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Visual21 Nov 2025
Data center suppliers
North Energy (NORTH) investor relations material
North Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Net asset value (NAV) at quarter-end was NOK 569.1 million, down 3.4% from last quarter and 0.8% year-over-year, adjusted for dividends.
Comprehensive loss of NOK 15.9 million in Q3 2025, compared to NOK 37.1 million income in Q3 2024, mainly due to lower financial portfolio valuation.
Reach Subsea completed a NOK 500 million bond issue to fund newbuilds and general purposes; orders placed for two new uncrewed surface vessels.
Wind Catching Systems (WCS) advanced its demonstrator project and is preparing for 2026 testing.
Financial highlights
Operating profit was NOK -16.1 million in Q3 2025, down from NOK 35.8 million in Q3 2024.
Operating expenses were NOK 5.7 million, with payroll at NOK 4.5 million and other expenses at NOK 0.8 million.
Change in fair value of financial investments was NOK -13.3 million, compared to NOK 27.7 million last year.
Net results from investments in associates were NOK 3.0 million, down from NOK 16.3 million.
Cash at quarter-end was NOK 104.4 million, up from NOK 22.5 million a year ago.
Outlook and guidance
Long-term energy demand remains strong, driven by data center growth and AI adoption.
Oil services and offshore wind markets face short-term headwinds but are expected to normalize within 1-2 years.
The company will continue disciplined, opportunistic expansion of its industrial portfolio.
Reach Subsea: Market uncertainty impact on 2026?
WCS demonstrator: Key dependencies for 2026 tests?
Petrofac bonds: Expected recovery given administration?
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Next North Energy earnings date
Q4 202518 Feb, 2026
Next North Energy earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
North Energy ASA is a Norwegian investment company focused on the energy sector, particularly oil and gas exploration. It holds interests in projects across the Norwegian continental shelf, including the Barents Sea, the Norwegian Sea, and the North Sea. The company also diversifies its portfolio with investments in other industries, including renewable energy. In addition to its direct energy exploration activities, North Energy engages in industrial and financial investments aimed at long-term value creation. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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