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Aker (AKER) investor relations material

Aker Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Net asset value increased to NOK 67.5 billion (NOK 909/share) in Q3 2025, with a 19.5% share price rise and total shareholder return of nearly 50% year-to-date, outperforming the OSEBX index.

  • Portfolio strategy focused on simplification, diversification, and growth in AI infrastructure, industrial software, and real estate.

  • Dividend of NOK 26.5/share approved for Q4 2025, totaling NOK 4 billion for the year, continuing a strong dividend track record.

  • Strong contributions from core energy business and new platforms, with increased upstream dividend income (NOK 5 billion YTD).

  • Streamlining included sale and delisting of Philly Shipyard and AMSC, and consolidation of Aker Horizons and SLB Capturi.

Financial highlights

  • Gross asset value reached NOK 76.8 billion; listed equity investments at NOK 55 billion (72% of assets), unlisted at NOK 13 billion (17%), and cash/other assets at NOK 1.2 billion.

  • Profit before tax for Q3 2025 was NOK 1.4 billion; dividend income for Q3 was NOK 2.3 billion.

  • Book value of investments at NOK 28.6 billion; book value of equity at NOK 27.6 billion.

  • Net interest-bearing debt at NOK 1.7 billion, with a liquidity buffer of NOK 7.8 billion and undrawn credit facilities of NOK 6.5 billion.

  • Equity ratio improved to 74.8% (fair value adjusted).

Outlook and guidance

  • Continued focus on portfolio simplification, active ownership, and investment in AI infrastructure, industrial software, and real estate.

  • Raised 2025 production guidance for Aker BP, with ongoing expansion in AI and real estate.

  • Commitment to financial flexibility, long-term value creation, and ESG integration.

  • No specific timeline for Kognit IPO, but investor interest remains high.

  • SBB, PPI, and Sveafastigheter expected to remain key real estate assets.

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Frequently asked questions

Aker ASA is an industrial investment company that operates internationally in the oil, gas, engineering and construction industries. The Company operates through three segments: Oil & Gas, Construction and Services. The Oil & Gas segment engages in petroleum production and exploration activities; delivery of subsea projects; development of renewable energy projects; onshore drilling activities; and well plugging operations. The company is based in Lysaker, Norway.

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