Key Assumptions & Valuation Logic: Net Asset Value (NAV) Revaluation: Baseline Q2 2026 NAV of NOK 1,429 per share is adjusted upward to reflect the implied market valuation of AI infrastructure provider Nscale at a target IPO valuation of $25B (~NOK 262.5B). Nscale Ownership Contribution: Aker’s 22.7% stake in Nscale is valued at ~NOK 59.6B (~NOK 802/share). Factoring in existing carrying values, this delivers a net NAV lift of ~NOK 370 per share, establishing an updated intrinsic NAV of NOK 1,799 (~NOK 1,800). NAV Discount Elimination: The NOK 1,800 fair value assumes a zero NAV discount, justified by catalyst-driven value unlocking (Nscale IPO) and aggressive capital reallocation: Net Zero Debt & Cash Cushion: Over NOK 14.7B (~$1.48B) in net cash proceeds realized from the Cognite software exit, providing a total liquidity buffer exceeding NOK 20B. Share Buybacks & Yield: Active share buyback program at a discount to NAV, combined with an ongoing 5–7% dividend yield anchored by low-cost energy cash flows (Aker BP).