In the first quarter, Aker continued to deliver on its strategy of a more focused portfolio, with increased diversification and investments in new pillars of growth. Net Asset Value increased by NOK 43 billion related to two main drivers:

First, Aker’s increased ownership in Nscale, following the Series C funding round, which represented NOK 22 billion kroner of the increase in Net Asset Value.

And second, the value of Aker’s listed energy assets increased – Aker BP contributed by NOK 15 billion of the NAV increase, and NOK 7 billion was contributed by Aker Solutions, Solstad Maritime, Solstad Offshore and Akastor.

“Aker delivered a record quarter, with NOK 43 billion increase in Net Asset Value, crossing NOK 100 billion for the first time, and our share price up 39 percent. What excites me most is not the numbers themselves, but what they represent: a portfolio repositioned at the intersection of energy and AI, two segments with undisputed growth trajectories, pursued alongside customers and partners who are defining the future globally. I can hardly think of a better point of departure for generating long-term value for Aker shareholders,” said Eriksen.

Aker's NAV stood at NOK 1,478 per share at quarter-end. Listed investments accounted for NOK 1,039, Unlisted investments NOK 605, and Cash & other assets NOK 38 per share. The share price at quarter-end was NOK 1,070, implying 28% discount to NAV.

Key events Q1-2026

• Aker participated in Nscale's Series C funding round with a USD 350m cash investment, roll-up of its Aker Nscale JV stake, and full realization of the earn-out
• Nscale became Aker’s second largest asset at NOK 32bn, as its ownership increased to 22.8% (fully diluted basis)
• Nscale announced the Monarch project and an LOI with Microsoft, targeting 2GW initially
• Nscale signed a contract with Microsoft covering 30,000 GPUs in Narvik, replacing the previous LOI with Open AI (Stargate Norway)
• Akastor and Baker Hughes raised USD 210m through the IPO of HMH on Nasdaq (US)
• Aker Solutions sold its shareholding in SLB and distributed the proceeds as an additional dividend of NOK 2.5bn (after quarter-end)
• Aker BP started production at the Symra field nine months ahead of schedule, adding 63 mmboe of recoverable resources
• Aker BP started production at Solveig ph. 2 on time and within budget, adding 39 mmboe of recoverable resources
• Cognite’s solid momentum for AI adoption continued, with 4.8x growth in the number of Atlas AI customers from Q1 last year, and two new strategic partnerships with NVIDIA and Snowflake

Key financials Q1-2026

• GAV: NOK 124.9bn
• Listed investments: NOK 77.2bn
• Unlisted investments: NOK 45.0bn
• Other assets & Cash: NOK 2.8bn
• NAV: NOK 109.8bn
• NAV per share: NOK 1,478
• Share price: NOK 1,070
• Dividend: NOK 29.00 per share (paid in May, NOK 2.2bn)
• Liquidity: NOK 5.6bn*

(*of which NOK 0.8bn cash and liquid funds, incl. undrawn credit facilities)

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

-ENDS-

(mmboe: million barrels of oil equivalent)
(LOI: letter of intent)