Aker has always been known for its ability to navigate through challenging waters by combining a solid strategy with the ability to seize opportunities as they arise. This is the core of our approach to "steady course".

Our strategy going forward is clear: We will focus and become even more liquid. This means that we will sharpen our investment strategy towards larger and fewer portfolio companies. We prioritize investments that provide ongoing returns and upstream cash flow to ensure predictable and attractive dividends for our shareholders, while also increasing Aker's investment capacity.

While we adhere to our strategy, it does not mean that we "rest on our laurels". As always, we will continue to be opportunistic and seize opportunities that can strengthen our position and create value for our shareholders. This involves being flexible and adaptable, while maintaining a focused approach to growth areas.

Aker's overarching goal is to generate an attractive total return for shareholders. Since the company was reintroduced on the Oslo Stock Exchange 20 years ago, the Aker share has delivered an average annual return of 24 percent, including dividends. In comparison, the main index on the Oslo Stock Exchange has provided an average annual return of 10 percent.

We aim for a minimum annual growth in Net Asset Value (NAV) of 10 percent, including dividend. In 2024, our dividend policy was revised from 2-4 percent to 4-6 percent of NAV to shareholders each year. Our objective is to provide a consistent annual dividend while maintaining a robust balance sheet and sufficient liquidity reserves to meet future obligations. 

Over the past three years, Aker have seen a decline in NAV. This reality is taken very seriously and is being addressed through decisive action. The primary reason for this decline is due to a decrease in the value of our largest asset, Aker BP, which is exposed to volatile oil prices.

Despite these short-term fluctuations, Aker BP has contributed NOK 17.5 billion in dividends to Aker since its establishment in 2016, including NOK 3.5 billion last year. Additionally, the company operates with exceptional quality, low costs, record-low emissions, and is a global leader in the use of new technology and artificial intelligence.

Aker's total upstream dividends of over NOK 11 billion in 2024 demonstrate that our strategy is bearing fruit. In total, the portfolio companies paid out over NOK 32 billion to their respective shareholders during the year. This success is largely due to important, value-driving transactions, which enabled larger dividends from companies like Aker Solutions, where the extraordinary dividend amounted to almost half of the company's market value last year.

High activity highlights that Aker's unique combination of industrial knowledge, capital market expertise, and financial strength provides a significant advantage. Long-term partnerships with leading global players add an important dimension to the development of Aker and its portfolio companies.

Our portfolio companies consistently demonstrate strong operations. We lead in applying new technology that makes companies more data-driven, efficient, profitable, and robust. Our goal is to help people better care for our planet through our actions, innovative technology, and sustainable solutions. This serves as the backdrop for both this report and the continuation of Aker's industrial history.

Despite uncertain times, we are well-positioned to create significant value for shareholders and the societies of which we are part. Aker stays the course. I look forward to the continued journey. Thank you to the many thousands who make an effort every day in Aker and Aker-owned companies, contributing to delivering, changing, improving, and renewing. By adhering to our strategy while remaining open to new opportunities, we are well-positioned to navigate through turbulent times and create long-term value for our shareholders.

Regards,
Øyvind Eriksen, President & CEO