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Arendals Fossekompani (AFK) investor relations material
Arendals Fossekompani Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group revenue declined 6% year-on-year to NOK 853 million, mainly due to lower results in ENRX and hydropower/AFK Vannkraft.
Earnings after tax surged to NOK 733 million, driven by a NOK 1.8 billion gain from Volue's Infrastructure divestment.
Portfolio spans energy, technology, industrial, and B2B sectors across 25 countries, with a focus on growth equity and mature companies.
Hydropower remains a core business, complemented by real estate and software assets.
The group maintains strong financial flexibility, with NOK 720 million in cash and NOK 2 billion in credit facilities.
Financial highlights
Group operating profit (EBIT) was NOK 33 million (4% margin), down from NOK 51 million (6%) year-on-year.
Volue posted 24% revenue growth and a 19% cash EBITDA margin; NSSLGlobal had a 19% operating margin.
Tekna achieved its first positive EBITDA quarter since IPO, with 9% revenue growth and a NOK 300 million rights issue announced.
Hydropower/AFK Vannkraft revenue was NOK 59 million, with operating profit of NOK 36 million, as production fell 48% year-on-year.
Net interest-bearing debt at quarter-end was NOK 131 million; available liquidity was NOK 2.8 billion.
Outlook and guidance
Group operating profit for 2025 is expected to be lower than 2024, mainly due to ENRX and NSSLGlobal.
Volue anticipates improved operating profit; Tekna expects stable profit; ENRX, NSSLGlobal, and AFK Vannkraft forecast declines.
ENRX market for heating products expected to remain challenging for 12–18 months; cost reductions ongoing.
Ongoing uncertainty from geopolitical turmoil, regulatory changes, supply chain constraints, inflation, and volatile energy prices.
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