Akastor (AKAST) Q3 2026 earnings summary

Executive summary

• Q3 NAV was NOK 4.30bn, or NOK 15.7/share, versus NOK 4.74bn and NOK 17.3/share at Q2 end; subsequent HMH share-price weakness implied NAV of NOK 3.3bn, or NOK 11.9/share, all else unchanged.

• A NOK 2.50/share dividend was approved; distributions since July 2025 reached NOK 1.54bn, or NOK 5.65/share, supported by NES Fircroft and Skandi Peregrino proceeds.

• Strategy focuses on realizing portfolio value, returning excess capital and maintaining a sound capital structure; HMH, NES Fircroft and AKOFS are key remaining investments.

Financial highlights

• Q3 consolidated revenue and other income was NOK 35m, EBITDA was -NOK 7m and net loss was NOK 16m; consolidated results reflect only a limited portion of portfolio activity.

• Q3 net cash was NOK 357m; net interest-bearing items were NOK 835m cash including interest-bearing receivables.

• NAV declined from NOK 4.74bn at Q2 end, mainly reflecting a NOK 284m reduction in HMH market value and NOK 136m of dividends paid.

• YTD revenue was NOK 373m, EBITDA NOK 211m and net profit NOK 57m.

Outlook and guidance

• 2027 is expected to be important for portfolio realizations; timing depends on underlying value and differs across HMH, NES Fircroft and AKOFS.

• AKOFS earnings are expected to improve significantly from 2027 as Petrobras contracts begin for Santos in Q1 and Aker Wayfarer in Q3.

• HMH has a healthy opportunity pipeline, with equipment and upgrade opportunities expected to develop into 2027; customer award timing remains uncertain.

• AKOFS Santos entered the yard after quarter-end for planned upgrades ahead of its new Petrobras contract, affecting Q4 revenue.