Arendals Fossekompani Asa · OSL:AFK
Arendals Fossekompani Asa — Q3 2025 Earnings Presentation
20 slides from Arendals Fossekompani Asa's earnings presentation, Nov 7, 2025
Slide 1: Generations for 2025
GENERATIONS ‘OR 7 November 2025 arendalsfossekompani.no
Slide 2: Arendals Fossekompani
Arendals Fossekompani * Long term industrial investment company * Invest in B2B, energy and/or technology + Sustainable value creation + Active ownership Main investments Employees Countries Listed on the Oslo Stock Exchange Head Office G (listed) ~2,100 25 1913 Arendal, Norway Y= ¢- anenoars DEC ee
Slide 3: Our portfolio
Our portfolio Diversified portfolio within energy and technology volue Software solutions for the energy transition Ownership Head office 40% Oslo, Norway ENRX Leading international company within induction technology AFK ownership Head office 95% Skien, Norway ATEKNA Global technology driven powder
Slide 4: An attractive and diversified portfolio
An attractive and diversified portfolio A portfolio containing both stabile cash flow generating companies and growth prospects The Start-ups The Growth-focused The Mature Venture-like. Focus on maximizing risk adjusted return PE-like, Focused on scaling (organic and inorganic), Cash and dividend ge
Slide 5: Highlights Q3 2025
Highlights Q3 2025 Fi nan Cc l al Development last 5 quarters . * Group revenue: Down 6% YoY, mainly due to ENRX and lower hydropower production Bevenucland cthen income) MNOL Jang operating mare) * Group operating profit (EBIT): NOK 33 million (51 million), margin 4% (6%) + Earnings after tax (EAT)
Slide 6: Portfolio companies
GENERATIONS OR FOR it Fon gees " = Ps 2025° 1 - Portfolio cprpran’
Slide 7: Q3 update
Q8 update Continued strong execution
Slide 8: ENRX
ENRX supa Aekomerstp vendo A challenging quarter 95% Skien, Norway
Slide 9: NSSLGlobal
NSSUClobal EOI! Wk epson] ted rete Revenue and margin growth year-on-year Q8 update
Slide 10: Tekna
ATEKNA Nokes han. -osstes First quarter with positive EBITDA since IPO Q3 update
Slide 11: AFK Vannkraft
-( VANNKRAFT 10% ronda Norway Eow production, partly offset by prices Q3 update
Slide 12: Other investments: momentum across early phase portfolio
Q8 update Other investments: momentum across early phase portfolio
Slide 13: Generations for 2025 Q3
— Bat ra = 2 \eg oe = 3 ie <gott ron GENERATIONS ‘ud Cs. ag GENERATIONS wiles yer. FOR ra ne GENERATIONS FOR hws 2025 i & Q3 mlatclaleltelis = ¢. anewonis peo IEC fessevoivean
Slide 14: Portfolio performance
Portfolio performance Q3 summary = Azenonis AEC fesseKoitean Group EBIT: NOK 33m (61m), reflecting reduced revenue levels in ENRX and AFK Vannkraft. Volue delivered strong improvement in adjusted EBITDA following cost measures and Infrastructure divestment. NSSLGlobal maintained solid margin of 18.6
Slide 15: NIBD of NOK 131m and NOK 2,8bn in liquidity
NIBD of NOK 131m and NOK 2,8bn in liquidity Net debt NOK million 352 | : | Borrowings Bonds Cash & cash Net debt equivalents 30.09.2025 = Azenonis AEC fesseKoitean Liquidity NOK million 2723 2003 720 Cash & cash Undrawn Avaliable liquidity equivalents Credit Facility 30.09.2025 7 November 2025 6
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Slide 17: Our priorities
Our priorities Develop value in our existing portfolio companies. Optimize our portfolio to maximize risk adjusted return while balancing the capital cycle. Capture structural opportunities both on portfolio level and on parent level. Ensure strong balance sheet and financial flexibility ss ¢_ aneno
Slide 18: Generations for 2025
GENERATIONS OR GENERATIONS FOR 2025 3 GENERATIONS FOR = (/ ARENDALS EC fossexoneant
Slide 19: Disclaimer
This Presentation includes and is based on forward-looking information and . . statements that are subject to risks and uncertainties that could cause actual results Isciaimer to differ from the projected results, These statements and this Presentation are based on current expectations, estimates an
Slide 20: Thank you!
= 7 ARENDALS x FOSSEKOMPANI Thank you! VISITING ADDRESS Langbryggen 9, 4841 Arendal POSTAL ADDRESS Box 280, 4803 Arendal +47 37 23 44.00 [email protected] arendalsfossekompani.no © Arendals Fossekompani ASA. All Rights Reserved.
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