Aker ASA

AKER🇳🇴Reserve

Norwegian industrial investment company with interests in oil and gas, renewable energy, marine biotechnology, and industrial software. Established Seetee AS subsidiary in March 2021 to invest in Bitcoin, purchasing 1,170 BTC for ~$58.8M. Has since reduced holdings to 754 BTC.

BTC Holdings

754 BTC

Insufficient history

Stock Price

1062.00 NOK

180d

Total financing

11.78B NOK

180d

mNAV

155.79x

180d

Leverage

1757.6%

180d

BTC Credit

>9,999 bps0.1x

Sats/Share

1,015

180d

Mkt cap

78.93B NOK

74.32M

Fiat reserve

2.88B NOK

Total reserve

3.38B NOK

Dilution

0.0%

Coverage

4.7 yr

BTC mix

Analytics

Maturity Profile

Other

Nearest: 1.5yrWAM: 2.9yr

BTC Coverage

Capital Stack

0.1x · >9,999 bps

ConvertiblePreferredOtherBTC NAV: $53.4M

BTC Risk

71.52% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

>9,999 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

CouponsRedemptions

Financials

IFRSAnnualAs of 2025-12-31

Balance Sheet

Total Assets99.6B NOK▼8.2%

Total Liabilities48.5B NOK▲9.8%

Stockholders' Equity51B NOK▼20.5%

Cash & Equivalents2.9B NOK▼77.1%

Total Debt41.6B NOK▲9.6%

Digital Assets—

Income Statement

Revenue18.4B NOK▲42.5%

Operating Income3.4B NOK▲445.5%

Net Income3.9B NOK▼45.4%

Interest Expense—

Cash Flow

Operating Cash Flow4.5B NOK▼53.9%

Instruments

Total

11.78B NOK

Instrument	Term	Coupon	Principal	Outstanding	BTC Rating
AKER-Sep27A	Sep '22 – Sep '27	—	1.30B NOK	1.30B NOK	0.1x
AKER-Sep27B	Sep '22 – Sep '27	6.28%	700.00M NOK	700.00M NOK	0.1x
AKER-Nov29	Nov '22 – Nov '29	6.5%	500.00M NOK	500.00M NOK	0.1x
AKER-Nov32	Nov '22 – Nov '32	6.3%	500.00M NOK	500.00M NOK	0.1x
AKER-Jan29	Jan '24 – Jan '29	—	1.25B NOK	1.25B NOK	0.1x
AKER-Apr31	Apr '24 – Apr '31	—	500.00M NOK	500.00M NOK	0.1x
AKER-RCF	—	—	12.00B NOK	7.03B NOK	0.1x
Total				11.78B NOK

Recent Changes

Wed, Dec 31, 2025

Debt OutstandingDrawAKER-RCF

7.03B

Drawn amount; total facility size NOK 12,000M

Treasury & Debt Overview

Fiat Reserve

12.56B→2.88B-9.69B(-77.1%)NOK

Annual Report 2025

Instrument

Term

Coupon

Principal

Outstanding

BTC Rating

AKER-Sep27A

Sep '22 – Sep '27

—

1.30B NOK

0.1x

AKER-Sep27B

Sep '22 – Sep '27

6.28%

700.00M NOK

0.1x

AKER-Nov29

Nov '22 – Nov '29

6.5%

500.00M NOK

0.1x

AKER-Nov32

Nov '22 – Nov '32

6.3%

500.00M NOK

0.1x

AKER-Jan29

Jan '24 – Jan '29

—

1.25B NOK

0.1x

AKER-Apr31

Apr '24 – Apr '31

—

500.00M NOK

0.1x

AKER-RCF

—

12.00B NOK

7.03B NOK

0.1x

Total

11.78B NOK