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North Energy
North Energy (NORTH) investor relations material
North Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Net Asset Value (NAV) at quarter-end was NOK 515.0 million, down 9.5% from last quarter and 11.7% year-over-year, adjusted for dividends paid.
Comprehensive loss for Q4 2025 was NOK 23.0 million, compared to NOK 9.6 million income in Q4 2024, mainly due to lower financial portfolio valuation and negative industrial investment results.
Full-year 2025 comprehensive loss was NOK 40.2 million, an improvement from NOK 58.1 million loss in 2024.
Financial highlights
Operating profit for Q4 2025 was NOK -25.2 million, down from NOK 8.1 million in Q4 2024.
Changes in fair value of financial investments were negative NOK 9.7 million in Q4 and negative NOK 16.1 million for the year, mainly due to market decline in Fugro NV.
Net results from investments in associates were NOK 10.9 million in Q4 and negative NOK 1.2 million for the year.
Payroll and related expenses increased to NOK 22.8 million in 2025, mainly due to salary adjustments, bonuses, and board fees.
Cash at year-end was NOK 101.1 million, stable year-over-year.
Outlook and guidance
Order intake for Reach Subsea increased in Q4, with backlog returning to year-ago levels and outstanding tender value rising to NOK 10 billion.
Tendering activity for 2026 and beyond has picked up, with a focus on scaling remote operations and expanding in high-growth subsea sectors.
The company maintains a shareholder remuneration policy of distributing approximately 3% of NAV annually, primarily via dividends.
Reach Remote scale-up acceleration plans
Financial portfolio capital allocation strategy
Data center electricity demand: new investment area?
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Latest events from North Energy
- NAV fell 0.8% year-over-year to NOK 569.1m, with a Q3 loss driven by weaker financial markets.NORTH
Q3 202519 Nov 2025 - NAV up 6.2% to NOK 589.0m, strong cash, key investments progress, risks persist.NORTHQ2 202527 Aug 2025
- NAV up 37% YoY, Q3 income NOK 37.1m, strong Reach Subsea and WCS progress.NORTHQ3 202413 Jun 2025
- NAV up 23% sequentially, but Q2 loss driven by negative investment revaluations.NORTHQ2 202413 Jun 2025
- NAV up 19% year-over-year, but Q1 loss driven by higher costs and lower investment returns.NORTHQ1 20255 Jun 2025
- NAV up 54.4% YoY, strong portfolio gains, major wind grant, 98% equity ratio.NORTHQ4 20245 Jun 2025
Next North Energy earnings date
Q1 202613 May, 2026
North Energy
Next North Energy earnings date
Q1 202613 May, 2026
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@theshortbearx.com
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