In the fourth quarter, Aker continued to deliver on its strategy of a more focused portfolio, with increased diversification and investments in new pillars of growth.

Aker's NAV was NOK 905 per share at quarter-end. Listed investments accounted for NOK 768, Unlisted investments NOK 263, and Cash & other assets NOK 38 per share. The share price at quarter-end was NOK 768.

For the full year, Aker’s NAV increased to NOK 67.3 billion, up 22.4% incl. NOK 3.9 billion dividends paid. The total shareholder return was 49.5% (OSEBX: 18.4%, Brent: -18.7%)

“2025 was a pivotal year for Aker – not just in the results we delivered, but in the shift we made as a company. We created greater scale and a more diversified portfolio, reduced our dependence on commodity cycles, and saw real momentum in areas that will define the next decade. Our progress in AI and compute – through Cognite and Nscale – shows how industrial experience can translate into entirely new sources of value. These steps, combined with the outperformance across the portfolio, have strengthened Aker structurally. We enter 2026 with a clearer strategic direction and the capacity to act with much greater ambition,” said Øyvind Eriksen, President & CEO of Aker ASA.

Key events, Q4-2025

• Obtained 9.3% ownership in Nscale
• Obtained 50% ownership in Aker Nscale
• PPI acquired NOK 37bn portfolio in landmark transaction with SBB
• Increased ownership to 33.9% in the enlarged PPI
• Sold the shareholding in SalMar
• Paid NOK 2.0bn in dividends
• Aker BP projects on-schedule, 2025 production at 420 mboepd
• Cognite with continued strong AI momentum

Key financials, Q4-2025

• GAV: NOK 79.4bn
• Listed investments: NOK 57.0bn
• Unlisted investments: NOK 19.5bn
• Other assets & Cash: NOK 2.8bn
• NAV: NOK 67.3bn
• NAV per share: NOK 905
• Share price: NOK 768
• Dividend paid: NOK 26.50 per share (NOK 2.0bn)
• Liquidity: NOK 5.9bn*

(*of which NOK 0.9bn cash and liquid funds, incl. undrawn credit facilities)

Full-year 2025

• NAV increased from NOK 58.2bn to NOK 67.3bn
• NAV per share increased from NOK 783 to NOK 905
• Total shareholder return: +49.5% (incl. dividends paid)
• compared to OSEBX: +18.4%, Brent oil price -18.7%
• Dividends paid: NOK 3.9 billion or NOK 53 per share, up from NOK 51 per share the year before

The webcast presentation will be held today at 09:00 CET at www.akerasa.com/webcast. All material, incl. Excel-file, will be available at www.akerasa.com

-ENDS-

(mboepd = thousand barrels of oil equivalent per day)