Aker ASA

Strong NAV + shareholder returns; energy drives most of the outperformance (good) - Aker NAV ended Q3 at NOK 111.2bn, up from NOK 106bn in Q2 (highest quarter-end NAV in Aker history). - Total shareholder return: 83% YTD (incl. dividends); Q3 return 20.2%. - Main value drivers YTD: Aker BP (~NOK +22bn to NAV) including ~NOK 2.5bn dividends, plus Nscale (~NOK +22bn), plus Cognite sale (~NOK +7bn, expected to close in Q4). - Q3 technical decline in listed portfolio: listed portfolio value fell ~NOK 1.8bn mainly due to Aker BioMarine reclassified from listed to unlisted (merger-related move).

Dividend policy maintained; buybacks continued (good/neutral) - Board approved second interim dividend of NOK 29/share, taking full-year dividend to NOK 58/share (total ~NOK 4.3bn). - Share buybacks: ~NOK 766m in Q3. - Cash and liquidity remain healthy (and improve further with Cognite closing).

Energy remains the “cash engine” while Geopolitics tightens the physical market (good but volatility risk) - Listed energy holdings valued at ~NOK 64bn (incl. ~NOK 5bn dividends). - Management cites a structurally tight physical oil/gas market: - NCS crude achieved all-time highs above USD 150/bbl in October. - Jet fuel/diesel above USD 200/bbl in Europe. - Forward curve supported by Hormuz crisis (since Jan 2027: ~+50%, 2028 ~+30%, 2029 ~+20%). - Outlook/expectation: Aker BP free cash flow expected well ahead of what was anticipated at start of the year. - Strategy: keep energy core, but unlock more complex resources requires scale, collaboration, and software/AI.