Aker : Q3 2024 Presentation

Third Quarter Results 2024

November 6, 2024

Q3 2024 | Key highlights

Active ownership

FINANCIALS

NAV: NOK 57.0 billion (NOK 63.9bn in Q2)

Share price: NOK 548.0, down 10.9% in Q3 (Brent -15.3%, OSEBX -0.4%)

Upstream dividends: 2024 est. NOK >11 billion (4.4bn in 2023, 2.8bn in 2022)

Dividends: NOK 35.5 per share to be paid in Q4

• Full-yeardividends: NOK 51.0 per share (NOK 3.8 billion)
• Dividend policy adjusted to 4-6% of NAV (from 2-4% of NAV)

A MORE FOCUSED AKER - PRIORITIZING UPSTREAM CASH

NOK >18 billion of total shareholder distributions from portfolio companies recently announced

• Aker Solutions: NOK 10bn (OneSubsea JV transaction)
• Aker BP: USD 379m quarterly dividend
• Aker BioMarine: NOK 3.9bn (Feed Ingredients transaction)
• Solstad Maritime: NOK 233m for Q3 and initiated quarterly dividends
• AMSC: increased quarterly dividends to NOK 43m

Aker BioMarine - sale of Feed Ingredients

• Aker participates in the further value creation with a 40% ownership
• Aker supports efforts for further value creation in Aker BioMarine, incl. potential partnerships and transactions

Aker BP - Johan Sverdrup continued its outperformance, development projects continued on-track Cognite - continued its positive commercial development, ARR increasing further

SalMar Aker Ocean - four production cycles w/strong biological results vs. traditional fish farming

Solid financial metrics

Norwegian kroner

				57bn					66bn
			Net Asset Value				Gross Asset Value
											70% listed assets and cash
				767kr					548kr
			Per-share NAV				Share price at Q3
												41bn market cap
				7.9bn					>11bn
			Liquidity reserve					est. upstream
			incl. 0.7bn cash & liquid			dividends in 2024
					funds
			Approved for Q4-2024										51
			Dividends paid
share												23 23.5 23.5	29	30	35.5
NOKper	5									18	2H1H	2H1H	15.5
	10	11	12	13	10	10	16		2H1H	2H1H
			8
	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

2

Dividend policy increased to 4-6% of year-end NAV

Dividend policy increased	Strong track-record of dividend distributions

New policy: 4-6% of NAV	NOK per share												Dividends, in % of NAV
▪ Increased from 2-4% of NAV	60														6,0%	6%
▪ Aker's objective is 10% annual growth	50															51
in Net Asset Value (NAV), implying
growing dividends with increasing NAV	40		3,9%	4,1%		3,9%	4,1%				4,0%					4%
				3,7%
					3,6%
									3,5%			3,5%
														3,3%
										3,2%			3,3%		35.5
A more focused Aker												3,1%
	3,0%												30
30												29
10%	4-6%	20									18	22.5	23.5	23.5	2H	2H	2%
		2,0%
annual growth in NAV,	of NAV in annual						13			16			2H	2H
after dividend
				12
dividend payments				11	10
payments	10	8	10		10
											1H	1H	1H	1H	15.5
		5
Prioritizing cash-	Fewer and larger	0															0%
2009	2010	2011	2012	2013	2014	2015*	2016	2017	2018	2019	2020	2021	2022	2023	2024e
yielding investments	portfolio companies
			Approved for Q4-2024	Dividends paid in % of previous year-end NAV		Dividends paid
		*In 2015, Aker paid a cash dividend of NOK 5.0 per share and a scrip dividend of NOK 5.0 per share

3

Q3 2024 | NAV per share NOK 767, value adjusted equity 86%

Net asset value (NAV) development per share vs. share price	Net asset value (NAV) composition
NOK per share		NOK billion, % NAV as share of gross asset value

1 200

1 000

800

600

400

200

0

1 006

953 954

825	810

692

968

756

929

706

900

720

803

672

770

609

862

660

851

666

			66.2
813	860
767	795
624	615		54.9	57.0
	(83%)
	548	563	(86%)
			10.7	9.2
			(16%)
			0.6

Q3 Q4 Q1

2022

Q2	Q3	Q4	Q1	Q2	Q3
			2023

Q4

Q1	Q2	Q3 Nov 5	Gross Asset Value	Liabilities
2024		2024

Share price

Dividend allocated per share	NAV per share (after dividend allocation)		Industrial holdings	Cash
	Financial investments ex. cash	Liabilities

4

Q3 2024 | Net Asset Value development

NAV development - Q3 2024	NAV development year-to-date 2024
NOK billion, % change		NOK billion, % change

			-10.8%
63.9	0,7		(-6.9bn)
		(5.3)
			(0.7)	(0.5)		57.0		57.0
			(1.1)		0.0
Q2	Aker	Aker BP*	Aker	Listed	Other*	Q3	Dividends	Q3
2024	BioMarine*	Solutions	financial		2024	paid	2024
			investments*

		-8.0%
		(-5.0bn)
63.2	3,3	(6.7)
			(0.8)		58.2		57.0
			(0.9)
				(1.2)
Q4	Aker	Aker BP*	Aker	Other*	Q3	Dividends	Q3
2023	BioMarine*		Horizons		2024	paid	2024

*Incl. dividends received
Net asset value is determined by applying the market value for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets	5

Q3 2024 | Asset Base of NOK 66 billion

Sector composition - Gross Asset Value (GAV)

% of GAV per Q3 2024 vs. (Q3 2023)
		Other
Seafood and	8%
(8%)
marine biotech
		9%
		(5%)
Software 11%	66.2
NOK billion
	(9%)
		54.9	11.3
		Industrial	Financial
	7%	holdings	investments
Renewables and
green technology	(7%)

19% (15%)

Energy services

70%	NOK >200bn
listed assets and cash	combined market value1)

46% Oil & gas

(56%)

9

listed companies2)

1)	Total combined market value of companies in which Aker has a direct ownership
2)	Where Aker is a shareholder directly or indirectly, incl. Aker Carbon Capture	6
(Energy services sector: Aker Solutions, Akastor, Solstad Offshore & Solstad Maritime, AMSC and AMSC TRS)

- Proven track record and set for growth

Production growth by delivering projects, IOR and exploration		Clear growth path

Production efficiency

(operated assets) +8%

85% 90% 92% 89%

2021	2022	2023	2024
			YTD

GHG emission intensity

(kg CO2/boe, scope 1&2)

-40%

4.8

3.7

2.9 2.7

2021	2022	2023	2024
			YTD

Production costs

(USD/boe)

-33%

9.2 8.7

6.2 6.3

2021	2022	2023	2024
			YTD

2P reserves and production

(bn boe at year-end) +136%

2.0 2.1

0.9

2021 2022 2023

2P reserves

Cum. prod. from '21

Resources

(Aker BP reserves and resources, mmboe)

M&A

Exploration

potential (ILX),

net risked

3P reserves

2C reserves

2P reserves

(Numbers in graphs include the Lundin acquisition from 2021 onwards)

7

- Addressing challenges of traditional fish farming

Strong biological results vs. traditional		Ambition, clear growth path

Lower mortality

(per production cycle)

19%

	-74%
	5%
Avg.	Avg. SAO
Traditional**

Fewer lice-treatments

(no. of treatments)

9
	-89%
	1
Avg.	OF1 2023
Traditional**

Harvest capacity

(in '000 tons HOG)

150

21

13 8

Current Planned Future

capacity capacity growth (OF2) (ambition)

Faster grow-out period

(no. of weeks)

65

	49	-46%
		35
Traditional	Traditional*	SAO*
(smolt)	(post-smolt)

• Higher growth and lower mortality demonstrates improved fish welfare
• Technology enables utilization of optimal locations
• Better rearing environment and optimal feeding yields market leading fish growth

• Two semi-offshore	• Holding eight
concepts	development
• Three successful	licenses and
production cycles	locations for
in OF1 (4th	offshore farming
underway)	• Positioned for
• One successful	international
cycle in AOF (2nd	expansion and
underway)	growth in Norway

• Commenced FEED for OF2

• Using 700-gram post-smolt
• Source: Norwegian Fish Health Report 2023 - data from production area 6 (around the location of OF1) OF1: Offshore farm 1 - AOF: Arctic offshore farming - OF2: Offshore farm 2 (second generation concept)

HOG: Head-on, gutted (term referring to the processing stage after the salmon has been harvested and gutted)

8

Strong commercial development

Growing revenue and strong commercials	Annual Recurring Revenue increased further

USD million

• Continued positive commercial development
• +44% increase in ARR1 year-over-year
• • New all-time high
  • Making up 80% of revenue (on 12months rolling basis)
  • Annual Recurring Revenue1 (ARR) is a key performance metric demonstrating Cognite's strong potential for further growth and profitability
• +23% quarterly revenue growth year-over-year
• Cognite's Atlas AI platform gaining traction in the market
• • Extending the capabilities of Cognite Data Fusion®

Annual Recurring Revenue (ARR)	+44%
ARR share of 12m rolling revenue	92

									81
							68	73	75%	80%
						64	70%
						65%
					57
			54	55	60%
		45		56%	56%
34	38
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
2022				2023				2024

1 ARR: annual recurring revenue, from Software-as-a-Service (SaaS) contracts, representing next 12 months' value of expected revenue from all active recurring software subscription contracts (see APM in appendix for definition)

9

Investing along attractive long-term global trajectories

Exposure to megatrends with strong potential for secular growth, good profitability and strong cash flow generation

ENERGY SECURITY, EFFICIENCY & TRANSITION

INDUSTRIAL DIGITALIZATION

SUSTAINABLE PROTEINS

& NUTRITION

MANAGED

ASSETS

Solstad Maritime &

Solstad Offshore

FEED Ingredients

Managed by:

Other equity investments, including:

10