Aker (AKER) investor relations material

Executive summary

• NAV reached a record NOK 111.2bn at Q3-end, up 5% QoQ and NOK 44bn, or 65%, YTD; total shareholder return was 20.2% in Q3 and 83% YTD including dividends.

• Listed energy holdings and Nscale each contributed NOK 22bn to YTD value creation; Cognite added NOK 7bn based on its agreed sale.

• Energy represented about half of gross asset value, with AI infrastructure and real estate broadening the portfolio.

Financial highlights

• Fair-value-adjusted GAV was NOK 127.5bn and NAV NOK 111.2bn, or NOK 1,509 per share; quarter-end share price was NOK 1,380.

• Q3 profit before tax was NOK 655m versus NOK 460m in Q3 2025; dividend income was NOK 1.2bn and operating expenses NOK 129m.

• Listed investments were valued at NOK 64.0bn, unlisted investments at NOK 60.5bn, and cash and other assets at NOK 3.0bn.

• Combined holding-company EBITDA was -NOK 129m, EBIT -NOK 136m and loss before tax NOK 351m; net other financial items included NOK 269m receivables write-downs, NOK 172m net interest expense and NOK 129m FX gain.

Outlook and guidance

• A second dividend of NOK 29 per share was approved for Q4, bringing the FY total to NOK 58 per share, or NOK 4.3bn.

• Aker BP expected free cash flow well ahead of its start-of-year expectation; Valhall PWP-Fenris and Yggdrasil remained on track for first oil in 2027, and Skarv Satellites started production one year early.

• Cognite sale proceeds of NOK 14.7bn are expected in Q4, subject to closing, and are expected to strengthen liquidity and financial flexibility.

• Nscale submitted a proposed IPO filing to the SEC; capital allocation remains disciplined and focused on long-term shareholder value.