Aker Horizons (AKH) investor relations material

Executive summary

• Announced merger of Aker Horizons Holding with a subsidiary of Aker ASA, transferring all business activities and assets, expected to complete in August 2025.

• Major portfolio changes: sale of Aker Carbon Capture's 20% stake in SLB Capturi, Mainstream Renewable Power's exit from Colombia, and AAD's halt of the Narvik Green Ammonia project.

• Mainstream Renewable Power refocused strategy, new CEO, and funding arrangements to support core market development.

• SuperNode achieved successful full-scale testing and entered a partnership with Taihan Cable for next-gen superconducting cables.

Financial highlights

• Net loss for 1H 2025 was NOK 2,201 million, compared to a profit of NOK 3,534 million in 1H 2024.

• Loss from discontinued operations in 1H 2025 was NOK 1,863 million, including NOK 263 million loss from SLB Capturi sale and NOK 466 million write-down of offshore wind assets.

• Basic and diluted EPS for 1H 2025 was negative NOK 1.98, compared to positive NOK 1.83 in 1H 2024.

• Share price declined from NOK 2.37 to NOK 1.49 in H1 2025; market capitalization at NOK 1.0 billion as of 30 June 2025.

• Negative cash flow from operating activities of NOK 1,100 million and from financing activities of NOK 5,759 million in 1H 2025.

Outlook and guidance

• After the merger, Aker Horizons will retain a cash position of NOK 20 million, convertible debt, and a NOK 1.6 billion receivable, and remain listed.

• The Board will define future strategy and structure post-merger and update shareholders accordingly.