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.

Despite the continuing impacts of the Covid-19 pandemic, rising geopolitical tension, and the Russian invasion of Ukraine, Aker is experiencing one of its most transformative periods in its 180-years history. Aker has adapted trough an increasingly volatile operating environment and is now more resilient and better positioned to contribute to a low- carbon future.

Aker has gone through a year, and fourth quarter especially, with remarkably high activity. Aker and its portfolio companies used 2021 to prepare ourselves for the kind of market volatility we have gone through this year and strengthen the foundation for industry and value development through the cycles.

For the second quarter in a row, we reported a record high Net Asset Value! We also announced that to further strengthen the development of Aker, Asset Management is established as a new business area and growth platform.

Dear fellow shareholders, Aker's positive development continues. At the end of September, our net asset value (NAV) reached a new record of NOK 70.8 billion, up from NOK 66.9 billion at the end of June. To strengthen our development further we are establishing Asset Management as a new business area.

Over the course of my more than 12 years at Aker, I have seen countless examples of the shared competitive advantage of companies across our portfolio – leveraging a 180-year track-record of building on the shoulders of existing capabilities, access to excellent industrial competence, financial strength, and a willingness to seize opportunities for value creation and long-term growth. In recent years, another advantage has become increasingly important as we build and grow as a group: the Aker collaborate advantage. Whether in financial transactions, strategic partnerships, or joint efforts for more sustainable growth, Aker’s ability to attract and sustain fruitful collaborative partnerships has never been more important, nor have the results been more apparent.

At a time when oil prices are rebounding, energy demand increasing, and sustainable energy simultaneously experiencing explosive growth, Aker is finding itself positioned for bilateral value creation. Aker Horizons and Aker BP are driving Aker’s growth during the first quarter. While addressing different energy segments, they have a shared competitive advantage: creating value in the most cost-efficient, sustainable manner, driven by industrial software and access to excellent industrial capabilities. For Aker, the result is a period with a value growth of nearly 17 percent.

Looking back on 2020, with all its surprises and challenges, it also turned out to be a year of opportunity in ways we could hardly have imagined as we entered into the decade. I am deeply imporessed by how Aker's portfolio companies, with employees, business partners and customers, weathered the storms and came toghether in an unparalleled effort. It turned into an extraordinary endeavour that led to a transformation of the Aker group through the most challenging times in recent memory. The year left us with learnings on which to build and drive further value creation in both existing and new parts of the Aker portfolio.

Last year, I wrote that environmental, social and governance (ESG) considerations are core premises for our business and investment decisions. The last twelve months put that statement to the test.