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Arendals Fossekompani (AFK) investor relations material
Arendals Fossekompani Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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