working conditions The Akastor organization relies on a small group of key professionals, making it crucial to maintain a positive work environment and retain skilled staff. Akastor encourages skill development and sharing knowledge. Akastor is committed to equal opportunity and non-discrimination. Employees receive competitive benefits, including on-site health center, insurance for occupational injuries, accidents, sickness, disability, travel, and insurance for group life. Social maflers - Human rights The company is committed to respecting fundamental human rights as set out in internationally recognized standards. Given the nature of the business, the Board assesses the risk of adverse human rights impacts to be limited. For more information, please refer to the Transparency Act Statement released by the Board, which can be found on Akastor's website. Total Akastor Sum of Scope 1, 2 and 3 67 920 tCO 2 e 57 687 tCO 2 e Increase in 2025 due to one vessel not on contract for half year of 2024 Increase in 2025 due to increased ownership from 50% to 67% in 2025 Key Figures on Social in Akastor 2025 2024 Number of employees 9 FTEs 9 FTEs Employee turnover 0% 9% Nationalities represented 4 5 Share of women 33% 40% Sick leave 1% ≤ 1% PAGE 19 ANNUAL REPORT 2025 Corporate Governance Corporate governance is a framework of values, responsibilities and governing documents to control the business and ensure sustainable value creation for shareholders over time. Corporate governance is a priority for Akastor's Board of Directors, management, and employees, as well as in managing Akastor's portfolio companies. Sustainability considerations are integrated into the company's business strategy, risk management and internal control processes to the extent deemed appropriate given the size, nature and complexity of the company's operations. Akastor takes pride in active ownership, which means using all available tools as an owner. This approach includes: Identify and pursue opportunities: Akastor's investment team seeks transactional and structural opportunities to add value to portfolio companies. Collaborate with co-owners: We ensure cooperation with co-owners through transparency, trust, and adherence to governing documents like shareholder agreements. Implement governance models: Establish and enhance governance models for each portfolio company, continuously seeking improvements. Exercise management through directorships: Appoint directors in each company to oversee operations and collaborate with management for value enhancement. Support key functional disciplines: Akastor's corporate team works with industrial holdings on finance, treasury, tax, legal, compliance, and ESG through regular reports and meetings to ensure quality performance and mitigate risks. It is the responsibility of the Board of Directors of Akastor to ensure that the company implements sound corporate governance. The audit committee supports the Board in safeguarding that the company has internal procedures and systems in place to ensure that corporate governance processes are effective. Akastor's corporate governance principles are based on the Norwegian Code of Practice for Corporate Governance and are designed to secure the shareholders' investment through value creation and to ensure good control with the portfolio companies. The corporate governance principles are included in this annual report and available on the company's website https://www.akastor.com . Fornebu, March 17, 2026 I Board of Directors of Akastor ASA Frank O. Reite Chairperson Lone Fønss Schrøder Deputy Chairperson Svein Oskar Stoknes Director Eva Sagemo Director Luis Antonio G. Araujo Director Karl Erik Kjelstad CEO ‌Declaration by the Board of Directors and CEO The Board of Directors and the CEO have today considered and approved the annual report and financial statements for the Akastor group and its parent company Akastor ASA for the year ended on December 31, 2025. The Board has based this declaration on reports and statements from the group's CEO and/or on the results of the group's activities, as well as other information that is essential to assess the group's position which has been provided to the Board of Directors. To the best of our knowledge: The financial statements for 2025 for Akastor group and its parent company have been prepared in accordance with all applicable accounting standards. The information provided in the financial statements gives a true and fair portrayal of the group and its parent company's assets, liabilities, profit and overall financial position as of December 31, 2025. The annual report provides a true and fair overview of the development, profit and financial position of Akastor group and its parent company, as well as the most significant risks and uncertainties facing the group and the parent company. Fornebu, March 17, 2026 I Board of Directors of Akastor ASA Frank O. Reite Chairperson Lone Fønss Schrøder Deputy Chairperson Svein Oskar Stoknes Director Eva Sagemo Director Luis Antonio G. Araujo Director Karl Erik Kjelstad CEO ‌Corporate Governance Statement‌ Corporate governance is a framework of values, responsibilities and governing documents to control the business and ensure sustainable value creation for shareholders over time. Sound corporate governance shall ensure that appropriate goals and strategies are adopted, that the strategies are implemented in a good manner and that the results achieved are subject to measurement and follow-up. PAGE 22 CONTENTS BOARD OF DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT FINANCIAL STATEMENTS ANNUAL REPORT 2025 The Corporate Governance Report Basis for this Report The corporate governance principles of the group are laid down by the Board of Directors of Akastor ASA ("Akastor" or the "company"). The principles are based on the Norwegian Code of Practice for Corporate Governance dated 28 August 2025 (the «Code of Practice»), the regulations set out in the Rulebook II of Euronext Oslo Børs (the stock exchange in Oslo) and the relevant Norwegian background law such as the Norwegian Accounting Act and the Norwegian Public Limited Liability Companies Act. The Code of Practice may be found at www.nues.no and the Euronext Oslo Børs Rulebook II may be found at www.euronext.com. Norwegian laws and regulations are available at www.lovdata.no. This report outlines how Akastor has implemented the Code of Practice. Deviations from the Code of Practice are addressed under the relevant sections. In general, the Akastor board only approves deviations that the Board believes contributes to value creation for its stakeholders. In addition to the Code of Practice, the Norwegian Accounting Act section 2-9 stipulates that companies must provide a report on their policies and practices for corporate governance either in the annual report or in a document referred to in the annual report. Such report is integrated in the below corporate governance statement. Governance Structure Akastor is an oilfield services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation. As of December 31, 2025, Akastor's portfolio consists of DDW Offshore, 50 percent of the shares in HMH, 66.7 percent of the shares in AKOFS Offshore, 15 percent economic ownership in NES Fircroft, 36 percent of shares in Føn Energy Services, in addition to other holdings and investments, with a total net capital employed of NOK 4.5 billion. Other investments mainly include shareholdings in ABL Group, Maha Capital (which was divested in January 2026) and an investment in Aker Pensjonskasse. It is the responsibility of the Board of Directors of Akastor to ensure that Akastor and its portfolio of companies implement sound corporate governance. The Board of Directors evaluates this corporate governance statement on an annual basis. The Board's audit committee also evaluates the corporate governance statement as well as other key policies and procedures pertaining to compliance and governance. Compliance with, and implementation of these corporate governance guidelines are continuously evaluated by the Board and said committee; inter alia by way of the Board being the decisive body for the company's defined management and reporting structure, which include regular reporting. Policies and Procedures Akastor has a total of eleven corporate policies providing business practice guidance within a number of key areas, all of which are reviewed and updated on an annual basis. These policy documents express the overall position of the group with regard to for instance compliance, integrity and governance. The policies provide instructions and expectations that apply to the portfolio companies and to individual employees in order to ensure that the group's operations are in compliance with internal and external regulatory framework. In addition, the portfolio companies are independent and self-sufficient entities that implement their own governance model and policies specific to their business. Values and Code of Conduct Akastor aims to develop and refine its portfolio of companies as standalone enterprises, with the goal of maximizing the value potential of each entity. The company works to develop the business models of the portfolio companies, capitalize on their market positions and promote aftersales services for the equipment and systems delivered. The current investments are within the oilfield services sector, but the company has a flexible mandate for active ownership and long-term value creation. Akastor has an opportunistic approach and will continue to own the portfolio companies as long as Akastor creates more value than alternative owners. Akastor wishes to contribute to sustainable social development through responsible business practices. The company's Code of Conduct is a handbook that applies to all employees and provides guiding on what Akastor considers to be responsible ethical conduct. The Code of Conduct provides a framework of core corporate values which reflects Akastor's prudent business practice and shall be reflected in every aspect of our operations. The ethical guidelines and other governing documents of the group have been drafted on the basis of these core corporate values. Business The objectives of the company, as defined in its articles of association, are «to own or carry out industrial and other associated businesses, management of capital, and other functions for the group, and to participate in or acquire other businesses». The articles of association are available at www. akastor.com. The principal strategies of the group are presented in the annual report. To ensure value creation for its shareholders, the Board of Directors annually performs a designated strategy process where it sets objectives and targets for the company, assesses risk, evaluates the existing strategy and approves any significant changes. Information concerning the financial position and principal strategies of the company, and any changes thereto is disclosed to the market in the context of the company's quarterly reporting and in designated market presentations as well as at https://www.akastor.com . Corporate Responsibility Akastor takes an active approach to corporate responsibility. Corporate responsibility in Akastor is about making prudent business decisions, with minimum risk to reputation, brand and the future sustainability of our business. As an active owner, it also means that Akastor shall work to promote that its portfolio companies makes similar prudent business decisions. The main focus of corporate responsibility activities in Akastor, defined in our Integrity Policy, is to work against corruption, to respect human rights and to care for health, safety and the environment. In the Akastor Sustainability Policy it is described how Akastor aims to integrate sustainability in its investment processes and engages with the portfolio companies. Akastor's primary stakeholders are the shareholders (existing and potential), customers of its portfolio companies and employees of the Akastor group. Akastor has an ongoing stakeholder dialogue, media analysis and investor presentations, which provide important input to Akastor's work on corporate responsibility topics. All our portfolio companies are expected to ensure integration of stakeholder engagement and a strong corporate responsibility in their operations. Further information in respect of the corporate social responsibility can be found under the section Sustainability Information in the Board of Directors' Report in this annual report for 2025. Equity and Dividends Equity The management and the Board regularly monitor that the group's equity and liquidity are appropriate for its objectives, strategy and risk profile. The equity of the group as per December 31, 2025 is NOK 5 335 million, which represents an equity ratio of 89 percent. The management of financial risk is further described in the annual report. Dividend Policy The general meeting is the decisive corporate body for dividend decisions. At the annual general meeting, there is a practice of granting a standing authority to the Board of Directors to approve payment of dividends based on the latest approved annual accounts, cf. Public Limited Liability Companies Act section 8-2, second paragraph. Over time, the aim is that Akastor's shareholders shall receive a competitive return on their investment either through cash dividends or increase in the share price, or both. The company does not intend to distribute regular or annual dividends but will consider dividends on an ongoing basis taking into consideration the company's M&A activities, expected cash flow, capital expenditure plans, financing requirements and appropriate financial flexibility. Authorizations for the Board of Directors Proposals from the Board of Directors for future authorizations for share capital increases, share buy-backs or similar shall be for defined purposes, such as share purchase programs and acquisitions of companies, and shall remain in effect until the next annual general meeting. The company's annual general meeting on 24 April 2025 resolved to authorize the Board to purchase treasury shares for three purposes for utilization, all of which were subject to separate voting under the general meeting: (i) purchase of treasury shares to be used as transaction currency in connection with acquisitions, mergers, demergers and other transactions, (ii) purchase of treasury shares to be sold and/ or transferred to employees and directors under share purchase programs and (iii) purchase of treasury shares for the purpose of investment or for subsequent sale or deletion of such shares. The authorizations were all limited to ten percent of the share capital. The Board's authorizations to purchase treasury shares are valid for the period until the date of the annual general meeting in 2026. No shares were bought by the company in 2025 pursuant to the authorizations to the Board of Directors. As of December 31, 2025, the company holds 1 441 869 own shares. In addition, the annual general meeting in 2025 granted the Board of Directors the mandate to approve the distribution of dividends based on the company's annual accounts for 2024 as set out in the Public Limited Liability Companies Act section 8-2, second paragraph. The mandate is valid for the period until the date of the annual general meeting in 2026. Based on this mandate, the Board approved payment of cash dividends in July and October in 2025 (an additional cash dividend was also approved in February 2026). There are no current provisions in the articles of association of the company or power of attorney from the general meeting which grant the Board of Directors the mandate to issue or buy back of shares in the company for the purposes of capital increases. Share Purchase Programs There are currently no active share purchase programs in place in Akastor. Equal Treatment of Shareholders and Transactions with Related Parties The company has only one class of shares, and all shares carry equal rights. Existing shareholders shall have pre-emptive rights to subscribe for shares in the event of share capital increases, unless otherwise indicated by special circumstances. If the pre-emptive rights of existing shareholders are waived in respect of a share capital increase, the reasons for such waiver shall be explained by the Board of Directors. Transactions in own shares are effected via Oslo Børs. The largest shareholder of Akastor, Aker Holding AS, is wholly-owned by Aker ASA, which in turn is controlled by Kjell Inge Røkke through TRG Holding AS and The Resource Group TRG AS. As of December 31, 2025, Aker Holding AS owns 36.7% of the shares in Akastor ASA, which is an associated company of Aker ASA. The Board of Directors is of the view that it is positive for Akastor that Aker ASA assumes the role of an active owner and is actively involved in matters of importance to Akastor and to all shareholders. The cooperation with Aker ASA offers Akastor access to special know-how and resources within strategy, transactions and funding. Moreover, Aker ASA offers network and negotiation resources from which Akastor benefits in various contexts. This complements and strengthens Akastor without curtailing the autonomy of the group. It may be necessary to offer Aker ASA special access to commercial information in connection with such cooperation. Any information disclosed to Aker ASA's representatives in such a context is subject to confidentiality undertakings and disclosure regulations in compliance with applicable laws. Aker ASA (or its subsidiaries) are not deemed, within the meaning of the Public Limited Liability Companies Act, to be a related party of Akastor. The Board of Directors and the executive management team of Akastor are nevertheless conscious that all relations with Aker ASA shall be premised on commercial terms and structured in line with arm's length principles. In the event of any material transactions between the company and shareholders, directors, senior executives, or related parties thereof, which do not form part of the ordinary course of the company's business, the Board of Directors shall arrange for an independent assessment. The same shall, generally speaking, apply to the relationship between Akastor and Aker ASA related companies. In respect of the above, the «Related parties» note to the consolidated financial statements contains information on the most significant transactions between Akastor and companies within the Aker ASA group. Freely Negotiable Shares The shares are listed on the Oslo Børs and are freely transferable. No transferability restrictions are laid down in the articles of association. There are no restrictions on the party's ability to own, trade or vote for shares in the company. General Meetings Attendance, Agenda and Voting The general meetings in Akastor will be conducted electronically. The decision to hold virtual meetings without the possibility to attend a physical meeting, is partly due to the requirements in the Public Limited Liability Companies Act section 5-8, third paragraph, letter b, and partly for practical considerations. The shareholders will be invited to participate online via PC, phone or tablet, and a description of how to participate is included in the notice of general meeting that will be announced. By participating online, shareholders will receive a live webcast from the general meeting, the opportunity to ask written questions, and vote on each of the items. The company encourages shareholders to attend the general meetings. It will also, like previous years, be possible to vote in advance or give a proxy before the meetings. Notices convening general meetings, including comprehensive documentation relating to the items on the agenda, including the recommendation of the nomination committee, will be made available on the company's website no later than 21 days prior to the general meeting. The articles of association of the company stipulate that documents pertaining to matters to be deliberated by the general meeting shall only be made available on the company's website, and not normally be sent physically by post to the shareholders unless required by statute. The following matters are typically decided at the annual general meeting, in accordance with the articles of association of Akastor ASA and Norwegian background law: Election of the nomination committee and stipulation of the nomination committee's fees; election of shareholder representatives to the Board of Directors as well as stipulation of fees to the Board of Directors; election of the external auditor and approval of the auditor's fee; approval of any amendments to the Board of Directors' policy regarding stipulation of salary and other remuneration to the executive management, if any; advisory vote on the Board of Directors' report on remuneration to the executive management; approval of the annual accounts and the Board of Directors' report, including distribution of dividend; and other matters which, by law or under the articles of association, are the business of the annual general meeting. The deadline for registering intended attendance is as close to the general meeting as possible. Information concerning both the registration procedure, online participation and the filing of proxies is included in the notice convening the general meeting and on the registration form. The company also aims to structure, to the extent practicable, the proxy form such as to enable the shareholders to vote on each individual item on the agenda. Chairperson and other attendance The articles of association stipulate that the general meetings shall be chaired by the chair of the Board of Directors or a person appointed by said chairperson. According to the Code of Practice the Board should however «make arrangements to ensure an independent person to chair the general meeting». Thus, the articles of Akastor ASA deviate from the Code of Practice in this respect. This has its background in a long-lasting tradition in Akastor. Having the chair of the Board chair the general meeting also simplifies the preparations for the general meetings significantly. In addition to the chair of the Board, the CEO and the auditor regularly attends the general meetings as per statutory requirements. However, it is not a practice in Akastor to arrange for the chair of the nomination committee or the other directors of the Board to attend the general meeting, which is not consistent with the NUES recommendation. However, the existing practice is considered sufficient for Akastor. Election of Directors It is a priority for the nomination committee that the Board of Directors shall work in the best possible manner as a team, and that the background and competence of the directors shall complement each other. As a consequence, the nomination committee has therefore traditionally proposed that the shareholders are invited to vote on the full board composition proposed by the nomination committee as a group, and not on each director separately. Which is a deviation from the Code of Practice stipulating that shareholders should be able to vote for the individual candidates. However, this practice will be changed as from the 2026 general meeting, whereby the nomination committee will suggest that it is voted separately on each candidate nominated for election. Minutes Minutes of general meetings will be published as soon as practicable on the announcement system of Oslo Børs, https://www.newsweb.no (ticker: AKAST), and at https://www.akastor.com . Nomination Committee The articles of association stipulate that the company shall have a nomination committee. The nomination committee shall have no less than three members, who shall normally serve for a term of two years. However, in line with the revised practice regarding the terms of office for directors (see section 8), as from the general meeting in 2026, it is proposed that the nomination committee is elected for one-year terms. The current members of the nomination committee are Ingebret G. Hisdal (chairperson), Charlotte Håkonsen, Kjetil E. Stensland and Hilde K. Ramsdal (deputy member). Ramsdal was re-elected as deputy member in 2025 for a new term of two years, whilst Hisdal, Håkonsen and Stensland will be up for re-election this year. Charlotte Håkonsen and Hilde K. Ramsdal are employed by Aker ASA. No members of the nomination committee are employed by, or directors of, Akastor. The majority of the members of the nomination committee are independent of both Akastor's Board of Directors and the executive management of the company. The committee's recommendations (relating to particularly the Board of Directors and their remuneration) shall address how the new board candidates will attend to the interests of the shareholders in general and fill the requirements of the company, including with respect to competence, capacity and independence. The composition of the nomination committee shall reflect the interests of all shareholders and ensure independence from the Board of Directors and the executive management. The members and the chairperson of the nomination committee are appointed by the general meeting, which also determines the remuneration of the committee. The annual general meeting has approved the instructions for the nomination committee governing the work and duties of the nomination committee. According to these instructions, the committee shall emphasize that candidates for the Board have the necessary experience, competence, and capacity to perform their duties in a satisfactory manner. A reasonable representation with regard to gender and background should also be emphasized. The chairperson of the nomination committee has the overall responsibility for the work of the committee. In the exercise of its duties, the nomination committee may contact, among others, shareholders, the Board, management, and external advisors. The nomination committee shall also ensure that its recommendations are endorsed by the largest shareholders. Information concerning the nomination committee and deadlines for making suggestions or proposing candidates for directorships will be made available on the company's website, https://www.akastor.com when there are candidates up for election. Composition and Independence of the Board of Directors Composition The general meeting appoints the Board based on the proposal from the nomination committee, cf. the Public Limited Liability Companies Act section 6-3, first paragraph. The proposal of the nomination committee will normally include a proposed candidate for appointment as chairperson of the Board of Directors. The Board of Directors appoints its own deputy chairperson. According to the Public Limited Liability Companies Act, the directors have traditionally been appointed for a term of two years at a time, but this practice will be amended and as from the general meeting in 2026 the directors will be appointed for a term of one year at a time. The articles of association of Akastor stipulate that directors may be elected for a period of one to three years. Akastor's articles of association stipulate that the Board of Directors shall comprise five to ten persons. In addition, up to three deputy members may be appointed. As per December 31, 2025, the Board of Directors comprised five shareholder elected directors. At the general meeting in 2026 there is a proposal to amend the Articles of association of the Company to stipulate that directors may be elected for a period of one to two years (not three years), and that the Board shall consist of four to eight persons (not five to ten). The company encourages the directors to hold shares in the company. The shareholdings of the directors as of December 31, 2025 will be set out in the 2025 remuneration report. The chairperson Frank O. Reite and the directors Lone Fønss Schrøder and Svein Oskar Stoknes are currently shareholders in Akastor. The Board composition, including information about the directors' background and expertise, is detailed in the annual report for 2025. Independence A majority of the directors elected by the shareholders are independent of the executive personnel and important business associates of Akastor. None of the executive personnel of the company are members of the Board of Directors. The composition of the Board of Directors aims to ensure that the interests of all shareholders are attended to, and that the company has the know-how, resources, and diversity it needs at its disposal. Among the five shareholder-elected directors, the majority are deemed independent from the company's largest indirect shareholder, Aker ASA. The Work of the Board of Directors Procedures For each calendar year, the Board plans for its work and meetings. Furthermore, there are rules of procedure for the Board of Directors and Chief Executive Officer, which govern areas of responsibility, duties and the distribution of roles between the Board of Directors, the chairperson of the Board of Directors and the Chief Executive Officer. The rules of procedure for the Board of Directors also include provisions on convening and chairing board meetings, decision making, the duty and right of the Chief Executive Officer to disclose information to the Board of Directors, the duty of confidentiality, etc. According to the company's articles of association, each of the directors elected by the shareholders will serve for a period of one to three years pursuant to further decision by the general meeting. This to provide the nomination committee with the flexibility to propose varying terms of service for the candidates. Akastor has prepared guidelines as part of its rules of procedure for the Chief Executive Officer and Board of Directors ensuring that directors and the Chief Executive Officer notify the Board of Directors if they have any material direct or indirect personal interest in any agreement concluded by the group. The guidelines stipulate that the directors and the Chief Executive Officer shall not participate in the preparation, deliberation, or resolution of any matters that are of such special importance to themselves, or any of their related parties, so that the person in question must be deemed to have a prominent personal or financial interest in such matters. The relevant board member or the Chief Executive Officer shall raise the issue of his or her competence whenever there may be cause to question it, and each director is the primary responsible for adopting the correct decision as to whether he or she should step down from participating in the discussion of the matter at hand. In general, as further stipulated in Akastor's principles for related party transactions, directors of Akastor should be cautious in participating in the consideration of issues where a potential conflict of interest or conflict of role may arise, undermining the confidence in the decision process. Such person may not participate in board discussions of more than one company that is part of the same agreement, unless the companies have common interests. These assessments will be carried out on a case-by-case basis; in most events, and as a starting point, by the relevant directors themselves, but often also in cooperation with internal and/or external legal counsel. The above principles will normally also be applied if Akastor contracts with other companies in which said board members hold direct or indirect ownership interests that exceed, in relative terms, their ownership interests in Akastor. If grounds for legal incapacity are established, the relevant board member will, as a ground rule, not be granted access to any documentation prepared to the Board of Directors for the deliberation of the agenda item in question. In general, Akastor applies a strict norm as far as competence assessments are concerned. In cases where the chairperson of the Board of Directors does not participate in the deliberations, the deputy chairperson of the Board of Directors chairs the meeting. As far as the other officers and employees of Akastor are concerned, transactions with related parties and conflicts of interest are comprehensively addressed and regulated in the group's Code of Conduct. Meetings The Board of Directors will hold board meetings whenever needed, but normally six to twelve times a year. The need for extraordinary board meetings may typically arise because the internal authorization structure of the company requires the Board of Directors to deliberate and approve material contracts or in relation to M&A transactions. Whilst the deadlines for such submission often change, it is difficult to fit this into the calendar of ordinary board meetings. The Board of Directors held six board meetings in 2025. In addition, two meetings were held by way of circulation of documents, as per section 6-19 (1) of the Norwegian Public Limited Liabilities Companies Act. The aggregate attendance rate at the Board meetings was close to 100 percent. The Matters Discussed by the Board of Directors The Chief Executive Officer prepares cases for deliberation by the Board of Directors in cooperation with the chairperson of the Board. Endeavours are made to prepare and present matters in such a way that the Board of Directors is provided with an adequate basis for its deliberations. The Board of Directors has overall responsibility for the management of Akastor and shall, through the Chief Executive Officer, ensure that its activities are organized in a sound manner. The Board of Directors shall adopt plans and budgets for the business, and keep itself informed of the financial position of, and development within, the company. This encompasses the annual planning process of Akastor, with the adoption of overall goals and strategic choices for the group, as well as financial plans, budgets, and forecasts for the group and the portfolio companies. The Board of Directors performs annual evaluations of its work and its know-how. Audit Committee Akastor will have an audit committee comprising two to four of the directors. The audit committee currently comprises the directors Lone Fønss Schrøder (chair) and Eva Sagemo. The audit committee is independent from the management. At least one of the members of the audit committee shall have either formal qualification within accounting or auditing, or relevant experience and skills within the same. Both members Fønss Schrøder and Sagemo have such relevant experience and skills. The audit committee has a mandate and a working method that complies with statutory requirements. The audit committee mandate forms an integrated part of the rules of procedures for the Board of Directors. The committee will participate, on behalf of the Board of Directors, in the quality assurance of guidelines, policies, and other governing instruments in Akastor. The audit committee performs a qualitative review of the quarterly and annual reports of Akastor, including Akastor's reporting on sustainability and other non-financial matters. Significant judgment calls (uncertain estimates) made in the financial statements in the quarter are reviewed by the audit committee. The audit committee further supports the Board of Directors in safeguarding the company's enterprise risk management, which includes overseeing financial risks, compliance risks as well as risks related to sustainability and cyber security. The audit committee reviews the status on internal controls on an annual basis. In order to safeguard appropriate processes and assessments, the Board's audit committee shall also review major M&A transactions as well as related party transactions which are not part of the company's ordinary course of business, unless such related party transactions are immaterial. Akastor currently has no remuneration committee as the experiences from having such showed more merit in discussing matters comprised by this committee's mandate with all directors present. As of December 31, 2025, there are no other board committees than the audit committee. The Board does not envisage appointing any further board committees in 2026. The Board evaluates its performance and qualification annually. A summary of the evaluation was made available to the nomination committee. Risk Management and Internal Control Governing Principles The Board of Directors shall ensure that Akastor has sound internal control and systems for risk management that are appropriate in relation to the extent and nature of the company's activities. The audit committee supports the Board of Directors in safeguarding that the company has internal procedures and systems that ensure good corporate governance, stakeholder engagement, effective internal controls and proper risk management, particularly in relation to financial reporting. The Chief Financial Officer reports directly to the audit committee on matters relating to financial reporting, financial risks and internal controls. Akastor has implemented an internal system for reporting serious matters such as breaches of ethical guidelines and violations of the law, which is also available to external parties at https://www.akastor.com . Risk Management Akastor and its portfolio companies are exposed to a variety of market, operational and financial risks. The Board of Directors carries out an annual review of the company's most important areas of exposure to risk and its internal control arrangements. Being an investment company, the main objective of Akastor is to create value for its shareholders. Potential impacts on the net asset value, share price or predictability of earnings are therefore key parameters in the Board's risk evaluation. Sound risk management throughout the organization, including by its portfolio companies and industrial holdings, is recognized by Akastor as an invaluable tool in the process of achieving strategic, financial and operational goals while at the same time ensuring compliance with regulatory requirements and adherence to high integrity standards. Risk evaluation is an integral part of all business activities and Akastor employs a decentralized model for allocating managerial responsibility under which the portfolio companies are required to establish their own risk management and internal control systems. Akastor's representatives on boards of directors in the portfolio companies seek to ensure that the portfolio companies follow the principles of sound corporate governance. Akastor manages risk through an internal framework both on a corporate and portfolio company level comprising guidelines, policies and procedures intended to ensure good business operations and provide unified and reliable financial reporting. The Board of Directors has adopted an authorization matrix that forms part of its governing documents where authority is delegated to the Akastor Chief Executive Officer. The Board receives and reviews risk reports prepared by the management, in respect of regular operational/business risk as well as risk related to ESG matters and cyber security. The management's risk reporting is based on the total level of insight obtained through regular reporting and the close cooperation that Akastor has with the portfolio companies, including from Akastor's investment directors and board representatives. Management of operational risk and risk related to ESG and cyber security rests with the underlying portfolio companies, although Akastor acts as an active driver through its involvement on the Boards and through support and follow-up by the various Akastor corporate functions towards relevant functions in the portfolio companies. Akastor's management holds review meetings with the management of the different portfolio companies. The purpose of the meetings is to conduct an in-depth review of the development of each portfolio company, focusing on operations, risk management, market conditions, the competitive situation and strategic issues. These meetings provide an important foundation for Akastor's assessment of its overall financial and operational risk. A key risk in one of the smaller portfolio companies may still be negligible on the group level, whereas important risks in the largest portfolio companies may have a serious impact on the group as a whole. Akastor's decentralized approach to operational risk management, as described above, raises a need for management to process and calibrate the insight obtained through various interfaces with the portfolio companies prior to the Board's annual risk review. The objective of such exercise is to ensure that risks are reported in a format that allows the Board to acquire a true and fair view of the overall risk environment of the Akastor group in an efficient manner and to focus its attention on risks that are material on an aggregated group level. Prior to the Board's review of risk reporting, the audit committee reviews the reported risks and associated risk-reducing measures. The audit committee also reviews the company's in-house reporting systems and internal control and risk management and prepares the Board's review of financial reporting. Financial Reporting The Akastor financial reporting division reports to the Chief Financial Officer and is responsible for the external reporting process and the internal management financial reporting process. This also includes assessing financial reporting risks and internal controls over financial reporting in the group. The consolidated external financial statements are prepared in accordance with IFRS® Accounting Standards as approved by the EU. The existing policies and standards governing the annual and quarterly financial reporting in the group, including the Akastor accounting principles, are available for Akastor employees. Financial reports are received from the portfolio companies at a regular basis. The Akastor financial reporting division has review of financial results together with the external auditor at a quarterly basis, with focus on important items involving estimate and judgement, accounting for significant transactions and other topics relevant to the financial reporting. Non-Financial Reporting The General Counsel is responsible for the company's reporting on non- financial items. Non-financial matters are reported to the Audit Committee on a quarterly basis, which includes data sourced from Akastor's industrial holdings. Non-Financial items relevant for Akastor are reported in the Board of Directors' Report under the section "Sustainability Information". Akastor's industrial holdings, HMH and AKOFS Offshore, issue separate reporting on sustainability and which is available on their websites. On December 16, 2025, the European Parliament voted through a significantly streamlined and scaled back version of the CSRD (Corporate Sustainability Reporting Directive) as part of the EU Omnibus simplification package, and which means that Akastor ASA, as a non-operating holding company, will not be subject to the CSRD reporting obligations. Accordingly, the group will not be required to apply the European Sustainability Reporting Standards (ESRS) on a consolidated basis. Nonetheless, Akastor maintains a structured sustainability governance approach and will continue to monitor reporting obligations applicable to its portfolio companies. Other Reporting In addition to the abovementioned financial reporting, there are regular business review and board meetings in the portfolio companies which ensure timely and high-quality reporting from the portfolio companies to Akastor's corporate management. Regular reports for Akastor and the portfolio companies are submitted to the Board of Directors. The quarterly business update contains key financial numbers, M&A updates, financing, status of value creation plans, compliance, risk management and share price information for the Akastor group. Further, it contains key financial numbers, key operational topics, status on value drivers as well as key market information for the main portfolio companies. The monthly business update contains high level financial and operational information for the Akastor group, as well as key highlights for the main portfolio companies. Beginning in 2025, portfolio companies have occasionally been invited to present directly to the Akastor Board of Directors, facilitating direct and substantive engagement between portfolio management and the Board. This initiative is intended to continue through 2026. Remuneration of the Board of Directors The remuneration of the Board of Directors will reflect its responsibilities, know-how and time commitment, as well as the complexity of the business. The remuneration will be proposed by the nomination committee and is not performance-related or linked to options in Akastor. More detailed information about the remuneration of individual directors is provided in the remuneration report for 2025, as further described in section 12 below. Neither the directors, nor companies with whom they are affiliated, should accept specific paid duties for Akastor beyond their directorships. If they nevertheless do so, the Board of Directors shall be informed and the remuneration shall be approved by the Board of Directors. No remuneration shall be accepted from anyone other than the company or the relevant group company in connection with such duties. Remuneration of Executive Personnel The Board of Directors has adopted designated guidelines for the remuneration of executive management pursuant to the provisions of section 6-16a of the Public Limited Liability Companies Act. The general meeting adopted the current guidelines on April 24, 2025, and have not planned to present any updates of this. In accordance with section 6-16b of the Public Limited Liability Companies Act, the Board of Directors has also prepared a report on the remuneration to the executive management, detailing the remuneration received by members of the executive management in 2025. The report is available at https://www.akastor.com and subject to an advisory vote at the annual general meeting 2026. Information and Communication Akastor has no option schemes or option programs for the allotment of shares to employees. The Chief Executive Officer determines the remuneration of executive management on the basis of the guidelines laid down by the Board of Directors. All performance-related remuneration within the group will be made subject to a cap. Further information about the remuneration of each executive manager is provided in the mentioned remuneration report for 2025. The company has adopted a designated communications and investor relations policy which covers, among other things, guidelines for the company's contact with shareholders other than through general meetings. The company's reporting of financial and other information is based on openness and the equal treatment of all securities market players. The long-term purpose of the investor relations function is to ensure access for the company to capital on competitive terms, whilst at the same time ensuring that the shareholders are provided with the most correct pricing of the shares that can be achieved. This shall take place through correct and timely distribution of price-sensitive information, whilst ensuring, at the same time, that the company is in compliance with applicable rules and market practices. Reference is also made to the above discussion concerning the flow of information between Akastor and Aker ASA in connection with their cooperation within, inter alia, strategy, transactions, and funding. All stock exchange announcements and press releases are made available on the company's website, and stock exchange announcements are also available at https://www.newsweb.no . The company holds open presentations in connection with the reporting of financial performance, either by a physical meeting or by a conference call and webcast, and these presentations are broadcasted on the internet. The financial calendar of the company is available at https://www.akastor.com . Take-overs The overriding principle for Akastor is equal treatment of shareholders. In a bid situation, the Board of Directors and management have an independent responsibility to help ensure that shareholders are treated equally, and that the company's business activities are not disrupted unnecessarily. In a take-over situation, the Board will have a particular responsibility to ensure that shareholders are given sufficient information and time to form a view of the offer. The Board of Directors has not deemed it appropriate to adopt specific guidelines for take-over situations as long as Aker Holding AS continues to be the dominant shareholder of Akastor. This represents a deviation from the Code of Practice. Auditors The external auditor presents a plan for the performance of the audit work to the audit committee annually. In addition, the auditor provides the audit committee with an annual written confirmation to the effect that the independence requirement is met. The auditor attends all audit committee meetings, and the auditor has reviewed any material changes to the accounting principles of the company, or to the internal controls of the company, with the audit committee. The external auditor also attends the Board meeting where the annual financial statements are reviewed and approved, normally in March. The Board of Directors holds a minimum of one annual meeting with the auditor without any executive personnel being in attendance. The Board's audit committee stipulates guidelines on the scope for using the auditor for services other than auditing and makes recommendations to the Board of Directors concerning the appointment of the external auditor and the approval of the auditor's fees. Fees payable to the auditor, separated into those relating to auditing and those relating to other services, are specified in the «Other operating expenses» note to the consolidated financial statements for the group and are also reported to the general meeting. The auditor's fees relating to auditing are subject to approval by the general meeting. ‌Financials and Notes‌‌ Akastor Group General Equity and liabilities Note 1 Corporate information 40 Note 17 Capital and reserves 58 Consolidated income statement 35 Note 2 Basis for preparation 41 Note 18 Borrowings 59 Consolidated statement of comprehensive income 36 Note 3 Significant accounting policies 42 Note 19 Employee benefits - pension 61 Consolidated statement of financial position 37 Note 4 Significant accounting estimates 45 Note 20 Other liabilities 62 Consolidated statement of changes in equity 38 and judgements Note 21 Trade and other payables incl. provisions 62 Consolidated statement of cash flow 39 Performance of the year Financial risk management Note 5 Operating segments 46 Note 22 Capital management 63 Note 6 Revenue and other income 50 Note 23 Financial risk management and exposures 64 Note 7 Operating expenses 51 Note 24 Financial instruments 67 Note 8 Finance income and expenses 51 Note 9 Income tax 52 Other Note 10 Earnings per share and dividends 53 Note 25 Group companies 69 Note 26 Related parties 70 Assets Note 27 Events after the reporting period 72 Note 11 Property, plant and equipment 53 Note 12 Equity-accounted investments 54 Note 13 Other investments 56 Note 14 Interest-bearing receivables 57 Note 15 Trade and other receivables 57 Note 16 Liquidity fund investment 58 ‌Akastor Group | Consolidated income statement For the year ended December 31 Amounts in NOK million Note 2025 2024 Revenue and other income 6 390 922 Operating expenses 7 (349) (274) Operating profit before depreciation, amortization and impairment 41 648 Depreciation and impairment loss 11 (57) (27) Operating profit (loss) (16) 621 Finance income 285 1 200 Finance expenses (301) (114) Impairment loss on debt instruments (151) (80) Net finance income and expenses 8 (166) 1 006 Share of net profit (loss) from equity-accounted investments 12 25 (1) Profit (loss) before tax (157) 1 626 Income tax benefit (expense) 9 - (3) Profit (loss) from continuing operations (157) 1 623 Profit (loss) from discontinued operations (net of income tax) 9 30 Profit (loss) for the period (148) 1 653 Profit (loss) for the period attributable to: Equity holders of the parent company (148) 1 653 Basic / diluted earnings (loss) per share (NOK) 10 (0.54) 6.08 Basic / diluted earnings (loss) per share continuing operations (NOK) 10 (0.58) 5.96 Basic / diluted earnings (loss) per share discontinued operations (NOK) 10 0.03 0.11 ‌Akastor Group | Consolidated statement of comprehensive income For the year ended December 31 Amounts in NOK million Note 2025 2024 Profit (loss) for the period (148) 1 653 Other comprehensive income Currency translation differences - foreign operations (345) 315 Share of OCI from equity-accounted investments 12 154 (160) Total items that may be reclassified subsequently to profit or loss, net of tax (191) 154 Remeasurement gain (loss) net defined benefit liability 19 (6) (3) Share of OCI from equity-accounted investments 12 3 3 Total items that will not be reclassified to profit or loss, net of tax (4) (1) Total other comprehensive income, net of tax (194) 154 Total comprehensive income (loss) for the period, net of tax (342) 1 807 Attributable to: Equity holders of the parent company (342) 1 807 ‌Akastor Group | Consolidated statement of financial position As of December 31 Amounts in NOK million Note 2025 2024 Amounts in NOK million Note 2025 2024 Property, plant and equipment 11 299 390 Issued capital incl. treasury shares 17 161 161 Right-of-use assets 5 9 Other capital paid in 1 541 1 541 Equity-accounted investments 12 3 533 3 733 Reserves and retained earnings 3 633 4 156 Other investments 13 919 1 251 Equity attributable to equity holders of the parent company 5 335 5 859 Non-current interest-bearing receivables 14 788 485 Total equity 5 335 5 859 Other non-current assets 1 1 Total non-current assets 5 546 5 868 Non-current borrowings 18 215 292 Non-current lease liabilities 2 5 Inventories 5 12 Employee benefit obligations 19 73 76 Trade and other receivables 15 135 95 Other non-current liabilities 20 185 195 Current interest-bearing receivables 14 13 304 Total non-current liabilities 475 568 Liquidity fund investment 16 276 376 Cash and cash equivalents 43 47 Current borrowings 18 63 82 Total current assets 471 835 Current lease liabilities 4 4 Total assets 6 017 6 704 Trade and other payables incl. provisions 21 141 191 Total current liabilities 207 277 Total liabilities 683 845 To...

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