Aker (AKER) investor relations material

Executive summary

• Net Asset Value (NAV) at end of H1 2026 was NOK 106.1 billion (NOK 1,429/share), up NOK 38.9 billion from year-end 2025, after paying NOK 2.2 billion in dividends, driven by Nscale growth, higher listed energy asset values, and the Cognite sale.

• Total shareholder return in H1 2026 was 53.3%, significantly outperforming the Oslo Stock Exchange benchmark index.

• The Cognite sale to Schneider Electric for USD 3.1 billion is expected to generate NOK 14.7 billion in cash proceeds, boosting liquidity to over NOK 20 billion and reducing net debt to near zero.

• Portfolio simplification continues, focusing on fewer, larger, and more diversified investments in energy, digital infrastructure/AI, real estate, and marine biotechnology.

• Aker BioMarine is set to merge with Aker, offering minority shareholders NOK 105 per share or a mix of shares and cash.

Financial highlights

• Listed equity investments valued at NOK 66 billion (54% of total/gross assets), down NOK 11.3 billion in Q2 mainly due to Aker BP's decline and Brent oil price drop.

• Unlisted equity investments valued at NOK 53 billion (44% of total/gross assets), up NOK 8 billion from the previous quarter, led by Nscale and Cognite.

• Dividend income in Q2 totaled NOK 2.9 billion, mainly from Aker Solutions (NOK 1.7 billion) and Aker BP (NOK 0.8 billion).

• Profit before tax for H1 2026 was NOK 18.6 billion, up from NOK 2.2 billion in H1 2025.

• NAV per share at Q2 2026 was NOK 1,429; share price at NOK 1,148 (20% discount to NAV); value adjusted equity ratio was 88%.

Outlook and guidance

• Portfolio strategy remains focused on long-term value creation in core sectors, leveraging industrial expertise and financial strength.

• Cognite sale proceeds will significantly improve liquidity and reduce net debt to near zero.

• Nscale is expected to continue rapid growth, expanding into higher-value AI services and software.

• Authorization to pay an additional dividend in the second half of 2026.

• External environment expected to remain volatile due to geopolitical uncertainty, commodity price swings, and evolving regulations.