Dear fellow shareholders, the first quarter of 2024 saw strong performance in financial markets with several equity indices reaching all-time highs. This was to a large degree driven by growing optimism for a soft economic landing and easing interest rates, along with the ongoing positive momentum related to AI and the major tech companies. Despite continued geopolitical uncertainty, Aker closed the first quarter of 2024 with high activity across the portfolio and continued momentum for growth.

Aker’s course charted towards long-term industrial development remains firm, albeit with greater focus; concentrated on fewer and bigger portfolio companies, prioritizing investments that provide current returns and upstream cash. Not only does it increase our ability to seize investment opportunities, but also ensures continued reliable dividends for shareholders in the years to come.

Dear fellow shareholders, Aker demonstrated progress across several key metrics in the final three months of 2023 and delivered positive value to shareholders through both share price appreciation and dividends. Thus, we ended the year with positive momentum for growth, despite ongoing macroeconomic challenges and a fractured geopolitical landscape.

We are approaching the end of a year where both markets and companies have veered between optimism for the future and more pessimistic recalibrations of strategy and outlook. At Aker, we are continuing into the final months of the year executing on growth projects, driving progress towards higher and even more sustainable energy production, leveraging new and existing partnerships, and continuously finding ways to develop and deploy innovative digital solutions and technologies.

Continued inflation concerns, an ongoing war in Europe, regional bank failures, a debt ceiling debate, fears of recession and a wave of optimism surrounding AI – it has certainly been an eventful first half of the year for capital markets. For Aker, the share price in the first half of the year ended down 13.3 percent, adjusted for paid dividend. However, neither market uncertainties nor energy price headwinds stopped Aker portfolio companies, like Aker BP and Aker Solutions, from experiencing one of the strongest operational quarters on record. Looking ahead, I am confident in Aker’s strong portfolio composition, powered by evolving trends and robust long-term trajectories.

We close the first quarter of 2023 with remarkably high activity across the portfolio, both within conventional energy, renewables and other segments. Oil and gas production reached a new record level at 453 mboepd, with industry-leading and record low emissions intensity.

The fiscal year 2022 has come to a close, a year that will be regarded as a hinge in history – marking the end of one era and the beginning of another. We turned a corner on the first global pandemic in a century, saw major war return to Europe, and experienced the sharpest tightening of monetary policy since the 1980s. While we may have closed the books for the year, 2022’s events will undoubtably contribute to what will be an uncertain and divided decade. Through the turmoil, Aker is maintaining a steady course and our long-term strategy stands.

We entered 2022 with hopes of returns to normalcy and decreased volatility. We close off the year facing a fresh set of unprecedented crises. Highlighted by the ongoing war in Europe, shift in globalization, the uncertainty of the times, and fraying ties of the world economy, 2022 extended what will undoubtedly be remembered as a particularly disruptive period in human history. Gone is the sentiment of the last few decades, marked by political stability, free trade, affordable energy, and liberalization – a time where business has trumped politics. Instead, politics is now trumping business.

Russia’s invasion of Ukraine and the current energy crisis has laid bare some uncomfortable truths about the current state of the world. It goes far beyond a question of energy security. It unveils both deep vulnerabilities and misconceptions about how we got here in the first place. We need to rethink our collective way forward. At Aker, we are committed to being a part of the solution in a way that faces up to realities and reckons between tomorrow’s climate ambitions and today’s energy needs.

At Aker, we have been on a journey for several years to strengthen and utilize the industrial foundation in our portfolio companies for responsible and sustainable value creation. While the second quarter was marked by market fear from volatile macroeconomic and geopolitical developments, our portfolio companies are showing determination and resilience through uncertain times. While Aker’s share price has not escaped the global sentiment, we are coupling our strong industrial foundation with new technologies, ideas, and partnerships. Halfway through the year, long-term efforts are bearing fruit and new shoots taking root.

Our portfolio companies continue to demonstrate their ability to adapt to volatile market conditions and to drive growth. While uncertainty looms on many fronts, our path forward is – as always - to both strengthen and utilize our industrial foundation for responsible and sustainable value creation. Watch the video below for some highlights from today’s report and presentation

Aker is changing. 2021 was probably the most active year in Aker’s 180-year history. Measured in billions of kroner, we have never generated greater value for our shareholders. Now, the most important thing is to implement and deliver through action for continued value creation.