Akastor (AKAST) investor relations material

Executive summary

• Transitioned from value creation to value realization, distributing NOK 1.90 per share in H1 2026 and approving an additional NOK 0.50 per share dividend for Q3 2026, supported by asset sales and HMH IPO proceeds.

• HMH IPO completed in April 2026, reducing ownership to 36.3% and generating USD 53 million in cash proceeds.

• Net asset value per share at NOK 17.3 as of June 30, 2026, with total NAV of NOK 4.735 billion, reflecting a decrease from the previous quarter due to distributions and fair value adjustments.

• Strong operational performance and high vessel utilization across portfolio companies, with ongoing value optimization and successful refinancing activities.

• Significant asset sales and portfolio optimization, including vessel sales and full exit from Maha Capital.

Financial highlights

• Group revenues and other income for H1 2026 were NOK 338 million, up from NOK 155 million in H1 2025; Q2 2026 revenues were NOK 156 million.

• EBITDA for H1 2026 was NOK 217 million, compared to NOK 12 million in H1 2025, driven by NOK 233 million gain from vessel sales; Q2 2026 EBITDA was NOK 94 million.

• Net cash position increased to NOK 540 million at quarter-end, with liquidity reserve at NOK 560 million.

• Net asset value as of June 30, 2026, was NOK 4.735 billion (NOK 17.3 per share).

• Equity ratio improved to 93% at quarter-end.

Outlook and guidance

• Focus remains on value realization, portfolio liquidity, and optimizing timing of exits, with increased activity expected in H2 2026.

• Order intake and backlog growth in HMH and AKOFS Offshore support improved revenue visibility.

• NES Fircroft recapitalization expected to provide additional cash proceeds, subject to conditions and approvals.

• Further shareholder distributions will be assessed based on realized liquidity and capital needs.

• DDW Offshore to focus on maximizing utilization of remaining vessel and further asset realization.