Arendals Fossekompani (AFK) investor relations material

Executive summary

• Q4 2025 group revenue was NOK 995 million, down from NOK 1,175 million YoY, mainly due to lower activity in ENRX and NSSLGlobal amid weaker market conditions and one-off projects in 2024.

• Operating profit (EBIT) was NOK -107 million, impacted by impairments and ENRX Charge divestment; adjusted EBIT excluding these was NOK 58 million (6% margin).

• Strategic portfolio optimization included divestments, restructuring, and a shift toward growth equity and mature companies.

• Major milestone: TA Associates joined as a strategic partner in Volue, valuing Volue at EUR 1.5 billion and reducing AFK's stake to 36%.

• Net loss for the quarter was NOK -267 million, driven by impairments in ENRX, early-phase investments, and property assets.

Financial highlights

• Q4 group revenue was NOK 995 million (Q4 2024: NOK 1,175 million).

• Operating profit was NOK -107 million; adjusted Q4 operating profit (excluding ENRX Charge) was NOK 58 million, margin 6%.

• Net loss for Q4 was NOK -267 million; full-year operating profit was NOK 32 million.

• Equity ratio improved to 65% at group level.

• Net interest-bearing debt at NOK 104 million; liquidity of NOK 2.8 billion at year-end.

Outlook and guidance

• 2026 group revenue expected in line with 2025; operating profit anticipated to be significantly higher, driven by margin recovery in ENRX and improved results in Tekna and AFK Eiendom.

• Volue and Tekna expect higher revenue and operating profit; ENRX expects lower revenue but higher profit; NSSLGlobal expects stable revenue but lower profit.

• Ongoing uncertainties include geopolitical tensions, regulatory changes, supply chain constraints, inflation, and volatile energy prices.